10-D 1 bsc07p15_10d-200705.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: April 12, 2007 to May 11, 2007 Commission File Number of issuing entity: 333-130789-04 Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-130789 Bear Stearns Commercial Mortgage Securities Inc. (Exact name of depositor as specified in its charter) Nationwide Life Insurance Company Principal Commercial Funding, LLC Principal Commercial Funding II, LLC Wells Fargo Bank, National Association Prudential Mortgage Capital Funding, LLC Bear Stearns Commercial Mortgage, Inc. (Exact name of sponsors as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) 54-2199246 54-2199247 54-2199248 54-6740322 54-6740323 54-6740324 54-6740325 54-6740326 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices of the issuing entity) (Zip Code) (410) 884-2000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) A-1 ______ ______ ___X___ ___________ A-2 ______ ______ ___X___ ___________ A-3 ______ ______ ___X___ ___________ A-AB ______ ______ ___X___ ___________ A-4 ______ ______ ___X___ ___________ A-4FL ______ ______ ___X___ ___________ A-1A ______ ______ ___X___ ___________ A-M ______ ______ ___X___ ___________ A-MFL ______ ______ ___X___ ___________ A-J ______ ______ ___X___ ___________ A-JFL ______ ______ ___X___ ___________ B ______ ______ ___X___ ___________ C ______ ______ ___X___ ___________ D ______ ______ ___X___ ___________ E ______ ______ ___X___ ___________ F ______ ______ ___X___ ___________ G ______ ______ ___X___ ___________ H ______ ______ ___X___ ___________ J ______ ______ ___X___ ___________ K ______ ______ ___X___ ___________ L ______ ______ ___X___ ___________ M ______ ______ ___X___ ___________ N ______ ______ ___X___ ___________ O ______ ______ ___X___ ___________ P ______ ______ ___X___ ___________ R ______ ______ ___X___ ___________ V ______ ______ ___X___ ___________ X-2 ______ ______ ___X___ ___________ X-1 ______ ______ ___X___ ___________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On May 11, 2007 a distribution was made to holders of Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15. The distribution report is attached as an Exhibit to this Form 10-D, please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 6. Siginificant Obligors of Pool Assets. The World Market Center II Pool mortgage loan constitutes a significant obligor within the meaning of Item 1101(k)(2) of Regulation AB and as disclosed in the prospectus supplement for the Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15. In accordance with Item 1112(b) of Regulation AB, the most recent unaudited net operating income of the significant obligor was $84,757,366 as of the end of first quarter, March 31, 2007. Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15, relating to the May 11, 2007 distribution. (b) The exhibits required to be filed by the Registrant pursuant to this Form are listed above and in the Exhibit Index that immediately follows the signature page hereof. SIGNATURES Pursuant to the requirements 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. Bear Stearns Commercial Mortgage Securities Inc. (Depositor) /s/ Adam Ansaldi Adam Ansaldi, Vice President Date: May 21, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15, relating to the May 11, 2007 distribution. EX-99.1 Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Bear Stearns Commercial Mortgage Securities Inc. Commercial Mortgage Pass-Through Certificates Series 2007-PWR15 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available @ www.ctslink.com/cmbs Payment Date: May 11, 2007 Record Date: April 30, 2007 Determination Date: May 04, 2007 DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Table of Contents 2 Certificate Distribution Detail 3 Certificate Factor Detail 4 Reconciliation Detail 5 Other Required Information 6 Cash Reconciliation 7 Ratings Detail 8 Current Mortgage Loan and Property Stratification Tables 9 - 16 Mortgage Loan Detail 17 - 23 NOI Detail 24 - 30 Principal Prepayment Detail 31 Historical Detail 32 Delinquency Loan Detail 33 - 34 Specially Serviced Loan Detail 35 - 36 Advance Summary 37 Modified Loan Detail 38 Historical Liquidated Loan Detail 39 Historical Bond/Collateral Loss Reconciliation Detail 40 Interest Shortfall Reconciliation Detail 41 - 42 Depositor Bear Stearns Commercial Mortgage Securities Inc. 383 Madison Avenue New York, NY 10179 Contact: General Information Number Phone Number: (212) 272-2000 Master Servicer Prudential Asset Resources, Inc. 2200 Ross Avenue, Suite 4900E Dallas, TX 75201 Contact: Hal Collett Phone Number: (214) 721-6032 Master Servicer Wells Fargo Bank, N.A. 1320 Willow Pass Road, Suite 300 investorreporting@wellsfargo.com Concord, CA 94520 Contact: Myung J. Nam Phone Number: () - Special Servicer Centerline Servicing, Inc. 5221 N. O'Connor Blvd., Ste. 600 Irving, TX 75039 Contact: Chris Crouch Phone Number: (972) 868-5300 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2007, Wells Fargo Bank, N.A.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 13,519,809.10 Interest reductions due to Nonrecoverability Determinations 0.00 Interest Adjustments 0.00 Deferred Interest 0.00 Net Prepayment Interest Shortfall 0.00 Net Prepayment Interest Excess 0.00 Extension Interest 0.00 Interest Reserve Withdrawal 0.00 Total Interest Collected 13,519,809.10 Principal: Scheduled Principal 812,235.47 Unscheduled Principal 0.00 Principal Prepayments 0.00 Collection of Principal after Maturity Date 0.00 Recoveries from Liquidation and Insurance Proceeds 0.00 Excess of Prior Principal Amounts paid 0.00 Curtailments 0.00 Negative Amortization 0.00 Principal Adjustments 0.00 Total Principal Collected 812,235.47 Other: Prepayment Penalties/Yield Maintenance 0.00 Repayment Fees 0.00 Borrower Option Extension Fees 0.00 Equity Payments Received 0.00 Net Swap Counterparty Payments Received 51,025.00 Total Other Collected: 51,025.00 Total Funds Collected 14,383,069.57 Total Funds Distributed Fees: Master Servicing Fee 81,258.57 Trustee Fee - LaSalle Bank, N.A. 1,169.33 Certificate Administrator Fee - Wells Fargo Bank, N.A. 818.53 Insurer Fee 0.00 Servicer Report Administrator Fee - Wells Fargo Bank, N.A. 1,169.33 Total Fees 84,415.76 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 0.00 Rating Agency Expenses 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Other Expenses 0.00 Total Additional Trust Fund Expenses 0.00 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 13,486,418.30 Principal Distribution 812,235.47 Prepayment Penalties/Yield Maintenance 0.00 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 0.00 Total Payments to Certificateholders & Others 14,298,653.77 Total Funds Distributed 14,383,069.53

See footnotes on last page of this section.

See footnotes on last page of this section.

See footnotes on last page of this section.

See footnotes on last page of this section.

See footnotes on last page of this section.

See footnotes on last page of this section.

Principal Prepayment Detail No Principal Prepayments this Period

Specially Serviced Loan Detail - Part 1 No Specially Serviced Loans this Period Specially Serviced Loan Detail - Part 2 No Specially Serviced Loans this Period

Modified Loan Detail No Modified Loans Historical Liquidated Loan Detail No Liquidated Loans this Period Historical Bond/Collateral Loss Reconciliation Detail No Realized Losses this Period

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15 10-D