Execution Copy


                                   ----------

                           PRIMARY SERVICING AGREEMENT

                            DATED AS OF MARCH 1, 2007

                                   ----------


                     WELLS FARGO BANK, NATIONAL ASSOCIATION

                               AS MASTER SERVICER,

                        PRINCIPAL GLOBAL INVESTORS, LLC,

                              AS PRIMARY SERVICER,

                      TO BE ENTERED INTO IN CONNECTION WITH

                  THAT CERTAIN POOLING AND SERVICING AGREEMENT

                            DATED AS OF MARCH 1, 2007

                                     BETWEEN

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.,
                                  AS DEPOSITOR,

                     WELLS FARGO BANK, NATIONAL ASSOCIATION
                              AS A MASTER SERVICER,

                        PRUDENTIAL ASSET RESOURCES, INC.
           AS A MASTER SERVICER AND AS LOAN-SPECIFIC SPECIAL SERVICER

                              ARCAP SERVICING, INC.
                          AS GENERAL SPECIAL SERVICER,

                        LASALLE BANK NATIONAL ASSOCIATION
                                   AS TRUSTEE

                                       AND

                     WELLS FARGO BANK, NATIONAL ASSOCIATION
              AS CERTIFICATE ADMINISTRATOR AND AS TAX ADMINISTRATOR

                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 2007-PWR15



                                TABLE OF CONTENTS


                                                                              PAGE


ARTICLE I.         DEFINITIONS.............................................     1

ARTICLE II.        PRIMARY SERVICING.......................................     8

   SECTION 2.1     PRIMARY SERVICING.......................................     8
   SECTION 2.2     STANDARD OF CARE........................................    15
   SECTION 2.3     COMPENSATION AND OTHER PAYMENTS TO THE PRIMARY
                   SERVICER................................................    15
   SECTION 2.4     PRIMARY SERVICER REPRESENTATIONS AND WARRANTIES.........    16

ARTICLE III.       DOCUMENTS AND OTHER MATTERS.............................    17

   SECTION 3.1     SEGREGATION OF MORTGAGE LOAN DOCUMENTS..................    17
   SECTION 3.2     ACCESS TO DOCUMENTS; PROVISION OF CERTAIN INFORMATION...    17

ARTICLE IV.        MASTER SERVICER ASSISTANCE..............................    17

   SECTION 4.1     MASTER SERVICER ASSISTANCE..............................    17
   SECTION 4.2     SPECIALLY SERVICED MORTGAGE LOANS.......................    18

ARTICLE V.         ADDITIONAL PRIMARY SERVICER COVENANTS...................    18

   SECTION 5.1     NOTICE OF LITIGATION....................................    18
   SECTION 5.2     NO PERSONAL SOLICITATION................................    18
   SECTION 5.3     FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE
                   POLICY..................................................    19
   SECTION 5.4     PRIMARY SERVICER'S FINANCIAL STATEMENTS AND RELATED
                   INFORMATION.............................................    20
   SECTION 5.5     NO ADVANCING............................................    20
   SECTION 5.6     REMIC COMPLIANCE........................................    20
   SECTION 5.7     INSPECTION RIGHTS.......................................    20
   SECTION 5.8     AUTHORIZED OFFICER......................................    20
   SECTION 5.9     ADDITIONAL REPORTS......................................    21
   SECTION 5.10    PREPAYMENT INTEREST SHORTFALLS AND EXCESSES.............    21
   SECTION 5.11    CONSENTS................................................    22
   SECTION 5.12    QUARTERLY SERVICING ACCOUNTS RECONCILIATION
                   CERTIFICATION...........................................    22
   SECTION 5.13    EXCHANGE ACT REPORTS; ANNUAL COMPLIANCE DOCUMENTS.......    22

ARTICLE VI.        PRIMARY SERVICER DEFAULT; TERMINATION;
                   POST-TERMINATION OBLIGATIONS............................    23

   SECTION 6.1     PRIMARY SERVICER DEFAULT................................    23
   SECTION 6.2     TERMINATION.............................................    24
   SECTION 6.3     POST-TERMINATION OBLIGATIONS............................    25
   SECTION 6.4     ADDITIONAL TERMINATION..................................    26

ARTICLE VII.       SUBCONTRACTORS..........................................    26


ARTICLE VIII.      PRIMARY SERVICER TO HOLD PROPERTY FOR THE MASTER
                   SERVICER................................................    26

ARTICLE IX.        INDEMNIFICATION.........................................    27

   SECTION 9.1     PRIMARY SERVICER'S INDEMNITY............................    27

ARTICLE X.         MISCELLANEOUS...........................................    27

   SECTION 10.1    SEVERABILITY............................................    27
   SECTION 10.2    RIGHTS CUMULATIVE; WAIVERS..............................    28
   SECTION 10.3    HEADINGS................................................    28
   SECTION 10.4    CONSTRUCTION............................................    28
   SECTION 10.5    ASSIGNMENT..............................................    28



                                       -i-



                                TABLE OF CONTENTS
                                   (continued)


                                                                              PAGE

   SECTION 10.6    PRIOR UNDERSTANDINGS....................................    29
   SECTION 10.7    INTEGRATED AGREEMENT....................................    30
   SECTION 10.8    COUNTERPARTS............................................    30
   SECTION 10.9    GOVERNING LAWS..........................................    30
   SECTION 10.10   NOTICES.................................................    30
   SECTION 10.11   AMENDMENT...............................................    30
   SECTION 10.12   OTHER...................................................    31
   SECTION 10.13   BENEFITS OF AGREEMENT...................................    31



                                      -ii-



          This PRIMARY SERVICING AGREEMENT, dated and effective as of March 1,
2007, by and between PRINCIPAL GLOBAL INVESTORS, LLC (in the capacity of primary
servicer, the "Primary Servicer") and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association, acting solely in its capacity as Master Servicer
under the Pooling and Servicing Agreement (as defined below) (the "Master
Servicer").

          WHEREAS, Bear Stearns Commercial Mortgage Securities Inc., as
depositor, Wells Fargo Bank, National Association, as a master servicer,
Prudential Asset Resources, Inc., as a master servicer and as loan-specific
special servicer, ARCap Servicing, Inc., as general special servicer, Wells
Fargo Bank, National Association, as certificate administrator and tax
administrator, and LaSalle Bank National Association, as trustee, have entered
into a Pooling and Servicing Agreement, dated as of March 1, 2007, relating to
the Commercial Mortgage Pass-Through Certificates, Series 2007-PWR15 (as
amended, from time to time, the "Pooling and Servicing Agreement"), a copy of
which is attached hereto as Exhibit A; and

          WHEREAS, the Master Servicer desires that the Primary Servicer act as
Primary Servicer with respect to the mortgage loans listed on Schedule I hereto
and provide, on behalf of the Master Servicer, the necessary servicing of such
mortgage loans performed in a manner consistent with the Servicing Standard and
in a manner consistent with this Agreement and the Pooling and Servicing
Agreement from the Closing Date until this Agreement is terminated in accordance
herewith;

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Primary Servicer and the Master Servicer hereby
agree as follows:

                                   ARTICLE I.
                                   DEFINITIONS

          As used in this Agreement, the following terms shall have the meanings
set forth below. Capitalized terms used and not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement, provided,
however, that terms whose meanings are ascribed in the Pooling and Servicing
Agreement and by the provisions thereof pertain to one or more mortgage loans
that are the subject of the Pooling and Servicing Agreement shall be construed
for purposes of this Agreement to pertain to the related Mortgage Loan(s) that
are the subject of this Agreement.

          "A/B Intercreditor Agreement": With respect to an A/B Mortgage Loan,
the related co-lender agreement, by and between the holder of the related
Mortgage Loan and the holder of the related B Note, setting forth the relative
rights of such holders, as the same may be further amended from time to time in
accordance with the terms thereof.

          "A/B Mortgage Loan": Any Mortgage Loan serviced under this Agreement
that is divided into a senior mortgage note and a subordinated mortgage note,
which senior mortgage note is included in the Trust. The parties acknowledge
that there are no A/B Mortgage Loans for purposes of the Series 2007-PWR15 Trust
Fund.

          "ABS Issuing Entity": Each trust or entity that has issued
asset-backed securities that directly or indirectly evidence interests in or are
secured by a pledge of one or more mortgage loans serviced hereunder (regardless
of whether such mortgage loan constitutes a "Mortgage Loan" under the other
provisions of this Agreement), it being understood that the PWR15 Trust
constitutes an ABS Issuing Entity.





          "Aggregate Servicing Fee": The Primary Servicing Fee and the Excess
Servicing Fee.

          "Agreement": This Primary Servicing Agreement, as modified, amended
and supplemented from time to time, including all exhibits, schedules and
addenda hereto.

          "Annual Statement and Rent Roll Reporting": Copies of quarterly and
annual financial statements and rent rolls collected with respect to the
Mortgaged Properties securing the Mortgage Loans and A/B Mortgage Loans, to be
made available, within 30 days following receipt thereof by the Primary
Servicer, to the Master Servicer (and, with respect to an A/B Mortgage Loan, the
holder of the B Note, if required by the applicable A/B Intercreditor
Agreement), the Operating Adviser, and, to any of the following Persons upon
written notification from Master Servicer of a request for such information and
the identity and address of the requesting Person requesting: the Rating
Agencies, the Special Servicer, or the Trustee.

          "Applicable Depositor": The Depositor or the depositor with respect to
an ABS Issuing Entity other than the PWR15 Trust.

          "B Note": With respect to any A/B Mortgage Loan, the related
subordinated Mortgage Note not included in the Trust, which is subordinated in
right of payment to the related A Note to the extent set forth in the related
A/B Intercreditor Agreement.

          "Category 1 Consent Aspect": A condition, term or provision of a
Category 1 Request that requires, or specifies a standard of, consent, or
approval of the applicable mortgagee under the Loan Documents, but shall
explicitly exclude any such conditions, terms or provisions enumerated in (a) an
escrow or reserve agreement for disbursements made from an escrow or reserve
account or an extension of time to complete repairs, replacements or
improvements in accordance with the terms and conditions set forth in Exhibit
B-2(c); (b) an assignment and assumption request covered under Section
A.1.(c)(ii) of Exhibit B-2(c) of this Agreement; (c) an additional lien,
monetary encumbrance or mezzanine financing request covered under Section
A.1.(c)(iii) of Exhibit B-2(c) of this Agreement; or (d) a defeasance request
covered under Section A.1.(c)(i) of Exhibit B-2(c) of this Agreement.

          "Category 1 Request": As defined in the Post Closing Matters
Description in Exhibit B-2.

          "Category 2 Request": As defined in the Post Closing Matters
Description in Exhibit B-2.

          "Category 3 Request": As defined in the Post Closing Matters
Description in Exhibit B-2.

          "CMSA Comparative Financial Status Report": A report which is one
element of the supplemental reports of the CMSA Investor Reporting Package and
is substantially in the form of, and contains the information called for in, the
downloadable form entitled as such available as of the Closing Date on the CMSA
Website. "CMSA Delinquent Loan Status Report": A report which is one element of
the supplemental reports of the CMSA Investor Reporting Package and is
substantially in the form of, and contains the information called for in, the
downloadable form entitled as such available as of the Closing Date on the CMSA
Website.

          "CMSA Financial File": A report which is one element of the CMSA
Investor Reporting Package and is substantially in the form of, and contains the
information called for in, the downloadable form entitled as such available as
of the Closing Date on the CMSA Website. "CMSA Historical Liquidation Report": A
report which is one element of the supplemental reports of the CMSA Investor
Reporting Package and is substantially in the form of, and contains the
information called for in, the downloadable form entitled as such available as
of the Closing Date on the CMSA Website.


                                      -2-



          "CMSA Historical Loan Modification Report": A report which is one
element of the supplemental reports of the CMSA Investor Reporting Package and
is substantially in the form of, and contains the information called for in, the
downloadable form entitled as such available as of the Closing Date on the CMSA
Website.

          "CMSA Investor Reporting Package": The Commercial Mortgage Securities
Association Investor Reporting Package, elements of which shall be produced as
provided in Section 2.1(c) and the Task Description.

          "CMSA Loan Level Reserve/LOC Report": A report which is one element of
the supplemental reports of the CMSA Investor Reporting Package and is
substantially in the form of, and contains the information called for in, the
downloadable form entitled as such available as of the Closing Date on the CMSA
Website.

          "CMSA Loan Periodic Update File": A report which is one element of the
CMSA Investor Reporting Package and is substantially in the form of, and
contains the information called for in, the downloadable form entitled as such
available as of the Closing Date on the CMSA Website.

          "CMSA Loan Setup File": A report which is one element of the CMSA
Investor Reporting Package and is substantially in the form of, and contains the
information called for in, the downloadable form entitled as such available as
of the Closing Date on the CMSA Website.

          "CMSA Property File": A report which is one element of the CMSA
Investor Reporting Package and is substantially in the form of, and contains the
information called for in, the downloadable form entitled as such available as
of the Closing Date on the CMSA Website.

          "CMSA Quarterly Financial File": A report which is one element of the
CMSA Investor Reporting Package and is substantially in the form of, and
contains the information called for in, the downloadable form entitled as such
available as of the Closing Date on the CMSA Website.

          "CMSA REO Status Report": A report which is one element of the
supplemental reports of the CMSA Investor Reporting Package and is substantially
in the form of, and contains the information called for in, the downloadable
form entitled as such available as of the Closing Date on the CMSA Website.

          "CMSA Servicer Watch List": A report which is one element of the
supplemental reports of the CMSA Investor Reporting Package and is substantially
in the form of, and contains the information called for in, the downloadable
form entitled as such available as of the Closing Date on the CMSA Website.

          "CMSA Website": The Commercial Mortgage Securities Association website
located at "www.cmbs.org" or such other primary website as the CMSA may
establish for dissemination of its report forms.

          "Day One Report": With respect to each Mortgage Loan and A/B Mortgage
Loan, a statement in the form of Exhibit B-1(f) setting forth the Monthly
Payments of interest and principal and the amount of any unanticipated
prepayments of which the Primary Servicer has received notice, indicating the
Mortgage Loan or A/B Mortgage Loan and on account of what type of payment such
amount is to be applied on behalf of the related Mortgagor.


                                      -3-



          "Deemed Category 1 Request": With respect to an A/B Mortgage Loan, a
Category 2 Request shall, for purposes of this Agreement, be deemed to be a
Category 1 Request and shall be processed, as such, by the Primary Servicer.

          "Distribution Date": With respect to the PWR15 Trust, as defined in
the Pooling and Servicing Agreement. With respect to any other ABS Issuing
Entity (as the context requires), the monthly date on which distributions are
made on the related certificates under the related pooling and servicing
agreement.

          "Excess Servicing Fee": For each calendar month, as to each Mortgage
Loan, the portion of the related Excess Servicing Fee Rate applicable to such
month (determined in the same manner as the applicable Mortgage Rate determined
for such Mortgage Loan for such month) multiplied by the Stated Principal
Balance of such Mortgage Loan immediately before the Due Date occurring in such
month, but prorated for the number of days during the calendar month for such
Mortgage Loan for which interest actually accrues on such Mortgage Loan and only
from collections on such Mortgage Loan.

          "Excess Servicing Fee Rate": The rate of 0.0% per annum with respect
to each Mortgage Loan.

          "Lease": A lease, proposed lease, or amendment, modification,
restatement, extension or termination of a lease, in each case of space and any
other ancillary and associated rights in a building or on the real estate
constituting all or a portion of a Mortgaged Property.

          "Loan Documents": As defined in the Post Closing Matters Description
in Exhibit B-2.

          "Mandatory Prepayment Date Assumption": The assumption set forth in
Exhibit B (Servicing Proposal) to the Servicing Rights Purchase Agreement dated
March 8, 2007 between Principal Commercial Funding, LLC, as Seller, and the
Master Servicer, as Purchaser, and Exhibit B (Servicing Proposal) to the
Servicing Rights Purchase Agreement dated March 8, 2007 between Principal
Commercial Funding II, LLC, as Seller, to the effect that, except as disclosed
to the Master Servicer in the servicing tape referred to therein, no Mortgage
Loan has terms under which it may be paid off, in whole or in part, on a date
other than a due date or maturity date (including during open periods) without
payment of a full month of interest.

          "Master Servicer": As defined in the preamble to this Agreement.

          "Master Servicer Servicing Documents": A copy of the documents
contained in the Mortgage File for the Mortgage Loans and any A/B Mortgage
Loans.

          "Materiality Determination": With respect to a Category 1 Request, the
determination by Primary Servicer, exercised in good faith using the "Servicing
Standard" set forth in the Pooling and Servicing Agreement, whether a Category 1
Consent Aspect is material and should be referred to the Special Servicer for
consent in accordance with this Agreement and the Pooling and Servicing
Agreement.

          "Mortgage Loan": A Mortgage Note secured by a Mortgage, and all
amendments and modifications thereof, identified on the schedule attached to
this Agreement as Schedule I, as amended from time to time, and conveyed,
transferred, sold, assigned to or deposited with the Trustee pursuant to Section
2.01 or Section 2.03 of the Pooling and Servicing Agreement, and Mortgage Loan
shall also include any Defeasance Loan.


                                      -4-


          "Non-Mandatory Prepayment Date Mortgage Loan": As defined in Section
5.10(a) hereof.

          "Officer's Certificate": In the case of the Primary Servicer, a
certificate signed by one or more of the Chairman of the Board, any Vice
Chairman, the President, or any Executive Vice President, Senior Vice President,
Vice President or Assistant Vice President or an employee designated as a
Servicing Officer pursuant to this Agreement.

          "Operating Statement Analysis": A report which is one element of the
MBA/CMSA Methodology for Analyzing and Reporting Property Income Statements,
which is part of the CMSA Investor Reporting Package and the form of which is
attached to the Pooling and Servicing Agreement as Exhibit W.

          "Payment and Collection Description": The description of the
obligations of the Primary Servicer with respect to collection and remittance of
payments on the Mortgage Loans and the A/B Mortgage Loans, as more particularly
described in Section 2.1(c) hereof.

          "Payment and Mortgage Loan Status Reports": The reports to be
submitted by Primary Servicer to the Master Servicer with respect to reporting
about collection and remittance of payments, delinquencies, status of real
estate taxes, status of insurance and status of UCC financing statements for the
Mortgage Loans and with respect to an A/B Mortgage Loan, the holder of the B
Note, if required by the applicable A/B Intercreditor Agreement, as more
particularly described and in the forms attached hereto as Exhibit B-1.

          "POA Notice": As defined in the Post Closing Matters Description in
Exhibit B-2.

          "Pooling and Servicing Agreement": As defined in the preamble to this
Agreement.

          "Post Closing Matters Description": The description of the relative
obligations of the Primary Servicer and Master Servicer with respect to requests
from Mortgagors on Mortgage Loans and A/B Mortgage Loans that have not become
Defaulted Mortgage Loans, a Specially Serviced Mortgage Loan or one on which a
Servicing Transfer Event has occurred, which obligations are more particularly
described and set forth on Exhibit B-2.

          "Post Closing Request": As defined in the Post Closing Matters
Description in Exhibit B-2.

          "Primary Servicer Collection Account": An account, which shall be an
Eligible Account, established by Primary Servicer for the purposes set forth in
this Agreement, the income and earnings on which shall inure entirely to the
benefit of Primary Servicer. The Primary Servicer Collection Account shall be
established in the name of "Principal Global Investors, LLC, as Primary Servicer
for Wells Fargo Bank, National Association, as Master Servicer for LaSalle Bank
National Association, as Trustee for the Holders of Bear Stearns Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series
2007-PWR15."

          "Primary Servicer Default": As defined in Section 6.1 hereof.

          "Primary Servicer Errors and Omissions Insurance Policy": As defined
in Section 5.3(a) hereof.

          "Primary Servicer Fidelity Bond": As defined in Section 5.3(a) hereof.


                                      -5-



          "Primary Servicer Form 8-K Information Report": As defined in Section
5.13(c)(i) hereof.

          "Primary Servicer Form 10-D Information Report": As defined in Section
5.13(c)(ii) hereof.

          "Primary Servicer Form 10-K Information Report": As defined in Section
5.13(c)(iii) hereof.

          "Primary Servicer Servicing Documents": (a) a copy of the documents
contained in the Mortgage File for the Mortgage Loans and A/B Mortgage Loans and
(b) all other servicing documents and records in possession of Primary Servicer
that relate to or are used for the servicing of the Mortgage Loans and A/B
Mortgage Loans and that are not required to be part of the applicable Mortgage
File.

          "Primary Servicing Fee": For each calendar month, as to each Mortgage
Loan and each B Note, the portion of the Primary Servicing Fee Rate applicable
to such month (determined in the same manner as the applicable Mortgage Rate is
determined for such Mortgage Loan for such month) multiplied by the Stated
Principal Balance of such Mortgage Loan (or the Principal Balance in the case of
each B Note) immediately before the Due Date occurring in such month, but
prorated for the number of days during the calendar month for such Mortgage Loan
for which interest actually accrues on such Mortgage Loan and only from
collections on such Mortgage Loan.

          "Primary Servicing Fee Rate": A rate of 0.01% per annum with respect
to each Mortgage Loan.

          "Primary Servicing Officer": Any officer or employee of the Primary
Servicer involved in, or responsible for, the administration and servicing of
the Mortgage Loans and A/B Mortgage Loans whose name and specimen signature
appear on a list of servicing officers or employees furnished to the Master
Servicer by the Primary Servicer and signed by an officer of the Primary
Servicer, as such list may from time to time be amended.

          "Primary Servicing Termination Date": As defined in Section 6.2
hereof.

          "Property Inspection Description": The description of the obligations
of the Primary Servicer with respect to inspection of the Mortgaged Properties
for each of the Mortgage Loans and the A/B Mortgage Loans as more particularly
described in Section 2.1(d) hereof and Exhibit B-3.

          "PWR15 Trust": The trust established under the Pooling and Servicing
Agreement.

          "Reconciliation Certification Date": As defined in Section 5.12
hereof.

          "Regulations": The rules, regulations and policy statements of the SEC
as in effect from time to time.

          "Requirements List": As defined in the Post Closing Matters
Description in Exhibit B-2.

          "Report Date": The third Business Day before the related Distribution
Date.

          "SEC": The Securities and Exchange Commission.


                                      -6-



          "Services": Those activities to be provided by the Primary Servicer
for the Servicing of the Mortgage Loans and the A/B Mortgage Loans pursuant to
the provisions of this Agreement.

          "Servicing": With respect to any Mortgage Loan and any A/B Mortgage
Loan, the right and obligation of the Primary Servicer to administer such
Mortgage Loan and any A/B Mortgage Loan in accordance with the provisions
hereof.

          "Servicing Documents": The Master Servicer Servicing Documents and
Primary Servicer Servicing Documents.

          "Servicing Standard": With respect to the Primary Servicer, the
Primary Servicer shall service and administer the Mortgage Loans and the A/B
Mortgage Loans that it is obligated to service and administer pursuant to this
Agreement on behalf of the Master Servicer and in the best interests of and for
the benefit of the Certificateholders and, with respect to each B Note, the
holder(s) of each such B Note (as determined by the Primary Servicer in its good
faith and reasonable judgment), in accordance with applicable law, the terms of
this Agreement and the terms of the respective Mortgage Loans and A/B Mortgage
Loans and, to the extent consistent with the foregoing, further as follows:

          (a) with the same care, skill and diligence as is normal and usual in
its general mortgage servicing and REO property management activities on behalf
of third parties or on behalf of itself, whichever is higher, with respect to
mortgage loans and REO properties that are comparable to those for which it is
responsible hereunder; and

          (b) with a view to the timely collection of all Monthly Payments of
principal and interest under the Mortgage Loans and A/B Mortgage Loans; and
without regard to: (I) any other relationship that the Primary Servicer, or any
Affiliate thereof, may have with the related Mortgagor; (II) the ownership of
any Certificate or B Note by the Primary Servicer, or any Affiliate thereof;
(III) the Master Servicer's obligation to make Advances; and (IV) the right of
the Primary Servicer (or any Affiliate thereof) to receive reimbursement of
costs, or the sufficiency of any compensation payable to it, hereunder or with
respect to any particular transaction; provided, however, that in no event shall
the foregoing standards be less than the applicable provisions of the Servicing
Standard set forth in the Pooling and Servicing Agreement and with respect to an
A/B Mortgage Loan, the servicing standards set forth in the related A/B
Intercreditor Agreement.

          "Significant Leases": A Lease at a Mortgaged Property covering or
proposed to cover more than the greater of either (a) 30,000 net rentable square
feet or (b) thirty percent (30%) of the net rentable square footage of the
Mortgaged Property.

          "Significant Obligor": A person that is identified in the Prospectus
Supplement as a "significant obligor" for the PWR15 Trust within the meaning of
Item 1101(k) of Regulation AB. For the avoidance of doubt, the parties
acknowledge that the Pooling and Servicing Agreement entitles the parties to
rely on the Prospectus Supplement for purposes of identifying a "significant
obligor" for the PWR15 Trust and that the Prospectus Supplement does not
identify any Borrower under a Mortgage Loan primary serviced hereunder as a
"significant obligor" for the PWR15 Trust.

          "SNDA": A Subordination, Non-Disturbance and Attornment Agreement with
respect to a Lease on a form customarily used by Primary Servicer with respect
to Mortgaged Properties of similar type and consistent with the Servicing
Standard.


                                      -7-



          "Special Servicer": ARCap Servicing, Inc. or any successor thereto as
general special servicer under the Pooling and Servicing Agreement.

          "Successor Primary Servicer": The Person selected by the Master
Servicer upon the termination of the Primary Servicer resulting from any Primary
Servicer Default, if any, who shall thereafter perform the Services with respect
to the Mortgage Loans and the A/B Mortgage Loans; provided, that the Master
Servicer shall perform all Services with respect to the Mortgage Loans and the
A/B Mortgage Loans until such Person, if any, is selected.

          "Task Description": The outline description of the obligations of the
Primary Servicer and Master Servicer with respect to the Mortgage Loans and the
A/B Mortgage Loans as set forth in Exhibit B-4 attached to this Agreement.

          "Trustee": LaSalle Bank National Association or any successor thereto
as trustee under the Pooling and Servicing Agreement.


                                      -8-



                                  ARTICLE II.
                                PRIMARY SERVICING

          SECTION 2.1 PRIMARY SERVICING From the Closing Date until the Primary
Servicing Termination Date, Master Servicer hereby authorizes and directs
Primary Servicer to service each Mortgage Loan and each A/B Mortgage Loan as
primary servicer on behalf of and at the direction of the Master Servicer as
provided in this Agreement. The Services shall consist of the following:

          (a) Primary Servicer shall perform all tasks and responsibilities
     necessary to meet the requirements under the Task Description, the Post
     Closing Matters Description, the Payment and Collection Description and the
     Payment and Mortgage Loan Status Reports, in each case in accordance with
     the terms of this Agreement and, with respect to each B Note, the terms of
     the related A/B Intercreditor Agreement, and in a manner not inconsistent
     with the Pooling and Servicing Agreement. Primary Servicer shall also
     perform the obligations to which it has expressly agreed under the Pooling
     and Servicing Agreement and the Master Servicer's obligations set forth in
     Section 4.02(d) of the Pooling and Servicing Agreement relating to Annual
     Statement and Rent Roll Reporting with respect to the Mortgage Loans and
     the A/B Mortgage Loans.

          (b) Master Servicer and Primary Servicer agree and acknowledge that
     the Task Description is a chart that enumerates a list of tasks and the
     general allocation of responsibility of servicing obligations between the
     Master Servicer and the Primary Servicer for such tasks, and the Post
     Closing Matters Description sets forth a specific method for classifying
     post closing requests of a Mortgagor and allocating responsibility for
     handling such requests based upon such classification. Master Servicer and
     Primary Servicer have made efforts to reconcile the Task Description and
     Post Closing Matters Description.

          (c) Without limiting the foregoing, Primary Servicer shall collect and
     remit payments on the Mortgage Loans and the A/B Mortgage Loans in
     accordance with the Payment and Collection Description. For the purposes of
     this Agreement, the "Payment and Collection Description" shall encompass
     all of the following responsibilities and obligations set forth in the
     following subsections (i) through (viii) and subsection (xii):

               (i) On or prior to the Closing Date, the Primary Servicer shall
          establish a Primary Servicer Collection Account, and give the Master
          Servicer prior written notice of the name and address of the
          depository institution at which such Primary Servicer Collection
          Account is maintained and the account number of the Primary Servicer
          Collection Account. Primary Servicer may direct the investment of
          funds on deposit in the Primary Servicer Collection Account subject to
          and in accordance with the criteria and requirements set forth in the
          applicable A/B Intercreditor Agreement, as they relate to a particular
          B Note and those set forth in the Pooling and Servicing Agreement
          relating to the Collection Account established thereunder (construed
          as if the Primary Servicer Collection Account were such Collection
          Account), including without limitation the obligation, if any, to
          deposit into such account the amount of any investment losses to the
          extent required in the Pooling and Servicing Agreement and, with
          respect to each B Note, the terms of each related A/B Intercreditor
          Agreement.

               (ii) The Primary Servicer shall make efforts consistent with the
          Servicing Standard to collect all monthly payments of principal
          (including without limitation


                                      -9-


          Balloon Payments) and interest with respect to the Mortgage Loans and
          the A/B Mortgage Loans (except for payments due on or prior to the
          Cut-Off Date), as well as any required Principal Prepayments,
          Prepayment Premiums, late charges, Insurance Proceeds, Condemnation
          Proceeds and any and all other amounts due from the Mortgagor or a
          third party with respect to the Mortgage Loans pursuant to the Loan
          Documents; provided, however, that with respect to any payments that
          are required under the terms of the applicable loan documents to be
          made directly to a Person other than the holder of the related
          Mortgage Loan, the Primary Servicer shall use efforts consistent with
          the Servicing Standard to cause such payments to be made.

               (iii) The Primary Servicer shall deposit all such payments
          received with respect to each A/B Mortgage Loan and each Mortgage Loan
          (less any related Aggregate Servicing Fee and any other payments due
          to Primary Servicer under this Agreement with respect to such Mortgage
          Loan) into the Primary Servicer Collection Account on or before the
          next Business Day after receiving each such payment. With respect to
          funds deposited into the Primary Servicer Collection Account for each
          A/B Mortgage Loan, on or before the end of the third Business Day
          after the Primary Servicer receives such funds the Primary Servicer
          shall determine, in accordance with the provisions of the applicable
          A/B Intercreditor Agreement, the amount (if any) of such funds
          required to be paid to the holder of the related B Note (less any
          primary servicing fee or other fee, if any, agreed to be paid by the
          holder of such B Note to the Primary Servicer pursuant to the
          applicable A/B Intercreditor Agreement or other agreement between the
          Primary Servicer and such B Note holder, together with any other
          payments related to such B Note, which are payable to the Primary
          Servicer). Such amount with respect to such related B Note shall be
          paid to the holders of such B Note, at the times and in the manner
          required pursuant to the provisions of the applicable A/B
          Intercreditor Agreement.

               (iv) Subject to the previous subsection, and after making the
          determination of the amount required to be paid to the holders of each
          related B Note, the Primary Servicer shall remit to the Master
          Servicer from the Primary Servicer Collection Account, by wire
          transfer of immediately available funds, all funds in such account
          (other than income and earnings on such account), and shall not
          withdraw funds therefrom for any other purpose, except to withdraw
          amounts required to be paid to the holders of each B Note and any
          other amounts deposited therein by error, as follows: (1) in the case
          of any payments received and collected during a Collection Period on
          or before the Determination Date for such Collection Period, Primary
          Servicer shall remit such payments on such Determination Date; and (2)
          in the case of any payments received and collected by Primary Servicer
          after the Determination Date for such Collection Period, Primary
          Servicer shall remit all such payments on the first Business Day
          following receipt of the amount of any such payments; provided,
          however, that notwithstanding any contrary provision of clause (1) or
          clause (2) all of the following provisions shall apply:

                    (1) in the case of any payment received on a Determination
               Date for a Collection Period, Primary Servicer shall (i) provide
               Master Servicer with immediate notice of Primary Servicer's
               receipt of such payment and (ii) shall use its reasonable best
               efforts to remit such payment to Master Servicer on the date of
               receipt and in any event shall remit such payment to Master
               Servicer within one Business Day following receipt (and Primary
               Servicer shall in any event provide Master Servicer with
               immediate notice of Primary Servicer becoming aware that any
               Principal Prepayment is to be made on a Determination Date);


                                      -10-


                    (2) any Monthly Payment due during a Collection Period but
               received after the end of such Collection Period shall be
               remitted by Primary Servicer within one Business Day following
               Primary Servicer's receipt of such Monthly Payment;

                    (3) Primary Servicer shall use its reasonable best efforts
               to remit to Master Servicer on the date of receipt of, and in any
               event shall remit to Master Servicer within one Business Day
               following receipt of, any unscheduled payments or Balloon
               Payments that would result in a Prepayment Interest Shortfall;
               and

                    (4) any Monthly Payment received and collected during a
               Collection Period, but due on a Due Date occurring after the end
               of such Collection Period, shall be remitted on the Determination
               Date for the Collection Period in which such Due Date occurs.

               (v) In the event any payments received by Primary Servicer
          becomes NSF (that is, returned for funds not sufficient) after the
          monies associated with that payment have been remitted to the Master
          Servicer, the Master Servicer will return such moneys to Primary
          Servicer by wire transfer in immediately available funds within one
          Business Day of notice from the Primary Servicer. If the Primary
          Servicer fails to remit to the Master Servicer when due the total pool
          remittance required to be remitted under this Agreement (whether or
          not such failure constitutes a Primary Servicer Default), then
          interest shall accrue on the amount of the total pool remittance and
          the Primary Servicer shall promptly pay such interest to the Master
          Servicer, at a per annum rate equal to the Advance Rate from and
          including the date when such remittance was required to be made to but
          excluding the day when such remittance is actually made. If the
          Primary Servicer fails to remit a single loan remittance more than
          five (5) days after the single loan remittance was received by the
          Primary Servicer (whether or not such failure constitutes a Primary
          Servicer Default), then interest shall accrue on the amount of such
          single loan remittance and the Primary Servicer shall promptly pay
          such interest to the Master Servicer, at a per annum rate equal to the
          Advance Rate from and including the date when such remittance was
          required to be made to but excluding the date when such remittance is
          actually made.

               (vi) With respect to escrow or reserve payments as listed on the
          Task Description, the Primary Servicer shall collect escrow or reserve
          amounts with respect to the Mortgage Loans and A/B Mortgage Loans, and
          shall deposit such funds in an escrow account, which shall be an
          Eligible Account, and shall maintain, disburse and account for such
          funds as provided in the Task Description, for real estate taxes,
          insurance and reserves, and escrows for repairs, replacements,
          principal and interest payments and lease payments and any other
          matters specified in any agreement in which funds are held at the
          time, and in the manner and for the purposes as otherwise required or
          delineated in the Loan Documents and with respect to the Master
          Servicer under the Pooling and Servicing Agreement. The Primary
          Servicer may direct the investment of such funds subject to and in
          accordance with the criteria and requirements set forth in the Pooling
          and Servicing Agreement relating to Servicing and/or Reserve Accounts,
          including without limitation the obligation to deposit into the
          Servicing and/or Reserve Account the amount of any investment losses
          to the extent required in the Pooling and Servicing Agreement. Primary
          Servicer shall have the benefit and shall retain all interest and
          income earned on


                                      -11-



          the Servicing and/or Reserve Accounts for the Mortgage Loans and A/B
          Mortgage Loans that is not paid to Mortgagors.

               (vii) Primary Servicer shall submit the following Payment and
          Mortgage Loan Status Reports, in each case, in the form attached as
          Exhibit B-1 and at the time specified in the succeeding sentences of
          this sub-section (vii): (1) a remittance report for payments received
          on Mortgage Loans and A/B Mortgage Loans; (2) a delinquency report;
          (3) a real estate tax delinquency report which may be based upon
          information provided by Primary Servicer's real estate tax service (if
          any) if engaged in accordance with Article VII of this Agreement; (4)
          an insurance monitoring report; (5) a UCC form monitoring report; and
          (6) the Day One Report. Primary Servicer shall submit the Payment and
          Mortgage Loan Status Report described by clause (1) above by
          electronic mail on each day that payments or funds are remitted to the
          Master Servicer pursuant to Section 2.1(c) of this Agreement. Primary
          Servicer shall submit the Payment and Mortgage Loan Status Report
          described by clause (2) above by electronic mail, monthly no later
          than the tenth (10th) day of each month for the previous month.
          Primary Servicer shall submit the Payment and Mortgage Loan Status
          Reports described by clauses (3), (4) and (5) above by electronic
          mail, quarterly no later than January 15, April 15, July 15 and
          October 15 for the previous above quarter. Primary Servicer shall
          submit the Payment and Mortgage Loan Status Report described by clause
          (6) above by electronic mail, monthly no later than the first (1st)
          day of each month in which the applicable Distribution Date occurs for
          the then current Collection Period. If the day on which any Payment
          and Mortgage Loan Status Report is otherwise due as described above
          does not constitute a Business Day, then such report shall be due on
          the immediately succeeding Business Day.

               (viii) Master Servicer and Primary Servicer hereby allocate
          responsibility for completing the CMSA Investor Reporting Package for
          the Mortgage Loans and the A/B Mortgage Loans as follows:

                    (1) Master Servicer shall complete all fields and aspects of
               the CMSA Loan Setup File that are available from the Final
               Prospectus Supplement. Upon completing all of such fields, Master
               Servicer shall forward the CMSA Loan Setup File for the Mortgage
               Loans and the A/B Mortgage Loans to Primary Servicer who shall
               complete the fields and aspects of the CMSA Loan Setup File for
               the Mortgage Loans and the A/B Mortgage Loans that are not
               available from the Final Prospectus Supplement and return to
               Master Servicer the completed CMSA Loan Setup File for the
               Mortgage Loans and the A/B Mortgage Loans within five (5)
               Business Days of receiving such file from Master Servicer. Master
               Servicer shall deliver a CMSA Loan Setup File to Primary Servicer
               (a) for the Mortgage Loans and the A/B Mortgage Loans only; (b)
               in electronic form; (c) using an Excel file; and (d) with all
               fields in the same order as the CMSA Loan Setup File. Primary
               Servicer and Master Servicer acknowledge that delivery of the
               CMSA Loan Setup File is to commence with the Report Date in
               January 2007.

                    (2) Commencing in the applicable "Month of Initial Report"
               set forth opposite each report described below, the Primary
               Servicer shall complete such report at the frequency set forth
               opposite such report below and deliver such report to the Master
               Servicer at or before the time described opposite such report
               below (and with respect to an A/B Mortgage Loan, deliver any
               additional reports to the holder of the related B Note which may
               be required to be delivered to the


                                      -12-




                    holder of such B Note,  at such  times  as may be  required
                    pursuant to the applicable A/B Intercreditor Agreement):

  Description of          Month of       Frequency       Time of Required
      Report              Initial           of            Delivery to the
                           Report         Report          Master Servicer
--------------------  ----------------  ----------  ----------------------------
CMSA Property File    April 2007        Monthly     10th Business Day for prior
                                                    month but in no event later
                                                    than the Business Day prior
                                                    to the Report Date in such
                                                    month.

Operating Statement   June 2008 for     Annually    With respect to each
Analysis Report,      year-end 2007                 calendar year, beginning in
CMSA Financial File                                 2008 for year-end 2007, the
and NOI Adjustment                                  earlier of (i) 30 days after
Worksheet                                           receipt of the underlying
                                                    operating statements from
                                                    the borrower or (ii) June 1.

CMSA Loan Level       April 2007        Monthly     10th Business Day for prior
Reserve/LOC Report                                  month but in no event later
                                                    than the Business Day prior
                                                    to the Report Date in such
                                                    month.

CMSA Servicer Watch   April 2007        Monthly     10th Business Day for prior
List                                                month but in no event later
                                                    than the Business Day prior
                                                    to the Report Date in such
                                                    month.

CMSA Operating        April 2007        Monthly     10th Business Day for prior
Statement Analysis                                  month but in no event later
Report                                              than the Business Day prior
                                                    to the Report Date in such
                                                    month.

CMSA NOI Adjustment   April 2007        Monthly     10th Business Day for prior
Worksheet                                           month but in no event later
                                                    than the Business Day prior
                                                    to the Report Date in such
                                                    month.

CMSA Comparative      April 2007        Monthly     10th Business Day for prior
Financial Status                                    month but in no event later
Report                                              than the Business Day prior
                                                    to the Report Date in such
                                                    month.

Quarterly Operating   95 days after     Quarterly,  With respect to a calendar
Statement Analysis    March 31, 2007    but with    quarter, within 95 days
Report and CMSA       (with respect to  respect to  following the end of such
Quarterly Financial   calendar quarter  only the    calendar quarter (commencing
File                  ending on March   first       with the quarter ending on
                      31, 2007)         three       March 31, 2007).
                                        calendar
                                        quarters
                                        in each
                                        year

                         (3) The Master Servicer shall have the responsibility
                    to complete and deliver the following reports in accordance
                    with the Pooling and Servicing Agreement: CMSA Loan Setup
                    File, CMSA Loan Periodic Update File; CMSA Delinquent Loan
                    Status Report; CMSA REO Status Report; Corrected Mortgage
                    Loan Report, CMSA Historical Loan Modification Report and
                    CMSA Historical Liquidation Report.


                                      -13-



                         (4) Notwithstanding the foregoing: (a) Primary Servicer
                    shall reasonably cooperate to provide to Master Servicer
                    specific information or data in Primary Servicer's
                    possession and necessary to complete a report for which
                    Master Servicer is responsible, upon the written request of
                    Master Servicer; and (b) the Master Servicer shall
                    reasonably cooperate to provide to the Primary Servicer
                    specific information or data in the Master Servicer's
                    possession, as may be requested in writing by the Primary
                    Servicer, to enable the Primary Servicer to prepare and
                    deliver to each holder of a B Note any reports or notices
                    required to be delivered to each such holder of a B Note,
                    pursuant to the provisions of the applicable A/B
                    Intercreditor Agreement.

                         (5) Notwithstanding the definitions of various CMSA
                    reports in this Agreement that directly link such reports to
                    a form available on the CMSA Website as of the Closing Date,
                    Master Servicer shall be entitled to amend the forms of such
                    reports that Primary Servicer must deliver under this
                    Agreement, provided that (a) the Commercial Mortgage
                    Securities Association has amended the applicable reports
                    and published such amendments as its revised form on its
                    website; (b) Master Servicer gives Primary Servicer no less
                    than one hundred twenty (120) days notice of any required
                    amendments or revisions to a report prior to their becoming
                    effective as the form of report to deliver under this
                    Agreement; and (c) any such amendments or revisions (either
                    singly or in the aggregate) shall not impose undue
                    additional burden or costs upon Primary Servicer to collect,
                    format, calculate or report information to Master Servicer.

                         (6) [Reserved].

                    (ix) Master Servicer and Primary Servicer have made efforts
               to reconcile the Task Description, the Payment and Collection
               Description and Payment and Mortgage Loan Status Reports. In the
               event of any conflict between (1) the Task Description and (2)
               the Payment and Collection Description and Payment and Mortgage
               Loan Status Reports, then the Payment and Collection Description
               and Payment and Mortgage Loan Status Reports shall govern.

                    (x) The Primary Servicer shall be responsible for the
               calculation of any and all Prepayment Premiums payable under each
               Mortgage Loan and each A/B Mortgage Loan.

                    (xi) Within thirty (30) days following the Closing Date,
               Primary Servicer shall deliver to Master Servicer a report
               listing the tax parcels coinciding with the Mortgaged Properties.

                    (xii) All amounts collected by the Primary Servicer during a
               Collection Period with respect to any A/B Mortgage Loans (it
               being acknowledged that there are no A/B Mortgage Loans in the
               Series 2007-PWR15 Trust Fund), which are payable to the holder of
               the applicable B Note pursuant to the provisions of the
               applicable Intercreditor Agreement, shall be paid by the Primary
               Servicer to such B Note holder no later than three Business Days
               after collection of such funds. In the event that the Primary
               Servicer determines (in its sole discretion) that in order to
               confirm the amount to be disbursed to a B Note holder pursuant to
               the provisions of the applicable A/B Intercreditor Agreement, the
               Primary Servicer requires information from the Master Servicer,
               the Primary Servicer shall have the right, within three Business
               Days after collection of the funds at issue, to deliver to the
               Master Servicer a written request for such information. The
               Master


                                      -14-



               Servicer shall provide the information requested, to the extent
               that such information is in the possession of the Master Servicer
               or involves a calculation to be made by the Master Servicer on
               the basis of information in the possession of the Master
               Servicer, no later than three Business Days after the Master
               Servicer receives the Primary Servicer's written request, and the
               Primary Servicer shall make the disbursement at issue to the B
               Note holder no later than three Business Days after it receives
               the information from the Master Servicer needed to confirm the
               disbursement at issue. In the event that the Master Servicer
               determines (in its sole discretion) that it is necessary or
               desirable to direct the Primary Servicer as to how to allocate
               amounts collected for an A/B Mortgage Loan between the holders of
               the related Mortgage Loan and its related B Note, the Master
               Servicer shall have the right, no later than the end of the
               second Business Day after each of the A/B Mortgage Loans'
               scheduled monthly payment dates, to deliver a written direction
               notice to the Primary Servicer. The Primary Servicer shall comply
               with the Master Servicer's directions, absent a disagreement
               (which shall be promptly communicated in writing to the Master
               Servicer) and addressed by the Master Servicer and the Primary
               Servicer within the time frames set forth in this Section
               2.1(c)(xii). If there is any disagreement between the Master
               Servicer and the Primary Servicer with respect to the allocation
               of funds on any A/B Mortgage Loan, then the Master Servicer and
               the Primary Servicer shall consult with each other in good faith
               but the determination of the Master Servicer shall control and no
               consultation shall extend in duration beyond the date reasonably
               necessary for allocations, remittances and reporting to be timely
               made to the holders of the A Note and B Note. In the event that
               collection responsibilities for an A/B Mortgage Loan are
               transferred from the Primary Servicer to the Master Servicer or
               Special Servicer pursuant to the applicable provisions of this
               Agreement or the Pooling and Servicing Agreement, all amounts
               that are collected by the Master Servicer or the Special
               Servicer, as applicable, during a Collection Period with respect
               to such A/B Mortgage Loan and are payable to the holder of the
               applicable B Note pursuant to the provisions of the related A/B
               Intercreditor Agreement shall be remitted by the Master Servicer
               to such B Note holder no later than three Business Days after the
               collection of such funds, notwithstanding any provision of the
               applicable A/B Intercreditor Agreement that may provide the
               Servicer with a longer period of time to remit such collected
               funds to the B Note holder (except that if the related Mortgaged
               Property has become an REO Property, then the funds on deposit in
               the related REO Account related to such REO Property shall be
               remitted to the Master Servicer by the Special Servicer as and to
               the extent otherwise provided in Section 3.16 of the Pooling and
               Servicing Agreement and then, to the extent remittable to the
               holder of the applicable B Note, shall be so remitted on the next
               succeeding Master Servicer Remittance Date).

                    (d) Commencing in the year 2008, Primary Servicer shall
     inspect, or cause to be inspected, each of the Mortgaged Properties for the
     Mortgage Loans and the A/B Mortgage Loans in accordance with Section 3.12
     of the Pooling and Servicing Agreement and, promptly upon completion of
     such inspection, shall deliver to Master Servicer and with respect to an
     A/B Mortgage Loan, to the holder of the related B Note, if required by the
     applicable A/B Intercreditor Agreement, a property inspection report in the
     form attached as Exhibit B-3 ("Property Inspection Description").

                    Master Servicer and Primary Servicer have made efforts to
     reconcile the Task Description and the Property Inspection Description. In
     the event of any conflict between (1) the Task Description and (2) the
     Property Inspection Description, then the Property Inspection Description
     shall govern.


                                      -15-



                    (e) Primary Servicer shall promptly notify the Master
     Servicer of any significant events affecting any one or more of the
     Mortgage Loans and A/B Mortgage Loans, the related Mortgagors or the
     related Mortgaged Properties which become known to Primary Servicer or of
     which the Primary Servicer receives notice, such as a payment default, a
     bankruptcy, a judicial lien or casualty or condemnation event, and the
     Primary Servicer shall also promptly advise the Master Servicer of all
     material collection and customer service issues and, promptly following any
     request therefor by the Master Servicer, shall furnish to the Master
     Servicer with copies of any correspondence or other documents in the
     possession of the Primary Servicer related to any such matter. The Primary
     Servicer shall use reasonable efforts to promptly notify the Master
     Servicer as soon as the Primary Servicer (exercising good faith and
     reasonable judgment in accordance with the Servicing Standard) becomes
     aware that any Servicing Advance will be required (or may reasonably be
     expected to be required) to be made with respect to any Mortgage Loan or
     any A/B Mortgage Loan under the standards imposed on the Master Servicer by
     the Pooling and Servicing Agreement.

                    (f) In addition, the Primary Servicer shall deliver or cause
     to be delivered to Master Servicer any and all information as may
     reasonably be necessary for the Master Servicer to perform its obligations
     under Section 3.20(h) of the Pooling and Servicing Agreement (to the extent
     related to the Mortgage Loans and/or A/B Mortgage Loans); provided,
     however, that in the event that the Primary Servicer has sent a notice to a
     ground lessor as contemplated by such Section 3.20(h) of the Pooling and
     Servicing Agreement, the delivery to the Master Servicer of a copy of such
     notice shall satisfy the Primary Servicer's obligation under this section
     with respect to such ground lease.

                    (g) Primary Servicer shall perform all other obligations of
     the Primary Servicer as set forth herein.

               Primary Servicer and the Master Servicer agree that, in
connection with the performance of its obligations hereunder, the Primary
Servicer shall be entitled to request from the Master Servicer, and the Master
Servicer agrees that it shall provide, express instructions for the completion
of any of the Services to be performed or completed by the Primary Servicer, to
the extent necessary to clarify any ambiguities in the terms of this Agreement.
The Master Servicer further agrees that the Primary Servicer shall be entitled
to rely upon any such written instructions. The Primary Servicer and the Master
Servicer, respectively, shall perform all of their respective obligations as
allocated and set forth in this Agreement, and it is understood that the Primary
Servicer shall have no obligations with respect to the primary servicing of the
Mortgage Loans and the A/B Mortgage Loans, except as specifically set forth in
this Agreement.

               SECTION 2.2 STANDARD OF CARE The Primary Servicer shall perform
all Services on behalf of the Master Servicer in accordance with the terms of
this Agreement and the Servicing Standard and in a manner consistent with the
applicable provisions of the Pooling and Servicing Agreement and with respect to
an A/B Mortgage Loan, the applicable provisions of the related A/B Intercreditor
Agreement.

               SECTION 2.3 COMPENSATION AND OTHER PAYMENTS TO THE PRIMARY
SERVICER As consideration for the Primary Servicer's performance of the Services
hereunder: (a) the Primary Servicer shall be entitled to deduct the Aggregate
Servicing Fee in accordance with Section 2.1(c)(iii) of this Agreement, with
respect to the related Collection Period for each Mortgage Loan for which a
payment was received by the Master Servicer or forwarded to the Master Servicer
by the Primary Servicer; and (b) with respect to each A/B Mortgage Loan, the
Primary Servicer shall be entitled to deduct any Primary Servicing Fee or other
fee payable to the Primary Servicer as may be agreed to by the holder of the
related B Note, from each payment received by the Primary Servicer and which is
allocable to such holder of the related


                                      -16-



B Note, all in accordance with the provisions of Section 2.1 of this Agreement.
Notwithstanding the foregoing, Primary Servicer shall not be entitled to a
Primary Servicing Fee with respect to any Mortgage Loan (other than an A/B
Mortgage Loan) for which a Servicing Transfer Event has occurred (unless such
Mortgage Loan becomes a Corrected Mortgage Loan) or with respect to which the
Primary Servicer has been terminated as Primary Servicer under this Agreement
and the Pooling and Servicing Agreement.

               The Primary Servicer shall retain all rights to the Excess
Servicing Fee for all Mortgage Loans, even if (a) any Mortgage Loan or Mortgage
Loans become Specially Serviced Mortgage Loans; (b) Primary Servicer's servicing
is terminated with respect to particular Mortgage Loans or (c) Primary Servicer
is in default, is terminated or resigns under this Agreement. If Primary
Servicer is unable to deduct the Excess Servicing Fee in accordance with Section
2.1(c)(iii) because it no longer services a Mortgage Loan or Mortgage Loans or
for any other reason (other than transfer or assignment of the rights to the
Excess Servicing Fee), then Master Servicer (and any successor) shall cause the
Excess Servicing Fee to be paid on the Mortgage Loans to Primary Servicer
monthly in accordance with the terms of the Pooling and Servicing Agreement.

               The Primary Servicer shall have the benefit and shall retain all
interest and income earned on the Primary Servicer Collection Account for the
Mortgage Loans and the A/B Mortgage Loans. If Primary Servicer is terminated
under this Agreement, it shall be entitled to collect all such interest and
income that accrues through the date of termination. If a Mortgage Loan or an
A/B Mortgage Loan becomes a Specially Serviced Mortgage Loan, Primary Servicer
shall be entitled to collect all such interest and income that accrues through
the date of the applicable Servicing Transfer Event. The right to retain such
interest and income shall resume if such Mortgage Loan or an A/B Mortgage Loan
becomes a Corrected Mortgage Loan.

               The Primary Servicer shall also be entitled to retain the fees or
portions of fees set forth in the Post Closing Matters Description. Except as
specifically provided in this Agreement, the Primary Servicer shall not be
entitled to receive any default interest or late fees collected from the
Borrower, and the Primary Servicer shall promptly, upon collection of such
amounts, forward such interest and fees to the Master Servicer in accordance
with the Payment and Collection Description. Primary Servicer may waive the
right to collect a fee or portion of a fee to which it is entitled under this
Agreement but may not waive or otherwise affect the rights of other parties to
any other fees or portions of fees to which Primary Servicer is not entitled.

               The Primary Servicer shall be required to pay out of its own
funds, without reimbursement, all overhead and general and administrative
expenses incurred by it in connection with its servicing activities hereunder,
including costs for office space, office equipment, supplies and related
expenses, employee salaries and related expenses and similar internal costs and
expenses, and Primary Servicer shall be required to pay all expenses that it
incurs in the administration of this Agreement (but not those incurred at the
direction or request of Master Servicer or a third party which direction or
request requires the performance of a task or obligation not contemplated of
Primary Servicer under this Agreement) and shall not be entitled to
reimbursement of such costs and expenses, except (1) as may be specifically
provided in this Agreement or (2) to the extent expenses are reimbursable by a
Mortgagor under the applicable Loan Documents and the Mortgagor makes such
reimbursement.

               SECTION 2.4 PRIMARY SERVICER REPRESENTATIONS AND WARRANTIES The
Primary Servicer hereby makes for the benefit of the Master Servicer the same
representations and warranties as are made by the Master Servicer under Section
2.06 of the Pooling and Servicing Agreement; provided, however, that (i)
references therein to the Master Servicer shall be deemed references to the
Primary


                                      -17-



Servicer and references to the Trustee shall be deemed references to the
Master Servicer and (ii) in lieu of the representation described in the first
clause of Section 2.06(a)(i) of the Pooling and Servicing Agreement, the Primary
Servicer represents that the Primary Servicer is duly organized, validly
existing and in good standing as a corporation under the laws of the
jurisdiction of its organization. Primary Servicer further represents that since
origination of each Mortgage Loan and A/B Mortgage Loan, Primary Servicer has
serviced each of the Mortgage Loans and A/B Mortgage Loans in accordance with
its terms.

                                  ARTICLE III.
                           DOCUMENTS AND OTHER MATTERS

               SECTION 3.1 SEGREGATION OF MORTGAGE LOAN DOCUMENTS The Primary
Servicer shall segregate the Primary Servicer Servicing Documents related to the
Mortgage Loans and the A/B Mortgage Loans from all other assets of the Primary
Servicer and, upon request, forward to the Master Servicer copies of such
documents or originals of such documents if in the possession of Primary
Servicer and not part of the Mortgage File forwarded to the Trustee. The Primary
Servicer acknowledges that any letter of credit held by it shall be held in its
capacity as agent of the Trust, and if the Primary Servicer sells its rights to
service the applicable Mortgage Loan or A/B Mortgage Loan, the Primary Servicer
shall assign the applicable letter of credit to the Trust or at the direction of
the Special Servicer to such party as the Special Servicer may instruct, and the
Primary Servicer shall indemnify the Trust for any loss caused by the
ineffectiveness of such assignment.

               SECTION 3.2 ACCESS TO DOCUMENTS; PROVISION OF CERTAIN INFORMATION
The Primary Servicer shall make available to the Master Servicer or any
Successor Primary Servicer, at a reasonable time, such information as the Master
Servicer or such Successor Primary Servicer shall reasonably request in writing
and shall make available to the Master Servicer or any Successor Primary
Servicer or Persons designated by the Master Servicer or such Successor Primary
Servicer such documents as the Master Servicer shall reasonably request in
writing. The Master Servicer shall make available to the Primary Servicer, at a
reasonable time, such information as the Primary Servicer shall reasonably
request in writing in connection with the performance of the Services and,
subject to the terms and conditions of Section 3.15 of the Pooling and Servicing
Agreement, shall make available to the Primary Servicer or Persons designated by
the Primary Servicer such documents related to the Mortgage Loan and the A/B
Mortgage Loans and the Servicing of the Mortgage Loans and the A/B Mortgage
Loans as the Primary Servicer shall reasonably request in writing.

                                  ARTICLE IV.
                           MASTER SERVICER ASSISTANCE

               SECTION 4.1 MASTER SERVICER ASSISTANCE

               (a) The Master Servicer shall make reasonable efforts to do any
and all things reasonably requested by the Primary Servicer to enable the
Primary Servicer to render the Services, including, without limitation,
delivering to the Trustee any receipts or other documentation that the Trustee
may require to allow it to release any Mortgage Files or documents contained
therein or acquired in respect thereof requested by the Primary Servicer.
Notwithstanding any other provision of this Agreement to the contrary and any
other notwithstanding provisions in this Agreement (including any contrary
provision of Exhibit B-2), the Primary Servicer shall do any and all things
reasonably requested by the Master Servicer to enable the Master Servicer to
comply with its obligations under the Pooling and Servicing Agreement. Before
the Master Servicer releases all or any portion of any Mortgage File or document
contained therein or acquired in respect thereof to the Primary Servicer, the
Master Servicer may require the Primary Servicer to execute a receipt therefor
or, in the event of a Mortgage Loan or an A/B Mortgage Loan that


                                      -18-



has been repaid in full, a certificate with respect to the payment in full of
the related Mortgage Loan or A/B Mortgage Loan.

               (b) If required in connection with the provision of the Services,
the Master Servicer shall furnish, or cause to be furnished, to the Primary
Servicer, upon request, any powers of attorney of the Master Servicer or the
Trustee, empowering the Primary Servicer to take such actions as it determines
to be reasonably necessary to comply with its Servicing duties hereunder or to
enable the Primary Servicer to service and administer such Mortgage Loans and
A/B Mortgage Loans and carry out its duties hereunder, in each case in
accordance with the Servicing Standard and the terms of this Agreement. The
Primary Servicer hereby agrees to indemnify the Master Servicer and the Trustee
from any loss, damage, expense or claim relating to misuse or wrongful use of
any such power of attorney.

               SECTION 4.2 SPECIALLY SERVICED MORTGAGE LOANS The Primary
Servicer shall promptly notify the Master Servicer and Special Servicer with
respect to Specially Serviced Mortgage Loans of any questions, complaints, legal
notices, or other communications relating to the foreclosure or default of such
loans or bankruptcy proceedings of a Mortgagor that are received by the Primary
Servicer and with respect to such Mortgage Loan or A/B Mortgage Loan such other
matters as would, consistent with the Servicing Standard, require notification
to the owner or the servicer of the Mortgage Loan or A/B Mortgage Loan. The
Master Servicer shall notify the Primary Servicer of any Specially Serviced
Mortgage Loan becoming a Corrected Mortgage Loan promptly following the Master
Servicer's receipt of notice to such effect from the Special Servicer and shall
provide Primary Servicer with all relevant documents received during the time
that the relevant Mortgage Loan or A/B Mortgage Loan was a Specially Serviced
Mortgage Loan following the Master Servicer's receipt of such documents from the
Special Servicer. Upon the request of Primary Servicer, Master Servicer shall
request from the Special Servicer all such relevant documents with respect to a
Corrected Mortgage Loan. Notwithstanding anything contained herein to the
contrary, the Primary Servicer shall not without the Trustee's written consent:
(i) initiate any action, suit or proceeding solely under the Trustee's name
without indicating the Primary Servicer's representative capacity, or (ii)
knowingly take any action that causes the Trustee to be registered to do
business in any state, provided, however, that the preceding clause (i) shall
not apply to the initiation of actions relating to a Mortgage Loan that the
Primary Servicer is servicing pursuant to its duties herein (in which case the
Primary Servicer shall give three (3) Business Days prior notice to the Trustee
of the initiation of such action).

                                   ARTICLE V.
                      ADDITIONAL PRIMARY SERVICER COVENANTS

               SECTION 5.1 NOTICE OF LITIGATION With respect to any Mortgage
Loan or A/B Mortgage Loan as to which litigation is instituted, the Primary
Servicer, if aware of such litigation, shall notify the Master Servicer
immediately as to the status of the litigation related to such Mortgage Loan or
A/B Mortgage Loan and shall, when reasonably required or requested by the Master
Servicer, provide to the Master Servicer copies of all pertinent information in
the Primary Servicer's possession related to such litigation, including, without
limitation, copies of related Servicing Documents.

               SECTION 5.2 NO PERSONAL SOLICITATION The Primary Servicer hereby
agrees that it will not knowingly take any action or cause any action to be
taken by any of its agents or Affiliates, or independent contractors or working
on its behalf, to personally, by telephone or mail, solicit the prepayment of
any Mortgage Loan or A/B Mortgage Loan by any Mortgagor. Primary Servicer agrees
not to forward to any Mortgagor or other obligors under a Mortgage Loan or A/B
Mortgage Loan, any correspondence or documents between Master Servicer and
Primary Servicer regarding a Post Closing Request (except the Requirements List
(as defined in Exhibit B-2(c)) without the consent of the Master Servicer or
Special Servicer (acting in its sole discretion), unless required by law.


                                      -19-



               SECTION 5.3 FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE
POLICY (a) (a) The Primary Servicer, at its own expense, shall maintain in
effect a fidelity bond (the "Primary Servicer Fidelity Bond") and an errors and
omissions policy (the "Primary Servicer Errors and Omissions Insurance Policy")
with a Qualified Insurer, naming the Master Servicer as loss payee, affording
coverage for all directors, officers and employees. The Primary Servicer Errors
and Omissions Insurance Policy and Primary Servicer Fidelity Bond shall be in
such form and amount that would satisfy the same requirements for such policies
as the Master Servicer must satisfy as set forth in Section 3.07 of the Pooling
and Servicing Agreement. Notwithstanding any other provisions of this Agreement,
the Primary Servicer shall be permitted to self-insure with respect to its
obligations to maintain the Primary Servicer Fidelity Bond and a Primary
Servicer Errors and Omissions Policy to the extent the Master Servicer is
permitted under Section 3.07 of the Pooling and Servicing Agreement (construed
as if the references therein to the Master Servicer were instead references to
the Primary Servicer). The Primary Servicer shall furnish to the Master
Servicer, not later than thirty (30) days after the Closing Date, evidence of
the Primary Servicer's compliance with this Section 5.3(a).

               (b) The Primary Servicer shall promptly report in writing to the
Master Servicer any material adverse changes that may occur in the Primary
Servicer Fidelity Bond or the Primary Servicer Errors and Omissions Insurance
Policy and shall furnish to the Master Servicer upon written request copies of
all binders and policies or certificates evidencing that such bond and insurance
policy are in full force and effect. The Primary Servicer shall promptly report
in writing to the Master Servicer all cases of embezzlement or fraud or
irregularities of operation relating to the servicing of the Mortgage Loans and
of the A/B Mortgage Loans by the Primary Servicer and its employees, officers,
directors, agents and representatives if such events involve funds relating to
the Mortgage Loans and the A/B Mortgage Loans. The total of such losses,
regardless of whether claims are filed with the applicable insurer or surety,
shall be disclosed in such reports together with the amount of such losses
covered by insurance. If a bond or insurance claim report is filed with any of
the Primary Servicer's bonding companies or insurers relating to the Mortgage
Loans or the A/B Mortgage Loans or the servicing thereof, a copy of such report
(which report may omit any references to individuals suspected of such
embezzlement, fraud or irregularities of operation) shall be promptly furnished
to the Master Servicer.

               SECTION 5.4 PRIMARY SERVICER'S FINANCIAL STATEMENTS AND RELATED
INFORMATION The Primary Servicer shall deliver to the Master Servicer, within
120 days after the end of its fiscal year, a copy of its annual financial
statements, such financial statements to be audited if then customarily audited,
and with respect to any unaudited financial statements provided by the Primary
Servicer, which financial statements shall be certified by the Primary
Servicer's chief financial officer to be true, correct and complete. The Primary
Servicer shall notify the Master Servicer, as of the Closing Date, of the
Primary Servicer's fiscal year and shall notify the Master Servicer promptly
after any change thereof.

               SECTION 5.5 NO ADVANCING Under no circumstance shall the Primary
Servicer make or have an obligation to make any Advances.

               SECTION 5.6 REMIC COMPLIANCE The Primary Servicer shall comply
with all of the obligations otherwise imposed on the Master Servicer under
Article X of the Pooling and Servicing Agreement insofar as such obligations
relate to the Mortgage Loans and/or the A/B Mortgage Loans.

               SECTION 5.7 INSPECTION RIGHTS The Primary Servicer shall afford
the Master Servicer and the Trustee, upon reasonable notice and during normal
business hours, reasonable access to all records, information, books and
documentation regarding the applicable Mortgage Loans and the A/B Mortgage
Loans, and all accounts, insurance policies and other relevant matters relating
to this Agreement, and access to Primary Servicing Officers of the Primary
Servicer responsible for its obligations hereunder. Without limiting the
preceding sentence, Master Servicer may visit the offices of


                                      -20-



Primary Servicer no more than once annually for the purpose of reviewing Primary
Servicer's compliance with this Agreement upon reasonable notice and during
normal business hours, and Primary Servicer shall reasonably cooperate with
Master Servicer to provide Master Servicer with the information that Master
Servicer reasonably requests to permit such review. Primary Servicer shall
reimburse Master Servicer for its reasonable and actual travel expenses incurred
in connection with such review in an amount not to exceed $5,000 annually in
total for this Agreement and all similar commercial mortgage loan servicing
agreements in place between Primary Servicer and Master Servicer. Primary
Servicer shall have no obligation to provide access to non-public information
not pertaining to the Mortgage Loans or the A/B Mortgage Loans or to proprietary
information relating to Primary Servicer.

               SECTION 5.8 AUTHORIZED OFFICER Primary Servicer shall provide
Master Servicer promptly with a written list of authorized Servicing Officers of
Primary Servicer, which may be amended from time to time by written notice from
Primary Servicer to Master Servicer; provided, however, that such list shall
denote one principal Servicing Officer responsible for the Primary Servicer's
obligations under this Agreement.

               SECTION 5.9 ADDITIONAL REPORTS Primary Servicer shall produce
such additional written reports with respect to the Mortgage Loans and the A/B
Mortgage Loans as the Master Servicer may from time to time reasonably request
in accordance with the Servicing Standard and shall reasonably cooperate with
Master Servicer to aid Master Servicer in its obligations to produce additional
reports and respond to inquiries under the Pooling and Servicing Agreement.

               SECTION 5.10 PREPAYMENT INTEREST SHORTFALLS AND EXCESSES (a) (a)
For any Mortgage Loan, Primary Servicer shall require Principal Prepayments to
be made so as not to cause a Prepayment Interest Shortfall. If the Loan
Documents of a related Mortgage Loan do not allow Primary Servicer to require
Principal Prepayments (or condition acceptance of Principal Prepayments) on a
date that will avoid a Prepayment Interest Shortfall ("Non-Mandatory Prepayment
Date Mortgage Loan"), then the Primary Servicer shall pay to Master Servicer on
the date specified in Section 2.1(c)(iv) of this Agreement, in addition to all
other amounts due for such Principal Prepayment, an amount payable by the
Primary Servicer from its own funds without reimbursement therefor equal to any
Prepayment Interest Shortfall that results from such Principal Prepayment (for
the avoidance of doubt, no such reimbursement shall be required with respect to
any B Notes); provided, however, that for all Principal Prepayments received
during any Collection Period with respect to Non-Mandatory Prepayment Date
Mortgage Loans, the Primary Servicer shall in no event be required to remit an
amount greater than the amount of the Primary Servicing Fees for such Collection
Period, plus any investment income earned on the amount prepaid prior to the
related Distribution Date.

               (b) If the Mandatory Prepayment Date Assumption proves to be
inaccurate as to any Mortgage Loan and, as a direct consequence of that
inaccuracy, the Master Servicer is required to make a payment of Compensating
Interest on any Master Servicer Remittance Date pursuant to Section 3.19(c) of
the Pooling and Servicing Agreement in respect of Prepayment Interest Shortfalls
arising on that Mortgage Loan during the then most recently ended Collection
Period, the Primary Servicer shall reimburse the Master Servicer the amount of
such Compensating Interest payment attributable to that Mortgage Loan promptly
following request therefor by the Master Servicer (for the avoidance of doubt,
no such reimbursement shall be required with respect to any B Note). The amount
of damages, if any, due and owing from the Primary Servicer under the Servicing
Rights Purchase Agreements, dated as of March 8, 2007 between the Master
Servicer and Principal Commercial Funding, LLC, as Seller, and Principal
Commercial Funding II, LLC, as Seller, respectively, with respect to an
inaccuracy of the Mandatory Prepayment Date Assumption shall be reduced by the
amount of any Compensating Interest paid by the Primary Servicer hereunder with
respect to the applicable Mortgage Loan. For the avoidance of doubt, no such
reimbursement shall be required to be made in connection with Prepayment
Interest


                                      -21-



Shortfalls resulting from involuntary Principal Prepayments except to the extent
the Primary Servicer did not apply the proceeds of such involuntary Principal
Prepayments in accordance with the terms of the related Mortgage Loan documents.

               (c) If any Principal Prepayment on any Mortgage Loan results in a
Prepayment Interest Excess, then Primary Servicer shall remit such Principal
Prepayment and accompanying collections as required under Section 2.1 and Master
Servicer shall, on the Master Servicer Remittance Date immediately following the
remittance of the Principal Prepayment by the Primary Servicer to the Master
Servicer, remit to Primary Servicer a pro rata portion (based upon all
Prepayment Interest Excesses remitted to Master Servicer by all Primary
Servicers (as defined in the Pooling and Servicing Agreement) with respect to
such Collection Period) of the amount by which the amount of the Prepayment
Interest Excesses for such Collection Period exceed all Prepayment Interest
Shortfalls (excluding, with respect to all of the Primary Servicers, any
Prepayment Interest Shortfalls of the type described in clause (b) above) for
such Collection Period with respect to any of the mortgage loans (whether or not
the subject of this Agreement) that are serviced under the Pooling and Servicing
Agreement (except that if the aggregate pro rata portion owed to Primary
Servicer during any Collection Period as a result of such calculation exceeds
$20,000, Master Servicer shall remit to Primary Servicer such pro rata portion
no later than three (3) Business Days prior to the Distribution Date for the
applicable Collection Period).

               SECTION 5.11 CONSENTS Primary Servicer shall (a) obtain the
consent of the Special Servicer with respect to assignments and assumptions of
Mortgage Loans or A/B Mortgage Loans in accordance and subject to the terms of
Section A.1(c)(ii) of Exhibit B-2(c) of this Agreement and Section 3.08 of the
Pooling and Servicing Agreement; (b) obtain the consent of the Master Servicer
with respect to the defeasance of Mortgage Loans in accordance with and subject
to the terms of Section A.1(c)(i) of Exhibit B-2(c) of this Agreement; (c)
obtain the consent of the Special Servicer with respect to additional liens,
monetary encumbrances and mezzanine financings in accordance with and subject to
the terms of Section A.1(c)(iii) of Exhibit B-2(c) of this Agreement and Section
3.08 of the Pooling and Servicing Agreement; (d) notify Master Servicer of any
Materiality Determination, which shall thereafter be handled in accordance with
Sections A.1(a) and (c)(iv) of Exhibit B-2(c) of this Agreement; and (e) with
respect to an A/B Mortgage Loan, if required by the related A/B Intercreditor
Agreement, obtain the consent of the holder of the related B Note for those
actions which require the consent of such B Note holder.

               SECTION 5.12 QUARTERLY SERVICING ACCOUNTS RECONCILIATION
CERTIFICATION

               Primary Servicer shall execute and deliver to Master Servicer a
certification substantially in the form set forth in Exhibit D hereto no later
than the 25th calendar day of each January, April, July and October, commencing
in April 2007 (the date of such delivery, in each case, a "Reconciliation
Certification Date"), with respect to the three consecutive calendar months
immediately preceding the calendar month in which such Reconciliation
Certification Date falls.

               SECTION 5.13 EXCHANGE ACT REPORTS; ANNUAL COMPLIANCE DOCUMENTS

               (a) Regulation AB Compliance. The Primary Servicer shall comply
with the reporting and certification requirements required to be complied with
by a "Reporting Servicer", a "Sub-Servicer", a "Servicing Function Participant"
or an "Additional Servicer" under Article XI of the Pooling and Servicing
Agreement (whether or not the Primary Servicer's activities satisfy the
percentage requirement set forth in the definition of "Servicing Function
Participant" under the Pooling and Servicing Agreement (or, implicitly, in the
definitions of "Reporting Servicer" or "Sub-Servicer" under the Pooling and
Servicing Agreement) or the definitional requirements of "Additional Servicer"
under the Pooling and Servicing Agreement). The parties acknowledge the
entitlement granted to the Master


                                      -22-



Servicer and the Primary Servicer under the Pooling and Servicing Agreement to
assume that there is no "significant obligor" other than a party identified as
such in the Prospectus Supplement and to assume that no other person will
constitute a "significant obligor" after the Cut-off Date. The parties further
acknowledge that no Person is identified in the Prospectus Supplement as a
"significant obligor" with respect to any of the Mortgage Loans. The Primary
Servicer shall be entitled to rely on such provisions of the Pooling and
Servicing Agreement and such acknowledgements for purposes of its duties under
this Section 5.13.

               (b) General Reporting Obligations. The Primary Servicer shall
comply from time to time with the reporting and certification requirements set
forth in Section 5.13(c) with respect to each ABS Issuing Entity. For such
purpose, Section 5.13(c) shall be construed separately in relation to each ABS
Issuing Entity. If any mortgage loan serviced hereunder is not initially held by
the PWR15 Trust, then any ABS Issuing Entity to which such mortgage loan may
subsequently be transferred shall be recognized as an ABS Issuing Entity for
purposes of this Section from and after the effective date set forth in a notice
of such transfer delivered to the Primary Servicer, which notice sets forth the
name of the ABS Issuing Entity, the name and address of the depositor for such
ABS Issuing Entity, the name and address of the trustee for such ABS Issuing
Entity, the name and address of any paying agent and/or certificate
administrator for such ABS Issuing Entity that is not the same person as the
trustee for such ABS Issuing Entity and the name and address of the applicable
master servicer for such ABS Issuing Entity. In no event shall such an effective
date occur earlier than the date that is five (5) Business Days following the
delivery of such notice.

               For example and not as a limitation of the preceding paragraph,
if a hypothetical promissory note designated "Note A-1" and a hypothetical
promissory note designated "Note A-2" are secured by the same mortgaged
property, such "Note A-1" is held by the PWR15 Trust and such "Note A-2" is held
by a different commercial mortgage trust, then (i) one set of the reports
required hereunder must be prepared and delivered with respect to the trust that
holds such "Note A-1" and a second set of the reports required hereunder must be
prepared and delivered with respect to the trust that holds such "Note A-2",
(ii) for purposes of measuring percentages of pool assets, the first set of
reports must reflect (where applicable) a measurement of percentages of pool
assets by reference to the pool of assets held by the trust that holds such
"Note A-1" and the second set of reports must reflect (where applicable) a
measurement of percentages of pool assets by reference to the pool of assets
held by the trust that holds such "Note A-2" and (iii) references in the
succeeding provisions of this Section to the "ABS Issuing Entity" shall mean,
for purposes of the first set of reports, the trust that holds such "Note A-1"
and, for purposes of the second set of reports, the trust that holds such "Note
A-2".

               (c) Certain Reports, Certifications and Compliance Information.
The Primary Servicer shall comply with the following provisions:

                    (i) Form 8-K Information. With respect to each ABS Issuing
     Entity (for so long as it is subject to Exchange Act reporting
     requirements), not later than the date set forth in Section 11.09 of the
     Pooling and Servicing Agreement with respect to any event described below
     of which the Primary Servicer becomes aware, the Primary Servicer shall
     deliver to the Depositor or other Applicable Depositor (with a copy to the
     Master Servicer) a report (a "Primary Servicer Form 8-K Information
     Report") setting forth all of the information regarding such event that is
     required to be included in a Current Report on Form 8-K ("Form 8-K") under
     the Exchange Act, to the extent that the Primary Servicer is required to
     deliver such information under Article XI of the Pooling and Servicing
     Agreement.

                    (ii) Form 10-D Information. With respect to each ABS Issuing
     Entity and each Distribution Date (for so long as such ABS Issuing Entity
     is subject to Exchange Act


                                      -23-



     reporting requirements), not later than the date (in each month) set forth
     in Section 11.06 of the Pooling and Servicing Agreement, the Primary
     Servicer shall deliver to the Depositor or other Applicable Depositor (with
     a copy to the Master Servicer) a report (a "Primary Servicer Form 10-D
     Information Report") setting forth all of the information that is required
     to be included in the Asset-Backed Issuer Distribution Report on Form 10-D
     ("Form 10-D") under the Exchange Act relating to the Distribution Date
     occurring in such month, to the extent that the Primary Servicer is
     required to deliver such information under Article XI of the Pooling and
     Servicing Agreement.

                    (iii) Form 10-K Information (Other than Annual Compliance
     Information). With respect to each ABS Issuing Entity (for so long as it is
     subject to Exchange Act reporting requirements), not later than the date in
     each month set forth in Section 11.07 of the Pooling and Servicing
     Agreement, the Primary Servicer shall deliver to the Depositor or other
     Applicable Depositor (with a copy to the Master Servicer) a report (a
     "Primary Servicer Form 10-K Information Report") setting forth all of the
     information (other than a report regarding its assessment of compliance, a
     report by a registered public accounting firm that attests to and reports
     on such assessment report and a statement of compliance, which reports and
     statements shall be governed by subsection (c)(iv)) that is required to be
     included in an Annual Report on Form 10-K (a "Form 10-K") under the
     Exchange Act relating to the most recently ended calendar year, to the
     extent that the Primary Servicer is required to deliver such information
     under Article XI of the Pooling and Servicing Agreement.

                    (iv) Annual Compliance Information. Not later than March 1
     of each year, the Primary Servicer shall deliver to the Master Servicer the
     following reports and certifications as required under Section 11.12 and
     Section 11.13 of the Pooling and Servicing Agreement (but, for the
     avoidance of doubt, such reports and certifications shall be required every
     year, regardless of the number or percentage of loans primary serviced
     hereunder by the Primary Servicer):

                         (A) a report regarding its assessment of compliance
          with the servicing criteria specified in Item 1122(d) of Regulation
          AB, as of and for the period ending the end of the prior calendar
          year, with respect to asset-backed securities transactions taken as a
          whole that are backed by the same asset type as that included in the
          ABS Issuing Entity, which report of assessment shall or would conform
          to the criteria set forth in Item 1122(a) and Item 1122(c)(1) of
          Regulation AB;

                         (B) a report by a registered public accounting firm
          that attests to, and reports on, the assessment described in the
          preceding clause (A), which report shall be made in a manner that
          conform or would conform to the standards for attestation engagements
          issued or adopted by the Public Company Accounting Oversight Board and
          shall or would conform to the requirements of Item 1122(b) and Item
          1122(c)(1) of Regulation AB; and

                         (C) a statement of compliance from the Primary Servicer
          that shall or would comply with Item 1123 of Regulation AB, and signed
          by an authorized officer of the Primary Servicer, to the effect that:
          (a) a review of the Primary Servicer's activities during the then
          most-recently ended calendar year and of its performance under this
          Agreement has been made under such officer's supervision and (b) to
          the best of such officer's knowledge, based on such review, the
          servicer has fulfilled all of its obligations under this Agreement in
          all material respects throughout the then most-recently ended calendar
          year or, if there has been a failure to fulfill any such obligation in
          any material respect, specifying each such failure known to such
          officer and the nature and status thereof.


                                      -24-



                    (v) Sarbanes-Oxley Back-Up Certification. Simultaneously
     with its delivery of the Primary Servicer Form 10-K Information Report, the
     Primary Servicer shall execute and deliver to or as directed by the Master
     Servicer and/or the Applicable Depositor a backup certification, which
     shall be substantially in the form attached as Exhibit M-2 to the Pooling
     and Servicing Agreement in support of any certification obligation to which
     the Master Servicer, the depositor for the ABS Issuing Entity, the trustee
     for the ABS Issuing Entity, the master servicer for the ABS Issuing Entity
     (if other than the Master Servicer) or other similar party is subject under
     the governing agreement for the ABS Issuing Entity in connection with the
     certification requirements of the Sarbanes-Oxley Act of 2002, as amended,
     and Rule 302 of the Regulations with respect to the mortgage loans serviced
     by the Primary Servicer under this Agreement.

               (d) USAP Alternative. Notwithstanding subsection (c)(iv), with
respect to each year in respect of which both (a) the Trust is not required to
file reports with the Commission under the Exchange Act and (b) if the Primary
Servicer services hereunder any Serviced Non-Pooled Pari Passu Companion Loan
held by a trust fund formed in connection with an Other Securitization, such
trust fund is not required to file reports with the Commission under the
Exchange Act, the Primary Servicer (but only with the consent of the Master
Servicer, which consent may be withheld in the sole discretion of the Master
Servicer) will be entitled at its option, at its expense, in lieu of delivering
or causing to be delivered a report regarding assessment of compliance with
servicing criteria otherwise required to be delivered under subsection
(c)(iv)(A) and a related attestation report of a registered public accounting
firm otherwise required to be delivered under subsection (c)(iv)(B), to cause a
firm of independent public accountants that is a member of the American
Institute of Certified Public Accountants to render and to deliver (which
delivery shall be made not later than the date when such report on an assessment
of compliance and such attestation report would have been required to be
delivered) a statement to the Master Servicer, the Trustee, the Certificate
Administrator, the Depositor, the Underwriters, the Controlling Class
Representative and (only if the Primary Servicer is servicing hereunder a
Serviced Mortgage Loan Group) the respective Serviced Non-Pooled Mortgage Loan
Noteholder(s), to the effect that such firm has examined the servicing
operations of the Primary Servicer for the previous calendar year and that, on
the basis of such examination, conducted substantially in compliance with USAP,
such firm confirms that the Primary Servicer has complied during such previous
calendar year with the minimum servicing standards (to the extent applicable to
commercial and multifamily mortgage loans) identified in USAP in all material
respects, except for such significant exceptions or errors in records that, in
the opinion of such firm, USAP requires it to report. In rendering its report
such firm may rely, as to matters relating to the direct servicing of
securitized commercial and multifamily mortgage loans by sub-servicers, upon
comparable reports of firms of independent certified public accountants rendered
on the basis of examinations conducted in accordance with the same standards
(rendered within one year of such report) with respect to those sub-servicers.

               (e) Forms of Reports. Each report and certification delivered by
the Primary Servicer shall appear under a cover substantially in the form
attached hereto as Exhibit E. Each report, certification and statement that is
delivered or rendered by the Primary Servicer itself shall be signed by an
officer of the Primary Servicer responsible for reviewing the activities
performed by the Primary Servicer under this Agreement. Each report delivered by
the Primary Servicer that contains Primary Servicer Form 8-K Reporting
Information, Primary Servicer Form 10-D Reporting Information or Primary
Servicer Form 10-K Reporting Information shall appear in the same form that a
Form 8-K, Form 10-D or Form 10-K is required to appear under the Regulations,
except that such report shall:

                    (i) omit the cover page that would be required under the
     applicable form under the Regulations (but the report shall nonetheless
     appear under a cover substantially in the form attached hereto as Exhibit
     E, as contemplated above); and


                                      -25-



                    (ii) omit to comply with the signature requirements that
     would apply under the applicable form under the Regulations (but the report
     shall nonetheless be signed by an officer of the Primary Servicer
     responsible for reviewing the activities performed by the Primary Servicer
     under this Agreement, as contemplated above, and shall contain a statement
     to the effect that the report is submitted in connection with the reporting
     obligations associated with the ABS Issuing Entity under the Exchange Act).

               In no event shall any statement or legend (whether such statement
or legend is included in, accompanies or is referred to in a report or
certification hereunder) that purports to disclaim liability for any report or
certification, or any portion thereof, have any force or effect to the extent
that such limitation on liability would not be given effect under the Securities
Act, the Exchange Act or the Regulations if a similar statement or legend were
made by or on behalf of the ABS Issuing Entity, the Master Servicer or the
Depositor in a report or certification filed with the SEC or otherwise pursuant
to the Regulations. The preceding statement shall not be construed to allow any
limitation on liability that is not otherwise contemplated under this Section.

               (f) Reliance on Information. For purposes of its obligations
under this Section, the Primary Servicer shall be entitled to rely on the
following information to the extent that such information relates to mortgage
loans that are not serviced under this Agreement: (i) the final prospectus
supplement prepared by the Depositor with respect to the offering of the
securities issued by the ABS Issuing Entity and (ii) any reports delivered from
time to time by the Master Servicer, the master servicer for the ABS Issuing
Entity (if such party is not the Master Servicer), the trustee for the ABS
Issuing Entity and/or the paying agent, certificate administrator or other
similar party for the ABS Issuing Entity.

               (g) Servicing Transfers. Notwithstanding any resignation, removal
or termination of the Primary Servicer, or any assignment of the obligations of
the Primary Servicer, pursuant to the other provisions of this Agreement, the
Primary Servicer shall remain obligated to comply from time to time with the
reporting and certification obligations that would have been applicable under
subsection (c) in the absence of such resignation, removal, termination or
assignment, but only to the extent related to the time period prior to the
effective date of such resignation, removal termination or assignment. Without
limiting the generality of the preceding statement, if the Primary Servicer
voluntarily assigns its obligations under this Agreement pursuant to the other
provisions of this Agreement (or with the consent of the Master Servicer), then
the successor Primary Servicer shall be obligated to cause the predecessor
Primary Servicer to perform the surviving reporting and certification
obligations set forth above and the failure to do so will constitute an "event
of default" on the part of the successor Primary Servicer.

               (h) Acknowledgments. The parties acknowledge that the terms and
conditions of this Agreement may result in the commencement of one or more
reporting and/or certification obligations on a date that is subsequent to the
date of this Agreement. The parties acknowledge that the provisions of this
Section shall not be construed to require the Primary Servicer to sign any Form
8-K, Form 10-D or Form 10-K to be filed with respect to the ABS Issuing Entity
with the SEC (except to the extent, if any, that the Regulations require such
signature).

               (i) Certain Determinations. Insofar as the determination of any
reporting or certification obligation hereunder depends on an interpretation of
the Securities Act, the Exchange Act or the Regulations, then, as between the
Primary Servicer on the one hand, and the Master Servicer on the other, the
determination of the Master Servicer, as set forth in a written notice to the
Primary Servicer, shall be conclusive and binding in the absence of manifest
error, and, for the purposes of this Agreement, the Primary Servicer shall be
entitled to rely on any such determination. If the Primary Servicer initiates
legal proceedings asserting an interpretation that differs from any such
determination of the Master


                                      -26-



Servicer, as set forth in a written notice to the Primary Servicer, the Primary
Servicer shall comply with such determination of the Master Servicer unless and
until a final, nonappealable judgment is rendered in connection with such
proceedings, in which case such final, nonappealable judgment shall control. If
the Primary Servicer receives notice of interpretations hereunder from the
Master Servicer that conflict with each other, the Primary Servicer shall
promptly notify the Master Servicer, in which case the Primary Servicer shall
comply with the interpretation described in the applicable written notice from
the Master Servicer.

               (j) Specific Regulatory Determinations. Notwithstanding any
contrary provisions set forth in this Agreement, if the SEC or its staff issues
any order, no-action letter or staff interpretation that relates specifically to
asset-backed securities issuers or transactions established by the Applicable
Depositor and/or its affiliates or specifically to the applicable ABS Issuing
Entity, then, subject to the immediately succeeding sentence, the Primary
Servicer shall comply with such order, no-action letter or staff interpretation
insofar as such order, no-action letter or staff interpretation, or the
interpretations reflected therein, does or would (if implemented) affect the
reporting and certification obligations of the Primary Servicer hereunder. The
compliance obligation otherwise described in the preceding sentence shall not be
required unless there shall have been delivered to the Primary Servicer a notice
of such order, no-action letter or staff interpretation, which notice attaches a
copy of the applicable order, no-action letter or staff interpretation or
relevant excerpts thereof.

               (k) [Reserved.]

               (l) No Delegation. The Primary Servicer shall not delegate or
subcontract any of its duties under this Section 5.13 under any circumstances,
notwithstanding any provisions of this Agreement that otherwise authorizes the
Primary Servicer to delegate its obligations under this Agreement.

               (m) Disclosure. The Primary Servicer hereby consents to the
filing with the SEC, and the unrestricted disclosure to the public, of this
Agreement, any amendment to this Agreement and any and all reports and
certifications delivered under this Agreement.

               (n) Changes in Law. In the event that the Securities Act, the
Exchange Act or the Regulations are amended to impose additional or more
stringent reporting and/or certification obligations with respect to the ABS
Issuing Entity, which additional or more stringent reporting and/or
certification obligations are not otherwise effective pursuant to the other
provisions of this Agreement, the parties hereto shall negotiate in good faith
for an amendment to this Section 5.13 to result in compliance with such law or
regulation as so amended. In the event that the Securities Act, the Exchange Act
or the Regulations are amended to reduce reporting and/or certification
obligations with respect to the ABS Issuing Entity, the parties hereto shall
negotiate in good faith for an amendment to this Section 5.13 to result in
compliance with such law or regulation as so amended.

                                  ARTICLE VI.
                     PRIMARY SERVICER DEFAULT; TERMINATION;
                          POST-TERMINATION OBLIGATIONS

               SECTION 6.1 PRIMARY SERVICER DEFAULT Each of the following events
shall constitute a "Primary Servicer Default" hereunder:

                    (a) any failure by the Primary Servicer to remit to the
     Master Servicer when due any amount required to be remitted under this
     Agreement; or


                                      -27-



               (b) except in the case of Section 6.1(c), any failure by the
     Primary Servicer duly to observe or perform in any material respect any of
     the covenants or agreements on the part of the Primary Servicer contained
     in this Agreement, which failure continues unremedied for a period of
     twenty-five (25) days after the date on which written notice of such
     failure, requiring the same to be remedied, shall have been given by the
     Master Servicer to Primary Servicer; provided, however, that to the extent
     the Master Servicer determines in its reasonable discretion that the
     Primary Servicer is in good faith attempting to remedy such failure and the
     Certificateholders and holders of any B Note shall not be materially and
     adversely affected thereby, such cure period may be extended to the extent
     necessary to permit the Primary Servicer to cure such failure; provided,
     however, that such cure period may not exceed sixty (60) days; and
     provided, further, that if such failure to observe or perform on the part
     of the Primary Servicer would result in an Event of Default (or an event
     that with notice or the passage of time would constitute such an Event of
     Default) by the Master Servicer under the Pooling and Servicing Agreement
     or applicable A/B Intercreditor Agreement, then the cure periods described
     in this Section 6.1(b) shall not apply; or

               (c) any breach of the representations and warranties made
     pursuant to Section 2.4 hereof or any failure by the Primary Servicer to
     comply with one or more provisions of Section 5.13 or clause (d) of Article
     VII; provided, however, that all of the following provisions shall apply:

                    (A) to the extent the Master Servicer determines, in its
          reasonable discretion, following consultation with the Applicable
          Depositor, that the Primary Servicer is in good faith attempting to
          remedy such failure and no Certification Party will be materially and
          adversely affected by giving the Primary Servicer an opportunity to
          cure such failure, the Master Servicer may, following consultation
          with the Applicable Depositor, give the Primary Servicer such
          opportunity;

                    (B) the period of time to cure such failure may not exceed
          three (3) days;

                    (C) no such cure period shall apply if such failure to
          perform on the part of the Primary Servicer would result in either
          failure by the Master Servicer (or the master servicer in an Other
          Securitization) to submit to the Depositor (or another Applicable
          Depositor, as applicable), or failure by the Depositor (or another
          Applicable Depositor) to submit to the SEC, timely, complete and
          accurate reports of the type described in Article XI of the Pooling
          and Servicing Agreement;

                    (D) unless the Master Servicer otherwise consents, the cure
          period described in this Section 6.1(c) shall end on the earlier of
          (I) the date on which the Master Servicer has delivered (or would be
          required to deliver) a report or certification to the Applicable
          Depositor or to the SEC, which report is or would be inaccurate,
          incomplete or unable to be rendered as a result of such failure of the
          Primary Servicer and (II) the date on which the Applicable Depositor
          has delivered (or would be required to deliver) a report or
          certification to the SEC, which report is or would be inaccurate,
          incomplete or unable to be rendered as a result of such failure of the
          Primary Servicer; and

                    (E) if, following the Primary Servicer's failure to comply
          with any of its obligations under Section 5.13(c)(i), 5.13(c)(ii),
          5.13(c)(iii), 5.13(c)(iv)(A), 5.13(c)(iv)(B) or 5.13(c)(iv)(C) hereof
          on or prior to the dates by which such obligations are to be performed
          pursuant to, and as set forth in, such Sections, (x) the Primary
          Servicer subsequently complies with such obligations before the Master
          Servicer gives


                                      -28-



          written notice to the Primary Servicer that it is terminated in
          accordance with this Section 6.1(c) and Section 6.2, (y) the Primary
          Servicer's failure to comply does not cause termination of the Master
          Servicer under Section 7.01 as a result of an Event of Default under
          Section 7.01(a)(vi) or Section 7.01(a)(xiv) of the Pooling and
          Servicing Agreement, (z) the Primary Servicer's failure to comply does
          not cause the Certificate Administrator to fail in its obligations to
          timely file the related Form 8-K, Form 10-D or Form 10-K, as the case
          may be, by the related 8-K Filing Deadline, 10-D Filing Deadline or
          10-K Filing Deadline, then such failure of the Primary Servicer to so
          comply shall cease to be a Primary Servicer Default under this Section
          6.1(c) on the date on which such Form 8-K, Form 10-D or Form 10-K is
          so filed; or

               (d) any breach of the representations and warranties made
     pursuant to Section 2.4(a) hereof that materially and adversely affects the
     interest of the Master Servicer and that continues unremedied for a period
     of twenty-five (25) days after the date on which written notice of such
     breach, requiring the same to be remedied, shall have been given by the
     Master Servicer to Primary Servicer; provided, however, that to the extent
     the Master Servicer determines in its reasonable discretion that the
     Primary Servicer is in good faith attempting to remedy such breach and the
     Certificateholders and holders of any B Note shall not be materially and
     adversely affected thereby, such cure period may be extended to the extent
     necessary to permit the Primary Servicer to cure such breach; provided,
     however, that such cure period may not exceed sixty (60) days; and
     provided, further, that if such failure to perform on the part of the
     Primary Servicer results in an Event of Default (or an event that with
     notice or the passage of time would constitute such an Event of Default) by
     the Master Servicer under the Pooling and Servicing Agreement or applicable
     A/B Intercreditor Agreement, then the cure periods described in this
     Section 6.1(c) shall not apply; or

               (e) any Rating Agency shall qualify, lower or withdraw the
     outstanding rating of any Class of Certificates because the prospective
     financial condition or mortgage loan servicing capacity of the Primary
     Servicer is insufficient to maintain such rating; or

               (f) a decree or order of a court or agency or supervisory
     authority having jurisdiction in the premises in an involuntary case under
     any present or future federal or state bankruptcy, insolvency or similar
     law for the appointment of a conservator, receiver, liquidator, trustee or
     similar official in any bankruptcy, insolvency, readjustment of debt,
     marshalling of assets and liabilities or similar proceedings, or for the
     winding-up or liquidation of its affairs, shall have been entered against
     the Primary Servicer and such decree or order shall have remained in force
     undischarged or unstayed for a period of 60 days; or

               (g) the Primary Servicer shall consent to the appointment of a
     conservator, receiver, liquidator, trustee or similar official in any
     bankruptcy, insolvency, readjustment of debt, marshalling of assets and
     liabilities or similar proceedings or of or relating to all or
     substantially all of its property; or

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

               (i) any other event caused by the Primary Servicer which creates
     an Event of Default (or an event that with notice or the passage time would
     constitute or result in such an


                                      -29-



     Event of Default) of the Master Servicer under the Pooling and Servicing
     Agreement or under an A/B Intercreditor Agreement; or

               (j) if Primary Servicer becomes or serves as Master Servicer at
     any time, any failure by the Primary Servicer duly to observe or perform in
     any material respect any of the covenants or agreements of Master Servicer
     under the Pooling and Servicing Agreement or under an A/B Intercreditor
     Agreement, which failure continues unremedied beyond the expiration of
     applicable cure periods.

          Primary Servicer agrees to give prompt written notice to the Master
Servicer and the Depositor (and any other Applicable Depositor) upon the
occurrence of any Primary Servicer Default.

          SECTION 6.2 TERMINATION (a) The obligations and responsibilities of
the Primary Servicer as created hereby (other than as expressly provided herein)
shall terminate upon the earliest to occur of (i) the receipt by the Primary
Servicer of the Master Servicer's written notice of such termination delivered
at the Master Servicer's option following the occurrence of a Primary Servicer
Default other than as described in Section 6.1(c), (ii) the occurrence of a
Primary Servicer Default described in Section 6.1(c) and (iii) the later of the
final payment or other liquidation of (x) the last Mortgage Loan or (y) the A/B
Mortgage Loans (the "Primary Servicing Termination Date"). From and after the
Primary Servicing Termination Date, the Primary Servicer shall, if applicable,
continue to cooperate in the transfer of primary servicing, including the
delivery of files and transfer of accounts as contemplated hereby but shall have
no further obligations under this Agreement.

          Without limiting the foregoing, the Primary Servicer agrees that the
rights and duties of the Master Servicer under this Agreement, the Pooling and
Servicing Agreement and each A/B Intercreditor Agreement may be assumed by a
successor Master Servicer or the Trustee upon a termination of the Master
Servicer's servicing rights pursuant to the Pooling and Servicing Agreement.

          Primary Servicer's rights and obligations shall expressly survive a
termination of Master Servicer's servicing rights pursuant to the Pooling and
Servicing Agreement (except a termination of Master Servicer caused by a Primary
Servicer Default). In the event of such a termination, any successor Master
Servicer or the Trustee (if it assumes the servicing obligations of the Master
Servicer) shall be deemed to automatically have assumed and agreed to this
Agreement without further action upon becoming the successor Master Servicer.

          Upon the request of Primary Servicer, Master Servicer shall confirm to
Primary Servicer in writing that this Agreement remains in full force and
effect. Upon the request of Primary Servicer, the successor Master Servicer or
Trustee, as applicable, shall confirm to Primary Servicer in writing that this
Agreement remains in full force and effect. Upon the request of the successor
Master Servicer or Trustee, Primary Servicer shall confirm to the successor
Master Servicer or Trustee, as applicable, in writing that this Agreement
remains in full force and effect.

          (b) The Master Servicer's reimbursement obligations to the Primary
Servicer hereunder shall survive the Primary Servicing Termination Date, but
only to the extent such reimbursement relates to a period prior to the
termination of all of the Primary Servicer's obligations hereunder.

          (c) The rights of Master Servicer to terminate Primary Servicer upon
the occurrence of a Primary Servicer Default shall be in addition to any other
rights Master Servicer may have at law or in equity, including injunctive relief
or specific performance.


                                      -30-



          SECTION 6.3 POST-TERMINATION OBLIGATIONS (a) In the event of a
termination of primary servicing due to a Primary Servicer Default, the Primary
Servicer shall promptly deliver the Primary Servicer Servicing Documents as
directed by the Master Servicer and remit to the Master Servicer, by wire
transfer of immediately available funds, all cash held by the Primary Servicer
with respect to the related Mortgage Loans and A/B Mortgage Loans, and shall, if
so requested by the Master Servicer, assign to the Master Servicer or a
Successor Primary Servicer, as directed by the Master Servicer, and in such
event the Master Servicer shall assume, or cause the Successor Primary Servicer
to assume, all service contracts related to the Mortgage Loans and the A/B
Mortgage Loans transferred thereon but only to the extent such contracts are
assignable and the required consents (if any) to such assignments have been
obtained. The Primary Servicer shall use all reasonable efforts to obtain the
consents required to effect such assignments.

          (b) On and after the Primary Servicing Termination Date, the Primary
Servicer shall promptly endorse and send to the Master Servicer via overnight
mail or delivery service any checks or other funds in respect of any Mortgage
Loan and any A/B Mortgage Loan which are received by the Primary Servicer.

          (c) The Primary Servicer shall provide to the Master Servicer promptly
(but in no event later than ten (10) Business Days) after the Primary Servicing
Termination Date the following information, in each case as of such date: (a) a
ledger accounting itemizing the dates and amounts of all payments made, received
or applied by the Primary Servicer with regard to each Mortgage Loan and each
A/B Mortgage Loan, further itemizing principal and interest payments, tax
payments, special assessments, hazard insurance, mortgage insurance premiums,
ground rents, if any, and all other payments and (b) a current trial balance for
each such Mortgage Loan and A/B Mortgage Loan.

          (d) On a date to be agreed upon by the Primary Servicer and the Master
Servicer, but not later than the Business Day following the Primary Servicing
Termination Date, the Primary Servicer shall commence and continue diligently to
completion at its own expense, to notify Mortgagors under the related Mortgage
Loans and A/B Mortgage Loans of the address to which payments on such Mortgage
Loans and A/B Mortgage Loans should be sent after the Primary Servicing
Termination Date; provided, however, that in any event, Primary Servicer shall
be obligated to notify Mortgagors within seven (7) Business Days of the Primary
Servicing Termination Date.

          (e) The Primary Servicer shall promptly forward to the Master
Servicer, at the Primary Servicer's expense all Mortgagor correspondence,
insurance notices, tax bills or any other correspondence or documentation
related to any Mortgage Loan and any A/B Mortgage Loan which is received by the
Primary Servicer after the Primary Servicing Termination Date.

          (f) The Primary Servicer shall otherwise cooperate in the orderly
transfer of the servicing of the Mortgage Loans and A/B Mortgage Loans and shall
forward to the Master Servicer and any Successor Primary Servicer such documents
as it may receive from time to time regarding any Mortgage Loan or A/B Mortgage
Loan transferred and provide such other assistance as may reasonably be required
by the Master Servicer or any Successor Primary Servicer regarding such
transfer.

          (g) The Primary Servicer shall be entitled to all fees, compensation,
interest and earnings on the Mortgage Loans and A/B Mortgage Loans accrued
through the date of termination of its obligations and rights under this
Agreement; provided, however, Primary Servicer shall continue to collect the
Excess Servicing Fee after termination in accordance with the terms of this
Agreement and the Pooling and Servicing Agreement.


                                      -31-



          SECTION 6.4 ADDITIONAL TERMINATION Notwithstanding any provision
herein to the contrary, this Agreement shall terminate with respect to any
individual Mortgage Loan or A/B Mortgage Loan (i) if and when such Mortgage Loan
or A/B Mortgage Loan becomes a Specially Serviced Mortgage Loan or an REO
Mortgage Loan or (ii) if and when such Mortgage Loan or A/B Mortgage Loan is
sold or otherwise disposed of by or on behalf of the Trust (which sale or
disposition shall not include the transformation of a Mortgage Loan or A/B
Mortgage Loan into a Defeasance Loan). In the event of such termination, the
Primary Servicer shall comply with Section 6.3 as if a Primary Servicer Default
had occurred, except that such Section shall be construed to relate only to such
Mortgage Loan or A/B Mortgage Loan and references therein to Primary Servicing
Termination Date shall be construed to mean the date of such termination, and
(ii) the Primary Servicer shall cooperate in the orderly transfer of the
servicing of such Mortgage Loan or A/B Mortgage Loan and shall forward to the
Master Servicer such documents as it may receive from time to time with respect
thereto and provide such other assistance as may reasonably be required by the
Master Servicer with respect thereto. Primary Servicer shall be entitled to all
fees, compensation, interest and earnings on such Mortgage Loan or A/B Mortgage
Loan accrued through the date of termination of its obligations and rights with
respect to such Mortgage Loan or A/B Mortgage Loan under this Agreement;
provided, however, Primary Servicer shall continue to collect the Excess
Servicing Fee after termination in accordance with the terms of this Agreement
and the Pooling and Servicing Agreement. If such Mortgage Loan or A/B Mortgage
Loan subsequently becomes a Corrected Mortgage Loan, then the Primary Servicer
shall promptly resume the servicing of such Mortgage Loan or A/B Mortgage Loan
in accordance with the terms hereof.

                                  ARTICLE VII.
                                 SUBCONTRACTORS

          Upon prior notice to but without the consent of Master Servicer in the
case of material subcontracts and without prior notice to or the prior written
consent of the Master Servicer in the case of non-material subcontracts, the
Primary Servicer shall be permitted to employ, at its own expense,
subcontractors to perform the Services for the Mortgage Loans and A/B Mortgage
Loans; provided, however, that (a) the Primary Servicer shall remain fully
liable at all times for the performance of all Services and for all other
obligations hereunder; (b) in no event shall any such subcontractors make any of
the decisions, be given discretion to make any decisions, or have any authority
to make any decisions, required as part of a Category 1 Request or Category 2
Request or any decision or recommendation involving the exercise of the Primary
Servicer's discretion as a "lender" under any of the Loan Documents for the
Mortgage Loans and the A/B Mortgage Loans; (c) the Primary Servicer shall
maintain and perform policies and procedures to monitor such subcontractors'
performance of the services for which they are employed; and (d)(i) the Primary
Servicer shall not, for so long as any ABS Issuing Entity is subject to the
reporting requirements of the Exchange Act, engage any "Subcontractor" (as
defined in the Pooling and Servicing Agreement) after the Closing Date without
the Master Servicer's and the Depositor's prior written consent, which, in
either case, shall not be unreasonably withheld and (ii) the Primary Servicer
shall, with respect to each such Subcontractor with which it has entered into a
servicing relationship with respect to the Mortgage Loans after the Closing
Date, (A) include in a written agreement between the Primary Servicer and such
Subcontractor provisions analogous to those of Section 5.13 hereof, Section
6.1(c) hereof, Section 2.4 hereof, this clause (d) of this Article VII, the last
sentence of Section 10.11 hereof, the last sentence of Section 10.13 hereof and
penultimate sentence of Section 11.14 of the Pooling and Servicing Agreement and
(B) use reasonable efforts to cause such Subcontractor to comply with the report
delivery, indemnification and contribution obligations set forth in such
analogous provisions.


                                      -32-



                                 ARTICLE VIII.
            PRIMARY SERVICER TO HOLD PROPERTY FOR THE MASTER SERVICER

          All records relating to the Mortgage Loans and the A/B Mortgage Loans
held by the Primary Servicer, including but not limited to the Primary Servicer
Servicing Documents, mortgage servicing documents, books, computer tapes and
other documents and records (except for microfilm records) as well as any
reproductions or copies of such records furnished for the purposes of performing
Services from the Cut-off Date are, and shall continue at all times to be, held
by the Primary Servicer for the benefit of the Master Servicer and for the
Trustee and shall not be released, disseminated or otherwise made available to
third parties without the prior written consent of the Master Servicer.

                                    ARTICLE IX.
                                 INDEMNIFICATION

          SECTION 9.1 PRIMARY SERVICER'S INDEMNITY (a) The Primary Servicer
shall indemnify the Master Servicer, its officers, employees and agents against,
and hold the Master Servicer harmless from, any and all losses, liabilities,
expenses, claims, demands, costs, or judgment of any type against the Master
Servicer arising out of or related to (i) a negligent or willful failure of the
Primary Servicer or any Person hired by the Primary Servicer to perform properly
any of the Services to be performed by the Primary Servicer pursuant to the
Payment and Collection Description, the Payment and Mortgage Loan Status
Reports, Post Closing Matters Description and Task Description, (ii) any failure
by the Primary Servicer to perform its obligations under this Agreement, or
(iii) breach of any of the Primary Servicer's representations and warranties
hereunder; provided, however, that the Primary Servicer shall not be required to
indemnify the Master Servicer, its officers, employees or agents against or hold
the Master Servicer, its officers, employees or agents harmless from any losses
to the extent that such loss is caused by the actions of the Master Servicer,
its officers, employees or agents in violation of the Master Servicer's duties
under this Agreement, under the Pooling and Servicing Agreement or under an A/B
Intercreditor Agreement (except to the extent that such failure was caused by
the Primary Servicer's failure to perform its obligations hereunder). The
indemnification provided under this Section 9.1 shall survive the Primary
Servicing Termination Date. The Master Servicer shall promptly notify the
Primary Servicer if a claim is made by a third party with respect to this
Agreement or the Mortgage Loans or the A/B Mortgage Loans entitling the Master
Servicer to indemnification hereunder. The Primary Servicer shall assume the
defense of any such claim (with counsel reasonably satisfactory to the Master
Servicer) and pay all expenses in connection therewith, including counsel fees,
and promptly pay, discharge and satisfy any judgment or decree which may be
entered against it or them in respect of such claim. Any failure to so notify
the Primary Servicer shall not affect any of the Master Servicer's rights to
indemnification.

          (b) Neither the Primary Servicer nor any of the directors, officers,
employees or agents of the Primary Servicer shall be under any liability to the
Master Servicer, the holders of the Certificates, any holder of a B Note, the
Depositor, the Trustee or any other Person for any action taken or for
refraining from the taking of any action in good faith and using its reasonable
business judgment pursuant to this Agreement, or for errors in judgment;
provided that this provision shall not protect the Primary Servicer or any such
person against any breach of a covenant, representation or warranty contained
herein or any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence in its performance of duties or by reason
of reckless disregard for its obligations and duties under this Agreement. The
Primary Servicer and any director, officer, employee or agent of the Primary
Servicer may rely in good faith on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising hereunder.


                                      -33-



          SECTION 9.2 MASTER SERVICER'S INDEMNITY The Master Servicer shall
indemnify the Primary Servicer, its officers, employees and agents against, and
hold the Primary Servicer harmless from, any and all losses, liabilities,
expenses, claims, demands, costs, or judgment of any type against the Primary
Servicer, to the extent arising out of, or related to reliance by the Primary
Servicer on, (i) pursuant to Section 5.13(i), an interpretation of the
Securities Act, the Exchange Act or the Regulations set forth in a written
notice from the Master Servicer to the Primary Servicer or (ii) any incorrect
asset pool balance supplied by the Master Servicer with respect to the PWR15
Trust, if such incorrect balance is the cause of any incorrect determination by
the Primary Servicer that an obligor on a Mortgage Loan is not a Significant
Obligor. The indemnification provided under this Section 9.2 shall survive the
Primary Servicing Termination Date.

                                   ARTICLE X.
                                  MISCELLANEOUS

          SECTION 10.1 SEVERABILITY If any term, covenant, condition or
provision hereof is unlawful, invalid, or unenforceable for any reasons
whatsoever, and such illegality, invalidity, or unenforceability does not affect
remaining part of this Agreement, then all such remaining parts hereof shall be
valid and enforceable and have full force and effect as if the invalid or
unenforceable part had not been included.

          SECTION 10.2 RIGHTS CUMULATIVE; Waivers The rights of each of the
parties under this Agreement are cumulative and may be exercised as often as any
party considers appropriate. The rights of each of the parties hereunder shall
not be capable of being waived or amended other than by an express waiver or
amendment in writing. Any failure to exercise (or any delay in exercising) any
of such rights shall not operate as a waiver or amendment of that or any other
such right. Any defective or partial exercise of any of such right shall not
preclude any other or further exercise of that or any other such right. No act
or course of conduct or negotiation on the part of any party shall in any way
stop or preclude such party from exercising any such right or constitute a
suspension or any waiver of any such right.

          SECTION 10.3 HEADINGS The headings of the Sections and Articles
contained in this Agreement are inserted for convenience only and shall not
affect the meaning or interpretation of this Agreement or any provision hereof.

          SECTION 10.4 CONSTRUCTION Unless the context otherwise requires,
singular nouns and pronouns, when used herein, shall be deemed to include the
plural of such noun or pronoun and pronouns of one gender shall be deemed to
include the equivalent pronoun of the other gender. This Agreement is the result
of arm's-length negotiations between the parties and has been reviewed by each
party hereto and its counsel. Each party agrees that any ambiguity in this
Agreement shall not be interpreted against the party drafting the particular
clause which is in question.

          SECTION 10.5 ASSIGNMENT (a) This Agreement and the terms, covenants,
conditions, provisions, obligations, undertakings, rights and benefits hereof,
shall be binding upon, and shall inure to the benefit of, the undersigned
parties and their respective permitted successors and assigns. This Agreement
and the rights and benefits hereunder of the Primary Servicer shall not be
assignable, and the duties and obligations hereunder of such party shall not be
delegable, except that in the following instances, Primary Servicer may assign,
sell or transfer its rights under this Agreement without the consent of (but
upon written notice to) the Master Servicer:

               (i) Primary Servicer may assign, sell or transfer its rights and
     obligations under this Agreement (in whole and not in part) to a parent
     company of Primary Servicer or a


                                      -34-



     wholly-owned subsidiary or Affiliate of such party, or a successor by
     merger or as the result of a demutualization of a parent company of Primary
     Servicer, as long as such successor has net assets and net worth equal to
     or greater than the net assets and net worth of the Primary Servicer.

               (ii) Primary Servicer may assign, sell or transfer its rights and
     obligations under this Agreement (in whole and not in part) to an entity
     that then serves as a primary servicer for other mortgage loans held by the
     Trust at the time of such assignment, sale or transfer.

               (iii) With the prior written consent of the Master Servicer and
     the Depositor which consent shall not be unreasonably withheld or delayed,
     Primary Servicer may assign, sell or transfer its rights and obligations
     under this Agreement (in whole and not in part) to any master or primary
     servicer, if (1) such entity is either (a) rated by the Rating Agencies as
     satisfactory or its equivalent in such capacity or (b) approved by the
     Special Servicer and Operating Advisor (in addition to Master Servicer as
     provided above), which approval shall not be unreasonably withheld or
     delayed, and (2) Primary Servicer at its sole cost receives Rating Agency
     Confirmation from the Rating Agencies prior to such assignment, sale or
     transfer.

               (iv) Primary Servicer may subcontract certain of its rights and
     obligations under this Agreement as expressly provided in and subject to
     the terms of Article VII of this Agreement.

          Any such assignment under this Section 10.5(a) shall (i) not be
effective until such Successor Primary Servicer enters into a written agreement
reasonably satisfactory to the Master Servicer and the Depositor agreeing to be
bound by the terms and provisions of this Agreement (but not altering the
obligations under this Agreement); and (ii) not relieve the assigning Primary
Servicer of any duties or liabilities arising or incurred prior to such
assignment. Any costs or expenses incurred in connection with such assignment
shall be payable by the assigning Primary Servicer. Any assignment or delegation
or attempted assignment or delegation in contravention of this Agreement shall
be null and void. The proceeds of any assignment, sale or transfer permitted
under this Section 10.5 or to which consent was granted shall belong solely to
the assignor of such rights, and Master Servicer shall have no claim to them.

          (b) Resignation of Primary Servicer. Except as otherwise provided in
Section 10.6(b) hereof, the Primary Servicer shall not resign from the
obligations and duties hereby imposed on it unless it determines that the
Primary Servicer's duties hereunder are no longer permissible under applicable
law or are in material conflict by reason of applicable law with any other
activities carried on by it. Any such determination permitting the resignation
of the Primary Servicer shall be evidenced by an Opinion of Counsel to such
effect delivered to the Master Servicer. No such resignation shall become
effective until a successor servicer designated by the Master Servicer shall
have assumed the Primary Servicer's responsibilities and obligations under this
Agreement, and Special Servicer and Operating Advisor shall have consented to
such successor servicer which consent shall not be unreasonably withheld or
delayed; provided that the designation and assumption by Master Servicer of
Primary Servicer's responsibilities and obligations under this Agreement
pursuant to this Section 10.6(a) shall not require the consent of Special
Servicer or Operating Advisor.

          (c) The Primary Servicer may resign from the obligations and duties
imposed on it, upon 60 days' notice to the Master Servicer, provided that (i)
the Primary Servicer bears all costs associated with its resignation and the
transfer of servicing; (ii) Primary Servicer designates a successor servicer to
assume Primary Servicer's responsibilities and obligations under this Agreement;
(iii) Master Servicer, Special Servicer and Operating Advisor shall consent to
such successor servicer which consent shall not be unreasonably withheld or
delayed; and (iv) such successor servicer assumes Primary Servicer's
responsibilities and obligations under this Agreement; provided, however, that
the designation and


                                      -35-



assumption by Master Servicer of Primary Servicer's responsibilities and
obligations under this Agreement pursuant to this Section 10.6(b) shall not
require the consent of Special Servicer or Operating Advisor.

          (d) In connection with any resignation under subsections (a) or (b)
above, the Primary Servicer shall comply with Section 6.3 as if a Primary
Servicer Default occurred, except that reference in such Section to Primary
Servicing Termination Date shall be construed to mean the date of resignation
under subsections (a) or (b) above, as the case may be.

          SECTION 10.6 PRIOR UNDERSTANDINGS This Agreement supersedes any and
all prior discussions and agreements between or among the Seller, the Primary
Servicer and the Master Servicer with respect to the Servicing of the Mortgage
Loans and the A/B Mortgage Loans and the other matters contained herein. This
Agreement, together with the Pooling and Servicing Agreement and each A/B
Intercreditor Agreement, contain the sole and entire understanding between the
parties hereto with respect to the transactions contemplated herein. Every
effort shall be made to construe this Agreement, the Pooling and Servicing
Agreement and each A/B Intercreditor Agreement consistently. If a conflict
exists between such agreements, then the Pooling and Servicing Agreement and
with respect to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement
shall control. If this Agreement requires Primary Servicer to perform a task or
duty, the details and obligations of which are (a) set forth in this Agreement
and (b)(i) are not set forth in the Pooling and Servicing Agreement or with
respect to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement,
(ii) are set forth in the Pooling and Servicing Agreement and with respect to an
A/B Mortgage Loan, the applicable A/B Intercreditor Agreement only in general
terms, then Primary Servicer shall perform such task and duties in accordance
with the details and obligations set forth in this Agreement. If this Agreement
requires Primary Servicer to perform a task or duty, the details and obligations
of which are not set forth in this Agreement but are contained in the Pooling
and Servicing Agreement and with respect to an A/B Mortgage Loan, the applicable
A/B Intercreditor Agreement, then the Primary Servicer shall perform such task
and duties in accordance with the Pooling and Servicing Agreement.

          SECTION 10.7 INTEGRATED AGREEMENT This Agreement constitutes the final
complete expression of the intent and understanding of the Primary Servicer and
the Master Servicer and may not be altered or modified except by a subsequent
writing, signed by the Primary Servicer and the Master Servicer.

          SECTION 10.8 COUNTERPARTS This Agreement may be executed in any number
of counterparts, each of which shall constitute one and the same instrument. Any
party hereto may execute this Agreement by signing any such counterpart.

          SECTION 10.9 GOVERNING LAWS This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without regard to
conflicts of law principles, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

          SECTION 10.10 NOTICES Unless otherwise provided for herein, all
notices and other communications required or permitted hereunder shall be in
writing (including a writing delivered by facsimile transmission) and shall be
deemed to have been duly given (a) when delivered, if sent by registered or
certified mail (return receipt requested), if delivered personally or by
facsimile or (b) on the second following Business Day, if sent by overnight mail
or overnight courier, in each case to the parties at the following addresses (or
at such other addresses as shall be specified by like notice);


                                      -36-



          If to the Master Servicer:    As set forth in Section 11.05 of the
                                        Pooling and Servicing Agreement

          If to the Primary Servicer:   Principal Global Investors, LLC
                                        801 Grand Avenue
                                        Des Moines, IA 50392-0700
                                        Attention: Steve Johnson,
                                        Managing Director
                                        Telephone No.: (515) 246-7095
                                        Facsimile No.: (515) 248-8090

          SECTION 10.11 AMENDMENT In the event that the Pooling and Servicing
Agreement or an A/B Intercreditor Agreement is amended, this Agreement shall be
deemed to have been amended and to the extent necessary to reflect such
amendment to the Pooling and Servicing Agreement or such A/B Intercreditor
Agreement, but no such amendment to the Pooling and Servicing Agreement or A/B
Intercreditor Agreement or deemed amendment to this Agreement shall increase the
obligations or decrease the rights of Primary Servicer under this Agreement
without its express written consent which consent shall not be unreasonably
withheld or delayed. For so long as any ABS Issuing Entity is subject to the
reporting requirements of the Exchange Act, the parties hereto may not amend or
modify any provision of Section 5.13, Section 6.1(c), Section 2.4(b), clause (d)
of Article VII, the last sentence of Section 10.13, or this sentence without the
Depositor's prior written consent.

          Notwithstanding anything to the contrary contained in this Section
10.11, the parties hereto agree that this Agreement may be amended pursuant to
Section 5.11 herein without any notice to or consent of any of the
Certificateholders, any B Note holder, Opinions of Counsel, Officer's
Certificates or Rating Agency Confirmation.

          SECTION 10.12 OTHER This Agreement shall not be construed to grant to
any party hereto any claim, right or interest in, to or against the trust fund
created pursuant to the Pooling and Servicing Agreement or any assets of such
trust fund.

          SECTION 10.13 BENEFITS OF AGREEMENT Nothing in this Agreement, express
or implied, shall be construed to grant to any Mortgagor or other Person, other
than the parties to this Agreement and the parties to the Pooling and Servicing
Agreement, any benefit or any legal or equitable right, power, remedy or claim
under this Agreement, except that the Depositor, any other Applicable Depositor
and any master servicer for an ABS Issuing Entity other than the PWR15 Trust are
intended third-party beneficiaries of Section 5.13.

                                  [END OF PAGE]


                                      -37-



          IN WITNESS WHEREOF, this Agreement has been signed on behalf of each
of the parties hereto by an authorized representative, all as of the day and
year first above written.

                                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                     acting solely in its capacity as Master
                                     Servicer under the Pooling and
                                     Servicing Agreement


                                     By: /s/ Stewart E. McAdams
                                        ----------------------------------------
                                     Name:
                                     Title:


                                     PRINCIPAL GLOBAL INVESTORS, LLC


                                     By: /s/ Karen A. Pearston
                                        ----------------------------------------
                                     Name:
                                     Title:


                                     By: /s/ Jeffrey M. Pierick
                                        ----------------------------------------
                                     Name:
                                     Title:



                                   SCHEDULE I
                             MORTGAGE LOAN SCHEDULES

LOAN                                                 PRIMARY
POOL                                              SERVICING FEE   CUT-OFF DATE
 NO.                   LOAN NAME                     RATE (BP)       BALANCE
----                   ---------                  -------------   --------------
       (Mortgage Loans for Which PCF is the
       applicable Pooled Mortgage Loan Seller:)

       (Mortgage Loans for Which PCFII is the
       applicable Pooled Mortgage Loan Seller:)



                                  SCHEDULE II
                                   [RESERVED]



                                   EXHIBIT A
                         POOLING AND SERVICING AGREEMENT

See copy of signed Pooling and Servicing Agreement delivered under separate
cover.



                                    EXHIBIT B

Exhibit B-1:   Payment and Mortgage Loan Status Reports
Exhibit B-2:   Overview of Methodology of Allocation of
               Responsibility on Post Closing Requests
Exhibit B-3:   Form of Property Inspection Reports
Exhibit B-4:   Task Description



                                   EXHIBIT B-1
                    PAYMENT AND MORTGAGE LOAN STATUS REPORTS

Exhibit B-1(a):   Remittance report for payments received on Mortgage
                  Loans during the applicable Collection Period
Exhibit B-1(b):   Delinquency report
Exhibit B-1(c):   Real estate tax delinquency report
Exhibit B-1(d):   Insurance monitoring report
Exhibit B-1(e):   UCC form monitoring report
Exhibit B-1(f):   Day One Report



                                   EXHIBIT B-2
OVERVIEW OF METHODOLOGY OF ALLOCATION OF RESPONSIBILITY ON POST CLOSING REQUESTS

Exhibit B-2(a):   Overview of Methodology of Allocation of Responsibility on
                  Post Closing Requests
Exhibit B-2(b):   Chart Showing Classification of Post Closing Requests
Exhibit B-2(c):   Process for Handling Post Closing Requests Upon Classification



                                 EXHIBIT B-2(a)
OVERVIEW OF METHODOLOGY OF ALLOCATION OF RESPONSIBILITY ON POST CLOSING REQUESTS

          When Primary Servicer receives a request from a Mortgagor or other
obligor under the Mortgage Loan or A/B Mortgage Loan, as applicable, for action
("Post Closing Request") on its related Mortgage Loan or A/B Mortgage Loan,
Primary Servicer shall classify each Post Closing Request into one of the
following three (3) categories:

     o    Post Closing Requests over which Primary Servicer shall have decision
          making authority to analyze, consent to, approve and process such
          requests, subject to consent rights in certain circumstances set forth
          in Exhibit B-2(c) below and, where applicable, Deemed Category 1
          Requests ("Category 1 Requests");

     o    Post Closing Requests in which Primary Servicer shall gather
          information from Mortgagor and shall deliver such information together
          with a written analysis and recommendation for the consent and
          approval of such requests to the Master Servicer or Special Servicer,
          as applicable; other than Deemed Category 1 Requests ("Category 2
          Requests"); and

     o    Post Closing Requests in which Primary Servicer will have no
          involvement but will refer the request to the Special Servicer
          ("Category 3 Requests").

          The attached chart details how a Post Closing Request will be
classified into one of the three (3) categories specified above and the
materials that follow detail how each Post Closing Request will be handled after
classification.

          The objective is to process each Post Closing Request in accordance
with the Servicing Standard, the terms of this Agreement, the Pooling and
Servicing Agreement and with respect to any A/B Mortgage Loan, its applicable
A/B Intercreditor Agreement, the REMIC Provisions, while providing responsive
service to Mortgagors.

          The attached chart does not address Payment and Collection
Description, Payment and Collection Reporting or Property Inspection
Description, which is covered elsewhere in this Agreement.



                                 EXHIBIT B-2(b)

              CHART SHOWING CLASSIFICATION OF POST CLOSING REQUESTS



      Category                When Applicable                        Examples                             Allocation of Fees
------------------------------------------------------------------------------------------------------------------------------------

1 Category 1 Requests  Post Closing Request is either  Transfer rights contemplated in Loan      Primary Servicer collects entire
(other than Deemed     (a) specifically authorized in  Documents (including without limitation   administrative or processing fee
Category 1 Requests)   the related Loan Documents (as  assignment and assumption rights);        (including without limitation
                       defined in Exhibit              partial releases contemplated in Loan     defeasance fees), legal fees and
                       B-2(c)(A.1(b)), either          Documents; easements contemplated in      out-of-pocket expenses and 80% of
                       expressly as a matter of right  Loan Documents; evaluation of             any additional fees or portions of
                       in favor of the Mortgagor or    alterations under specified threshold;    fees (including without limitation
                       upon the satisfaction of        administer, monitor and release of        transfer fees) payable to Master
                       certain specified conditions    reserve or escrow amounts in accordance   Servicer under Pooling and
                       (including the exercise of any  with reserve or escrow agreements;        Servicing Agreement (i.e. transfer
                       specified standard of consent   approval of leases below threshold        fee). Other 20% of such additional
                       or judgment within such         specified in Loan Documents; additional   fees are payable to Master
                       conditions subject to the       lien, monetary encumbrance or mezzanine   Servicer. Special Servicer would
                       terms of this Agreement); or    financing placed on Mortgaged Property    receive any portion of fees due it
                       (b) seeks the approval of the   that is specifically contemplated in      under the Pooling and Servicing
                       related Mortgagee under the     Loan Documents under specified            Agreement. Master Servicer may also
                       related Loan Documents for a    conditions; or process of defeasing a     collect its out-of-pocket expenses
                       Lease and/or the issuance of    Mortgage Loan (except defeasance of a     which it shall itemize in
                       an SNDA for a Lease.            Specially Serviced Mortgage Loans which   reasonable detail.(1)
                                                       shall not be the responsibility of the
                                                       Primary Servicer) and servicing of
                                                       Mortgage Loans and A/B Mortgage Loans
                                                       that have been defeased; approval of a
                                                       Lease requiring such approval of
                                                       Mortgagee under the Loan Documents; or
                                                       issuance of an SNDA.

2 Category 2 Requests  Post Closing Request (other     Consent to easement not contemplated in   For all Mortgage Loans, other than
for all Mortgage       than Category 3 Request) is     Loan Documents; partial releases not      A/B Mortgage Loans: Primary
Loans (other than A/B  (a) not specifically            specifically contemplated in Loan         Servicer entitled to one hundred
Mortgage Loans) and    authorized or is prohibited or  Documents; or subordinate or mezzanine    percent (100%) of administrative or
Deemed Category 1      not addressed in the Loan       financing not specifically contemplated   processing fee. Additional fees are
Requests               Documents; and (b) not seeking  in Loan Documents.                        payable to Master Servicer and/or
                       approval of a Lease requiring                                             Special Servicer as specified in
                       such approval of Mortgagee                                                Pooling and Servicing Agreement.
                       under the related Loan                                                    Master Servicer may also collect
                       Documents or issuance of an                                               its out-of-pocket expenses.(1)
                       SNDA.
                                                                                                 For all A/B Mortgage Loans: Same
                                                                                                 allocation of fees as Category 1
                                                                                                 Requests.

3 Category 3 Requests  Post Closing Requests to Money  Changes to maturity date, interest rate,  Primary Servicer not entitled to
                       Terms, Defaulted Mortgage       principal balance, amortization term,     fee. Master Servicer or Special
                       Loans or                        payment amount or frequency;              Servicer is entitled to fees as


----------
(1)  No reference is made in this chart to the Aggregate Servicing Fee which
     shall be collected and governed in accordance with the terms of Sections
     2.1, 2.3, 6.3 and 6.4 of this Agreement.





      Category                When Applicable                        Examples                             Allocation of Fees
------------------------------------------------------------------------------------------------------------------------------------

                       Mortgage Loans upon which a     or any actions to loan in default.        provided in the Pooling and
                       Servicing Transfer Event has                                              Servicing Agreement.(1)
                       occurred.




                                 EXHIBIT B-2(c)
         PROCESS FOR HANDLING POST CLOSING REQUESTS UPON CLASSIFICATION

A. Process for disposition of Post Closing Requests Once Classification is Made.
Upon classification of a Post Closing Request into one of the three (3)
categories enumerated above, Primary Servicer shall process the Post Closing
Request as follows:

     1. Category 1 Requests and Deemed Category 1 Requests:

          a) If Primary Servicer classifies a Post Closing Request as a Category
1 Request or Deemed Category 1 Request, it shall promptly (but in no event more
than five (5) Business Days after receiving such request) notify Master Servicer
of (a) such request; (b) Primary Servicer's classification of the Post Closing
Request as a Category 1 Request or Deemed Category 1 Request; and (c) Primary
Servicer's Materiality Determination regarding any Category 1 Consent Aspect
involved in such request. Notwithstanding the foregoing, as a result of the
quarterly reconciliation of reserve accounts that Primary Servicer provides to
Master Servicer under this Agreement, Primary Servicer shall have no obligation
(a) to notify or seek the consent of Master Servicer or Special Servicer (as
applicable) of any disbursement made from an escrow or reserve account pursuant
to and in accordance with the terms of such agreement governing such reserve or
escrow or (b) to seek consent of Master Servicer to extend (1) the time
available to a Mortgagor to complete repairs, replacements or improvements
pursuant to an escrow or reserve agreement or (2) the expiration date of any
letters of credit associated with such escrow or reserve, as long as (i) Primary
Servicer promptly notifies Master Servicer in writing of such extension; (ii)
the amount being held pursuant to the applicable escrow or reserve agreement at
the time of the proposed extension is less than $1,000,000.00; (iii) the length
of such extension when added to all other extensions granted after the Closing
Date does not exceed one hundred eighty (180) days; and (iv) any such extension
is in accordance with the terms of this Agreement (including without limitation
the Servicing Standard) and the Pooling and Servicing Agreement and with respect
to an A/B Mortgage Loan, the applicable A/B Intercreditor Agreement.

          b) Primary Servicer shall evaluate the Category 1 Request or Deemed
Category 1 Request and process such request to meet the requirements set forth
in the loan documents for the applicable Mortgage Loan ("Loan Documents") in a
manner that complies with the terms of this Agreement and the Pooling and
Servicing Agreement and with respect to an A/B Mortgage Loan, the applicable A/B
Intercreditor Agreement. Such evaluation and processing may commence, and
continue but may not be completed prior to Primary Servicer's notice to Master
Servicer of the Category 1 Request or Deemed Category 1 Request. Primary
Servicer shall draft, or cause to be drafted, all documents necessary or
appropriate to effect the Category 1 Request or Deemed Category 1 Request in
accordance with the terms of the Loan Documents, this Agreement and the Pooling
and Servicing Agreement with respect to an A/B Mortgage Loan, the applicable A/B
Intercreditor Agreement.

          c) Notwithstanding the foregoing, the following additional
requirements shall apply to particular types or aspects of Category 1 Requests:

               (i)   If a Mortgagor requests to defease a Mortgage Loan or A/B
                     Mortgage Loan (other than a Specially Serviced Mortgage
                     Loan) and the Loan Documents for such Mortgage Loan or A/B
                     Mortgage Loan expressly provide for a defeasance, Primary
                     Servicer shall treat such request as a Category 1 Request
                     but shall, in addition to the other provisions of this
                     Section 1 of Exhibit B-2(c), seek the prior written consent
                     of Master Servicer prior to consenting to such defeasance,
                     which consent shall not be withheld or delayed unreasonably
                     when Primary Servicer submits to Master Servicer the items
                     substantially as set forth on Appendix 1 of this



                     Agreement relating to such defeasance, and any such
                     decision of Master Servicer shall be in accordance with the
                     terms of the Loan Documents and the Servicing Standard.
                     Failure of the Master Servicer to notify the Primary
                     Servicer in writing of Master Servicer's determination to
                     grant or withhold such consent, within five (5) Business
                     Days following the Primary Servicer's delivery of the
                     request for defeasance described above and the relevant
                     information collected on such defeasance, shall be deemed
                     to constitute a grant of such consent.

               (ii)  If a Mortgagor requests consent to transfer the related
                     Mortgaged Property and assign the related Mortgage Loan or
                     A/B Mortgage Loan (other than a Specially Serviced Mortgage
                     Loan) to another Person who shall assume the Mortgage Loan
                     or A/B Mortgage Loan and the Loan Documents expressly
                     permit such assignment and assumption, subject to any
                     conditions set forth in the Loan Documents, Primary
                     Servicer may treat such request as a Category 1 Request but
                     shall, in addition to the other provisions of this Section
                     1 of Exhibit B-2(c), seek the prior written consent of
                     Special Servicer prior to consenting to such assignment and
                     assumption in accordance with the terms of Section 3.08 of
                     the Pooling and Servicing Agreement (subject to any time
                     periods applicable to Primary Servicer or Special Servicer
                     for the giving, granting or deemed granting of such consent
                     contained in the Pooling and Servicing Agreement) by
                     submitting to Special Servicer the items substantially as
                     set forth on Appendix 2 of this Agreement relating to such
                     assignment and assumption. For the purpose of the foregoing
                     sentence, the term "expressly permits" shall have the
                     meaning assigned to it in Section 3.08 of the Pooling and
                     Servicing Agreement.

               (iii) If a Mortgagor requests consent to place an additional
                     lien, monetary encumbrance or mezzanine financing on the
                     related Mortgaged Property and the Loan Documents expressly
                     permit such additional lien, monetary encumbrance or
                     mezzanine financing, subject to any conditions set forth in
                     the Loan Documents, Primary Servicer may treat such request
                     as a Category 1 Request but shall, in addition to the other
                     provisions of this Section 1 of Exhibit B-2(c), seek the
                     prior written consent of Special Servicer prior to
                     consenting to such additional lien, monetary encumbrance or
                     mezzanine financing in accordance with the terms of Section
                     3.08 of the Pooling and Servicing Agreement (subject to any
                     time periods applicable to Primary Servicer or Special
                     Servicer for the giving, granting or deemed granting of
                     such consent contained in the Pooling and Servicing
                     Agreement) by submitting to Special Servicer the items
                     substantially as set forth on Appendix 3 of this Agreement
                     relating to such additional lien, monetary encumbrance or
                     mezzanine financing. For the purpose of the foregoing
                     sentence, the term "expressly permits" shall have the
                     meaning assigned to it in Section 3.08 of the Pooling and
                     Servicing Agreement.

               (iv)  If a Mortgagor requests consent to enter into a Lease on
                     the related Mortgaged Property (and/or the associated
                     issuance of an SNDA for such Lease), which Lease (a)
                     requires the consent of the Mortgagee under the related
                     Loan Documents and (b) qualifies as a Significant Lease,
                     Primary Servicer may treat such request as a Category 1
                     Request but shall, in addition to the other provisions of
                     this Section 1 of Exhibit B-2(c), seek the prior written
                     consent of Special Servicer, which consent shall not be
                     withheld or delayed unreasonably, prior to consenting to or
                     disapproving of such Significant Lease (and/or the related
                     SNDA) by submitting to Special Servicer the items
                     substantially as set forth on Appendix 4 of this



                     Agreement relating to such Significant Lease (and/or
                     related SNDA) with a copy of such items also submitted to
                     the Master Servicer solely for informational purposes.
                     Failure of the Special Servicer to notify the Primary
                     Servicer in writing of Special Servicer's determination to
                     grant or withhold such consent within ten (10) Business
                     Days following the Primary Servicer's delivery of the
                     request for consent to the Lease, shall be deemed to
                     constitute a grant of such consent.

               (v)   If Primary Servicer makes a Materiality Determination that
                     a Category 1 Consent Aspect is material, then Primary
                     Servicer shall treat such request as a Category 1 Request,
                     but shall, in addition to the other provisions of this
                     Section A.1 of this Exhibit B-2(c), seek the prior written
                     consent of Special Servicer prior to consenting to the
                     applicable Category 1 Request, which consent shall not be
                     withheld or delayed unreasonably, and any such decision of
                     Special Servicer shall relate only to the Category 1
                     Consent Aspect and shall be in accordance with the terms of
                     the Loan Documents and the Servicing Standard. Failure of
                     the Special Servicer to notify the Primary Servicer in
                     writing of Special Servicer's determination to grant or
                     withhold such consent, within five (5) Business Days
                     following the Primary Servicer's delivery of the request
                     for consent to the Category 1 Consent Aspect, shall be
                     deemed to constitute a grant of such consent.

          d) Upon conclusion of the negotiations of the documentation for the
Category 1 Request or Deemed Category 1 Request, Primary Servicer may execute
and deliver the operative documents to be executed to effect the Category 1
Request and take the other actions necessary or appropriate to conclude such
request, in each case in accordance with the terms of this Agreement and the
Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the
related A/B Intercreditor Agreement.

          e) Concurrently with the execution of this Agreement, Master Servicer
shall provide to Primary Servicer a counterpart original of the Power of
Attorney executed by the Trust in favor of the Master Servicer and shall execute
and deliver to Primary Servicer a Power of Attorney attached to this Agreement
as Exhibit C. Primary Servicer shall promptly notify Master Servicer of the
execution and delivery of any document on behalf of the Master Servicer and
Trustee under such Power of Attorney ("POA Notice").

          f) Upon the request of Primary Servicer, Master Servicer shall execute
and deliver the documents necessary or appropriate to effect a Category 1
Request or Deemed Category 1 Request. Such request shall not relieve Primary
Servicer of its obligations under this Agreement regarding a Category 1 Request
or Deemed Category 1 Request, including without limitation its obligation to
evaluate and process such request in accordance with this Agreement and the
Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the
related A/B Intercreditor Agreement and any indemnification obligation of
Primary Servicer.

          g) Upon completion of each Category 1 Request or Deemed Category 1
Request, Primary Servicer shall promptly (but in no event more than five (5)
Business Days after concluding such request) notify Master Servicer and Special
Servicer (if its consent was required) and shall accompany such notice with a
brief summary of the Category 1 Request or Deemed Category 1 Request, a brief
summary of Primary Servicer's analysis and decision regarding such request, a
POA Notice (if required) and a counterpart original or copy of the operative
documents executed or received to effect the Category 1 Request or Deemed
Category 1 Request.

          h) Notwithstanding the foregoing with the consent of Master Servicer,
Primary Servicer may elect to classify and treat a Post Closing Request that
otherwise qualifies as a Category 1 Request or



Deemed Category 1 Request, as a Category 2 Request instead. In such case,
Primary Servicer shall adhere to the provisions of this Agreement regarding
Category 2 Requests or Deemed Category 1 Requests, and all aspects of such
request (including without limitation the allocation of fees) shall be governed
by the terms of this Agreement covering Category 2 Requests. Primary Servicer's
decision in any one instance to treat a Post Closing Request that otherwise
qualifies as a Category 1 Request or Deemed Category 1 Request, as a Category 2
Request instead, shall not compromise or affect its right on any other occasion
to treat a similar request as a Category 1 Request or Deemed Category 1 Request.

          i) Notwithstanding anything to the contrary in this Section 1, if a
Category 1 Request or Deemed Category 1 Request involves an action requiring the
consent of Special Servicer under Section 3.20 of the Pooling and Servicing
Agreement, Primary Servicer shall not be permitted to take any such actions
without the consent of Special Servicer in accordance with such Section 8.18(d).
For any action relating to a Mortgage Loan or an A/B Mortgage Loan requiring the
consent of Special Servicer under Section 3.20 of the Pooling and Servicing
Agreement, Primary Servicer shall have the responsibility to seek the consent of
Special Servicer in accordance with such section. The foregoing conditions and
requirements shall be in addition to the other conditions and requirements for
Category 1 Requests or Deemed Category 1 Requests as set forth above.

     2. Category 2 Requests (other than Deemed Category 1 Requests):

          a) If Primary Servicer classifies a Post Closing Request as a Category
2 Request, it shall promptly (but in no event more than five (5) Business Days
after Primary Servicer's receiving such request) notify Master Servicer of
receiving such request, of the type of request and of Primary Servicer's
classification of the Post Closing Request as a Category 2 Request. As part of
such notice, Primary Servicer shall include the following:

               (i)  If such type of request has not previously been the subject
                    of a Category 2 Request or a Requirements List (as defined
                    below) has not previously been provided to Primary Servicer,
                    then Primary Servicer shall request from Master Servicer a
                    detailed list of the requirements to be satisfied for such
                    request (the "Requirements List"). Master Servicer shall
                    promptly (but in no event more than five (5) Business Days
                    after receiving notification of such request) provide to
                    Primary Servicer a Requirements List for such request.

               (ii) If the type of Category 2 Request has previously been the
                    subject of a Post Closing Request, then Primary Servicer
                    shall submit the existing Requirements List to Master
                    Servicer. Primary Servicer may use such Requirements List
                    for such request unless Master Servicer provides to Primary
                    Servicer a replacement Requirements List within five (5)
                    Business Days of such notice.

          b) A Requirements List (i) shall in no event be more burdensome than
that required by Master Servicer of other loans in the Trust for similar Post
Closing Requests; (ii) shall not require Primary Servicer to incur additional
third party costs or expenses; and (iii) shall require the gathering, collection
and assembling of information only and not the preparation, evaluation, analysis
of information or a recommendation regarding the Post Closing Request.

          c) Primary Servicer shall then use diligent efforts to collect and
assemble the items on the applicable Requirements List. Upon such collection and
assembly, Primary Servicer shall provide to Master Servicer all of the assembled
items, a list of the items collected from the Requirements List, a list of any
items not collected, any reasons why such items were not collected, a written
analysis of the Category 2 Request in light of the items collected in a form
reasonably satisfactory to Master Servicer, a



recommendation whether to approve or disapprove such request and the appropriate
division of the applicable fees in accordance with the terms of this Agreement
and the Pooling and Servicing Agreement.

          d) Master Servicer shall use its reasonable best efforts to notify
Primary Servicer with a consent or disapproval of the Category 2 Request within
ten (10) Business Days of receiving such assembled items, analysis and
recommendation. If Master Servicer disapproves such request, it shall provide
Primary Servicer the reasons for such disapproval. If Master Servicer approves
such request, Primary Servicer shall promptly process the Category 2 Request in
a manner that complies with the terms of this Agreement and the Pooling and
Servicing Agreement and with respect to an A/B Mortgage Loan, the related A/B
Intercreditor Agreement. Primary Servicer shall draft, or cause to be drafted,
all documents necessary to effect the Category 2 Request in accordance with the
terms of the consent, the Loan Documents, this Agreement and the Pooling and
Servicing Agreement, and with respect to an A/B Mortgage Loan, the related A/B
Intercreditor Agreement. Primary Servicer shall deal directly with the
applicable Mortgagor regarding a Category 2 Request after Primary Servicer
submits the items on the applicable Requirements List.

          e) Upon conclusion of the negotiations of the documentation for the
Category 2 Request for which Master Servicer has granted its consent, Primary
Servicer may execute and deliver the operative documents to be executed to
effect the Category 2 Request and take the other actions necessary or
appropriate to conclude such request, in each case in accordance with the terms
of this Agreement and the Pooling and Servicing Agreement and with respect to an
A/B Mortgage Loan, the related A/B Intercreditor Agreement.

          f) Upon the request of Primary Servicer, Master Servicer shall execute
and deliver the documents necessary or appropriate to effect a Category 2
Request, which documents shall be prepared by the Primary Servicer. Such request
shall not relieve Primary Servicer of its obligations under this Agreement
regarding a Category 2 Request, including without limitation its obligation to
evaluate and process such request in accordance with this Agreement and the
Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the
related A/B Intercreditor Agreement and any indemnification obligation of
Primary Servicer.

          g) Upon completion of each Category 2 Request, Primary Servicer shall
promptly (but in no event more than ten (10) Business Days after concluding such
request) notify Master Servicer and shall accompany such notice with a copy of
the operative documents executed or received to effect the Category 2 Request.

          h) Notwithstanding anything to the contrary in this Section 2, if a
Category 2 Request involves an action requiring the consent of Special Servicer
under Section 3.20 of the Pooling and Servicing Agreement, Primary Servicer
shall not be permitted to take any such action without the consent of Special
Servicer in accordance with such Section 3.20. For any action relating to a
Mortgage Loan or an A/B Mortgage Loan requiring the consent of Special Servicer
under Section 3.20 of the Pooling and Servicing Agreement, Primary Servicer
shall have the responsibility to seek the consent of Special Servicer in
accordance with such section. The foregoing conditions and requirements shall be
in addition to the other conditions and requirements for Category 2 Requests as
set forth above.

     3. Category 3 Requests:

          a) If Primary Servicer classifies a Post Closing Request as a Category
3 Request, it shall promptly (but in no event more than five (5) Business Days
after receiving such request) notify Master Servicer and Special Servicer of
receiving such request and of Primary Servicer's classification of the



Post Closing Request as a Category 3 Request and shall refer such Category 3
Request to the Special Servicer for handling in accordance with the Pooling and
Servicing Agreement.

          b) Upon such referral, Primary Servicer shall notify the applicable
Mortgagor of such referral and shall direct the Mortgagor that all further
correspondence and interaction regarding the applicable Category 3 Request shall
be directed to and through the Special Servicer (unless the Special Servicer and
Master Servicer shall otherwise direct the Primary Servicer). Primary Servicer
shall forward all correspondence and other information regarding such request in
its possession to Special Servicer.

B. Dispute of Classification.

     1. Notification of Dispute. If either Master Servicer or Special Servicer
disputes the classification of Primary Servicer of any Post Closing Request (for
purposes of this Section B, the term "classification" shall include a
Materiality Determination of Primary Servicer regarding a Category 1 Consent
Aspect with respect to such Post Closing Request), then Master Servicer or
Special Servicer, as applicable, shall notify Primary Servicer of such dispute
promptly (but in no event more than five (5) Business Days from Primary
Servicer's notice of such classification) in writing and the specific reasons
for such dispute. The parties shall then work in good faith for a period not
more than five (5) Business Days to resolve the classification of the Post
Closing Request. Primary Servicer's classification of a Post Closing Request
shall govern the handling of such request absent Primary Servicer's receipt of
notice of such dispute within the specified time period but shall not diminish
the obligation of Primary Servicer to classify Post Closing Requests in
accordance with this Agreement and to handle such requests in accordance with
this Agreement and the Pooling and Servicing Agreement and with respect to an
A/B Mortgage Loan, the related A/B Intercreditor Agreement.

     2. Resolution of Dispute in Absence of Agreement. If after such good faith
efforts to resolve such classification dispute the parties cannot agree to a
classification, then the following shall apply: For Mortgage Loans or A/B
Mortgage Loans that individually, or together with all other Mortgage Loans and
A/B Mortgage Loans that have the same or an affiliated Mortgagor or that are
cross-collateralized with such Mortgage Loans or A/B Mortgage Loans have a
principal balance on the Cut-Off Date that is in excess of two percent (2%) of
the then Aggregate Principal Balance, then the good faith classification of the
Master Servicer or Special Servicer, as applicable, shall govern. For Mortgage
Loans that individually, or together with all other Mortgage Loans and A/B
Mortgage Loans that have the same or an affiliated Mortgagor or that are
cross-collateralized with such Mortgage Loans or A/B Mortgage Loans have a
principal balance on the Cut-Off Date that is equal to or less than two percent
(2%) of the then Aggregate Principal Balance, then the good faith classification
of the Primary Servicer shall govern; provided that, in no event, shall Primary
Servicer's classification govern if such classification would, in the sole
judgment of Master Servicer or Special Servicer (as applicable), conflict with
any provision of the Pooling and Servicing Agreement or result in a default by
Master Servicer or Special Servicer under the Pooling and Servicing Agreement.

     3. Processing of Post Closing Request During Dispute. During a pending
dispute over classification of a Post Closing Request, the parties shall
continue to cooperate to process such request in accordance with Primary
Servicer's initial classification until a resolution is achieved or, failing
resolution, the Post Closing Request is classified in accordance with the terms
of Section B.2 of this Exhibit B-2(c). Master Servicer and Primary Servicer
acknowledge that it is a goal of both parties not to unduly burden or delay the
processing of a Post Closing Request even though a dispute about classification
of such request may exist but in any event the processing of a Post Closing
Request must be accomplished in a manner consistent and in compliance with the
Pooling and Servicing Agreement and with respect to an A/B Mortgage Loan, the
related A/B Intercreditor Agreement.



                                   EXHIBIT B-3
                      FORMS OF PROPERTY INSPECTION REPORTS

                                See CMSA Website



                                   EXHIBIT B-4
                                TASK DESCRIPTION

                   MASTER SERVICER/PRIMARY SERVICER TASK LIST
        COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-PWR15

Note: Some listed tasks designate more than one party to perform that function
      by placing an "X" in more than one column. In these instances, the parties
      shall follow any specific guidance about the allocation of
      responsibilities in completing the task found in the terms of this
      Agreement (including Exhibits B-2 and B-3). In the absence of specific
      allocation of obligations in this Agreement, the parties shall work in
      good faith to allocate responsibilities in a fair and equitable manner in
      accordance with this Agreement and the Pooling and Servicing Agreement.



                                                                                  MASTER    PRIMARY   SPECIAL
                                                                                 SERVICER  SERVICER  SERVICER  TRUSTEE
                                                                                 --------  --------  --------  -------

1.   Asset Files
     Original credit file management                                                          X
     Original collateral file (security)                                                                       X
     Authorized parties list for request for release of collateral from Trustee      X        X
     Establish servicing files criteria                                              X        X
     Provide access to servicing files and copies of servicing files or of
     specific docs upon request to the Master Servicer                                        X
     Request delivery of files from Trustee upon request and certification of
     Primary Servicer                                                                         X

2.   Property Taxes
     Preparation and delivery of quarterly tax delinquency reports                            X
     Monitoring of tax status - Loans with/without escrows                                    X
     Recommendation of payment of taxes - Loans with/without escrows                          X
     Notification of advance requirement 3 business days prior to advance
     being required                                                                           X
     Payment of taxes - with sufficient escrows                                               X
     Payment of taxes - with escrow shortfall                                        X

3.   Property Insurance
     Preparation and delivery of quarterly insurance tickler reports                          X
     Monitoring of insurance status - Loans with/without escrows                              X
     Ensure insurance carrier meets Pooling and Servicing Agreement
     qualifications                                                                           X
     Ensure insurance in favor of the Master Servicer on behalf of the Trustee                X
     Recommendation of payment or force placement of insurance with/without
     escrow                                                                                   X
     Notification of advance requirement or force placement of insurance 3
     business days prior to advance being required                                            X






                                                                                  MASTER    PRIMARY   SPECIAL
                                                                                 SERVICER  SERVICER  SERVICER  TRUSTEE
                                                                                 --------  --------  --------  -------

     Payment of insurance - with sufficient escrows                                           X
     Payment of insurance or force placement - with escrow shortfall                 X
     Category 1 Requests and Deemed Category 1 Requests
        Preparation and presentment of claims                                                 X
        Collection of insurance proceeds                                                      X
     Category 2 Requests
        Preparation and presentment of claims                                        X
        Collection of insurance proceeds                                             X

4.   UCC Continuation Filings
     Preparation and delivery of quarterly UCC tickler report                                 X
     Maintain tickler system of refiling the dates on all Loans                               X
     File UCC Continuation Statements                                                         X
     Pay recording fees                                                                       X
     Monitor tickler system                                                                   X

5.   Collection/Deposit/Distribution of P&I payments and Principal Prepayments
     Collection and deposit of loan P&I payments                                              X
     Remittance of available Primary Servicer P&I payments to Master Servicer
     and B Note holders, as applicable (net of Aggregate Servicing Fee and
     other fees payable to the Primary Servicer by the B Note holders)                        X
     Provide Collection Reports to Master Servicer                                            X
     Distribution of P&I payments to the Trustee                                     X
     Distribution of Special Servicer compensation                                   X
     Approval of Prepayment Premiums                                                 X

6.   Collection/Deposit/Disbursement of Reserves
     Collection and deposit of reserves                                                       X
     Disbursement of reserves                                                                 X

7.   Customer Billing, Collection and Customer Service
     Contact delinquent borrowers by phone 3 days after delinquent date                       X
     Send 30 day delinquent notices                                                           X
     Send notice of balloon payment to each Mortgagor one year, 180, and 90
     days prior to the related maturity date                                                  X
     Provide copy of Balloon Mortgage Loan notice to Master Servicer                          X

8.   Escrows






                                                                                  MASTER    PRIMARY   SPECIAL
                                                                                 SERVICER  SERVICER  SERVICER  TRUSTEE
                                                                                 --------  --------  --------  -------

     Setup and monitor Escrow Accounts including escrow analysis                              X
     Pay borrower investment income required                                                  X
     Prepare annual escrow analysis                                                           X

9.   Loan payment history/calculation
     Maintain loan payment history                                                            X
     Create payoff/reinstatement statements and telecopy to Master Servicer                   X
     Approve payoff calculations and telecopy approval to Primary Servicer
     within five (5) Business Days                                                   X

10.  Monitoring of Financial and Legal Covenants
     Collect quarterly and annual operating statements, budgets, rent rolls and
     borrower financial statements, as applicable.                                            X
     Deliver Operating Statement Analysis Report, CMSA Financial File and NOI
     Adjustment Worksheet in accordance with Section 2.1(c)(viii) of this
     Agreement.                                                                               X
     Deliver one (1) copy of quarterly and annual operating statements, budgets,
     rent rolls and borrower financial statement, as applicable, within thirty
     (30) days of Primary Servicer's receipt                                                  X
     Complete CMSA Loan Setup File for Mortgage Loans                                X        X
     Complete CMSA Loan Periodic Update File for Mortgage Loans                      X
     Complete and deliver CMSA Property File for Mortgage Loans                               X
     Complete and deliver quarterly Operating Statement Analysis Report and
     CMSA Quarterly Financial File in accordance with Section  2.1(c)(viii) of
     this Agreement.                                                                 X        X
     Cash account Reconciliations - Copies of monthly bank statements for all
     deposit, escrow and reserve accounts                                                     X
     CMSA Supplemental Reports
        Complete Servicer Watch List                                                          X
        Complete Comparative Financial Status Report                                          X
        Delinquent Loan Status Report                                                X
        REO Status Report                                                            X
        Historical Loan Status Report                                                X
        Historical Liquidation Report                                                X
        CMSA Loan Level Reserve/LOC Report                                                    X

11.  Advancing
     Determination of Non-Recoverability                                             X

12.  Borrower Inquiries/Performing Loans






                                                                                  MASTER    PRIMARY   SPECIAL
                                                                                 SERVICER  SERVICER  SERVICER  TRUSTEE
                                                                                 --------  --------  --------  -------

     Performing Loans - respond to routine billing questions                                  X
     Category 1 Requests and Deemed Category 1 Requests
        Assumptions & Due on sale:
           Borrower contact and data gathering                                                X
           Underwriting and analysis of request                                               X
           Approval of assumption                                                             X
           Consent to assumption                                                                         X
           Close assumption                                                                   X
     Category 2 Requests
        Assumptions & Due on sale:
           Initial Borrower contact and data gathering                                        X
           Underwriting and analysis                                                          X          X
           Approval of assumption                                                             X          X
           Consent to assumption                                                                         X
           Close assumption (directly with Borrower)                                          X
     Category 1 Requests and Deemed Category 1 Requests
        Additional Liens, Monetary Encumbrances or Mezzanine Financing:
           Borrower contact and data gathering                                                X
           Underwriting and analysis of request                                               X
           Approval of additional lien, monetary encumbrance or mezzanine
           financing                                                                          X
           Consent to additional lien, monetary encumbrance or mezzanine
           financing                                                                                     X
           Close additional lien, monetary encumbrance or mezzanine financing                 X
     Category 2 Requests
        Additional Liens, Monetary Encumbrances or Mezzanine Financing:
           Initial Borrower contact and data gathering                                        X
           Underwriting and analysis                                                          X          X
           Approval of additional lien, monetary encumbrance or mezzanine
           financing                                                                 X                   X
           Consent to additional lien, monetary encumbrance or mezzanine
           financing                                                                                     X
           Close additional lien, monetary encumbrance or mezzanine financing
           (directly with Borrower)                                                           X

     Modifications (Non-Money Terms), Waivers, Consents and Extensions up to 60
     days (not otherwise provided in this Agreement):
        Initial Borrower contact and data gathering                                           X
        Underwriting and analysis                                                             X
        Approval of modification and extensions up to 60 days (Category 1
        Requests and Deemed Category 1 Requests)                                              X






                                                                                  MASTER    PRIMARY   SPECIAL
                                                                                 SERVICER  SERVICER  SERVICER  TRUSTEE
                                                                                 --------  --------  --------  -------

        Approval of modification and extensions up to 60 days (Category 2
        Request)                                                                     X
        Consent to modification and waivers and other consents  (not otherwise
        provided in this Agreement)                                                                      X
        Closing Documents and Closing                                                         X
     Modification (Money Terms):                                                                         X
     Extensions of Maturity Date (more than 60 days):                                                    X
     Response to request for Discounted Payoffs, Workouts, Restructures,
     Forbearances and Casualties                                                                         X
     Condemnation (only with respect to Specially Serviced Mortgage Loans the
     Special Servicer will perform such functions)                                   X        X          X

13.  Monthly Reporting (Hardcopy & Electronic mail)
     Day One Report                                                                           X
     Delinquency and past due reporting on all Loans                                          X
     Deliver on April 25, July 25, October 25 and January 25 of each year a
     Quarterly Servicing Accounts Reconciliation Certification in the
     form of Exhibit D                                                                        X

14.  Category 1 Requests and Deemed Category 1 Requests
        Release of Collateral
           Determination if collateral should be released                                     X
           Consent to release collateral                                                      X
           Request delivery of files from Trustee upon Primary Servicer
           request and certification                                                          X
           Preparation and recordation of release deeds all Loans (full and
           partial)                                                                           X
     Category 2 Requests
        Release of Collateral
           Initial Borrower contact and data gathering                                        X
           Underwriting and analysis                                                          X
           Determination if collateral should be released                            X
           Consent to release collateral                                             X
           Request delivery of files from Trustee                                             X
           Preparation and recordation of release deeds all Loans (full and
           partial)                                                                           X

15.  Property Annual Inspections
     Conduct site inspection per Pooling and Servicing Agreement requirement                  X
     Provide 3 copies of site inspection reports to the Master Servicer within
     30 days of inspection but not later than December 15 of each year
     beginning in 2008                                                                        X






                                                                                  MASTER    PRIMARY   SPECIAL
                                                                                 SERVICER  SERVICER  SERVICER  TRUSTEE
                                                                                 --------  --------  --------  -------

16.  Preparation of servicing transfer letters                                                X

17.  Preparation of IRS Reporting (1098s and 1099s or other tax reporting
     requirements) and delivery of copies to the Master Servicer by January 31
     of each year                                                                             X

18.  Provide Primary Servicer Form 8-K Information Reports, Primary Servicer
     Form 10-D Information Reports and Primary Servicer Form 10-K Information
     Reports at the  times and in the manner set forth in Section 5.13(c) of
     this Primary Servicing Agreement                                                         X

19.  Provide annual statement of compliance at the times and in the manner set
     forth in Section 5.13(c) of this Primary Servicing Agreement                             X

20.  Provide either (a) a report regarding Primary Servicer's assessment of
     compliance with servicing criteria and a report by a registered public
     accounting firm  that attests to and reports on such assessment report or
     (b) a report of a firm of independent public accounts based on
     USAP-compliant examinations, as the case may be, at the times, in the
     manner and as specified in Section 5.13(c) of this Primary Servicing
     Agreement.                                                                               X

21.  Provide annual Sarbanes-Oxley back-up certification at the times and in
     the manner set forth in Section 5.13(c)(v) of this Primary Servicing
     Agreement                                                                                X

22.  Compensation
     Primary Servicer Fee and other fees payable to the Primary Servicer by
     the B Note holders                                                                       X
     Investment earnings on Primary Servicer Collection Account                               X
     Investment earnings on tax & insurance reserves not payable to borrower                  X
     Investment earnings on reserve accounts not payable to borrower                          X
     Late charges to the extent collected from borrower (offsets advance
     interest per Pooling and Servicing Agreement)                                   X

23.  Defeasance
     Coordinate, analyze, approve, and process defeasance request                             X
     Consent to defeasance                                                           X
     Service Defeasance Loans                                                                 X
     Retain all fees associated with Defeasance Loans                                         X




                                    EXHIBIT C
                 FORM OF POWER OF ATTORNEY FROM MASTER SERVICER

                                       RECORDING REQUESTED BY:

                                       AND WHEN RECORDED MAIL TO:

                                       Attention: Commercial Mortgage Pass-
                                          Through Certificates Series 2007-PWR15

                    Space above this line for Recorder's use
--------------------------------------------------------------------------------

                            LIMITED POWER OF ATTORNEY
                                (MASTER SERVICER)

          WELLS FARGO BANK, NATIONAL ASSOCIATION, acting solely in its capacity
as a Master Servicer ("Master Servicer"), under the Pooling and Servicing
Agreement dated as of March 1, 2007 (the "Pooling and Servicing Agreement") and
a Primary Servicing Agreement dated as of March 1, 2007 (the "Primary Servicing
Agreement"), in each case relating to the Commercial Mortgage Pass-Through
Certificates, Series 2007-PWR15, does hereby nominate, constitute and appoint
Principal Global Investors, LLC ("PGI"), as Primary Servicer under the Primary
Servicing Agreement ("Primary Servicing Agreement"), as its true and lawful
attorney-in-fact for it and in its name, place, stead and for its use and
benefit:

          To perform any and all acts which may be necessary or appropriate to
enable PGI to service and administer the Mortgage Loans (as defined in the
Primary Servicing Agreement) in connection with the performance by PGI of its
duties as Primary Servicer under the Primary Servicing Agreement, giving and
granting unto PGI full power and authority to do and perform any and every act
necessary, requisite, or proper in connection with the foregoing and hereby
ratifying, approving or confirming all that PGI shall lawfully do or cause to be
done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has caused this limited power of
attorney to be executed as of this ___ day of ______________.

                                        WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                        acting solely in its capacity as a
                                        Master Servicer under the Pooling and
                                        Servicing Agreement and the Primary
                                        Servicing Agreement


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



                                    EXHIBIT D

            QUARTERLY SERVICING ACCOUNTS RECONCILIATION CERTIFICATION

          Primary Servicer: Principal Global Investors, LLC

          RE: Bear Stearns Commercial Mortgage Securities Inc., Commercial
          Mortgage Pass-Through Certificates, Series 2007-PWR15

          Pursuant to the Primary Servicing Agreement between Wells Fargo Bank,
National Association ("Wells Fargo Bank") and Principal Global Investors, LLC
("Primary Servicer") for the transaction referenced above, I hereby certify with
respect to each mortgage loan serviced by Primary Servicer for Wells Fargo Bank
for such transaction that within 25 days after the end of each of the months of
[January, February and March][April, May and June][July, August and
September][October, November and December], any and all deposit accounts, escrow
accounts and reserve accounts, and any and all other collection accounts and
servicing accounts, related to such mortgage loan have been properly reconciled,
and the reconciliations have been reviewed and approved, by Primary Servicer's
management, except as otherwise noted below:

           EXCEPTIONS: ______________________________________________


                                ----------------------------------------
                                [Signature]

                                Name: [INSERT NAME OF SERVICING OFFICER]
                                Title: Servicing Officer,
                                       Principal Global Investors, LLC

                                Date: [April, July, October, January] 25, [20__]


                                      D-1



                                   EXHIBIT E

                 FORM OF COVER PAGE FOR REPORT OR CERTIFICATION

                          COMPLIANCE INFORMATION REPORT

IDENTIFYING INFORMATION FOR THIS REPORT:

Date of Submission:                _______

Depositor:                         _____________________________________________

Trust:                             _____________________________________________

Pooling and Servicing Agreement:   Pooling and Servicing Agreement dated as of
                                   _______, ___, among ________________________.

Subservicing Agreement:            Subservicing Agreement dated as of ________,
                                   ___, between Wells Fargo Bank, National
                                   Association, as master servicer, and
                                   ______________, as Primary Servicer.

Master Servicer:                   Wells Fargo Bank, National Association

Primary Servicer:                  _____________________________________________

Primary Servicer Contact Person:   [Name][telephone][facsimile][email address]

THIS REPORT CONTAINS THE FOLLOWING INFORMATION:

Immediate Reporting:

               [_]                 Form 8- K Reporting Information

Monthly Reporting:

               [_]                 Form 10-D Reporting Information

Annual Reporting:

               [_]                 Form 10-K Reporting Information

Annual Compliance:

               [_]                 Compliance Assessment Report (Item 1122(a))
                                   by Primary Servicer on Compliance With
                                   Servicing Criteria in Item 1122(d) of
                                   Regulation AB

               [_]                 Attestation Report (Item 1122(b)) by
                                   Registered Public Accounting Firm on
                                   Compliance Assessment Report

               [_]                 Statement of Compliance (Item 1123)

               [_]                 Sarbanes-Oxley Back-Up Certification

THIS REPORT AMENDS PRIOR REPORTING INFORMATION:

               [_]                 Yes - Date of Submission of Prior Reporting
                                   Information:

                                   _____/______/______

               [_]                 No


                                      G-1



                                   APPENDIX 1
           Items Required for Defeasance Submission to Master Servicer

                REQUEST FOR MASTER SERVICER CONSENT TO DEFEASANCE

          Primary Servicer shall submit to Master Servicer the following listed
items to seek the consent of Master Servicer to a defeasance of a Mortgage Loan
or an A/B Mortgage Loan that Primary Servicer is permitted to process under this
Primary Servicing Agreement.

1.   Copy of written notice to Primary Servicer from Mortgagor requesting
     defeasance of the applicable Mortgage Loan.

2.   An Executed Certificate substantially in the form attached hereto at
     Exhibit A.

3.   (i) A description of the proposed defeasance collateral, (ii) written
     confirmation from an independent accountant stating that payments made on
     such defeasance collateral are sufficient to pay the subject Mortgage Loan,
     and (iii) a copy of the form of opinion of counsel from the related
     Mortgagor or other counsel that the related Trust has the benefit of a
     first lien, perfected security interest in the defeasance collateral.

4.   Such other items as are reasonably required by Master Servicer consistent
     with the Servicing Standard as long as such requirements may be required of
     the related Mortgagor under the related Loan Documents without additional
     expense to Primary Servicer or Master Servicer.


                                   Appendix 1



                            EXHIBIT A TO APPENDIX 1

                     PRIMARY SERVICER DEFEASANCE CERTIFICATE

                              [INSERT DATE], 20[_]

RE: Defeasance of the "[INSERT NAME OF MORTGAGE LOAN FROM SCHEDULE I]"
(Prospectus ID Number: [INSERT ID NUMBER]) mortgage loan (the "Mortgage Loan")
to [INSERT NAME OF MORTGAGOR] (the "Mortgagor") serviced by Principal Global
Investors, LLC, as primary servicer (the "Primary Servicer") pursuant to that
Primary Servicing Agreement (the "Primary Servicing Agreement") dated as of
March 1, 2007, between Primary Servicer and Wells Fargo Bank, N.A., as a master
servicer (the "Master Servicer") related to the Bear Stearns Commercial Mortgage
Securities Inc., Commercial Mortgage Pass-Through Certificates, Series
2007-PWR15.

The undersigned hereby certifies to the Master Servicer on behalf of the Primary
Servicer as of the date hereof as follows:

1. The Mortgagor has the right to defease the Mortgage Loan pursuant to the loan
documents (the "Loan Documents") related to the Mortgage Loan.

2. The Mortgagor will have satisfied all of the requirements for the defeasance
of the Mortgage Loan under the Loan Documents by the closing date of the
defeasance.

3. (i) The Primary Servicer has retained outside legal counsel with experience
reviewing and documenting the defeasance of commercial mortgage loans to review
the Loan Document defeasance provisions and to document the defeasance of the
Mortgage Loan in accordance therewith and (ii) the Primary Servicer has provided
or will provide such legal counsel with the Loan Documents needed for such
purposes.

PRINCIPAL GLOBAL INVESTORS, LLC


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


                            Exhibit A to Appendix 1



                                   APPENDIX 2
            Assignment and Assumption Submission to Special Servicer

PRESENT MORTGAGOR:

PROPOSED MORTGAGOR:

PRIMARY SERVICER #:

SPECIAL SERVICER #:

COLLATERAL TYPE:                      (Retail, Industrial, Apartments,
                                      Office, etc.)

ADDRESS:                              Property Address

                                      City, State, zip code

ASSET STATUS:                         As of (date)

   Principal Balance:                       $
   Unpaid Accrued Interest:                 $
   Unpaid Late Fees/other fees:             $
   Tax Escrow Balance:                      $
      (a) Insurance Escrow Balance:         $

   Reserve Escrow Balance:                  $
   Monthly (P&I) Payment:                   $
   Interest Rate:                           %
   Date Principal Paid To:
   Date Interest Paid To:
   Maturity Date:
   Origination Date:

Executive Summary:

1.   Summarize the transaction

          a.   note any significant modification of terms of the Loan Documents
               permitting assumption that could result in Adverse REMIC Event

2.   Discuss proposed Mortgagor entity and ownership structure

          a.   include any changes in level of SAE or SPE compliance from
               existing Mortgagor as noted on Asset Summary attached)

3.   How will title be held

4.   Source of cash for down payment

5.   Briefly describe collateral


                              Page 1 of Appendix 2



          a.   Size, occupancy, primary tenants, location

          b.   Prior year NOI and DSCR and Pro-forma NOI DSCR

6.   Complete the chart below:

The sale terms and property characteristics are summarized as follows:

Purchase price                               $
Buyer down payment                           $ (%)
Estimated closing date
1% loan fee split: Principal                 40% - $
   WFB, Master Serv.                         10% - $
   ARCap, Special Serv.                      50% - $
Most recent appraised value according to
appraisal in Primary Servicer's possession   $
Loan-to-value as if initial underwriting     %
Occupancy as of                              %
12/31/__ NOI                                 $
Debt service coverage as of                  x

Financial Condition of Proposed Mortgagor/Guarantor:

1.   Explain background and experience of the proposed Mortgagor/principals;
     describe any deficiencies in Mortgagor's ability to meet creditworthiness
     and experience requirements of Loan Documents and compare creditworthiness
     and experience of proposed Mortgagor to that of transferring Mortgagor to
     the extent information about transferring Mortgagor is available.

2.   State date of the financial statement, who prepared, if CPA, state the
     opinion rendered, how assets are valued

3.   Highlight Balance sheet and Income statement

          a.   Describe significant assets (e.g. obtain from proposed Mortgagor
               and Guarantor (as applicable) information about how it values its
               assets)

          b.   Related debt

4.   For public companies that have historical financial information:

          a.   Spread Balance Sheet for minimum of two (2) years (request three
               (3) years, if available)

          b.   Spread and commonsize Income statement for minimum of two (2)
               years (request three (3) years, if available);

5.   Explain results of credit checks, legal searches and banking credit
     references (two required)

6.   If Rating Agency Confirmation is permitted under applicable Loan Documents,
     note if such Confirmation will be sought

7.   Describe whether assigning Mortgagor and/or Guarantors will be released
     from its obligations under the Loan Documents [from and after the date of
     the transfer]. If so, describe extent of release and rationale for it.

Project Status & Description: (See attached Asset Summary, most recent
Inspection Report and most recent rent roll)

1. Describe any current, material issues regarding the operating status of the
property: (e.g. issues surrounding current occupancy, anchor tenants, tenant
rollover)

Property Financial Summary: (See attached Income and Expense Statements for
Mortgaged Property and year-to-date operating statements)


                                2 of Appendix 2



New Environmental and Engineering Developments (if any) and Status of Issues
identified in Original Reports or Loan Documents as needing Remediation: (See
attached Asset Summary)

1.   Describe any material issues requiring remediation contained in original
     reports

2.   Describe current status of issue and remediation

Escrow Status:

1.   Explain status of all reserves

Property Management Summary:

1.   Who is proposed property management firm

2.   Background and Experience

Collateral Valuation:

1.   Discuss the original appraisal

     A.   Who prepared

     B.   Attach Executive Summary and discussion of approach to value given
          most weight from most recent appraisal in Primary Servicer's
          possession

2.   Comparison of the following (original to actual property):

     A.   Vacancy

     B.   Rents

     C.   Taxes

     D.   Other Key Expenses

               Current Market Conditions:

               Briefly state material current real estate market dynamics and
economic influences that may affect the operational performance of the property.

Recommendation:

1.   State recommendation for approval.

2.   Highlight strengths and weaknesses. How are weaknesses mitigated? (bullet
     points are fine)


                                3 of Appendix 2



Request for Special Servicer Consent:

Primary Servicer hereby recommends and requests consent of Special Servicer to
the foregoing Assignment and Assumption.


By:
    ---------------------------------
Title:
       ------------------------------
Date:
      -------------------------------

Consent to Assignment & Assumption is given:

ARCAP SERVICING, INC., acting solely
in its capacity as Special Servicer


By:
    ---------------------------------
Title:
       ------------------------------
Date:
      -------------------------------


                                4 of Appendix 2



                  Schedule of Exhibits to Assumption Submission

1.   Financial statements of purchasing entity and any guarantors (audited, if
     available)

2.   Financial statement of selling entity only if available

3.   Bank and /or credit references for transferee

4.   Credit report for principal(s) of the proposed borrowing entity.

5.   Most recent Income & Expense Statement for Mortgaged Property and operating
     statement review

6.   Income & Expense Statement for Mortgaged Property for previous two (2)
     years to the extent available

7.   Most recent Property Inspection report

8.   Original Asset Summary for Mortgaged Property

9.   Purchase and Sale Agreement

10.  If available from Mortgagor, diagram of proposed ownership structure,
     including percentages of ownership

11.  Proposed property management agreement

12.  Description and source of equity being used for the purchase, if available

13.  Most recent Rent Roll

14.  Copy of Promissory Note, Mortgage and any Loan Agreement

15.  Other items as required by the description set forth above


                                5 of Appendix 2



                                   APPENDIX 3

   Additional Lien, Monetary Encumbrance or Mezzanine Financing Submission to
                                Special Servicer

Mortgagor:

Master Servicer Loan  #:

Primary Servicer Loan #:

Collateral Type:                                (Retail, Industrial, Apartments,
                                                 Office, etc.)

Address of Property:

Asset Status                                    As of (date):
---------------------------------------------   -------------
   Principal Balance:                                 $
   Unpaid Accrued Interest:                           $
   Unpaid Late Fees/other fees:                       $
   Tax Escrow Balance:                                $
   Insurance Escrow Balance:                          $
   Monthly P+I Payment:                               $
   Interest Rate:                                     %
   Date Principal Paid To:
   Date Interest Paid To:
   Origination Date:
   Maturity Date:

Executive Summary:

1.   Summarize the transaction

     a.   note deviations from requirements for subordinate/mezzanine financing
          contained in Loan Documents

     b.   if Rating Agency Confirmation is permitted under applicable Loan
          Documents, note if such Confirmation will be sought

2.   State amount and purpose of Lien/Financing

3.   Interest Rate

4.   Amount of Monthly/Periodic Payment (identify if P&I or Interest only)

5.   Identify Subordinate/Mezzanine Lender

     a.   provide any information furnished by Mortgagor regarding proposed
          lender

6.   Collateral pledged or mortgaged as security:

7.   Briefly describe collateral

     a.   Size, occupancy, primary tenants, location

     b.   NOI and DSCR for prior year and, if available, prior two years and
          Pro-forma NOI DSCR

8.   Complete the chart below:


                              Page 1 of Appendix 3



The transaction terms and property characteristics are summarized as follows:

Estimated closing date for financing:

Administrative fee to Primary Servicer          $

Additional Fees, if any                         $
(50%: Special Servicer; 10%: Master Servicer;
40%: Primary Servicer

Most recent appraised value according to
appraisal in Primary Servicer's possession      $

Loan-to-value as of initial underwriting        %

Occupancy as of                                 %

12/31/__ NOI                                    $

Debt service coverage as of                     x

Project Status & Description: (See attached Asset Summary, most recent
Inspection Report and most recent rent roll)

1.   Describe any current, material issues regarding the operating status of the
property: (e.g. issues surrounding current occupancy, anchor tenants,  tenant
rollover)

Property Financial Summary: (See attached most recent Income and Expense
Statement for Mortgaged Property and operating statement review)

Escrow Status:

1.   Explain status of all Reserves

Collateral Valuation:

1.   Discuss the original appraisal

     A.   Who prepared

     B.   Attach Executive Summary and discussion of approach to value given
          most weight from most recent appraisal in Primary Servicer's
          possession

2.   Comparison of the following (original to actual property):

     A.   Vacancy

     B.   Rents

     C.   Taxes

     D.   Other Key Expenses

               Current Market Conditions:

               Briefly state material current real estate market dynamics and
economic influences that may affect the operational performance of the property.

Recommendation:

1.   State recommendation for approval.

2.   Highlight strengths and weaknesses. How are weaknesses mitigated? (bullet
     points are fine)


                                 2 of Appendix 3



Request for Special Servicer Consent:

Primary Servicer hereby recommends and requests consent of Special Servicer to
the foregoing [Subordinate/Mezzanine] Financing.


By:
    --------------------------------------

Title:
       -----------------------------------

Date:
      ------------------------------------

Consent to Additional Lien, Monetary Encumbrance or Mezzanine Financing as
described above is given:
ARCap SERVICING, INC., acting solely in its capacity as
Special Servicer


By:
    --------------------------------------

Title:
       -----------------------------------

Date:
      ------------------------------------


                                 3 of Appendix 3



     Schedule of Exhibits to Additional Lien, Monetary Encumbrance or Mezzanine
     Financing Submission

1.   Most recent Income & Expense Statement for property and operating statement
     review

2.   Original Asset Summary for Mortgaged Property

3.   [For Mezzanine financing: If available from Mortgagor, diagram of proposed
     ownership structure, including percentages of ownership]

4.   [For subordinate mortgage: Copy of Subordination/Intercreditor Agreement in
     substantially the form to be executed with subordinate lender]

5.   Copy of Note, Mortgage and any Loan Agreement

6.   Copy of subordinate loan documents in substantially the form to be executed

7.   Most recent Rent Roll.

8.   Other items as required by the description set forth above


                                 4 of Appendix 3



                                   APPENDIX 4

                        Lease Summary Submission Package

                                                 Loan # ________________________

Borrower Name:

________________________________________________________________________________

Property Name:

________________________________________________________________________________

Total Property NRSF (Per Rent Roll):

________________________________________________________________________________

Lease Sq. Footage ________ % of Total NRSF

Is Lease A Major Lease Per Loan Docs (Y/N)

________________________________________________

                                LEASE INFORMATION

1.   Parties to Lease

     a.   Landlord:_____________________________________________________________

     b.   Rent Commencement Date:

          ______________________________________________________________________

     c.   Tenant: ______________________________________________________________

     d.   Parent Company (if applicable): ______________________________________

     e.   Subtenant and/or Assignee (if applicable): ___________________________

     f.   IF YES, IS ORIGINAL TENANT LIABLE?
          (Y/N) ________________________________________________________

     g.   Guarantor(s): ________________________________________________________

     h.   Tenant financial statements attached: ________________________________

     i.   If not, why: _________________________________________________________

2.   Basic Lease Terms

     a.   Lease Commencement Date:
          ______________________________________________________________________

     b.   Rent Commencement Date:
          ______________________________________________________________________

     c.   Lease Expiration:
          ______________________________________________________________________

     d.   Unexercised Extension Options (Y/N):
          ________________________________________________________________

          -If Yes, # of Options/Term (i.e. 1-3 yrs):
          _______________________________________________________________

               -Terms:
________________________________________________________________________________

     e.   Lease Type (Credit/Form):
          ______________________________________________________________________

     f.   Use of Premises:
          ______________________________________________________________________


                                   Appendix 4



3.   Lease Economic Terms

     a.   Current Base Annual Rent $

          _____________________________________________________________________

     b.   Scheduled Increases Date/New Annual:

          _____________________________________________________________

     c.   Increases/Option Periods (Date/New Annual Rent/PSF):

          _________________________________________________

     d.   Percentage Rent Clause? Breakpoint:

          _______________________________________________________________

     e.   TI Amortization Component:

          __________________________________________________________________

     f.   Rent Concessions (enter month):

          __________________________________________________________________

4.   Expense Reimbursement Recoverable From the Lease (Only note those that
     apply):

     a.   Taxes ________________________________________________________________

     b.   Insurance ____________________________________________________________

     c.   Management Fees ______________________________________________________

     d.   Utilities ____________________________________________________________

     e.   Non-Structural
          Maintanance/Repair ___________________________________________________

     f.   Contract Services
          ______________________________________________________________________

     g.   Administrative (% of CAM)
          ______________________________________________________________________

     h.   Professional Fees ____________________________________________________

     i.   CAM ______________________________________________________________

5.   Options

     a.   Purchase Option (Note Date/Terms):
          __________________________________________________________

     b.   Right of First Refusal (Note Date/Terms/Reference
          DOT): ________________________________________

6.   Other Information (Only note those that apply):

     a.   Expense Stop Formula _________________________________________________

     b.   Base Year ____________________________________________________________

     c.   Security/Other Deposits ______________________________________________

     d.   Tenant Improvement Allowance _________________________________________

     -Above Standard
TI's? ________________________________________________________________________



7.   Compliance

     a.   Lease meets all requirements of the Loan Documents. (Y/N)
          If no,
specify ________________________________________________________________________

     b.   Landlord has complied with all leasing requirements in the Loan
          Documents. (Y/N)
          If no,
specify ____________________________________________________________________

8.   Recommendation

Request for Master Servicer Consent:

Primary Servicer hereby recommends and requests consent of Master Servicer to
the foregoing Lease Approval.


By:
    ------------------------------------

Title:
       ---------------------------------

Date:
      ----------------------------------

Consent to Lease Approval is given:

Wells Fargo Bank, National Association, acting solely in its capacity as Master
Servicer


By:
    ------------------------------------

Title:                                     Date:
       ---------------------------------         -------------------------------



Exhibits to Lease Summary Submission Package

1.   Borrower's written request

2.   Lease with amendments, if any

3.   Current Rent Roll

4.   Current Operating Statement

5.   Tenant Financial Statement

6.   Applicable provision of Loan Documents