Item 1. Business.
Omitted.
Item 2.
Item 2. Properties.
See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information provided in lieu of information required by Item 102 of Regulation S-K.
Item 3.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings involving the trust created under the Pooling and Servicing Agreement (the Trust), the Trustee, the Servicer or the registrant with respect to the Trust other than routine litigation incidental to the duties of the respective parties.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
No established public trading market for the Certificates exists.
Records provided to the Trust by the DTC and the Trustee indicate that as of December 31, 2003, the number of holders of record for each class of Certificate were as follows:
Class A-1 15 Class A-2 21 Class A-SP 10 Class A-X 7 Class A-Y 1 Class B 4 Class C 3 Class D 5 Class E 3 Class F 5 Class G 5 Class H 4 Class J 4 Class K 4 Class L 3 Class L-R 1 Class M 3 Class N 3 Class O 3 Class P 3 Class Q 3 Class R 1 Class V 1
Total: 112
Item 6.
Item 6. Selected Financial Data.
Omitted.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.
Omitted.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information provided in lieu of information required by Item 302 of Regulation S-K.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A.
Item 9A. Controls and Procedures.
Not applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not applicable.
Item 11.
Item 11. Executive Compensation.
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Item 14.
Item 14. Principal Accounting Fees and Services.
Not applicable.
Item 14. Controls and Procedures.
Not applicable.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
(31.1) Rule 13a-14(a)/15d-14(a) Certification
(99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 2003.
(99.2) Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 2003.
(99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 2003.
(99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders.
(b) On October 27, 2003, November 26, 2003, and December 31, 2003 reports on Form 8-K were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed during the last quarter of the period covered by this report.
(c) Not applicable.
(d) Omitted.
Filed herewith.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized:
Credit Suisse First Boston Mortgage Securities Corporation Commercial Mortgage Pass-Through Certificates Series 2003-CPN1 (Registrant)
Signed: Credit Suisse First Boston Mtg. Securities Corp. by Wells Fargo Bank, N.A. its Attorney in fact
By: Beth Belfield, Assistant Vice-President
By: /s/ Beth Belfield, Assistant Vice-President
Dated: March 30, 2004
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
(a)(i) No annual report is provided to the Certificateholders other than with respect to aggregate principal and interest distributions.
(a)(ii) No proxy statement, form of proxy or other proxy soliciting material has been sent to any Certificateholder with respect to any annual or other meeting of Certificateholders.
Exhibit Index
Exhibit No.
Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification
I, Anand Gajjar, certify that:
1. I have reviewed this annual report on Form 10-K (the "Annual Report"), and all reports on Form 8-K (together with the Annual Report; the "Reports") containing distribution or servicing reports filed in respect of periods included in the year covered by the Annual Report, of Credit Suisse First Boston Mortgage Securities Corporation Commercial Mortgage Pass-Through Certificates Series 2003-CPN1 Trust;
2. Based on my knowledge, the information in the Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by the Annual Report;
3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in the Reports is included in the Reports;
4. Based on my knowledge and upon the annual compliance statement included in the Annual Report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the Reports, the servicer has fulfilled its obligations under the servicing agreement; and
5. The Reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in the Reports.
In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: National Consumer co-operative Bank, as Co-op Special Servicer, Wells Fargo Bank N.A. as Trustee, Midland Loan Services, Inc., as General Master Servicer and General Special Servicer, and NCB, FSB as Co-op Master Servicer.
Date: March 30, 2004
/s/ Anand Gajjar, Signature
Vice-President Title
Ex-99.1 (a)
Deloitte (logo)
Deloitte & Touche LLP Suite 400 1010 Grand Boulevard Kansas City, MO 64106-2232 USA
Tel: +1 816 464 6180 www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors The PNC Financial Services Group, Inc.
We have examined management's assertion, included in the accompanying report titled Report of Management, that Midland Loan Services, Inc. (MLS), an indirect wholly-owned subsidiary of The PNC Financial Services Group, Inc., has complied with the established minimum servicing standards within its Servicing Policy as of and for the year ended December 31, 2003, dated February 5, 2004. Management is responsible for MLS's comp1iance with the Servicing Policy. Our responsibility is to express an opinion on management's assertion about MLS's compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public AccountantS and, according]y, included examining, on a test basis, evidence about MLS's compliance with the Servicing Policy and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on MLS's compliance with the Servicing Policy.
In our opinion, management's assertion that MLS complied with the aforementioned Servicing Policy as of and for the year ended Dccember 31, 2003 is fairly stated, in all material respects, based on the criteria set forth in Appendix I.
/s/ Deloitte & Touche
February 5, 2004
Member of Deloitte Touche Tohmatsu
Ex-99.1 (b)
Deloitte (logo)
Deloitte & Touche LLP Suite 400 1010 Grand Boulevard Kansas City, MO 64106-2232 USA
Tel: +1 816 464 6180 www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors The PNC Financial Services Group, Inc.
We have examined management's assertion, included in the accompanying report titled Report of Management, that Midland Loan Services, Inc. (MLS), an indirect wholly-owned subsidiary of The PNC Financial Services Group, Inc., has complied with the established minimum servicing standards within its Servicing Policy as of and for the year ended December 31, 2003, dated February 5, 2004. Management is responsible for MLS's comp1iance with the Servicing Policy. Our responsibility is to express an opinion on management's assertion about MLS's compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public AccountantS and, according]y, included examining, on a test basis, evidence about MLS's compliance with the Servicing Policy and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on MLS's compliance with the Servicing Policy.
In our opinion, management's assertion that MLS complied with the aforementioned Servicing Policy as of and for the year ended Dccember 31, 2003 is fairly stated, in all material respects, based on the criteria set forth in Appendix I.
/s/ Deloitte & Touche
February 5, 2004
Member of Deloitte Touche Tohmatsu
Ex-99.1 (c)
Independent Accountants' Report
Board of Directors NCB, FSB Hillsboro, Ohio
We have examined management's assertion about NCB, FSB's (the Bank) compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that the Bank had in effect a fidelity bond and errors and omissions policy in the amount of $10,000,000 and $7,500,000 as of and for the year ended December 31, 2003. Management is responsible for the Bank's compliance with those minimum servicing standards as they relate to serviced commercial blanket real estate loans. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Bank's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Bank complied with the aforementioned minimum servicing standards and that the Bank had in effect a fidelity bond and errors and omissions policy in the amount of $10,000,000 and $7,500,000, respectively, as of and for the year ended December 31, 2003 is fairly stated, in all material respects.
BKD, LLP
Indianapolis, Indiana February 12, 2004
Ex-99.1 (d)
Independent Accountants' Report
Board of Directors NCB, FSB Hillsboro, Ohio
We have examined management's assertion about NCB, FSB's (the Bank) compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that the Bank had in effect a fidelity bond and errors and omissions policy in the amount of $10,000,000 and $7,500,000 as of and for the year ended December 31, 2003. Management is responsible for the Bank's compliance with those minimum servicing standards as they relate to serviced commercial blanket real estate loans. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Bank's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Bank complied with the aforementioned minimum servicing standards and that the Bank had in effect a fidelity bond and errors and omissions policy in the amount of $10,000,000 and $7,500,000, respectively, as of and for the year ended December 31, 2003 is fairly stated, in all material respects.
BKD, LLP
Indianapolis, Indiana February 12, 2004
Ex-99.2 (a)
MIDLANDLOANSERVICES (logo)
Management's Assertion on Compliance with the Servicing Standards Set Forth in the Servicing Policy for the Year Ended December 31, 2003
Report of Management
As of and for the year ended December 31, 2003, Midland Loan Services, Inc. (MLS), an indirect wholy-owned subsidiary of The PNC Financial Services Group, Inc. (PNC), has complied, in all material respects, with MLS's established minimum servicing standards in the Servicing Policy for commercial loans and multifamily servicing as set forth in Appendix I. The minimum servicing standards are based on the Mortgage Bankers Association of America's Uniform Singles Attestation Program for Mortgage Bankers, modified to address the unique characteristics of commercial loans and multifamily servicing. The minimum servicing standards within the Servicing Policy do not include standards V.4 and VI.1, which the Mortgage Bankers Association of America has interpreted as inapplicable to commercial loan and multifamily servicing.
As of and for this same period, PNC was covered by a fidelity bond in the amount of $200,000,000 and an errors and omissions policy in the amount of $80,000,000.
MIDLAND LOAN SERVICES, INC.
/s/ Douglas D. Danforth Douglas D. Danforth CEO/President
/s/ Steven W. Smith Steven W. Smith Executive Vice President
/s/ Vincent E. Beckett Vincent E. Beckett CFO/Executive Vice President
February 5, 2004
A Member of the PNC Financial Group 10851 Mastin P.O. Box 25965 Shawnee Mission Kansas 66225-5965 www.midlandls.com 913 253 9000 T 913 253 9709 F
APPENDIX I
MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
I. CUSTODIAL BANK ACCOUNTS
1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:
* be mathematically accurate; * be prepared within forty-five (45) calendar days after the cutoff date; * be reviewed and approved by someone other than the person who prepared the reconciliation; and * document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification.
2. Funds of the servicing entity shall be advanced in cases where there is an overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be retumed to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
II. MORTGAGE PAYMENTS
1. Mortgage payments shall be desposited into the custodial bank accounts and related bank clearing accounts within two business dsays of receipt.
2. Mortgage payments made in accordance with the mortgagor's loan documents shall be posted to the applicable mortgagor records within two business days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance, taxes or other escrow items in accordance with the mortgagor's loan documents.
4. Mortgage payments identitied as loan payoffs shall be allocated in accordance with the mortgagor's loan documents.
III. DISBURSEMENTS
1. Disbursements made via wire transfer on behalf of a mortgagor or Investor shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be postcd within two business days to the mortgagor's or investor's records maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or insurance policy expiration dates, as indicated on tax bills and insurance premium notices, respectively, provided that such support has been received by the servicing entity at least thirty (30) ca1endar days prior to these dates.
4. Any late payment penalties paid in conjunction with the payment of any tax bill or insurance premium notice shall be paid from the servicing entity's funds and not charged to the mortgagor, unless the late payment was due to the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.
6. Unused checks shall be safeguarded so as to prevent unauthorized access.
IV. INVESTOR ACCOUNTING AND REPORTING
1. The servicing entity's investor reports shall agree with, or reconcile to, investors' records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.
V. MORTGAGOR LOAN ACCOUNTING
1. The servicing entity's mortgage loan records shall agree with, or reconcile to, the records of mortgagors with respect to the unpaid principal balance on a monthly basis.
2. Adjustments on ARM loans shall be computed based on the related mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan documents, on at least an annual basis.
4. Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws.
VI. DELINQUENCIES
1. Records documenting collection efforts shall be maintained during the period a loan is in default and shall be updated at least monthly. Such records shall describe the entity's activities in monitoring delinquent loans including, for example, phone calls, letters and mortgage payment rescheduling plans in cases where the delinquency is deemed temporary (e.g., illness or unemployment).
VII. INSURANCE POLICIES
1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented to investors in management's assertion.
Ex-99.2 (b)
MIDLANDLOANSERVICES (logo)
Management's Assertion on Compliance with the Servicing Standards Set Forth in the Servicing Policy for the Year Ended December 31, 2003
Report of Management
As of and for the year ended December 31, 2003, Midland Loan Services, Inc. (MLS), an indirect wholy-owned subsidiary of The PNC Financial Services Group, Inc. (PNC), has complied, in all material respects, with MLS's established minimum servicing standards in the Servicing Policy for commercial loans and multifamily servicing as set forth in Appendix I. The minimum servicing standards are based on the Mortgage Bankers Association of America's Uniform Singles Attestation Program for Mortgage Bankers, modified to address the unique characteristics of commercial loans and multifamily servicing. The minimum servicing standards within the Servicing Policy do not include standards V.4 and VI.1, which the Mortgage Bankers Association of America has interpreted as inapplicable to commercial loan and multifamily servicing.
As of and for this same period, PNC was covered by a fidelity bond in the amount of $200,000,000 and an errors and omissions policy in the amount of $80,000,000.
MIDLAND LOAN SERVICES, INC.
/s/ Douglas D. Danforth Douglas D. Danforth CEO/President
/s/ Steven W. Smith Steven W. Smith Executive Vice President
/s/ Vincent E. Beckett Vincent E. Beckett CFO/Executive Vice President
February 5, 2004
A Member of the PNC Financial Group 10851 Mastin P.O. Box 25965 Shawnee Mission Kansas 66225-5965 www.midlandls.com 913 253 9000 T 913 253 9709 F
APPENDIX I
MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
I. CUSTODIAL BANK ACCOUNTS
1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:
* be mathematically accurate; * be prepared within forty-five (45) calendar days after the cutoff date; * be reviewed and approved by someone other than the person who prepared the reconciliation; and * document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification.
2. Funds of the servicing entity shall be advanced in cases where there is an overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be retumed to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
II. MORTGAGE PAYMENTS
1. Mortgage payments shall be desposited into the custodial bank accounts and related bank clearing accounts within two business dsays of receipt.
2. Mortgage payments made in accordance with the mortgagor's loan documents shall be posted to the applicable mortgagor records within two business days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance, taxes or other escrow items in accordance with the mortgagor's loan documents.
4. Mortgage payments identitied as loan payoffs shall be allocated in accordance with the mortgagor's loan documents.
III. DISBURSEMENTS
1. Disbursements made via wire transfer on behalf of a mortgagor or Investor shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be postcd within two business days to the mortgagor's or investor's records maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or insurance policy expiration dates, as indicated on tax bills and insurance premium notices, respectively, provided that such support has been received by the servicing entity at least thirty (30) ca1endar days prior to these dates.
4. Any late payment penalties paid in conjunction with the payment of any tax bill or insurance premium notice shall be paid from the servicing entity's funds and not charged to the mortgagor, unless the late payment was due to the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.
6. Unused checks shall be safeguarded so as to prevent unauthorized access.
IV. INVESTOR ACCOUNTING AND REPORTING
1. The servicing entity's investor reports shall agree with, or reconcile to, investors' records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.
V. MORTGAGOR LOAN ACCOUNTING
1. The servicing entity's mortgage loan records shall agree with, or reconcile to, the records of mortgagors with respect to the unpaid principal balance on a monthly basis.
2. Adjustments on ARM loans shall be computed based on the related mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan documents, on at least an annual basis.
4. Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws.
VI. DELINQUENCIES
1. Records documenting collection efforts shall be maintained during the period a loan is in default and shall be updated at least monthly. Such records shall describe the entity's activities in monitoring delinquent loans including, for example, phone calls, letters and mortgage payment rescheduling plans in cases where the delinquency is deemed temporary (e.g., illness or unemployment).
VII. INSURANCE POLICIES
1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented to investors in management's assertion.
Ex-99.2 (c)
NCB FSB A National Cooperative Bank Company www.ncb.coop
February 12, 2004
BKD, LLP Certified Public Accountants 201 N. Illinois Street, Suite 700 P.O. Box 44998 Indianapolis, IN 46204
We are providing this letter in connection with your examination of our assertion that NCB, FSB complied with the minimum servicing standards in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 2003 for its serviced commercial blanket real estate loans. We recognize that obtaining representations from us concerning the information contained in this letter is a significant procedure in enabling you to express an opinion on management's assertion about compliance with the minimum servicing standards.
We confirm, to the best of our knowledge and belief, the following:
1. We are responsible for complying with the minimum servicing standards in the USAP.
2. We are responsible for establishing and maintaining an effective internal control structure over compliance with the minimum servicing standards.
3. We have performed an evaluation of NCB, FSB's compliance with the minimum servicing standards.
4. We have disclosed to you all known noncompliance with the minimum servicing standards.
5. We have made available to you all documentation related to compliance with the minimum servicing standards.
1725 Eye Street, N.W., Suite 600 Washington, DC 20006 1.800.955.9622 Tel 202.336.7700 Fax 202.336.7802
BKD, LLP February 12, 2004 6. We have disclosed any communications from regulatory agencies, internal auditors and other practitioners concerning possible noncompliance with the minimum servicing standards, including communications received between December 31, 2003 and February 12, 2004.
7. We have disclosed to you any known noncompliance occurring subsequent to December 31, 2003 through the date of this letter.
8. As of and for the year ended December 31,2003, NCB, FSB has complied in all material respects with the minimum servicing standards set forth in the USAP for its serviced commercial blanket real estate loans. As of and for this same period, NCB, FSB had in effect an errors and omissions policy in the amount of $7,500,000.00 and a fidelity bond in the amount of $10,000,000.00.
/s/ Steven Brookner Steven Brookner, CEO
/s/ Kathleen Luzik Kathleen Luzik, COO
Ex-99.2 (d)
NCB National Cooperative Bank (Logo) www.ncb.com
March 15, 2004
Wells Fargo Corporate Trust Office-CMBS Annual Compliance 9062 Old Annapolis Road Columbia, MD 21045
RE: Annual Statement as to Compliance CSFB Series 2003 CPN1
Dear Sir/Madam:
In accordance with the Pooling and Servicing Agreement herewith is the Officer's Certificate.
a. A review of the activities of the Special Servicer during the proceding calender year and of its performance under the Sale and Servicing Agreement has been made under such officer's supervision.
b. To the best of my knowledge, based on these reviews, the Special Servicer has fulfilled all obligations under this agreement in all material respects throughout the year.
Sincerely, /s/ Matthew Wehland Matthew Wehland Vice President NCB
Ex-99.3 (a)
(logo) M1DLANDLOANSERVICES
March 8, 2004
Ms. Jennifer Richardson Wells Fargo Bank Minnesota, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD USA 21045-1951
VIA UPS (410) 884-2194
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass- Through Certificates, Series 2003-CPN1 Pooling and Servicing Agreement
OFFICER'S CERTIFICATE
Pursuant to the requirements of that certain Pooling and Servicing Agreement governing the referenced Trust (the "PSA"), it is hereby certified that (i) the undersigned has completed a review of the servicer's performance of its obligations under the PSA for the preceding calendar year; (ii) to the best of the undersigned's knowledge on the basis of that review the servicer has fulfilled all of its obligations under the PSA throughout such period in all material respects; (iii) to the best of the undersigned's knowledge, the subservicer, of the servicer under the PSA, if any, has fulfilled its obligations under its sub-servicing agreement in all material respects; and, (iv) no notice has been received from any governmental agency or body which would indicate a challenge or question as to the status of the Trust's qualification as a REMIC under the U.S. Code.
/s/ Charles J. Sipple Charles J. Sipple Executive Vice President
3-8-04 Date
Credit Suisse First Boston Mortgage Securities Corp.. Commercial Mortgage Pass-Through Certificates, Series 2003-CPN1
March 8, 2004
A member of The PNC Financial Services Group 10851 Mastin Overland Park Kansas 66210
(logo)
cc: Mr. Dan Sefcik Anthracite Capital, Inc. 345 Park Avenue New York, NY 10154-0000
Ms. Pamela McCormack, Esq. Credit Suisse First Boston Mortgage Securities Corporation Compliance Department 11 Madison Avenue New York, NY 10010-0000
Mr. Edmund Taylor Credit Suisse First Boston Mortgage Securities Corporation 11 Madison Avenue New York, NY 10010-0000
Attn: Commercial Mortgage Surveillance Moody's Investor Services, Inc. 99 Church Street, 4th Floor New York, NY 10007-0000
Attn: CMBS Surveillance Standard & Poor's Ratings Services 55 Water Street, 41st Floor New York, NY 10041-0000
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass- Through Certificates, Series 2003-CPN1 March 8, 2004
Ex-99.3 (b)
(logo) M1DLANDLOANSERVICES
March 8, 2004
Ms. Jennifer Richardson Wells Fargo Bank Minnesota, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD USA 21045-1951
VIA UPS (410) 884-2194
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass- Through Certificates, Series 2003-CPN1 Pooling and Servicing Agreement
OFFICER'S CERTIFICATE
Pursuant to the requirements of that certain Pooling and Servicing Agreement governing the referenced Trust (the "PSA"), it is hereby certified that (i) the undersigned has completed a review of the servicer's performance of its obligations under the PSA for the preceding calendar year; (ii) to the best of the undersigned's knowledge on the basis of that review the servicer has fulfilled all of its obligations under the PSA throughout such period in all material respects; (iii) to the best of the undersigned's knowledge, the subservicer, of the servicer under the PSA, if any, has fulfilled its obligations under its sub-servicing agreement in all material respects; and, (iv) no notice has been received from any governmental agency or body which would indicate a challenge or question as to the status of the Trust's qualification as a REMIC under the U.S. Code.
/s/ Charles J. Sipple Charles J. Sipple Executive Vice President
3-8-04 Date
Credit Suisse First Boston Mortgage Securities Corp.. Commercial Mortgage Pass-Through Certificates, Series 2003-CPN1
March 8, 2004
A member of The PNC Financial Services Group 10851 Mastin Overland Park Kansas 66210
(logo)
cc: Mr. Dan Sefcik Anthracite Capital, Inc. 345 Park Avenue New York, NY 10154-0000
Ms. Pamela McCormack, Esq. Credit Suisse First Boston Mortgage Securities Corporation Compliance Department 11 Madison Avenue New York, NY 10010-0000
Mr. Edmund Taylor Credit Suisse First Boston Mortgage Securities Corporation 11 Madison Avenue New York, NY 10010-0000
Attn: Commercial Mortgage Surveillance Moody's Investor Services, Inc. 99 Church Street, 4th Floor New York, NY 10007-0000
Attn: CMBS Surveillance Standard & Poor's Ratings Services 55 Water Street, 41st Floor New York, NY 10041-0000
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass- Through Certificates, Series 2003-CPN1 March 8, 2004
Ex-99.3 (c)
NCB FSB A National Cooperative Bank Company
March 15, 2004
Wells Fargo Corporate Trust Office-CMBS Annual Compliance 9062 Old Annapolis Road Columbia, MD 21045-1951
RE: Annual Statement as to Compliance CSFB Series 2003 CPN1
Dear Sir/Madam:
In accordance with the Pooling and Servicing Agreement herewith is the Officer's Certificate.
a. A review of the activities of the Master Servicer during the preceding calendar year and of its performance under the Sale and Servicing Agreement has been made under such officer's supervision.
b. To the best of my knowledge, based on these reviews, the Master Servicer has fulfilled all obligations under this agreement in all material respects throughout the year.
c. We have received no notice regarding the qualification, or challenging the status, of the Upper-Tier REMIC, the Lower-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust from the IRS or any other governmental agency or body.
Sincerely, /s/ Matthew Wehland Matthew Wehland Vice President NCB NCB, FSB
Ex-99.3 (d)
NCB National Cooperative Bank (Logo) www.ncb.com
March 15, 2004
Wells Fargo Corporate Trust Office-CMBS Annual Compliance 9062 Old Annapolis Road Columbia, MD 21045
RE: Annual Statement as to Compliance CSFB Series 2003 CPN1
Dear Sir/Madam:
In accordance with the Pooling and Servicing Agreement herewith is the Officer's Certificate.
a. A review of the activities of the Special Servicer during the proceding calender year and of its performance under the Sale and Servicing Agreement has been made under such officer's supervision.
b. To the best of my knowledge, based on these reviews, the Special Servicer has fulfilled all obligations under this agreement in all material respects throughout the year.
Sincerely, /s/ Matthew Wehland Matthew Wehland Vice President NCB
Ex-99.4 Schedule of Year-To-Date Principal and Interest Distributions to Certificateholders