Document:

<PAGE>

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

                    STRUCTURED ASSET SECURITIES CORPORATION,
                                  as Depositor

                                       and

                           FIRST UNION NATIONAL BANK,
                               as Master Servicer

                                       and

                             LENNAR PARTNERS, INC.,
                               as Special Servicer

                                       and

                       LASALLE BANK NATIONAL ASSOCIATION,
                                   as Trustee

                                       and

                               ABN AMRO BANK N.V.,
                                 as Fiscal Agent

                         POOLING AND SERVICING AGREEMENT
                  (Amendment and Restatement of Trust Agreement
                           Dated as of March 26, 2001)

                            Dated as of July 11, 2001

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

                                 $1,380,748,715

                    LB-UBS Commercial Mortgage Trust 2001-C3

                 Commercial Mortgage Pass-Through Certificates,
                                 Series 2001-C3

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

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<TABLE>
<CAPTION>
                                                 TABLE OF CONTENTS

                                                                                                              PAGE
                                                                                                              ----
                                                     ARTICLE I

                                    DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

<S>               <C>                                                                                         <C>
SECTION 1.01.     Defined Terms..................................................................................5
SECTION 1.02.     General Interpretive Principles...............................................................64

                                                     ARTICLE II

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

SECTION 2.01.     Conveyance of Mortgage Loans..................................................................65
SECTION 2.02.     Acceptance of Trust Fund by Trustee...........................................................67
SECTION 2.03.     Repurchase of Mortgage Loans for Document Defects and Breaches of Representations and
                    Warranties..................................................................................68
SECTION 2.04.     Representations, Warranties and Covenants of the Depositor....................................71
SECTION 2.05.     Execution, Authentication and Delivery of Class R-LR Certificates; Creation of Loan
                    REMIC Regular Interests.....................................................................87
SECTION 2.06.     Conveyance of Loan REMIC Regular Interests; Acceptance of the Loan REMICs by Trustee..........87
SECTION 2.07.     Execution, Authentication and Delivery of Class R-I Certificates; Creation of REMIC I
                    Regular Interests...........................................................................88
SECTION 2.08.     Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee....................88
SECTION 2.09.     Execution, Authentication and Delivery of Class R-II Certificates; Creation of REMIC
                    II Regular Interests........................................................................88
SECTION 2.10.     Conveyance of REMIC II Regular Interests; Acceptance of REMIC III by Trustee..................88
SECTION 2.11.     Execution, Authentication and Delivery of REMIC III Certificates..............................89

                                              ARTICLE III
                             ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.     Administration of the Loans...................................................................90
SECTION 3.02.     Collection of Loan Payments...................................................................92
SECTION 3.03.     Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve
                    Accounts....................................................................................93
SECTION 3.04.     Pool Custodial Account, Defeasance Deposit Account, Collection Account and Interest
                    Reserve Account.............................................................................95
SECTION 3.04A.    Chrysler Building Custodial Account...........................................................98

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SECTION 3.05.     Permitted Withdrawals From the Pool Custodial Account, the Collection Account and the
                    Interest Reserve Account...................................................................101
SECTION 3.05A.    Permitted Withdrawals From the Chrysler Building Custodial Account...........................105
SECTION 3.06.     Investment of Funds in the Servicing Accounts, the Reserve Accounts, the Defeasance
                    Deposit Account, the Custodial Accounts and the REO Accounts...............................107
SECTION 3.07.     Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage................109
SECTION 3.08.     Enforcement of Alienation Clauses............................................................112
SECTION 3.09.     Realization Upon Defaulted Loans; Required Appraisals; Appraisal Reduction
                    Calculation................................................................................115
SECTION 3.10.     Trustee and Custodian to Cooperate; Release of Mortgage Files................................120
SECTION 3.11.     Servicing Compensation; Payment of Expenses; Certain Matters Regarding Servicing
                    Advances...................................................................................121
SECTION 3.12.     Property Inspections; Collection of Financial Statements; Delivery of Certain Reports........126
SECTION 3.12A.    Delivery of Certain Reports to the Chrysler Building Companion Loan Noteholder...............128
SECTION 3.12B.    Statements to the Chrysler Building Companion Loan Noteholder................................129
SECTION 3.13.     Annual Statement as to Compliance............................................................130
SECTION 3.14.     Reports by Independent Public Accountants....................................................131
SECTION 3.15.     Access to Certain Information................................................................131
SECTION 3.16.     Title to REO Property; REO Accounts..........................................................132
SECTION 3.17.     Management of REO Property...................................................................134
SECTION 3.17A.    Management and Disposition of the Chrysler Building Mortgaged Property After Becoming
                    REO Property...............................................................................137
SECTION 3.18.     Sale of Mortgage Loans and REO Properties....................................................140
SECTION 3.19.     Additional Obligations of the Master Servicer; Obligations to Notify Ground Lessors;
                    the Special Servicer's Right to Request the Master Servicer to Make Servicing
                    Advances...................................................................................143
SECTION 3.20.     Modifications, Waivers, Amendments and Consents; Defeasance; Partial Defeasance of
                    Cape Cod Mall Mortgage Loan................................................................144
SECTION 3.21.     Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping...........150
SECTION 3.22.     Sub-Servicing Agreements.....................................................................151
SECTION 3.23.     Representations and Warranties of the Master Servicer........................................154
SECTION 3.24.     Representations and Warranties of the Special Servicer.......................................155
SECTION 3.25.     Certain Matters Regarding the Purchase of the Chrysler Building Mortgage Loan................157
SECTION 3.26.     Application of Default Charges...............................................................157

                                                       -ii-
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                                                                                                              PAGE
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                                                     ARTICLE IV

                           PAYMENTS TO CERTIFICATEHOLDERS; REPORTS TO CERTIFICATEHOLDERS

SECTION 4.01.     Distributions................................................................................159
SECTION 4.02.     Statements to Certificateholders; CMSA Loan Periodic Update File.............................170
SECTION 4.03.     P&I Advances.................................................................................177
SECTION 4.03A.    P&I Advances on the Chrysler Building Loan Pair..............................................179
SECTION 4.04.     Allocation of Realized Losses and Additional Trust Fund Expenses.............................181
SECTION 4.05.     Calculations.................................................................................182
SECTION 4.06.     Use of Agents................................................................................183

                                               ARTICLE V

                                            THE CERTIFICATES

SECTION 5.01.     The Certificates.............................................................................184
SECTION 5.02.     Registration of Transfer and Exchange of Certificates........................................184
SECTION 5.03.     Book-Entry Certificates......................................................................191
SECTION 5.04.     Mutilated, Destroyed, Lost or Stolen Certificates............................................193
SECTION 5.05.     Persons Deemed Owners........................................................................193

                                               ARTICLE VI

                          THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE
                                         CONTROLLING CLASS REPRESENTATIVE

SECTION 6.01.     Liability of Depositor, Master Servicer and Special Servicer.................................194
SECTION 6.02.     Merger, Consolidation or Conversion of Depositor, Master Servicer or Special Servicer........194
SECTION 6.03.     Limitation on Liability of Depositor, Master Servicer and Special Servicer...................194
SECTION 6.04.     Resignation of Master Servicer and the Special Servicer......................................195
SECTION 6.05.     Rights of Depositor, Trustee and the Chrysler Building Companion Loan Noteholder in
                    Respect of Master Servicer and the Special Servicer........................................196
SECTION 6.06.     Depositor, Master Servicer and Special Servicer to Cooperate with Trustee....................197
SECTION 6.07.     Depositor, Special Servicer, Trustee and the Chrysler Building Companion Loan
                    Noteholder to Cooperate with Master Servicer...............................................197
SECTION 6.08.     Depositor, Master Servicer, Trustee and Chrysler Building Companion Loan Noteholder
                    to Cooperate with Special Servicer.........................................................197
SECTION 6.09.     Designation of Special Servicer and Controlling Class Representative by the
                    Controlling Class..........................................................................197
SECTION 6.10.     Master Servicer or Special Servicer as Owner of a Certificate................................198
SECTION 6.11.     Certain Powers of the Controlling Class Representative.......................................199

                                                       -iii-
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SECTION 6.11A.    Certain Powers of the Chrysler Building Companion Loan Noteholder............................202

                                                    ARTICLE VII

                                                      DEFAULT

SECTION 7.01.     Events of Default............................................................................205
SECTION 7.02.     Trustee to Act; Appointment of Successor.....................................................210
SECTION 7.03.     Notification to Certificateholders...........................................................211
SECTION 7.04.     Waiver of Events of Default..................................................................211
SECTION 7.05.     Additional Remedies of Trustee Upon Event of Default.........................................212

                                                    ARTICLE VIII

                                               CONCERNING THE TRUSTEE

SECTION 8.01.     Duties of Trustee............................................................................213
SECTION 8.02.     Certain Matters Affecting Trustee............................................................214
SECTION 8.03.     Trustee and Fiscal Agent Not Liable for Validity or Sufficiency of Certificates or
                    Loans......................................................................................215
SECTION 8.04.     Trustee and Fiscal Agent May Own Certificates................................................215
SECTION 8.05.     Fees and Expenses of Trustee; Indemnification of and by Trustee..............................215
SECTION 8.06.     Eligibility Requirements for Trustee.........................................................216
SECTION 8.07.     Resignation and Removal of Trustee...........................................................217
SECTION 8.08.     Successor Trustee............................................................................218
SECTION 8.09.     Merger or Consolidation of Trustee and Fiscal Agent..........................................219
SECTION 8.10.     Appointment of Co-Trustee or Separate Trustee................................................219
SECTION 8.11.     Appointment of Custodians....................................................................220
SECTION 8.12.     Appointment of Authenticating Agents.........................................................220
SECTION 8.13.     Appointment of Tax Administrators............................................................221
SECTION 8.14.     Access to Certain Information................................................................222
SECTION 8.15.     Reports to the Securities and Exchange Commission and Related Reports........................223
SECTION 8.16.     Representations and Warranties of Trustee....................................................226
SECTION 8.17.     The Fiscal Agent.............................................................................227
SECTION 8.18.     Representations and Warranties of Fiscal Agent...............................................228

                                                     ARTICLE IX

                                                    TERMINATION

SECTION 9.01.     Termination Upon Repurchase or Liquidation of All Mortgage Loans.............................230
SECTION 9.02.     Additional Termination Requirements..........................................................237

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                                                                                                              PAGE
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                                                     ARTICLE X

                                             ADDITIONAL TAX PROVISIONS

SECTION 10.01.    REMIC Administration.........................................................................239
SECTION 10.02.    Grantor Trust Administration.................................................................242

                                                     ARTICLE XI

                                              MISCELLANEOUS PROVISIONS

SECTION 11.01.    Amendment....................................................................................245
SECTION 11.02.    Recordation of Agreement; Counterparts.......................................................246
SECTION 11.03.    Limitation on Rights of Certificateholders and the Chrysler Building Companion Loan
                    Noteholder.................................................................................247
SECTION 11.04.    Governing Law................................................................................248
SECTION 11.05.    Notices......................................................................................248
SECTION 11.06.    Severability of Provisions...................................................................248
SECTION 11.07.    Grant of a Security Interest.................................................................249
SECTION 11.08.    Streit Act...................................................................................249
SECTION 11.09.    Successors and Assigns; Beneficiaries........................................................250
SECTION 11.10.    Article and Section Headings.................................................................250
SECTION 11.11.    Notices to Rating Agencies...................................................................250
SECTION 11.12.    Global Opinions..............................................................................251
SECTION 11.13.    Complete Agreement...........................................................................252
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                                                        -v-

<PAGE>

                             SCHEDULES AND EXHIBITS

Schedule No.   Schedule Description
------------   --------------------
    I          Mortgage Loan Schedule
   II          Schedule of Exceptions to Mortgage File Delivery
  III          Exceptions to the Representations and Warranties of the Depositor
   IV          Loan REMIC Mortgage Loans
    V          Environmentally Insured Mortgage Loans

Exhibit No.    Exhibit Description
-----------    -------------------
  A-1          Form of Class [A-1] [A-2] Certificate
  A-2          Form of Class X Certificate
  A-3          Form of Class [B] [C] [D]Certificate
  A-4          Form of Class [E] [F] [G] [H] [J] [K] Certificate
  A-5          Form of Class [L] [M] [N] [P] [Q] Certificate
  A-6          Form of Class [R-I] [R-II] [R-III] [R-LR] Certificate
   B           Form of Distribution Date Statement
   C           Form of Custodial Certification
  D-1          Form of Master Servicer Request for Release
  D-2          Form of Special Servicer Request for Release
   E           Form of Loan Payoff Notification Report
  F-1          Form of Transferor Certificate for Transfers of Definitive
               Non-Registered Certificates
  F-2A         Form I of Transferee Certificate for Transfers of Definitive
               Non-Registered Certificates
  F-2B         Form II of Transferee Certificate for Transfers of Definitive
               Non-Registered Certificates
  F-2C         Form I of Transferee Certificate for Transfers of Interests in
               Book-Entry Non-Registered Certificates
  F-2D         Form II of Transferee Certificate for Transfers of Interests in
               Book-Entry Non-Registered Certificates
  F-2E         Form of Regulation S Certificate
  G-1          Form I of Transferee Certificate in Connection with ERISA
               (Definitive Non-Registered Certificates)
  G-2          Form II of Transferee Certificate in Connection with ERISA
               (Book-Entry Non-Registered Certificates)
  H-1          Form of Transfer Affidavit and Agreement regarding Residual
               Interest Certificates
  H-2          Form of Transferor Certificate regarding Residual Interest
               Certificates
  I-1          Form of Notice and Acknowledgment
  I-2          Form of Acknowledgment of Proposed Special Servicer
   J           Form of UCC-1 Financing Statement Schedule
   K           Sub-Servicers in respect of which Sub-Servicing Agreements are in
               effect or being negotiated as of the Closing Date
  L-1          Form of Information Request/Investor Certification for Website
               Access from Certificate Owner
  L-2          Form of Information Request/Investor Certification for Website
               Access from Prospective Investor
   M           Form of Defeasance Certification

                                      -vi-
<PAGE>

         This Pooling and Servicing Agreement (this "Agreement") is dated and
effective as of July 11, 2001, among STRUCTURED ASSET SECURITIES CORPORATION, as
Depositor, FIRST UNION NATIONAL BANK, as Master Servicer, LENNAR PARTNERS, INC.,
as Special Servicer, LASALLE BANK NATIONAL ASSOCIATION, as Trustee, and ABN AMRO
BANK N.V., as Fiscal Agent.

                             PRELIMINARY STATEMENT:

         The Depositor and the Trustee are parties to a Trust Agreement, dated
as of March 26, 2001 (the "Trust Agreement"), pursuant to which (i) LaSalle was
appointed and agreed to act as Trustee and to hold the Trust Fund in trust for
the exclusive use of all present and future beneficiaries of the trust,
including the Certificateholders, (ii) the "LB-UBS Commercial Mortgage Trust
2001-C3" was created as a common law trust for the purposes of accepting the
Trust Fund and issuing the Certificates in connection with the deposit of the
Mortgage Loans into the Trust Fund, and (iii) it was agreed that the Trust
Agreement would be amended and restated, in its entirety, as this Agreement.

         The Depositor intends to sell the Certificates, which are to be issued
hereunder in multiple Classes and which in the aggregate will evidence the
entire beneficial ownership interest in the Trust Fund.

         As provided herein, the Trustee will elect to treat each Loan REMIC
Mortgage Loan as the primary asset of a separate REMIC for federal income tax
purposes, and each such REMIC will be designated as a "Loan REMIC". The Class
R-LR Certificates will represent the sole class of "residual interests" in each
and every Loan REMIC for purposes of the REMIC Provisions under federal income
tax law. Each Loan REMIC Regular Interest will relate to the corresponding Loan
REMIC Mortgage Loan. Each Loan REMIC Regular Interest will: (i) accrue interest
at the related per annum rate described in the definition of "Loan REMIC
Remittance Rate"; and (ii) have an initial Uncertificated Principal Balance
equal to the Cut-off Date Balance of the related Loan REMIC Mortgage Loan. The
Legal Final Distribution Date of each Loan REMIC Regular Interest is the
Distribution Date immediately following the third anniversary of the end of the
remaining amortization term (as determined as of the Closing Date) of the
related Loan REMIC Mortgage Loan. The Loan REMIC Regular Interests will not be
certificated.

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the Mortgage Loans (exclusive of the Loan REMIC Mortgage
Loans and exclusive of any collections of Additional Interest on the ARD Loans
after their respective Anticipated Repayment Dates), the Loan REMIC Regular
Interests and certain other related assets subject to this Agreement as a REMIC
for federal income tax purposes, and such segregated pool of assets will be
designated as "REMIC I". The Class R-I Certificates will represent the sole
class of "residual interests" in REMIC I for purposes of the REMIC Provisions
under federal income tax law. A separate REMIC I Regular Interest will relate to
each Mortgage Loan in REMIC I and each Loan REMIC Regular Interest. Each REMIC I
Regular Interest that relates to a Loan REMIC shall also relate to the
corresponding Loan REMIC Mortgage Loan. Each such REMIC I Regular Interest will:
(i) accrue interest at a per annum rate described in the definition of "REMIC I
Remittance Rate"; and (ii) have an initial Uncertificated Principal Balance
equal to the Cut-off Date Balance of the related Mortgage Loan. The Legal Final
Distribution Date of each of the REMIC I Regular Interests is the Distribution
Date immediately following the third anniversary of

<PAGE>

the end of the remaining amortization term (as determined as of the Closing
Date) of the related Mortgage Loan. None of the REMIC I Regular Interests will
be certificated.

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the REMIC I Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
"REMIC II". The Class R-II Certificates will represent the sole class of
"residual interests" in REMIC II for purposes of the REMIC Provisions under
federal income tax law. The following table sets forth the designation, the
REMIC II Remittance Rate and the initial Uncertificated Principal Balance for
each of the REMIC II Regular Interests. The Legal Final Distribution Date for
each REMIC II Regular Interest is the last Rated Final Distribution Date. None
of the REMIC II Regular Interests will be certificated.

                                                      Initial
                             REMIC II              Uncertificated
    Designation          Remittance Rate         Principal Balance
    -----------          ---------------         -----------------
        A-1                Variable (1)            $    351,200,000
        A-2                Variable (1)            $    781,013,000
         B                 Variable (1)            $     55,230,000
         C                 Variable (1)            $     44,653,000
         D                 Variable (1)            $     16,000,000
         E                 Variable (1)            $     18,000,000
         F                 Variable (1)            $     18,000,000
         G                 Variable (1)            $     12,081,000
         H                 Variable (1)            $     15,534,000
         J                 Variable (1)            $     20,711,000
         K                 Variable (1)            $      6,904,000
         L                 Variable (1)            $     10,355,000
         M                 Variable (1)            $      3,452,000
         N                 Variable (1)            $      6,904,000
         P                 Variable (1)            $      3,452,000
         Q                 Variable (1)            $     17,259,715

     --------------------
     (1) Calculated in accordance with the definition of "REMIC II
         Remittance Rate".

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the REMIC II Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
"REMIC III". The Class R-III Certificates will evidence the sole class of
"residual interests" in REMIC III for purposes of the REMIC Provisions under
federal income tax law. The following table irrevocably sets forth the Class
designation, Pass-Through Rate and original Class Principal Balance for each
Class of the Regular Interest Certificates. For federal income tax purposes,
each Class of the Regular Interest Certificates (other than the Class X
Certificates) and each of the sixteen REMIC III Components of the Class X
Certificates will be designated as a separate "regular interest" in REMIC III.
The Legal Final Distribution Date for each Class of Regular Interest
Certificates (or, in the case of the Class X Certificates, for each of the
sixteen REMIC III Components thereof) is the last Rated Final Distribution Date.

                                      -2-
<PAGE>

            Class                                       Original Class
         Designation          Pass-Through Rate       Principal Balance
         -----------          -----------------       -----------------
          Class A-1           6.05800% per annum         $   351,200,000
          Class A-2           6.36500% per annum         $   781,013,000
           Class B            6.51200% per annum         $    55,230,000
           Class C            6.65300% per annum         $    44,653,000
           Class D            6.73100% per annum         $    16,000,000
           Class E               Variable(1)             $    18,000,000
           Class F               Variable(1)             $    18,000,000
           Class G               Variable(1)             $    12,081,000
           Class H            6.16000% per annum         $    15,534,000
           Class J            6.16000% per annum         $    20,711,000
           Class K            6.16000% per annum         $     6,904,000
           Class L            6.16000% per annum         $    10,355,000
           Class M            6.16000% per annum         $     3,452,000
           Class N            6.16000% per annum         $     6,904,000
           Class P            6.16000% per annum         $     3,452,000
           Class Q            6.16000% per annum         $    17,259,715
           Class X               Variable(1)                   (2)

     ----------------------
     (1) Calculated in accordance with the definition of "Pass-Through Rate".

     (2) The Class X Certificates will not have a Class Principal Balance and
         will not entitle their Holders to receive distributions of principal.
         As more specifically provided herein, interest in respect of such Class
         of Certificates will consist of the aggregate amount of interest
         accrued on the respective Component Notional Amounts of such Class'
         REMIC III Components from time to time. The aggregate of such Component
         Notional Amounts shall be deemed to be the Class Notional Amount of the
         Class X Certificates.

         As provided herein, the Trustee shall take all actions necessary to
ensure that the portion of the Trust Fund consisting of the Grantor Trust Assets
maintains its status as a Grantor Trust under the Code.

         The Initial Pool Balance will be $1,380,748,715. The initial aggregate
Uncertificated Principal Balance of the REMIC I Regular Interests, the initial
aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and
the initial aggregate Class Principal Balance of the respective Classes of
Regular Interest Certificates (other than the Class X Certificates) will in each
case be $1,380,748,715.

         There exists a mortgage loan, in the unpaid principal amount of
$40,000,000 (the "Chrysler Building Companion Loan"), that is not part of the
Trust Fund, but that is secured by the same Mortgage as a Mortgage Loan that is
part of the Trust Fund. This Mortgage Loan is identified herein as the "Chrysler
Building Mortgage Loan".

         The Chrysler Building Companion Loan is currently held by LaSalle Bank
National Association, in its capacity as trustee for the registered holders of
the Chrysler Building Mortgage Trust,

                                      -3-
<PAGE>

Commercial Mortgage Pass-Through Certificates, Series 2001-C3A (in such
capacity, the "Chrysler Building Trustee").

         As and to the extent provided herein, the Chrysler Building Companion
Loan will be serviced and administered in accordance with this Agreement.

         Capitalized terms used but not otherwise defined in this Preliminary
Statement have the respective meanings assigned thereto in Section 1.01 of this
Agreement.

         In consideration of the mutual agreements herein contained, the
Depositor and the Trustee agree to amend and restate the Trust Agreement, and
the Depositor, the Master Servicer, the Special Servicer, the Trustee and the
Fiscal Agent hereby agree, in each case, as follows:

                                      -4-
<PAGE>

                                   ARTICLE I

                  DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

         SECTION 1.01. Defined Terms.

         Whenever used in this Agreement, including in the Preliminary
Statement, unless the context otherwise requires:

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

         "ABN AMRO" shall mean ABN AMRO Bank N.V. or its successor in interest.

         "Accrued Certificate Interest" shall mean the interest accrued from
time to time with respect to any Class of Regular Interest Certificates, the
amount of which interest shall equal: (a) in the case of any Class of Principal
Balance Certificates for any Interest Accrual Period, one-twelfth of the product
of (i) the Pass-Through Rate applicable to such Class of Certificates for such
Interest Accrual Period, multiplied by (ii) the Class Principal Balance of such
Class of Certificates outstanding immediately prior to the related Distribution
Date; and (b) in the case of the Class X Certificates for any Interest Accrual
Period, the aggregate amount of Accrued Component Interest for all of such
Class' REMIC III Components for such Interest Accrual Period.

         "Accrued Component Interest" shall mean the interest accrued from time
to time with respect to any REMIC III Component of the Class X Certificates, the
amount of which interest shall equal, for any Interest Accrual Period,
one-twelfth of the product of (i) the Pass-Through Rate applicable to such REMIC
III Component for such Interest Accrual Period, multiplied by (ii) the Component
Notional Amount of such REMIC III Component outstanding immediately prior to the
related Distribution Date.

         "Acquisition Date" shall mean, with respect to any REO Property, the
first day on which such REO Property is considered to be acquired by the Trust
Fund within the meaning of Treasury regulations Section 1.856-6(b)(1), which
shall be the first day on which the Trust Fund is treated as the owner of such
REO Property for federal income tax purposes.

         "Actual/360 Basis" shall mean the accrual of interest calculated on the
basis of the actual number of days elapsed during any interest accrual period in
a year assumed to consist of 360 days.

         "Additional Information" shall have the meaning assigned thereto in
Section 4.02(a).

         "Additional Interest" shall mean, with respect to any ARD Loan after
its Anticipated Repayment Date, all interest accrued on the principal balance of
such ARD Loan at the Additional Interest Rate and, if so provided in the related
Loan documents, compounded at the related Mortgage Rate (the payment of which
interest shall, under the terms of such ARD Loan, be deferred until the entire
outstanding principal balance thereof has been paid). For purposes of this
Agreement, Additional Interest on an ARD Loan or any successor REO Loan shall be
deemed not to constitute principal or any portion thereof and shall not be added
to the unpaid principal balance or Stated Principal Balance of such ARD Loan or
any successor REO Loan, notwithstanding that the terms of the related Loan

                                      -5-
<PAGE>

documents so permit. To the extent that any Additional Interest is not paid on a
current basis, it shall, for purposes of this Agreement, be deemed to be
deferred interest (regardless of whether it is added to principal outstanding
with respect to the related ARD Loan in accordance with the related Loan
documents).

         "Additional Interest Rate" shall mean, with respect to any ARD Loan
after its Anticipated Repayment Date, the incremental increase in the Mortgage
Rate for such loan resulting from the passage of such Anticipated Repayment
Date.

         "Additional Trust Fund Expense" shall mean any expense experienced with
respect to the Trust Fund and not otherwise included in the calculation of a
Realized Loss that would result in the Holders of Regular Interest Certificates
receiving less than the full amount of principal and/or Distributable
Certificate Interest to which they are entitled on any Distribution Date.

         "Adjusted Actual/360 Accrued Interest Amount" shall mean, with respect
to any Mortgage Loan (or any successor REO Mortgage Loan) that accrues interest
on an Actual/360 Basis, for any Interest Accrual Period, an amount of interest
equal to the product of (x) the Mortgage Rate in effect for such Mortgage Loan
as of the Closing Date (without regard to any modifications, extensions, waivers
or amendments of such Mortgage Loan subsequent to the Closing Date), multiplied
by (y) a fraction, the numerator of which is the number of days in such Interest
Accrual Period, and the denominator of which is 360, multiplied by (z) the
Stated Principal Balance of such Mortgage Loan (or successor REO Mortgage Loan)
immediately prior to the Distribution Date that corresponds to such Interest
Accrual Period; provided that if the subject Interest Accrual Period begins
during (i) December of 2001 or December of any year thereafter that does not
immediately precede a leap year or (ii) January of 2002 or January of any year
thereafter, then the amount calculated with respect to such Mortgage Loan (or
successor REO Mortgage Loan) for such Interest Accrual Period without regard to
this proviso shall be decreased by the Interest Reserve Amount, if any, with
respect to such Mortgage Loan (or successor REO Mortgage Loan) transferred, in
accordance with Section 3.04(c), from the Collection Account to the Interest
Reserve Account in the calendar month in which such Interest Accrual Period
ends; and provided, further, that if the subject Interest Accrual Period begins
during February of 2002 or February of any year thereafter, then the amount
calculated with respect to such Mortgage Loan (or successor REO Mortgage Loan)
for such Interest Accrual Period without regard to this proviso shall be
increased by the Interest Reserve Amount(s), if any, with respect to such
Mortgage Loan (or successor REO Mortgage Loan) transferred, in accordance with
Section 3.05(c), from the Interest Reserve Account to the Collection Account in
the calendar month in which such Interest Accrual Period ends.

         "Administrative Cost Rate" shall mean, with respect to each Mortgage
Loan (or successor REO Mortgage Loan), the rate per annum specified as the
"Administrative Cost Rate" on the Mortgage Loan Schedule, which, for each
Mortgage Loan (or successor REO Mortgage Loan) is equal to the sum of the
related Master Servicing Fee Rate and the Trustee Fee Rate.

         "Advance" shall mean any P&I Advance or Servicing Advance.

         "Adverse Grantor Trust Event" shall mean any endangerment to the status
of the Grantor Trust as a grantor trust under the Grantor Trust Provisions or
any imposition of a tax on the Grantor Trust or any of its assets or
transactions.

                                      -6-
<PAGE>

         "Adverse Rating Event" shall mean, with respect to any Class of
Certificates (or, for so long as the Chrysler Building Companion Loan is
serviced and administered hereunder, with respect to any class of securities
backed by such Loan), as of any date of determination, the qualification,
downgrade or withdrawal of any rating then assigned to such Class of
Certificates (or class of securities backed by the Chrysler Building Companion
Loan) by either Rating Agency.

         "Adverse REMIC Event" shall mean, with respect to any REMIC Pool, any
endangerment of the status of such REMIC Pool as a REMIC under the REMIC
Provisions or, except as permitted by Section 3.17(a), any imposition of a tax
on such REMIC Pool or any of its assets or transactions (including the tax on
prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax
on prohibited contributions set forth in Section 860G(d) of the Code).

         "Affiliate" shall mean, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control", when used with respect
to any specified Person, means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

         "Agreement" shall mean this Pooling and Servicing Agreement, together
with all amendments hereof and supplements hereto.

         "Annual Accountants' Report" shall have the meaning assigned thereto in
Section 3.14

         "Annual Performance Certification" shall have the meaning assigned
thereto in Section 3.13.

         "Anticipated Repayment Date" shall mean, with respect to any ARD Loan,
the date specified in the related Mortgage Note after which the Mortgage Rate
for such ARD Loan will increase as specified in the related Mortgage Note.

         "Appraisal Reduction Amount" shall mean, with respect to any Required
Appraisal Loan, an amount (calculated initially as of the Determination Date
immediately following the later of the date on which the subject Mortgage Loan
or Loan Pair became a Required Appraisal Loan and the date on which the
applicable Required Appraisal was obtained) equal to the excess, if any, of: (a)
the sum of, without duplication, (i) the Stated Principal Balance of such
Required Appraisal Loan, (ii) to the extent not previously advanced by or on
behalf of the Master Servicer, the Trustee or the Fiscal Agent, all unpaid
interest on such Required Appraisal Loan through the most recent Due Date prior
to the date of calculation (exclusive of any portion thereof that represents
Additional Interest and/or Default Interest), (iii) all accrued and unpaid
Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such
Required Appraisal Loan, (iv) all related unreimbursed Advances made by or on
behalf of (plus all accrued interest on such Advances payable to) the Master
Servicer, the Special Servicer, the Trustee and/or the Fiscal Agent with respect
to such Required Appraisal Loan, (v) any other unpaid Additional Trust Fund
Expenses in respect of such Required Appraisal Loan, and (vi) all currently due
and unpaid real estate taxes and assessments, insurance premiums and, if
applicable, ground rents, and any unfunded improvement or other applicable
reserves, in respect of the related Mortgaged Property (in each case, net of any
amounts escrowed with the Master Servicer or the Special Servicer for such
items); over (b) the Required Appraisal Value.

                                      -7-
<PAGE>

         Notwithstanding the foregoing, if (i) any Mortgage Loan or Loan Pair
becomes a Required Appraisal Loan, (ii) either (A) no Required Appraisal or
update thereof has been obtained or conducted, as applicable, in accordance with
Section 3.09(a), with respect to the related Mortgaged Property during the
12-month period prior to the date such Mortgage Loan or Loan Pair became a
Required Appraisal Loan or (B) there shall have occurred since the date of the
most recent Required Appraisal or update thereof a material change in the
circumstances surrounding the related Mortgaged Property that would, in the
Special Servicer's judgment, materially affect the value of the related
Mortgaged Property, and (iii) no new Required Appraisal is obtained or
conducted, as applicable, in accordance with Section 3.09(a), within 60 days
after such Mortgage Loan or Loan Pair became a Required Appraisal Loan, then (x)
until such new Required Appraisal is obtained or conducted, as applicable, in
accordance with Section 3.09(a), the Appraisal Reduction Amount shall equal 25%
of the Stated Principal Balance of such Required Appraisal Loan, and (y) upon
receipt or performance, as applicable, in accordance with Section 3.09(a), of
such Required Appraisal or update thereof by the Special Servicer, the Appraisal
Reduction Amount for such Required Appraisal Loan shall be recalculated in
accordance with the preceding sentence of this definition. For purposes of this
definition, each Required Appraisal Loan or Loan Pair that is part of a
Cross-Collateralized Group shall be treated separately for the purposes of
calculating any Appraisal Reduction Amount.

         "Appraised Value" shall mean, with respect to each Mortgaged Property
or REO Property, the appraised value thereof based upon the most recent
appraisal or update thereof prepared by an Independent Appraiser that is
contained in the related Servicing File or, in the case of a Mortgaged Property
with an allocated loan amount of, or securing a Loan with a Stated Principal
Balance of, less than $2,000,000, either (a) the most recent appraisal or update
thereof that is contained in the related Servicing File or (b) the most recent
"desktop" value estimate performed by the Special Servicer that is contained in
the related Servicing File.

         "ARD Loan" shall mean any Loan (or successor REO Loan) that provides
that if the unamortized principal balance thereof is not repaid on its
Anticipated Repayment Date, such Loan (or successor REO Loan) will accrue
additional interest at the rate specified in the related Mortgage Note and the
related Mortgagor is required to apply certain excess monthly cash flow
generated by the related Mortgaged Property to the repayment of the outstanding
principal balance on such Mortgage Loan.

         "ARD Mortgage Loan" shall mean any Mortgage Loan that is an ARD Loan.

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

         "Assumed Monthly Payment" shall mean: (a) with respect to any Balloon
Mortgage Loan delinquent in respect of its Balloon Payment, for each Due Date
coinciding with or following its Stated Maturity Date as of which such Mortgage
Loan remains outstanding and part of the Trust Fund (provided that such Mortgage
Loan was not paid in full, and no other Liquidation Event occurred in respect
thereof, before the end of the Collection Period in which the related Stated
Maturity Date occurs), the scheduled monthly payment of principal and/or
interest deemed to be due in respect of such Mortgage Loan on such Due Date
equal to the amount that would have been due in respect thereof on such Due Date
if such Mortgage Loan had been required to continue to accrue interest (other
than Default Interest) in accordance with its terms, and to pay principal in
accordance with the amortization

                                      -8-
<PAGE>

schedule (if any) in effect immediately prior to, and without regard to the
occurrence of, the related Stated Maturity Date; and (b) with respect to any REO
Loan, for any Due Date as of which the related REO Property remains part of the
Trust Fund, the scheduled monthly payment of principal and/or interest deemed to
be due in respect thereof on such Due Date equal to the Monthly Payment (or, in
the case of a Balloon Mortgage Loan described in clause (a) of this definition,
the Assumed Monthly Payment) that was due (or deemed due) in respect of the
related Loan on the last Due Date prior to its becoming an REO Loan.

         "ASTM" shall mean the American Society for Testing and Materials.

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

         "Available Distribution Amount" shall mean, with respect to any
Distribution Date, an amount equal to: (a) the sum, without duplication, of (i)
the aggregate amount of all payments and other collections on or with respect to
the Mortgage Loans and any REO Properties that (A) were received as of the close
of business on the immediately preceding Determination Date and (B) are on
deposit in the Collection Account as of 12:00 noon (New York City time) on such
Distribution Date, (ii) the aggregate amount of any P&I Advances made by the
Master Servicer, the Trustee and/or the Fiscal Agent for distribution on the
Certificates on such Distribution Date pursuant to Section 4.03 and, in the case
of the Chrysler Building Mortgage Loan, Section 4.03A, (iii) the aggregate
amount deposited by the Master Servicer in the Collection Account for such
Distribution Date pursuant to Section 3.19(a) in connection with Prepayment
Interest Shortfalls, and (iv) to the extent not included in the amount described
in clause (a)(i) of this definition, if such Distribution Date occurs during
March of 2002 or March of any year thereafter, the aggregate of the Interest
Reserve Amounts transferred from the Interest Reserve Account to the Collection
Account in respect of the Interest Reserve Mortgage Loans for distribution on
such Distribution Date; net of (b) the portion of the aggregate amount described
in clause (a) of this definition that represents one or more of the following--
(i) collected Monthly Payments that are due on a Due Date following the end of
the related Collection Period, (ii) any amounts payable or reimbursable to any
Person from the Collection Account pursuant to clauses (ii), (iii), (iv) and/or
(v) of Section 3.05(b), (iii) (A) Prepayment Premiums, Yield Maintenance Charges
and/or Additional Interest, and/or (B) any yield maintenance payment made by the
UBS Mortgage Loan Seller in connection with a repurchase of a Loan REMIC
Mortgage Loan as contemplated by Section 2.03(d), (iv) if such Distribution Date
occurs during January of 2002 or January of any year thereafter that is not a
leap year or during February of 2002 or February of any year thereafter, the
Interest Reserve Amounts with respect to the Interest Reserve Mortgage Loans to
be withdrawn from the Collection Account and deposited into the Interest Reserve
Account in respect of such Distribution Date and held for future distribution,
all pursuant to Section 3.04(c), and (v) any amounts deposited in the Collection
Account in error.

         "Balloon Loan" shall mean any Loan that by its original terms or by
virtue of any modification entered into as of the Closing Date provides for an
amortization schedule extending beyond its Stated Maturity Date and as to which,
in accordance with such terms, the Scheduled Payment due on its Stated Maturity
Date is significantly larger than the Scheduled Payment due on the Due Date next
preceding its Stated Maturity Date.

         "Balloon Mortgage Loan" shall mean any Mortgage Loan that is a Balloon
Loan.

                                      -9-
<PAGE>

         "Balloon Payment" shall mean, with respect to any Balloon Loan as of
any date of determination, the payment, other than any regularly scheduled
monthly payment, due with respect to such Loan at maturity.

         "Bid Allocation" shall mean, with respect to the Master Servicer or any
Sub-Servicer and the proceeds of any bid pursuant to Section 7.01(c), the amount
of such proceeds (net of any expenses incurred in connection with such bid and
the transfer of servicing), multiplied by a fraction equal to (a) the Servicer
Fee Amount for the Master Servicer or such Sub-Servicer, as the case may be, as
of such date of determination, over (b) the aggregate of the Servicer Fee
Amounts for the Master Servicer and all of the Sub-Servicers as of such date of
determination.

         "Book-Entry Certificate" shall mean any Certificate registered in the
name of the Depository or its nominee, including any Rule 144A/IAI Global
Certificate in respect of the Class X, Class E, Class F, Class G, Class H or
Class J Certificates and any Regulation S Permanent Global Certificate or
Regulation S Temporary Global Certificate in respect of the Class X, Class E,
Class F, Class G, Class H or Class J Certificates.

         "Book-Entry Non-Registered Certificate" shall mean any Non-Registered
Certificate that constitutes a Book-Entry Certificate.

         "Book-Entry Subordinate Certificate" shall mean any Subordinate
Certificate that constitutes a Book-Entry Certificate.

         "Breach" shall have the meaning assigned thereto in Section 2.03(a).

         "Business Day" shall mean any day other than a Saturday, a Sunday or a
day on which banking institutions in New York, New York, or in any of the cities
in which the Corporate Trust Office of the Trustee, the Primary Servicing Office
of the Master Servicer or the Primary Servicing Office of the Special Servicer
are located, are authorized or obligated by law or executive order to remain
closed.

         "Cape Cod Mall Mortgage Loan" shall mean the Mortgage Loan identified
on the Mortgage Loan Schedule by mortgage loan number 2 and as being secured by
the Mortgaged Property described as the Cape Cod Mall.

         "CERCLA" shall mean the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended.

         "Certificate" shall mean any one of the LB-UBS Commercial Mortgage
Trust 2001-C3, Commercial Mortgage Pass-Through Certificates, Series 2001-C3, as
executed by the Certificate Registrar and authenticated and delivered hereunder
by the Authenticating Agent.

         "Certificate Factor" shall mean, with respect to any Class of Regular
Interest Certificates, as of any date of determination, a fraction, expressed as
a decimal carried to six places, the numerator of which is the then current
Class Principal Balance or Class Notional Amount, as the case may be, of such
Class of Regular Interest Certificates, and the denominator of which is the
Original Class Principal Balance or Original Class Notional Amount, as the case
may be, of such Class of Regular Interest Certificates.

                                      -10-
<PAGE>

         "Certificate Notional Amount" shall mean, with respect to any Class X
Certificate, as of any date of determination, the then notional amount of such
Certificate equal to the product of (a) the then Certificate Factor for the
Class X Certificates, multiplied by (b) the amount specified on the face of such
Certificate as the initial Certificate Notional Amount thereof.

         "Certificate Owner" shall mean, with respect to a Book-Entry
Certificate, the Person who is the beneficial owner of such Certificate as
reflected on the books of the Depository or on the books of a Depository
Participant or on the books of an indirect participating brokerage firm for
which a Depository Participant acts as agent.

         "Certificate Principal Balance" shall mean, with respect to any
Principal Balance Certificate, as of any date of determination, the then
outstanding principal balance of such Certificate equal to the product of (a)
the then Certificate Factor for the Class of Principal Balance Certificates to
which such Certificate belongs, multiplied by (b) the amount specified on the
face of such Certificate as the initial Certificate Principal Balance thereof.

         "Certificate Register" shall mean the register maintained pursuant to
Section 5.02.

         "Certificate Registrar" shall mean the registrar appointed pursuant to
Section 5.02.

         "Certificateholder" shall mean the Person in whose name a Certificate
is registered in the Certificate Register, except that: (i) neither a
Disqualified Organization nor a Disqualified Non-United States Tax Person shall
be Holder of a Residual Interest Certificate for any purpose hereof; and (ii)
solely for the purposes of giving any consent, approval or waiver pursuant to
this Agreement that relates to the rights and/or obligations of any of the
Depositor, the Master Servicer, the Special Servicer, the Fiscal Agent or the
Trustee in its respective capacity as such, any Certificate registered in the
name of the Depositor, the Master Servicer, the Special Servicer, the Fiscal
Agent or the Trustee, as the case may be, or any Certificate registered in the
name of any of its Affiliates, shall be deemed not to be outstanding, and the
Voting Rights to which it is entitled shall not be taken into account in
determining whether the requisite percentage of Voting Rights necessary to
effect any such consent, approval or waiver that relates to it has been
obtained. The Certificate Registrar shall be entitled to request and rely upon a
certificate of the Depositor, the Master Servicer or the Special Servicer in
determining whether a Certificate is registered in the name of an Affiliate of
such Person. All references herein to "Certificateholders" shall reflect the
rights of Certificate Owners as they may indirectly exercise such rights through
the Depository and the Depository Participants, except as otherwise specified
herein; provided, however, that the parties hereto shall be required to
recognize as a "Certificateholder" only the Person in whose name a Certificate
is registered in the Certificate Register.

         "Certificateholder Reports" shall mean, collectively, the Distribution
Date Statement, the Mortgage Pool Data Update Report, the Loan Payoff
Notification Report and the CMSA Investor Reporting Package (excluding the CMSA
Operating Statement Analysis Report and the CMSA NOI Adjustment Worksheet).

         "Chrysler Building Co-Lender Agreement" shall mean the Co-Lender
Agreement, dated as of July 30, 2001, between the Chrysler Building Noteholders.

         "Chrysler Building Companion Loan" shall have the meaning assigned
thereto in the Preliminary Statement.

                                      -11-
<PAGE>

         "Chrysler Building Companion Loan Noteholder" shall mean the holder of
the Mortgage Note for the Chrysler Building Companion Loan.

         "Chrysler Building Custodial Account" shall mean the segregated account
or accounts created and maintained by the Master Servicer pursuant to Section
3.04A on behalf of the Chrysler Building Noteholders, which shall be entitled
"[NAME OF MASTER SERVICER], as Master Servicer, in trust for [NAMES OF CHRYSLER
BUILDING NOTEHOLDERS], as their interests may appear".

         "Chrysler Building Fiscal Agent" shall mean ABN AMRO, in its capacity
as fiscal agent under that certain Trust Agreement, dated as of July 30, 2001,
among Structured Asset Securities Corporation as depositor, LaSalle as trustee
and ABN AMRO as fiscal agent.

         "Chrysler Building Loan Pair" shall mean, collectively, the Chrysler
Building Mortgage Loan and the Chrysler Building Companion Loan (and any
successor REO Loans).

         "Chrysler Building Mezzanine Lender" shall mean the lender(s) under
that certain Mezzanine Loan Agreement, dated June 20 2001, between such
lender(s) and the limited partners of the Mortgagor under the Chrysler Building
Loan Pair.

         "Chrysler Building Mortgaged Property" shall mean the office property
identified on the Mortgage Loan Schedule as the Chrysler Building.

         "Chrysler Building Mortgage Loan" shall mean the Mortgage Loan
identified on the Mortgage Loan Schedule by mortgage loan number 1, which
Mortgage Loan is, together with the Chrysler Building Companion Loan, secured by
a Mortgage on the Chrysler Building Mortgaged Property.

         "Chrysler Building Noteholders" shall mean, collectively, the holder of
the Mortgage Note for the Chrysler Building Mortgage Loan and the holder of the
Mortgage Note for the Chrysler Building Companion Loan.

         "Chrysler Building REO Account" shall mean the segregated account or
accounts created and maintained by the Special Servicer pursuant to Section 3.16
on behalf of the Chrysler Building Noteholders, which shall be entitled "[NAME
OF SPECIAL SERVICER], as Special Servicer, in trust for [NAMES OF CHRYSLER
BUILDING NOTEHOLDERS], as their interests may appear".

         "Chrysler Building Remittance Date" shall mean the date each calendar
month, commencing in August 2001, that is the Business Day immediately preceding
each Distribution Date.

         "Chrysler Building Reserve Account" shall have the meaning assigned
thereto in Section 3.03(d).

         "Chrysler Building Servicing Account" shall have the meaning assigned
thereto in Section 3.03(a).

         "Chrysler Building Trustee" shall have the meaning assigned thereto in
the Preliminary Statement.

                                      -12-
<PAGE>

         "Class" shall mean, collectively, all of the Certificates bearing the
same alphabetical and, if applicable, numerical class designation.

         "Class A Certificates" shall mean the Class A-1 and Class A-2
Certificates.

         "Class A-1 Certificate" shall mean any one of the Certificates with a
"Class A-1" designation on the face thereof, substantially in the form of
Exhibit A-1 attached hereto, and evidencing a portion of a class of "regular
interests" in REMIC III for purposes of the REMIC Provisions.

         "Class A-2 Certificate" shall mean any one of the Certificates with a
"Class A-2" designation on the face thereof, substantially in the form of
Exhibit A-1 attached hereto, and evidencing a portion of a class of "regular
interests" in REMIC III for purposes of the REMIC Provisions.

         "Class A Principal Distribution Cross-Over Date" shall mean the first
Distribution Date as of the commencement of business on which (i) the Class A-1
and Class A-2 Certificates remain outstanding and (ii) the aggregate of the
Class Principal Balances of the Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P and Class
Q Certificates have been reduced to zero as a result of the allocation of
Realized Losses and Additional Trust Fund Expenses pursuant to Section 4.04(a).

         "Class B Certificate" shall mean any one of the Certificates with a
"Class B" designation on the face thereof, substantially in the form of Exhibit
A-3 attached hereto, and evidencing a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions.

         "Class C Certificate" shall mean any one of the Certificates with a
"Class C" designation on the face thereof, substantially in the form of Exhibit
A-3 attached hereto, and evidencing a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions.

         "Class D Certificate" shall mean any one of the Certificates with a
"Class D" designation on the face thereof, substantially in the form of Exhibit
A-3 attached hereto, and evidencing a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions.

         "Class E Certificate" shall mean any one of the Certificates with a
"Class E" designation on the face thereof, substantially in the form of Exhibit
A-4 attached hereto, and evidencing a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions.

         "Class F Certificate" shall mean any one of the Certificates with a
"Class F" designation on the face thereof, substantially in the form of Exhibit
A-4 attached hereto, and evidencing a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions.

         "Class G Certificate" shall mean any one of the Certificates with a
"Class G" designation on the face thereof, substantially in the form of Exhibit
A-4 attached hereto, and evidencing a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions.

         "Class H Certificate" shall mean any of the Certificates with a "Class
H" designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a portion of a class of "regular interests" in
REMIC III for purposes of the REMIC Provisions.

                                      -13-
<PAGE>

         "Class J Certificate" shall mean any one of the Certificates with a
"Class J" designation on the face thereof, substantially in the form of Exhibit
A-4 attached hereto, and evidencing a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions.

         "Class K Certificate" shall mean any of the Certificates with a "Class
K" designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a portion of a class of "regular interests" in
REMIC III for purposes of the REMIC Provisions.

         "Class L Certificate" shall mean any of the Certificates with a "Class
L" designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a portion of a class of "regular interests" in
REMIC III for purposes of the REMIC Provisions.

         "Class M Certificate" shall mean any of the Certificates with a "Class
M" designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a portion of a class of "regular interests" in
REMIC III for purposes of the REMIC Provisions.

         "Class N Certificate" shall mean any of the Certificates with a "Class
N" designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a portion of a class of "regular interests" in
REMIC III for purposes of the REMIC Provisions.

         "Class Notional Amount" shall mean, as of any date of determination,
the then aggregate of the Component Notional Amounts of all the REMIC III
Components of the Class X Certificates.

         "Class P Certificate" shall mean any of the Certificates with a "Class
P" designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a portion of a class of "regular interests" in
REMIC III for purposes of the REMIC Provisions.

         "Class Principal Balance" shall mean the aggregate principal balance of
any Class of Principal Balance Certificates outstanding as of any date of
determination. As of the Closing Date, the Class Principal Balance of each such
Class of Certificates shall equal the Original Class Principal Balance thereof.
On each Distribution Date, the Class Principal Balance of each such Class of
Certificates shall be permanently reduced by the amount of any distributions of
principal made thereon on such Distribution Date pursuant to Section 4.01 or
9.01, as applicable, and shall be further permanently reduced by the amount of
any Realized Losses and Additional Trust Fund Expenses deemed allocated thereto
on such Distribution Date pursuant to Section 4.04(a).

         "Class Q Certificate" shall mean any of the Certificates with a "Class
Q" designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing (i) a portion of a class of "regular interests"
in REMIC III for purposes of the REMIC Provisions and (ii) a pro rata (as among
the other Certificates of such Class) undivided interest in the portion of the
Grantor Trust Assets consisting of any Additional Interest collected with
respect to an ARD Mortgage Loan.

         "Class R-I Certificate" shall mean any one of the Certificates with a
"Class R-I" designation on the face thereof, substantially in the form of
Exhibit A-6 attached hereto, and evidencing a portion of the sole class of
"residual interests" in REMIC I for purposes of the REMIC Provisions.

                                      -14-
<PAGE>

         "Class R-II Certificate" shall mean any one of the Certificates with a
"Class R-II" designation on the face thereof, substantially in the form of
Exhibit A-6 attached hereto, and evidencing a portion of the sole class of
"residual interests" in REMIC II for purposes of the REMIC Provisions.

         "Class R-III Certificate" shall mean any one of the Certificates with a
"Class R-III" designation on the face thereof, substantially in the form of
Exhibit A-6 attached hereto, and evidencing a portion of the sole class of
"residual interests" in REMIC III for purposes of the REMIC Provisions.

         "Class R-LR Certificate" shall mean any one of the Certificates with a
"Class R-LR" designation on the face thereof, substantially in the form of
Exhibit A-6 attached hereto, and evidencing a portion of the sole class of
"residual interests" in each Loan REMIC for purposes of the REMIC Provisions.

         "Class X Certificate" shall mean any one of the Certificates with a
"Class X" designation on the face thereof, substantially in the form of Exhibit
A-2 attached hereto, and evidencing (i) a portion of each of the REMIC III
Components, each of which REMIC III Components constitutes a separate "regular
interest" in REMIC III for purposes of the REMIC Provisions and (ii) a pro rata
undivided interest in the portion of the Grantor Trust Assets consisting of any
yield maintenance payment made by the UBS Mortgage Loan Seller in connection
with a repurchase of a Loan REMIC Mortgage Loan as contemplated by Section
2.03(d).

         "Clearstream" shall mean Clearstream Banking, Societe Anonyme or any
successor.

         "Closing Date" shall mean July 30, 2001.

         "CMSA" shall mean the Commercial Mortgage Securities Association, or
any association or organization that is a successor thereto. If neither such
association nor any successor remains in existence, "CMSA" shall be deemed to
refer to such other association or organization as may exist whose principal
membership consists of servicers, trustees, issuers, placement agents and
underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the
commercial mortgage loan securitization industry and one of whose principal
purposes is the establishment of industry standards for reporting
transaction-specific information relating to commercial mortgage pass-through
certificates and commercial mortgage-backed bonds and the commercial mortgage
loans and foreclosed properties underlying or backing them to investors holding
or owning such certificates or bonds, and any successor to such other
association or organization. If an organization or association described in one
of the preceding sentences of this definition does not exist, "CMSA" shall be
deemed to refer to such other association or organization as shall be selected
by the Master Servicer and reasonably acceptable to the Trustee, the Special
Servicer and the Controlling Class Representative.

         "CMSA Bond Level File" shall mean the monthly report substantially in
the form of, and containing the information called for in, the downloadable form
of the "Bond Level File" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "Bond Level File" available as of the Closing Date on the CMSA
Website, is reasonably acceptable to the Trustee.

                                      -15-
<PAGE>

         "CMSA Collateral Summary File" shall mean the report substantially in
the form of, and containing the information called for in, the downloadable form
of the "Collateral Summary File" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage securities transactions generally and,
insofar as it requires the presentation of information in addition to that
called for by the form of the "Collateral Summary File" available as of the
Closing Date on the CMSA Website, is reasonably acceptable to the Trustee.

         "CMSA Comparative Financial Status Report" shall mean a report
substantially in the form of, and containing the information called for in, the
downloadable form of the "CMSA Comparative Financial Status Report" available as
of the Closing Date on the CMSA Website, or such other form for the presentation
of such information as may from time to time be recommended by the CMSA for
commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "CMSA Comparative Financial Status Report" available as of the
Closing Date on the CMSA Website, is reasonably acceptable to the Master
Servicer or the Special Servicer, as applicable.

         "CMSA Delinquent Loan Status Report" shall mean a report substantially
in the form of, and containing the information called for in, the downloadable
form of the "CMSA Delinquent Loan Status Report" available as of the Closing
Date on the CMSA Website, or such other form for the presentation of such
information and containing such additional information as may from time to time
be recommended by the CMSA for commercial mortgage securities transactions
generally and, insofar as it requires the presentation of information in
addition to that called for by the form of the "CMSA Delinquent Loan Status
Report" available as of the Closing Date on the CMSA Website, is reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable.

         "CMSA Financial File" shall mean a report substantially in the form of,
and containing the information called for in, the downloadable form of the
"Financial File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "Financial File" available as of the Closing Date on the CMSA
Website, is reasonably acceptable to the Master Servicer or the Special
Servicer, as applicable. The initial data for this report shall be provided by
the respective Mortgage Loan Sellers.

         "CMSA Historical Liquidation Report" shall mean a report substantially
in the form of, and containing the information called for in, the downloadable
form of the "Historical Liquidation Report" available as of the Closing Date on
the CMSA Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be
recommended by the CMSA for commercial mortgage securities transactions
generally and, insofar as it requires the presentation of information in
addition to that called for by the form of the "Historical Liquidation Report"
available as of the Closing Date on the CMSA Website, is reasonably acceptable
to the Master Servicer or the Special Servicer, as applicable.

         "CMSA Historical Loan Modification Report" shall mean a report
substantially in the form of, and containing the information called for in, the
downloadable form of the "Historical Loan Modification Report" available as of
the Closing Date on the CMSA Website, or such other form for the

                                      -16-
<PAGE>

presentation of such information and containing such additional information as
may from time to time be recommended by the CMSA for commercial mortgage
securities transactions generally and, insofar as it requires the presentation
of information in addition to that called for by the form of the "Historical
Loan Modification Report" available as of the Closing Date on the CMSA Website,
is reasonably acceptable to the Master Servicer or the Special Servicer, as
applicable.

         "CMSA Investor Reporting Package" shall mean, collectively:

            (a) the following six electronic files: (i) CMSA Loan Setup File,
     (ii) CMSA Loan Periodic Update File, (iii) CMSA Property File, (iv) CMSA
     Bond Level File, (v) CMSA Financial File and (vi) CMSA Collateral Summary
     File; and

            (b) the following eight supplemental reports: (i) CMSA Delinquent
     Loan Status Report, (ii) CMSA Historical Loan Modification Report, (iii)
     CMSA Historical Liquidation Report, (iv) CMSA REO Status Report, (v) CMSA
     Operating Statement Analysis Report, (vi) CMSA Comparative Financial Status
     Report, (vii) CMSA Servicer Watch List and (viii) CMSA NOI Adjustment
     Worksheet.

         "CMSA Loan Periodic Update File" shall mean the monthly report
substantially in the form of, and containing the information called for in, the
downloadable form of the "Loan Periodic Update File" available as of the Closing
Date on the CMSA Website, or such other form for the presentation of such
information and containing such additional information as may from time to time
be recommended by the CMSA for commercial mortgage securities transactions
generally and, insofar as it requires the presentation of information in
addition to that called for by the form of the "Loan Periodic Update File"
available as of the Closing Date on the CMSA Website, is reasonably acceptable
to the Master Servicer or the Special Servicer, as applicable, and the Trustee.
The initial data for this report shall be provided by the respective Mortgage
Loan Sellers.

         "CMSA Loan Setup File" shall mean the report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Loan Setup File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "Loan Setup File" available as of the Closing Date on the CMSA
Website, is reasonably acceptable to the Master Servicer or the Special
Servicer, as applicable, and the Trustee.

         "CMSA NOI Adjustment Worksheet" shall mean a report prepared by the
Master Servicer with respect to all the Loans other than Specially Serviced
Loans and REO Loans, and by the Special Servicer with respect to Specially
Serviced Loans and REO Loans, which report shall be substantially in the form
of, and contain the information called for in, the downloadable form of the "NOI
Adjustment Worksheet" available as of the Closing Date on the CMSA Website, or
such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "NOI Adjustment Worksheet" available as of the Closing Date on the
CMSA Website, is acceptable to the Master Servicer or the Special Servicer, as
applicable.

                                      -17-
<PAGE>

         "CMSA Operating Statement Analysis Report" shall mean a report
substantially in the form of, and containing the information called for in, the
downloadable form of the "CMSA Operating Statement Analysis Report" available as
of the Closing Date on the CMSA Website or in such other form for the
presentation of such information and containing such additional information as
may from time to time be recommended by the CMSA for commercial mortgage-backed
securities transactions generally and, insofar as it requires the presentation
of information in addition to that called for by the form of the "CMSA Operating
Statement Analysis Report" available as of the Closing Date on the CMSA Website,
is reasonably acceptable to the Master Servicer.

         "CMSA Property File" shall mean a report substantially in the form of,
and containing the information called for in, the downloadable form of the
"Property File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "Property File" available as of the Closing Date on the CMSA
Website, is reasonably acceptable to the Master Servicer or the Special
Servicer, as applicable.

         "CMSA Servicer Watch List" shall mean a report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Servicer Watch List" available as of the Closing Date on the CMSA Website,
or in such other form for the presentation of such information and containing
such additional information as may from time to time be recommended by the CMSA
for commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "Servicer Watch List" available as of the Closing Date on the CMSA
Website, is reasonably acceptable to the Master Servicer or Special Servicer, as
applicable, and in any event, identifying as of the Determination Date
immediately preceding the delivery of such report each Loan (other than a
Specially Serviced Loan or an REO Loan) (i) with a debt service coverage ratio
of less than 1.05x, (ii) that has a Stated Maturity Date occurring in the next
60 days, (iii) that is delinquent in respect of its real estate taxes, (iv) for
which any outstanding Advances exist, (v) that has been a Specially Serviced
Loan in the past 90 days, (vi) for which the debt service coverage ratio has
decreased by more than 10% in the prior 12 months, (vii) for which any lease
relating to more than 25% of the related Mortgaged Property has expired, been
terminated, is in default or will expire within the next three months (with no
replacement tenant having occupied or reasonably expected, within the next 45
days, to occupy the space on comparable terms), (viii) that has been late in
making its Monthly Payment three or more times in the preceding twelve months,
(ix) with material deferred maintenance at the related Mortgaged Property, (x)
that is 30 or more days delinquent, (xi) to the extent the Master Servicer has
actual knowledge thereof, with respect to which a tenant or tenants occupying
25% of the related Mortgaged Property are involved in bankruptcy or insolvency
proceedings, or (xii) in respect of which an inspection carried out pursuant to
Section 3.12(a) revealed a problem reasonably expected to materially and
adversely affect the cash flow of the related Mortgaged Property.

         "CMSA REO Status Report" shall mean a report substantially in the form
of, and containing the information called for in, the downloadable form of the
"REO Status Report" available as of the Closing Date on the CMSA Website, or in
such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage securities transactions generally and, insofar as it
requires the presentation of information in addition to that called for by the
form of the "REO Status Report"

                                      -18-
<PAGE>

available as of the Closing Date on the CMSA Website, is reasonably acceptable
to the Master Servicer or the Special Servicer, as applicable.

         "CMSA Website" shall mean the CMSA's Website located at
"www.cssacmbs.org" or such other primary website as the CMSA may establish for
dissemination of its report forms.

         "Code" shall mean the Internal Revenue Code of 1986 and regulations
promulgated thereunder, including temporary regulations and proposed regulations
to the extent that, by reason of their proposed effective date, could, as of the
date of any determination or opinion as to the tax consequences of any action or
proposed action or transaction, be applied to the Certificates.

         "Collection Account" shall mean the segregated account or accounts
created and maintained by the Trustee pursuant to Section 3.04(b), which shall
be entitled "LaSalle Bank National Association [OR NAME OF ANY SUCCESSOR
TRUSTEE], as Trustee, in trust for the registered holders of LB-UBS Commercial
Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through Certificates, Series
2001-C3".

         "Collection Period" shall mean, with respect to any Distribution Date
or Master Servicer Remittance Date, the period commencing on the day immediately
following the Determination Date in the calendar month preceding the month in
which such Distribution Date or Master Servicer Remittance Date, as the case may
be, occurs (or, in the case of each of the initial Distribution Date and the
initial Master Servicer Remittance Date, commencing immediately following the
Cut-off Date) and ending on and including the Determination Date in the calendar
month in which such Distribution Date or Master Servicer Remittance Date, as the
case may be, occurs.

         "Commission" shall mean the Securities and Exchange Commission or any
successor agency.

         "Component Notional Amount" shall mean the notional amount on which any
REMIC III Component of the Class X Certificates accrues interest, which, as of
any date of determination, is equal to the then current Uncertificated Principal
Balance of such REMIC III Component's Corresponding REMIC II Regular Interest.

         "Controlling Class" shall mean, as of any date of determination, the
outstanding Class of Principal Balance Certificates that (a) bears the latest
alphabetical Class designation and (b) has a Class Principal Balance which is
greater than 25% of the Original Class Principal Balance of such Class; provided
that if no Class of Principal Balance Certificates has as of such date of
determination a Class Principal Balance greater than 25% of its Original Class
Principal Balance, then the Controlling Class shall be the then outstanding
Class of Principal Balance Certificates bearing the latest alphabetical Class
designation that has a Class Principal Balance greater than zero; and provided,
further, that, for purposes of determining the Controlling Class, the Class A-1
and Class A-2 Certificates shall be deemed a single Class of Certificates.

         "Controlling Class Certificateholder" shall mean any Holder of a
Certificate of the Controlling Class.

         "Controlling Class Representative" shall have the meaning assigned
thereto in Section 6.09.

                                      -19-
<PAGE>

         "Corporate Trust Office" shall mean the principal corporate trust
office of the Trustee at which at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 135 South LaSalle
Street, Suite 1625, Chicago, Illinois 60603, Attention: Asset Backed Securities
Trust Services Group - LB-UBS Commercial Mortgage Trust 2001-C3.

         "Corrected Loan" shall mean any Loan that had been a Specially Serviced
Loan but has ceased to be such in accordance with the definition of "Specially
Serviced Loan" (other than by reason of a Liquidation Event occurring in respect
of such Loan or the related Mortgaged Property's becoming an REO Property).

         "Corrected Mortgage Loan" shall mean any Mortgage Loan that is a
Corrected Loan.

         "Corresponding REMIC II Regular Interest" shall mean: (a) with respect
to any Class of Principal Balance Certificates, the REMIC II Regular Interest
that has an alphabetical and, if applicable, numerical designation that is the
same as the alphabetical and, if applicable, numerical Class designation for
such Class of Principal Balance Certificates; and (b) with respect to any REMIC
III Component of the Class X Certificates, the REMIC II Regular Interest that
has an alphabetical and, if applicable, numerical designation that, when
preceded by "X-", is the same as the alphabetical and, if applicable, numerical
designation for such REMIC III Component of the Class X Certificates.

         "Cross-Collateralized Group" shall mean any group of
Cross-Collateralized Mortgage Loans.

         "Cross-Collateralized Mortgage Loan" shall mean any Mortgage Loan that
is cross-defaulted and cross-collateralized with any other Mortgage Loan.

         "Custodial Account" shall mean any of the Pool Custodial Account or the
Chrysler Building Custodial Account.

         "Custodian" shall mean a Person who is at any time appointed by the
Trustee pursuant to Section 8.11 as a document custodian for the Mortgage Files,
which Person shall not be the Depositor, a Mortgage Loan Seller or an Affiliate
of the Depositor or a Mortgage Loan Seller. If no such custodian has been
appointed, or if such custodian has been so appointed but the Trustee shall have
terminated such appointment, then the Trustee shall be the Custodian.

         "Cut-off Date" shall mean July 11, 2001.

         "Cut-off Date Balance" shall mean, with respect to any Loan, the
outstanding principal balance of such Loan as of the Cut-off Date, net of all
unpaid payments of principal due in respect thereof on or before such date.

         "Default Charges" shall mean Default Interest and/or late payment
charges that are paid or payable, as the context may require, in respect of any
Loan or REO Loan.

         "Default Interest" shall mean, with respect to any Loan (or any
successor REO Loan), any amounts collected thereon, other than late payment
charges, Prepayment Premiums or Yield Maintenance Charges, that represent
penalty interest (arising out of a default) in excess of: (i) interest

                                      -20-
<PAGE>

accrued on the principal balance of such Loan (or successor REO Loan), at the
related Mortgage Rate (net of any applicable Additional Interest Rate); and (ii)
in the case of an ARD Loan after the related Anticipated Repayment Date, any
Additional Interest.

         "Defaulted Mortgage Loan" shall mean a Specially Serviced Mortgage Loan
(i) that is delinquent in an amount equal to at least two Monthly Payments (not
including the Balloon Payment) or is delinquent 30 days or more in respect of
its Balloon Payment, in either case such delinquency to be determined without
giving effect to any grace period permitted by the related Mortgage or Mortgage
Note and without regard to any acceleration of payments under the related
Mortgage and Mortgage Note, or (ii) as to which the Master Servicer or the
Special Servicer has, by written notice to the related Mortgagor, accelerated
the maturity of the indebtedness evidenced by the related Mortgage Note;
provided that "Defaulted Mortgage Loan" shall, in no event, mean the Chrysler
Building Companion Loan.

         "Defaulting Party" shall have the meaning assigned thereto in Section
7.01(b).

         "Defeasance Collateral" shall mean, with respect to any Defeasance
Loan, the Government Securities required or permitted to be pledged in lieu of
prepayment pursuant to the terms thereof in order to obtain a release of the
related Mortgaged Property.

         "Defeasance Deposit Account" shall have the meaning assigned thereto in
Section 3.04(a).

         "Defeasance Loan" shall mean any Loan which requires the related
Mortgagor (or permits the holder of such loan to require the related Mortgagor)
to pledge Defeasance Collateral to the holder of such loan in lieu of
prepayment.

         "Definitive Certificate" shall have the meaning assigned thereto in
Section 5.03(a).

         "Definitive Non-Registered Certificate" shall mean any Non-Registered
Certificate that has been issued as a Definitive Certificate.

         "Definitive Subordinate Certificate" shall mean any Subordinate
Certificate that has been issued as a Definitive Certificate.

         "Depositor" shall mean SASCO.

         "Depository" shall mean The Depository Trust Company or any successor
Depository hereafter named as contemplated by Section 5.03(c). The nominee of
the initial Depository for purposes of registering those Certificates that are
to be Book-Entry Certificates, is Cede & Co. The Depository shall at all times
be a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York and a "clearing agency" registered
pursuant to the provisions of Section 17A of the Exchange Act.

         "Depository Participant" shall mean a broker, dealer, bank or other
financial institution or other Person for whom from time to time the Depository
effects book-entry transfers and pledges of securities deposited with the
Depository.

                                      -21-
<PAGE>

         "Determination Date" shall mean the 11th calendar day of each month
(or, if such 11th day is not a Business Day, the Business Day immediately
following), commencing in August 2001.

         "Directly Operate" shall mean, with respect to any REO Property, the
furnishing or rendering of services to the tenants thereof, the management or
operation of such REO Property, the holding of such REO Property primarily for
sale or lease, the performance of any construction work thereon or any use of
such REO Property in a trade or business conducted by REMIC I (or, if held
thereby, the related Loan REMIC) other than through an Independent Contractor;
provided, however, that the Trustee (or the Special Servicer or any Sub-Servicer
on behalf of the Trustee) shall not be considered to Directly Operate an REO
Property solely because the Trustee (or the Special Servicer or any Sub-Servicer
on behalf of the Trustee) establishes rental terms, chooses tenants, enters into
or renews leases, deals with taxes and insurance, or makes decisions as to
repairs or capital expenditures with respect to such REO Property.

         "Discount Rate" shall mean, with respect to any prepaid Mortgage Loan
or REO Mortgage Loan, for purposes of allocating any Prepayment Premium or Yield
Maintenance Charge received thereon or with respect thereto among the respective
Classes of the Principal Balance Certificates (other than any Excluded Class
thereof), a rate equal to the yield (when compounded monthly) on the U.S.
Treasury issue (primary issue) with a maturity date closest to the maturity date
or, in the case of an ARD Loan, the anticipated repayment date for such prepaid
Mortgage Loan or REO Mortgage Loan, as published in Federal Reserve Statistical
Release H.15 (519) published by the Federal Reserve Board; provided that if
there are two such U.S. Treasury issues (a) with the same coupon, the issue with
the lower yield shall apply, and (b) with maturity dates equally close to the
maturity date for such prepaid Mortgage Loan or REO Mortgage Loan, the issue
with the earliest maturity date shall apply.

         "Disqualified Non-United States Tax Person" shall mean, with respect to
any Residual Interest Certificate, any Non-United States Tax Person or agent
thereof other than: (1) a Non-United States Tax Person that (a) holds such
Residual Interest Certificate and, for purposes of Treasury regulation Section
1.860G-3(a)(3), is subject to tax under Section 882 of the Code, (b) certifies
that it understands that, for purposes of Treasury regulation Section
1.860E-1(c)(4)(ii), as a holder of such Residual Interest Certificate for United
States federal income tax purposes, it may incur tax liabilities in excess of
any cash flows generated by such Residual Interest Certificate and intends to
pay taxes associated with holding such Residual Interest Certificate, and (c)
has furnished the Transferor and the Trustee with an effective IRS Form W-8ECI
or successor form and has agreed to update such form as required under the
applicable Treasury regulations; or (2) a Non-United States Tax Person that has
delivered to the Transferor, the Trustee and the Certificate Registrar an
opinion of nationally recognized tax counsel to the effect that (x) the Transfer
of such Residual Interest Certificate to it is in accordance with the
requirements of the Code and the regulations promulgated thereunder and (y) such
Transfer of such Residual Interest Certificate will not be disregarded for
United States federal income tax purposes.

         "Disqualified Organization" shall mean any of the following: (i) the
United States, any State or any political subdivision thereof, any foreign
government, international organization, or any agency or instrumentality of any
of the foregoing; (ii) any organization (except certain farmers' cooperatives
described in Section 521 of the Code) that is exempt from the tax imposed by
Chapter 1 of the Code (unless such organization is subject to the tax imposed by
Section 511 of the Code on unrelated business income); (iii) rural electric and
telephone cooperatives described in Section 1381 of the Code;

                                      -22-
<PAGE>

or (iv) any other Person so designated by the Trustee or the Tax Administrator
based upon an Opinion of Counsel that the holding of an Ownership Interest in a
Residual Interest Certificate by such Person may cause the Trust Fund or any
Person having an Ownership Interest in any Class of Certificates, other than
such Person, to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the Transfer of an Ownership
Interest in a Residual Interest Certificate to such Person. The terms "United
States", "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

         "Disqualified Partnership" shall mean any domestic entity classified as
a partnership under the Code if any of its beneficial owners are Disqualified
Non-United States Tax Persons.

         "Distributable Certificate Interest" shall mean, with respect to any
Class of Regular Interest Certificates for any Distribution Date, an amount of
interest equal to the amount of Accrued Certificate Interest in respect of such
Class of Certificates for the related Interest Accrual Period, reduced (to not
less than zero) by that portion, if any, of the Net Aggregate Prepayment
Interest Shortfall for such Distribution Date allocated to such Class of
Certificates as provided below. The Net Aggregate Prepayment Interest Shortfall,
if any, for each Distribution Date shall be allocated to the respective Classes
of Regular Interest Certificates on such Distribution Date as follows: first, to
the respective Classes of Regular Interest Certificates (other than the Senior
Certificates), sequentially in reverse alphabetical order of Class designation,
in each case up to an amount equal to the lesser of any remaining unallocated
portion of such Net Aggregate Prepayment Interest Shortfall and the amount of
any Accrued Certificate Interest in respect of the particular Class of
Certificates for the related Interest Accrual Period; and, thereafter, if and to
the extent that any portion of such Net Aggregate Prepayment Interest Shortfall
remains unallocated, among the respective Classes of Senior Certificates, up to,
and pro rata in accordance with, the respective amounts of Accrued Certificate
Interest for each such Class of Senior Certificates for the related Interest
Accrual Period.

         "Distributable Component Interest" shall mean, with respect to any
REMIC III Component of the Class X Certificates for any Distribution Date, an
amount of interest equal to the amount of Accrued Component Interest in respect
of such REMIC III Component for the related Interest Accrual Period, reduced (to
not less than zero) by the product of (i) the entire portion of any Net
Aggregate Prepayment Interest Shortfall for such Distribution Date that was
allocated to the Class X Certificates in accordance with the definition of
"Distributable Certificate Interest", multiplied by (ii) a fraction, the
numerator of which is the amount of any Accrued Component Interest in respect of
such REMIC III Component for the related Interest Accrual Period, and the
denominator of which is the amount of the Accrued Certificate Interest in
respect of the Class X Certificates for the related Interest Accrual Period.

         "Distribution Date" shall mean the date each month, commencing in
August 2001, on which, among other things, the Trustee is to make distributions
on the Certificates, which date shall be the fourth Business Day following the
Determination Date in such calendar month.

         "Distribution Date Statement" shall have the meaning assigned thereto
in Section 4.02(a).

         "Document Defect" shall have the meaning assigned thereto in Section
2.03(a).

         "Due Date" shall mean: (i) with respect to any Loan on or prior to its
Stated Maturity Date, the day of the month set forth in the related Mortgage
Note on which each Monthly Payment on

                                      -23-
<PAGE>

such Loan is scheduled to be first due; (ii) with respect to any Loan after its
Stated Maturity Date, the day of the month set forth in the related Mortgage
Note on which each Monthly Payment on such Loan had been scheduled to be first
due; and (iii) with respect to any REO Loan, the day of the month set forth in
the related Mortgage Note on which each Monthly Payment on the related Loan had
been scheduled to be first due.

         "EDGAR" shall mean the Commission's Electronic Data Gathering, Analysis
and Retrieval system.

         "Eligible Account" shall mean any of: (i) an account maintained with a
federal or state chartered depository institution or trust company, the
long-term deposit or unsecured debt obligations of which are rated at least "A+"
by Fitch (if then rated by Fitch, and if not then rated by Fitch, then an
equivalent rating by at least one nationally recognized statistical rating
agency besides S&P) and at least "AA-" (or, if such depository institution or
trust company has short-term unsecured debt obligations rated at least "A-1" by
S&P, at least "A-") by S&P (or, in the case of either Rating Agency, such lower
rating as will not result in an Adverse Rating Event with respect to any Class
of Certificates and, in the case of an account that relates solely to the
Chrysler Building Loan Pair, with respect to any class of securities backed by
the Chrysler Building Companion Loan, as evidenced in writing by such Rating
Agency) at any time such funds are on deposit therein (if such funds are to be
held for more than 30 days), or the short-term deposits of which are rated at
least "F-1" by Fitch (if then rated by Fitch, and if not then rated by Fitch,
then an equivalent rating by at least one nationally recognized statistical
rating agency besides S&P) and at least "A-1" by S&P (or, in the case of either
Rating Agency, such lower rating as will not result in an Adverse Rating Event
with respect to any Class of Certificates and, in the case of an account that
relates solely to the Chrysler Building Loan Pair, with respect to any class of
securities backed by the Chrysler Building Companion Loan, as evidenced in
writing by such Rating Agency) at any time such funds are on deposit therein (if
such funds are to be held for 30 days or less); or (ii) a segregated trust
account maintained with a federal or state chartered depository institution or
trust company acting in its fiduciary capacity, which has a combined capital and
surplus of at least $50,000,000, is subject to supervision or examination by
federal or state authority and, in the case of a state chartered depository
institution or trust company, is subject to regulations regarding fiduciary
funds on deposit therein substantially similar to 12 CFR (Section) 9.10(b); or
(iii) any other account, the use of which would not, in and of itself, cause an
Adverse Rating Event with respect to any Class of Certificates and, in the case
of an account that relates solely to the Chrysler Building Loan Pair, with
respect to any class of securities backed by the Chrysler Building Companion
Loan, as evidenced in writing by each Rating Agency.

         "Environmental Assessment" shall mean a "Phase I assessment" as
described in and meeting the criteria of Chapter 5 of the Fannie Mae Multifamily
Guide and the ASTM Standard for Environmental Site Assessments, each as amended
from time to time.

         "Environmental Insurance Policy" shall mean, with respect to any
Mortgaged Property or REO Property, any insurance policy covering pollution
conditions and/or other environmental conditions that is maintained from time to
time in respect of such Mortgaged Property or REO Property, as the case may be,
for the benefit of, among others, the Trustee on behalf of the
Certificateholders.

         "Environmentally Insured Mortgage Loans" shall mean the Mortgage Loans
identified on Schedule V hereto.

                                      -24-
<PAGE>

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

         "Escrow Payment" shall mean any payment received by the Master Servicer
or the Special Servicer for the account of any Mortgagor for application toward
the payment of real estate taxes, assessments, insurance premiums, ground rents
(if applicable) and other items for which an escrow has been created in respect
of the related Mortgaged Property.

         "Euroclear" shall mean The Euroclear System or any successor.

         "Event of Default" shall have the meaning assigned thereto in Section
7.01(a).

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         "Excluded Classes" shall mean, collectively, the Class H Certificates,
the Class J Certificates, the Class K Certificates, the Class L Certificates,
the Class M Certificates, the Class N Certificates, the Class P Certificates and
the Class Q Certificates.

         "Exemption-Favored Party" shall mean any of (i) Lehman Brothers, (ii)
any Person directly or indirectly, through one or more intermediaries,
controlling, controlled by or under common control with Lehman Brothers, and
(iii) any member of any underwriting syndicate or selling group of which any
Person described in clauses (i) and (ii) is a manager or co-manager with respect
to a Class of Investment Grade Certificates.

         "Fannie Mae" shall mean the Federal National Mortgage Association or
any successor.

         "FDIC" shall mean the Federal Deposit Insurance Corporation or any
successor.

         "FHLMC" shall mean the Federal Home Loan Mortgage Corporation or any
successor.

         "Final Distribution Date" shall mean the Distribution Date on which the
final distribution is to be made with respect to the Certificates in connection
with a termination of the Trust Fund pursuant to Article IX.

         "Final Recovery Determination" shall mean a determination by the
Special Servicer with respect to any Loan or REO Property (other than a Loan
that was paid in full, and other than a Loan or REO Property, as the case may
be, that was purchased by the Depositor pursuant to Section 2.03(a), by the UBS
Mortgage Loan Seller pursuant to the UBS/Depositor Mortgage Loan Purchase
Agreement, by a Controlling Class Certificateholder pursuant to Section 3.18(b),
by the Master Servicer or the Special Servicer pursuant to Section 3.18(c) or by
the Depositor, Lehman Brothers, the Special Servicer, a Controlling Class
Certificateholder or the Master Servicer pursuant to Section 9.01, and other
than the Chrysler Building Mortgage Loan if purchased by or through the Chrysler
Building Companion Loan Noteholder pursuant to the Chrysler Building Co-Lender
Agreement) that there has been a recovery of all Insurance Proceeds, Liquidation
Proceeds and other payments or recoveries that the Special Servicer has
determined, in accordance with the Servicing Standard, will be ultimately
recoverable.

         "First Union" shall mean First Union National Bank or its successor in
interest.

                                      -25-
<PAGE>

         "Fiscal Agent" shall mean ABN AMRO, in its capacity as fiscal agent
hereunder, or any successor fiscal agent appointed as herein provided.

         "Fitch" shall mean Fitch, Inc. or its successor in interest. If neither
such rating agency nor any successor remains in existence, "Fitch" shall be
deemed to refer to such other nationally recognized statistical rating agency or
other comparable Person designated by the Depositor, notice of which designation
shall be given to the Trustee, the Fiscal Agent, the Master Servicer and the
Special Servicer, and specific ratings of Fitch, Inc. herein referenced shall be
deemed to refer to the equivalent ratings of the party so designated.

         "GAAP" shall mean generally accepted accounting principles in the
United States of America.

         "Global Opinion" shall have the meaning assigned thereto in Section
11.12.

         "Government Securities" shall mean "Government Securities" as defined
in Section 2(a)(16) of the Investment Company Act of 1940, excluding any such
securities that are not acceptable to either Rating Agency as Defeasance
Collateral.

         "Grantor Trust" shall mean that certain "grantor trust" (within the
meaning of the Grantor Trust Provisions) consisting of the Grantor Trust Assets.

         "Grantor Trust Assets" shall mean (i) any Additional Interest collected
with respect to an ARD Mortgage Loan after its Anticipated Repayment Date and
(ii) any yield maintenance payment made by the UBS Mortgage Loan Seller in
connection with a repurchase of a Loan REMIC Mortgage Loan as contemplated by
Section 2.03(d).

         "Grantor Trust Provisions" shall mean Subpart E of Subchapter J of the
Code, including Treasury regulation Section 301.7701-4(c)(2).

         "Ground Lease" shall mean, with respect to any Mortgage Loan for which
the related Mortgagor has a leasehold interest in the related Mortgaged
Property, the lease agreement(s) creating such leasehold interest.

         "Hazardous Materials" shall mean any dangerous, toxic or hazardous
pollutants, chemicals, wastes, or substances, including those so identified
pursuant to CERCLA or any other federal, state or local environmental related
laws and regulations now existing or hereafter enacted, and specifically
including asbestos and asbestos-containing materials, polychlorinated biphenyls,
radon gas, petroleum and petroleum products and urea formaldehyde.

         "Holder" shall mean a Certificateholder.

         "HUD-Approved Servicer" shall mean a servicer that is a mortgagee
approved by the Secretary of Housing and Urban Development pursuant to Sections
203, 207 and 211 of the National Housing Act.

         "Independent" shall mean, when used with respect to any specified
Person, any such Person who (i) is in fact independent of the Depositor, each
Mortgage Loan Seller, the Master Servicer,

                                      -26-
<PAGE>

the Special Servicer, any Controlling Class Certificateholder, the Chrysler
Building Companion Loan Noteholder and any and all Affiliates thereof, (ii) does
not have any direct financial interest in or any material indirect financial
interest in any of the Depositor, either Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Controlling Class Certificateholder, the
Chrysler Building Companion Loan Noteholder or any Affiliate thereof, and (iii)
is not connected with the Depositor, either Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Controlling Class Certificateholder, the
Chrysler Building Companion Loan Noteholder or any Affiliate thereof as an
officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions; provided, however, that a Person shall not fail to
be Independent of the Depositor, a Mortgage Loan Seller, the Master Servicer,
the Special Servicer, a Controlling Class Certificateholder, the Chrysler
Building Companion Loan Noteholder or any Affiliate thereof merely because such
Person is the beneficial owner of 1% or less of any class of securities issued
by the Depositor, such Mortgage Loan Seller, the Master Servicer, the Special
Servicer, such Controlling Class Certificateholder, the Chrysler Building
Companion Loan Noteholder or any Affiliate thereof, as the case may be.

         "Independent Appraiser" shall mean an Independent professional real
estate appraiser who (i) is a member in good standing of the Appraisal
Institute, (ii) if the state in which the subject Mortgaged Property is located
certifies or licenses appraisers, is certified or licensed in such state, and
(iii) has a minimum of five years experience in the subject property type and
market.

         "Independent Contractor" shall mean: (a) any Person that would be an
"independent contractor" with respect to REMIC I (or, solely for the purposes of
each Loan REMIC Mortgage Loan and any corresponding REO Property, the related
Loan REMIC) within the meaning of Section 856(d)(3) of the Code if REMIC I (or,
if applicable, the related Loan REMIC) were a real estate investment trust
(except that the ownership test set forth in that section shall be considered to
be met by any Person that owns, directly or indirectly, 35 percent or more of
any Class of Certificates, or such other interest in any Class of Certificates
as is set forth in an Opinion of Counsel, which shall be at no expense to the
Master Servicer, the Special Servicer, the Trustee or the Trust Fund, delivered
to the Trustee (and, if the Chrysler Building Loan Pair is affected, to the
Chrysler Building Companion Loan Noteholder)), provided that (i) such REMIC Pool
does not receive or derive any income from such Person and (ii) the relationship
between such Person and such REMIC Pool is at arm's length, all within the
meaning of Treasury regulations Section 1.856-4(b)(5); or (b) any other Person
upon receipt by the Trustee (and, if the Chrysler Building Loan Pair is
affected, the Chrysler Building Companion Loan Noteholder) of an Opinion of
Counsel, which shall be at no expense to the Master Servicer, the Special
Servicer, the Trustee or the Trust Fund, to the effect that the taking of any
action in respect of any REO Property by such Person, subject to any conditions
therein specified, that is otherwise herein contemplated to be taken by an
Independent Contractor, will not cause such REO Property to cease to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code, or
cause any income realized in respect of such REO Property to fail to qualify as
Rents from Real Property, due to such Person's failure to be treated as an
Independent Contractor.

         "Initial Pool Balance" shall mean the aggregate of the Cut-off Date
Balances of the Mortgage Loans.

         "Institutional Accredited Investor" shall mean an "accredited investor"
as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the
Securities Act or any entity in which all of the equity owners come within such
paragraphs.

                                      -27-
<PAGE>

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

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

         "Insured Environmental Event" shall have the meaning assigned thereto
in Section 3.07(d).

         "Interest Accrual Basis" shall mean the basis on which interest accrues
in respect of any Loan, any Loan REMIC Regular Interest, any REMIC I Regular
Interest, any REMIC II Regular Interest, any Class of Regular Interest
Certificates or any particular REMIC III Component of the Class X Certificates,
in each case consisting of one of the following: (i) a 360-day year consisting
of twelve 30-day months; (ii) actual number of days elapsed in a 360-day year;
(iii) actual number of days elapsed in a 365-day year; or (iv) actual number of
days elapsed in an actual calendar year (taking account of leap year).

         "Interest Accrual Period" shall mean, with respect to any Loan REMIC
Regular Interest, any REMIC I Regular Interest, any REMIC II Regular Interest,
any Class of Regular Interest Certificates or any particular REMIC III Component
of the Class X Certificates, for any Distribution Date, the period commencing on
the 11th calendar day of the month immediately preceding the month in which such
Distribution Date occurs and ending on the 10th calendar day of the month in
which such Distribution Date occurs.

         "Interested Person" shall mean the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, any Certificateholder, or any
Affiliate of any such Person.

         "Interest Reserve Account" shall mean the segregated account or
sub-account created and maintained by the Trustee pursuant to Section 3.04(c) in
trust for Certificateholders, which shall be entitled "LaSalle Bank National
Association [OR THE NAME OF ANY SUCCESSOR TRUSTEE], as Trustee, in trust for the
registered holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial
Mortgage Pass-Through Certificates, Series 2001-C3".

         "Interest Reserve Amount" shall mean, with respect to any Interest
Reserve Mortgage Loan, for any Distribution Date that occurs during February of
2002 or February of any year thereafter or during January of 2002 or January of
any year thereafter that is not a leap year, an amount equal to one day's
interest accrued at the related Mortgage Rate (net of the related Additional
Interest Rate in the case of an ARD Loan after the related Anticipated Repayment
Date) on the related Stated Principal Balance as of the Due Date in the month in
which such Distribution Date occurs (but prior to the application of any amounts
due on such Due Date), to the extent that a Monthly Payment is received in
respect thereof for such Due Date as of the related Determination Date or a P&I
Advance is made in respect thereof for such Due Date on the related P&I Advance
Date.

         "Interest Reserve Mortgage Loan" shall mean any Mortgage Loan (or
successor REO Mortgage Loan) that accrues interest on an Actual/360 Basis.

                                      -28-
<PAGE>

         "Investment Account" shall have the meaning assigned thereto in Section
3.06(a).

         "Investment Grade Certificate" shall mean, as of any date of
determination, a Certificate that is rated in one of the four highest generic
rating categories by at least one Rating Agency.

         "IRS" shall mean the Internal Revenue Service or any successor agency.

         "LaSalle" shall mean LaSalle Bank National Association or its successor
in interest.

         "Late Collections" shall mean: (a) with respect to any Loan, all
amounts received thereon during any Collection Period, whether as payments,
Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
collections of the principal and/or interest portions of a Monthly Payment
(other than a Balloon Payment) or an Assumed Monthly Payment in respect of such
Loan due or deemed due on a Due Date in a previous Collection Period, or on a
Due Date coinciding with or preceding the Cut-off Date, and not previously
recovered; and (b) with respect to any REO Loan, all amounts received in
connection with the related REO Property during any Collection Period, whether
as Insurance Proceeds, Liquidation Proceeds, REO Revenues or otherwise, which
represent late collections of the principal and/or interest portions of a
Monthly Payment (other than a Balloon Payment) or an Assumed Monthly Payment in
respect of the predecessor Loan, or the principal and/or interest portions of an
Assumed Monthly Payment in respect of such REO Loan, due or deemed due on a Due
Date in a previous Collection Period and not previously recovered.

         "Lehman/Depositor Mortgage Loan Purchase Agreement" shall mean that
certain Mortgage Loan Purchase Agreement dated as of July 20, 2001, between the
Lehman Mortgage Loan Seller and the Depositor.

         "Lehman Mortgage Loan" shall mean any Mortgage Loan transferred by the
Lehman Mortgage Loan Seller to the Depositor, pursuant to the Lehman/Depositor
Mortgage Loan Purchase Agreement.

         "Lehman Mortgage Loan Seller" shall mean Lehman Brothers Holdings Inc.,
doing business as Lehman Capital, a Division of Lehman Brothers Holdings Inc.,
or its successor in interest.

         "Legal Final Distribution Date" shall mean, with respect to any Loan
REMIC Regular Interest, any REMIC I Regular Interest, any REMIC II Regular
Interest, any Class of Regular Interest Certificates or any particular REMIC III
Component of the Class X Certificates, the "latest possible maturity date"
thereof, calculated solely for purposes of satisfying Treasury regulation
section 1.860G-1(a)(4)(iii).

         "Lehman Brothers" shall mean Lehman Brothers Inc. or its successor in
interest.

         "Lennar" shall mean Lennar Partners, Inc. or its successor in interest.

         "Liquidation Event" shall mean: (a) with respect to any Loan, any of
the following events-- (i) such Loan is paid in full, (ii) a Final Recovery
Determination is made with respect to such Loan, (iii) such Loan is repurchased
by the Depositor pursuant to Section 2.03(a) or by the UBS Mortgage Loan Seller
pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement (including a
repurchase of a Loan REMIC Mortgage Loan in connection with the related
Mortgagor's early exercise

                                      -29-
<PAGE>

of its right to defease the Mortgage Loan), (iv) such Loan is purchased by a
Controlling Class Certificateholder pursuant to Section 3.18(b), by the Master
Servicer or the Special Servicer pursuant to Section 3.18(c), or by the
Depositor, Lehman Brothers, the Special Servicer, a Controlling Class
Certificateholder or the Master Servicer pursuant to Section 9.01, or (v) in the
case of the Chrysler Building Mortgage Loan, such Loan is purchased by or
through the Chrysler Building Companion Loan Noteholder pursuant to the Chrysler
Building Co-Lender Agreement; and (b) with respect to any REO Property (and the
related REO Loan), any of the following events -- (i) a Final Recovery
Determination is made with respect to such REO Property, or (ii) such REO
Property is purchased by the Depositor, Lehman Brothers, the Special Servicer, a
Controlling Class Certificateholder or the Master Servicer pursuant to Section
9.01.

         "Liquidation Fee" shall mean, with respect to each Specially Serviced
Loan or REO Property (other than any Specially Serviced Loan or REO Property
that is (i) repurchased by the Depositor pursuant to Section 2.03(a) or by the
UBS Mortgage Loan Seller pursuant to the UBS/Depositor Mortgage Loan Purchase
Agreement (including a repurchase of a Loan REMIC Mortgage Loan in connection
with the related Mortgagor's early exercise of its right to defease the Mortgage
Loan)), (ii) purchased by a Controlling Class Certificateholder pursuant to
Section 3.18(b), (iii) purchased by the Master Servicer or the Special Servicer
pursuant to Section 3.18(c), (iv) purchased by the Depositor, Lehman Brothers,
the Special Servicer, a Controlling Class Certificateholder or the Master
Servicer pursuant to Section 9.01), or (v) purchased by or through the Chrysler
Building Companion Loan Noteholder pursuant to the Chrysler Building Co-Lender
Agreement), the fee designated as such and payable to the Special Servicer
pursuant to Section 3.11(c).

         "Liquidation Fee Rate shall mean, with respect to each Specially
Serviced Loan or REO Property as to which a Liquidation Fee is payable, 1.0%.

         "Liquidation Proceeds" shall mean all cash amounts (other than
Insurance Proceeds and REO Revenues) received by the Master Servicer or the
Special Servicer in connection with: (i) the taking of all or a part of a
Mortgaged Property or REO Property by exercise of the power of eminent domain or
condemnation, subject, however, to the rights of any tenants and ground lessors,
as the case may be, and the terms of the related Mortgage; (ii) the full or
partial liquidation of a Mortgaged Property or other collateral constituting
security for a defaulted Loan, through trustee's sale, foreclosure sale, REO
Disposition or otherwise, exclusive of any portion thereof required to be
released to the related Mortgagor in accordance with applicable law and the
terms and conditions of the related Mortgage Note and Mortgage; (iii) the
realization upon any deficiency judgment obtained against a Mortgagor; (iv) the
purchase of a Defaulted Mortgage Loan by a Controlling Class Certificateholder
pursuant to Section 3.18(b) or by the Master Servicer or the Special Servicer
pursuant to Section 3.18(c) or any other sale thereof pursuant to Section
3.18(d); (v) the repurchase of a Mortgage Loan by the Depositor pursuant to
Section 2.03(a) or by the UBS Mortgage Loan Seller pursuant to the UBS/Depositor
Mortgage Loan Purchase Agreement (including a repurchase of a Loan REMIC
Mortgage Loan in connection with the related Mortgagor's early exercise of its
right to defease the Mortgage Loan); (vi) the purchase of a Mortgage Loan or REO
Property by the Depositor, Lehman Brothers, the Special Servicer, a Controlling
Class Certificateholder or the Master Servicer pursuant to Section 9.01; or
(vii) in the case of the Chrysler Building Mortgage Loan, the purchase of such
Mortgage Loan by or through the Chrysler Building Companion Loan Noteholder
pursuant to the Chrysler Building Co-Lender Agreement.

         "Loan" shall mean any Mortgage Loan or the Chrysler Building Companion
Loan.

                                      -30-
<PAGE>

         "Loan Pair" shall mean the Chrysler Building Loan Pair.

         "Loan Pair Servicing Reports" shall mean each of the CMSA Delinquent
Loan Status Report, CMSA Historical Loan Modification Report, CMSA Historical
Liquidation Report, CMSA REO Status Report, Loan Payoff Notification Report,
CMSA Loan Periodic Update File, CMSA Property File, CMSA Financial File, CMSA
Loan Setup File, CMSA Servicer Watch List, CMSA Operating Statement Analysis,
CMSA NOI Adjustment Worksheet and CMSA Comparative Financial Status Report, each
as may be modified to reflect the fact that a single office property is the
subject of such report.

         "Loan Payoff Notification Report" shall mean a report containing
substantially the information described in Exhibit E attached hereto, and
setting forth for each Loan as to which written notice of anticipated payoff has
been received as of the Determination Date preceding the delivery of such
report, among other things, the mortgage loan number, the property name, the
ending scheduled loan balance for the Collection Period ending on such
Determination Date, the expected date of payment, the expected related
Distribution Date and the estimated amount of the Yield Maintenance Charge or
Prepayment Premium due (if any).

         "Loan REMIC" shall mean, with respect to each Loan REMIC Mortgage Loan,
and any related REO Property and corresponding REO Loan, if any, the segregated
pool of assets consisting primarily of the related Loan REMIC Mortgage Loan, and
any related REO Property, together with all payments under and the proceeds of
such Mortgage Loan received after the Startup Day; provided that such Loan REMIC
shall not include any yield maintenance payment paid by the UBS Mortgage Loan
Seller in connection with a repurchase of the related Loan REMIC Mortgage Loan
as contemplated by Section 2.03(d).

         "Loan REMIC Mortgage Loan" shall mean each Mortgage Loan identified on
Schedule IV hereto as the primary asset of a Loan REMIC.

         "Loan REMIC Interest" shall mean either a Loan REMIC Regular Interest
or a Loan REMIC Residual Interest.

         "Loan REMIC Regular Interest" shall mean the uncertificated "regular
interest" within the meaning of Section 860G(a)(1) of the Code, in a Loan REMIC.

         "Loan REMIC Remittance Rate" shall mean 6.739% per annum in the case of
each of the Loan REMIC Mortgage Loans identified on Schedule IV hereto as being
secured by Rite Aid--Ramona and Long's Drugs, San Pablo, respectively.

         "Loan REMIC Residual Interest" shall mean the sole uncertificated
"residual interest", within the meaning of Section 860G(a)(2) of the Code, in
each Loan REMIC.

         "Lockout Period" shall mean, with respect to any Loan that prohibits
the Mortgagor from prepaying such loan until a date specified in the related
Mortgage Note or other loan document, the period from the Closing Date until
such specified date.

         "Master Servicer" shall mean First Union, in its capacity as master
servicer hereunder, or any successor master servicer appointed as herein
provided.

                                      -31-
<PAGE>

         "Master Servicer Remittance Amount" shall mean, with respect to any
Master Servicer Remittance Date, an amount equal to: (a) the aggregate amount of
all payments and other collections on or with respect to the Mortgage Loans and
any REO Properties that (A) were received as of the close of business on the
immediately preceding Determination Date and (B) are on deposit or are required
to be on deposit in the Pool Custodial Account as of 12:00 noon (New York City
time) on such Master Servicer Remittance Date, including any such payments and
other collections transferred to the Pool Custodial Account from the Pool REO
Account (if established); net of (b) the portion of the aggregate amount
described in clause (a) of this definition that represents one or more of the
following -- (i) collected Monthly Payments that are due on a Due Date following
the end of the related Collection Period, (ii) any amount payable or
reimbursable to any Person from the Pool Custodial Account pursuant to clauses
(ii) through (xvi) of Section 3.05(a), and (iii) any amounts deposited in the
Pool Custodial Account in error.

         "Master Servicer Remittance Date" shall mean the date each month,
commencing in August 2001, on which, among other things, the Master Servicer is
to transfer the Master Servicer Remittance Amount to the Trustee, which date
shall be the Business Day immediately preceding each Distribution Date.

         "Master Servicing Fee" shall mean, with respect to each Loan and REO
Loan, the fee payable to the Master Servicer pursuant to Section 3.11(a).

         "Master Servicing Fee Rate" shall mean: (a) with respect to each
Mortgage Loan (or successor REO Mortgage Loan), a rate per annum equal to the
related Administrative Cost Rate minus the Trustee Fee Rate; and (b) with
respect to the Chrysler Building Companion Loan (or successor REO Loan), 0.10 %
per annum.

         "Material Breach" shall have the meaning assigned thereto in Section
2.03(a).

         "Material Document Defect" shall have the meaning assigned thereto in
Section 2.03(a).

         "Modified Loan" shall mean any Loan as to which any Servicing Transfer
Event has occurred and which has been modified by the Special Servicer pursuant
to Section 3.20 in a manner that:

         (a) affects the amount or timing of any payment of principal or
interest due thereon (other than, or in addition to, bringing Monthly Payments
current with respect to such Loan);

         (b) except as expressly contemplated by the related Loan documents,
results in a release of the lien of the related Mortgage on any material portion
of the related Mortgaged Property without a corresponding Principal Prepayment
in an amount, or the delivery of substitute real property collateral with a fair
market value (as is), that is not less than the fair market value (as is) of the
property to be released, as determined by an appraisal delivered to the Special
Servicer (at the expense of the related Mortgagor and upon which the Special
Servicer may conclusively rely); or

         (c) in the reasonable, good faith judgment of the Special Servicer,
otherwise materially impairs the security for such Loan or materially reduces
the likelihood of timely payment of amounts due thereon.

                                      -32-
<PAGE>

         "Monthly Payment" shall mean, with respect to any Loan, as of any Due
Date, the scheduled monthly debt service payment (or, in the case of an ARD Loan
after its Anticipated Repayment Date, the monthly debt service payment required
to be paid on a current basis) on such Loan that is actually payable by the
related Mortgagor from time to time under the terms of the related Mortgage Note
(as such terms may be changed or modified in connection with a bankruptcy or
similar proceeding involving the related Mortgagor or by reason of a
modification, extension, waiver or amendment granted or agreed to by the Special
Servicer pursuant to Section 3.20), including any Balloon Payment payable in
respect of such Loan on such Due Date; provided that the Monthly Payment due in
respect of any Loan shall not include Default Interest; and provided, further,
that the Monthly Payment due in respect of any ARD Loan after its Anticipated
Repayment Date shall not include Additional Interest.

         "Mortgage" shall mean, with respect to any Loan, the mortgage, deed of
trust, deed to secure debt or similar instrument that secures the related
Mortgage Note and creates a lien on the related Mortgaged Property.

         "Mortgage File" shall mean, with respect to any Mortgage Loan or Loan
Pair, the following documents collectively (which, in the case of the Loan Pair,
are (except in clause (i) of this definition) identified by reference to the
Chrysler Building Mortgage Loan):

            (i) (A) the original executed Mortgage Note for such Mortgage Loan,
     endorsed (without recourse, representation or warranty, express or implied)
     to the order of "LaSalle Bank National Association, as trustee for the
     registered holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial
     Mortgage Pass-Through Certificates, Series 2001-C3" or in blank, and
     further showing a complete, unbroken chain of endorsement from the
     originator (if such originator is other than the related Mortgage Loan
     Seller); or, alternatively, if the original executed Mortgage Note has been
     lost, a lost note affidavit and indemnity with a copy of such Mortgage
     Note, and (B) in the case of the Chrysler Building Mortgage Loan, a copy of
     the executed Mortgage Note for the Chrysler Building Companion Loan;

            (ii) an original or copy of the Mortgage, together with originals or
     copies of any and all intervening assignments thereof, in each case (unless
     the particular item has not been returned from the applicable recording
     office) with evidence of recording indicated thereon;

            (iii) an original or copy of any related Assignment of Leases (if
     such item is a document separate from the Mortgage), together with
     originals or copies of any and all intervening assignments thereof, in each
     case (unless the particular item has not been returned from the applicable
     recording office) with evidence of recording indicated thereon;

            (iv) an original executed assignment, in recordable form (except for
     recording information not yet available if the instrument being assigned
     has not been returned from the applicable recording office), of (a) the
     Mortgage and (b) any related Assignment of Leases (if such item is a
     document separate from the Mortgage), in favor of "LaSalle Bank National
     Association, in its capacity as trustee for the registered holders of
     LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through
     Certificates, Series 2001-C3", and, in the case of the Chrysler Building
     Loan Pair, in its capacity as lead lender on behalf of the Chrysler
     Building Companion Loan Noteholder (or, in each case, a copy thereof,
     certified to be the copy of such assignment submitted for recording);

                                      -33-
<PAGE>

            (v) an original assignment of all unrecorded documents relating to
     the Mortgage Loan, in favor of "LaSalle Bank National Association, as
     trustee for the registered holders of LB-UBS Commercial Mortgage Trust
     2001-C3, Commercial Mortgage Pass-Through Certificates, Series 2001-C3",
     and, in the case of the Chrysler Building Loan Pair, in its capacity as
     lead lender on behalf of the Chrysler Building Companion Loan Noteholder;

            (vi) originals or copies of any written modification agreements in
     those instances where the terms or provisions of the Mortgage or Mortgage
     Note have been modified, in each case (unless the particular item has not
     been returned from the applicable recording office) with evidence of
     recording indicated thereon if the instrument being modified is a
     recordable document;

            (vii) the original or a copy of the policy or certificate of
     lender's title insurance issued in connection with such Mortgage Loan (or,
     if such policy has not been issued, a "marked-up" pro forma title policy
     marked as binding and countersigned by the title insurer or its authorized
     agent, or an irrevocable, binding commitment to issue such title insurance
     policy);

            (viii) any filed copies (with evidence of filing) of any prior
     effective UCC Financing Statements in favor of the originator of such
     Mortgage Loan or in favor of any assignee prior to the Trustee (but only to
     the extent the related Mortgage Loan Seller had possession of such UCC
     Financing Statements prior to the Closing Date) and an original UCC-2 or
     UCC-3 assignment thereof, as appropriate, in form suitable for filing, in
     favor of "LaSalle Bank National Association, in its capacity as trustee for
     the registered holders of LB-UBS Commercial Mortgage Trust 2001-C3,
     Commercial Mortgage Pass-Through Certificates, Series 2001-C3", and, in the
     case of the Chrysler Building Loan Pair, in its capacity as lead lender on
     behalf of the Chrysler Building Companion Loan Noteholder;

            (ix) an original or copy of any Ground Lease and Ground Lease
     estoppels relating to such Mortgage Loan;

            (x) an original or copy of any loan agreement;

            (xi) an original of any guaranty of payment under such Mortgage
     Loan;

            (xii) an original or copy of any lock-box agreement or cash
     management agreement relating to such Mortgage Loan;

            (xiii) an original or copy of any environmental indemnity from the
     related Mortgagor;

            (xiv) an original or copy of any related security agreement (if such
     item is a document separate from the Mortgage) and, if applicable, the
     originals or copies of any intervening assignments thereof;

            (xv) an original assignment of any related security agreement (if
     such item is a document separate from the Mortgage and if such item is not
     included in the assignment described in clause (v)), in favor of "LaSalle
     Bank National Association, in its capacity as trustee for the registered
     holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial

                                      -34-
<PAGE>

     Mortgage Pass-Through Certificates, Series 2001-C3", and, in the case of
     the Chrysler Building Loan Pair, in its capacity as lead lender on behalf
     of the Chrysler Building Companion Loan Noteholder;

            (xvi) in the case of the Chrysler Building Loan Pair, the
     intercreditor agreement with the Chrysler Building Mezzanine Lender and the
     Chrysler Building Co-Lender Agreement; and

            (xvii) an original or copy of any related Environmental Insurance
     Policy.

provided that whenever the term "Mortgage File" is used to refer to documents
actually received by the Trustee or by a Custodian on its behalf, such term
shall not be deemed to include such documents required to be included therein
unless they are actually so received, and with respect to any receipt or
certification by the Trustee or a Custodian on its behalf for documents
described in clauses (vi) and (ix) through (xvii) of this definition, shall be
deemed to include such documents only to the extent the Trustee or a Custodian
on its behalf has actual knowledge of their existence.

         "Mortgage Loan" shall mean each of the mortgage loans listed on the
Mortgage Loan Schedule and from time to time held in the Trust Fund. As used
herein, the term "Mortgage Loan" includes the related Mortgage Note, Mortgage
and other security documents contained in the related Mortgage File.

         "Mortgage Loan Purchase Agreements" shall mean the Lehman/Depositor
Mortgage Loan Purchase Agreement and the UBS/Depositor Mortgage Loan Purchase
Agreement.

         "Mortgage Loan Schedule" shall mean the list of Mortgage Loans
transferred on the Closing Date to the Trustee as part of the Trust Fund,
attached hereto as Schedule I (and also delivered to the Trustee and the Master
Servicer in a computer readable format). Such list shall set forth the following
information with respect to each Mortgage Loan:

            (i) the Mortgage Loan number;

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

            (iii) the Cut-off Date Balance;

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

            (v) the original Mortgage Rate;

            (vi) the (A) remaining term to stated maturity and (B) the Stated
     Maturity Date;

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

            (viii) the Interest Accrual Basis;

                                      -35-
<PAGE>

            (ix) (A) the Administrative Cost Rate and (B) the primary servicing
     fee rate;

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

            (xi) the related Mortgage Loan Seller;

            (xii) whether the related Mortgage Loan is a Defeasance Loan;

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

            (xiv) whether the Mortgage Loan is a Cross-Collateralized Mortgage
     Loan and the Cross-Collateralized Group to which it belongs.

         "Mortgage Loan Sellers" shall mean the Lehman Mortgage Loan Seller and
the UBS Mortgage Loan Seller, together.

         "Mortgage Note" shall mean the original executed note evidencing the
indebtedness of a Mortgagor under a Loan, together with any rider, addendum or
amendment thereto, or any renewal, substitution or replacement of such note.

         "Mortgage Pool" shall mean all of the Mortgage Loans and any successor
REO Loans, collectively. The Mortgage Pool does not include the Chrysler
Building Companion Loan or any REO Loan related thereto.

         "Mortgage Pool Data Update Report" shall mean, with respect to any
Distribution Date, a report (which may be included as part of the Distribution
Date Statement), prepared by the Trustee, containing information regarding the
Loans as of the end of the related Collection Period, which report shall contain
substantially the categories of information regarding the Loans set forth on
Annexes A-1 and A-2 to the Prospectus Supplement (calculated, where applicable,
on the basis of the most recent relevant information provided by the Mortgagors
to the Master Servicer or the Special Servicer, as the case may be, and by the
Master Servicer or the Special Servicer, as the case may be, to the Trustee),
and which information shall be presented in tabular format substantially similar
to the format utilized on such annexes and shall also include a loan-by-loan
listing (in descending balance order) showing loan number, property type,
location, unpaid principal balance, Mortgage Rate, paid-through date, maturity
date, gross interest portion of the Monthly Payment, principal portion of the
Monthly Payment, and any Prepayment Premium or Yield Maintenance Charge
received.

         "Mortgage Rate" shall mean, with respect to each Loan (and any
successor REO Loan), the related annualized rate at which interest is scheduled
(in the absence of a default) to accrue on such Loan from time to time in
accordance with the related Mortgage Note and applicable law, as such rate may
be modified in accordance with Section 3.20 or in connection with a bankruptcy,
insolvency or similar proceeding involving the related Mortgagor. In the case of
the Chrysler Building Companion Loan, the related annualized rate referred to in
the preceding sentence is the weighted average of the annualized rates at which
interest is scheduled (in the absence of default) to accrue on the respective
components of such Loan. In the case of each ARD Loan, the related Mortgage Rate
shall increase in accordance with the related Mortgage Note if the particular
loan is not paid in full by its Anticipated Repayment Date.

                                      -36-
<PAGE>

         "Mortgaged Property" shall mean the real property subject to the lien
of a Mortgage.

         "Mortgagor" shall mean, individually and collectively, as the context
may require, the obligor or obligors under a Loan, including any Person that has
not signed the related Mortgage Note but owns an interest in the related
Mortgaged Property, which interest has been encumbered to secure such Loan.

         "Net Aggregate Prepayment Interest Shortfall" shall mean, with respect
to any Distribution Date, the amount, if any, by which (a) the aggregate of all
Prepayment Interest Shortfalls incurred in connection with the receipt of
Principal Prepayments on the Mortgage Loans (including Specially Serviced
Mortgage Loans) during the related Collection Period, exceeds (b) the aggregate
amount deposited by the Master Servicer in the Collection Account for such
Distribution Date pursuant to Section 3.19(a) in connection with such Prepayment
Interest Shortfalls.

         "Net Default Charges" shall have the meaning assigned thereto in
Section 3.26(a).

         "Net Investment Earnings" shall mean, with respect to any Investment
Account for any Collection Period, the amount, if any, by which the aggregate of
all interest and other income realized during such Collection Period on funds
held in such Investment Account (exclusive, in the case of a Servicing Account,
a Reserve Account or the Defeasance Deposit Account, of any portion of such
interest or other income payable to a Mortgagor in accordance with the related
Loan documents and applicable law), exceeds the aggregate of all losses, if any,
incurred during such Collection Period in connection with the investment of such
funds in accordance with Section 3.06 (exclusive, in the case of a Servicing
Account, a Reserve Account or the Defeasance Deposit Account, of any portion of
such losses that were incurred in connection with investments made for the
benefit of a Mortgagor).

         "Net Investment Loss" shall mean, with respect to any Investment
Account for any Collection Period, the amount by which the aggregate of all
losses, if any, incurred during such Collection Period in connection with the
investment of funds held in such Investment Account in accordance with Section
3.06 (exclusive, in the case of a Servicing Account, a Reserve Account or the
Defeasance Deposit Account, of any portion of such losses that were incurred in
connection with investments made for the benefit of a Mortgagor), exceeds the
aggregate of all interest and other income realized during such Collection
Period on such funds (exclusive, in the case of a Servicing Account, a Reserve
Account or the Defeasance Deposit Account, of any portion of such interest or
other income payable to a Mortgagor in accordance with the related Loan
documents and applicable law).

         "Net Mortgage Rate" shall mean, with respect to any Mortgage Loan, as
of any date of determination, a rate per annum equal to the then related
Mortgage Rate minus the sum of the Trustee Fee Rate, the related Master
Servicing Fee Rate and, in the case of an ARD Loan after its Anticipated
Repayment Date, the related Additional Interest Rate.

         "Net Prepayment Consideration" shall mean the Prepayment Consideration
received with respect to any Mortgage Loan or REO Loan, net of any Workout Fee
or Liquidation Fee payable therefrom.

         "New Lease" shall mean any lease of REO Property entered into at the
direction of the Special Servicer, including any lease renewed, modified or
extended on behalf of the Trustee and, in the case of the Chrysler Building Loan
Pair, the Chrysler Building Companion Loan Noteholder.

                                      -37-
<PAGE>

         "Nonrecoverable Advance" shall mean any Nonrecoverable P&I Advance or
Nonrecoverable Servicing Advance.

         "Nonrecoverable P&I Advance" shall mean any P&I Advance previously made
or proposed to be made in respect of any Loan or REO Loan by the Master
Servicer, the Trustee or the Fiscal Agent, which P&I Advance such party has
determined in its reasonable, good faith judgment, will not be ultimately
recoverable from late payments, Insurance Proceeds or Liquidation Proceeds, or
any other recovery on or in respect of such Loan or REO Loan, as the case may
be.

         "Nonrecoverable Servicing Advance" shall mean any Servicing Advance
previously made or proposed to be made in respect of a Loan or REO Property by
the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent,
which Servicing Advance such party has determined, in its reasonable, good faith
judgment, will not be ultimately recoverable from late payments, Insurance
Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such
Loan or REO Property, as the case may be.

         "Non-Registered Certificate" shall mean any Certificate that has not
been the subject of registration under the Securities Act. As of the Closing
Date, the Class X, Class E, Class F, Class G, Class H, Class J, Class K, Class
L, Class M, Class N, Class P, Class Q, Class R-I, Class R-II, Class R-III and
Class R-LR Certificates are Non-Registered Certificates.

         "Non-United States Tax Person" shall mean any Person other than a
United States Tax Person.

         "Officer's Certificate" shall mean a certificate signed by a Servicing
Officer of the Master Servicer or the Special Servicer, as the case may be or by
a Responsible Officer of the Trustee or the Fiscal Agent, as the case may be,
and shall mean with respect to any other Person, a certificate signed by any of
the Chairman of the Board, the Vice Chairman of the Board, the President, any
Vice President or Managing Director, an Assistant Vice President or any other
authorized officer (however denominated) or another officer customarily
performing functions similar to those performed by any of the above designated
officers or, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer's knowledge of and familiarity with
the particular subject.

         "Opinion of Counsel" shall mean a written opinion of Independent
counsel acceptable to and delivered to the Trustee or any other specified
Person, as the case may be.

         "Original Class Notional Amount" shall mean, with respect to the Class
X Certificates, the initial Class Notional Amount thereof as of the Closing
Date, which is equal to $1,380,748,715.

         "Original Class Principal Balance" shall mean, with respect to any
Class of Principal Balance Certificates, the initial Class Principal Balance
thereof as of the Closing Date, in each case as specified in the Preliminary
Statement.

         "OTS" shall mean the Office of Thrift Supervision or any successor
thereto.

         "Ownership Interest" shall mean, as to any Certificate, any ownership
or security interest in such Certificate as the Holder thereof and any other
interest therein, whether direct or indirect, legal or beneficial, as owner or
as pledgee.

                                      -38-
<PAGE>

         "P&I Advance" shall mean, as to any Loan or REO Loan, any advance made
by the Master Servicer, the Trustee or the Fiscal Agent pursuant to Section 4.03
or Section 4.03A, as applicable.

         "P&I Advance Date" shall mean the date each month, commencing in August
2001, on which, among other things, the Master Servicer is required to make P&I
Advances, which date shall be the Business Day immediately preceding each
Distribution Date.

         "Pass-Through Rate" shall mean:

         (a) with respect to the Class A-1 Certificates for any Interest Accrual
Period, 6.05800% per annum;

         (b) with respect to the Class A-2 Certificates for any Interest Accrual
Period, 6.36500% per annum;

         (c) with respect to the Class B Certificates for any Interest Accrual
Period, 6.51200% per annum;

         (d) with respect to the Class C Certificates for any Interest Accrual
Period, 6.65300% per annum;

         (e) with respect to the Class D Certificates for any Interest Accrual
Period, 6.73100% per annum;

         (f) with respect to the Class E Certificates for any Interest Accrual
Period, a rate equal to the lesser of (i) 6.95000% per annum and (ii) the
Weighted Average REMIC I Remittance Rate for such Interest Accrual Period;

         (g) with respect to the Class F Certificates for any Interest Accrual
Period, a rate equal to the Weighted Average REMIC I Remittance Rate for such
Interest Accrual Period minus 0.23%;

         (h) with respect to the Class G Certificates for any Interest Accrual
Period, a rate equal to the Weighted Average REMIC I Remittance Rate for such
Interest Accrual Period;

         (i) with respect to the Class H Certificates for any Interest Accrual
Period, 6.16000% per annum;

         (j) with respect to the Class J Certificates for any Interest Accrual
Period, 6.16000% per annum;

         (k) with respect to the Class K Certificates for any Interest Accrual
Period, 6.16000% per annum;

         (l) with respect to the Class L Certificates for any Interest Accrual
Period, 6.16000% per annum;

                                      -39-
<PAGE>

         (m) with respect to the Class M Certificates for any Interest Accrual
Period, 6.16000% per annum;

         (n) with respect to the Class N Certificates for any Interest Accrual
Period, 6.16000% per annum;

         (o) with respect to the Class P Certificates for any Interest Accrual
Period, 6.16000% per annum;

         (p) with respect to the Class Q Certificates for any Interest Accrual
Period, 6.16000% per annum;

         (q) with respect to each REMIC III Component of the Class X
Certificates for any Interest Accrual Period, an annual rate equal to the
excess, if any, of (A) the Weighted Average REMIC I Remittance Rate for such
Interest Accrual Period, over (B) the Pass-Through Rate for such Interest
Accrual Period applicable to the Class of Principal Balance Certificates whose
alphabetical (and, if applicable, numerical) Class designation, when preceded by
"X-", is the same as the alphabetical (and, if applicable, numerical)
designation of such REMIC III Component; and

         (r) with respect to the Class X Certificates for any Interest Accrual
Period, an annual rate equal to the weighted average (expressed as a percentage
and rounded to six decimal places) of the Pass-Through Rates applicable to the
respective REMIC III Components of such Class for such Interest Accrual Period,
weighted on the basis of the respective Component Notional Amounts of such REMIC
III Components outstanding immediately prior to the related Distribution Date.

         The Weighted Average REMIC I Remittance Rate referenced above in this
definition is also the REMIC II Remittance Rate for each REMIC II Regular
Interest.

         "Percentage Interest" shall mean: (a) with respect to any Regular
Interest Certificate, the portion of the relevant Class evidenced by such
Certificate, expressed as a percentage, the numerator of which is the
Certificate Principal Balance or Certificate Notional Amount, as the case may
be, of such Certificate as of the Closing Date, as specified on the face
thereof, and the denominator of which is the Original Class Principal Balance or
Original Class Notional Amount, as the case may be, of the relevant Class; and
(b) with respect to a Residual Interest Certificate, the percentage interest in
distributions to be made with respect to the relevant Class, as stated on the
face of such Certificate.

         "Permitted Encumbrances" shall have the meaning assigned thereto in
Section 2.04(b)(viii).

         "Permitted Investments" shall mean any one or more of the following
obligations or securities (including obligations or securities of the Trustee if
otherwise qualifying hereunder):

            (i) direct obligations of, or obligations fully guaranteed as to
     timely payment of principal and interest by, the United States or any
     agency or instrumentality thereof (having original maturities of not more
     than 365 days), provided that such obligations are backed by the full faith
     and credit of the United States. Such obligations must be limited to those
     instruments that have a predetermined fixed dollar amount of principal due
     at maturity that cannot vary or change. Interest may either be fixed or
     variable. If such interest is variable, interest must be tied

                                      -40-
<PAGE>

     to a single interest rate index plus a single fixed spread (if any), and
     move proportionately with that index;

            (ii) repurchase obligations with respect to any security described
     in clause (i) of this definition (having original maturities of not more
     than 365 days), provided that the short-term deposit or debt obligations of
     the party agreeing to repurchase such obligations are rated in the highest
     rating category of each of Fitch (if then rated by Fitch, and if not then
     rated by Fitch, then an equivalent rating by at least one additional
     nationally recognized statistical rating agency besides S&P) and S&P (or,
     in the case of either Rating Agency, such lower rating as will not result
     in an Adverse Rating Event with respect to any Class of Certificates and,
     in the case of an investment being made with funds that relate solely to
     the Chrysler Building Loan Pair, with respect to any class of securities
     backed by the Chrysler Building Companion Loan, as evidenced in writing by
     such Rating Agency). In addition, any such item by its terms must have a
     predetermined fixed dollar amount of principal due at maturity that cannot
     vary or change. Interest may either be fixed or variable. If such interest
     is variable, interest must be tied to a single interest rate index plus a
     single fixed spread (if any), and move proportionately with that index;

            (iii) certificates of deposit, time deposits, demand deposits and
     bankers' acceptances of any bank or trust company organized under the laws
     of the United States or any state thereof (having original maturities of
     not more than 365 days), the short term obligations of which are rated in
     the highest rating category of each of Fitch (if then rated by Fitch, and
     if not then rated by Fitch, then an equivalent rating by at least one
     additional nationally recognized statistical rating agency besides S&P) and
     S&P (or, in the case of either Rating Agency, such lower rating as will not
     result in an Adverse Rating Event with respect to any Class of Certificates
     and, in the case of an investment being made with funds that relate solely
     to the Chrysler Building Loan Pair, with respect to any class of securities
     backed by the Chrysler Building Companion Loan, as evidenced in writing by
     such Rating Agency). In addition, any such item by its terms must have a
     predetermined fixed dollar amount of principal due at maturity that cannot
     vary or change. Interest may either be fixed or variable. If such interest
     is variable, interest must be tied to a single interest rate index plus a
     single fixed spread (if any), and move proportionately with that index;

            (iv) commercial paper (having original maturities of not more than
     90 days) of any corporation incorporated under the laws of the United
     States or any state thereof (or if not so incorporated, the commercial
     paper is United States Dollar denominated and amounts payable thereunder
     are not subject to any withholding imposed by any non-United States
     jurisdiction) which is rated in the highest rating category of each of
     Fitch (if then rated by Fitch, and if not then rated by Fitch, then an
     equivalent rating by at least one additional nationally recognized
     statistical rating agency besides S&P) and S&P (or, in the case of either
     Rating Agency, such lower rating as will not result in an Adverse Rating
     Event with respect to any Class of Certificates and, in the case of an
     investment being made with funds that relate solely to the Chrysler
     Building Loan Pair, with respect to any class of securities backed by the
     Chrysler Building Companion Loan, as evidenced in writing by such Rating
     Agency). In addition, such commercial paper by its terms must have a
     predetermined fixed dollar amount of principal due at maturity that cannot
     vary or change. Interest may either be fixed or variable. If such interest
     is

                                      -41-
<PAGE>

     variable, interest must be tied to a single interest rate index plus a
     single fixed spread (if any), and move proportionately with that index;

            (v) units of money market funds rated in the highest applicable
     rating category of each of Fitch (if then rated by Fitch, and if not then
     rated by Fitch, then an equivalent rating by at least one additional
     nationally recognized statistical rating agency besides S&P) and S&P (or,
     in the case of either Rating Agency, such lower rating as will not result
     in an Adverse Rating Event with respect to any Class of Certificates and,
     in the case of an investment being made with funds that relate solely to
     the Chrysler Building Loan Pair, with respect to any class of securities
     backed by the Chrysler Building Companion Loan, as evidenced in writing by
     such Rating Agency) and which seeks to maintain a constant net asset value;
     and

            (vi) any other obligation or security that (A) is acceptable to each
     Rating Agency, evidence of which acceptability shall be provided in writing
     by each Rating Agency to the Master Servicer, the Special Servicer and the
     Trustee, and (B) constitutes a "cash flow investment" (within the meaning
     of the REMIC Provisions), as evidenced by an Opinion of Counsel obtained at
     the expense of the Person that wishes to include such obligation or
     security as a Permitted Investment;

provided that (1) no investment described hereunder shall evidence either the
right to receive (x) only interest with respect to such investment or (y) a
yield to maturity greater than 120% of the yield to maturity at par of the
underlying obligations; (2) no investment described hereunder may be purchased
at a price greater than par if such investment may be prepaid or called at a
price less than its purchase price prior to stated maturity; and (3) no
investment described hereunder may have a "r" highlighter or other comparable
qualifier attached to its rating.

         "Permitted Transferee" shall mean any Transferee of a Residual Interest
Certificate other than (a) a Disqualified Organization, (b) any Person as to
whom, as determined by the Trustee (based upon an Opinion of Counsel, obtained
at the request of the Trustee at the expense of such Person or the Person
seeking to Transfer a Residual Interest Certificate, supporting such
determination), the Transfer of a Residual Interest Certificate may cause any
REMIC Pool to fail to qualify as a REMIC at any time that any Certificate is
outstanding, (c) a Disqualified Non-United States Tax Person, or (d) a
Disqualified Partnership.

         "Person" shall mean any individual, corporation, partnership, joint
venture, association, joint-stock company, limited liability company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         "Plan" shall have the meaning assigned thereto in Section 5.02(c).

         "Plurality Residual Interest Certificateholder" shall mean, as to any
taxable year of any REMIC Pool, the Holder of Certificates entitled to the
largest percentage of the Voting Rights allocated to the related Class of
Residual Interest Certificates.

         "Polo Towne Crossing Mortgage Loan" shall mean the Mortgage Loan
identified on the Mortgage Loan Schedule by mortgage loan number 16 and as being
secured by the Mortgaged Property identified as Polo Towne Crossing.

                                      -42-
<PAGE>

         "Pool Custodial Account" shall mean the segregated account or accounts
created and maintained by the Master Servicer pursuant to Section 3.04(a) on
behalf of the Trustee in trust for the Certificateholders, which shall be
entitled "First Union National Bank [OR THE NAME OF ANY SUCCESSOR MASTER
SERVICER], as Master Servicer, on behalf of LaSalle Bank National Association
[OR THE NAME OF ANY SUCCESSOR TRUSTEE], as Trustee, in trust for the registered
holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
Pass-Through Certificates, Series 2001-C3, Pool Custodial Account".

         "Pool REO Account" shall mean the segregated account or accounts
created and maintained by the Special Servicer pursuant to Section 3.16 on
behalf of the Trustee in trust for the Certificateholders, which shall be
entitled "Lennar Partners, Inc. [OR THE NAME OF ANY SUCCESSOR SPECIAL SERVICER],
as Special Servicer, on behalf of LaSalle Bank National Association [OR THE NAME
OF ANY SUCCESSOR TRUSTEE], as Trustee, in trust for the registered holders of
LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through
Certificates, Series 2001-C3, Pool REO Account".

         "Pool Reserve Account" shall have the meaning assigned thereto in
Section 3.03(d).

         "Pool Servicing Account" shall have the meaning assigned thereto in
Section 3.03(a).

         "Prepayment Assumption" shall mean, for purposes of determining the
accrual of original issue discount, market discount and premium, if any, on the
Certificates for federal income tax purposes, the assumption that no Mortgage
Loan is prepaid prior to stated maturity, except that it is assumed that each
ARD Mortgage Loan is repaid on its Anticipated Repayment Date.

         "Prepayment Consideration" shall mean any Prepayment Premium or Yield
Maintenance Charge.

         "Prepayment Consideration Entitlement" shall mean, with respect to (i)
any Distribution Date on which any Net Prepayment Consideration collected on any
Mortgage Loan (or successor REO Mortgage Loan) is distributable and (ii) any
Class of Principal Balance Certificates (other than any Excluded Class) entitled
to distributions of principal on such Distribution Date, an amount equal to the
product of (a) such Net Prepayment Consideration, multiplied by (b) a fraction
(not greater than 1.0 or less than 0.0), the numerator of which is equal to the
excess, if any, of the Pass-Through Rate for such Class of Principal Balance
Certificates over the relevant Discount Rate, and the denominator of which is
equal to the excess, if any, of the Mortgage Rate for such Mortgage Loan (or REO
Mortgage Loan) over the relevant Discount Rate, and further multiplied by (c) a
fraction, the numerator of which is equal to the amount of principal to be
distributed on such Class of Principal Balance Certificates on such Distribution
Date pursuant to Section 4.01(a) or 9.01, as applicable, and the denominator of
which is equal to the Principal Distribution Amount for such Distribution Date.

         "Prepayment Interest Excess" shall mean, with respect to any Loan that
was subject to a Principal Prepayment in full or in part made after its Due Date
in any Collection Period, any payment of interest (net of related Master
Servicing Fees) actually collected from the related Mortgagor and intended to
cover interest accrued on such Principal Prepayment during the period from and
after such Due Date (exclusive, however, of any related Prepayment Premium or
Yield Maintenance Charge that may have been collected and, in the case of an ARD
Loan after its Anticipated Repayment Date, further exclusive of any Additional
Interest).

                                      -43-
<PAGE>

         "Prepayment Interest Shortfall" shall mean, with respect to any Loan
that was subject to a Principal Prepayment in full or in part made prior to its
Due Date in any Collection Period, the amount of interest, to the extent not
collected from the related Mortgagor (without regard to any Prepayment Premium
or Yield Maintenance Charge that may have been collected), that would have
accrued at a rate per annum equal to the related Mortgage Rate (net of the
related Master Servicing Fee Rate and, in the case of an ARD Loan after its
Anticipated Repayment Date, further net of the related Additional Interest Rate)
on the amount of such Principal Prepayment during the period from the date to
which interest was paid by the related Mortgagor to, but not including, such Due
Date.

         "Prepayment Premium" shall mean any premium, penalty or fee (other than
a Yield Maintenance Charge) paid or payable, as the context requires, by a
Mortgagor in connection with a Principal Prepayment.

         "Primary Servicing Office" shall mean the offices of the Master
Servicer or the Special Servicer, as the context may require, that are primarily
responsible for such party's servicing obligations hereunder. As of the Closing
Date, the Primary Servicing Office of the Master Servicer is located at NC 1075,
8739 Research Drive, URP-4, Charlotte, North Carolina 28288-1075, and the
Primary Servicing Office of the Special Servicer is located at 760 N.W. 107th
Avenue, Miami, Florida 33172.

         "Prime Rate" shall mean the "prime rate" published in the "Money Rates"
section of The Wall Street Journal, as such "prime rate" may change from time to
time. If The Wall Street Journal ceases to publish the "prime rate", then the
Trustee shall select an equivalent publication that publishes such "prime rate";
and if such "prime rate" is no longer generally published or is limited,
regulated or administered by a governmental or quasi-governmental body, then the
Trustee shall select a comparable interest rate index. In either case, such
selection shall be made by the Trustee in its sole discretion and the Trustee
shall notify the Fiscal Agent, the Master Servicer, the Special Servicer and the
Chrysler Building Companion Loan Noteholder in writing of its selection.

         "Principal Balance Certificate" shall mean any Regular Interest
Certificate (other than a Class X Certificate).

         "Principal Distribution Amount" shall mean, with respect to any
Distribution Date, an amount equal to the aggregate (without duplication) of the
following:

         (a) the aggregate of all payments of principal (other than Principal
Prepayments) received on the Mortgage Loans during the related Collection
Period, in each case exclusive of any portion of the particular payment that
represents a Late Collection of principal for which a P&I Advance was previously
made for a prior Distribution Date or that represents the principal portion of a
Monthly Payment due on or before the Cut-off Date or on a Due Date subsequent to
the related Collection Period;

         (b) the aggregate of the principal portions of all Monthly Payments due
in respect of the Mortgage Loans for their respective Due Dates occurring during
the related Collection Period, that were received prior to the related
Collection Period;

         (c) the aggregate of all Principal Prepayments received on the Mortgage
Loans during the related Collection Period;

                                      -44-
<PAGE>

         (d) the aggregate of all Liquidation Proceeds and Insurance Proceeds
received on any Mortgage Loans during the related Collection Period that were
identified and applied by the Master Servicer as recoveries of principal of such
Mortgage Loans, in each case exclusive of any portion of such proceeds that
represents a Late Collection of principal due on or before the Cut-off Date or
for which a P&I Advance was previously made for a prior Distribution Date;

         (e) the aggregate of all Liquidation Proceeds, Insurance Proceeds and
REO Revenues received in respect of any REO Properties during the related
Collection Period that were identified and applied by the Master Servicer as
recoveries of principal of the related REO Mortgage Loans, in each case
exclusive of any portion of such proceeds and/or revenues that represents a Late
Collection of principal due on or before the Cut-off Date or for which a P&I
Advance was previously made for a prior Distribution Date; and

         (f) the aggregate of the principal portions of all P&I Advances made in
respect of the Mortgage Loans and any REO Mortgage Loans with respect to such
Distribution Date;

provided that none of the amounts set forth in clauses (a) to (f) above shall
represent amounts received, due or advanced on or in respect of the Chrysler
Building Companion Loan or any successor REO Loan.

         "Principal Prepayment" shall mean any voluntary payment of principal
made by the Mortgagor on a Loan that is received in advance of its scheduled Due
Date and that is not accompanied by an amount of interest (without regard to any
Prepayment Premium or Yield Maintenance Charge that may have been collected)
representing scheduled interest due on any date or dates in any month or months
subsequent to the month of prepayment.

         "Prohibited Transaction Exemption" shall mean Prohibited Transaction
Exemption 91-14 granted to a predecessor of Lehman Brothers by the United States
Department of Labor.

         "Proposed Plan" shall have the meaning assigned thereto in Section
3.17(a)(iii).

         "Prospectus" shall mean the prospectus dated April 18, 2001, as
supplemented by the Prospectus Supplement, relating to the Registered
Certificates.

         "Prospectus Supplement" shall mean the prospectus supplement dated July
20, 2001, relating to the Registered Certificates.

         "Purchase Price" shall mean, with respect to any Mortgage Loan (or REO
Property), a cash price equal to the aggregate of: (a) the outstanding principal
balance of such Mortgage Loan (or the related REO Loan) as of the date of
purchase, (b) all accrued and unpaid interest on such Mortgage Loan (or the
related REO Loan) to, but not including, the Due Date in the Collection Period
of purchase (exclusive, however, of any portion of such accrued but unpaid
interest that represents Default Interest or, in the case of an ARD Loan after
its Anticipated Repayment Date, Additional Interest), (c) all related
unreimbursed Servicing Advances, (d) all accrued and unpaid interest in respect
of related Advances in accordance with Section 3.11(g), Section 4.03(d) and/or
(in the case of the Chrysler Building Mortgage Loan, subject to the first
following proviso) Section 4.03A(d), and (e) in the case of a purchase by the
Depositor pursuant to Section 2.03(a) or by the UBS Mortgage Loan Seller
pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement, (i) to the
extent not otherwise included in the amount described in clause (d) of this
definition, any unpaid Special Servicing Fees and other Additional

                                      -45-
<PAGE>

Trust Fund Expenses with respect to such Mortgage Loan (or REO Property), and
(ii) to the extent not otherwise included in the amount described in clause (c)
of this definition, any costs and expenses incurred by the Master Servicer, the
Special Servicer or the Trustee (on behalf of the Trust) in enforcing the
obligation of such Person to purchase such Mortgage Loan; provided that, in the
case of the Chrysler Building Mortgage Loan, the Purchase Price calculated above
shall be reduced by any related unpaid Master Servicing Fees, unreimbursed
Advances and, to the extent included therein pursuant to clause (d) above,
unpaid interest on Advances which, following the subject purchase, will continue
to be payable or reimbursable to the Master Servicer and/or the Special Servicer
in respect of such Mortgage Loan pursuant to the terms of any relevant servicing
agreement that is to govern the servicing and administration of the Chrysler
Building Loan Pair (which amounts shall no longer be payable hereunder); and
provided, further, that, in the case of an REO Property that relates to the
Chrysler Building Mortgage Loan, the Purchase Price shall instead equal the
greater of (x) the fair market value of such REO Property, based on a recent
appraisal meeting the criteria for a Required Appraisal, and (y) the aggregate
of the amounts described in clauses (a), (b), (c), (d) and, if applicable, (e)
above with respect to both REO Loans comprising the Chrysler Building Loan Pair.

         "Qualified Bidder" shall have the meaning assigned thereto in Section
7.01(c).

         "Qualified Institutional Buyer" shall mean a "qualified institutional
buyer" as defined in Rule 144A under the Securities Act.

         "Qualified Insurer" shall mean an insurance company or security or
bonding company qualified to write the related Insurance Policy in the relevant
jurisdiction.

         "Rated Final Distribution Date" shall mean: (a) with respect to the
Class A-1 Certificates, the Distribution Date in June 2020; (b) with respect to
the Class A-2 Certificates, the Distribution Date in December 2028; and (c) with
respect to the other Classes of Certificates, other than the Class Q, Class X,
Class R-I, Class R-II, Class R-III and Class R-LR Certificates, the Distribution
Date in June 2036.

         "Rating Agency" shall mean each of Fitch and S&P.

         "Realized Loss" shall mean: (1) with respect to each Loan as to which a
Final Recovery Determination has been made, or with respect to any successor REO
Loan as to which a Final Recovery Determination has been made as to the related
REO Property, an amount (not less than zero) equal to the excess, if any, of (a)
the sum of (i) the unpaid principal balance of such Loan or REO Loan, as the
case may be, as of the commencement of the Collection Period in which the Final
Recovery Determination was made, plus (ii) without taking into account the
amount described in subclause (1)(b) of this definition, all accrued but unpaid
interest on such Loan or such REO Loan, as the case may be, to but not including
the Due Date in the Collection Period in which the Final Recovery Determination
was made (exclusive, however, of any portion of such accrued but unpaid interest
that represents Default Interest or, in the case of an ARD Loan after its
Anticipated Repayment Date, Additional Interest), over (b) all payments and
proceeds, if any, received in respect of such Loan or, to the extent allocable
to such REO Loan, the related REO Property, as the case may be, during the
Collection Period in which such Final Recovery Determination was made, insofar
as such payments and proceeds are allocable to interest (other than Default
Interest and Additional Interest) on or principal of such Loan or REO Loan; (2)
with respect to each Loan as to which any portion of the principal or previously
accrued interest payable thereunder was canceled in connection with a bankruptcy
or similar proceeding involving the related Mortgagor or a modification,
extension, waiver or amendment of such Loan granted or agreed to by the

                                      -46-
<PAGE>

Special Servicer pursuant to Section 3.20, the amount of such principal and/or
interest (other than Default Interest and, in the case of an ARD Loan after its
Anticipated Repayment Date, Additional Interest) so canceled; and (3) with
respect to each Loan as to which the Mortgage Rate thereon has been permanently
reduced and not recaptured for any period in connection with a bankruptcy or
similar proceeding involving the related Mortgagor or a modification, extension,
waiver or amendment of such Loan granted or agreed to by the Special Servicer
pursuant to Section 3.20, the amount of the consequent reduction in the interest
portion of each successive Monthly Payment due thereon (each such Realized Loss
shall be deemed to have been incurred on the Due Date for each affected Monthly
Payment).

         "Record Date" shall mean, with respect to any Distribution Date, the
last Business Day of the month immediately preceding the month in which such
Distribution Date occurs.

         "Recording/Filing Agent" shall have the meaning assigned thereto in
Section 2.01(c).

         "Registered Certificate" shall mean any Certificate that has been the
subject of registration under the Securities Act. As of the Closing Date, the
Class A-1, Class A-2, Class B, Class C and Class D Certificates are Registered
Certificates.

         "Regular Interest Certificate" shall mean any REMIC III Certificate
other than a Class R-III Certificate.

         "Regulation S" shall mean Regulation S under the Securities Act.

         "Regulation S Certificate" shall mean a written certification
substantially in the form set forth in Exhibit F-2E hereto certifying that a
beneficial owner of an interest in a Regulation S Global Certificate is not a
United States Securities Person.

         "Regulation S Global Certificates" shall mean the Regulation S
Permanent Global Certificate(s) together with the Regulation S Temporary Global
Certificate(s).

         "Regulation S Legend" shall mean, with respect to the Class X, Class E,
Class F, Class G, Class H and/or Class J Certificates offered and sold outside
the United States in reliance on Regulation S, a legend generally to the effect
that such Certificates may not be offered, sold, pledged or otherwise
transferred in the United States or to a United States Securities Person prior
to the Release Date except pursuant to an exemption from the registration
requirements of the Securities Act.

         "Regulation S Permanent Global Certificate" shall mean any single
permanent global Certificate, in definitive, fully registered form without
interest coupons received in exchange for a Regulation S Temporary Global
Certificate.

         "Regulation S Temporary Global Certificate" shall mean, with respect to
the Class X, Class E, Class F, Class G, Class H and/or Class J Certificates
offered and sold outside of the United States in reliance on Regulation S, a
single temporary global Certificate, in definitive, fully registered form
without interest coupon, which Certificate bears a Regulation S Legend.

         "Reimbursement Rate" shall mean the rate per annum applicable to the
accrual of interest, compounded annually, on Servicing Advances in accordance
with Section 3.11(g) and on P&I

                                      -47-
<PAGE>

Advances in accordance with Section 4.03(d) or Section 4.03A(d), which rate per
annum is equal to the Prime Rate.

         "Release Date" shall mean the date that is 40 days following the
Closing Date.

         "REMIC" shall mean a "real estate mortgage investment conduit" as
defined in Section 860D of the Code.

         "REMIC I" shall mean the segregated pool of assets constituting the
primary trust created hereby and to be administered hereunder with respect to
which a separate REMIC election is to be made, and consisting of: (i) the
Mortgage Loans (exclusive of the Loan REMIC Mortgage Loans) as from time to time
are subject to this Agreement and all payments under and proceeds of such
Mortgage Loans received after the Closing Date (other than scheduled payments of
interest and principal due on or before the Cut-off Date, other than Additional
Interest collected in respect of the ARD Mortgage Loans after their respective
Anticipated Repayment Dates and other than the assumption fees with respect to
the Polo Towne Crossing Mortgage Loan specified in Sections 3.08 and 3.11
hereof), together with all documents included in the related Mortgage Files and
any related Escrow Payments and Reserve Funds; (ii) any REO Property acquired in
respect of a Mortgage Loan (other than a Loan REMIC Mortgage Loan); (iii) the
Loan REMIC Regular Interests; (iv) such funds or assets as from time to time are
deposited in the Pool Custodial Account, the Collection Account, the Interest
Reserve Account and, if established, the Pool REO Account, exclusive of any
amounts that represent Additional Interest collected in respect of the ARD
Mortgage Loans after their respective Anticipated Repayment Dates; and (v) the
rights of the Depositor under the UBS/Depositor Mortgage Loan Purchase
Agreement; provided that REMIC I shall not include the Chrysler Building
Companion Loan, the Loan REMIC Mortgage Loans, any payments or other collections
of principal, interest, Prepayment Premiums, Yield Maintenance Charges or other
amounts on such Loans or any REO Property acquired in respect of a Loan REMIC
Mortgage Loan.

         "REMIC I Regular Interest" shall mean any of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a "regular interest" in REMIC I, as described in the Preliminary
Statement hereto.

         "REMIC I Remittance Rate" shall mean: (a) with respect to each REMIC I
Regular Interest that relates to a Loan REMIC Regular Interest, 6.739% per
annum; (b) with respect to any other REMIC I Regular Interest that, as of the
Closing Date, corresponds to a Mortgage Loan that accrues interest on a 30/360
Basis, a rate per annum that is, for any Interest Accrual Period, equal to the
Net Mortgage Rate in effect for such Mortgage Loan as of the Closing Date
(without regard to any modifications, extensions, waivers or amendments of such
Mortgage Loan subsequent to the Closing Date); and (c) with respect to any REMIC
I Regular Interest that, as of the Closing Date, corresponds to a Mortgage Loan
that accrues interest on an Actual/360 Basis, a rate per annum that is, for any
Interest Accrual Period, equal to (i) a fraction (expressed as a percentage),
the numerator of which is the product of 12 times the Adjusted Actual/360
Accrued Interest Amount with respect to such Mortgage Loan (or any successor REO
Loan) for such Interest Accrual Period, and the denominator of which is the
Stated Principal Balance of such Mortgage Loan (or any successor REO Loan)
immediately prior to the Distribution Date that corresponds to such Interest
Accrual Period, minus (ii) the Administrative Cost Rate for such Mortgage Loan
(or any successor REO Loan).

                                      -48-
<PAGE>

         "REMIC II" shall mean the segregated pool of assets consisting of all
of the REMIC I Regular Interests conveyed in trust to the Trustee for the
benefit of REMIC III, as holder of the REMIC II Regular Interests, and the
Holders of the Class R-II Certificates pursuant to Section 2.08, with respect to
which a separate REMIC election is to be made.

         "REMIC II Regular Interest" shall mean any of the sixteen separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II. Each REMIC II Regular Interest
shall accrue interest at the REMIC II Remittance Rate in effect from time to
time, and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto. The designations for the respective REMIC II Regular Interests are set
forth in the Preliminary Statement hereto.

         "REMIC II Remittance Rate" shall mean, with respect to each REMIC II
Regular Interest for any Interest Accrual Period, the Weighted Average REMIC I
Remittance Rate for such Interest Accrual Period.

         "REMIC III" shall mean the segregated pool of assets consisting of all
of the REMIC II Regular Interests conveyed in trust to the Trustee for the
benefit of the Holders of the REMIC III Certificates pursuant to Section 2.10,
with respect to which a separate REMIC election is to be made.

         "REMIC III Certificate" shall mean any Class A-1, Class A-2, Class X,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class P, Class Q or Class R-III Certificate.

         "REMIC III Component" shall mean any of the following sixteen
components of the Class X Certificates: REMIC III Component X-A-1, REMIC III
Component X-A-2, REMIC III Component X-B, REMIC III Component X-C, REMIC III
Component X-D, REMIC III Component X-E, REMIC III Component X-F, REMIC III
Component X-G, REMIC III Component X-H, REMIC III Component X-J, REMIC III
Component X-K, REMIC III Component X-L, REMIC III Component X-M, REMIC III
Component X-N, REMIC III Component X-P and REMIC III Component X-Q, each of
which constitutes a separate "regular interest" in REMIC III for purposes of the
REMIC Provisions. Such REMIC III Components are collectively evidenced by the
Class X Certificates.

         "REMIC III Component X-A-1" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest A-1 outstanding
from time to time.

         "REMIC III Component X-A-2" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest A-2 outstanding
from time to time.

         "REMIC III Component X-B" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest B outstanding from
time to time.

                                      -49-
<PAGE>

         "REMIC III Component X-C" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest C outstanding from
time to time.

         "REMIC III Component X-D" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest D outstanding from
time to time.

         "REMIC III Component X-E" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest E outstanding from
time to time.

         "REMIC III Component X-F" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest F outstanding from
time to time.

         "REMIC III Component X-G" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest G outstanding from
time to time.

         "REMIC III Component X-H" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest H outstanding from
time to time.

         "REMIC III Component X-J" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest J outstanding from
time to time.

         "REMIC III Component X-K" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest K outstanding from
time to time.

         "REMIC III Component X-L" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest L outstanding from
time to time.

         "REMIC III Component X-M" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest M outstanding from
time to time.

         "REMIC III Component X-N" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest N outstanding from
time to time.

         "REMIC III Component X-P" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest P outstanding from
time to time.

                                      -50-
<PAGE>

         "REMIC III Component X-Q" shall mean the REMIC III Component of the
Class X Certificates that has a Component Notional Amount equal to the
Uncertificated Principal Balance of REMIC II Regular Interest Q outstanding from
time to time.

         "REMIC Pool" shall mean any of REMIC I, REMIC II, REMIC III and each
Loan REMIC.

         "REMIC Provisions" shall mean the provisions of the federal income tax
law relating to REMICs, which appear at Sections 860A through 860G of Subchapter
M of Chapter 1 of the Code, and related provisions, and proposed, temporary and
final Treasury regulations and any published rulings, notices and announcements
promulgated thereunder, as the foregoing may be in effect from time to time.

         "Rents from Real Property" shall mean, with respect to any REO
Property, gross income of the character described in Section 856(d) of the Code.

         "REO Account" shall mean any of the Pool REO Account and the Chrysler
Building REO Account.

         "REO Acquisition" shall mean the acquisition of any REO Property
pursuant to Section 3.09.

         "REO Disposition" shall mean the sale or other disposition of any REO
Property pursuant to Section 3.18(d).

         "REO Extension" shall have the meaning assigned thereto in Section
3.16(a).

         "REO Loan" shall mean the mortgage loan (or, if the Chrysler Building
Loan Pair is involved, either of the two mortgage loans) deemed for purposes
hereof to be outstanding with respect to each REO Property. Each REO Loan shall
be deemed to provide for monthly payments of principal and/or interest equal to
its Assumed Monthly Payment and otherwise to have the same terms and conditions
as its predecessor Loan (such terms and conditions to be applied without regard
to the default on such predecessor Loan and the acquisition of the related REO
Property as part of the Trust Fund). Each REO Loan shall be deemed to have an
initial unpaid principal balance and Stated Principal Balance equal to the
unpaid principal balance and Stated Principal Balance, respectively, of its
predecessor Loan as of the date of the related REO Acquisition. All Monthly
Payments (other than a Balloon Payment), Assumed Monthly Payments (in the case
of a Balloon Loan delinquent in respect of its Balloon Payment) and other
amounts due and owing, or deemed to be due and owing, in respect of the
predecessor Loan as of the date of the related REO Acquisition, shall be deemed
to continue to be due and owing in respect of an REO Loan. Collections in
respect of each REO Loan (after provision for amounts to be applied to the
payment of, or to be reimbursed to the Master Servicer or the Special Servicer
for the payment of, the costs of operating, managing and maintaining the related
REO Property or for the reimbursement of the Master Servicer or the Special
Servicer for other related Servicing Advances) shall be treated: first, as a
recovery of accrued and unpaid interest on such REO Loan at the related Mortgage
Rate to but not including the Due Date in the Collection Period of receipt
(exclusive, however, in the case of an REO Loan that relates to an ARD Loan
after its Anticipated Repayment Date, of any such accrued and unpaid interest
that constitutes Additional Interest); second, as a recovery of principal of
such REO Loan to the extent of its entire unpaid principal balance; third, in
accordance with

                                      -51-
<PAGE>

the normal servicing practices of the Master Servicer, as a recovery of any
other amounts due and owing in respect of such REO Loan (exclusive, however, in
the case of an REO Loan that relates to an ARD Loan after its Anticipated
Repayment Date, of any such accrued and unpaid interest that constitutes
Additional Interest); and fourth, in the case of an REO Loan that relates to an
ARD Loan after its Anticipated Repayment Date, as a recovery of accrued and
unpaid Additional Interest on such REO Loan; provided, however, that if the
Chrysler Building Loan Pair become REO Loans, collections in respect of such REO
Loans shall be applied to amounts due and owing in respect of such REO Loans as
provided in Section 4.01 of the Chrysler Building Co-Lender Agreement.
Notwithstanding the foregoing, all amounts payable or reimbursable to the Master
Servicer, the Special Servicer, the Trustee or the Fiscal Agent in respect of
the predecessor Loan as of the date of the related REO Acquisition, including
any unpaid Servicing Fees and any unreimbursed Servicing Advances and P&I
Advances, together with any interest accrued and payable to the Master Servicer,
the Special Servicer, the Trustee or the Fiscal Agent in respect of such
Servicing Advances and P&I Advances in accordance with Sections 3.11(g), 4.03(d)
and 4.03A(d), respectively, shall continue to be payable or reimbursable to the
Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as the
case may be, in respect of an REO Loan.

         "REO Mortgage Loan" shall mean any REO Loan that relates to a
predecessor Mortgage Loan.

         "REO Property" shall mean a Mortgaged Property acquired on behalf and
in the name of the Trustee for the benefit of the Certificateholders and, in the
case of the Chrysler Building Mortgaged Property, also for the benefit of the
Chrysler Building Companion Loan Noteholder, as their interests may appear,
through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in
accordance with applicable law in connection with the default or imminent
default of a Loan.

         "REO Revenues" shall mean all income, rents, profits and proceeds
derived from the ownership, operation or leasing of any REO Property.

         "REO Tax" shall have the meaning assigned thereto in Section 3.17(a).

         "Request for Release" shall mean a request signed by a Servicing
Officer of, as applicable, the Master Servicer in the form of Exhibit D-1
attached hereto or the Special Servicer in the form of Exhibit D-2 attached
hereto.

         "Required Appraisal" shall mean, with respect to each Required
Appraisal Loan, an appraisal of the related Mortgaged Property from an
Independent Appraiser selected by the party required or authorized to obtain
such appraisal hereunder, which appraisal shall be prepared in accordance with
12 CFR (Section)225.62 and conducted in accordance with the standards of the
Appraisal Institute or, in the case of a Required Appraisal Loan having a Stated
Principal Balance of, or in the case of a Mortgaged Property that has an
allocated loan amount of, less than $2,000,000, if no satisfactory (as
determined by the Special Servicer pursuant to Section 3.09(a)) appraisal
meeting the foregoing criteria was obtained or conducted within the prior 12
months, a "desktop" value estimate performed by the Special Servicer.

         "Required Appraisal Loan" shall mean any Mortgage Loan or Loan Pair (i)
that becomes a Modified Loan, (ii) that is 60 days or more delinquent in respect
of any Monthly Payment, except for a Balloon Payment, (iii) that is delinquent
in respect of its Balloon Payment, if any, for (A) 20 days, or (B)

                                      -52-
<PAGE>

if the related Mortgagor shall have delivered a refinancing commitment
acceptable to the Special Servicer prior to the date the subject Balloon Payment
was due, 30 days, (iv) with respect to which the related Mortgaged Property has
become an REO Property, (v) with respect to which a receiver or similar official
is appointed and continues for 60 days in such capacity in respect of the
related Mortgaged Property, (vi) with respect to which the related Mortgagor is
subject to a bankruptcy, insolvency or similar proceedings, which, in the case
of an involuntary bankruptcy, insolvency or similar proceeding, has not been
dismissed within 60 days of the commencement thereof, or (vii) that remains
outstanding five (5) years following any extension of its maturity date pursuant
to Section 3.20. Any Required Appraisal Loan (other than a Mortgage Loan that
became a Required Appraisal Loan pursuant to clause (vii) above) shall cease to
be such at such time as it has become a Corrected Loan (except if such Required
Appraisal Loan had not become a Specially Serviced Loan at the time the
applicable event(s) described in any of clauses (i) through (vii) above ceased
to exist), it has remained current for at least three (3) consecutive Monthly
Payments, and no other event described in clauses (i) through (vii) above has
occurred with respect thereto during the preceding three-month period. For
purposes of this Agreement, the two Loans constituting the Chrysler Building
Loan Pair shall, upon the occurrence of any of the events described in clauses
(i) through (vii) of this definition in respect of either such Loan, be deemed
to be a single "Required Appraisal Loan".

         "Required Appraisal Value" shall mean, with respect to any Mortgaged
Property securing (or REO Property relating to) a Required Appraisal Loan, an
amount equal to the sum of: (a) the excess, if any, of (i) 90% of the Appraised
Value of such Mortgaged Property (or REO Property) as determined by the most
recent Required Appraisal or any letter update of such Required Appraisal, over
(ii) the amount of any obligations secured by liens on such Mortgaged Property
(or REO Property) that are prior to the lien of the related Required Appraisal
Loan; plus (b) the amount of Escrow Payments and Reserve Funds held by the
Master Servicer in respect of such Required Appraisal Loan (other than (i)
Escrow Payments and Reserve Funds held in respect of any real estate taxes and
assessments, insurance premiums and, if applicable, ground rents, (ii) Escrow
Payments and Reserve Funds that are to be applied or utilized within the
twelve-month period following the date of determination and (iii) Escrow
Payments and Reserve Funds that may not be applied towards the reduction of the
principal balance of such Required Appraisal Loan); plus (c) the amount of any
letter of credit constituting additional security for such Required Appraisal
Loan and that may be applied towards the reduction of the principal balance of
such Required Appraisal Loan.

         "Reserve Account" shall mean each of the Pool Reserve Account and the
Chrysler Building Reserve Account.

         "Reserve Funds" shall mean, with respect to any Loan, any amounts
delivered by the related Mortgagor to be held by or on behalf of the mortgagee
representing reserves for repairs, capital improvements and/or environmental
remediation in respect of the related Mortgaged Property or debt service on such
Loan.

         "Residual Interest Certificate" shall mean a Class R-I, Class R-II,
Class R-III or Class R-LR Certificate.

         "Responsible Officer" shall mean: (a) when used with respect to the
Trustee or the Chrysler Building Trustee, any Vice President, any Assistant Vice
President, any Trust Officer, any Assistant Secretary or any other officer of
the Trustee customarily performing functions similar to those

                                      -53-
<PAGE>

performed by any of the above designated officers and having direct
responsibility for the administration of this Agreement; and (b) when used with
respect to the Fiscal Agent or the Chrysler Building Fiscal Agent, any officer
thereof.

         "Restricted Servicer Reports" shall mean each of the CMSA Servicer
Watch List, the CMSA Operating Statement Analysis Report, the CMSA NOI
Adjustment Worksheet, the CMSA Financial File and the CMSA Comparative Financial
Status Report.

         "Review Package" shall mean a package of documents consisting of a
memorandum outlining the analysis and recommendation (in accordance with the
Servicing Standard) of the Master Servicer or the Special Servicer, as the case
may be, with respect to the matters that are the subject thereof, and copies of
all relevant documentation.

         "Rule 144A/IAI Global Certificate" shall mean, with respect to any
Class of Book-Entry Non-Registered Certificates, one or collectively more global
certificates representing such Class registered in the name of the Depository or
its nominee, in definitive, fully registered form without interest coupons, none
of which certificates bears a Regulation S Legend.

         "S&P" shall mean Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc. or its successor in interest. If neither such rating
agency nor any successor remains in existence, "S&P" shall be deemed to refer to
such other nationally recognized statistical rating agency or other comparable
Person designated by the Depositor, notice of which designation shall be given
to the Trustee, the Fiscal Agent, the Master Servicer and the Special Servicer,
and specific ratings of Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc. herein referenced shall be deemed to refer to the
equivalent ratings of the party so designated.

         "SASCO" shall mean Structured Asset Securities Corporation or any
successor in interest.

         "Scheduled Payment" shall mean, with respect to any Loan, for any Due
Date following the Cut-off Date as of which it is outstanding, the Monthly
Payment on such Loan that is or would be, as the case may be, payable by the
related Mortgagor on such Due Date under the terms of the related Mortgage Note
as in effect on the Closing Date, without regard to any subsequent change in or
modification of such terms in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, extension, waiver or
amendment of such Loan granted or agreed to by the Master Servicer or the
Special Servicer pursuant to Section 3.20, and assuming that the full amount of
each prior Scheduled Payment has been made in a timely manner.

         "Securities Act" shall mean the Securities Act of 1933, as amended.

         "Senior Certificate" shall mean any Class A-1, Class A-2 or Class X
Certificate.

         "Servicer Fee Amount" shall mean: (a) with respect to each
Sub-Servicer, as of any date of determination, the aggregate of the products
obtained by multiplying, for each Loan primary serviced by such Sub-Servicer,
(i) the principal balance of such Loan as of the end of the immediately
preceding Collection Period and (ii) the sub-servicing fee rate specified in the
related Sub-Servicing Agreement for such Loan; and (b) with respect to the
Master Servicer, as of any date of determination, the aggregate of the products
obtained by multiplying, for each Loan, (i) the principal balance of such Loan
as of the end

                                      -54-
<PAGE>

of the immediately preceding Collection Period and (ii) the excess, if any, of
the Master Servicing Fee Rate for such Loan, over the sub-servicing fee rate (if
any) applicable to such Loan, as specified in any Sub-Servicing Agreement
related to such Mortgage Loan.

         "Servicing Account" shall mean each of the Pool Servicing Account and
the Chrysler Building Servicing Account.

         "Servicing Advances" shall mean all customary, reasonable and necessary
"out of pocket" costs and expenses (including attorneys' fees and fees and
expenses of real estate brokers) incurred by the Master Servicer, the Special
Servicer, the Fiscal Agent or the Trustee in connection with the servicing of a
Loan, if a default is imminent thereunder or a default, delinquency or other
unanticipated event has occurred with respect thereto, or in connection with the
administration of any REO Property, including, but not limited to, the cost of
(a) compliance with the obligations of the Master Servicer, the Special
Servicer, the Fiscal Agent or the Trustee, if any, set forth in Section 3.03(c),
(b) the preservation, insurance, restoration, protection and management of a
Mortgaged Property, (c) obtaining any Insurance Proceeds or Liquidation
Proceeds, (d) any enforcement or judicial proceedings with respect to a
Mortgaged Property, including foreclosures, (e) any Required Appraisal or any
other appraisal or update thereof expressly permitted or required to be obtained
hereunder, (f) the operation, management, maintenance and liquidation of any REO
Property, and (g) obtaining any related ratings confirmation; provided that,
notwithstanding anything to the contrary, "Servicing Advances" shall not include
allocable overhead of the Master Servicer, the Special Servicer or the Trustee,
such as costs for office space, office equipment, supplies and related expenses,
employee salaries and related expenses and similar internal costs and expenses,
or costs and expenses incurred by any such party in connection with its purchase
of any Loan or REO Property pursuant to any provision of this Agreement or the
Chrysler Building Co-Lender Agreement.

         "Servicing Fees" shall mean, with respect to each Loan and REO Loan,
the Master Servicing Fee and the Special Servicing Fee.

         "Servicing File" shall mean, collectively, any and all documents (other
than documents required to be part of the related Mortgage File) in the
possession of the Master Servicer or the Special Servicer and relating to the
origination and servicing of any Loan, including appraisals, surveys,
engineering reports and environmental reports.

         "Servicing Officer" shall mean any officer or employee of the Master
Servicer or the Special Servicer involved in, or responsible for, the
administration and servicing of the Loans, whose name and specimen signature
appear on a list of servicing officers furnished by such party to the Trustee
and the Depositor on the Closing Date, as such list may be amended from time to
time.

         "Servicing-Released Bid" shall have the meaning assigned thereto in
Section 7.01(c).

         "Servicing-Retained Bid" shall have the meaning assigned thereto in
Section 7.01(c).

         "Servicing Standard" shall mean, with respect to the Master Servicer or
the Special Servicer, to service and administer the Loans and any REO Properties
for which it is responsible: (i) with the same care, skill, prudence and
diligence as is normal and usual in its general mortgage servicing and asset
management activities with respect to mortgage loans comparable to such Loans
and real properties comparable to such REO Properties that either (A) are part
of other third party portfolios

                                      -55-
<PAGE>

(giving due consideration to customary and usual standards of practice of
prudent institutional commercial mortgage lenders servicing their own loans) or
(B) are held as part of its own portfolio, whichever is a higher standard; (ii)
with a view to the timely collection of all scheduled payments of principal and
interest, including Balloon Payments, under the Loans or, in the case of the
Special Servicer, if a Loan comes into and continues in default and if, in the
reasonable, good faith judgment of the Special Servicer, no satisfactory
arrangements can be made for the collection of the delinquent payments, with a
view to the maximization of the recovery on such Mortgage Loan to the
Certificateholders (as a collective whole) (or, if the Chrysler Building Loan
Pair is involved, with a view to the maximization of the recovery on the Loan
Pair to the Certificateholders and the Chrysler Building Companion Loan
Noteholder (as a collective whole)), on a present value basis (the relevant
discounting of anticipated collections that will be distributable to the
Certificateholders (or, in the case of the Chrysler Building Loan Pair, to the
Certificateholders and the Chrysler Building Companion Noteholder) to be
performed at the related Mortgage Rate (or, in the case of the Chrysler Building
Loan Pair, at the weighted average of the Mortgage Rates for the Loan Pair));
and (iii) without regard to (A) any relationship that the Master Servicer or the
Special Servicer, as the case may be, or any Affiliate thereof may have with any
of the related Mortgagors or any party to this Agreement; (B) the ownership of
any Certificate (or any security backed by the Chrysler Building Companion Loan)
by the Master Servicer or the Special Servicer, as the case may be, or any
Affiliate of either of them; (C) the obligation of the Master Servicer or the
Special Servicer, as the case may be, to make Advances; (D) the right of the
Master Servicer or the Special Servicer, as the case may be, or any Affiliate of
either of them, to receive reimbursement of costs, or any compensation payable
to it hereunder generally or with respect to any particular transaction; and (E)
the ownership, servicing or management of other loans or properties not included
in or securing, as the case may be, the Mortgage Pool or otherwise serviced and
administered pursuant to this Agreement.

         "Servicing Transfer Event" shall mean, with respect to any Loan, the
occurrence of any of the events described in clauses (a) through (g) of the
definition of "Specially Serviced Loan".

         "Single Certificate" shall mean, for purposes of Section 4.02, a
hypothetical Regular Interest Certificate evidencing an initial $1,000
denomination.

         "Single Purpose Entity" shall mean an entity, other than an individual,
whose organizational documents and/or the related Loan documents provide
substantially to the effect that: (i) it was formed or organized solely for the
purpose of either owning and operating the Mortgaged Property or Properties
securing one or more Loans, or owning and pledging Defeasance Collateral in
connection with the defeasance of a Defeasance Loan, as the case may be, (ii) it
may not engage in any business unrelated to such Mortgaged Property or
Properties or such Defeasance Collateral, as the case may be, (iii) it will not
have any assets other than those related to its interest in and operation of
such Mortgaged Property or such Defeasance Collateral, as the case may be, (iv)
it may not incur indebtedness other than incidental to its ownership and
operation of the applicable Mortgaged Property or Properties or Defeasance
Collateral, as the case may be, (v) it will maintain its own books and records
and accounts separate and apart from any other Person, (vi) it will hold itself
out as a legal entity, separate and apart from any other Person and, (vii) in
the case of such an entity whose sole purpose is owning or operating a Mortgaged
Property, it will have an independent director or, if such entity is a
partnership or a limited liability company, at least one general partner or
limited liability company member thereof, as applicable, which shall itself be a
"single purpose entity" (having as its sole asset its interest in the Single
Purpose Entity) with an independent director.

                                      -56-
<PAGE>

         "Special Servicer" shall mean Lennar, in its capacity as special
servicer hereunder, or any successor special servicer appointed as herein
provided.

         "Special Servicing Fee" shall mean, with respect to each Specially
Serviced Loan and each REO Loan, the fee designated as such and payable to the
Special Servicer pursuant to Section 3.11(c).

         "Special Servicing Fee Rate" shall mean, with respect to each Specially
Serviced Loan and each REO Loan, 0.25% per annum.

         "Specially Serviced Loan" shall mean any Loan as to which any of the
following events has occurred:

         (a) the related Mortgagor has failed to make when due any Monthly
Payment (including a Balloon Payment), which failure continues, or the Master
Servicer determines, in its reasonable, good faith judgment, will continue,
unremedied (without regard to any grace period) (i) except in the case of a
Balloon Loan delinquent in respect of its Balloon Payment, for 60 days beyond
the date on which the subject payment was due, or (ii) solely in the case of a
defaulted Balloon Loan that is delinquent in respect of its Balloon Payment, (A)
for one Business Day beyond the date on which the subject Balloon Payment was
due or (B) in the case of a Balloon Loan as to which the related Mortgagor shall
have delivered a refinancing commitment acceptable to the Special Servicer prior
to the date the subject Balloon Payment was due, for 30 days beyond the date on
which the subject Balloon Payment was due;

         (b) the Master Servicer shall have determined, in its good faith,
reasonable judgment, based on communications with the related Mortgagor, that a
default in the making of a Monthly Payment on such Loan, including a Balloon
Payment, is likely to occur and is likely to remain unremedied (without regard
to any grace period) for at least the applicable period contemplated by clause
(a) of this definition; or

         (c) there shall have occurred a default (other than as described in
clause (a) above) that (i) materially impairs the value of the Mortgaged
Property as security for such Loan or otherwise materially adversely affects the
interests of Certificateholders (or, in the case of the Chrysler Building
Companion Loan, the Chrysler Building Companion Loan Noteholder), and (ii)
continues unremedied for the applicable grace period under the terms of such
Loan (or, if no grace period is specified and the default is capable of being
cured, for 30 days); provided that any default requiring a Servicing Advance
shall be deemed to materially and adversely affect the interests of
Certificateholders or, in the case of the Chrysler Building Companion Loan, the
Chrysler Building Companion Loan Noteholder; or

         (d) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law or the appointment
of a conservator or receiver or liquidator in any insolvency, readjustment of
debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the
related Mortgagor and such decree or order shall have remained in force and not
dismissed for a period of 60 days; or

         (e) the related Mortgagor shall consent to the appointment of a
conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or

                                      -57-
<PAGE>

similar proceedings of or relating to such Mortgagor or of or relating to all or
substantially all of its property; or

         (f) the related Mortgagor shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of any
applicable insolvency or reorganization statute, make an assignment for the
benefit of its creditors, or voluntarily suspend payment of its obligations; or

         (g) the Master Servicer shall have received notice of the commencement
of foreclosure or similar proceedings with respect to the related Mortgaged
Property;

provided, however, that a Loan will cease to be a Specially Serviced Loan, when
a Liquidation Event has occurred with respect to such Loan when the related
Mortgaged Property has become an REO Property or, so long as at such time no
circumstance identified in clauses (a) through (g) above exists that would cause
the Loan to continue to be characterized as a Specially Serviced Loan, when:

            (w) with respect to the circumstances described in clause (a) of
     this definition, the related Mortgagor has made three consecutive full and
     timely Monthly Payments under the terms of such Loan (as such terms may be
     changed or modified in connection with a bankruptcy or similar proceeding
     involving the related Mortgagor or by reason of a modification, extension,
     waiver or amendment granted or agreed to by the Master Servicer or the
     Special Servicer pursuant to Section 3.20);

            (x) with respect to the circumstances described in clauses (b), (d),
     (e) and (f) of this definition, such circumstances cease to exist in the
     good faith, reasonable judgment of the Special Servicer, but, with respect
     to any bankruptcy or insolvency proceedings described in clauses (d), (e)
     and (f), no later than the entry of an order or decree dismissing such
     proceeding;

            (y) with respect to the circumstances described in clause (c) of
     this definition, such default is cured as determined by the Special
     Servicer in its reasonable, good faith judgment; and

            (z) with respect to the circumstances described in clause (g) of
     this definition, such proceedings are terminated.

         The Special Servicer may conclusively rely on the Master Servicer's
determination as to whether a Servicing Transfer Event has occurred giving rise
to a Loan's becoming a Specially Serviced Loan. If a Loan that is part of the
Chrysler Building Loan Pair becomes a Specially Serviced Loan, the other Loan in
that Loan Pair shall also become a Specially Serviced Loan.

         "Specially Serviced Mortgage Loan" shall mean a Mortgage Loan that
constitutes a Specially Serviced Loan.

         "Startup Day" shall mean, with respect to each REMIC Pool, the day
designated as such in Section 10.01(c).

         "Stated Maturity Date" shall mean, with respect to any Loan, the Due
Date specified in the related Mortgage Note (as in effect on the Closing Date)
on which the last payment of principal is

                                      -58-
<PAGE>

due and payable under the terms of such Mortgage Note (as in effect on the
Closing Date), without regard to any change in or modification of such terms in
connection with a bankruptcy or similar proceeding involving the related
Mortgagor or a modification, extension, waiver or amendment of such Loan granted
or agreed to by the Special Servicer pursuant to Section 3.20 and, in the case
of an ARD Loan, without regard to its Anticipated Repayment Date.

         "Stated Principal Balance" shall mean: (a) with respect to any Mortgage
Loan (and any successor REO Mortgage Loan with respect thereto), the Cut-off
Date Balance of such Mortgage Loan, as permanently reduced on each Distribution
Date (to not less than zero) by (i) that portion, if any, of the Principal
Distribution Amount for such Distribution Date allocable to such Mortgage Loan
(or any such successor REO Mortgage Loan with respect thereto) and (ii) the
principal portion of any Realized Loss incurred in respect of such Mortgage Loan
(or any such successor REO Mortgage Loan with respect thereto) during the
related Collection Period; and (b) with respect to the Chrysler Building
Companion Loan (and any successor REO Loan with respect thereto), the Cut-off
Date Balance of such Loan, as permanently reduced on each Chrysler Building
Remittance Date (to not less than zero) by (i) any principal amounts in respect
of such Loan (or any such successor REO Loan with respect thereto) distributed
to the Chrysler Building Companion Loan Noteholder on such Chrysler Building
Remittance Date, and (ii) the principal portion of any Realized Loss incurred in
respect of such Loan (or any such successor REO Loan with respect thereto)
during the related Collection Period. Notwithstanding the foregoing, if a
Liquidation Event occurs in respect of any Loan or REO Property, then the
"Stated Principal Balance" of such Loan or of the related REO Loan, as the case
may be, shall be zero commencing as of the Distribution Date in the Collection
Period next following the Collection Period in which such Liquidation Event
occurred.

         "Subordinate Available Distribution Amount" shall mean, with respect to
any Distribution Date, the excess, if any, of the Available Distribution Amount
for such Distribution Date, over the aggregate distributions, if any, to be made
on the Senior Certificates on such Distribution Date pursuant to Section
4.01(a).

         "Subordinate Certificate" shall mean any Class B, Class C, Class D,
Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N,
Class P, Class Q, Class R-I, Class R-II, Class R-III or Class R-LR Certificate.

         "Sub-Servicer" shall mean any Person with which the Master Servicer or
the Special Servicer has entered into a Sub-Servicing Agreement.

         "Sub-Servicing Agreement" shall mean the written contract between the
Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of Loans as provided
in Section 3.22.

         "Successful Bidder" shall have the meaning assigned thereto in Section
7.01(c).

         "Tax Administrator" shall mean any tax administrator appointed pursuant
to Section 8.13 (or, in the absence of any such appointment, the Trustee).

         "Tax Matters Person" shall mean, with respect to any REMIC Pool, the
Person designated as the "tax matters person" of such REMIC Pool in the manner
provided under Treasury regulation section 1.860F-4(d) and temporary Treasury
regulation section 301.6231(a)(7)-1T, which

                                      -59-
<PAGE>

Person shall be the Plurality Residual Interest Certificateholder in respect of
the related Class of Residual Interest Certificates.

         "Tax Returns" shall mean the federal income tax return on Internal
Revenue Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of each REMIC Pool due to its classification as a REMIC
under the REMIC Provisions, and the federal income tax return to be filed on
behalf of the Grantor Trust due to its classification as a grantor trust under
the Grantor Trust Provisions, together with any and all other information,
reports or returns that may be required to be furnished to the
Certificateholders or filed with the IRS under any applicable provisions of
federal tax law or any other governmental taxing authority under applicable
state and local tax law.

         "Transfer" shall mean any direct or indirect transfer, sale, pledge,
hypothecation, or other form of assignment of any Ownership Interest in a
Certificate.

         "Transfer Affidavit and Agreement" shall have the meaning assigned
thereto in Section 5.02(d)(i)(B).

         "Transferee" shall mean any Person who is acquiring, by Transfer, any
Ownership Interest in a Certificate.

         "Transferor" shall mean any Person who is disposing of, by Transfer,
any Ownership Interest in a Certificate.

         "Trust" shall mean the common law trust created under the Trust
Agreement, which continues in existence hereunder.

         "Trust Agreement" shall have the meaning assigned thereto in the
Preliminary Statement.

         "Trust Fund" shall mean, collectively, all of the assets of REMIC I,
REMIC II, REMIC III, the Loan REMICs and the Grantor Trust.

         "Trustee" shall mean LaSalle, in its capacity as trustee hereunder, or
any successor trustee appointed as herein provided.

         "Trustee Fee" shall mean, with respect to each Distribution Date, an
amount equal to one-twelfth of the product of (i) the Trustee Fee Rate,
multiplied by (ii) the aggregate Stated Principal Balance of the Mortgage Pool
outstanding immediately prior to such Distribution Date.

         "Trustee Fee Rate" shall mean 0.0009% per annum.

         "Trustee Liability" shall have the meaning assigned thereto in Section
8.05(b).

         "UBS/Depositor Mortgage Loan Purchase Agreement" shall mean that
certain Mortgage Loan Purchase Agreement dated as of July 20, 2001, between the
UBS Mortgage Loan Seller and the Depositor.

                                      -60-
<PAGE>

         "UBS Mortgage Loan" shall mean any Mortgage Loan transferred by the UBS
Mortgage Loan Seller to the Depositor, pursuant to the UBS/Depositor Mortgage
Loan Purchase Agreement.

         "UBS Mortgage Loan Seller" shall mean UBS Warburg Real Estate
Investments Inc. or its successor in interest.

         "UCC" shall mean the Uniform Commercial Code in effect in the
applicable jurisdiction.

         "UCC Financing Statement" shall mean a financing statement executed and
filed pursuant to the UCC.

         "Uncertificated Accrued Interest" shall mean the interest accrued from
time to time with respect to any Loan REMIC Regular Interest, any REMIC I
Regular Interest or REMIC II Regular Interest, the amount of which interest
shall equal: (a) in the case of any Loan REMIC Regular Interest for any Interest
Accrual Period, one-twelfth of the product of (i) the related Loan REMIC
Remittance Rate, multiplied by (ii) the Uncertificated Principal Balance of such
Loan REMIC Regular Interest outstanding immediately prior to the related
Distribution Date; (b) in the case of any REMIC I Regular Interest for any
Interest Accrual Period, one-twelfth of the product of (i) the REMIC I
Remittance Rate applicable to such REMIC I Regular Interest for such Interest
Accrual Period, multiplied by (ii) the Uncertificated Principal Balance of such
REMIC I Regular Interest outstanding immediately prior to the related
Distribution Date; and (c) in the case of any REMIC II Regular Interest for any
Interest Accrual Period, one-twelfth of the product of (i) the REMIC II
Remittance Rate applicable to such REMIC II Regular Interest for such Interest
Accrual Period, multiplied by (ii) the Uncertificated Principal Balance of such
REMIC II Regular Interest outstanding immediately prior to the related
Distribution Date.

         "Uncertificated Distributable Interest" shall mean: (a) with respect to
any Loan REMIC Regular Interest for any Distribution Date, an amount of interest
equal to the amount of Uncertificated Accrued Interest in respect of such Loan
REMIC Regular Interest for the related Interest Accrual Period, reduced (to not
less than zero) by any portion of any Net Aggregate Prepayment Interest
Shortfall for such Distribution Date allocable to the related Loan REMIC
Mortgage Loan; (b) with respect to any REMIC I Regular Interest for any
Distribution Date, an amount of interest equal to the amount of Uncertificated
Accrued Interest in respect of such REMIC I Regular Interest for the related
Interest Accrual Period, reduced (to not less than zero) by the product of (i)
any Net Aggregate Prepayment Interest Shortfall for such Distribution Date,
multiplied by (ii) a fraction, the numerator of which is the amount of
Uncertificated Accrued Interest in respect of such REMIC I Regular Interest for
the related Interest Accrual Period, and the denominator of which is the
aggregate amount of Uncertificated Accrued Interest in respect of all the REMIC
I Regular Interests for the related Interest Accrual Period; and (c) with
respect to any REMIC II Regular Interest for any Distribution Date, the amount
of Uncertificated Accrued Interest in respect of such REMIC II Regular Interest
for the related Interest Accrual Period, reduced (to not less than zero) by that
portion, if any, of the Net Aggregate Prepayment Interest Shortfall for such
Distribution Date allocated to such REMIC II Regular Interest as provided below.
The portion, if any, of the Net Aggregate Prepayment Interest Shortfall for any
Distribution Date that is allocated to any Class of Regular Interest
Certificates (exclusive of the Class X Certificates) or any REMIC III Component
of the Class X Certificates in accordance with the definitions of "Distributable
Certificate Interest" and "Distributable Component Interest", respectively,
shall be deemed to have first been allocated to the Corresponding REMIC II
Regular Interest for such Class or REMIC III Component, as the case may be.

                                      -61-
<PAGE>

         "Uncertificated Principal Balance" shall mean the principal balance of
any Loan REMIC Regular Interest, REMIC I Regular Interest or REMIC II Regular
Interest outstanding as of any date of determination. As of the Closing Date,
the Uncertificated Principal Balance of each Loan REMIC Regular Interest shall
equal the Cut-off Date Balance of the related Loan REMIC Mortgage Loan, the
Uncertificated Principal Balance of each REMIC I Regular Interest shall equal
the Cut-off Date Balance of the related Mortgage Loan or the initial
Uncertificated Principal Balance of the related Loan REMIC Regular Interest, as
the case may be, and the Uncertificated Principal Balance of each REMIC II
Regular Interest shall equal the amount set forth in the Preliminary Statement
hereto as its initial Uncertificated Principal Balance. On each Distribution
Date, the Uncertificated Principal Balance of each REMIC II Regular Interest
shall be permanently reduced by all distributions of principal deemed to have
been made thereon on such Distribution Date pursuant to Section 4.01(j), and
shall be further permanently reduced on such Distribution Date by all Realized
Losses and Additional Trust Fund Expenses deemed to have been allocated thereto
on such Distribution Date pursuant to Section 4.04(b). On each Distribution
Date, the Uncertificated Principal Balance of each REMIC I Regular Interest
shall be permanently reduced by all distributions of principal deemed to have
been made in respect of such REMIC I Regular Interest on such Distribution Date
pursuant to Section 4.01(k), and shall be further permanently reduced on such
Distribution Date by all Realized Losses and Additional Trust Fund Expenses
deemed to have been allocated thereto on such Distribution Date pursuant to
Section 4.04(c). The Uncertificated Principal Balance of each Loan REMIC
Interest shall at all times equal the Stated Principal Balance of the related
Loan REMIC Mortgage Loan (or any successor REO Loan).

         "Underwriters" shall mean Lehman Brothers Inc., UBS Warburg LLC and
Bear, Stearns & Co. Inc. and their respective successors in interest.

         "United States Tax Person" shall mean a citizen or resident of the
United States, a corporation, partnership or other entity created or organized
in, or under the laws of, the United States or any state or the District of
Columbia, or an estate whose income from sources without the United States is
includible in gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or business within the
United States, or a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more United States persons have the authority to control all substantial
decisions of the trust (or to the extent provided in the Treasury regulations,
if the trust was in existence on August 20, 1996 and elected to be treated as a
United States person), all within the meaning of Section 7701(a) (30) of the
Code.

         "United States Securities Person" shall mean any "U.S. person" as
defined in Rule 902(k) of Regulation S.

         "Unrestricted Servicer Reports" shall mean each of the files and
reports comprising the CMSA Investor Reporting Package (excluding the CMSA Bond
Level File, the CMSA Collateral Summary File and the Restricted Servicer
Reports).

         "Voting Rights" shall mean the portion of the voting rights of all of
the Certificates which is allocated to any Certificate. At all times during the
term of this Agreement, 99% of the Voting Rights shall be allocated among the
Holders of the various Classes of the Principal Balance Certificates in
proportion to the respective Class Principal Balances of their Certificates, and
1% of the Voting Rights shall be allocated to the Holders of the Class X
Certificates. Voting Rights allocated to a Class of

                                      -62-
<PAGE>

Certificateholders shall be allocated among such Certificateholders in standard
proportion to the Percentage Interests evidenced by their respective
Certificates.

         "Weighted Average REMIC I Remittance Rate" shall mean, with respect to
any Interest Accrual Period, the rate per annum equal to the weighted average,
expressed as a percentage and rounded to six decimal places, of the REMIC I
Remittance Rates applicable to the respective REMIC I Regular Interests for such
Interest Accrual Period, weighted on the basis of the respective Uncertificated
Principal Balances of such REMIC I Regular Interests outstanding immediately
prior to the related Distribution Date.

         "Workout Fee" shall mean, with respect to each Corrected Loan, the fee
designated as such and payable to the Special Servicer pursuant to Section
3.11(c).

         "Workout Fee Rate" shall mean, with respect to each Corrected Loan as
to which a Workout Fee is payable, 1.0%.

         "Yield Maintenance Charge" shall mean the payments paid or payable, as
the context requires, on a Loan as the result of a Principal Prepayment thereon,
not otherwise due thereon in respect of principal or interest, which have been
calculated (based on scheduled payments of interest and/or principal on such
Loan) to compensate the holder for reinvestment losses based on the value of an
interest rate index at or near the time of prepayment; provided that "Yield
Maintenance Charge" shall not include any yield maintenance payment paid by the
UBS Mortgage Loan Seller in connection with any repurchase of a Loan REMIC
Mortgage Loan as contemplated by Section 2.03(d). Any other prepayment premiums,
penalties and fees not so calculated will not be considered "Yield Maintenance
Charges". In the event that a Yield Maintenance Charge shall become due for any
particular Loan, the Master Servicer shall be required to follow the terms and
provisions contained in the applicable Mortgage Note, provided, however, in the
event the particular Mortgage Note shall not specify the U.S. Treasuries which
shall be used in determining the discount rate or the reinvestment yield to be
applied in such calculation, the Master Servicer shall be required to use those
U.S. Treasuries which shall generate the lowest discount rate or reinvestment
yield for the purposes thereof. Accordingly, if either no U.S. Treasury issue,
or more than one U.S. Treasury issue, shall coincide with the term over which
the Yield Maintenance Charge shall be calculated (which depending on the
applicable Mortgage Note is based on the remaining average life of the Loan or
the actual term remaining through the related Stated Maturity Date or
Anticipated Repayment Date, as applicable), the Master Servicer shall use the
applicable U.S. Treasury whose reinvestment yield is the lowest, with such yield
being based on the bid price for such issue as published in The Wall Street
Journal on the date that is 14 days prior to the date that the Yield Maintenance
Charge shall become due and payable (or, if such bid price is not published on
that date, the next preceding date on which such bid price is so published) and
converted to a monthly compounded nominal yield. The monthly compounded nominal
yield ("MEY") is derived from the reinvestment yield or discount rate and shall
be defined as MEY = (12 X [{(1+ "BEY"/2) ^1/6}-1]) X 100, where BEY is defined
as the U.S. Treasury Reinvestment Yield which is in decimal form and not in
percentage, and 1/6 is the exponential power to which a portion of the equation
is raised. For example, using a BEY of 5.50%, the MEY = (12 X [{(1+ .055/2) ^
0.16667}- 1]) X 100 where .055 is the decimal version of the percentage 5.5% and
0.16667 is the decimal version of the exponential power. The MEY in the above
calculation is 5.44%.

                                      -63-
<PAGE>

         SECTION 1.02. General Interpretive Principles.

         For purposes of this Agreement, except as otherwise expressly provided
or unless the context otherwise requires:

            (i) the terms defined in this Agreement have the meanings assigned
     to them in this Agreement and include the plural as well as the singular,
     and the use of any gender herein shall be deemed to include the other
     gender;

            (ii) accounting terms not otherwise defined herein have the meanings
     assigned to them in accordance with GAAP;

            (iii) references herein to "Articles", "Sections", "Subsections",
     "Paragraphs" and other subdivisions without reference to a document are to
     designated Articles, Sections, Subsections, Paragraphs and other
     subdivisions of this Agreement;

            (iv) a reference to a Subsection without further reference to a
     Section is a reference to such Subsection as contained in the same Section
     in which the reference appears, and this rule shall also apply to
     Paragraphs and other subdivisions;

            (v) the words "herein", "hereof", "hereunder", "hereto", "hereby"
     and other words of similar import refer to this Agreement as a whole and
     not to any particular provision; and

            (vi) the terms "include" or "including" shall mean without
     limitation by reason of enumeration.

                                      -64-
<PAGE>

                                   ARTICLE II

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

         SECTION 2.01. Conveyance of Mortgage Loans.

         (a) The Depositor, concurrently with the execution and delivery hereof,
does hereby assign, sell, transfer, set over and otherwise convey to the Trustee
in trust, without recourse, for the benefit of the Certificateholders, all the
right, title and interest of the Depositor in, to and under (i) the Mortgage
Loans, (ii) the UBS/Depositor Mortgage Loan Purchase Agreement, and (iii) all
other assets included or to be included in the Trust Fund. Such assignment
includes all interest and principal received or receivable on or with respect to
the Mortgage Loans and due after the Cut-off Date and, in the case of the
Chrysler Building Mortgage Loan, is subject to the provisions of the Chrysler
Building Co-Lender Agreement.

         The Trustee, upon receipt of the rights and assets conveyed pursuant to
the preceding paragraph, hereby returns to the Depositor the initial deposit of
$1,000 made by the Depositor pursuant to the Trust Agreement.

         The parties hereto acknowledge and agree that, notwithstanding Section
11.07, the transfer of the Mortgage Loans and the related rights and property
accomplished hereby is absolute and is intended by them to constitute a sale.

         (b) In connection with the Depositor's assignment pursuant to Section
2.01(a) above, the Depositor shall, in the case of each UBS Mortgage Loan,
direct the UBS Mortgage Loan Seller (pursuant to the UBS/Depositor Mortgage Loan
Purchase Agreement) to deliver to and deposit with the Trustee or a Custodian
appointed thereby, and shall, in the case of each Lehman Mortgage Loan, itself
deliver to and deposit with the Trustee or a Custodian appointed thereby, on or
before the Closing Date, the Mortgage File for such Mortgage Loan, with copies
of the related Mortgage Note, Mortgage(s) and reserve and cash management
agreements for such Mortgage Loan to be delivered to the Master Servicer and the
Special Servicer. None of the Trustee, any Custodian, the Master Servicer or the
Special Servicer shall be liable for any failure by a Mortgage Loan Seller or
the Depositor to comply with the document delivery requirements of the
respective Mortgage Loan Purchase Agreements and this Section 2.01(b).

         After the Depositor's transfer of the Mortgage Loans to the Trustee
pursuant to this Section 2.01(b), the Depositor shall not take any action
inconsistent with the Trust's ownership of the Mortgage Loans.

         (c) The Depositor hereby represents and warrants that it has retained
or caused to be retained, with respect to each Lehman Mortgage Loan, and the UBS
Mortgage Loan Seller has covenanted in the UBS/Depositor Mortgage Loan Purchase
Agreement that it shall retain with respect to each UBS Mortgage Loan, an
Independent Person (each such Person, a "Recording/Filing Agent") for purposes
of promptly (and in any event within 45 days following the later of the Closing
Date and the date on which all necessary recording or filing (as applicable)
information is available to such Recording/Filing Agent) recording or filing, as
the case may be, in the appropriate public office for real property records or
UCC

                                      -65-
<PAGE>

Financing Statements, as appropriate, each related assignment of Mortgage and
assignment of Assignment of Leases, in favor of the Trustee referred to in
clause (iv) of the definition of "Mortgage File" and each related UCC-2 and
UCC-3 assignment referred to in clause (viii) of the definition of "Mortgage
File".

         Notwithstanding the foregoing, the Depositor may, in the case of a
Lehman Mortgage Loan, and the UBS Mortgage Loan Seller may, in the case of a UBS
Mortgage Loan, request the Trustee to record or file, as applicable, any of the
assignments of Mortgage, assignments of Assignment of Leases or UCC Financing
Statements referred to above, and in such event, the requesting party shall
cause any such unrecorded or unfiled document to be delivered to the Trustee.
The Trustee shall promptly undertake to record or file any such document upon
its receipt thereof.

         The Depositor shall bear the costs of the recording and filing referred
to in the prior two paragraphs with respect to the Lehman Mortgage Loans, and
the Depositor represents and warrants that the UBS/Depositor Mortgage Loan
Purchase Agreement provides that the UBS Mortgage Loan Seller shall bear the
costs of the recording and filing referred to in the prior two paragraphs with
respect to the UBS Mortgage Loans. The Depositor hereby covenants as to each
Lehman Mortgage Loan, and the UBS Mortgage Loan Seller has covenanted in the
UBS/Depositor Mortgage Loan Purchase Agreement as to each UBS Mortgage Loan,
that it will cause the applicable Recording/Filing Agent shall forward to the
Trustee each related assignment of Mortgage, assignment of Assignment of Leases
and each UCC-2 and UCC-3 assignment following its return by the applicable
public recording or filing office, as the case may be, and shall forward copies
of such instruments to the Master Servicer on a monthly basis; provided that, in
those instances where the public recording office retains the original
assignment of Mortgage or assignment of Assignment of Leases, a certified copy
of the recorded original shall be forwarded to the Trustee. Each assignment
referred to in the prior two paragraphs that is recorded by the Trustee shall
reflect that it should be returned by the public recording office to the Trustee
or its agent following recording, and each UCC-2 and UCC-3 assignment referred
to in the prior two paragraphs that is filed by the Trustee shall reflect that
the file copy thereof should be returned to the Trustee or its agent following
filing; provided that, in those instances where the public recording office
retains the original assignment of Mortgage or assignment of Assignment of
Leases, the Trustee shall obtain therefrom a certified copy of the recorded
original. On a monthly basis, at the expense of the Depositor (in the case of a
Lehman Mortgage Loan) or the UBS Mortgage Loan Seller (in the case of a UBS
Mortgage Loan), the Trustee shall forward to the Master Servicer a copy of each
of the aforementioned assignments following the Trustee's receipt thereof.

         If any of the aforementioned assignments relating to a UBS Mortgage
Loan is lost or returned unrecorded or unfiled, as the case may be, because of a
defect therein, then the Trustee shall direct the UBS Mortgage Loan Seller
(pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement) promptly to
prepare or cause the preparation of a substitute therefor or to cure such
defect, as the case may be, and to deliver to the Trustee the substitute or
corrected document. If any of the aforementioned assignments relating to a
Lehman Mortgage Loan is lost or returned unrecorded or unfiled, as the case may
be, because of a defect therein, then the Depositor shall promptly prepare or
cause the preparation of a substitute therefor or cure such defect, as the case
may be, and shall deliver to the Trustee the substitute or corrected document.
The Trustee shall upon receipt, whether from the UBS Mortgage Loan Seller or the
Depositor, cause the same to be duly recorded or filed, as appropriate.

                                      -66-
<PAGE>

         (d) In connection with the Depositor's assignment pursuant to Section
2.01(a) above, the Depositor shall, in the case of each UBS Mortgage Loan,
direct the UBS Mortgage Loan Seller (pursuant to the UBS/Depositor Mortgage Loan
Purchase Agreement) to deliver to and deposit with the Master Servicer, and
shall, in the case of each Lehman Mortgage Loan, itself deliver to and deposit
with the Master Servicer, on or before the Closing Date, all documents and
records in the possession of the UBS Mortgage Loan Seller or the Depositor, as
the case may be, that relate to such Mortgage Loan, that are not required to be
a part of the related Mortgage File in accordance with the definition thereof
and are reasonably necessary for the servicing of such Mortgage Loan or
otherwise reasonably requested by the Master Servicer in connection with its
duties under this Agreement, together (i) with all unapplied Escrow Payments and
Reserve Funds in the possession of the UBS Mortgage Loan Seller or the
Depositor, as the case may be, that relate to such Mortgage Loan and (ii) a
statement indicating which Escrow Payments and Reserve Funds are allocable to
such Mortgage Loan. The Master Servicer shall hold all such documents, records
and funds on behalf of the Trustee in trust for the benefit of the
Certificateholders (and, insofar as they also relate to the Chrysler Building
Companion Loan, on behalf of and for the benefit of the Chrysler Building
Companion Loan Noteholder).

         (e) It is not intended that this Agreement create a partnership or a
joint-stock association.

         SECTION 2.02. Acceptance of Trust Fund by Trustee.

         (a) The Trustee, by its execution and delivery of this Agreement,
hereby accepts receipt, directly or through a Custodian on its behalf, of (i)
the Mortgage Loans and all documents delivered to it that constitute portions of
the related Mortgage Files and (ii) all other assets delivered to it and
included in the Trust Fund, in good faith and without notice of any adverse
claim, and declares that it or a Custodian on its behalf holds and will hold
such documents and any other documents subsequently received by it that
constitute portions of the Mortgage Files, and that it holds and will hold the
Mortgage Loans and such other assets, together with any other assets
subsequently delivered to it that are to be included in the Trust Fund, in trust
for the exclusive use and benefit of all present and future Certificateholders.
To the extent that the Mortgage File for the Chrysler Building Mortgage Loan
relates to the Chrysler Building Companion Loan, the Trustee shall also hold
such Mortgage File in trust for the use and benefit of the Chrysler Building
Companion Loan Noteholder. In connection with the foregoing, the Trustee hereby
certifies to each of the other parties hereto, each Mortgage Loan Seller and
each Underwriter that, as to each Loan, except as specifically identified in the
Schedule of Exceptions to Mortgage File Delivery attached hereto as Schedule II,
(i) all documents specified in clause (i) of the definition of "Mortgage File"
are in its possession or the possession of a Custodian on its behalf, and (ii)
the original Mortgage Note (or, if accompanied by a lost note affidavit, the
copy of such Mortgage Note) received by it or any Custodian with respect to such
Loan has been reviewed by it or by such Custodian on its behalf and (A) appears
regular on its face (handwritten additions, changes or corrections shall not
constitute irregularities if initialed by the Mortgagor), (B) appears to have
been executed (where appropriate) and (C) purports to relate to such Loan.

         (b) On or about the 45th day following the Closing Date (and, if any
exceptions are noted, again on or about the 90th day following the Closing Date
and monthly thereafter until the earliest of (i) the second anniversary of the
Closing Date, (ii) the day on which all material exceptions have been removed
and (iii) the day on which the Depositor has repurchased the last affected
Mortgage Loan), the Trustee or a Custodian on its behalf shall review the
documents delivered to it or such

                                      -67-
<PAGE>

Custodian with respect to each Loan, and the Trustee shall, subject to Sections
2.01, 2.02(c) and 2.02(d), certify in writing (substantially in the form of
Exhibit C hereto) to each of the other parties hereto, each Mortgage Loan Seller
and each Underwriter and, in the case of the Chrysler Building Companion Loan,
to the Chrysler Building Companion Loan Noteholder that, as to each Mortgage
Loan then subject to this Agreement (except as specifically identified in any
exception report annexed to such certification): (i) all documents specified in
clauses (i) through (v), (vii) and (viii) (without regard to the second
parenthetical in such clause (viii)), of the definition of "Mortgage File" are
in its possession or the possession of a Custodian on its behalf; (ii) the
recordation/filing contemplated by Section 2.01(c) has been completed (based
solely on receipt by the Trustee of the particular recorded/filed documents);
(iii) all documents received by it or any Custodian with respect to such Loan
have been reviewed by it or by such Custodian on its behalf and (A) appear
regular on their face (handwritten additions, changes or corrections shall not
constitute irregularities if initialed by the Mortgagor), (B) appear to have
been executed (where appropriate) and (C) purport to relate to such Mortgage
Loan; and (iv) based on the examinations referred to in Section 2.02(a) above
and this Section 2.02(b) and only as to the foregoing documents, the information
set forth in the Mortgage Loan Schedule with respect to the items specified in
clauses (v) and (vi)(B) of the definition of "Mortgage Loan Schedule" accurately
reflects the information set forth in the Mortgage File. If the Trustee's
obligation to deliver the certifications contemplated in this subsection
terminates because two years have elapsed since the Closing Date, the Trustee
shall deliver a comparable certification to any party hereto, the Chrysler
Building Companion Loan Noteholder and any Underwriter on request.

         (c) None of the Trustee, the Master Servicer, the Special Servicer or
any Custodian is under any duty or obligation to inspect, review or examine any
of the documents, instruments, certificates or other papers relating to the
Loans delivered to it to determine that the same are valid, legal, effective,
genuine, binding, enforceable, sufficient or appropriate for the represented
purpose or that they are other than what they purport to be on their face.
Furthermore, none of the Trustee, the Master Servicer, the Special Servicer or
any Custodian shall have any responsibility for determining whether the text of
any assignment or endorsement is in proper or recordable form, whether the
requisite recording of any document is in accordance with the requirements of
any applicable jurisdiction, or whether a blanket assignment is permitted in any
applicable jurisdiction.

         (d) It is understood that the scope of the Trustee's review of the
Mortgage Files is limited solely to confirming that the documents specified in
clauses (i) through (v), (vii) and (viii) of the definition of "Mortgage File"
have been received and such additional information as will be necessary for
delivering the certifications required by Sections 2.02(a) and (b) above.

         (e) If, after the Closing Date, the Depositor comes into possession of
any documents or records that constitute part of the Mortgage File or Servicing
File for any Mortgage Loan, the Depositor shall promptly deliver such document
to the Trustee (if it constitutes part of the Mortgage File) or the Master
Servicer (if it constitutes part of the Servicing File), as applicable.

         SECTION 2.03. Repurchase of Mortgage Loans for Document Defects and
                       Breaches of Representations and Warranties.

         (a) If any party hereto discovers that any document constituting a part
of a Mortgage File has not been properly executed, is missing, contains
information that does not conform in any material respect with the corresponding
information set forth in the Mortgage Loan Schedule, or does

                                      -68-
<PAGE>

not appear to be regular on its face (each, a "Document Defect"), or discovers
or receives notice of a breach of any representation or warranty of the UBS
Mortgage Loan Seller made pursuant to Section 3(b) of the UBS/Depositor Mortgage
Loan Purchase Agreement with respect to any UBS Mortgage Loan (a "Breach"), or
discovers or receives notice of a breach of any representation or warranty of
the Depositor set forth in Section 2.04(b) with respect to any Lehman Mortgage
Loan (also, a "Breach"), such party shall give prompt written notice thereof to
each of the Rating Agencies, the related Mortgage Loan Seller and the other
parties hereto. If any such Document Defect or Breach with respect to any
Mortgage Loan materially and adversely affects the interests of the
Certificateholders therein, then such Document Defect shall constitute a
"Material Document Defect" or such Breach shall constitute a "Material Breach",
as the case may be. Promptly upon becoming aware of any such Material Document
Defect or Material Breach with respect to a UBS Mortgage Loan (including through
a written notice given by any party hereto, as provided above), the Trustee
shall require the UBS Mortgage Loan Seller, within the time period and subject
to the conditions provided for in the UBS/Depositor Mortgage Loan Purchase
Agreement, to cure such Material Document Defect or Material Breach, as the case
may be, or repurchase the affected Mortgage Loan at the applicable Purchase
Price by wire transfer of immediately available funds to the Pool Custodial
Account. Promptly upon becoming aware of any such Material Document Defect or
Material Breach with respect to a Lehman Mortgage Loan (including through a
written notice given by any party hereto, as provided above), the Depositor
shall, not later than 90 days from the earlier of the Depositor's discovery or
receipt of notice of such Material Document Defect or Material Breach, as the
case may be (or, in the case of a Material Document Defect or Material Breach
relating to a Lehman Mortgage Loan not being a "qualified mortgage" within the
meaning of the REMIC Provisions, not later than 90 days of any party discovering
such Material Document Defect or Material Breach), cure the same in all material
respects (which cure shall include payment of losses and any Additional Trust
Fund Expenses associated therewith) or, if such Material Document Defect or
Material Breach, as the case may be, cannot be cured within such 90-day period,
repurchase the affected Lehman Mortgage Loan at the applicable Purchase Price by
wire transfer of immediately available funds to the Pool Custodial Account (or,
in the case of an REO Property that relates to the Chrysler Building Loan Pair,
to the Chrysler Building REO Account); provided, however, that if (i) such
Material Document Defect or Material Breach is capable of being cured but not
within such 90-day period, (ii) such Material Document Defect or Material Breach
is not related to any Lehman Mortgage Loan's not being a "qualified mortgage"
within the meaning of the REMIC Provisions and (iii) the Depositor has commenced
and is diligently proceeding with the cure of such Material Document Defect or
Material Breach within such 90-day period, then the Depositor shall have an
additional 90 days to complete such cure or, in the event of a failure to so
cure, to complete such repurchase (it being understood and agreed that, in
connection with the Depositor's receiving such additional 90-day period, the
Depositor shall deliver an Officer's Certificate to the Trustee setting forth
the reasons such Material Document Defect or Material Breach is not capable of
being cured within the initial 90-day period and what actions the Depositor is
pursuing in connection with the cure thereof and stating that the Depositor
anticipates that such Material Document Defect or Material Breach will be cured
within such additional 90-day period; and provided, further, that, if any such
Material Document Defect is still not cured after the initial 90 days and any
such additional 90-day period solely due to the failure of a recording office to
have returned the recorded document, then the Depositor shall be entitled to
continue to defer its cure and repurchase obligations in respect of such
Document Defect so long as the Depositor certifies to the Trustee every 30 days
thereafter that the Document Defect is still in effect solely because of the
failure of a recording office to have returned the recorded document and that
the Depositor is diligently pursuing the cure of such defect (specifying the
actions being taken), except that no such deferral of cure or repurchase may
continue beyond the second anniversary of the Closing Date.

                                      -69-
<PAGE>

         If one or more (but not all) of the Mortgage Loans constituting a
Cross-Collateralized Group are to be repurchased by the Depositor or the UBS
Mortgage Loan Seller as contemplated by this Section 2.03(a), then, prior to the
subject repurchase, the Depositor or the UBS Mortgage Loan Seller, as the case
may be, or its designee shall use its reasonable efforts, subject to the terms
of the related Mortgage Loan(s), to prepare and, to the extent necessary and
appropriate, have executed by the related Mortgagor and record, such
documentation as may be necessary to terminate the cross-collateralization
between the Mortgage Loan(s) in such Cross-Collateralized Group that are to be
repurchased, on the one hand, and the remaining Mortgage Loan(s) therein, on the
other hand, such that those two groups of Mortgage Loans are each secured only
by the Mortgaged Properties identified in the Mortgage Loan Schedule as directly
corresponding thereto; provided that no such termination shall be effected
unless and until the Controlling Class Representative, if one is then acting,
has consented (which consent shall not be unreasonably withheld and shall be
deemed to have been given if no written objection is received by the Depositor
or the UBS Mortgage Loan Seller, as the case may be, within 10 days of the
Controlling Class Representative's receipt of a written request for such
consent) and the Trustee has received from the Depositor or the UBS Mortgage
Loan Seller, as the case may be, (i) an Opinion of Counsel to the effect that
such termination would not cause an Adverse REMIC Event to occur with respect to
any REMIC Pool or an Adverse Grantor Trust Event to occur with respect to the
Grantor Trust and (ii) written confirmation from each Rating Agency that such
termination would not cause an Adverse Rating Event to occur with respect to any
Class of Certificates; and provided, further, that the Depositor, in the case of
Lehman Mortgage Loans, or the UBS Mortgage Loan Seller, in the case of UBS
Mortgage Loans, may, at its option, purchase the entire subject
Cross-Collateralized Group in lieu of effecting a termination of the
cross-collateralization. All costs and expenses incurred by the Trustee or any
Person on its behalf pursuant to this paragraph shall be included in the
calculation of the Purchase Price for the Mortgage Loan(s) to be repurchased. If
the cross-collateralization of any Cross-Collateralized Group is not or cannot
be terminated as contemplated by this paragraph, then, for purposes of (i)
determining the materiality of any Breach or Defect, as the case may be, and
(ii) the application of remedies, such Cross-Collateralized Group shall be
treated as a single Mortgage Loan.

         (b) In connection with any repurchase of a Mortgage Loan pursuant to
this Section 2.03, and subject to Section 3.25, the Trustee, the Custodian, the
Master Servicer and the Special Servicer shall each tender to the repurchasing
entity, upon delivery to each of them of a receipt executed by the repurchasing
entity, all portions of the Mortgage File and other documents pertaining to such
Mortgage Loan possessed by it, and each document that constitutes a part of the
Mortgage File shall be endorsed or assigned to the extent necessary or
appropriate to the repurchasing entity or its designee in the same manner, but
only if the respective documents have been previously assigned or endorsed to
the Trustee, and pursuant to appropriate forms of assignment, substantially
similar to the manner and forms pursuant to which such documents were previously
assigned to the Trustee; provided that such tender by the Trustee shall be
conditioned upon its receipt from the Master Servicer of a Request for Release
and an Officer's Certificate to the effect that the requirements for repurchase
have been satisfied. The Master Servicer shall, and is hereby authorized and
empowered by the Trustee to, prepare, execute and deliver in its own name, on
behalf of the Certificateholders and the Trustee or any of them, the
endorsements and assignments contemplated by this Section 2.03(b), and such
other instruments as may be necessary or appropriate to transfer title to an REO
Property in connection with the repurchase of an REO Loan and the Trustee shall
execute and deliver any powers of attorney necessary to permit the Master
Servicer to do so; provided, however, that the Trustee shall not be held liable
for any misuse of any such power of attorney by the Master Servicer.

                                      -70-
<PAGE>

         (c) The UBS/Depositor Mortgage Loan Purchase Agreement provides the
sole remedies available to the Certificateholders, or the Trustee on behalf of
the Certificateholders, respecting any Document Defect or Breach with respect to
any UBS Mortgage Loan. Section 2.03(a) provides the sole remedies available to
the Certificateholders, or the Trustee on behalf of the Certificateholders,
respecting any Document Defect or Breach with respect to any Lehman Mortgage
Loan.

         (d) In the event that the Master Servicer receives notice from the
Mortgagor under any Loan REMIC Mortgage Loan that such Mortgagor intends to
defease such Loan REMIC Mortgage Loan on or before the second anniversary of the
Startup Day, the Master Servicer shall promptly notify the Trustee and the UBS
Mortgage Loan Seller of such Mortgagor's intention, and the Trustee shall direct
the UBS Mortgage Loan Seller to repurchase the Mortgage Loans at the related
Purchase Price plus the yield maintenance payment provided for in the
UBS/Depositor Mortgage Loan Purchase Agreement prior to the occurrence of such
defeasance.

         (e) In connection with any repurchase of a Loan REMIC Mortgage Loan,
pursuant to or as contemplated by this Section 2.03, the Tax Administrator shall
effect a "qualified liquidation" of the related Loan REMIC in accordance with
the REMIC Provisions. The UBS Mortgage Loan Seller is obligated pursuant to the
UBS Mortgage Loan Purchase Agreement to pay all reasonable costs and expenses,
including the costs of any Opinions of Counsel, in connection with any such
"qualified liquidation" of the Loan REMIC in accordance with the REMIC
Provisions.

         SECTION 2.04. Representations, Warranties and Covenants of the
Depositor.

         (a) The Depositor hereby represents, warrants and covenants to the
Trustee, for its own benefit and the benefit of the Certificateholders, and to
the Fiscal Agent, the Master Servicer and the Special Servicer, as of the
Closing Date, that:

            (i) The Depositor is a corporation duly organized, validly existing
     and in good standing under the laws of the State of Delaware.

            (ii) The execution and delivery of this Agreement by the Depositor,
     and the performance and compliance with the terms of this Agreement by the
     Depositor, will not violate the Depositor's certificate of incorporation or
     by-laws or constitute a default (or an event which, with notice or lapse of
     time, or both, would constitute a default) under, or result in the breach
     of, any material agreement or other instrument to which it is a party or
     which is applicable to it or any of its assets.

            (iii) The Depositor has the full power and authority to enter into
     and consummate all transactions contemplated by this Agreement, has duly
     authorized the execution, delivery and performance of this Agreement, and
     has duly executed and delivered this Agreement.

            (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Depositor, enforceable against the Depositor
     in accordance with the terms hereof, subject to (A) applicable bankruptcy,
     insolvency, reorganization, moratorium and other laws affecting the
     enforcement of

                                      -71-
<PAGE>

     creditors' rights generally, and (B) general principles of equity,
     regardless of whether such enforcement is considered in a proceeding in
     equity or at law.

            (v) The Depositor is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement will not constitute a violation of, any law, any
     order or decree of any court or arbiter, or any order, regulation or demand
     of any federal, state or local governmental or regulatory authority, which
     violation, in the Depositor's good faith and reasonable judgment, is likely
     to affect materially and adversely either the ability of the Depositor to
     perform its obligations under this Agreement or the financial condition of
     the Depositor.

            (vi) The transfer of the Mortgage Loans to the Trustee as
     contemplated herein requires no regulatory approval, other than any such
     approvals as have been obtained, and is not subject to any bulk transfer or
     similar law in effect in any applicable jurisdiction.

            (vii) The Depositor is not transferring the Mortgage Loans to the
     Trustee with any intent to hinder, delay or defraud its present or future
     creditors.

            (viii) The Depositor has been solvent at all relevant times prior
     to, and will not be rendered insolvent by, its transfer of the Mortgage
     Loans to the Trustee pursuant to Section 2.01(b).

            (ix) After giving effect to its transfer of the Mortgage Loans to
     the Trustee pursuant to Section 2.01(b), the value of the Depositor's
     assets, either taken at their present fair saleable value or at fair
     valuation, will exceed the amount of the Depositor's debts and obligations,
     including contingent and unliquidated debts and obligations of the
     Depositor, and the Depositor will not be left with unreasonably small
     assets or capital with which to engage in and conduct its business.

            (x) The Depositor does not intend to, and does not believe that it
     will, incur debts or obligations beyond its ability to pay such debts and
     obligations as they mature.

            (xi) No proceedings looking toward merger, liquidation, dissolution
     or bankruptcy of the Depositor are pending or contemplated.

            (xii) No litigation is pending or, to the best of the Depositor's
     knowledge, threatened against the Depositor that, if determined adversely
     to the Depositor, would prohibit the Depositor from entering into this
     Agreement or that, in the Depositor's good faith and reasonable judgment,
     is likely to materially and adversely affect either the ability of the
     Depositor to perform its obligations under this Agreement or the financial
     condition of the Depositor.

            (xiii) Except for any actions that are the express responsibility of
     another party hereunder or under the Mortgage Loan Purchase Agreements, and
     further except for actions that the Depositor is expressly permitted to
     complete subsequent to the Closing Date, the Depositor has taken all
     actions required under applicable law to effectuate the transfer of the
     Mortgage Loans by the Depositor to the Trustee.

                                      -72-
<PAGE>

            (xiv) Immediately prior to the transfer of the UBS Mortgage Loans to
     the Trust pursuant to this Agreement (and assuming that the UBS Mortgage
     Loan Seller transferred to the Depositor good and marketable title to each
     UBS Mortgage Loan, free and clear of all liens, claims, encumbrances and
     other interests), (A) the Depositor had good and marketable title to, and
     was the sole owner and holder of, each UBS Mortgage Loan; and (B) the
     Depositor has full right and authority to sell, assign and transfer the UBS
     Mortgage Loans, exclusive of the servicing rights pertaining thereto.

     (b) The Depositor hereby represents and warrants to the Trustee, for its
own benefit and the benefit of the Certificateholders, with respect to each
Lehman Mortgage Loan, as of the Closing Date or such other date specified in the
particular representation and warranty, that (the headings set forth in this
Section 2.04(b) with respect to each representation and warranty being for
convenience of reference only and in no way limiting, expanding or otherwise
affecting the scope or subject matter thereof):

            (i) Mortgage Loan Schedule. The information pertaining to such
     Mortgage Loan set forth in the Mortgage Loan Schedule was true and correct
     in all material respects as of its Due Date in July 2001.

            (ii) Legal Compliance. If such Mortgage Loan was originated by the
     Lehman Mortgage Loan Seller or another Affiliate of the Depositor, then, as
     of the date of its origination, such Mortgage Loan complied in all material
     respects with, or was exempt from, all requirements of federal, state or
     local law relating to the origination of such Mortgage Loan; and, if such
     Mortgage Loan was not originated by the Lehman Mortgage Loan Seller or
     another Affiliate of the Depositor, then, to the best of the Depositor's
     knowledge after having performed the type of due diligence customarily
     performed by prudent institutional commercial and multifamily mortgage
     lenders, as of the date of its origination, such Mortgage Loan complied in
     all material respects with, or was exempt from, all requirements of
     federal, state or local law relating to the origination of such Mortgage
     Loan.

            (iii) Ownership of Mortgage Loan. The Depositor owns such Mortgage
     Loan, has good and marketable title thereto, has full right, power and
     authority to sell, assign and transfer such Mortgage Loan and is
     transferring such Mortgage Loan free and clear of any and all liens,
     pledges, charges or security interests of any nature encumbering such
     Mortgage Loan, exclusive of the servicing rights pertaining thereto; no
     provision of the Mortgage Note, Mortgage(s) or other loan documents
     relating to such Mortgage Loan prohibits or restricts the Depositor's right
     to assign or transfer such Mortgage Loan; no governmental or regulatory
     approval or consent is required for the sale of such Mortgage Loan by the
     Depositor; and the Depositor has validly conveyed to the Trustee a legal
     and beneficial interest in and to such Mortgage Loan free and clear of any
     lien, claim or encumbrance of any nature.

            (iv) No Holdback. The proceeds of such Mortgage Loan have been fully
     disbursed and there is no requirement for future advances thereunder.

            (v) Loan Document Status. Each of the related Mortgage Note,
     Mortgage(s), Assignment(s) of Leases, if any, and other agreements executed
     in connection therewith is the legal, valid and binding obligation of the
     maker thereof (subject to the non-recourse provisions therein and any state
     anti-deficiency legislation), enforceable in accordance

                                      -73-
<PAGE>

     with its terms, except that (A) such enforcement may be limited by (1)
     bankruptcy, insolvency, reorganization or other similar laws affecting the
     enforcement of creditors' rights generally, and (2) general principles of
     equity (regardless of whether such enforcement is considered in a
     proceeding in equity or at law), and (B) certain provisions in the subject
     agreement or instrument may be further limited or rendered unenforceable by
     applicable law, but subject to the limitations set forth in the foregoing
     clause (A), such limitations will not render that subject agreement or
     instrument invalid as a whole or substantially interfere with the
     mortgagee's realization of the principal benefits and/or security provided
     by the subject agreement or instrument; and, in the case of the related
     Mortgage Note, Mortgage(s) and Assignment(s) of Leases, a legal opinion to
     such effect was obtained by the originator of such Mortgage Loan at the
     time of origination. The Mortgage Loan is non-recourse to the Mortgagor or
     any other Person except for certain nonrecourse carveouts and any
     applicable guarantees. If such Mortgage Loan has a Cut-off Date Balance of
     $15 million or more, the related Mortgagor or another Person has agreed to
     be liable for all liabilities, costs, losses, damages, expenses or claims
     suffered or incurred by the mortgagee under such Mortgage Loan by reason of
     or in connection with and to the extent of (A) any intentional fraud or
     material intentional misrepresentation by the related Mortgagor and (B) any
     breach on the part of the related Mortgagor of any environmental
     representations, warranties and covenants contained in the related Mortgage
     Loan documents; provided that, instead of any breach described in clause
     (B) of this sentence, the related Mortgagor or such other Person may
     instead be responsible for liabilities, costs, losses, damages, expenses
     and claims resulting from a breach of the obligations and indemnities of
     the related Mortgagor under the related Mortgage Loan documents relating to
     hazardous or toxic substances, radon or compliance with environmental laws.

            (vi) No Right of Rescission. As of the date of its origination or,
     if such Mortgage Loan is the Chrysler Building Mortgage Loan, as of the
     date of the execution of the related Mortgage Note, there was no valid
     offset, defense, counterclaim or right to rescission with respect to any of
     the related Mortgage Note, Mortgage(s) or other agreements executed in
     connection therewith; and, as of the Closing Date, there is no valid
     offset, defense, counterclaim or right to rescission with respect to such
     Mortgage Note, Mortgage(s) or other agreements; and, to the actual
     knowledge of the Depositor, no such claim has been asserted.

            (vii) Assignments. The assignment of the related Mortgage(s) and
     Assignment(s) of Leases to the Trustee constitutes the legal, valid,
     binding and enforceable assignment of such documents in accordance with
     their respective terms, except as such enforcement may be limited by
     bankruptcy, insolvency, reorganization or other similar laws affecting the
     enforcement of creditors' rights generally, and by general principles of
     equity (regardless of whether such enforcement is considered in a
     proceeding in equity or at law).

            (viii) First Lien. Each related Mortgage is a valid and, subject to
     the limitations and exceptions in paragraph (b)(v) above, enforceable first
     lien on the related Mortgaged Property and all buildings thereon and
     fixtures thereto, which Mortgaged Property is free and clear of all
     encumbrances and liens having priority over or on a parity with the first
     lien of such Mortgage, except for (A) liens for real estate taxes and
     special assessments not yet due and delinquent, (B) covenants, conditions
     and restrictions, rights of way, easements and other matters of public
     record as of the date of recording of such Mortgage, such exceptions
     appearing of record being customarily acceptable to mortgage lending
     institutions generally or specifically

                                      -74-
<PAGE>

     reflected in the appraisal (if any) of such Mortgaged Property made in
     connection with the origination of such Mortgage Loan, and (C) other
     matters to which like properties are commonly subject (the exceptions set
     forth in the foregoing clauses (A), (B) and (C) collectively, "Permitted
     Encumbrances"); and such Permitted Encumbrances do not, individually or in
     the aggregate, materially and adversely interfere with the benefits of the
     security intended to be provided by such Mortgage, materially and adversely
     interfere with the current use or operation of the related Mortgaged
     Property or materially and adversely affect the value or marketability of
     such Mortgaged Property or the ability of the related Mortgagor to timely
     pay in full the principal and interest on the related Mortgage Note. If the
     related Mortgaged Property is operated as a nursing facility or a
     hospitality property, the related Mortgage, together with any separate
     security agreement, chattel mortgage or similar agreement and UCC financing
     statement, if any, establishes and creates a first priority, perfected
     security interest (subject only to any prior purchase money security
     interest), to the extent such security interest can be perfected by the
     recordation of a Mortgage or the filing of a UCC financing statement, in
     all personal property owned by the Mortgagor that is used in, and is
     reasonably necessary to, the operation of the related Mortgaged Property.

            (ix) Financing Statements. The Lehman Mortgage Loan Seller has filed
     and/or recorded in all appropriate public filing and recording offices all
     UCC-1 financing statements necessary to create and perfect a security
     interest in and lien on the items of personal property described therein
     (such description being consistent with the practices of prudent commercial
     mortgage lenders), which personal property includes, in the case of
     healthcare facilities and hotel properties, all furniture, fixtures,
     equipment and other personal property located at the subject Mortgaged
     Property that is owned by the related Mortgagor and necessary or material
     to the operation of the subject Mortgaged Property (or, if not filed and/or
     recorded, the Lehman Mortgage Loan Seller has submitted such UCC-1
     financing statements for filing and/or recording and such UCC-1 financing
     statements are in form and substance acceptable for filing and/or
     recording), to the extent perfection may be effected pursuant to applicable
     law by recording or filing.

            (x) Taxes and Assessments. All taxes, governmental assessments,
     ground rents, water charges or sewer rents that prior to the related Due
     Date in July 2001 became due and owing in respect of, and materially
     affect, any related Mortgaged Property have been paid, and the Depositor
     knows of no unpaid tax, assessment, ground rent, water charges or sewer
     rent that prior to the Closing Date became due and owing in respect of any
     related Mortgaged Property, or in any such case an escrow of funds in an
     amount sufficient to cover such payments has been established.

            (xi) No Material Damage. As of the date of its origination, there
     was no proceeding pending for the total or partial condemnation of any
     related Mortgaged Property that materially affects the value thereof, and
     each such Mortgaged Property was free of material damage; and, as of the
     Closing Date, to the actual knowledge of the Depositor, there was no
     pending proceeding for the total or partial condemnation of any related
     Mortgaged Property that materially affects the value thereof, and such
     Mortgaged Property is free of material damage. If such Mortgage Loan has a
     Cut-off Date Balance of $15 million or more, then (except for certain
     amounts not greater than amounts which would be considered prudent by an
     institutional commercial mortgage lender with respect to a similar mortgage
     loan and which are set forth in

                                      -75-
<PAGE>

     the related Mortgage or other loan documents relating to such Mortgage
     Loan, and subject to any rights of the lessor under any related Ground
     Lease) any condemnation awards will be applied either to the repair or
     restoration of all or part of the related Mortgaged Property or the
     reduction of the outstanding principal balance of such Mortgage Loan.

            (xii) Title Insurance. Each related Mortgaged Property is covered by
     an ALTA (or its equivalent) lender's title insurance policy issued by a
     nationally recognized title insurance company, insuring that each related
     Mortgage is a valid first lien on such Mortgaged Property in the original
     principal amount of such Mortgage Loan after all advances of principal,
     subject only to Permitted Encumbrances (which Permitted Encumbrances do
     not, individually or in the aggregate, materially and adversely interfere
     with the benefits of the security intended to be provided by such Mortgage,
     materially and adversely interfere with the current use or operation of the
     related Mortgaged Property or materially or adversely affect the value or
     marketability of such Mortgaged Property or the ability of the related
     Mortgagor to timely pay in full the principal and interest on the related
     Mortgage Note), or there is a binding commitment from a title insurer
     qualified and/or licensed in the applicable jurisdiction, as required, to
     issue such policy; such title insurance policy, if issued, is in full force
     and effect, all premiums have been paid, is freely assignable and will
     inure solely to the benefit of the Trustee as mortgagee of record, or any
     such commitment is a legal, valid and binding obligation of such insurer;
     no claims have been made by the Depositor or any prior mortgagee under such
     title insurance policy, if issued; and neither the Depositor nor, to the
     best of the Depositor's knowledge, any prior mortgagee has done, by act or
     omission, anything that would materially impair the coverage of any such
     title insurance policy; such policy or commitment contains no exclusion for
     (or alternatively it insures, unless such coverage is unavailable in the
     relevant jurisdiction) (A) access to a public road, (B) that there is no
     material encroachment by any improvements on the Mortgaged Property, and
     (C) that the area shown on the survey materially conforms to the legal
     description of the Mortgaged Property.

            (xiii) Property Insurance. As of the date of its origination and, to
     the best of the Depositor's knowledge, as of the Closing Date, all
     insurance required under each related Mortgage was in full force and effect
     with respect to each related Mortgaged Property; such insurance covered
     (except where a tenant under a lease is permitted to self-insure) such
     risks as were customarily acceptable to prudent commercial and multifamily
     mortgage lending institutions lending on the security of property
     comparable to the related Mortgaged Property in the jurisdiction in which
     such Mortgaged Property is located, and included (A) fire and extended
     perils insurance, in an amount (subject to a customary deductible) at least
     equal to 100% of the full insurable replacement cost of the improvements
     located on such Mortgaged Property (except to the extent not permitted by
     applicable law and then in such event in an amount at least equal to the
     initial principal balance of such Mortgage Loan, or the portion thereof
     allocable to such Mortgaged Property, together with an "agreed value
     endorsement"), (B) business interruption or rental loss insurance for a
     period of not less than 12 months, (C) comprehensive general liability
     insurance in an amount not less than $1 million per occurrence, (D)
     workers' compensation insurance (if the related Mortgagor has employees and
     if required by applicable law), and (E) if (1) such Mortgage Loan is
     secured by a Mortgaged Property located in the State of California in or
     "seismic zone" 3 or 4 and (2) a seismic assessment revealed a maximum
     probable or bounded loss in excess of 20% of the amount of the estimated
     replacement cost of the improvements on such Mortgaged Property, earthquake
     insurance; it is an event of default under such Mortgage

                                      -76-
<PAGE>

     Loan if the above-described insurance coverage is not maintained by the
     related Mortgagor, and any reasonable out-of-pocket costs and expenses
     incurred by the mortgagee in connection with such default in obtaining such
     insurance coverage are recoverable from the related Mortgagor; the related
     insurance policies provide that they may not be terminated or reduced
     without at least 10 days' prior notice to the mortgagee and, to the
     Depositor's knowledge, it has not received any such notice; the related
     insurance policies (other than those limited to liability protection) name
     the mortgagee and its successors as loss payee; no notice of termination or
     cancellation with respect to any such insurance policy has been received by
     the Depositor; all premiums under any such insurance policy have been paid
     through the related Due Date in July 2001; all such insurance policies are
     required to be maintained with insurance companies having "financial
     strength" or "claims paying ability" ratings of at least "A:VIII" from A.M.
     Best Company or at least "A-" (or equivalent) from a nationally recognized
     statistical rating agency; and, except for certain amounts not greater than
     amounts which would be considered prudent by an institutional commercial
     mortgage lender with respect to a similar mortgage loan and which are set
     forth in the related Mortgage or other loan documents relating to such
     Mortgage Loan, any insurance proceeds will be applied either to the repair
     or restoration of all or part of the related Mortgaged Property or the
     reduction of the outstanding principal balance of such Mortgage Loan.

            (xiv) No Material Defaults. Other than payments due but not yet 30
     days or more delinquent, there is, to the actual knowledge of the
     Depositor, (A) no material default, breach, violation or event of
     acceleration existing under the related Mortgage Note, the related Mortgage
     or other loan documents relating to such Mortgage Loan, and (B) no event
     which, with the passage of time or with notice and the expiration of any
     grace or cure period, would constitute a material default, breach,
     violation or event of acceleration under any of such documents; the
     Depositor has not waived any other material default, breach, violation or
     event of acceleration under any of such documents; and under the terms of
     such Mortgage Loan, no person or party other than the mortgagee may declare
     an event of default or accelerate the related indebtedness under such
     Mortgage Loan.

            (xv) No Payment Delinquency. As of the Closing Date, such Mortgage
     Loan is not, and in the prior 12 months (or since the date of origination
     if such Mortgage Loan has been originated within the past 12 months), has
     not been, 30 days or more past due in respect of any Scheduled Payment.

            (xvi) Interest Accrual Basis. Such Mortgage Loan accrues interest on
     an Actual/360 Basis or on a 30/360 Basis; and such Mortgage Loan accrues
     interest (payable monthly in arrears) at a fixed rate of interest
     throughout the remaining term thereof (except if such Mortgage Loan is an
     ARD Mortgage Loan, in which case the accrual rate for interest will
     increase after its Anticipated Repayment Date, and except in connection
     with the occurrence of a default and the accrual of default interest).

            (xvii) Subordinate Debt. Except as set forth on Schedule III-xvii,
     each related Mortgage or other loan document relating to such Mortgage Loan
     does not provide for or permit, without the prior written consent of the
     holder of the Mortgage Note, any related Mortgaged Property to secure any
     other promissory note or obligation (other than another Mortgage Loan in
     the Trust Fund or, if such Mortgage Loan is the Chrysler Building Mortgage
     Loan, the Chrysler Building Companion Loan).

                                      -77-
<PAGE>

            (xviii) Qualified Mortgage. Such Mortgage Loan is a "qualified
     mortgage" within the meaning of Section 860G(a)(3) of the Code.
     Accordingly, either as of the date of origination or the Closing Date, the
     fair market value of the real property securing such Mortgage Loan was not
     less than 80% of the "adjusted issue price" (within the meaning of the
     REMIC Provisions) of such Mortgage Loan. For purposes of the preceding
     sentence, the fair market value of the real property securing such Mortgage
     Loan was first reduced by the amount of any lien on such real property that
     is senior to the lien that secures such Mortgage Loan, and was further
     reduced by a proportionate amount of any lien that is on a parity with the
     lien that secures such Mortgage Loan.

            (xix) Prepayment Consideration. Prepayment Premiums and Yield
     Maintenance Charges payable with respect to such Mortgage Loan, if any,
     constitute "customary prepayment penalties" within the meaning of Treasury
     regulation Section 1.860G-1(b)(2).

            (xx) Environmental Conditions. One or more environmental site
     assessments were performed by an environmental consulting firm independent
     of the Depositor and the Depositor's Affiliates with respect to each
     related Mortgaged Property during the 12-month period preceding the Cut-off
     Date, and the Depositor, having made no independent inquiry other than to
     review the report(s) prepared in connection with the assessment(s)
     referenced herein, has no knowledge of, and has not received actual notice
     of, any material and adverse environmental condition or circumstance
     affecting such Mortgaged Property that was not disclosed in such report(s);
     all such environmental site assessments met ASTM requirements; and none of
     the environmental reports reveal any circumstances or conditions that are
     in violation of any applicable environmental laws, or if such report does
     reveal such circumstances, then (1) the same have been remediated in all
     material respects, (2) sufficient funds have been escrowed or a letter of
     credit or other instrument has been delivered for purposes of covering the
     estimated costs of such remediation, (3) the related Mortgagor or other
     responsible party is currently taking remedial or other appropriate action
     to address the environmental issue consistent with the recommendations in
     such site assessment, (4) the cost of the environmental issue relative to
     the value of such Mortgaged Property was de minimis, or (5) environmental
     insurance has been obtained.

            (xxi) Enforceability. The related Mortgage Note, Mortgage(s),
     Assignment(s) of Leases and other loan documents securing such Mortgage
     Loan, if any, contain customary and, subject to the limitations and
     exceptions as to enforceability in paragraph (b)(v) above, enforceable
     provisions such as to render the rights and remedies of the holder thereof
     adequate for the practical realization against the related Mortgaged
     Property or Properties of the principal benefits of the security intended
     to be provided thereby, including realization by judicial or, if
     applicable, non-judicial foreclosure.

            (xxii) Bankruptcy. To the best of the Depositor's knowledge, after
     due inquiry, the related Mortgagor is not a debtor in, and the related
     Mortgaged Property is not subject to, any bankruptcy, reorganization,
     insolvency or comparable proceeding.

            (xxiii) Loan Security. Such Mortgage Loan is secured by either a
     mortgage on a fee simple interest or a leasehold estate in a commercial
     property or multifamily property,

                                      -78-
<PAGE>

     including the related Mortgagor's interest in the improvements on the
     related Mortgaged Property.

            (xxiv) Amortization. Such Mortgage Loan does not provide for
     negative amortization unless such Mortgage Loan is an ARD Mortgage Loan, in
     which case it may occur only after the Anticipated Repayment Date.

            (xxv) Whole Loan. Such Mortgage Loan is a whole loan, contains no
     equity participation by the lender or shared appreciation feature and does
     not provide for any contingent or additional interest in the form of
     participation in the cash flow of the related Mortgaged Property.

            (xxvi) Due-on-Encumbrance. The related Mortgage contains provisions
     for the acceleration of the payment of the unpaid principal balance of such
     Mortgage Loan if, without the prior written consent of the mortgagee or
     Rating Agency confirmation that an Adverse Rating Event would not occur,
     any related Mortgaged Property or interest therein, is directly or
     indirectly encumbered in connection with subordinate financing, except in
     the case of the Chrysler Building Mortgage Loan, for the Chrysler Building
     Companion Loan; no such consent has been granted by the Depositor. To the
     Depositor's knowledge, except in the case of the Chrysler Building Mortgage
     Loan, for the Chrysler Building Companion Loan, no related Mortgaged
     Property is encumbered in connection with subordinate financing; however,
     if the related Mortgagor is listed on Schedule III-xxvi(M) hereto, then
     certain equity holders are known to the Depositor to have incurred debt
     secured by their ownership interest in the related Mortgagor.

            (xxvii) Due-on-Sale. Except with respect to transfers of certain
     non-controlling and/or minority interests in the related Mortgagor as
     specified in the related Mortgage, transfers of interests in the related
     Mortgagor between immediate family members and transfers by devise, descent
     or by operation of law upon the death of a person having an interest in the
     related Mortgagor, each related Mortgage contains either (A) provisions for
     the acceleration of the payment of the unpaid principal balance of such
     Mortgage Loan if any related Mortgaged Property or interest therein is
     directly or indirectly transferred or sold without the prior written
     consent of the mortgagee, or (B) provisions for the acceleration of the
     payment of the unpaid principal balance of such Mortgage Loan if any
     related Mortgaged Property or interest therein is directly or indirectly
     transferred or sold without the related Mortgagor having satisfied certain
     conditions specified in the related Mortgage with respect to permitted
     transfers (which conditions are consistent with the practices of prudent
     commercial mortgage lenders).

            (xxviii) Borrower Concentration. Except as set forth on Schedule
     III-xxviii, such Mortgage Loan, together with any other Mortgage Loan made
     to the same Mortgagor or to an Affiliate of such Mortgagor, does not
     represent more than 5% of the Initial Pool Balance.

            (xxix) Waivers; Modifications. Except as set forth in a written
     instrument included in the related Mortgage File, the terms of the related
     Mortgage Note, the related Mortgage(s) and any related loan agreement
     and/or lock-box agreement have not been waived, modified, altered,
     satisfied, impaired, canceled, subordinated or rescinded in any manner, nor
     has any portion of a related Mortgaged Property been released from the lien
     of the related Mortgage

                                      -79-
<PAGE>

     to an extent, which in any such event materially interferes with the
     security intended to be provided by such document or instrument.

            (xxx) Inspection. Each related Mortgaged Property was inspected by
     or on behalf of the related originator during the six-month period prior to
     the related origination date.

            (xxxi) Property Release. The terms of the related Mortgage Note,
     Mortgage(s) or other loan document securing such Mortgage Loan do not
     provide for the release of any material portion of the related Mortgaged
     Property from the lien of such Mortgage without (A) payment in full of such
     Mortgage Loan, (B) delivery of Defeasance Collateral in the form of
     "government securities" within the meaning of Section 2(a)(16) of the
     Investment Company Act of 1940, as amended (the "Investment Company Act"),
     or (C) delivery of substitute real property collateral.

            (xxxii) Qualifications; Licensing; Zoning. The related Mortgagor has
     covenanted in the Mortgage Loan documents to maintain the related Mortgaged
     Property in compliance in all material respects with, to the extent it is
     not grandfathered under, all applicable laws, zoning ordinances, rules,
     covenants and restrictions affecting the construction, occupancy, use and
     operation of such Mortgaged Property, and the related originator performed
     the type of due diligence in connection with the origination of such
     Mortgage Loan customarily performed by prudent institutional commercial and
     multifamily mortgage lenders with respect to the foregoing matters; the
     Depositor has received no notice of any material violation of any
     applicable laws, zoning ordinances, rules, covenants or restrictions
     affecting the construction, occupancy, use or operation of the related
     Mortgaged Property; to the Depositor's knowledge (based on surveys,
     opinions, letters from municipalities and/or title insurance obtained in
     connection with the origination of such Mortgage Loan), no improvement that
     was included for the purpose of determining the appraised value of the
     related Mortgaged Property at the time of origination of such Mortgage Loan
     lay outside the boundaries and building restriction lines of such property
     to an extent which would have a material adverse affect on the related
     Mortgagor's use and operation of such Mortgaged Property (unless
     affirmatively covered by the title insurance referred to in paragraph
     (b)(xii) above), and no improvements on adjoining properties encroached
     upon such Mortgaged Property to any material extent.

            (xxxiii) Property Financial Statements. The related Mortgagor has
     covenanted in the Mortgage Loan documents to deliver to the mortgagee
     monthly, quarterly and/or annual operating statements and rent rolls of
     each related Mortgaged Property.

            (xxxiv) Single Purpose Entity. If such Mortgage Loan has a Cut-off
     Date Balance in excess of $15 million, then the related Mortgagor is
     obligated by its organizational documents and/or the related Mortgage Loan
     documents to be a Single Purpose Entity for so long as such Mortgage Loan
     is outstanding; and if such Mortgage Loan has a Cut-off Date Balance less
     than $15 million, the related Mortgagor is obligated by its organizational
     documents and/or the related Mortgage Loan documents to own the related
     Mortgaged Property and no other material asset unrelated to such Mortgaged
     Property and, except as permitted by the related Mortgage Loan documents,
     not to incur other financing, for so long as such Mortgage Loan is
     outstanding.

                                      -80-
<PAGE>

            (xxxv) Advancing of Funds. No advance of funds has been made,
     directly or indirectly, by the originator or the Depositor to the related
     Mortgagor other than pursuant to the related Mortgage Note; and, to the
     actual knowledge of the Depositor, no funds have been received from any
     Person other than such Mortgagor for or on account of payments due on the
     related Mortgage Note.

            (xxxvi) Legal Proceedings. To the Depositor's actual knowledge,
     there are no pending actions, suits or proceedings by or before any court
     or governmental authority against or affecting the related Mortgagor or any
     related Mortgaged Property that, if determined adversely to such Mortgagor
     or Mortgaged Property, would materially and adversely affect the value of
     such Mortgaged Property or the ability of such Mortgagor to pay principal,
     interest or any other amounts due under such Mortgage Loan.

            (xxxvii) Usury. Such Mortgage Loan complied with or was exempt from
     all applicable usury laws in effect at its date of origination.

            (xxxviii)Originator Duly Authorized. To the extent required under
     applicable law as of the Closing Date, the originator of such Mortgage Loan
     was qualified and authorized to do business in each jurisdiction in which a
     related Mortgaged Property is located at all times when it held such
     Mortgage Loan to the extent necessary to ensure the enforceability of such
     Mortgage Loan.

            (xxxix) Trustee under Deed of Trust. If the related Mortgage is a
     deed of trust, a trustee, duly qualified under applicable law to serve as
     such, is properly designated and serving under such Mortgage, and no fees
     and expenses are payable to such trustee except in connection with a
     trustee sale of the related Mortgaged Property following a default or in
     connection with the release of liens securing such Mortgage Loan.

            (xl) Cross-Collateralization. Unless such Mortgage Loan is the
     Chrysler Building Mortgage Loan, the related Mortgaged Property is not, to
     the Depositor's knowledge, collateral or security for any mortgage loan
     that is not in the Trust Fund; if such Mortgage Loan is
     cross-collateralized, it is cross-collateralized only with other Mortgage
     Loans in the Trust Fund. The security interest/lien on each material item
     of collateral for such Mortgage Loan has been assigned to the Trustee.

            (xli) Flood Hazard Insurance. None of the improvements on any
     related Mortgaged Property are located in a flood hazard area as defined by
     the Federal Insurance Administration or, if they are, they are covered by
     flood hazard insurance.

            (xlii) Engineering Assessments. One or more engineering assessments
     were performed by an Independent engineering consulting firm on behalf of
     the Depositor or one of its Affiliates with respect to each related
     Mortgaged Property during the 12-month period preceding the Cut-off Date,
     and the Depositor, having made no independent inquiry other than to review
     the report(s) prepared in connection with such assessment(s), does not have
     any knowledge of any material and adverse engineering condition or
     circumstance affecting such Mortgaged Property that was not disclosed in
     such report(s); and, to the extent such assessments revealed deficiencies,
     deferred maintenance or similar conditions, either (A) the estimated cost
     has been

                                      -81-
<PAGE>

     escrowed or a letter of credit has been provided, (B) repairs have been
     made or (C) the scope of the deferred maintenance relative to the value of
     such Mortgaged Property was de minimis.

            (xliii) Escrows. All escrow deposits and payments relating to such
     Mortgage Loan are under control of the Depositor or the servicer of such
     Mortgage Loan and all amounts required as of the date hereof under the
     related Mortgage Loan documents to be deposited by the related Mortgagor
     have been deposited. The Depositor is transferring to the Trustee all of
     its right, title and interest in and to such amounts.

            (xliv) Licenses, Permits and Authorizations. The related Mortgagor
     has represented to the Depositor that, and to the actual knowledge of the
     Depositor, as of the date of origination of such Mortgage Loan, such
     Mortgagor, the related lessee, franchisor or operator was in possession of
     all material licenses, permits and authorizations then required for use of
     the related Mortgaged Property, which were valid and in full force and
     effect.

            (xlv) Origination, Servicing and Collection Practices. The
     origination, servicing and collection practices used by the Depositor or
     any prior holder of the Mortgage Note have been in all respects legal and
     have met customary industry standards.

            (xlvi) Fee Simple. Except as set forth in Schedule III-xlvi, such
     Mortgage Loan is secured in whole or in material part by a fee simple
     interest.

            (xlvii) Leasehold Interest Only. If such Mortgage Loan is secured in
     whole or in material part by the interest of the related Mortgagor as a
     lessee under a Ground Lease but not by the related fee interest, then,
     except as set forth on Schedule III-xlvii:

            (A)   such Ground Lease or a memorandum thereof has been or will be
                  duly recorded and such Ground Lease permits the interest of
                  the lessee thereunder to be encumbered by the related Mortgage
                  or, if consent of the lessor thereunder is required, it has
                  been obtained prior to the Closing Date;

            (B)   upon the foreclosure of such Mortgage Loan (or acceptance of a
                  deed in lieu thereof), the Mortgagor's interest in such Ground
                  Lease is assignable to the Trustee without the consent of the
                  lessor thereunder (or, if any such consent is required, it has
                  been obtained prior to the Closing Date) and, in the event
                  that it is so assigned, is further assignable by the Trustee
                  and its successors without a need to obtain the consent of
                  such lessor (or, if any such consent is required, it has been
                  obtained prior to the Closing Date);

            (C)   such Ground Lease may not be amended or modified without the
                  prior written consent of the mortgagee under such Mortgage
                  Loan and any such action without such consent is not binding
                  on such mortgagee, its successors or assigns;

            (D)   unless otherwise set forth in such Ground Lease, such Ground
                  Lease does not permit any increase in the amount of rent
                  payable by the ground lessee thereunder during the term of
                  such Mortgage Loan;

                                      -82-
<PAGE>

            (E)   such Ground Lease was in full force and effect as of the date
                  of origination of the related Mortgage Loan, and to the actual
                  knowledge of the Depositor, at the Closing Date, such Ground
                  Lease is in full force and effect; to the actual knowledge of
                  the Depositor, except for payments due but not yet 30 days or
                  more delinquent, (1) there is no material default under such
                  Ground Lease, and (2) there is no event which, with the
                  passage of time or with notice and the expiration of any grace
                  or cure period, would constitute a material default under such
                  Ground Lease;

            (F)   such Ground Lease, or an estoppel or consent letter received
                  by the mortgagee under such Mortgage Loan from the lessor,
                  requires the lessor thereunder to give notice of any default
                  by the lessee to such mortgagee; and such Ground Lease, or an
                  estoppel or consent letter received by the mortgagee under
                  such Mortgage Loan from the lessor, further provides either
                  (1) that no notice of termination given under such Ground
                  Lease is effective against such mortgagee unless a copy has
                  been delivered to the mortgagee in the manner described in
                  such Ground Lease, estoppel or consent letter or (2) that upon
                  any termination of such Ground Lease the lessor will enter
                  into a new lease with such mortgagee upon such mortgagee's
                  request;

            (G)   based upon the related policy of title insurance, the ground
                  lessee's interest in such Ground Lease is not subject to any
                  liens or encumbrances superior to, or of equal priority with,
                  the related Mortgage, other than the related ground lessor's
                  related fee interest and any exceptions stated in the related
                  title insurance policy or opinion of title, which exceptions
                  do not and will not materially and adversely interfere with
                  (1) the ability of the related Mortgagor timely to pay in full
                  the principal and interest on the related Mortgage Note, (2)
                  the current use of such Mortgaged Property, or (3) the value
                  of the Mortgaged Property;

            (H)   the mortgagee under such Mortgage Loan is permitted a
                  reasonable opportunity to cure any curable default under such
                  Ground Lease (not less than the time provided to the related
                  lessee under such ground lease to cure such default) before
                  the lessor thereunder may terminate or cancel such Ground
                  Lease;

            (I)   such Ground Lease has a currently effective term (exclusive of
                  any unexercised extension options set forth therein) that
                  extends not less than 20 years beyond the Stated Maturity Date
                  of the related Mortgage Loan;

            (J)   under the terms of such Ground Lease, any estoppel or consent
                  letter received by the mortgagee under such Mortgage Loan from
                  the lessor and the related Mortgage, taken together, any
                  related insurance proceeds or condemnation proceeds will be
                  applied either to the repair or restoration of all or part of
                  the related Mortgaged Property, with such mortgagee or a
                  trustee appointed by it having the right to hold and disburse
                  such proceeds

                                      -83-
<PAGE>

                  as the repair or restoration progresses, or to the payment of
                  the outstanding principal balance of such Mortgage Loan,
                  together with any accrued interest thereon;

            (K)   such Ground Lease does not impose any restrictions on use or
                  subletting which would be viewed as commercially unreasonable
                  by a prudent commercial mortgage lender;

            (L)   upon the request of the mortgagee under such Mortgage Loan,
                  the ground lessor under such Ground Lease is required to enter
                  into a new lease upon termination of the Ground Lease for any
                  reason prior to the expiration of the term thereof, including
                  the rejection of the Ground Lease in a bankruptcy of the
                  related Mortgagor; and

            (M)   the terms of the related Ground Lease have not been waived,
                  modified, altered, satisfied, impaired, canceled, subordinated
                  or rescinded in any manner which materially interferes with
                  the security intended to be provided by such Mortgage.

            (xlviii) Fee Simple and Leasehold Interest. If such Mortgage Loan is
     secured in whole or in part by the interest of the related Mortgagor under
     a Ground Lease and by the related fee interest, then (A) such fee interest
     is subject, and subordinated of record, to the related Mortgage, (B) the
     related Mortgage does not by its terms provide that it will be subordinated
     to the lien of any other mortgage or other lien upon such fee interest, and
     (C) upon occurrence of a default under the terms of the related Mortgage by
     the related Mortgagor, the mortgagee under such Mortgage Loan has the right
     (subject to the limitations and exceptions set forth in paragraph (b)(v)
     above) to foreclose upon or otherwise exercise its rights with respect to
     such fee interest.

            (xlix) Tax Lot. Each related Mortgaged Property constitutes one or
     more complete separate tax lots or is subject to an endorsement under the
     related title insurance policy; and each related Mortgaged Property is
     served by a public water system, a public sewer (or, alternatively, a
     septic) system, and other customary public utility facilities.

            (l) Defeasance. If such Mortgage Loan is a Defeasance Loan, the
     related Mortgage Loan documents require the related Mortgagor to pay all
     reasonable costs associated with the defeasance thereof, and either: (A)
     require the prior written consent of, and compliance with the conditions
     set by, the holder of such Mortgage Loan for defeasance, (B) require that
     (1) defeasance may not occur prior to the second anniversary of the Closing
     Date, (2) the Defeasance Collateral must be government securities within
     the meaning of Treasury Regulation Section 1.860G-2(a)(8)(i) and must be
     sufficient to make all scheduled payments under the related Mortgage Note
     when due (assuming for each ARD Mortgage Loan that it matures on its
     Anticipated Repayment Date) or, in the case of a partial defeasance that
     effects the release of a material portion of the related Mortgaged
     Property, to make all scheduled payments under the related Mortgage Note on
     that part of such Mortgage Loan equal to at least 125% of the allocated
     loan amount of the portion of the Mortgaged Property being released, (3) an
     independent accounting firm (which may be the Mortgagor's independent
     accounting firm) certify that the Defeasance Collateral is sufficient to
     make such payments, (4) the Mortgage Loan be assumed by a successor entity
     designated by the holder of such Mortgage Loan, and (5) counsel provide

                                      -84-
<PAGE>

     an opinion letter to the effect that the Trustee has a perfected security
     interest in such Defeasance Collateral prior to any other claim or
     interest, or (C) if such Mortgage Loan has a Cut-off Date Balance in excess
     of $15,000,000, provide that the defeasance of such Mortgage Loan is
     subject to rating confirmation by the Rating Agencies.

            (li) Primary Servicing Rights. No Person has been granted or
     conveyed the right to primary service such Mortgage Loan or receive any
     consideration in connection therewith except (A) as contemplated in this
     Agreement with respect to primary servicers that are to be sub-servicers of
     the Master Servicer, (B) as has been conveyed to First Union, in its
     capacity as a primary servicer, or (C) as has been terminated.

            (lii) Mechanics' and Materialmen's Liens. To the Depositor's
     knowledge, (A) the related Mortgaged Property is free and clear of any and
     all mechanics' and materialmen's liens that are not bonded or escrowed for,
     and (B) no rights are outstanding that under law could give rise to any
     such lien that would be prior or equal to the lien of the related Mortgage.
     The Depositor has not received actual notice with respect to such Mortgage
     Loan that any mechanics' and materialmen's liens have encumbered such
     Mortgaged Property since origination that have not been released, bonded or
     escrowed for.

            (liii) Due Date. The Due Date for such Mortgage Loan is scheduled to
     be the first day or the eleventh day of each month.

            (liv) Assignment of Leases. Subject only to Permitted Encumbrances
     (which Permitted Encumbrances do not, individually or in the aggregate,
     materially and adversely interfere with the benefits of the security
     intended to be provided by the related Mortgage, materially and adversely
     interfere with the current use or operation of the related Mortgaged
     Property or materially and adversely affect the value or marketability of
     such Mortgaged Property or the ability of the related Mortgagor to timely
     pay in full the principal and interest on the related Mortgage Note), the
     related Assignment of Leases set forth in or separate from the related
     Mortgage and delivered in connection with such Mortgage Loan establishes
     and creates a valid and, subject only to the exceptions in paragraph (b)(v)
     above, enforceable first priority lien and first priority security interest
     in the related Mortgagor's right to receive payments due under any and all
     leases, subleases, licenses or other agreements pursuant to which any
     Person is entitled to occupy, use or possess all or any portion of the
     related Mortgaged Property subject to the related Mortgage, and each
     assignor thereunder has the full right to assign the same.

            (lv) Borrower Formation or Incorporation. To the Depositor's
     knowledge, the related Mortgagor is a Person formed or incorporated in a
     jurisdiction within the United States.

            (lvi) No Ownership Interest in Borrower. The Depositor has no
     ownership interest in the related Mortgaged Property or the related
     Borrower other than in such Mortgage Loan being sold and assigned, and
     neither the Depositor nor any affiliate of the Depositor has any obligation
     to make any capital contributions to the related Borrower under the
     Mortgage or any other related Mortgage Loan document.

            (lvii) No Undisclosed Common Ownership. To the Depositor's
     knowledge, no two properties securing Mortgage Loans are directly or
     indirectly under common ownership

                                      -85-
<PAGE>

     except to the extent that such common ownership has been specifically
     disclosed in the Mortgage Loan Schedule.

            (lviii) Loan Outstanding. Such Mortgage Loan has not been satisfied
     in full, and except as expressly contemplated by the related loan agreement
     or other documents contained in the related Mortgage File, no material
     portion of the related Mortgaged Property has been released.

            (lix) Property Description. If such Mortgage Loan has a Cut-off Date
     Balance in excess of $15,000,000, then the Depositor or the Lehman Mortgage
     Loan Seller has obtained or received (and, in the case of mortgage loans
     with principal balances below $15,000,000, it is the practice of the Lehman
     Mortgage Loan Seller to obtain or receive) an as-built survey, a survey
     recertification, a site plan, a recorded plat or the like with respect to
     each related Mortgaged Property which satisfied, or the Depositor or the
     Lehman Mortgage Loan Seller otherwise satisfied (or, in the case of
     mortgage loans with principal balances below $15,000,000, for the Lehman
     Mortgage Loan Seller to otherwise satisfy), the requirements of the related
     title insurance company for deletion of the standard general exceptions for
     encroachments, boundary and other survey matters and for easements not
     shown by the public records from the related title insurance policy, except
     with respect to any related Mortgaged Property located in a jurisdiction
     (such as the State of Texas where survey title insurance coverage is
     prohibited by law) in which the exception for easements not shown by the
     public records could not be deleted and such standard general exception is
     customarily accepted by prudent commercial mortgage lenders in such
     jurisdiction (and except that, if such Mortgage Loan has a Cut-off Date
     Balance of below $15,000,000, then the Lehman Mortgage Loan Seller may have
     waived its general practices described above).

            (lx) ARD Mortgage Loan. If such Mortgage Loan is an ARD Mortgage
     Loan and has a Cut-off Date Balance of $15,000,000 or more, then:

            (A)   the related Anticipated Repayment Date is not less than six
                  years from the origination date for such Mortgage Loan;

            (B)   such Mortgage Loan provides that from the related Anticipated
                  Repayment Date through the maturity date for such Mortgage
                  Loan, all excess cash flow (net of monthly expenses reasonably
                  related to the operation of the related Mortgaged Property,
                  amounts due for reserves established under such Mortgage Loan,
                  and payments for any other expenses, including capital
                  expenses, related to such Mortgaged Property which are
                  approved by mortgagee) will be applied to repay principal due
                  under such Mortgage Loan; and

            (C)   no later than the related Anticipated Repayment Date, the
                  related Mortgagor is required (if it has not previously done
                  so) to enter into a "lockbox agreement" whereby all revenue
                  from the related Mortgaged Property will be deposited directly
                  into a designated account controlled by the mortgagee under
                  such Mortgage Loan.

                                      -86-
<PAGE>

            (lxi) Appraisal. An appraisal of the related Mortgaged Property was
     conducted in connection with the origination of such Mortgage Loan; and
     such appraisal satisfied either (A) the requirements of the "Uniform
     Standards of Professional Appraisal Practice" as adopted by the Appraisal
     Standards Board of the Appraisal Foundation, or (B) the guidelines in Title
     XI of the Financial Institutions Reform, Recovery and Enforcement Act of
     1989, in either case as in effect on the date such Mortgage Loan was
     originated.

         Except as expressly provided in Section 2.04(a), the Depositor does not
make any representations or warranties regarding the UBS Mortgage Loans.

         (c) The representations, warranties and covenants of the Depositor set
forth in Section 2.04(a) and Section 2.04(b) shall survive the execution and
delivery of this Agreement and shall inure to the benefit of the Persons for
whose benefit they were made for so long as the Trust Fund remains in existence.
Upon discovery by any party hereto of any breach of any of such representations,
warranties and covenants, the party discovering such breach shall give prompt
written notice thereof to the other parties.

         SECTION 2.05. Execution, Authentication and Delivery of Class R-LR
                       Certificates; Creation of Loan REMIC Regular Interests.

         The Trustee hereby acknowledges the assignment to it of the assets
included in the Loan REMICs. Concurrently with such assignment and in exchange
therefor, (a) the Loan REMIC Regular Interests have been issued, and (b)
pursuant to the written request of the Depositor executed by an authorized
officer thereof, the Trustee, as Certificate Registrar, has executed, and the
Trustee, as Authenticating Agent, has authenticated and delivered to or upon the
order of the Depositor, the Class R-LR Certificates in authorized denominations.
The interests evidenced by the Class R-LR Certificates, together with the
related Loan REMIC Regular Interests, constitute the entire beneficial ownership
of the Loan REMICs. The rights of the Class R-LR Certificateholders and REMIC I
(as holder of the Loan REMIC Regular Interests) to receive distributions from
the proceeds of the Loan REMIC Mortgage Loans (or any successor REO Loans) in
respect of the Class R-LR Certificates and the Loan REMIC Regular Interests,
respectively, and all ownership interests evidenced or constituted by the Class
R-LR Certificates and the Loan REMIC Regular Interests, shall be as set forth in
this Agreement.

         SECTION 2.06. Conveyance of Loan REMIC Regular Interests; Acceptance of
                       the Loan REMICs by Trustee.

         The Depositor, as of the Closing Date, and concurrently with the
execution and delivery of this Agreement, does hereby assign without recourse
all the right, title and interest of the Depositor in and to the Loan REMIC
Regular Interests to the Trustee for the benefit of the Holders of the Class
R-LR Certificates and REMIC II as the holder of the REMIC I Regular Interests.
The Trustee acknowledges the assignment to it of the Loan REMIC Regular
Interests and declares that it holds and will hold the same in trust for the
exclusive use and benefit of all present and future Holders of the REMIC III
Certificates.

                                      -87-
<PAGE>

         SECTION 2.07. Execution, Authentication and Delivery of Class R-I
                       Certificates; Creation of REMIC I Regular Interests.

         The Trustee hereby acknowledges the assignment to it of the assets
included in REMIC I. Concurrently with such assignment and in exchange therefor,
(a) the REMIC I Regular Interests have been issued, and (b) pursuant to the
written request of the Depositor executed by an authorized officer thereof, the
Trustee, as Certificate Registrar, has executed, and the Trustee, as
Authenticating Agent, has authenticated and delivered to or upon the order of
the Depositor, the Class R-I Certificates in authorized denominations. The
interests evidenced by the Class R-I Certificates, together with the REMIC I
Regular Interests, constitute the entire beneficial ownership of REMIC I. The
rights of the Class R-I Certificateholders and REMIC II (as holder of the REMIC
I Regular Interests) to receive distributions from the proceeds of REMIC I in
respect of the Class R-I Certificates and the REMIC I Regular Interests,
respectively, and all ownership interests evidenced or constituted by the Class
R-I Certificates and the REMIC I Regular Interests, shall be as set forth in
this Agreement.

         SECTION 2.08. Conveyance of REMIC I Regular Interests; Acceptance of
                       REMIC II by Trustee.

         The Depositor, as of the Closing Date, and concurrently with the
execution and delivery of this Agreement, does hereby assign without recourse
all the right, title and interest of the Depositor in and to the REMIC I Regular
Interests to the Trustee for the benefit of the Holders of the Class R-II
Certificates and REMIC III as the holder of the REMIC II Regular Interests. The
Trustee acknowledges the assignment to it of the REMIC I Regular Interests and
declares that it holds and will hold the same in trust for the exclusive use and
benefit of all present and future Holders of the Class R-II Certificates and
REMIC III as the holder of the REMIC II Regular Interests.

         SECTION 2.09. Execution, Authentication and Delivery of Class R-II
                       Certificates; Creation of REMIC II Regular Interests.

         Concurrently with the assignment to the Trustee of the REMIC I Regular
Interests and in exchange therefor, (a) the REMIC II Regular Interests have been
issued and (b) pursuant to the written request of the Depositor executed by an
authorized officer thereof, the Trustee, as Certificate Registrar, has executed,
and the Trustee, as Authenticating Agent, has authenticated and delivered to or
upon the order of the Depositor, the Class R-II Certificates in authorized
denominations. The rights of the Class R-II Certificateholders and REMIC III (as
holder of the REMIC II Regular Interests) to receive distributions from the
proceeds of REMIC II in respect of the Class R-II Certificates and the REMIC II
Regular Interests, respectively, and all ownership interests evidenced or
constituted by the Class R-II Certificates and the REMIC II Regular Interests,
shall be as set forth in this Agreement.

         SECTION 2.10. Conveyance of REMIC II Regular Interests; Acceptance of
                       REMIC III by Trustee.

         The Depositor, as of the Closing Date, and concurrently with the
execution and delivery of this Agreement, does hereby assign without recourse
all the right, title and interest of the Depositor in and to the REMIC II
Regular Interests to the Trustee for the benefit of the Holders of the REMIC III
Certificates. The Trustee acknowledges the assignment to it of the REMIC II
Regular Interests and declares that it holds and will hold the same in trust for
the exclusive use and benefit of all present and future Holders of the REMIC III
Certificates.

                                      -88-
<PAGE>

         SECTION 2.11. Execution, Authentication and Delivery of REMIC III
                       Certificates.

         Concurrently with the assignment to the Trustee of the REMIC II Regular
Interests and in exchange therefor, pursuant to the written request of the
Depositor executed by an officer thereof, the Trustee, as Certificate Registrar,
has executed, and the Trustee, as Authenticating Agent, has authenticated and
delivered to or upon the order of the Depositor, the REMIC III Certificates in
authorized denominations evidencing the entire beneficial ownership of REMIC
III. The rights of the Holders of the respective Classes of REMIC III
Certificates to receive distributions from the proceeds of REMIC III in respect
of their REMIC III Certificates, and all ownership interests evidenced or
constituted by the respective Classes of REMIC III Certificates in such
distributions, shall be as set forth in this Agreement. The Class X Certificates
(with respect to the portion of the Grantor Trust Assets consisting of any yield
maintenance payment made by the UBS Mortgage Loan Seller in connection with a
repurchase of a Loan REMIC Mortgage Loan) and the Class Q Certificates (with
respect to the portion of the Grantor Trust Assets consisting of any Additional
Interest collected with respect to an ARD Mortgage Loan) shall evidence the
entire beneficial ownership of the Grantor Trust.

                                      -89-
<PAGE>

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

         SECTION 3.01. Administration of the Loans.

         (a) Each of the Master Servicer and the Special Servicer shall service
and administer the Loans and REO Properties that it is obligated to service and
administer pursuant to this Agreement on behalf of the Trustee, for the benefit
of the Certificateholders (or, in the case of the Chrysler Building Companion
Loan, on behalf of the Chrysler Building Companion Loan Noteholder), as
determined in the good faith and reasonable judgement of the Master Servicer or
the Special Servicer, as the case may be, in accordance with: (i) any and all
applicable laws; (ii) the express terms of this Agreement, the respective Loans
and, in the case of the Chrysler Building Loan Pair, the Chrysler Building
Co-Lender Agreement; and (iii) to the extent consistent with the foregoing, the
Servicing Standard. The Master Servicer or the Special Servicer, as applicable
in accordance with this Agreement, shall service and administer each
Cross-Collateralized Group as a single Mortgage Loan as and when necessary and
appropriate consistent with the Servicing Standard. Without limiting the
foregoing, and subject to Section 3.21, (i) the Master Servicer shall service
and administer all Loans that are not Specially Serviced Loans and shall render
such services with respect to the Specially Serviced Loans as are specifically
provided for herein, and (ii) the Special Servicer shall service and administer
each Specially Serviced Loan and REO Property and shall render such services
with respect to the Loans that are not Specially Serviced Loans as are
specifically provided for herein. All references herein to the respective duties
of the Master Servicer and the Special Servicer, and to the areas in which they
may exercise discretion, shall be subject to Section 3.21.

         (b) Subject to Section 3.01(a), Section 6.11 (taking account of Section
6.11(b)) and Section 6.11A (taking account of Section 6.11A(b)), the Master
Servicer and the Special Servicer shall each have full power and authority,
acting alone, to do or cause to be done any and all things in connection with
such servicing and administration which it may deem necessary or desirable.
Without limiting the generality of the foregoing, each of the Master Servicer
and the Special Servicer, in its own name, with respect to each of the Loans it
is obligated to service hereunder, is hereby authorized and empowered by the
Trustee to execute and deliver, on behalf of the Certificateholders, the Trustee
and the Chrysler Building Companion Loan Noteholder or any of them, (i) any and
all financing statements, continuation statements and other documents or
instruments necessary to maintain the lien created by any Mortgage or other
security document in the related Mortgage File on the related Mortgaged Property
and related collateral; (ii) in accordance with the Servicing Standard and
subject to Section 3.20, Section 6.11 (taking account of Section 6.11(b)) and
Section 6.11A (taking account of Section 6.11A(b)), any and all modifications,
extensions, waivers, amendments or consents to or with respect to any documents
contained in the related Mortgage File; (iii) any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge or of
assignment, and all other comparable instruments; and (iv) any and all
instruments that such party may be required to execute on behalf of the Trustee
in connection with the defeasance of a Mortgage Loan as contemplated in this
Agreement. Subject to Section 3.10, the Trustee shall, at the written request of
the Master Servicer or the Special Servicer, promptly execute any limited powers
of attorney and other documents furnished by the Master Servicer or the Special
Servicer that are necessary or appropriate to enable them to carry out their
servicing and administrative duties hereunder; provided, however, that the
Trustee shall not be held liable for any misuse of any such power of attorney by
the Master Servicer or the Special Servicer.

                                      -90-
<PAGE>

Notwithstanding anything contained herein to the contrary, neither the Master
Servicer nor the Special Servicer shall, without the Trustee's written consent:
(i) except as relates to a Loan that the Master Servicer or the Special
Servicer, as applicable, is servicing pursuant to its respective duties herein
(in which case such servicer shall give notice to the Trustee of the
initiation), initiate any action, suit or proceeding solely under the Trustee's
name without indicating the Master Servicer's or Special Servicer's, as
applicable, representative capacity; or (ii) take any action with the intent to
cause, and that actually causes, the Trustee to be registered to do business in
any state.

         (c) The parties hereto acknowledge that the Chrysler Building Loan Pair
is subject to the terms and conditions of the Chrysler Building Co-Lender
Agreement. With respect to the Chrysler Building Loan Pair, the parties hereto
recognize the respective rights and obligations of the "Lenders" under the
Chrysler Building Co-Lender Agreement, including with respect to the allocation
of collections on or in respect of the Chrysler Building Loan Pair in accordance
with Section 4.01(a) of the Chrysler Building Co-Lender Agreement, the making of
payments to the "Lenders" in accordance with Section 4.01(a) of the Chrysler
Building Co-Lender Agreement and the purchase of the Chrysler Building Mortgage
Loan by the Chrysler Building Companion Loan Noteholder or its designee in
accordance with Section 3.03 of the Chrysler Building Co-Lender Agreement. In
the event that the Chrysler Building Mortgage Loan is no longer part of the
Trust Fund and the servicing and administration of the Chrysler Building Loan
Pair is to be governed by a separate servicing agreement and not by this
Agreement, as contemplated by Section 3.01 of the Chrysler Building Co-Lender
Agreement, the Master Servicer and, if the Chrysler Building Loan Pair is then
being specially serviced hereunder, the Special Servicer, shall continue to act
in such capacities under such separate servicing agreement, which agreement
shall be reasonably acceptable to the Master Servicer and/or the Special
Servicer, as the case may be, and shall contain servicing and administration,
limitation of liability, indemnification and servicing compensation provisions
substantially similar to the corresponding provisions of this Agreement except
for the fact that the Loan Pair and the Chrysler Building Mortgaged Property
shall be the sole assets serviced and administered thereunder and the sole
source of funds thereunder. Prior to the Chrysler Building Loan Pair being
serviced under any separate servicing agreement, S&P shall have provided written
confirmation that the servicing of the Loan Pair under such agreement would not
result in an Adverse Rating Event with respect to any class of securities backed
by the Chrysler Building Companion Loan and rated by S&P.

         Notwithstanding the foregoing, if, at such time as the Chrysler
Building Mortgage Loan shall no longer be part of the Trust Fund, a separate
servicing agreement with respect to the Chrysler Building Loan Pair has not been
entered into or the rating confirmation from S&P referred to above has not
obtained, then, until such time as a separate servicing agreement is entered
into and such rating confirmation is obtained, and notwithstanding that the
Chrysler Building Mortgage Loan is no longer part of the Trust Fund, the Master
Servicer and, if applicable, the Special Servicer shall continue to service the
Chrysler Building Loan Pair under this Agreement as if it were a separate
servicing agreement, with: (i) the Chrysler Building Loan Pair and the Chrysler
Building Mortgaged Property constituting the sole assets thereunder, for the
benefit of the "Lenders" under the Chrysler Building Co-Lender Agreement; and
(ii) references to the "Trustee", "Certificateholders" and the "Controlling
Class Representative" being construed to refer to the new "Note A Lender" under
the Chrysler Building Co-Lender Agreement.

                                      -91-
<PAGE>

         (d) The relationship of each of the Master Servicer and the Special
Servicer to the Trustee and the Chrysler Building Companion Loan Noteholder
under this Agreement is intended by the parties to be that of an independent
contractor and not that of a joint venturer, partner or agent.

         SECTION 3.02. Collection of Loan Payments.

         (a) Each of the Master Servicer and the Special Servicer shall
undertake reasonable efforts to collect all payments required under the terms
and provisions of the Loans it is obligated to service hereunder and shall
follow such collection procedures as are consistent with the Servicing Standard;
provided, however, that neither the Master Servicer nor the Special Servicer
shall, with respect to any ARD Loan after its Anticipated Repayment Date, take
any enforcement action with respect to the payment of Additional Interest (other
than the making of requests for its collection), unless (i) the taking of an
enforcement action with respect to the payment of other amounts due under such
ARD Loan is, in the good faith and reasonable judgment of the Special Servicer,
necessary, appropriate and consistent with the Servicing Standard or (ii) all
other amounts due under such ARD Loan have been paid, the payment of such
Additional Interest has not been forgiven in accordance with Section 3.20 and,
in the good faith and reasonable judgment of the Special Servicer, the
Liquidation Proceeds expected to be recovered in connection with such
enforcement action will cover the anticipated costs of such enforcement action
and, if applicable, any associated interest accrued on Advances. The Special
Servicer shall ensure that with respect to Specially Serviced Loans, the
Mortgagors make payments directly to the Master Servicer. Upon receipt of any
such payment with respect to a Specially Serviced Loan, the Master Servicer
shall promptly notify the Special Servicer, and the Special Servicer shall
direct the Master Servicer as to the proper posting of such payment. Consistent
with the foregoing, the Special Servicer, with regard to a Specially Serviced
Loan, or the Master Servicer, with regard to a Loan that is not a Specially
Serviced Loan, may waive or defer any Default Charges in connection with
collecting any late payment on a Loan; provided that, without the consent of the
Special Servicer in the case of a proposed waiver by the Master Servicer, no
such waiver or deferral may be made by the Master Servicer pursuant to this
Section 3.02 if any Advance has been made as to such delinquent payment.

         (b) All amounts collected in respect of any Cross-Collateralized Group
in the form of payments from Mortgagors, Insurance Proceeds and Liquidation
Proceeds, shall be applied by the Master Servicer among the Mortgage Loans
constituting such Cross-Collateralized Group in accordance with the express
provisions of the related Loan documents and, in the absence of such express
provisions or to the extent that such payments and other collections may be
applied at the discretion of the lender, on a pro rata basis in accordance with
the respective amounts then "due and owing" as to each such Mortgage Loan.
Except with respect to the Chrysler Building Loan Pair, amounts collected in
respect of or allocable to any particular Mortgage Loan (whether or not such
Mortgage Loan constitutes part of a Cross-Collateralized Group) in the form of
payments from Mortgagors, Liquidation Proceeds or Insurance Proceeds shall be
applied to amounts due and owing under the related Mortgage Note and Mortgage
(including for principal and accrued and unpaid interest) in accordance with the
express provisions of the related Mortgage Note and Mortgage and, in the absence
of such express provisions or to the extent that such payments and other
collections may be applied at the discretion of the lender, as follows: first,
as a recovery of any related and unreimbursed Servicing Advances; second, as a
recovery of accrued and unpaid interest on such Mortgage Loan at the related
Mortgage Rate to, but not including, the date of receipt (or, in the case of a
full Monthly Payment from any Mortgagor, through the related Due Date),
exclusive, however, in the case of an ARD Mortgage Loan after its Anticipated

                                      -92-
<PAGE>

Repayment Date, of any such accrued and unpaid interest that constitutes
Additional Interest; third, as a recovery of principal of such Mortgage Loan
then due and owing, including by reason of acceleration of the Mortgage Loan
following a default thereunder (or, if a Liquidation Event has occurred in
respect of such Mortgage Loan, as a recovery of principal to the extent of its
entire remaining unpaid principal balance); fourth, unless a Liquidation Event
has occurred with respect to such Mortgage Loan, as a recovery of amounts to be
currently applied to the payment of, or escrowed for the future payment of, real
estate taxes, assessments, insurance premiums (including premiums on any
Environmental Insurance Policy), ground rents (if applicable) and similar items;
fifth, unless a Liquidation Event has occurred with respect to such Mortgage
Loan, as a recovery of Reserve Funds to the extent then required to be held in
escrow; sixth, as a recovery of any Prepayment Premium or Yield Maintenance
Charge then due and owing under such Mortgage Loan (or, in the case of a
repurchase of a Loan REMIC Mortgage Loan by the UBS Mortgage Loan Seller as
contemplated by Section 2.03(d), as a recovery of any yield maintenance payment
paid in connection therewith); seventh, as a recovery of any Default Charges
then due and owing under such Mortgage Loan; eighth, as a recovery of any
assumption fees, modification fees and extension fees then due and owing under
such Mortgage Loan; ninth, as a recovery of any other amounts then due and owing
under such Mortgage Loan (other than remaining unpaid principal and, in the case
of an ARD Mortgage Loan after its Anticipated Repayment Date, other than
Additional Interest); tenth, as a recovery of any remaining principal of such
Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and, eleventh, in the case of an ARD Mortgage Loan after its Anticipated
Repayment Date, as a recovery of accrued and unpaid Additional Interest on such
ARD Mortgage Loan to but not including the date of receipt. All amounts
collected in respect of the Chrysler Building Loan Pair shall be applied to
amounts due and owing under the related Mortgage Note and Mortgage (including
for principal and accrued and unpaid interest) in accordance with the express
provisions of the related Mortgage Notes, the related Mortgage, the related loan
agreement, if any, and the Chrysler Building Co-Lender Agreement.

         SECTION 3.03. Collection of Taxes, Assessments and Similar Items;
                       Servicing Accounts; Reserve Accounts.

         (a) The Master Servicer shall, as to all Mortgage Loans (except the
Chrysler Building Mortgage Loan), establish and maintain one or more accounts
(the "Pool Servicing Accounts"), in which all related Escrow Payments shall be
deposited and retained. The Master Servicer shall, at all times, establish and
maintain, with respect to the Chrysler Building Loan Pair, one or more accounts
(the "Chrysler Building Servicing Account"), in which all related Escrow
Payments shall be deposited and retained. Subject to the terms of the related
Loan documents, each Servicing Account shall be an Eligible Account. Withdrawals
of amounts so collected from a Servicing Account may be made (to the extent of
amounts on deposit therein in respect of the related Mortgage Loan or, in the
case of clauses (iv) and (v), to the extent of interest or other income earned
on such amounts) only for the following purposes: (i) consistent with the
related Loan documents, to effect the payment of real estate taxes, assessments,
insurance premiums (including premiums on any Environmental Insurance Policy),
ground rents (if applicable) and comparable items in respect of the respective
Mortgaged Properties; (ii) insofar as the particular Escrow Payment represents a
late payment that was intended to cover an item described in the immediately
preceding clause (i) for which a Servicing Advance was made, to reimburse the
Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as
applicable, for such Servicing Advance; (iii) to refund to Mortgagors any sums
as may be determined to be overages; (iv) to pay interest, if required and as
described below, to Mortgagors on balances in such Servicing Account; (v) to pay
the Master Servicer interest and investment income on balances in such Servicing
Account as

                                      -93-
<PAGE>

described in Section 3.06(b), if and to the extent not required by law or the
terms of the Mortgage Loan or Loan Pair, as applicable, to be paid to the
Mortgagor; or (vi) to clear and terminate such Servicing Account at the
termination of this Agreement in accordance with Section 9.01. To the extent
permitted by law or the applicable Loan, funds in the Servicing Accounts may be
invested only in Permitted Investments in accordance with the provisions of
Section 3.06. The Master Servicer shall pay or cause to be paid to the
Mortgagors interest, if any, earned on the investment of funds in the related
Servicing Accounts, if required by law or the terms of the related Mortgage
Loan. If the Master Servicer shall deposit in a Servicing Account any amount not
required to be deposited therein, it may at any time withdraw such amount from
such Servicing Account, any provision herein to the contrary notwithstanding.

         (b) The Master Servicer shall, as to each and every Loan, (i) maintain
accurate records with respect to the related Mortgaged Property reflecting the
status of real estate taxes, assessments and other similar items that are or may
become a lien thereon and the status of insurance premiums and any ground rents
payable in respect thereof and (ii) use reasonable efforts to obtain, from time
to time, all bills for (or otherwise confirm) the payment of such items
(including renewal premiums) and, for the Loans that require the related
Mortgagor to escrow for such items, shall effect payment thereof prior to the
applicable penalty or termination date. For purposes of effecting any such
payment for which it is responsible, the Master Servicer shall apply Escrow
Payments as allowed under the terms of the related Mortgage Loan or Loan Pair,
as applicable (or, if such Mortgage Loan or Loan Pair, as applicable, does not
require the related Mortgagor to escrow for the payment of real estate taxes,
assessments, insurance premiums, ground rents (if applicable) and similar items,
the Master Servicer shall use reasonable efforts consistent with the Servicing
Standard to cause the related Mortgagor to comply with the requirement of the
related Mortgage that the Mortgagor make payments in respect of such items at
the time they first become due and, in any event, prior to the institution of
foreclosure or similar proceedings with respect to the related Mortgaged
Property for nonpayment of such items). Subject to Section 3.11(h), the Master
Servicer shall timely make a Servicing Advance to cover any such item which is
not so paid, including any penalties or other charges arising from the
Mortgagor's failure to timely pay such items.

         (c) The Master Servicer shall, as to each and every Loan, make a
Servicing Advance with respect to the related Mortgaged Property in an amount
equal to all such funds as are necessary for the purpose of effecting the
payment of (i) real estate taxes, assessments and other similar items, (ii)
ground rents (if applicable), and (iii) premiums on Insurance Policies
(including Environmental Insurance Policies), in each instance if and to the
extent Escrow Payments (if any) collected from the related Mortgagor are
insufficient to pay such item when due and the related Mortgagor has failed to
pay such item on a timely basis. All such Servicing Advances shall be
reimbursable in the first instance from related collections from the Mortgagors,
and further as provided in Section 3.05(a) or 3.05A. No costs incurred by the
Master Servicer in effecting the payment of real estate taxes, assessments and,
if applicable, ground rents on or in respect of the Mortgaged Properties shall,
for purposes of this Agreement, including the Trustee's calculation of monthly
distributions to Certificateholders, be added to the unpaid Stated Principal
Balances of the related Loans, notwithstanding that the terms of such loans so
permit. The foregoing shall in no way limit the Master Servicer's ability to
charge and collect from the Mortgagor such costs together with interest thereon.

         (d) The Master Servicer shall, as to all Mortgage Loans (other than the
Chrysler Building Mortgage Loan), establish and maintain, as applicable, one or
more accounts (the "Pool

                                      -94-
<PAGE>

Reserve Accounts"), into which all Reserve Funds, if any, shall be deposited and
retained. The Master Servicer shall, at all times, establish and maintain, with
respect to the Chrysler Building Loan Pair, one or more accounts (the "Chrysler
Building Reserve Accounts") in which all related Reserve Funds, if any, shall be
deposited and retained. Withdrawals of amounts so deposited may be made (i) for
the specific purposes for which the particular Reserve Funds were delivered, in
accordance with the Servicing Standard and the terms of the related Mortgage
Note, Mortgage and any other agreement with the related Mortgagor governing such
Reserve Funds, and (ii) to pay the Master Servicer interest and investment
income earned on amounts in the Reserve Accounts as described below. To the
extent permitted in the applicable Loan documents, funds in the Reserve Accounts
may be invested in Permitted Investments in accordance with the provisions of
Section 3.06. Subject to the related Loan documents, all Reserve Accounts shall
be Eligible Accounts. Consistent with the Servicing Standard, the Master
Servicer may waive or extend the date set forth in any agreement governing
Reserve Funds by which any required repairs, capital improvements and/or
environmental remediation at the related Mortgaged Property must be completed;
provided that any waiver, any extension for more than 120 days and any
subsequent extension may only be granted with the consent of the Special
Servicer.

         SECTION 3.04. Pool Custodial Account, Defeasance Deposit Account,
                       Collection Account and Interest Reserve Account.

         (a) The Master Servicer shall establish and maintain one or more
separate accounts (collectively, the "Pool Custodial Account"), in which the
amounts described in clauses (i) through (viii) below (which shall not include
any amounts allocable to the Chrysler Building Companion Loan) shall be
deposited and held on behalf of the Trustee in trust for the benefit of the
Certificateholders. The Pool Custodial Account shall be an Eligible Account. The
Master Servicer shall deposit or cause to be deposited in the Pool Custodial
Account, within one Business Day of receipt (in the case of payments by
Mortgagors or other collections on the Mortgage Loans) or as otherwise required
hereunder, the following payments and collections received or made by the Master
Servicer or on its behalf subsequent to the Cut-off Date (other than in respect
of principal and interest on the Mortgage Loans due and payable on or before the
Cut-off Date, which amounts shall be delivered promptly to the Depositor or its
designee, with negotiable instruments endorsed as necessary and appropriate
without recourse, and other than amounts required to be deposited in the
Defeasance Deposit Account), or payments (other than Principal Prepayments)
received by it on or prior to the Cut-off Date but allocable to a period
subsequent thereto:

            (i) all payments on account of principal of the Mortgage Loans,
     including Principal Prepayments, and regardless of whether those payments
     are made by the related Mortgagor or any related guarantor, out of any
     related Reserve Funds maintained for such purpose, out of collections on
     any related Defeasance Collateral or from any other source;

            (ii) all payments on account of interest on the Mortgage Loans,
     including Default Interest and Additional Interest, and regardless of
     whether those payments are made by the related Mortgagor or any related
     guarantor, out of any related Reserve Funds maintained for such purpose,
     out of collections on any related Defeasance Collateral or from any other
     source;

            (iii) all Prepayment Premiums, Yield Maintenance Charges and late
     payment charges received in respect of any Mortgage Loan;

                                      -95-
<PAGE>

            (iv) all Insurance Proceeds and Liquidation Proceeds received in
     respect of any Mortgage Loan;

            (v) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.06 in connection with losses incurred with respect to
     Permitted Investments of funds held in the Pool Custodial Account;

            (vi) any amounts required to be deposited by the Master Servicer or
     the Special Servicer pursuant to Section 3.07(b) in connection with losses
     resulting from a deductible clause in a blanket hazard policy;

            (vii) any amounts required to be transferred from an REO Account
     pursuant to Section 3.16(c); and

            (viii) insofar as they do not constitute Escrow Payments, any
     amounts paid by a Mortgagor specifically to cover items for which a
     Servicing Advance has been made;

provided that any amounts described in clauses (i) through (iv) and (vi) through
(viii) above that relate to the Chrysler Building Mortgage Loan or any related
REO Property (other than Liquidation Proceeds derived from the sale of the
Chrysler Building Mortgage Loan to or through the Chrysler Building Companion
Loan Noteholder pursuant to the Chrysler Building Co-Lender Agreement or as a
Defaulted Mortgage Loan pursuant to Section 3.18) shall be deposited in the
Chrysler Building Custodial Account, and, in any such case, shall thereafter be
transferred to the Pool Custodial Account as provided in Section 3.05A.

         The foregoing requirements for deposit in the Pool Custodial Account
shall be exclusive. Notwithstanding the foregoing, actual payments from
Mortgagors in the nature of Escrow Payments, Reserve Funds, assumption fees,
assumption application fees, funds representing a Mortgagor's payment of costs
and expenses associated with assumptions and defeasance, modification fees,
extension fees, charges for beneficiary statements or demands, amounts collected
for checks returned for insufficient funds and any similar fees not expressly
referred to in the prior paragraph need not be deposited by the Master Servicer
in the Pool Custodial Account. If the Master Servicer shall deposit in the Pool
Custodial Account any amount not required to be deposited therein, it may at any
time withdraw such amount from the Pool Custodial Account, any provision herein
to the contrary notwithstanding. The Master Servicer shall promptly deliver to
the Special Servicer, as additional special servicing compensation in accordance
with Section 3.11(d), all assumption fees and assumption application fees (or
the applicable portions thereof) and other transaction fees received by the
Master Servicer to which the Special Servicer is entitled pursuant to such
section upon receipt of a written statement (on which the Master Servicer is
entitled to rely) of a Servicing Officer of the Special Servicer describing the
item and amount (unless pursuant to this Agreement it is otherwise clear that
the Special Servicer is entitled to such amounts, in which case a written
statement is not required). The Pool Custodial Account shall be maintained as a
segregated account, separate and apart from trust funds created for
mortgage-backed securities of other series and the other accounts of the Master
Servicer.

         Upon receipt of any of the amounts described in clauses (i) through
(iv) and (viii) above with respect to any Mortgage Loan (other than the Chrysler
Building Mortgage Loan), the Special Servicer shall promptly, but in no event
later than two Business Days after receipt, remit such amounts to the Master
Servicer for deposit into the Pool Custodial Account in accordance with the
second

                                      -96-
<PAGE>

preceding paragraph, unless the Special Servicer determines, consistent with the
Servicing Standard, that a particular item should not be deposited because of a
restrictive endorsement or other appropriate reason. With respect to any such
amounts paid by check to the order of the Special Servicer, the Special Servicer
shall endorse such check to the order of the Master Servicer, unless the Special
Servicer determines, consistent with the Servicing Standard, that a particular
item cannot be so endorsed and delivered because of a restrictive endorsement or
other appropriate reason. Any such amounts received by the Special Servicer with
respect to an REO Property (other than an REO Property that relates to the
Chrysler Building Loan Pair) shall be deposited by the Special Servicer into the
Pool REO Account and thereafter remitted to the Master Servicer for deposit into
the Pool Custodial Account as and to the extent provided in Section 3.16(c).

         If and when any Mortgagor under a Defeasance Loan elects to defease all
or any part of its Loan and, pursuant to the provisions of the related Loan
documents, delivers cash to the Master Servicer to purchase the required
Defeasance Collateral, the Master Servicer shall establish and maintain one or
more separate segregated accounts (collectively, the "Defeasance Deposit
Account"), in which the Master Servicer shall deposit such cash within one
Business Day of receipt by the Master Servicer. The Master Servicer shall retain
such cash in the Defeasance Deposit Account pending its prompt application to
purchase Defeasance Collateral. The Master Servicer shall hold such cash and
maintain the Defeasance Deposit Account on behalf of the Trustee and, in the
case of the Chrysler Building Loan Pair, the Chrysler Building Companion Loan
Noteholder, to secure payment on the related Defeasance Loan. The Defeasance
Deposit Account shall be an Eligible Account. To the extent permitted by law or
the applicable Defeasance Loan, prior to the purchase of Defeasance Collateral,
funds in the Defeasance Deposit Account may be invested only in Permitted
Investments in accordance with the provisions of Section 3.06. The Master
Servicer shall pay or cause to be paid to the related Mortgagor(s) interest, if
any, earned on the investment of funds in the Defeasance Deposit Account, if
required by law or the terms of the related Loan(s).

         (b) The Trustee shall establish and maintain one or more trust accounts
(collectively, the "Collection Account") to be held in trust for the benefit of
the Certificateholders. The Collection Account shall be an Eligible Account. The
Master Servicer shall deliver to the Trustee each month on or before the Master
Servicer Remittance Date therein, for deposit in the Collection Account, an
aggregate amount of immediately available funds equal to the Master Servicer
Remittance Amount for such Master Servicer Remittance Date, together with, in
the case of the final Distribution Date, any additional amounts contemplated by
the second paragraph of Section 9.01.

         In addition, the Master Servicer shall, as and when required hereunder,
deliver to the Trustee (without duplication) for deposit in the Collection
Account:

            (i) any P&I Advances required to be made by the Master Servicer in
     accordance with Section 4.03(a); and

            (ii) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.19(a) in connection with Prepayment Interest
     Shortfalls.

         The Trustee shall, upon receipt, deposit in the Collection Account any
and all amounts received by the Trustee that are required by the terms of this
Agreement to be deposited therein.

                                      -97-
<PAGE>

         In the event that the Master Servicer fails, on any P&I Advance Date,
Master Servicer Remittance Date or Chrysler Building Remittance Date, to remit
to the Trustee any amount(s) required to be so remitted to the Trustee hereunder
by such date, the Master Servicer shall pay the Trustee, for the account of the
Trustee, interest, calculated at the Prime Rate, on such amount(s) not timely
remitted, from and including that P&I Advance Date or Master Servicer Remittance
Date, as the case may be, to but not including the related Distribution Date.

         On the Master Servicer Remittance Date in March of each year
(commencing in March 2002), the Trustee shall transfer from the Interest Reserve
Account to the Collection Account all Interest Reserve Amounts then on deposit
in the Interest Reserve Account with respect to the Interest Reserve Mortgage
Loans.

         (c) The Trustee shall establish and maintain one or more accounts
(collectively, the "Interest Reserve Account"), which may be a sub-account of
the Collection Account, to be held in trust for the benefit of the
Certificateholders. Each account that constitutes the Interest Reserve Account
shall be an Eligible Account. On each Distribution Date in February and, during
a year that is not a leap year, in January, prior to any distributions being
made in respect of the Certificates on such Distribution Date, the Trustee shall
withdraw from the Collection Account and deposit in the Interest Reserve Account
with respect to each Interest Reserve Mortgage Loan, an amount equal to the
Interest Reserve Amount, if any, in respect of such Interest Reserve Mortgage
Loan for such Distribution Date.

         Notwithstanding that the Interest Reserve Account may be a sub-account
of the Collection Account for reasons of administrative convenience, the
Interest Reserve Account and the Collection Account shall, for all purposes of
this Agreement (including the obligations and responsibilities of the Trustee
hereunder), be considered to be and shall be required to be treated as, separate
and distinct accounts. The Trustee shall indemnify and hold harmless the Trust
Fund against any losses arising out of the failure by the Trustee to perform its
duties and obligations hereunder as if such accounts were separate. The
provisions of this paragraph shall survive any resignation or removal of the
Trustee and appointment of a successor trustee

         (d) Funds in the Pool Custodial Account may be invested only in
Permitted Investments in accordance with the provisions of Section 3.06. Funds
in the Collection Account and the Interest Reserve Account shall remain
uninvested. The Master Servicer shall give notice to the Trustee, the Special
Servicer and the Rating Agencies of the location of the Pool Custodial Account
as of the Closing Date and of the new location of the Pool Custodial Account
prior to any change thereof. As of the Closing Date, the Collection Account and
the Interest Reserve Account shall be located at the Trustee's offices in
Chicago, Illinois. The Trustee shall give notice to the Master Servicer, the
Special Servicer and the Rating Agencies of any change in the location of the
Collection Account and the Interest Reserve Account prior to any change thereof.

         SECTION 3.04A. Chrysler Building Custodial Account.

         (a) The Master Servicer shall establish and maintain, with respect to
the Chrysler Building Loan Pair, one or more separate accounts (the "Chrysler
Building Custodial Account,") in which the amounts described in clauses (i)
through (ix) below shall be deposited and held in trust for the benefit of the
holders of the Mortgage Notes for the Chrysler Building Loan Pair, as their
interests may appear. The Chrysler Building Custodial Account shall be an
Eligible Account. The Master Servicer shall deposit or cause to be deposited in
the Chrysler Building Custodial Account, within one Business

                                      -98-
<PAGE>

Day of receipt (in the case of payments or other collections on the Chrysler
Building Loan Pair) or as otherwise required hereunder, the following payments
and collections received or made by the Master Servicer or on its behalf
subsequent to the Cut-off Date (other than in respect of principal and interest
on the Chrysler Building Loan Pair due and payable on or before the Cut-off
Date, which payments shall be held pursuant to the terms of the Chrysler
Building Co-Lender Agreement, and other than amounts required to be deposited in
the Defeasance Deposit Account):

            (i) all payments on account of principal of the Chrysler Building
     Loan Pair, including Principal Prepayments, and regardless of whether those
     payments are made by the related Mortgagor or any related guarantor, out of
     any related Reserve Funds maintained for such purpose, out of collections
     on any related Defeasance Collateral or from any other source;

            (ii) all payments on account of interest on the Chrysler Building
     Loan Pair, including Default Interest and Additional Interest, and
     regardless of whether those payments are made by the related Mortgagor or
     any related guarantor, out of any related Reserve Funds maintained for such
     purpose, out of collections on any related Defeasance Collateral or from
     any other source;

            (iii) all Prepayment Premiums, Yield Maintenance Charges and/or late
     payment charges received in respect of the Chrysler Building Loan Pair;

            (iv) all Insurance Proceeds and Liquidation Proceeds received in
     respect of the Chrysler Building Loan Pair (other than Liquidation Proceeds
     derived from the sale of the Chrysler Building Mortgage Loan to or through
     the Chrysler Building Companion Loan Noteholder pursuant to the Chrysler
     Building Co-Lender Agreement or as a Defaulted Mortgage Loan pursuant to
     Section 3.18);

            (v) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.06 in connection with losses incurred with respect to
     Permitted Investments of funds held in the Chrysler Building Custodial
     Account;

            (vi) any amounts required to be deposited by the Master Servicer or
     the Special Servicer pursuant to Section 3.07(b) in connection with losses
     with respect to the Chrysler Building Loan Pair resulting from a deductible
     clause in a blanket hazard policy;

            (vii) any amounts required to be transferred from the Chrysler
     Building REO Account pursuant to Section 3.16(c);

            (viii) insofar as they do not constitute Escrow Payments, any
     amounts paid by the related Mortgagor with respect to the Chrysler Building
     Loan Pair specifically to cover items for which a Servicing Advance has
     been made; and

            (ix) any P&I Advances required to be made by the Master Servicer
     with respect to the Chrysler Building Loan Pair in accordance with Section
     4.03A.

         The foregoing requirements for deposit in the Chrysler Building
Custodial Account shall be exclusive. Notwithstanding the foregoing, actual
payments from the related Mortgagor in respect of the Chrysler Building Loan
Pair in the nature of Escrow Payments, Reserve Funds, assumption fees,

                                      -99-
<PAGE>

assumption application fees, funds representing such Mortgagor's payment of
costs and expenses associated with assumptions and defeasance, modification
fees, extension fees, charges for beneficiary statements or demands, amounts
collected for checks returned for insufficient funds and any similar fees not
expressly referred to in the prior paragraph need not be deposited by the Master
Servicer in the Chrysler Building Custodial Account. If the Master Servicer
shall deposit into the Chrysler Building Custodial Account any amount not
required to be deposited therein, it may at any time withdraw such amount from
the Chrysler Building Custodial Account, any provision herein to the contrary
notwithstanding. The Master Servicer shall promptly deliver to the Special
Servicer, as additional special servicing compensation in accordance with
Section 3.11(d), all assumption fees and assumption application fees (or the
applicable portions thereof) and other transaction fees received by the Master
Servicer with respect to the Chrysler Building Loan Pair, to which the Special
Servicer is entitled pursuant to such section, upon receipt of a written
statement of a Servicing Officer of the Special Servicer describing the item and
amount (unless pursuant to this Agreement it is otherwise clear that the Special
Servicer is entitled to such amounts, in which case a written statement is not
required). The Chrysler Building Custodial Account shall be maintained as a
segregated account, separate and apart from trust funds created for
mortgage-backed securities of other series and the other accounts of the Master
Servicer.

         Upon receipt of any of the amounts described in clauses (i) through
(iv) and (viii) above with respect to the Chrysler Building Loan Pair, the
Special Servicer shall promptly, but in no event later than two Business Days
after receipt, remit such amounts to the Master Servicer for deposit into the
Chrysler Building Custodial Account in accordance with the second preceding
paragraph, unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item should not be deposited because of a
restrictive endorsement or other appropriate reason. With respect to any such
amounts paid by check to the order of the Special Servicer, the Special Servicer
shall endorse such check to the order of the Master Servicer, unless the Special
Servicer determines, consistent with the Servicing Standard, that a particular
item cannot be so endorsed and delivered because of a restrictive endorsement or
other appropriate reason. Any such amounts received by the Special Servicer with
respect to an REO Property that relates to the Chrysler Building Loan Pair shall
initially be deposited by the Special Servicer into the Chrysler Building REO
Account and thereafter remitted to the Master Servicer for deposit into the
Chrysler Building Custodial Account, all in accordance with Section 3.16(c).

         (b) If and when the related Mortgagor elects to defease the Chrysler
Building Loan Pair, the provisions of the last paragraph of Section 3.04(a)
relating to the Defeasance Deposit Account shall apply.

         (c) The Master Servicer shall give notice to the Trustee, the Chrysler
Building Companion Loan Noteholder and the Special Servicer of the location of
the Chrysler Building Custodial Account when first established and of the new
location of such Custodial Account prior to any change thereof.

                                     -100-
<PAGE>

         SECTION 3.05. Permitted Withdrawals From the Pool Custodial Account,
the Collection Account and the Interest Reserve Account.

         (a) The Master Servicer may, from time to time, make withdrawals from
the Pool Custodial Account for any of the following purposes (the order set
forth below not constituting an order of priority for such withdrawals):

            (i) to remit to the Trustee for deposit in the Collection Account
     the amounts required to be so deposited pursuant to the first paragraph of
     Section 3.04(b), and any amounts that may be applied to make P&I Advances
     pursuant to Section 4.03(a);

            (ii) to reimburse the Fiscal Agent, the Trustee and itself, in that
     order, for unreimbursed P&I Advances made thereby with respect to any
     Mortgage Loan or REO Mortgage Loan (other than the Chrysler Building
     Mortgage Loan or any related REO Mortgage Loan), the Fiscal Agent's, the
     Trustee's and Master Servicer's, as the case may be, respective rights to
     reimbursement pursuant to this clause (ii) with respect to any P&I Advance
     (other than Nonrecoverable Advances, which are reimbursable pursuant to
     clause (vii) below) being limited to amounts that represent Late
     Collections of interest and principal (net of the related Master Servicing
     Fees and any related Workout Fees or Liquidation Fees) received in respect
     of the particular Mortgage Loan or REO Loan as to which such P&I Advance
     was made;

            (iii) to pay to itself earned and unpaid Master Servicing Fees in
     respect of each Mortgage Loan and REO Mortgage Loan (other than the
     Chrysler Building Mortgage Loan or any related REO Mortgage Loan), the
     Master Servicer's right to payment pursuant to this clause (iii) with
     respect to any Mortgage Loan or REO Loan being limited to amounts received
     on or in respect of such Mortgage Loan (whether in the form of payments,
     Liquidation Proceeds or Insurance Proceeds) or such REO Loan (whether in
     the form of REO Revenues, Liquidation Proceeds or Insurance Proceeds) that
     are allocable as a recovery of interest thereon;

            (iv) to pay (A) to the Special Servicer, out of general collections
     on the Mortgage Loans and any REO Properties, earned and unpaid Special
     Servicing Fees in respect of each Specially Serviced Mortgage Loan and REO
     Mortgage Loan (other than, if applicable, the Chrysler Building Mortgage
     Loan or any related REO Mortgage Loan), and (B) to itself, out of general
     collections on the Mortgage Loans and REO Properties, any Master Servicing
     Fee earned in respect of any Mortgage Loan or REO Mortgage Loan (other than
     the Chrysler Building Mortgage Loan or any related REO Mortgage Loan) that
     remains unpaid in accordance with clause (iii) above following a Final
     Recovery Determination made with respect to such Mortgage Loan or the
     related REO Property and the deposit into the Pool Custodial Account of all
     amounts received in connection therewith;

            (v) to pay the Special Servicer (or, if applicable, a predecessor
     Special Servicer) any earned and unpaid Workout Fees and Liquidation Fees
     in respect of each Specially Serviced Mortgage Loan, Corrected Mortgage
     Loan and/or REO Mortgage Loan (other than the Chrysler Building Mortgage
     Loan or any related REO Mortgage Loan), as applicable, in the amounts and
     from the sources specified in Section 3.11(c);

            (vi) to reimburse the Fiscal Agent, the Trustee, itself and the
     Special Servicer, in that order, for any unreimbursed Servicing Advances
     made thereby with respect to

                                     -101-
<PAGE>

     any Mortgage Loan or REO Property (other than the Chrysler Building
     Mortgage Loan or any related REO Property), the Fiscal Agent's, the
     Trustee's, the Master Servicer's and the Special Servicer's respective
     rights to reimbursement pursuant to this clause (vi) with respect to any
     Servicing Advance being limited to payments made by the related Mortgagor
     that are allocable to such Servicing Advance, or to Liquidation Proceeds
     (net of Liquidation Fees payable therefrom), Insurance Proceeds and, if
     applicable, REO Revenues received in respect of the particular Mortgage
     Loan or REO Property as to which such Servicing Advance was made;

            (vii) to reimburse the Fiscal Agent, the Trustee, itself and the
     Special Servicer, in that order, out of general collections on the Mortgage
     Loans and any REO Properties, for any unreimbursed Advances (other than
     unreimbursed P&I Advances with respect to the Chrysler Building Companion
     Loan or any successor REO Loan) that have been or are determined to be
     Nonrecoverable Advances;

            (viii) to pay the Fiscal Agent, the Trustee, itself and the Special
     Servicer, in that order, any interest accrued and payable in accordance
     with Section 3.11(g) or 4.03(d), as applicable, on any Advance made thereby
     (other than with respect to the Chrysler Building Loan Pair or any related
     REO Property), the Fiscal Agent's, the Trustee's, the Master Servicer's and
     the Special Servicer's respective rights to payment pursuant to this clause
     (viii) with respect to interest on any such Advance being permitted to be
     satisfied (A) first, out of Default Charges collected on or in respect of
     the Mortgage Pool during the Collection Period in which such Advance is
     reimbursed, as and to the extent contemplated by Section 3.26, and (B)
     then, to the extent that such Default Charges described in the immediately
     preceding clause (A) are insufficient, but only at the same time or after
     such Advance is or has been reimbursed, out of general collections on the
     Mortgage Loans and any REO Properties if such Advance has been reimbursed
     on a prior date;

            (ix) to pay, out of Default Charges collected on or in respect of
     the Mortgage Pool and not otherwise applied as contemplated by clause
     (viii) above, any unpaid expense (other than interest accrued on Advances,
     which is payable pursuant to clause (viii) above, and other than Special
     Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to
     any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool and that, if
     paid from a source other than Default Charges, would constitute an
     Additional Trust Fund Expense, all as and to the extent contemplated by
     Section 3.26.

            (x) to pay, out of general collections on the Mortgage Loans and any
     REO Properties, for costs and expenses incurred by the Trust Fund pursuant
     to Section 3.09(c) (other than the costs of environmental testing, which
     are to be covered by, and reimbursable as, a Servicing Advance); provided
     that, in the case of the Chrysler Building Mortgaged Property, such payment
     is to be made only to the extent that it would not ultimately be payable
     out of collections on or in respect of the Chrysler Building Loan Pair;

            (xi) to pay itself, as additional servicing compensation in
     accordance with Section 3.11(b), (A) interest and investment income earned
     in respect of amounts held in the Pool Custodial Account as provided in
     Section 3.06(b), but only to the extent of the Net Investment Earnings with
     respect to the Pool Custodial Account for any Collection Period, (B)
     Prepayment Interest Excesses collected on the Mortgage Pool and (C) Net
     Default Charges that

                                     -102-
<PAGE>

     accrued in respect of Mortgage Loans that are not Specially Serviced
     Mortgage Loans, and to pay the Special Servicer, as additional special
     servicing compensation in accordance with Section 3.11(d), Net Default
     Charges that accrued in respect of Specially Serviced Mortgage Loans and
     REO Mortgage Loans; provided that, except for subclause (A) of this clause
     (xi), payments pursuant to this clause (xi) shall not relate to the
     Chrysler Building Loan Pair;

            (xii) to pay, out of general collections on the Mortgage Loans and
     any REO Properties, for the cost of an independent appraiser or other
     expert in real estate matters retained pursuant to Section 3.09(a), 3.11(h)
     or 4.03(c); provided that, in the case of the Chrysler Building Mortgaged
     Property, such payment is to be made only to the extent that it would not
     ultimately be payable out of collections on or in respect of the Chrysler
     Building Loan Pair;

            (xiii) to pay itself, the Special Servicer, the Depositor, or any of
     their respective members, managers, directors, officers, employees and
     agents, as the case may be, out of general collections on the Mortgage
     Loans and any REO Properties, any amounts payable to any such Person
     pursuant to Section 6.03; provided that such payment does not relate solely
     to the Chrysler Building Companion Loan;

            (xiv) to pay, out of general collections on the Mortgage Loans and
     any REO Properties, for (A) the cost of the Opinion of Counsel contemplated
     by Section 11.02(a), (B) the cost of an Opinion of Counsel contemplated by
     Section 11.01(a) or 11.01(c) in connection with any amendment to this
     Agreement requested by the Master Servicer or the Special Servicer that
     protects or is in furtherance of the rights and interests of
     Certificateholders, (C) the cost of recording this Agreement in accordance
     with Section 11.02(a) and (D) the cost of the Trustee's transferring
     Mortgage Files and other documents to a successor after being terminated by
     Certificateholders pursuant to Section 8.07(c) without cause;

            (xv) to pay itself, the Special Servicer, the Depositor, any
     Controlling Class Certificateholder or any other Person, as the case may
     be, with respect to each Mortgage Loan, if any, previously purchased by
     such Person pursuant to this Agreement, all amounts received thereon
     subsequent to the date of purchase;

            (xvi) to pay, in accordance with Section 3.11(i), out of general
     collections on the Mortgage Loans and any REO Properties, any servicing
     expenses, that would, if advanced, constitute Nonrecoverable Servicing
     Advances (other than servicing expenses that relate solely to the Chrysler
     Building Companion Loan or any related REO Loan); and

            (xvii) to clear and terminate the Pool Custodial Account at the
     termination of this Agreement pursuant to Section 9.01.

         The Master Servicer shall keep and maintain separate accounting
records, on a loan-by-loan and property-by-property basis when appropriate, in
connection with any withdrawal from the Pool Custodial Account pursuant to
clauses (ii) through (xvi) above.

         The Master Servicer shall pay to the Special Servicer (or to third
party contractors at the direction of the Special Servicer), the Trustee or the
Fiscal Agent from the Pool Custodial Account, amounts permitted to be paid to
the Special Servicer (or to any such third party contractor), the Trustee or the
Fiscal Agent therefrom promptly upon receipt of a written statement of a
Servicing Officer of the

                                     -103-
<PAGE>

Special Servicer or of a Responsible Officer of the Trustee or the Fiscal Agent
describing the item and amount to which the Special Servicer (or such third
party contractor), the Trustee or the Fiscal Agent, as applicable, is entitled
(unless pursuant to this Agreement it is otherwise clear that the Special
Servicer, the Trustee or the Fiscal Agent, as the case may be, is entitled to
such amounts, in which case a written statement is not required). The Master
Servicer may rely conclusively on any such written statement and shall have no
duty to re-calculate the amounts stated therein. The Special Servicer shall keep
and maintain separate accounting for each Specially Serviced Mortgage Loan and
REO Property, on a loan-by-loan and property-by-property basis, for the purpose
of justifying any request for withdrawal from the Pool Custodial Account. With
respect to each Mortgage Loan for which it makes an Advance, each of the Trustee
and Fiscal Agent shall keep and maintain separate accounting, on a loan-by-loan
and property-by-property basis, for the purpose of justifying any request for
withdrawal from the Pool Custodial Account for reimbursements of Advances or
interest thereon.

         (b) The Trustee may, from time to time, make withdrawals from the
Collection Account for any of the following purposes (in no particular order of
priority):

            (i) to make distributions to Certificateholders on each Distribution
     Date pursuant to Section 4.01 or 9.01, as applicable;

            (ii) to pay the Trustee, the Fiscal Agent or any of their respective
     directors, officers, employees and agents, as the case may be, out of
     general collections on the Mortgage Loans and any REO Properties, any
     amounts payable or reimbursable to any such Person pursuant to Section
     7.01(b) and/or Section 8.05, as applicable;

            (iii) to pay, out of general collections on the Mortgage Loans and
     any REO Properties, for the cost of the Opinions of Counsel sought by the
     Trustee or the Tax Administrator (A) as provided in clause (v) of the
     definition of "Disqualified Organization", (B) as contemplated by Sections
     9.02(a)(i), 10.01(i) and 10.02(e), or (C) as contemplated by Section
     11.01(a) or 11.01(c) in connection with any amendment to this Agreement
     requested by the Trustee which amendment is in furtherance of the rights
     and interests of Certificateholders;

            (iv) to pay, out of general collections on the Mortgage Loans and
     any REO Properties, any and all federal, state and local taxes imposed on
     any of the REMICs created hereunder or on the assets or transactions of any
     such REMIC, together with all incidental costs and expenses, to the extent
     none of the Depositor, the Trustee, the Tax Administrator, the Master
     Servicer or the Special Servicer is liable therefor pursuant to Section
     10.01(j) or Section 10.02(f);

            (v) to pay the Tax Administrator, out of general collections on the
     Mortgage Loans and any REO Properties, any amounts reimbursable to it
     pursuant to Section 10.01(f) or Section 10.02(b);

            (vi) to pay the Master Servicer any amounts deposited by the Master
     Servicer in the Collection Account in error;

            (vii) to transfer Interest Reserve Amounts in respect of the
     Interest Reserve Mortgage Loans to the Interest Reserve Account as and when
     required by Section 3.04(c); and

                                     -104-
<PAGE>

            (viii) to clear and terminate the Collection Account at the
     termination of this Agreement pursuant to Section 9.01.

         (c) On each Master Servicer Remittance Date in March (commencing in
March 2002), the Trustee shall withdraw from the Interest Reserve Account and
deposit in the Collection Account all Interest Reserve Amounts that have been
deposited in the Interest Reserve Account in respect of the Interest Reserve
Mortgage Loans during January and/or February of the same year in accordance
with Section 3.04(c).

         SECTION 3.05A. Permitted Withdrawals From the Chrysler Building
                        Custodial Account.

         The Master Servicer may, from time to time, make withdrawals from the
Chrysler Building Custodial Account, for any of the following purposes (the
order set forth below not constituting an order of priority for such
withdrawals):

            (i) to make remittances on the Chrysler Building Remittance Date to
     the Chrysler Building Companion Loan Noteholder and to the Trust in
     accordance with Section 4.01 of the Chrysler Building Co-Lender Agreement,
     such remittances to the Trust to be made into the Pool Custodial Account;

            (ii) to reimburse, first, the Fiscal Agent, second, the Trustee,
     third, the Chrysler Building Fiscal Agent, fourth, the Chrysler Building
     Trustee, and last, itself, in that order, for unreimbursed P&I Advances
     made by such party (with its own funds) with respect to either Loan in the
     Chrysler Building Loan Pair, any such party's rights to reimbursement
     pursuant to this clause (ii) with respect to any such P&I Advance being
     limited to amounts that represent late collections of interest and
     principal (net of the related Master Servicing Fees and any related Workout
     Fees or Liquidation Fees) received in respect of the particular Loan (as
     allocable thereto pursuant to the related Loan documents) in the Chrysler
     Building Loan Pair as to which such P&I Advance was made;

            (iii) to pay to itself earned and unpaid Master Servicing Fees with
     respect to the Chrysler Building Loan Pair (or any successor REO Loans),
     the Master Servicer's right to payment pursuant to this clause (iii) with
     respect to either Loan (or any successor REO Loan) in the Chrysler Building
     Loan Pair being limited to amounts received on or in respect of such Loan
     (or successor REO Loan) that are allocable as a recovery of interest
     thereon;

            (iv) to reimburse, first, the Fiscal Agent, second, the Trustee,
     third, the Chrysler Building Fiscal Agent, fourth, the Chrysler Building
     Trustee, and last, itself, in that order, for any unreimbursed P&I Advances
     made by such party (with its own funds) with respect to either Loan in the
     Chrysler Building Loan Pair that such party has determined are
     Nonrecoverable Advances, such party's rights to reimbursement pursuant to
     this clause (iv) with respect to any such P&I Advance being limited to
     amounts received in respect of the particular Loan (as allocable thereto
     pursuant to the related Loan documents) in the Chrysler Building Loan Pair
     as to which such P&I Advance was made;

            (v) to pay to the Special Servicer earned and unpaid Special
     Servicing Fees in respect of the Chrysler Building Loan Pair while either
     Loan in the Chrysler Building Loan Pair

                                     -105-
<PAGE>

     constitutes a Specially Serviced Loan and after the related Mortgaged
     Property becomes an REO Property;

            (vi) to pay the Special Servicer (or, if applicable, a predecessor
     Special Servicer) earned and unpaid Workout Fees and Liquidation Fees in
     respect of the Chrysler Building Loan Pair in the amounts and from the
     sources specified in Section 3.11(c);

            (vii) to reimburse first, the Fiscal Agent, second, the Trustee,
     third, the Chrysler Building Fiscal Agent, fourth, the Chrysler Building
     Trustee, fifth, itself and, last, the Special Servicer, in that order, for
     any unreimbursed Servicing Advances made thereby with respect to the
     Chrysler Building Loan Pair or any related REO Property, any such party's
     respective rights to reimbursement pursuant to this clause (vii) with
     respect to any Servicing Advance being limited to payments made by the
     related Mortgagor that are allocable to such Servicing Advance, or to
     Liquidation Proceeds (net of Liquidation Fees payable therefrom), Insurance
     Proceeds and, if applicable, REO Revenues received in respect of the
     particular Mortgage Loan or REO Property as to which such Servicing Advance
     was made;

            (viii) to pay first, the Fiscal Agent, second, the Trustee, third,
     the Chrysler Building Fiscal Agent, fourth, the Chrysler Building Trustee,
     fifth, itself and, last, the Special Servicer, in that order, any interest
     accrued on any Advance made thereby with respect to the Chrysler Building
     Loan Pair or any related REO Property, any such party's respective right to
     payment pursuant to this clause (viii) with respect to interest on any
     Advance being permitted to be satisfied (A) out of Default Charges
     collected on or in respect of the Chrysler Building Loan Pair during the
     same Collection Period in which such Advance is reimbursed, and (B) to the
     extent that the Default Charges described in the immediately preceding
     clause (A) are insufficient, but only at the same time or after such
     Advance is or has been reimbursed, out of any other collections on or in
     respect of the Chrysler Building Loan Pair; provided that interest on P&I
     Advances made with respect to the Chrysler Building Companion Loan may be
     paid pursuant to this clause (viii) solely from Default Charges collected
     on or in respect of the Chrysler Building Companion Loan;

            (ix) to pay for (A) costs and expenses incurred with respect to the
     Chrysler Building Mortgaged Property pursuant to Section 3.09(c) (other
     than the costs of environmental testing, which are to be covered by, and
     reimbursable as, a Servicing Advance), (B) the costs and expenses of
     obtaining appraisals of the Chrysler Building Mortgaged Property pursuant
     to Section 3.11(h) or 4.03A(c) and (C) the fees of any Independent
     Contractor retained with respect to any related REO Property pursuant to
     Section 3.17A(d) (to the extent that it has not paid itself such fees prior
     to remitting collections on such REO Property to the Special Servicer);

            (x) to pay itself, as additional servicing compensation in
     accordance with Section 3.11(b), (A) interest and investment income earned
     in respect of amounts held in the Chrysler Building Custodial Account as
     provided in Section 3.06(b), but only to the extent of the Net Investment
     Earnings with respect to the Chrysler Building Custodial Account for any
     Collection Period and (B) Default Charges actually collected that accrued
     in respect of the Chrysler Building Companion Loan during a period that it
     was not a Specially Serviced Loan and the Chrysler Building Mortgaged
     Property was not an REO Property (to the extent such Default Charges were
     not applied to offset interest on Advances pursuant to clause (viii)(A)

                                     -106-
<PAGE>

     above), and to pay the Special Servicer, as additional special servicing
     compensation in accordance with Section 3.11(d), Default Charges actually
     collected that accrued in respect of the Chrysler Building Companion Loan
     during a period that it was a Specially Serviced Loan or the Chrysler
     Building Mortgaged Property was an REO Property (to the extent such Default
     Charges were not applied to offset interest on Advances pursuant to clause
     (viii)(A) above);

            (xi) to pay itself, the Special Servicer, or any of their respective
     members, managers, directors, officers, employees and agents, as the case
     may be, any amounts payable to any such Person pursuant to Section 6.03, to
     the extent such amounts relate to the Chrysler Building Loan Pair;

            (xii) to pay for the cost of recording the Chrysler Building
     Co-Lender Agreement and any required opinion of counsel related thereto
     and, to the extent applicable pursuant to Section 11.02(a), the allocable
     portion of the cost of the Opinion of Counsel contemplated by Section
     11.02(a); and

            (xiii) to clear and terminate such Custodial Account at the
     termination of this Agreement pursuant to Section 9.01.

         The Master Servicer shall keep and maintain separate accounting records
in connection with any withdrawal from the Chrysler Building Custodial Account,
pursuant to clauses (ii) through (xii) above.

         The Master Servicer shall pay to each of the Special Servicer (or to
third party contractors at the direction of the Special Servicer), the Chrysler
Building Fiscal Agent, the Chrysler Building Trustee, the Trustee and the Fiscal
Agent, as applicable, from the Chrysler Building Custodial Account, amounts
permitted to be paid thereto from such account promptly upon receipt of a
written statement of a Servicing Officer of the Special Servicer or a
Responsible Officer of the Chrysler Building Fiscal Agent, the Chrysler Building
Trustee, the Trustee or the Fiscal Agent, as the case may be, describing the
item and amount to which the Special Servicer (or such third party contractor),
the Chrysler Building Fiscal Agent, the Chrysler Building Trustee, the Trustee
or the Fiscal Agent, as the case may be, is entitled. The Master Servicer may
rely conclusively on any such written statement and shall have no duty to
re-calculate the amounts stated therein. The Special Servicer, the Chrysler
Building Fiscal Agent, the Chrysler Building Trustee, the Trustee and the Fiscal
Agent shall each keep and maintain separate accounting for the purpose of
justifying any request for withdrawal from the Chrysler Building Custodial
Account, on a loan-by-loan basis.

         SECTION 3.06. Investment of Funds in the Servicing Accounts, the
                       Reserve Accounts, the Defeasance Deposit Account, the
                       Custodial Accounts and the REO Accounts.

         (a) The Master Servicer may direct in writing any depository
institution maintaining a Servicing Account, a Reserve Account, the Defeasance
Deposit Account or a Custodial Account (each, for purposes of this Section 3.06,
an "Investment Account"), and the Special Servicer may direct in writing any
depository institution maintaining an REO Account (also, for purposes of this
Section 3.06, an "Investment Account"), to invest, or if it is such depository
institution, may itself invest, the funds held therein in one or more Permitted
Investments bearing interest or sold at a discount, and maturing, unless payable
on demand, no later than the Business Day immediately preceding the next
succeeding

                                     -107-
<PAGE>

date on which such funds are required to be withdrawn from such account pursuant
to this Agreement; provided that, in the case of any Servicing Account, any
Reserve Account or the Defeasance Deposit Account, such investment direction
shall be subject to the related Loan documents and applicable law. Funds in the
Collection Account and the Interest Reserve Account will remain uninvested. All
such Permitted Investments shall be held to maturity, unless payable on demand.
Any investment of funds in an Investment Account shall be made in the name of
the Trustee (in its capacity as such) and, in the case of a Permitted Investment
in any Investment Account solely related to the Chrysler Building Loan Pair, the
Chrysler Building Companion Loan Noteholder. The Master Servicer (with respect
to Permitted Investments of amounts in the Servicing Accounts, the Reserve
Accounts, the Defeasance Deposit Account and the Custodial Accounts) and the
Special Servicer (with respect to Permitted Investments of amounts in the REO
Accounts), on behalf of the Trustee and, in the case of any Investment Account
solely related to the Chrysler Building Loan Pair, the Chrysler Building
Companion Loan Noteholder, shall (and the Trustee hereby designates the Master
Servicer and the Special Servicer, as applicable, as the Person that shall) (i)
be the "entitlement holder" of any Permitted Investment that is a "security
entitlement" and (ii) maintain "control" of any Permitted Investment that is a
"certificated security", "uncertificated security" or "deposit account". For
purposes of this Section 3.06(a), (i) the terms "entitlement holder", "security
entitlement", "control" (except with respect to deposit accounts), "certificated
security" and "uncertificated security" shall have the meanings given such terms
in Revised Article 8 (1994 Revision) of the UCC, and the terms "control" (with
respect to deposit accounts) and "deposit account" shall have the meanings given
such terms in Revised Article 9 (1998 Revision) of the UCC, and (ii) "control"
of any Permitted Investment in any Investment Account by the Master Servicer or
the Special Servicer shall constitute "control" by a Person designated by, and
acting on behalf of, the Trustee and, in the case of any Investment Account
solely related to the Chrysler Building Loan Pair, the Chrysler Building
Companion Loan Noteholder, for purposes of Revised Article 8 (1994 Revision) of
the UCC or Revised Article 9 (1998 Revision) of the UCC, as applicable. If
amounts on deposit in an Investment Account are at any time invested in a
Permitted Investment payable on demand, the Master Servicer (in the case of the
Custodial Accounts, the Servicing Accounts, the Reserve Accounts and the
Defeasance Deposit Account) or the Special Servicer (in the case of the REO
Accounts) shall:

            (x) consistent with any notice required to be given thereunder,
     demand that payment thereon be made on the last day such Permitted
     Investment may otherwise mature hereunder in an amount equal to at least
     the lesser of (1) all amounts then payable thereunder and (2) the amount
     required to be withdrawn on such date; and

            (y) demand payment of all amounts due thereunder promptly upon
     determination by the Master Servicer or the Special Servicer, as the case
     may be, that such Permitted Investment would not constitute a Permitted
     Investment in respect of funds thereafter on deposit in the Investment
     Account.

         (b) Whether or not the Master Servicer directs the investment of funds
in any of the Servicing Accounts, the Reserve Accounts, the Defeasance Deposit
Account or the Custodial Accounts, interest and investment income realized on
funds deposited therein, to the extent of the Net Investment Earnings, if any,
for each such Investment Account for each Collection Period (and, in the case of
Servicing Accounts, Reserve Accounts and the Defeasance Deposit Account, to the
extent not otherwise payable to Mortgagors under applicable law or the related
Loan documents), shall be for the sole and exclusive benefit of the Master
Servicer and shall be subject to its withdrawal in accordance with Section
3.03(a), 3.03(d), 3.04(a), 3.05(a) or 3.05A, as applicable. Whether or not the
Special Servicer

                                     -108-
<PAGE>

directs the investment of funds in either of the REO Accounts, interest and
investment income realized on funds deposited therein, to the extent of the Net
Investment Earnings, if any, for such Investment Account for each Collection
Period, shall be for the sole and exclusive benefit of the Special Servicer and
shall be subject to its withdrawal in accordance with Section 3.16(b). If any
loss shall be incurred in respect of any Permitted Investment on deposit in any
Investment Account, the Master Servicer (in the case of (i) the Servicing
Accounts, the Reserve Accounts and the Defeasance Deposit Account (except to the
extent that any investment of funds with respect thereto is at the direction of
a Mortgagor in accordance with the related Loan documents or applicable law) and
(ii) the Custodial Accounts) and the Special Servicer (in the case of the REO
Accounts) shall promptly deposit therein from its own funds, without right of
reimbursement, no later than the end of the Collection Period during which such
loss was incurred, the amount of the Net Investment Loss, if any, for such
Investment Account for such Collection Period. Notwithstanding any of the
foregoing provisions of this Section 3.06, no party shall be required under this
Agreement to deposit any loss on a deposit of funds in an Investment Account if
such loss is incurred solely as a result of the insolvency of the federal or
state chartered depository institution or trust company with which such deposit
was maintained so long as such depository institution or trust company satisfied
the conditions set forth in the definition of "Eligible Account" at the time
such deposit was made and also as of a date no earlier than 30 days prior to the
insolvency.

         (c) Except as expressly provided otherwise in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment, the Trustee may, and subject to Section 8.02, upon the request of
Certificateholders entitled to a majority of the Voting Rights allocated to a
Class, shall take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
proceedings.

         (d) Notwithstanding the investment of funds held in any Investment
Account, for purposes of the calculations hereunder, including the calculation
of the Available Distribution Amount and the Master Servicer Remittance Amount,
the amounts so invested shall be deemed to remain on deposit in such Investment
Account.

         SECTION 3.07. Maintenance of Insurance Policies; Errors and Omissions
                       and Fidelity Coverage; Environmental Insurance

         (a) The Master Servicer (with respect to Loans that are not Specially
Serviced Loans) and the Special Servicer (with respect to Specially Serviced
Loans) shall, consistent with the Servicing Standard, cause to be maintained for
each Mortgaged Property all insurance coverage as is required under the related
Mortgage; provided that if and to the extent that any such Mortgage permits the
holder thereof any discretion (by way of consent, approval or otherwise) as to
the insurance coverage that the related Mortgagor is required to maintain, the
Master Servicer or Special Servicer, as the case may be, shall exercise such
discretion in a manner consistent with the Servicing Standard; and provided,
further, that, if and to the extent that a Mortgage so permits, the Master
Servicer or Special Servicer, as the case may be, shall use reasonable best
efforts to require the related Mortgagor to obtain the required insurance
coverage from Qualified Insurers that have a "claims paying ability" or
"financial strength" rating, as applicable, of at least "A" from each of Fitch
and S&P (or, in the case of either Rating Agency, such lower rating as will not
result in an Adverse Rating Event, as evidenced in writing by such Rating
Agency). Any Controlling Class Certificateholder may request that earthquake
insurance be secured for one or more Mortgaged Properties by the related
Mortgagor, to the extent such insurance

                                     -109-
<PAGE>

may reasonably be obtained and provided the related Loan documents and
applicable law give the mortgagee the right to request such insurance coverage
and such Loan documents require the Mortgagor to obtain earthquake insurance at
the request of the mortgagee. The Chrysler Building Companion Loan Noteholder
may request that earthquake insurance, to the extent such insurance may
reasonably be obtained, be secured for the Chrysler Building Mortgaged Property
at the expense of the Chrysler Building Companion Loan Noteholder. Subject to
Section 3.17(a), the Special Servicer, in accordance with the Servicing
Standard, shall also cause to be maintained for each REO Property no less
insurance coverage than was previously required of the Mortgagor under the
related Mortgage; provided that all such insurance shall be obtained from
Qualified Insurers that, if they are providing casualty insurance, shall have a
"claims paying ability" or "financial strength" rating, as applicable, of at
least "A" from each of Fitch and S&P (or, in the case of either Rating Agency,
such lower rating as will not result in an Adverse Rating Event, as evidenced in
writing by such Rating Agency). All such insurance policies shall contain (if
they insure against loss to property and do not relate to an REO Property) a
"standard" mortgagee clause, with loss payable to the Master Servicer (in the
case of insurance maintained in respect of Loans, including Specially Serviced
Loans), and shall be in the name of the Special Servicer (in the case of
insurance maintained in respect of REO Properties), on behalf of the Trustee;
and, in each case, such insurance shall be issued by a Qualified Insurer. Any
amounts collected by the Master Servicer or the Special Servicer under any such
policies (other than amounts to be applied to the restoration or repair of the
related Mortgaged Property or REO Property or amounts to be released to the
related Mortgagor, in each case subject to the rights of any tenants and ground
lessors, as the case may be, and in each case in accordance with the terms of
the related Mortgage and the Servicing Standard) shall be deposited in the
applicable Custodial Account in accordance with Section 3.04(a) or 3.04A(a), as
the case may be, in the case of amounts received in respect of a Loan, or in the
applicable REO Account in accordance with Section 3.16(b), in the case of
amounts received in respect of an REO Property. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance (including
any earthquake insurance maintained at the request of a Controlling Class
Certificateholder or the Chrysler Building Companion Loan Noteholder) shall not,
for purposes hereof, including calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance or Stated Principal
Balance of the related Loan or REO Loan, notwithstanding that the terms of such
loan so permit, but shall be recoverable by the Master Servicer and the Special
Servicer as a Servicing Advance.

         (b) If either the Master Servicer or the Special Servicer shall obtain
and maintain, or cause to be obtained and maintained, a blanket policy insuring
against hazard losses on all of the Loans and/or REO Properties that it is
required to service and administer, then, to the extent such policy (i) is
obtained from a Qualified Insurer having (or whose obligations are guaranteed or
backed, in writing, by an entity having) a "claims paying ability" or "financial
strength" rating, as applicable, of at least "A" from each of Fitch (if then
rated by Fitch, and if not then rated by Fitch, then an equivalent rating by at
least one nationally recognized statistical rating agency besides S&P) and S&P
(or, in the case of either Rating Agency, such lower rating as will not result
in an Adverse Rating Event, as evidenced in writing by such Rating Agency), and
(ii) provides protection equivalent to the individual policies otherwise
required, the Master Servicer or the Special Servicer, as the case may be, shall
conclusively be deemed to have satisfied its obligation to cause hazard
insurance to be maintained on the related Mortgaged Properties and/or REO
Properties. Such blanket policy may contain a deductible clause (not in excess
of a customary amount), in which case the Master Servicer or the Special
Servicer, as appropriate, shall, if there shall not have been maintained on the
related Mortgaged Property or REO Property an individual hazard insurance policy
complying with the requirements of Section 3.07(a), and there shall have been

                                     -110-
<PAGE>

one or more losses that would have been covered by such individual policy,
promptly deposit into the Pool Custodial Account (or, in the case of a Mortgaged
Property that secures the Chrysler Building Loan Pair, into the Chrysler
Building Custodial Account) from its own funds the amount not otherwise payable
under the blanket policy because of such deductible clause, to the extent that
any such deductible exceeds the deductible limitation that pertained to the
related Loan (or in the absence of any such deductible limitation, the
deductible limitation for an individual policy which is consistent with the
Servicing Standard). The Master Servicer or the Special Servicer, as
appropriate, shall prepare and present, on behalf of itself, the Trustee and the
Certificateholders or, in the case of the Chrysler Building Mortgaged Property,
on behalf of itself and the Chrysler Building Companion Loan Noteholder, claims
under any such blanket policy in a timely fashion in accordance with the terms
of such policy.

         (c) Subject to the third paragraph of this Section 3.07(c), each of the
Master Servicer and the Special Servicer shall at all times during the term of
this Agreement (or, in the case of the Special Servicer, at all times during the
term of this Agreement in which Specially Serviced Loans and/or REO Properties
are part of the Trust Fund) keep in force with Qualified Insurers having (or
whose obligations are guaranteed or backed, in writing, by entities having) a
"claims paying ability" or "financial strength" rating, as applicable, of at
least "A" from each of Fitch and S&P (or, in the case of either Rating Agency,
such lower rating as will not result in an Adverse Rating Event, as evidenced in
writing by such Rating Agency), a fidelity bond, which fidelity bond shall be in
such form and amount as would permit it to be a qualified Fannie Mae
seller-servicer of multifamily mortgage loans, or in such other form and amount
as would not cause an Adverse Rating Event (as evidenced in writing from each
Rating Agency). Each of the Master Servicer and the Special Servicer shall be
deemed to have complied with the foregoing provision if an Affiliate thereof has
such fidelity bond coverage and, by the terms of such fidelity bond, the
coverage afforded thereunder extends to the Master Servicer or the Special
Servicer, as the case may be.

         Subject to the third paragraph of this Section 3.07(c), each of the
Master Servicer and the Special Servicer shall at all times during the term of
this Agreement (or, in the case of the Special Servicer, at all times during the
term of this Agreement in which Specially Serviced Loans and/or REO Properties
are part of the Trust Fund) also keep in force with Qualified Insurers having
(or whose obligations are guaranteed or backed, in writing, by entities having)
a "claims paying ability" or "financial strength" rating, as applicable, of at
least "A" from each of Fitch and S&P (or, in the case of either Rating Agency,
such lower rating as will not result in an Adverse Rating Event, as evidenced in
writing by such Rating Agency), a policy or policies of insurance covering loss
occasioned by the errors and omissions of its officers, employees and agents in
connection with its servicing obligations hereunder, which policy or policies
shall be in such form and amount as would permit it to be a qualified Fannie Mae
seller-servicer of multifamily mortgage loans, or in such other form and amount
as would not cause an Adverse Rating Event (as evidenced in writing from each
Rating Agency). Each of the Master Servicer and the Special Servicer shall be
deemed to have complied with the foregoing provisions if an Affiliate thereof
has such insurance and, by the terms of such policy or policies, the coverage
afforded thereunder extends to the Master Servicer or the Special Servicer, as
the case may be.

         Notwithstanding the foregoing, for so long as the long-term debt
obligations of the Master Servicer or Special Servicer, as the case may be (or,
in the case of the initial Master Servicer and Special Servicer, their
respective direct or indirect parent), are rated at least "A" from Fitch (if
then rated by Fitch, and if not then rated by Fitch, then an equivalent rating
by at least one additional nationally recognized statistical rating agency
besides S&P) and "A" from S&P (if then rated by S&P, and if not

                                     -111-
<PAGE>

then rated by S&P, then an equivalent rating by at least one additional
nationally recognized statistical rating agency besides Fitch) (or, in the case
of either Rating Agency, such lower rating as will not result in an Adverse
Rating Event, as evidenced in writing by such Rating Agency), such Person may
self-insure with respect to the risks described in this Section 3.07(c).

         (d) In the event that either of the Master Servicer or the Special
Servicer has actual knowledge of any event (an "Insured Environmental Event")
giving rise to a claim under any Environmental Insurance Policy in respect of
any Environmentally Insured Mortgage Loan for which the Mortgagor has not filed
a claim or in respect of an REO property, the Master Servicer shall notify the
Special Servicer if such Loan is a Specially Serviced Loan, and the Special
Servicer shall notify the Master Servicer. Upon becoming aware of such Insured
Environmental Event, the Master Servicer, in the case of a non-Specially
Serviced Loan, and the Special Servicer, in the case of a Specially Serviced
Loan or an REO Property, in accordance with the terms of such Environmental
Insurance Policy and the Servicing Standard, shall timely make a claim
thereunder with the appropriate insurer and shall take such other actions
necessary under such Environmental Insurance Policy in order to realize the full
value thereof for the benefit of the Certificateholders. With respect to each
Environmental Insurance Policy in respect of an Environmentally Insured Mortgage
Loan, the Master Servicer (in the case of any such Loan that is a non-Specially
Serviced Loan) and, the Special Servicer (in the case of any such Loan that is a
Specially Serviced Loan or in the case of an REO Property) shall each review and
familiarize itself with the terms and conditions relating to enforcement of
claims and shall monitor the dates by which any claim must be made or any action
must be taken under such policy to realize the full value thereof for the
benefit of the Certificateholders in the event the Master Servicer or the
Special Servicer has actual knowledge of an Insured Environmental Event giving
rise to a claim under such policy.

         The Master Servicer (in the case of non-Specially Serviced Loans) and
the Special Servicer (in the case of Specially Serviced Loans and REO
Properties) shall each abide by the terms and conditions precedent to payment of
claims under the Environmental Insurance Policies with respect to the
Environmentally Insured Mortgage Loans and take all such actions as may be
required to comply with the terms and provisions of such policies in order to
maintain such policies in full force and effect and to make claims thereunder.

         In the event that the Master Servicer or Special Servicer receives
notice of any termination of any Environmental Insurance Policy with respect to
an Environmentally Insured Mortgage Loan or any related REO Property, the Master
Servicer or the Special Servicer, as the case may be, shall, within five
Business Days after receipt of such notice, notify the Master Servicer (in the
case of the Special Servicer) the Special Servicer (in the case of the Master
Servicer if such Loan is a Specially Serviced Loan or in the case of an REO
Property) and the Trustee of such termination in writing. Upon receipt of such
notice, the Master Servicer, with respect to a non-Specially Serviced Loan, or
the Special Servicer, with respect to a Specially Serviced Loan or an REO
Property, shall address such termination in accordance with Section 3.07(a). Any
legal fees, premiums or other out-of-pocket costs incurred in accordance with
the Servicing Standard in connection with enforcing the obligations of the
Mortgagor under any Environmental Insurance Policy or a resolution of such
termination of an Environmental Insurance Policy shall be paid by the Master
Servicer and shall be reimbursable to it as a Servicing Advance.

         The Master Servicer (with respect to non-Specially Serviced Loans)
and the Special Servicer (with respect to Specially Serviced Loans) shall
monitor the actions, and enforce the obligations, of the related Mortgagor under
each Environmentally Insured Mortgage Loan insofar as such actions/obligations
relate to (i) to the extent consistent with Section 3.07(a), the maintenance
(including, without limitation, any required renewal) of an Environmental
Insurance Policy with respect to the related Mortgaged Property or (ii)
environmental testing or remediation at the related Mortgaged Property.

         SECTION 3.08. Enforcement of Alienation Clauses.

         (a) In the event that the Master Servicer receives a request from a
Mortgagor pursuant to the provisions of any Loan (other than a Specially
Serviced Loan) that expressly permit, with the lender's consent, subject to the
conditions described in the Loan documents, the transfer of the related
Mortgaged Property to, and assumption of such Loan by, another Person or
transfers of certain

                                     -112-
<PAGE>

interests in such Mortgagor, the Master Servicer shall promptly obtain relevant
information for purposes of evaluating such request. If the Master Servicer
recommends to approve such transfer and/or assumption, the Master Servicer shall
promptly provide to the Special Servicer a copy of such recommendation (which
shall include the reason therefor) and the materials upon which such
recommendation is based. The Special Servicer shall have the right hereunder,
within 15 days of receipt of such recommendation and supporting materials and
any other materials reasonably requested by the Special Servicer, to reasonably
withhold or, subject to Section 3.08(d), Section 6.11 and Section 6.11A, grant
consent to any such request for such transfer and/or assumption in accordance
with the terms of the Loan and this Agreement, including, without limitation,
the Servicing Standard. If the Special Servicer does not respond within such
15-day period, the Special Servicer's consent shall be deemed granted. If the
Special Servicer consents or is deemed to have consented to such proposed
transfer and/or assumption, the Master Servicer shall process such request of
the related Mortgagor; and, in the case of a transfer of the related Mortgaged
Property to, and assumption of such Loan by, another Person, the Master Servicer
shall be authorized to enter into an assumption or substitution agreement with
the Person, which shall be a Single Purpose Entity, to whom the related
Mortgaged Property has been or is proposed to be conveyed and/or release the
original Mortgagor from liability under the related Loan and substitute as
obligor thereunder the Person to whom the related Mortgaged Property has been or
is proposed to be conveyed; provided, however, that the Master Servicer shall
not enter into any such agreement to the extent that any terms thereof would
result in an Adverse REMIC Event or Adverse Grantor Trust Event or create any
lien on a Mortgaged Property that is senior to, or on parity with, the lien of
the related Mortgage. The Master Servicer shall notify the Trustee, the Special
Servicer, each Rating Agency and, in the case of the Chrysler Building Loan
Pair, the Chrysler Building Companion Loan Noteholder, of any assumption or
substitution agreement executed pursuant to this Section 3.08(a) and shall
forward thereto a copy of such agreement together with a Review Package. The
Master Servicer shall be entitled (as additional servicing compensation) to 50%
of each assumption fee and 100% of each assumption application fee and each
other applicable fee, for approving a transfer of a Mortgaged Property or an
interest in a Mortgagor collected from a Mortgagor in connection with an
assumption or substitution agreement executed pursuant to this Section 3.08(a)
or a transfer of interest in a Mortgagor approved pursuant to this Section
3.08(a), and the Special Servicer shall be entitled (as additional special
servicing compensation) to the remaining 50% of each such assumption fee;
provided that no such fees shall be payable to the Master Servicer or Special
Servicer in respect of the Polo Towne Crossing Mortgage Loan in the case of an
assumption that involves the specified transferee entity identified in the
related Loan documents and in respect of which such fees are to be paid to the
UBS Mortgage Loan Seller (and such fees, if received by the Master Servicer,
shall be immediately forwarded to the UBS Mortgage Loan Seller). Subject to the
terms of the related Mortgage Loan documents, no assumption of a
Cross-Collateralized Mortgage Loan shall be made without the assumption of all
other Mortgage Loans making up the related Cross-Collateralized Group. Further,
subject to the terms of the related Loan documents and applicable law, no
assumption of a Loan shall be made or transfer of interest in a Mortgagor
approved, unless all costs in connection therewith, including any arising from
seeking Rating Agency confirmation, are paid by the related Mortgagor.

         The Special Servicer shall promptly notify the UBS Mortgage Loan Seller
upon its becoming aware of the assumption referred to above with respect to the
Polo Towne Crossing Mortgage Loan.

         (b) Other than with respect to a transfer and assumption referred to in
subsection (a) above, if any Mortgage contains restrictions on transfers of the
related Mortgaged Property and/or

                                     -113-
<PAGE>

transfers of interests in the related Mortgagor, then the Special Servicer, on
behalf of the Trust (and, with respect to the Chrysler Building Loan Pair, the
Chrysler Building Companion Loan Noteholder), and not the Master Servicer,
shall, to the extent permitted by applicable law, enforce such restrictions,
unless the Special Servicer has determined, in its reasonable, good faith
judgment, that waiver of such restrictions would be in accordance with the
Servicing Standard (as evidenced by an Officer's Certificate setting forth the
basis for such determination delivered, together with a Review Package in
respect thereof, to the Trustee, the Master Servicer, each Rating Agency and,
with respect to the Chrysler Building Loan Pair, the Chrysler Building Companion
Loan Noteholder); provided that any such waiver of such restrictions shall be
subject to Section 3.08(d), Section 6.11 and Section 6.11A. If the Master
Servicer receives a request for consent to a transfer and assumption of a
Specially Serviced Loan, the Master Servicer shall immediately notify the
Special Servicer of such request and deliver to the Special Servicer the
Mortgage File (or a copy thereof) and such other documents that the Master
Servicer shall have received regarding the proposed transfer and assumption.
Upon consent by the Special Servicer to any proposed transfer of a Mortgaged
Property and assumption by the proposed transferee of the related Loan pursuant
to this Section 3.08(b), the Special Servicer shall process the request of the
related Mortgagor for such transfer and assumption and shall be authorized to
enter into an assumption or substitution agreement with the Person, which shall
be a Single Purpose Entity, to whom the related Mortgaged Property has been or
is proposed to be conveyed and/or release the original Mortgagor from liability
under the related Loan and substitute as obligor thereunder the Person to whom
the related Mortgaged Property has been or is proposed to be conveyed; provided,
however, that the Special Servicer shall not enter into any such agreement to
the extent that any terms thereof would result in an Adverse REMIC Event or
Adverse Grantor Trust Event or create any lien on a Mortgaged Property that is
senior to, or on parity with, the lien of the related Mortgage. The Special
Servicer shall notify the Trustee, the Master Servicer, each Rating Agency and,
with respect to the Chrysler Building Loan Pair, the Chrysler Building Companion
Loan Noteholder, of any assumption or substitution agreement executed pursuant
to this Section 3.08(b) and shall forward thereto a copy of such agreement. The
Special Servicer shall be entitled (as additional special servicing
compensation) to 100% of any assumption fee and/or assumption application fee
collected from a Mortgagor in connection with an assumption or substitution
agreement executed pursuant to this Section 3.08(b); provided that no such fees
shall be payable to the Special Servicer in respect of the Polo Towne Crossing
Mortgage Loan in the case of an assumption that involves the specified
transferee entity identified in the related Loan documents and in respect of
which such fees are to be paid to the UBS Mortgage Loan Seller (and such fees,
if received by the Master Servicer, shall be immediately forwarded to the UBS
Mortgage Loan Seller). Subject to the terms of the related Mortgage Loan
documents, no assumption of a Cross-Collateralized Mortgage Loan shall be made
without the assumption of all other Mortgage Loans making up the related
Cross-Collateralized Group. Further, subject to the terms of the related Loan
documents and applicable law, no assumption of a Loan shall be made unless all
costs in connection therewith, including any arising from seeking Rating Agency
confirmation, are paid by the related Mortgagor.

         (c) With respect to all Loans, the Special Servicer on behalf of the
Trustee as the mortgagee of record and, with respect to the Chrysler Building
Loan Pair, on behalf of the Chrysler Building Companion Loan Noteholder, shall,
to the extent permitted by applicable law, enforce the restrictions contained in
the related Loan documents on further encumbrances of the related Mortgaged
Property, unless the Special Servicer has determined, in its reasonable, good
faith judgment, that waiver of such restrictions would be in accordance with the
Servicing Standard (as evidenced by an Officer's Certificate setting forth the
basis for such determination delivered to the Trustee, the Master Servicer,

                                     -114-
<PAGE>

each Rating Agency and, with respect to the Chrysler Building Loan Pair, the
Chrysler Building Companion Loan Noteholder); provided that any such waiver of
such restrictions shall be subject to Section 3.08(d), Section 6.11 and Section
6.11A. Whenever the Master Servicer becomes aware of a further encumbrance on a
Mortgaged Property, or becomes aware that there is going to be a further
encumbrance on a Mortgaged Property, the Master Servicer shall immediately
notify the Special Servicer of such further encumbrance and deliver to the
Special Servicer all documents and records (or copies thereof) in the Master
Servicer's possession regarding the further encumbrance and such other documents
(or copies thereof) regarding the Loan as the Special Servicer shall reasonably
require in order to consider the request. To the extent permitted by the
applicable Loan documents and applicable law, the Special Servicer may charge
the related Mortgagor a fee in connection with any enforcement or waiver
contemplated in this subsection (c).

         (d) Notwithstanding anything to the contrary contained in this Section
3.08, if the then unpaid principal balance of the subject Loan is at least equal
to $20,000,000, neither the Master Servicer nor the Special Servicer shall waive
any restrictions contained in the related Mortgage on transfers of the related
Mortgaged Property or on transfers of interests in the related Mortgagor, unless
the Master Servicer or the Special Servicer, as the case may be, shall have
received prior written confirmation from each Rating Agency that such action
would not result in an Adverse Rating Event. In addition, notwithstanding
anything to the contrary contained in this Section 3.08, neither the Master
Servicer nor the Special Servicer shall in any event waive any restrictions
contained in any Mortgage on further encumbrances of the related Mortgaged
Property, unless the Special Servicer shall have received prior written
confirmation from each Rating Agency that such action would not result in an
Adverse Rating Event. In connection with any request for rating confirmation
from a Rating Agency pursuant to this Section 3.08(d), the Master Servicer or
the Special Servicer, as the case may be, shall deliver a Review Package to such
Rating Agency. Further, subject to the terms of the related Loan documents and
applicable law, no waiver of a restriction contained in the related Mortgage on
transfers of the related Mortgaged Property or interests in the related
Mortgagor or on further encumbrances thereof may be waived by the Master
Servicer or the Special Servicer unless all costs in connection therewith,
including any arising from seeking Rating Agency confirmation, are paid by the
related Mortgagor. To the extent not collected from the related Mortgagor, any
rating agency charges in connection with the foregoing shall be paid by the
Master Servicer as a Servicing Advance.

         SECTION 3.09. Realization Upon Defaulted Loans; Required Appraisals;
                       Appraisal Reduction Calculation.

         (a) The Special Servicer shall, subject to Sections 3.09(b), 3.09(c),
3.09(d), 6.11 and 6.11A, exercise reasonable efforts, consistent with the
Servicing Standard, to foreclose upon or otherwise comparably convert the
ownership of properties securing such of the Specially Serviced Loans as come
into and continue in default and as to which no satisfactory arrangements can be
made for collection of delinquent payments, including pursuant to Section 3.20;
provided that neither the Master Servicer nor the Special Servicer shall, with
respect to any ARD Loan after its Anticipated Repayment Date, take any
enforcement action with respect to the payment of Additional Interest (other
than the making of requests for its collection) unless (i) the taking of an
enforcement action with respect to the payment of other amounts due under such
ARD Loan is, in the good faith and reasonable judgment of

                                     -115-
<PAGE>

the Special Servicer, necessary, appropriate and consistent with the Servicing
Standard or (ii) all other amounts due under such ARD Loan have been paid, the
payment of such Additional Interest has not been forgiven in accordance with
Section 3.20 and, in the good faith and reasonable judgment of the Special
Servicer, the Liquidation Proceeds expected to be recovered in connection with
such enforcement action will cover the anticipated costs of such enforcement
action and, if applicable, any associated interest accrued on Advances. Subject
to Section 3.11(h), the Special Servicer shall advance all costs and expenses
incurred by it in any such proceedings, and shall be entitled to reimbursement
therefor as provided in Section 3.05(a) or Section 3.05A, as applicable. The
Special Servicer shall be responsible, consistent with the Servicing Standard,
for determining whether to exercise any rights it may have under the
cross-collateralization and/or cross-default provisions of a
Cross-Collateralized Mortgage Loan. Nothing contained in this Section 3.09 shall
be construed so as to require the Special Servicer, on behalf of the Trust Fund
and, in the case of the Chrysler Building Mortgaged Property, on behalf of the
Chrysler Building Companion Loan Noteholder, to make a bid on any Mortgaged
Property at a foreclosure sale or similar proceeding that is in excess of the
fair market value of such property, as determined by the Special Servicer in its
reasonable and good faith judgment taking into account the factors described in
Section 3.18(e) and the results of any appraisal obtained as provided below in
this Section 3.09, all such bids to be made in a manner consistent with the
Servicing Standard.

         If and when the Master Servicer or the Special Servicer deems it
necessary and prudent for purposes of establishing the fair market value of any
Mortgaged Property securing a defaulted Specially Serviced Loan, whether for
purposes of bidding at foreclosure or otherwise, it may have an appraisal
performed with respect to such property by an Independent Appraiser or other
expert in real estate matters, which appraisal shall take into account the
factors specified in Section 3.18(e), and the cost of which appraisal shall be
covered by, and be reimbursable as, a Servicing Advance; provided that if the
Master Servicer intends to obtain an appraisal in connection with the foregoing,
the Master Servicer shall so notify the Special Servicer and consult with the
Special Servicer regarding such appraisal.. If any Loan becomes a Required
Appraisal Loan, then the Special Servicer shall (i) obtain or conduct, as
applicable, a Required Appraisal within 60 days of such Loan's becoming a
Required Appraisal Loan (unless a Required Appraisal was obtained or conducted,
as applicable, with respect to such Required Appraisal Loan within the prior 12
months and the Special Servicer reasonably believes, in accordance with the
Servicing Standard, that no material change has subsequently occurred with
respect to the related Mortgaged Property that would draw into question the
applicability of such Required Appraisal) and (ii) obtain or conduct, as
applicable, an update of the prior Required Appraisal once every 12 months
thereafter for so long as such Loan or any successor REO Loan, as the case may
be, remains a Required Appraisal Loan. The Special Servicer shall deliver copies
of all such Required Appraisals and updated Required Appraisals to the Trustee,
the Master Servicer and, in the case of the Chrysler Building Mortgaged
Property, the Chrysler Building Companion Loan Noteholder, in each such case,
promptly following the Special Servicer's receipt of the subject item, and to
the Controlling Class Representative upon request, and based thereon, the
Special Servicer shall calculate and notify the Trustee, the Master Servicer,
the Controlling Class Representative and, in the case of the Chrysler Building
Loan Pair, the Chrysler Building Companion Loan Noteholder, of any resulting
Appraisal Reduction Amount. Such calculations by the Special Servicer shall be
subject to review and confirmation by the Master Servicer, provided that the
Master Servicer may rely on any information provided by the Special Servicer.
The Special Servicer shall advance the cost of each such Required Appraisal and
updated Required Appraisal; provided, however, that such expense will be subject
to reimbursement to the Special Servicer as a Servicing Advance out of the
related Custodial Account pursuant to Section 3.05(a) or Section 3.05A. At any
time that any Appraisal Reduction Amount exists with respect to any Required
Appraisal Loan, the Controlling Class Representative may, at its own expense,
obtain and deliver to the Master Servicer, the Special Servicer and the Trustee
an appraisal that satisfies the requirements of a "Required Appraisal", and upon
the written request of the Controlling

                                     -116-
<PAGE>

Class Representative, the Special Servicer shall recalculate (and shall be
obligated to recalculate annually thereafter) the Appraisal Reduction Amount in
respect of such Required Appraisal Loan based on the appraisal delivered by the
Controlling Class Representative and shall notify the Trustee, the Master
Servicer and the Controlling Class Representative of such recalculated Appraisal
Reduction Amount. At any time that any Appraisal Reduction Amount exists with
respect to the Chrysler Building Loan Pair during a period that the Loan Pair
constitutes a Required Appraisal Loan, the Chrysler Building Companion Loan
Noteholder may, at its own expense, obtain and deliver to the Master Servicer,
the Special Servicer and the Trustee an appraisal that satisfies the
requirements of a "Required Appraisal", and upon the written request of the
Chrysler Building Companion Loan Noteholder, the Special Servicer shall
recalculate (and shall be obligated to recalculate annually thereafter) the
Appraisal Reduction Amount in respect of the Chrysler Building Loan Pair based
on the appraisal delivered by the Chrysler Building Companion Loan Noteholder
and notify the Trustee, the Master Servicer and the Chrysler Building Companion
Loan Noteholder of such recalculated Appraisal Reduction Amount.

         (b) Notwithstanding any other provision of this Agreement, no Mortgaged
Property shall be acquired by the Special Servicer as part of the Trust Fund
(and, in the case of the Chrysler Building Mortgaged Property, on behalf of the
Chrysler Building Companion Loan Noteholder) under such circumstances, in such
manner or pursuant to such terms as would, in the reasonable, good faith
judgment of the Special Servicer (exercised in accordance with the Servicing
Standard), (i) cause such Mortgaged Property to fail to qualify as "foreclosure
property" within the meaning of Section 860G(a)(8) of the Code (unless the
portion of such REO Property that is not treated as "foreclosure property" and
that is held by REMIC I or the related Loan REMIC at any given time constitutes
not more than a de minimis amount of the assets of REMIC I or the related Loan
REMIC, as the case may be, within the meaning of Treasury regulation Section
1.860D-1(b)(3)(i) and (ii)), or (ii) except as permitted by Section 3.17(a),
subject the Trust Fund to the imposition of any federal income taxes under the
Code.

         In addition, the Special Servicer shall not acquire any personal
property pursuant to this Section 3.09 unless either:

            (i) such personal property is, in the reasonable, good faith
     judgment of the Special Servicer (exercised in accordance with the
     Servicing Standard), incident to real property (within the meaning of
     Section 856(e)(1) of the Code) so acquired by the Special Servicer; or

            (ii) the Special Servicer shall have obtained an Opinion of Counsel
     (the cost of which shall be covered by, and be reimbursable as, a Servicing
     Advance) to the effect that the holding of such personal property as part
     of the Trust Fund will not cause the imposition of a tax on any REMIC Pool
     under the REMIC Provisions or cause any REMIC Pool to fail to qualify as a
     REMIC at any time that any Certificate is outstanding.

         (c) Notwithstanding the foregoing provisions of this Section 3.09,
neither the Master Servicer nor the Special Servicer shall, on behalf of the
Trustee (and, in the case of the Chrysler Building Mortgaged Property, on behalf
of the Chrysler Building Companion Loan Noteholder), obtain title to a Mortgaged
Property by foreclosure, deed in lieu of foreclosure or otherwise, or take any
other action with respect to any Mortgaged Property, if, as a result of any such
action, the Trustee, on behalf of the Certificateholders (and, in the case of
the Chrysler Building Mortgaged Property, the Chrysler Building Companion Loan
Noteholder), could, in the reasonable, good faith judgment of the Master

                                     -117-
<PAGE>

Servicer or the Special Servicer, as the case may be, exercised in accordance
with the Servicing Standard, be considered to hold title to, to be a
"mortgagee-in-possession" of, or to be an "owner" or "operator" of such
Mortgaged Property within the meaning of CERCLA or any comparable law (a
"potentially responsible party"), unless such action is consistent with Section
6.11 or Section 6.11A, as applicable, and the Special Servicer has previously
determined (as evidenced by an Officer's Certificate to such effect delivered to
the Trustee (and, in the case of the Chrysler Building Mortgaged Property, the
Chrysler Building Companion Loan Noteholder) that shall specify all of the bases
for such determination), in accordance with the Servicing Standard and based on
an Environmental Assessment of such Mortgaged Property performed by an
Independent Person, who regularly conducts Environmental Assessments, within six
months prior to any such acquisition of title or other action (a copy of which
Environmental Assessment shall be delivered to the Trustee, the Master Servicer
and, in the case of the Chrysler Building Mortgaged Property, the Chrysler
Building Companion Loan Noteholder), that:

            (i) the Mortgaged Property is in compliance with applicable
     environmental laws and regulations or, if not, that it would (taking into
     account the coverage provided under any related Environmental Insurance
     Policy) maximize the recovery on the related Loan to the Certificateholders
     (as a collective whole) (or, if the Chrysler Building Loan Pair is
     involved, would maximize the recovery on the Chrysler Building Loan Pair to
     the Certificateholders and the Chrysler Building Loan Noteholder (as a
     collective whole)), on a present value basis (the relevant discounting of
     anticipated collections that will be distributable to Certificateholders
     (or, in the case of the Chrysler Building Loan Pair, to Certificateholders
     and the Chrysler Building Companion Loan Noteholder) to be performed at the
     related Mortgage Rate (or, in the case of the Chrysler Building Loan Pair,
     at the weighted average of the Mortgage Rates for the Chrysler Building
     Loan Pair)) to acquire title to or possession of the Mortgaged Property and
     to take such actions as are necessary to bring the Mortgaged Property into
     compliance therewith in all material respects; and

            (ii) there are no circumstances or conditions present at the
     Mortgaged Property relating to the use, management or disposal of Hazardous
     Materials for which investigation, testing, monitoring, containment,
     clean-up or remediation could be required under any applicable
     environmental laws and regulations or, if such circumstances or conditions
     are present for which any such action could reasonably be expected to be
     required, that it would (taking into account the coverage provided under
     any related Environmental Insurance Policy) maximize the recovery on the
     related Loan to the Certificateholders (as a collective whole) (or, if the
     Chrysler Building Loan Pair is involved, would maximize the recovery on the
     Chrysler Building Loan Pair to the Certificateholders and the Chrysler
     Building Companion Loan Noteholder (as a collective whole)), on a present
     value basis (the relevant discounting of anticipated collections that will
     be distributable to Certificateholders (or, in the case of the Chrysler
     Building Loan Pair, to Certificateholders and the Chrysler Building
     Companion Loan Noteholder) to be performed at the related Mortgage Rate
     (or, in the case of the Chrysler Building Loan Pair, at the weighted
     average of the Mortgage Rates for the Chrysler Building Loan Pair)) to
     acquire title to or possession of the Mortgaged Property and to take such
     actions with respect to the affected Mortgaged Property.

         The Special Servicer shall, in good faith, undertake reasonable efforts
to make the determination referred to in the preceding paragraph and may
conclusively rely on the Environmental

                                     -118-
<PAGE>

Assessment referred to above in making such determination. The cost of any such
Environmental Assessment shall be covered by, and reimbursable as, a Servicing
Advance; and if any such Environmental Assessment so warrants, the Special
Servicer shall perform or cause to be performed such additional environmental
testing as it deems necessary and prudent to determine whether the conditions
described in clauses (i) and (ii) of the preceding paragraph have been satisfied
(the cost of any such additional testing also to be covered by, and reimbursable
as, a Servicing Advance). The cost of any remedial, corrective or other further
action contemplated by clause (i) and/or clause (ii) of the preceding paragraph,
shall be payable out of the related Custodial Account pursuant to Section 3.05
or Section 3.05A, as applicable (or, in the case of the Chrysler Building Loan
Pair, to the extent the funds in the Chrysler Building Custodial Account are
insufficient, shall be advanced by the Master Servicer).

         (d) If the environmental testing contemplated by Section 3.09(c) above
establishes that any of the conditions set forth in clauses (i) and (ii) of the
first sentence thereof has not been satisfied with respect to any Mortgaged
Property securing a defaulted Loan, the Special Servicer shall take such action
as is in accordance with the Servicing Standard (other than proceeding against
the Mortgaged Property). At such time as it deems appropriate, the Special
Servicer may, on behalf of the Trust (and, if the Chrysler Building Companion
Loan is affected, the Chrysler Building Companion Loan Noteholder), subject to
Section 6.11 or Section 6.11A, as applicable, release all or a portion of such
Mortgaged Property from the lien of the related Mortgage; provided that, if such
Loan has a then outstanding principal balance greater than $1 million, then
prior to the release of all or a portion of the related Mortgaged Property from
the lien of the related Mortgage, (i) the Special Servicer shall have notified
the Rating Agencies, the Trustee and the Master Servicer in writing of its
intention to so release all or a portion of such Mortgaged Property and the
bases for such intention, (ii) the Trustee shall have notified the
Certificateholders (and, if the Chrysler Building Companion Loan is affected,
the Chrysler Building Companion Loan Noteholder) in writing of the Special
Servicer's intention to so release all or a portion of such Mortgaged Property,
and (iii) the Holders of Certificates entitled to a majority of the Voting
Rights shall not have objected to such release within 30 days of the Trustee's
distributing such notice.

         (e) The Special Servicer shall report to the Master Servicer, the
Underwriters, the Trustee and, if the Chrysler Building Companion Loan is
affected, the Chrysler Building Companion Loan Noteholder, monthly in writing as
to any actions taken by the Special Servicer with respect to any Mortgaged
Property that represents security for a defaulted Loan as to which the
environmental testing contemplated in Section 3.09(c) above has revealed that
any of the conditions set forth in clauses (i) and (ii) of the first sentence
thereof has not been satisfied, in each case until the earlier to occur of
satisfaction of all such conditions and release of the lien of the related
Mortgage on such Mortgaged Property.

         (f) The Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, the advisability of seeking to obtain a
deficiency judgment if the state in which the Mortgaged Property is located and
the terms of the affected Loan permit such an action, and shall, in accordance
with the Servicing Standard, seek such deficiency judgment if it deems advisable
(the cost of which undertaking shall be covered by, and be reimbursable as, a
Servicing Advance).

         (g) The Master Servicer shall, with the reasonable cooperation of the
Special Servicer, prepare and file information returns with respect to the
receipt of mortgage interest received with respect to any Mortgaged Property
required by Section 6050H of the Code and the reports of

                                     -119-
<PAGE>

foreclosures and abandonments of any Mortgaged Property and the information
returns relating to cancellation of indebtedness income with respect to any
Mortgaged Property required by Sections 6050J and 6050P of the Code. Such
reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

         (h) As soon as the Special Servicer makes a Final Recovery
Determination with respect to any Loan or REO Property, it shall promptly notify
the Trustee, the Master Servicer and, if the Chrysler Building Companion Loan is
affected, the Chrysler Building Companion Loan Noteholder. The Special Servicer
shall maintain accurate records, prepared by a Servicing Officer, of each such
Final Recovery Determination (if any) and the basis thereof. Each such Final
Recovery Determination (if any) shall be evidenced by an Officer's Certificate
delivered to the Trustee, the Master Servicer and, in the case of the Chrysler
Building Mortgaged Property, the Chrysler Building Companion Loan Noteholder, no
later than the seventh Business Day following such Final Recovery Determination.

         SECTION 3.10. Trustee and Custodian to Cooperate; Release of Mortgage
                       Files.

         (a) Upon the payment in full of any Loan, or the receipt by the Master
Servicer or the Special Servicer of a notification that payment in full shall be
escrowed in a manner customary for such purposes, the Master Servicer or the
Special Servicer shall promptly notify the Trustee (and, in the case of the
Chrysler Building Companion Loan, the Chrysler Building Companion Loan
Noteholder) by a certification (which certification shall be in the form of a
Request for Release in the form of Exhibit D-1 attached hereto and shall be
accompanied by the form of a release or discharge and shall include a statement
to the effect that all amounts received or to be received in connection with
such payment which are required to be deposited in the appropriate Custodial
Account pursuant to Section 3.04(a) or 3.04A(a), as applicable, have been or
will be so deposited) of a Servicing Officer (a copy of which certification
shall be delivered to the Special Servicer) and shall request delivery to it of
the related Mortgage File and, in the case of the Chrysler Building Companion
Loan, the original of the Mortgage Note for the Chrysler Building Companion
Loan. Upon receipt of such certification and request, the Trustee shall release,
or cause any related Custodian to release, the related Mortgage File (and, in
the case of the Chrysler Building Companion Loan, the Trustee shall cause the
Chrysler Building Companion Loan Noteholder to release the Mortgage Note for the
Chrysler Building Companion Loan) to the Master Servicer or Special Servicer and
shall deliver to the Master Servicer or Special Servicer, as applicable, such
release or discharge, duly executed. No expenses incurred in connection with any
instrument of satisfaction or deed of reconveyance shall be chargeable to the
Collection Account or any Custodial Account.

         (b) If from time to time, and as appropriate for servicing or
foreclosure of any Loan, the Master Servicer or the Special Servicer shall
otherwise require any Mortgage File (or any portion thereof) (or the original of
the Mortgage Note for the Chrysler Building Companion Loan), the Trustee, upon
request of the Master Servicer and receipt from the Master Servicer of a Request
for Release in the form of Exhibit D-1 attached hereto signed by a Servicing
Officer thereof, or upon request of the Special Servicer and receipt from the
Special Servicer of a Request for Release in the form of Exhibit D-2 attached
hereto, shall release, or cause any related Custodian to release, such Mortgage
File (or such portion thereof) (and, in the case of the Chrysler Building
Companion Loan, the Trustee shall cause the Chrysler Building Companion Loan
Noteholder to release the original of the Mortgage Note for the Chrysler
Building Companion Loan) to the Master Servicer or the Special Servicer, as the
case may be. Upon return of such Mortgage File (or such portion thereof) (or
such original Mortgage Note for the

                                     -120-
<PAGE>

Chrysler Building Companion Loan) to the Trustee or related Custodian (or to the
Chrysler Building Companion Loan Noteholder), or the delivery to the Trustee (or
to the Chrysler Building Companion Loan Noteholder) of a certificate of a
Servicing Officer of the Special Servicer stating that such Loan was liquidated
and that all amounts received or to be received in connection with such
liquidation that are required to be deposited into the related Custodial Account
pursuant to Section 3.04(a) or 3.04A(a), as applicable, have been or will be so
deposited, or that the related Mortgaged Property has become an REO Property,
the Request for Release shall be released by the Trustee or related Custodian to
the Master Servicer or the Special Servicer, as applicable.

         (c) Within seven Business Days (or within such shorter period (but no
less than three Business Days) as execution and delivery can reasonably be
accomplished if the Special Servicer notifies the Trustee (and, in the case of
the Chrysler Building Mortgaged Property, the Chrysler Building Companion Loan
Noteholder) of an exigency) of the Special Servicer's request therefor, the
Trustee shall execute and deliver to the Special Servicer (or the Special
Servicer may execute and deliver in the name of the Trustee (on behalf of the
Certificateholders and, in the case of the Chrysler Building Mortgaged Property,
also on behalf of the Chrysler Building Companion Loan Noteholder) based on a
limited power of attorney issued in favor of the Special Servicer pursuant to
Section 3.01(b)), in the form supplied to the Trustee, any court pleadings,
requests for trustee's sale or other documents stated by the Special Servicer to
be reasonably necessary to the foreclosure or trustee's sale in respect of a
Mortgaged Property or REO Property or to any legal action brought to obtain
judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment, or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise available at law or in equity or to
defend any legal action or counterclaim filed against the Trust Fund, the Master
Servicer, the Special Servicer or the Chrysler Building Companion Loan
Noteholder. Together with such documents or pleadings, the Special Servicer
shall deliver to the Trustee (and, in the case of the Chrysler Building
Mortgaged Property, the Chrysler Building Companion Loan Noteholder) a
certificate of a Servicing Officer requesting that such pleadings or documents
be executed by the Trustee and certifying as to the reason such documents or
pleadings are required and that the execution and delivery thereof by the
Trustee (on behalf of the Certificateholders and, in the case of the Chrysler
Building Mortgaged Property, also on behalf of the Chrysler Building Companion
Loan Noteholder) will not invalidate or otherwise affect the lien of the
Mortgage, except for the termination of such a lien upon completion of the
foreclosure or trustee's sale. Notwithstanding anything contained herein to the
contrary, neither the Master Servicer nor the Special Servicer shall, without
the Trustee's written consent: (i) except as relates to a Loan that the Master
Servicer or the Special Servicer, as applicable, is servicing pursuant to its
respective duties herein (in which case such servicer shall give notice to the
Trustee of the initiation), initiate any action, suit or proceeding solely under
the Trustee's name without indicating the Master Servicer's or Special
Servicer's, as applicable, representative capacity, or (ii) take any action with
the intent to cause, and that actually causes, the Trustee to be registered to
do business in any state.

         SECTION 3.11. Servicing Compensation; Payment of Expenses; Certain
                       Matters Regarding Servicing Advances.

         (a) As compensation for its activities hereunder, the Master Servicer
shall be entitled to receive the Master Servicing Fee with respect to each Loan
and REO Loan. As to each Loan and REO Loan, the Master Servicing Fee shall: (i)
accrue from time to time at the related Master Servicing Fee Rate on the same
principal amount as interest accrues from time to time on such Loan or is deemed
to accrue from time to time on such REO Loan; and (ii) be calculated on a 30/360
Basis (or, in the case

                                     -121-
<PAGE>

of the Chrysler Building Companion Loan or any related REO Loan, on an
Actual/360 Basis) (or, in the event that a Principal Prepayment in full or other
Liquidation Event shall occur with respect to a Loan or REO Loan on a date that
is not a Due Date, on the basis of the actual number of days to elapse from and
including the most recently preceding related Due Date to but excluding the date
of such Principal Prepayment or Liquidation Event in a month consisting of 30
days). The Master Servicing Fee with respect to any Loan or REO Loan shall cease
to accrue if a Liquidation Event occurs in respect thereof. Earned but unpaid
Master Servicing Fees shall be payable monthly, on a loan-by-loan basis, from
payments of interest on each Loan and REO Revenues allocable as interest on each
REO Loan. The Master Servicer shall be entitled to recover unpaid Master
Servicing Fees in respect of any Loan or REO Loan out of that portion of related
Insurance Proceeds or Liquidation Proceeds allocable as recoveries of interest,
to the extent permitted by Section 3.05(a) or Section 3.05A(a), as applicable.
The right to receive the Master Servicing Fee may not be transferred in whole or
in part except in connection with the transfer of all of the Master Servicer's
responsibilities and obligations under this Agreement.

         (b) Additional servicing compensation in the form of (i) Net Default
Charges, charges for beneficiary statements or demands, amounts collected for
checks returned for insufficient funds, and any similar fees (excluding
Prepayment Premiums and Yield Maintenance Charges), in each case to the extent
actually paid by a Mortgagor with respect to any Loan and accrued during the
time that such Loan was not a Specially Serviced Loan, (ii) 100% of each
modification fee or extension fee actually paid by a Mortgagor with respect to a
modification, extension, waiver or amendment agreed to by the Master Servicer
pursuant to Section 3.20(c) and 100% of any fee actually paid by a Mortgagor in
connection with a defeasance of a Loan as contemplated under Section 3.20(k),
and (iii) subject to the provisions of Section 3.08(a) with respect to the Polo
Towne Crossing Mortgage Loan, 50% of each assumption fee, and 100% of each
assumption application fee and each other applicable fee, for approving a
transfer of a Mortgaged Property or an interest in a Mortgagor, in each case
actually paid by a Mortgagor with respect to any assumption or substitution
agreement entered into by the Master Servicer on behalf of the Trust (or, in the
case of the Chrysler Building Companion Loan, on behalf of the Chrysler Building
Companion Loan Noteholder) pursuant to Section 3.08(a) or paid by a Mortgagor
with respect to any transfer of an interest in a Mortgagor pursuant to Section
3.08(a), shall be retained by the Master Servicer or promptly paid to the Master
Servicer by the Special Servicer and are not required to be deposited in any
Custodial Account. The Master Servicer shall also be entitled to additional
servicing compensation in the form of (i) Prepayment Interest Excesses (except
in the case of the Chrysler Building Companion Loan); (ii) interest or other
income earned on deposits in the Custodial Accounts in accordance with Section
3.06(b) (but only to the extent of the Net Investment Earnings, if any, with
respect to each such account for each Collection Period); and (iii) to the
extent not required to be paid to any Mortgagor under applicable law, any
interest or other income earned on deposits in the Servicing Accounts, the
Reserve Accounts and the Defeasance Deposit Account maintained thereby (but only
to the extent of the Net Investment Earnings, if any, with respect to each such
account for each Collection Period).

         (c) As compensation for its activities hereunder, the Special Servicer
shall be entitled to receive the Special Servicing Fee with respect to each
Specially Serviced Loan and each REO Loan. With respect to each Specially
Serviced Loan and REO Loan, for any calendar month (or portion thereof), the
Special Servicing Fee shall: (i) accrue from time to time at the Special
Servicing Fee Rate on the Stated Principal Balance of such Specially Serviced
Loan or REO Loan, as the case may be, outstanding immediately following the
Distribution Date in such calendar month; and (ii) be calculated on a 30/360
Basis (or, in the case of the Chrysler Building Companion Loan or any related
REO Loan,

                                     -122-
<PAGE>

on an Actual/360 Basis) (or, in the event that a Principal Prepayment in full or
other Liquidation Event shall occur with respect to a Specially Serviced Loan or
REO Loan on a date that is not a Due Date, on the basis of the actual number of
days to elapse from and including the most recently preceding related Due Date
to but excluding the date of such Principal Prepayment or Liquidation Event, in
a month consisting of 30 days and, in the case of any other partial period that
does not run from one Due Date through and including the day immediately
preceding the next Due Date, on the basis of the actual number of days in such
period in a month consisting of 30 days). The Special Servicing Fee with respect
to any Specially Serviced Loan or REO Loan shall cease to accrue as of the date
a Liquidation Event occurs in respect thereof or it becomes a Corrected Loan.
Earned but unpaid Special Servicing Fees shall be payable monthly out of general
collections on the Mortgage Loans and any REO Properties (or, in the case of
Special Servicing Fees in respect of the Chrysler Building Loan Pair, solely out
of collections relating to the Loan Pair or any related REO Property) on deposit
in the appropriate Custodial Account pursuant to Section 3.05(a) or Section
3.05A(a), as applicable.

         As further compensation for its services hereunder, the Special
Servicer shall be entitled to receive the Workout Fee with respect to each
Corrected Loan. As to each Corrected Loan, the Workout Fee shall be payable
from, and shall be calculated by application of the Workout Fee Rate to, all
collections of principal, interest (other than Default Interest and Additional
Interest), Prepayment Premiums and/or Yield Maintenance Charges received on such
Loan for so long as it remains a Corrected Loan; provided that no Workout Fee
shall be payable from, or based upon the receipt of, Liquidation Proceeds
collected in connection with the purchase of any such Specially Serviced Loan or
REO Property by a Controlling Class Certificateholder pursuant to Section
3.18(b), by the Master Servicer or the Special Servicer pursuant to Section
3.18(c), by the Depositor, Lehman Brothers, the Special Servicer, a Controlling
Class Certificateholder or the Master Servicer pursuant to Section 9.01, by the
Chrysler Building Companion Loan Noteholder or its designee pursuant to the
Chrysler Building Co-Lender Agreement, or by the Depositor pursuant to Section
2.03(a) or the UBS Mortgage Loan Seller pursuant to the UBS/Depositor Mortgage
Loan Purchase Agreement, or in connection with the condemnation or other
governmental taking of a Mortgaged Property or REO Property. The Workout Fee
with respect to any Corrected Loan will cease to be payable if such Corrected
Loan again becomes a Specially Serviced Loan or if the related Mortgaged
Property becomes an REO Property; provided that a new Workout Fee will become
payable if and when the particular Loan again becomes a Corrected Loan. If the
Special Servicer is terminated other than for cause (and other than as a result
of an Event of Default under Sections 7.01(a)(x), 7.01(a)(xi) or 7.01(a)(xii))
or resigns in accordance with the first sentence of the first paragraph of
Section 6.04, it shall retain the right to receive any and all Workout Fees
payable in respect of Loans that became Corrected Loans during the period that
it acted as Special Servicer and were still such at the time of such termination
or resignation (and the successor Special Servicer shall not be entitled to any
portion of such Workout Fees), in each case until the Workout Fee for any such
Loan ceases to be payable in accordance with the preceding sentence.

         As further compensation for its activities hereunder, the Special
Servicer shall also be entitled to receive the Liquidation Fee with respect to
each Specially Serviced Loan as to which it receives a full, partial or
discounted payoff and, subject to the provisos to the next sentence, each
Specially Serviced Loan and REO Property as to which it receives Liquidation
Proceeds. As to each Specially Serviced Loan or REO Property, the Liquidation
Fee shall be payable from, and shall be calculated by application of the
Liquidation Fee Rate to, such full, partial or discounted payoff and/or
Liquidation Proceeds (exclusive of any portion of such payoff or proceeds that
represents Default Interest and/or Additional Interest); provided that no
Liquidation Fee shall be payable with respect to

                                     -123-
<PAGE>

any such Specially Serviced Loan that becomes a Corrected Loan; and provided,
further, that no Liquidation Fee shall be payable from, or based upon the
receipt of, Liquidation Proceeds collected in connection with the purchase of
any such Specially Serviced Loan or REO Property by a Controlling Class
Certificateholder pursuant to Section 3.18(b), by the Master Servicer or the
Special Servicer pursuant to Section 3.18(c), by the Depositor, Lehman Brothers,
the Special Servicer, a Controlling Class Certificateholder or the Master
Servicer pursuant to Section 9.01, by the Chrysler Building Companion Loan
Noteholder or its designee pursuant to the Chrysler Building Co-Lender
Agreement, or by the Depositor pursuant to Section 2.03(a) or the UBS Mortgage
Loan Seller pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement
(including a repurchase of a Loan REMIC Mortgage Loan in connection with the
related Mortgagor's early exercise of its right to defease such Mortgage Loan),
or in connection with the condemnation or other governmental taking of a
Mortgaged Property or REO Property.

         Notwithstanding anything to the contrary herein, a Liquidation Fee and
a Workout Fee relating to the same Loan shall not be paid from the same proceeds
with respect to such Loan.

         The Special Servicer's right to receive the Special Servicing Fee, the
Workout Fee and the Liquidation Fee may not be transferred in whole or in part
except in connection with the transfer of all of the Special Servicer's
responsibilities and obligations under this Agreement.

         (d) Additional special servicing compensation in the form of (i) Net
Default Charges actually collected on the Loans that accrued with respect to a
Specially Serviced Loan or an REO Loan and (ii) subject to the provisions of
Section 3.08(a) and 3.08(b) with respect to the Polo Towne Crossing Mortgage
Loan, all assumption fees, assumption application fees, other fees payable for
approving a transfer of a Mortgaged Property or an interest in a Mortgagor,
modification fees and extension fees actually collected on the Loans that are
not otherwise payable to the Master Servicer as additional servicing
compensation pursuant to Section 3.11(b), shall be retained by the Special
Servicer or promptly paid to the Special Servicer by the Master Servicer, as the
case may be, and shall not be required to be deposited in any Custodial Account
pursuant to Section 3.04(a) or Section 3.04A(a). The Special Servicer shall also
be entitled to additional special servicing compensation in the form of interest
or other income earned on deposits in any of the REO Accounts, if established,
in accordance with Section 3.06(b) (but only to the extent of the Net Investment
Earnings, if any, with respect to such account for each Collection Period).

         (e) The Master Servicer and the Special Servicer shall each be required
to pay out of its own funds all expenses incurred by it in connection with its
servicing activities hereunder (including payment of any amounts due and owing
to any of its Sub-Servicers and the premiums for any blanket policy obtained by
it insuring against hazard losses pursuant to Section 3.07(b)), if and to the
extent such expenses are not payable directly out of any of the Custodial
Accounts or, in the case of the Special Servicer, any of the REO Accounts, and
neither the Master Servicer nor the Special Servicer shall be entitled to
reimbursement for such expenses except as expressly provided in this Agreement.

         (f) If the Master Servicer or Special Servicer is required under any
provision of this Agreement to make a Servicing Advance, but neither does so
within 15 days after such Advance is required to be made, the Trustee shall, if
it has actual knowledge of such failure on the part of the Master Servicer or
Special Servicer, as the case may be, give written notice of such failure, as
applicable, to the Master Servicer or the Special Servicer. If such Servicing
Advance is not made by the Master Servicer

                                     -124-
<PAGE>

or the Special Servicer within three Business Days after such notice is given to
the Master Servicer or the Special Servicer, as applicable, then (subject to
Section 3.11(h)) the Trustee shall make such Servicing Advance. If the Trustee
fails to make any Servicing Advance required to be made under this Agreement,
then (subject to Section 3.11(h)) the Fiscal Agent shall make such Servicing
Advance within one Business Day of such failure by the Trustee and, if so made,
the Trustee shall be deemed not to be in default under this Agreement.

         (g) The Master Servicer, the Special Servicer, the Trustee and the
Fiscal Agent shall each be entitled to receive interest at the Reimbursement
Rate in effect from time to time, compounded annually, accrued on the amount of
each Servicing Advance made thereby (with its own funds) for so long as such
Servicing Advance is outstanding, such interest to be payable: (i) out of any
Default Charges collected on or in respect of the Mortgage Pool during the same
Collection Period in which such Servicing Advance is reimbursed; and (ii) to the
extent that such Default Charges are insufficient, but not before the related
Advance has been reimbursed pursuant to this Agreement, out of general
collections on the Mortgage Loans and REO Properties on deposit in the Pool
Custodial Account (or, if such Servicing Advance was made with respect to the
Chrysler Building Loan Pair, out of other amounts on deposit in the Chrysler
Building Custodial Account). The Master Servicer shall reimburse itself, the
Special Servicer, the Trustee or the Fiscal Agent, as appropriate and in
accordance with Section 3.05(a) or Section 3.05A(a), as applicable, for any
Servicing Advance as soon as practicable after funds available for such purpose
are deposited in the related Custodial Account.

         (h) Notwithstanding anything herein to the contrary, none of the Master
Servicer, the Special Servicer, the Trustee or the Fiscal Agent shall be
required to make out of its own funds any Servicing Advance that would, if made,
constitute a Nonrecoverable Servicing Advance. The determination by either the
Master Servicer or the Special Servicer that it has made a Nonrecoverable
Servicing Advance or that any proposed Servicing Advance, if made, would
constitute a Nonrecoverable Servicing Advance, shall be made in accordance with
the Servicing Standard and shall be evidenced by an Officer's Certificate
delivered promptly to the Trustee and the Depositor (and, if affected thereby,
the Chrysler Building Companion Loan Noteholder), setting forth the basis for
such determination, together with a copy of any appraisal of the related
Mortgaged Property or REO Property, as the case may be (which appraisal shall be
an expense of the Trust, shall take into account the factors specified in
Section 3.18(e) and shall have been conducted by an Independent Appraiser in
accordance with the standards of the Appraisal Institute within the twelve
months preceding such determination of nonrecoverability), and further
accompanied by related Mortgagor operating statements and financial statements,
budgets and rent rolls of the related Mortgaged Property (to the extent
available and/or in the Master Servicer's or the Special Servicer's possession)
and any engineers' reports, environmental surveys or similar reports that the
Master Servicer or the Special Servicer may have obtained and that support such
determination. If the Master Servicer intends to obtain an appraisal in
connection with the foregoing, the Master Servicer shall so notify the Special
Servicer and consult with the Special Servicer regarding such appraisal. The
Trustee and the Fiscal Agent shall be entitled to rely, conclusively, on any
determination by the Master Servicer or the Special Servicer that a Servicing
Advance, if made, would be a Nonrecoverable Advance; provided, however, that if
the Master Servicer or the Special Servicer has failed to make a Servicing
Advance for reasons other than a determination by the Master Servicer or the
Special Servicer, as applicable, that such Servicing Advance would be a
Nonrecoverable Advance, the Trustee or the Fiscal Agent, as applicable, shall
make such Servicing Advance within the time periods required by Section 3.11(f)
unless the Trustee or the Fiscal Agent, in good faith, makes a determination
that such Servicing Advance would be a Nonrecoverable Advance.

                                     -125-
<PAGE>

         (i) Notwithstanding anything set forth herein to the contrary, the
Master Servicer shall (at the direction of the Special Servicer if a Specially
Serviced Loan or an REO Property is involved) pay directly out of the Pool
Custodial Account or the Chrysler Building Custodial Account, as applicable, any
servicing expense that, if advanced by the Master Servicer or the Special
Servicer, would constitute a Nonrecoverable Servicing Advance; provided that the
Master Servicer (or the Special Servicer, if a Specially Serviced Loan or an REO
Property is involved) has determined in accordance with the Servicing Standard
that making such payment, in the case of withdrawals from the Pool Custodial
Account, is in the best interests of the Certificateholders (as a collective
whole) or, in the case of the Chrysler Building Custodial Account, is in the
best interests of the Certificateholders and the Chrysler Building Companion
Loan Noteholder (as a collective whole), as evidenced in each case by an
Officer's Certificate delivered promptly to the Trustee, the Depositor, the
Controlling Class Representative and, if affected thereby, the Chrysler Building
Companion Loan Noteholder, setting forth the basis for such determination and
accompanied by any information that such Person may have obtained that supports
such determination. A copy of any such Officer's Certificate (and accompanying
information) of the Master Servicer shall also be promptly delivered to the
Special Servicer, and a copy of any such Officer's Certificate (and accompanying
information) of the Special Servicer shall also be promptly delivered to the
Master Servicer. The Master Servicer may conclusively rely on any information in
this regard provided by the Special Servicer (if other than the Master Servicer
or an Affiliate thereof).

         SECTION 3.12. Property Inspections; Collection of Financial Statements;
                       Delivery of Certain Reports.

         (a) The Special Servicer shall perform or cause to be performed a
physical inspection of a Mortgaged Property as soon as practicable after the
related Loan becomes a Specially Serviced Loan and annually thereafter for so
long as the related Loan remains a Specially Serviced Loan, the cost of which
shall be paid by the Special Servicer and shall be reimbursable as a Servicing
Advance. In addition, the Special Servicer shall perform or cause to be
performed a physical inspection of each of the REO Properties at least once per
calendar year, the cost of which shall be paid by the Special Servicer and shall
be reimbursable as a Servicing Advance. Beginning in 2002, the Master Servicer
shall at its expense perform or cause to be performed a physical inspection of
each Mortgaged Property securing a non-Specially Serviced Loan: (i) at least
once every two calendar years in the case of Mortgaged Properties securing Loans
that have outstanding principal balances of (or Mortgaged Properties having
allocated loan amounts of) $2,000,000 or less; and (ii) at least once every
calendar year in the case of all other such Mortgaged Properties. The Master
Servicer and the Special Servicer shall each promptly prepare or cause to be
prepared and deliver to the Trustee and each other a written report of each such
inspection performed by it that sets forth in detail the condition of the
Mortgaged Property and that specifies the existence of: (i) any sale, transfer
or abandonment of the Mortgaged Property of which the Master Servicer or the
Special Servicer, as applicable, is aware, (ii) any change in the condition or
value of the Mortgaged Property that the Master Servicer or the Special
Servicer, as applicable, in its reasonable, good faith judgment, considers
material, or (iii) any waste committed on the Mortgaged Property. The Master
Servicer and Special Servicer shall each forward copies of any such inspection
reports prepared by it to the Underwriters and the Controlling Class
Representative upon request, subject to payment of a reasonable fee.

         The Special Servicer, in the case of each Specially Serviced Loan and
REO Loan, and the Master Servicer, in the case of all other Loans, shall each,
consistent with the Servicing Standard, use

                                     -126-
<PAGE>

reasonable efforts to obtain quarterly, annual and other periodic operating
statements and rent rolls with respect to each of the related Mortgaged
Properties and REO Properties. The Special Servicer shall, promptly following
receipt, deliver copies of the operating statements and rent rolls received or
obtained by it to the Master Servicer, and the Master Servicer shall promptly
deliver copies of the operating statements and rent rolls received or obtained
by it to the Trustee, the Special Servicer or any Controlling Class
Certificateholder, in each case upon request. In addition to the foregoing and
solely with respect to the Chrysler Building Loan Pair, the Special Servicer and
the Master Servicer, as applicable, shall each, consistent with the Servicing
Standard, use reasonable efforts to obtain occupancy reports, sales reports for
retail tenants, 24-month rolling lease expiration schedules, reserve balances
and capital expenditure statements, as well as information as to bankrupt
tenants and tenants whose leases have expired and have not been renewed. The
Special Servicer shall, promptly following receipt, deliver copies of the
materials received or obtained by it pursuant to the foregoing sentence to the
Master Servicer, and the Master Servicer shall promptly deliver copies of all
such materials received or obtained by it pursuant to the foregoing sentence and
this sentence to the Trustee, the Special Servicer, any Controlling Class
Certificateholders and, in the case of the Chrysler Building Loan Pair, to the
Chrysler Building Companion Loan Noteholder, in each case upon request.

         Within 30 days after receipt by the Master Servicer of any annual
operating statements with respect to any Mortgaged Property or REO Property, the
Master Servicer shall prepare or update and forward to the Trustee, upon
request, a CMSA NOI Adjustment Worksheet for such Mortgaged Property or REO
Property (with the annual operating statements attached thereto as an exhibit).

         The Master Servicer shall prepare and maintain one CMSA Operating
Statement Analysis Report for each Mortgaged Property and REO Property. The CMSA
Operating Statement Analysis Report for each Mortgaged Property and REO Property
is to be updated by the Master Servicer, within 30 days after its receipt of
updated operating statements for a Mortgaged Property or REO Property, as the
case may be. The Master Servicer shall use the "Normalized" column from the CMSA
NOI Adjustment Worksheet for any Mortgaged Property or REO Property, as the case
may be, to update and normalize the corresponding annual year-end information in
the CMSA Operating Statement Analysis Report and shall use any annual operating
statements and related data fields received with respect to any Mortgaged
Property or REO Property, as the case may be, to prepare the CMSA NOI Adjustment
Worksheet for such property. Copies of CMSA Operating Statement Analysis Reports
and CMSA NOI Adjustment Worksheets are to be made available by the Master
Servicer to the Trustee, the Special Servicer or any Controlling Class
Certificateholder, in each case upon request.

         (b) Not later than 2:00 p.m. (New York City time) on the second
Business Day prior to each Determination Date, the Special Servicer shall
deliver or cause to be delivered to the Master Servicer the following reports
with respect to the Specially Serviced Loans and any REO Properties, providing
the required information as of the end of the preceding calendar month: (i) a
CMSA Property File; and (ii) a CMSA Comparative Financial Status Report. Not
later than 2:00 p.m. (New York City time) on the third Business Day prior to
each Distribution Date, the Special Servicer shall deliver or cause to be
delivered to the Master Servicer the following reports with respect to the
Specially Serviced Loans, any REO Properties and, to the extent that the subject
information relates to when they were Specially Serviced Loans, any Corrected
Loans: (i) a CMSA Delinquent Loan Status Report; (ii) a Loan Payoff Notification
Report; (iii) a CMSA Historical Liquidation Report; (iv) a CMSA Historical Loan
Modification Report; and (v) a CMSA REO Status Report.

                                     -127-
<PAGE>

         (c) Not later than 12:00 noon (New York City time) on the second
Business Day prior to each Distribution Date, the Master Servicer shall deliver
or cause to be delivered to the Trustee, the Rating Agencies, the Special
Servicer and, upon request, any Controlling Class Certificateholder: (i) the
most recent CMSA Historical Loan Modification Report, CMSA Historical
Liquidation Report and CMSA REO Status Report received from the Special Servicer
pursuant to Section 3.12(b); (ii) the most recent CMSA Property File, CMSA
Financial File, CMSA Loan Set-up File (if modified), CMSA Delinquent Loan Status
Report, CMSA Comparative Financial Status Report and Loan Payoff Notification
Report (in each case combining the reports prepared by the Special Servicer and
the Master Servicer); and (iii) a CMSA Servicer Watch List with information that
is current as of the related Determination Date. The Master Servicer shall
include on one of such reports updated information as of the applicable
Determination Date regarding the amount of accrued and unpaid interest on
Advances in accordance with Section 3.11(g), 4.03(d) and/or 4.03A(d), such
information to be presented on a loan-by-loan basis.

         (d) The Special Servicer shall deliver to the Master Servicer the
reports set forth in Section 3.12(b) in an electronic format reasonably
acceptable to the Special Servicer and the Master Servicer, and the Master
Servicer shall deliver to the Trustee, the Special Servicer and, upon request,
any Controlling Class Certificateholder the reports set forth in Section 3.12(c)
in an electronic format reasonably acceptable to the Master Servicer and the
Trustee. The Master Servicer may, absent manifest error, conclusively rely on
the reports to be provided by the Special Servicer pursuant to Section 3.12(b).
The Trustee may, absent manifest error, conclusively rely on the reports to be
provided by the Master Servicer pursuant to Section 3.12(c) to the extent that
the underlying information is solely within the control of the Master Servicer
or the Special Servicer. In the case of information or reports to be furnished
by the Master Servicer to the Trustee pursuant to Section 3.12(c), to the extent
that such information is based on reports to be provided by the Special Servicer
pursuant to Section 3.12(b) and/or that such reports are to be prepared and
delivered by the Special Servicer pursuant to Section 3.12(b), so long as the
Master Servicer and the Special Servicer are not the same Person or Affiliates,
the Master Servicer shall have no obligation to provide such information or
reports until it has received such information or reports from the Special
Servicer, and the Master Servicer shall not be in default hereunder due to a
delay in providing the reports required by Section 3.12(c) caused by the Special
Servicer's failure to timely provide any report required under Section 3.12(b)
of this Agreement.

         (e) The preparation and maintenance by the Master Servicer and the
Special Servicer of all the reports specified in this Section 3.12, including
the calculations made therein, shall be done in accordance with CMSA standards
to the extent applicable thereto.

         SECTION 3.12A. Delivery of Certain Reports to the Chrysler Building
                        Companion Loan Noteholder.

         (a) The Master Servicer and the Special Servicer shall each promptly
prepare or cause to be prepared and deliver to the Chrysler Building Companion
Loan Noteholder a written report, prepared in the manner set forth in Section
3.12, of each inspection performed by it with respect to the Chrysler Building
Mortgaged Property.

         The Master Servicer shall promptly deliver to the Chrysler Building
Companion Loan Noteholder: (i) copies of operating statements and rent rolls;
(ii) upon request, annual CMSA NOI Adjustment Worksheets (with annual operating
statements as exhibits); and (iii) annual CMSA

                                     -128-
<PAGE>

Operating Statement Analysis Reports, in each case prepared, received or
obtained by it pursuant to Section 3.12 with respect to the Chrysler Building
Mortgaged Property.

         (b) If the Chrysler Building Mortgage Loan and the Chrysler Building
Companion Loan constitute Specially Serviced Loans, or if the Chrysler Building
Mortgaged Property has become an REO Property, then each calendar month, not
later than 2:00 p.m. (New York City time) on the second Business Day prior to
each Determination Date, the Special Servicer shall deliver or cause to be
delivered to the Master Servicer the following reports with respect to the
Chrysler Building Loan Pair and/or the Chrysler Building Mortgaged Property,
providing the required information as of the end of the preceding calendar
month: (i) a CMSA Property File; and (ii) a CMSA Comparative Financial Status
Report. If the Chrysler Building Mortgage Loan and the Chrysler Building
Companion Loan constitute Specially Serviced Loans, or if the Chrysler Building
Mortgaged Property has become an REO Property, then each calendar month, not
later than 2:00 p.m. (New York City time) on the later of the related
Determination Date in such month and the second Business Day prior to the
Chrysler Building Remittance Date in such month, the Special Servicer shall
deliver or cause to be delivered to the Master Servicer such of the following
reports as may be relevant with respect to the Chrysler Building Loan Pair: (i)
a CMSA Delinquent Loan Status Report; (ii) a Loan Payoff Notification Report,
(iii) a CMSA Historical Liquidation Report; (iv) a CMSA Historical Loan
Modification Report; and (v) a CMSA REO Status Report.

         (c) Not later than 12:00 noon (New York City time) on the Business Day
prior to each Chrysler Building Remittance Date, the Master Servicer shall
prepare all Loan Pair Servicing Reports as may be relevant and that are not
otherwise required to be prepared by the Special Servicer pursuant to Section
3.12A(b). The Master Servicer shall include on one of such reports updated
information as of the applicable Determination Date regarding the amount of
accrued and unpaid interest on Advances in accordance with Section 3.11(g),
4.03(d) and/or 4.03A(d), such information to be presented on a loan-by-loan
basis.

         (d) The Special Servicer shall deliver to the Master Servicer the
reports set forth in Section 3.12A(b) in an electronic format reasonably
acceptable to the Special Servicer and the Master Servicer. The Master Servicer
may, absent manifest error, conclusively rely on the reports to be provided by
the Special Servicer pursuant to Section 3.12A(b). In the case of information or
reports to be furnished by the Master Servicer to the Chrysler Building
Companion Loan Noteholder pursuant to Section 3.12B(a), to the extent that such
information is based on reports to be provided by the Special Servicer pursuant
to Section 3.12A(b) and/or that such reports are to be prepared and delivered by
the Special Servicer pursuant to Section 3.12A(b), so long as the Master
Servicer and the Special Servicer are not the same Person or Affiliates, the
Master Servicer shall have no obligation to provide such information or reports
until it has received such information or reports from the Special Servicer, and
the Master Servicer shall not be in default hereunder due to a delay in
providing the reports required by Section 3.12B(a) caused by the Special
Servicer's failure to timely provide any report required under Section 3.12A(b)
of this Agreement.

         (e) The preparation and maintenance by the Master Servicer and the
Special Servicer of all the reports specified in this Section 3.12A, including
the calculations made therein, shall be done in accordance with CMSA standards,
to the extent applicable thereto.

         SECTION 3.12B. Statements to the Chrysler Building Companion Loan
                        Noteholder.

                                     -129-
<PAGE>

         (a) On the Business Day prior to each Chrysler Building Remittance
Date, the Master Servicer shall forward to the Chrysler Building Companion Loan
Noteholder all Loan Pair Servicing Reports prepared with respect to Chrysler
Building Loan Pair, pursuant to Section 3.12A, during the calendar month in
which such Chrysler Building Remittance Date occurs.

         (b) The Master Servicer shall only be obligated to deliver the
statements, reports and information contemplated by Section 3.12B(a) to the
extent it receives the necessary underlying information from the Special
Servicer and shall not be liable for its failure to deliver such statements,
reports and information on the prescribed due dates, to the extent caused by the
failure of the Special Servicer to deliver timely such underlying information.
Nothing herein shall obligate the Master Servicer or the Special Servicer to
violate any applicable law prohibiting disclosure of information with respect to
the related Mortgagor, and the failure of the Master Servicer or the Special
Servicer to disseminate information for such reason shall not be a breach
hereunder.

         Absent manifest error of which it has actual knowledge, neither the
Master Servicer nor the Special Servicer shall be responsible for the accuracy
or completeness of any information supplied to it by a Mortgagor, a Mortgage
Loan Seller or third party that is included in any reports, statements,
materials or information prepared or provided by the Master Servicer or the
Special Servicer, as applicable, pursuant to this Agreement. Neither the Master
Servicer nor the Special Servicer shall have any obligation to verify the
accuracy or completeness of any information provided by a Mortgagor, a Mortgage
Loan Seller, a third party or each other.

         SECTION 3.13. Annual Statement as to Compliance.

         Each of the Master Servicer and the Special Servicer shall deliver to
the Trustee, the Rating Agencies, the Depositor, the Underwriters, the Chrysler
Building Companion Loan Noteholder and each other, on or before April 30 of each
year, beginning in 2002 (or, as to any such year, such earlier date as is
contemplated by the last sentence of this Section 3.13), an Officer's
Certificate (the "Annual Performance Certification") stating, as to the signer
thereof, that (i) a review of the activities of the Master Servicer or the
Special Servicer, as the case may be, during the preceding calendar year (or, in
the case of the first such certification, during the period from the Closing
Date to December 31, 2001, inclusive) and, in particular, of its performance
under this Agreement, has been made under such officer's supervision, (ii) to
the best of such officer's knowledge, based on such review, the Master Servicer
or the Special Servicer, as the case may be, has fulfilled all of its material
obligations under this Agreement in all material respects throughout such
preceding calendar year or portion thereof (or, if there has been a default in
the fulfillment of any such obligation, specifying each such default known to
such officer and the nature and status thereof), and (iii) the Master Servicer
or the Special Servicer, as the case may be, has received no notice regarding
the qualification, or challenging the status, of any REMIC Pool as a REMIC or
the Grantor Trust as a grantor trust, from the IRS or any other governmental
agency or body (or, if it has received any such notice, specifying the details
thereof). Notwithstanding the timing provided for in the first sentence of this
paragraph, if (as confirmed in writing by the Depositor) the Depositor is
required to file a Form 10-K with the Commission in respect of the Trust
covering any particular calendar year, then the Annual Performance Certification
to be delivered by each of the Master Servicer and the Special Servicer during
the following year, shall be delivered on or before March 15 of such following
year; and the Master Servicer and the Special Servicer are hereby notified that
the Depositor is required to file a Form 10-K with the Commission in respect of
the Trust covering calendar year 2001.

                                     -130-
<PAGE>

         SECTION 3.14. Reports by Independent Public Accountants.

         On or before April 30 of each year, beginning in 2002 (or, as to any
such year, such earlier date as is contemplated by the last sentence of this
paragraph), each of the Master Servicer and the Special Servicer at its expense
shall cause a firm of independent public accountants (which may also render
other services to the Master Servicer or the Special Servicer) that is a member
of the American Institute of Certified Public Accountants to furnish a statement
(the "Annual Accountants' Report") to the Trustee, the Rating Agencies, the
Depositor, the Underwriters, the Chrysler Building Companion Loan Noteholder and
each other, to the effect that (i) such firm has obtained a letter of
representation regarding certain matters from the management of the Master
Servicer or the Special Servicer, as applicable, which includes an assertion
that the Master Servicer or the Special Servicer, as applicable, has complied
with certain minimum mortgage loan servicing standards (to the extent applicable
to commercial and multifamily mortgage loans), identified in the Uniform Single
Attestation Program for Mortgage Bankers established by the Mortgage Bankers
Association of America, with respect to the servicing of commercial and
multifamily mortgage loans during the most recently completed calendar year and
(ii) on the basis of an examination conducted by such firm in accordance with
standards established by the American Institute of Certified Public Accountants,
such representation is fairly stated in all material respects, subject to such
exceptions and other qualifications that may be appropriate. In rendering its
report such firm may rely, as to matters relating to the direct servicing of
commercial and multifamily mortgage loans by sub-servicers, upon comparable
reports of firms of independent certified public accountants rendered (within
one year of such report) on the basis of examinations conducted in accordance
with the same standards with respect to those sub-servicers. Notwithstanding the
timing provided for in the first sentence of this paragraph, if (as confirmed in
writing by the Depositor) the Depositor is required to file a Form 10-K with the
Commission in respect of the Trust covering any particular calendar year, then
the Annual Accountants' Report to be delivered on behalf of each of the Master
Servicer and the Special Servicer during the following year, shall be delivered
on or before March 15 of such following year; and the Master Servicer and the
Special Servicer are hereby notified that the Depositor is required to file a
Form 10-K with the Commission in respect of the Trust covering calendar year
2001.

         The Master Servicer and the Special Servicer, to the extent applicable,
will reasonably cooperate with the Depositor in conforming any reports delivered
pursuant to this Section 3.14 to requirements imposed by the Commission on the
Depositor in connection with the Depositor's reporting requirements in respect
of the Trust Fund pursuant to the Exchange Act, provided that the Master
Servicer and Special Servicer shall each be entitled to charge the Depositor for
any reasonable additional costs and expenses incurred in affording the Depositor
such cooperation.

         SECTION 3.15. Access to Certain Information.

         Each of the Master Servicer and the Special Servicer shall afford to
the Trustee, the Underwriters, the Rating Agencies, the Depositor, any
Certificateholder, the Chrysler Building Companion Loan Noteholder and any
Certificate Owner (identified as such to the reasonable satisfaction of the
Master Servicer or the Special Servicer, as the case may be), and to the OTS,
the FDIC and any other banking or insurance regulatory authority that may
exercise authority over any Certificateholder, Certificate Owner (identified as
such to the reasonable satisfaction of the Master Servicer or the Special
Servicer, as the case may be) or the Chrysler Building Companion Loan
Noteholder, access to any records regarding the Loans and the servicing thereof
within its control (which access shall be limited, in

                                     -131-
<PAGE>

the case of the Chrysler Building Companion Loan Noteholder or any regulatory
authority seeking such access in respect of the Chrysler Building Companion Loan
Noteholder, to records relating to the Chrysler Building Companion Loan), except
to the extent it is prohibited from doing so by applicable law or contract or to
the extent such information is subject to a privilege under applicable law to be
asserted on behalf of the Certificateholders or the Chrysler Building Companion
Loan Noteholder. Such access shall be afforded only upon reasonable prior
written request and during normal business hours at the offices of the Master
Servicer or the Special Servicer, as the case may be, designated by it.

         In connection with providing or granting any information or access
pursuant to the prior paragraph to a Certificateholder, a Certificate Owner, the
Chrysler Building Companion Loan Noteholder or any regulatory authority that may
exercise authority over a Certificateholder, a Certificate Owner or the Chrysler
Building Companion Loan Noteholder, the Master Servicer and the Special Servicer
may each require payment from such Certificateholder, a Certificate Owner or the
Chrysler Building Companion Loan Noteholder of a sum sufficient to cover the
reasonable costs and expenses of providing such information or access, including
copy charges and reasonable fees for employee time and for space; provided that
no charge may be made if such information or access was required to be given or
made available under applicable law. In connection with providing
Certificateholders and Certificate Owners access to the information described in
the preceding paragraph, the Master Servicer and the Special Servicer shall
require a written confirmation executed by the requesting Person substantially
in such form as may be reasonably acceptable to the Master Servicer or the
Special Servicer, as the case may be, generally to the effect that such Person
is a Holder of Certificates or a beneficial holder of Book-Entry Certificates
and will keep such information confidential.

         SECTION 3.16. Title to REO Property; REO Accounts.

         (a) If title to any REO Property is acquired, the deed or certificate
of sale shall be issued to the Trustee or its nominee on behalf of the
Certificateholders and, in the case where such REO Property was previously the
Chrysler Building Mortgaged Property, on behalf of the Chrysler Building
Companion Loan Noteholder. The Special Servicer, on behalf of the Trust Fund
and, if affected, the Chrysler Building Companion Loan Noteholder, shall sell
any REO Property by the end of the third calendar year (or, in the case of
"qualified healthcare properties" within the meaning of Section 856(e)(6) of the
Code, the second calendar year) following the calendar year in which REMIC I
(or, if applicable, the related Loan REMIC) acquires ownership of such REO
Property for purposes of Section 860G(a)(8) of the Code, unless the Special
Servicer either (i) applies, more than 60 days prior to the end of such third
succeeding year, for and is granted an extension of time (an "REO Extension") by
the IRS to sell such REO Property or (ii) obtains for the Trustee an Opinion of
Counsel, addressed to the Trustee, the Special Servicer and the Master Servicer,
to the effect that the holding by REMIC I (or, if applicable, the related Loan
REMIC) of such REO Property subsequent to the end of such third succeeding year
(or, in the case of "qualified healthcare properties" within the meaning of
Section 856(e)(6) of the Code, such second succeeding year) will not result in
the imposition of taxes on "prohibited transactions" (as defined in Section 860F
of the Code) of any REMIC Pool or cause any REMIC Pool to fail to qualify as a
REMIC at any time that any Certificates are outstanding. If the Special Servicer
is granted the REO Extension contemplated by clause (i) of the immediately
preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii)
of the immediately preceding sentence, the Special Servicer shall sell the
subject REO Property within such extended period as is permitted by such REO
Extension or such Opinion of Counsel, as the case may be. Any expense incurred
by the Special Servicer in connection with its obtaining the REO Extension
contemplated by

                                     -132-
<PAGE>

clause (i) of the second preceding sentence or its obtaining the Opinion of
Counsel contemplated by clause (ii) of the second preceding sentence, shall be
covered by, and reimbursable as, a Servicing Advance.

         (b) The Special Servicer shall segregate and hold all funds collected
and received in connection with any REO Property separate and apart from its own
funds and general assets. If an REO Acquisition shall occur in respect of any
Mortgaged Property other than the Chrysler Building Mortgaged Property, the
Special Servicer shall establish and maintain one or more accounts
(collectively, the "Pool REO Account"), held on behalf of the Trustee in trust
for the benefit of the Certificateholders, for the retention of revenues and
other proceeds derived from each REO Property. If such REO Acquisition occurs
with respect to the Chrysler Building Mortgaged Property, the Special Servicer
shall establish an REO Account solely with respect to such property (the
"Chrysler Building REO Account"), to be held for the benefit of the
Certificateholders and the Chrysler Building Companion Loan Noteholder. The Pool
REO Account and the Chrysler Building REO Account shall each be an Eligible
Account. The Special Servicer shall deposit, or cause to be deposited, in the
related REO Account, upon receipt, all REO Revenues, Insurance Proceeds and
Liquidation Proceeds received in respect of any REO Property. Funds in an REO
Account (other than any such funds representing Additional Interest) may be
invested in Permitted Investments in accordance with Section 3.06. The Special
Servicer shall be entitled to make withdrawals from an REO Account to pay
itself, as additional special servicing compensation in accordance with Section
3.11(d), interest and investment income earned in respect of amounts held in
such REO Account as provided in Section 3.06(b) (but only to the extent of the
Net Investment Earnings with respect to such REO Account for any Collection
Period). The Special Servicer shall give notice to the Trustee and the Master
Servicer of the location of each REO Account, and shall give notice to the
Chrysler Building Companion Loan Noteholder of the location of the Chrysler
Building REO Account, in each case when first established and of the new
location of any such REO Account prior to any change thereof.

         (c) The Special Servicer shall withdraw from the related REO Account
funds necessary for the proper operation, management, leasing, maintenance and
disposition of any REO Property, but only to the extent of amounts on deposit in
the REO Account relating to such REO Property. On the Business Day following
each Determination Date, the Special Servicer shall withdraw from each REO
Account and deposit into the corresponding Custodial Account (or deliver to the
Master Servicer or such other Person as may be designated by the Master Servicer
for deposit into the corresponding Custodial Account) the aggregate of all
amounts received in respect of each REO Property during the Collection Period
ending on such Determination Date, net of any withdrawals made out of such
amounts pursuant to the preceding sentence; provided that the Special Servicer
may retain in an REO Account such portion of proceeds and collections in respect
of any related REO Property as may be necessary to maintain a reserve of
sufficient funds for the proper operation, management, leasing, maintenance and
disposition of such REO Property (including the creation of a reasonable reserve
for repairs, replacements, necessary capital replacements and other related
expenses), such reserve not to exceed an amount sufficient to cover such items
to be incurred during the following twelve-month period. For purposes of the
foregoing, the Pool REO Account and the Chrysler Building REO Account correspond
to the Pool Custodial Account and the Chrysler Building Custodial Account,
respectively.

         (d) The Special Servicer shall keep and maintain separate records, on a
property-by-property basis, for the purpose of accounting for all deposits to,
and withdrawals from, each REO

                                     -133-
<PAGE>

Account pursuant to Section 3.16(b) or (c). The Special Servicer shall provide
the Master Servicer any information with respect to each REO Account as is
reasonably requested by the Master Servicer.

         SECTION 3.17. Management of REO Property.

         (a) Prior to the acquisition of title to a Mortgaged Property, other
than the Chrysler Building Mortgaged Property, the Special Servicer shall review
the operation of such Mortgaged Property and determine the nature of the income
that would be derived from such property if it were acquired by the Trust Fund.
If the Special Servicer determines from such review that:

            (i) None of the income from Directly Operating such Mortgaged
     Property would be subject to tax as "net income from foreclosure property"
     within the meaning of the REMIC Provisions or would be subject to the tax
     imposed on "prohibited transactions" under Section 860F of the Code (either
     such tax referred to herein as an "REO Tax"), then such Mortgaged Property
     may be Directly Operated by the Special Servicer as REO Property;

            (ii) Directly Operating such Mortgaged Property as REO Property
     could result in income from such property that would be subject to an REO
     Tax, but that a lease of such property to another party to operate such
     property, or the performance of some services by an Independent Contractor
     with respect to such property, or another method of operating such property
     would not result in income subject to an REO Tax, then the Special Servicer
     may (provided, that in the good faith and reasonable judgment of the
     Special Servicer, it is commercially reasonable) acquire such Mortgaged
     Property as REO Property and so lease or operate such REO Property; or

            (iii) It is reasonable to believe that Directly Operating such
     property as REO Property could result in income subject to an REO Tax and
     that no commercially reasonable means exists to operate such property as
     REO Property without the Trust Fund incurring or possibly incurring an REO
     Tax on income from such property, the Special Servicer shall deliver to the
     Tax Administrator, in writing, a proposed plan (the "Proposed Plan") to
     manage such property as REO Property. Such plan shall include potential
     sources of income, and, to the extent reasonably possible, estimates of the
     amount of income from each such source. Upon request of the Special
     Servicer, the Tax Administrator shall advise the Special Servicer of the
     Tax Administrator's federal income tax reporting position with respect to
     the various sources of income that the Trust Fund would derive under the
     Proposed Plan. After receiving the information described in the preceding
     sentence from the Tax Administrator, the Special Servicer shall implement
     the Proposed Plan (after acquiring the respective Mortgaged Property as REO
     Property), with any amendments required to be made thereto as a result of
     the Tax Administrator's tax reporting position.

         The Special Servicer's decision as to how each REO Property, other than
the REO Property that was formerly the Chrysler Building Mortgaged Property,
shall be managed and operated shall be based on the Servicing Standard and,
further, based on the good faith and reasonable judgment of the Special Servicer
as to which means would be in the best interest of the Certificateholders by
maximizing (to the extent commercially reasonable and consistent with Section
3.17(b)) the net after-tax REO Revenues received by the Trust Fund with respect
to such property without materially impairing the Special Servicer's ability to
promptly sell the REO Property for a fair price. In connection with performing
their respective duties under this Section 3.17(a), both the Special Servicer
and the Tax

                                     -134-
<PAGE>

Administrator may consult with counsel and tax accountants, the reasonable cost
of which consultation shall be covered by, and be reimbursable as, a Servicing
Advance to be made by the Special Servicer.

         (b) If title to any REO Property, other than the REO Property that was
formerly the Chrysler Building Mortgaged Property, is acquired, the Special
Servicer shall manage, conserve, protect and operate such REO Property for the
benefit of the Certificateholders solely for the purpose of its prompt
disposition and sale in a manner that does not and will not: (i) cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code for purposes of Section 860D(a) of the Code; or
(ii) except as contemplated by Section 3.17(a), either result in the receipt by
any REMIC Pool of any "income from non-permitted assets" within the meaning of
Section 860F(a)(2)(B) of the Code or result in an Adverse REMIC Event or an
Adverse Grantor Trust Event. Subject to the foregoing, however, the Special
Servicer shall have full power and authority to do any and all things in
connection therewith as are consistent with the Servicing Standard and,
consistent therewith, shall withdraw from the Pool REO Account, to the extent of
amounts on deposit therein with respect to any such REO Property, funds
necessary for the proper operation, management, maintenance and disposition of
such REO Property, including:

            (i) all insurance premiums due and payable in respect of such REO
     Property;

            (ii) all real estate taxes and assessments in respect of such REO
     Property that may result in the imposition of a lien thereon;

            (iii) any ground rents in respect of such REO Property; and

            (iv) all costs and expenses necessary to maintain, lease, sell,
     protect, manage, operate and restore such REO Property.

         To the extent that amounts on deposit in the Pool REO Account in
respect of any REO Property are insufficient for the purposes set forth in the
preceding sentence with respect to such REO Property, the Special Servicer shall
make Servicing Advances in such amounts as are necessary for such purposes
unless the Special Servicer determines, in accordance with the Servicing
Standard, that such payment would be a Nonrecoverable Advance; provided,
however, that the Special Servicer may make any such Servicing Advance without
regard to recoverability if it is a necessary fee or expense incurred in
connection with the defense or prosecution of legal proceedings. The Special
Servicer shall notify the Master Servicer if it shall have made any such
Servicing Advance within the previous 30-day period.

         (c) Without limiting the generality of the foregoing, the Special
Servicer shall not:

            (i) enter into, renew or extend any New Lease with respect to any
     REO Property, if the New Lease, by its terms would give rise to any income
     that does not constitute Rents from Real Property;

            (ii) permit any amount to be received or accrued under any New Lease
     other than amounts that will constitute Rents from Real Property;

            (iii) authorize or permit any construction on any REO Property,
     other than the completion of a building or other improvement thereon, and
     then only if more than 10% of

                                     -135-
<PAGE>

     the construction of such building or other improvement was completed before
     default on the related Mortgage Loan became imminent, all within the
     meaning of Section 856(e)(4)(B) of the Code; or

            (iv) Directly Operate, or allow any other Person, other than an
     Independent Contractor, to Directly Operate any Mortgaged Property as REO
     Property on any date more than 90 days after the related REO Acquisition;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the Special Servicer as a Servicing
Advance) to the effect that such action would not cause such REO Property to
fail to qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code for purposes of Section 860D(a) of the Code at any time
that it is held by REMIC I (or, if applicable, the related Loan REMIC), in which
case the Special Servicer may take such actions as are specified in such Opinion
of Counsel.

         (d) The Special Servicer may contract with any Independent Contractor
for the operation and management of any REO Property (other than the REO
Property that was formerly the Chrysler Building Mortgaged Property, which is
covered by Section 3.17A), provided that:

            (i) the terms and conditions of any such contract shall not be
     inconsistent herewith and shall reflect an agreement reached at arm's
     length;

            (ii) the fees of such Independent Contractor (which shall be
     expenses of the Trust Fund) shall be reasonable and customary in
     consideration of the nature and locality of such REO Property;

            (iii) except as permitted under Section 3.17(a), any such contract
     shall require, or shall be administered to require, that the Independent
     Contractor, in a timely manner, (A) pay all costs and expenses incurred in
     connection with the operation and management of such REO Property,
     including those listed in Section 3.17(b) above, and (B) except to the
     extent that such revenues are derived from any services rendered by the
     Independent Contractor to tenants of such REO Property that are not
     customarily furnished or rendered in connection with the rental of real
     property (within the meaning of Section 1.856-4(b)(5) of the Treasury
     regulations or any successor provision), remit all related revenues
     collected (net of its fees and such costs and expenses) to the Special
     Servicer upon receipt;

            (iv) none of the provisions of this Section 3.17(d) relating to any
     such contract or to actions taken through any such Independent Contractor
     shall be deemed to relieve the Special Servicer of any of its duties and
     obligations hereunder with respect to the operation and management of such
     REO Property; and

            (v) the Special Servicer shall be obligated with respect thereto to
     the same extent as if it alone were performing all duties and obligations
     in connection with the operation and management of such REO Property.

         The Special Servicer shall be entitled to enter into any agreement with
any Independent Contractor performing services for it related to its duties and
obligations under Section 3.16 and this Section 3.17 for indemnification of the
Special Servicer by any such Independent Contractor, and

                                     -136-
<PAGE>

nothing in this Agreement shall be deemed to limit or modify such
indemnification. No agreement entered into pursuant to this Section 3.17(d)
shall be deemed a Sub-Servicing Agreement for purposes of Section 3.22.

         SECTION 3.17A. Management and Disposition of the Chrysler Building
                        Mortgaged Property After Becoming REO Property.

         (a) Prior to the acquisition of title to the Chrysler Building
Mortgaged Property the Special Servicer shall review the operation of such
Mortgaged Property and determine the nature of the income that would be derived
from such property if it were acquired by the Trust Fund. If the Special
Servicer determines from such review that:

            (i) None of the income from Directly Operating such Mortgaged
     Property would be subject to an REO Tax, then such Mortgaged Property may
     be Directly Operated by the Special Servicer as REO Property;

            (ii) Directly Operating such Mortgaged Property as REO Property
     could result in income from such property that would be subject to an REO
     Tax, but that a lease of such property to another party to operate such
     property, or the performance of some services by an Independent Contractor
     with respect to such property, or another method of operating such property
     would not result in income subject to an REO Tax, then the Special Servicer
     may (provided, that in the good faith and reasonable judgment of the
     Special Servicer, it is commercially reasonable) acquire such Mortgaged
     Property as REO Property and so lease or operate such REO Property; or

            (iii) It is reasonable to believe that Directly Operating such
     property as REO Property could result in income subject to an REO Tax and
     that no commercially reasonable means exists to operate such property as
     REO Property without the Trust Fund incurring or possibly incurring an REO
     Tax on income from such property, the Special Servicer shall deliver to the
     Tax Administrator, in writing, a Proposed Plan to manage such property as
     REO Property. Such plan shall include potential sources of income, and, to
     the extent reasonably possible, estimates of the amount of income from each
     such source. Upon request of the Special Servicer, the Tax Administrator
     shall advise the Special Servicer of the Tax Administrator's federal income
     tax reporting position with respect to the various sources of income that
     the Trust Fund would derive under the Proposed Plan. After receiving the
     information described in the preceding sentence from the Tax Administrator,
     the Special Servicer shall implement the Proposed Plan (after acquiring the
     respective Mortgaged Property as REO Property), with any amendments
     required to be made thereto as a result of the Tax Administrator's tax
     reporting position.

         The Special Servicer's decision as to how any REO Property that was
formerly the Chrysler Building Mortgaged Property shall be managed and operated
shall be based on the Servicing Standard and, further, based on the good faith
and reasonable judgment of the Special Servicer as to which means would be in
the best interest of the Certificateholders and the Chrysler Building Companion
Loan Noteholder (as a collective whole) by maximizing (to the extent
commercially reasonable and consistent with Section 3.17A(b)) the net after-tax
REO Revenues received by the Trust Fund with respect to such property without
materially impairing the Special Servicer's ability to promptly sell the REO
Property for a fair price. In connection with performing their respective duties

                                     -137-
<PAGE>

under this Section 3.17A(a), both the Special Servicer and the Tax Administrator
may consult with counsel and tax accountants, the reasonable cost of which
consultation shall be covered by, and be reimbursable as, a Servicing Advance to
be made by the Special Servicer.

         (b) If title to the Chrysler Building Mortgaged Property is acquired,
the Special Servicer shall manage, conserve, protect and operate such REO
Property for the benefit of the Certificateholders and the Chrysler Building
Companion Loan Noteholder solely for the purpose of its prompt disposition and
sale in a manner that does not and will not: (i) cause such REO Property to fail
to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code for purposes of Section 860D(a) of the Code; or (ii) except as
contemplated by Section 3.17A(a), either result in the receipt by any REMIC Pool
of any "income from non-permitted assets" within the meaning of Section
860F(a)(2)(B) of the Code or result in an Adverse REMIC Event or an Adverse
Grantor Trust Event. Subject to the foregoing, however, the Special Servicer
shall have full power and authority to do any and all things in connection with
the operation, management, maintenance and disposition of such REO Property as
is consistent with the Servicing Standard and shall withdraw from the Chrysler
Building REO Account, to the extent of amounts on deposit therein with respect
to such REO Property, funds necessary for the proper operation, management,
maintenance and disposition of such REO Property, including:

            (i) all insurance premiums due and payable in respect of such REO
     Property;

            (ii) all real estate taxes and assessments in respect of such REO
     Property that may result in the imposition of a lien thereon;

            (iii) any ground rents in respect of such REO Property; and

            (iv) all costs and expenses necessary to maintain, lease, sell,
     protect, manage, operate and restore such REO Property.

         To the extent that amounts on deposit in the related REO Account in
respect of any such REO Property are insufficient for the purposes set forth in
the preceding sentence with respect to such REO Property, the Special Servicer
shall make Servicing Advances in such amounts as are necessary for such purposes
unless the Special Servicer determines, in accordance with the Servicing
Standard, that such payment would be a Nonrecoverable Advance; provided,
however, that the Special Servicer may make any such Servicing Advance without
regard to recoverability if it is a necessary fee or expense incurred in
connection with the defense or prosecution of legal proceedings. The Special
Servicer shall notify the Master Servicer if it shall have made any such
Servicing Advance within the previous 30-day period.

         (c) Without limiting the generality of the foregoing, the Special
Servicer shall not, with respect to any REO Property that was formerly the
Chrysler Building Mortgaged Property:

            (i) enter into, renew or extend any New Lease, if the New Lease, by
     its terms would give rise to any income that does not constitute Rents from
     Real Property;

            (ii) permit any amount to be received or accrued under any New Lease
     other than amounts that will constitute Rents from Real Property;

                                     -138-
<PAGE>

            (iii) authorize or permit any construction on such REO Property,
     other than the completion of a building or other improvement thereon, and
     then only if more than 10% of the construction of such building or other
     improvement was completed before default on the Chrysler Building Mortgage
     Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the
     Code; or

            (iv) Directly Operate, or allow any other Person, other than an
     Independent Contractor, to Directly Operate such REO Property on any date
     more than 90 days after the related REO Acquisition;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the Special Servicer as a Servicing
Advance) to the effect that such action would not cause such REO Property to
fail to qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code for purposes of Section 860D(a) of the Code at any time
that it is held by a REMIC Pool, in which case the Special Servicer may take
such actions as are specified in such Opinion of Counsel.

         (d) The Special Servicer may contract with any Independent Contractor
for the operation and management of any REO Property that was formerly the
Chrysler Building Mortgaged Property, provided that:

            (i) the terms and conditions of any such contract may not be
     inconsistent herewith and shall reflect an agreement reached at arm's
     length;

            (ii) the fees of such Independent Contractor (which shall be netted
     out of collections on the REO Property prior to their being remitted to the
     Special Servicer) shall be reasonable and customary in consideration of the
     nature and locality of the REO Property;

            (iii) any such contract shall require, or shall be administered to
     require, that the Independent Contractor, in a timely manner, (A) pay all
     costs and expenses incurred in connection with the operation and management
     of the REO Property, including those listed in Section 3.17A(b) above, and
     (B) except to the extent that such revenues are derived from any services
     rendered by the Independent Contractor to tenants of the REO Property that
     are not customarily furnished or rendered in connection with the rental of
     real property (within the meaning of Section 1.856-4(b)(5) of the Treasury
     Regulations or any successor provision), remit all related revenues
     collected (net of its fees and such costs and expenses) to the Special
     Servicer upon receipt;

            (iv) none of the provisions of this Section 3.17A(d) relating to any
     such contract or to actions taken through any such Independent Contractor
     shall be deemed to relieve the Special Servicer of any of its duties and
     obligations hereunder with respect to the operation and management of the
     REO Property; and

            (v) the Special Servicer shall be obligated with respect thereto to
     the same extent as if it alone were performing all duties and obligations
     in connection with the operation and management of the REO Property.

                                     -139-
<PAGE>

         The Special Servicer shall be entitled to enter into any agreement with
any such Independent Contractor performing services for it related to its duties
and obligations hereunder with respect to the Chrysler Building Mortgaged
Property (if it becomes an REO Property) for indemnification of the Special
Servicer by such Independent Contractor, and nothing in this Agreement shall be
deemed to limit or modify such indemnification. No agreement entered into
pursuant to this Section 3.17A(d) shall be deemed a Sub-Servicing Agreement for
purposes of Section 3.22.

         SECTION 3.18. Sale of Mortgage Loans and REO Properties.

         (a) The Master Servicer, the Special Servicer or the Trustee may sell
or purchase, or permit the sale or purchase of, a Mortgage Loan or REO Property
only on the terms and subject to the conditions set forth in this Section 3.18
or as otherwise expressly provided in or contemplated by Sections 2.03(a) and
9.01 and, in the case of the Chrysler Building Mortgage Loan, in Section 3.03 of
the Chrysler Building Co-Lender Agreement.

         (b) If the Special Servicer has determined in good faith that any
Defaulted Mortgage Loan will become subject to foreclosure or similar
proceedings, the Special Servicer shall promptly so notify in writing the
Trustee and the Master Servicer, whereupon the Trustee shall, within 10 days
after receipt of such notice, notify each Controlling Class Certificateholder.
Any Controlling Class Certificateholder or group of Controlling Class
Certificateholders may, at its or their option (with preference among such
Holders being given to the Holder or group of Holders of Certificates
representing the greatest Percentage Interest in the Controlling Class), during
the 10-Business Day period following receipt of such notice by the Controlling
Class Certificateholders, purchase any such Defaulted Mortgage Loan from the
Trust Fund, at a price equal to the Purchase Price. The Purchase Price for any
Mortgage Loan purchased under this subsection (b) shall be deposited into the
Pool Custodial Account; and the Trustee, upon receipt of an Officer's
Certificate from the Master Servicer to the effect that such deposit has been
made, shall release or cause to be released to the purchasing Controlling Class
Certificateholder(s) the related Mortgage File, and shall execute and deliver
such instruments of transfer or assignment, in each case without recourse, as
shall be provided to it and are reasonably necessary to vest in such Controlling
Class Certificateholder(s) ownership of such Mortgage Loan. In connection with
any such purchase, the Special Servicer shall deliver the related Servicing File
to the purchasing Controlling Class Certificateholder(s). Notwithstanding the
foregoing, if a Defaulted Mortgage Loan purchased pursuant to this Section
3.18(b) is the Chrysler Building Mortgage Loan, the release, endorsement or
assignment of the documents constituting the related Mortgage File and Servicing
File shall be in the manner contemplated by Section 3.25 hereof.

         (c) If no Controlling Class Certificateholder has purchased any
Defaulted Mortgage Loan within 10 Business Days of its having received notice in
respect thereof pursuant to Section 3.18(b) above, either the Master Servicer or
the Special Servicer (with preference given to the Special Servicer) may at its
option, during the immediately following 10-Business Day period, purchase such
Mortgage Loan from the Trust Fund, at a price equal to the Purchase Price. The
Purchase Price for any such Mortgage Loan purchased under this subsection (c)
shall be deposited into the Pool Custodial Account, and the Trustee, upon
receipt of an Officer's Certificate from the Master Servicer to the effect that
such deposit has been made, shall release or cause to be released to the Master
Servicer or the Special Servicer, as applicable, the related Mortgage File, and
shall execute and deliver such instruments of transfer or assignment, in each
case without recourse, as shall be provided to it and are reasonably necessary
to vest in the Master Servicer or the Special Servicer, as applicable, the
ownership of such

                                     -140-
<PAGE>

Mortgage Loan. In connection with any such purchase by the Master Servicer, the
Special Servicer shall deliver the related Servicing File to the Master
Servicer. Notwithstanding the foregoing, if a Defaulted Mortgage Loan purchased
pursuant to this Section 3.18(c) is the Chrysler Building Mortgage Loan, the
release, endorsement or assignment of the documents constituting the related
Mortgage File and Servicing File shall be in the manner contemplated by Section
3.25 hereof.

         (d) The Special Servicer, at any time, may offer to sell any Defaulted
Mortgage Loan not otherwise purchased pursuant to Section 3.18(b) or Section
3.18(c) above, if and when the Special Servicer determines, consistent with the
Servicing Standard, that such a sale would be in the best economic interests of
the Certificateholders (as a collective whole). Such offer shall be made in a
commercially reasonable manner (which, for purposes hereof, includes an offer to
sell without representation or warranty other than customary warranties of title
and condition, if liability for breach thereof is limited to recourse against
the Trust Fund) for a period of not less than 10 days. Subject to Sections
3.18(h), 6.11 and 6.11A, the Special Servicer shall accept the highest cash bid
received from any Person that constitutes a fair price for such Mortgage Loan.
Notwithstanding the foregoing, if a Defaulted Mortgage Loan purchased pursuant
to this Section 3.18(d) is the Chrysler Building Mortgage Loan, the release,
endorsement or assignment of the documents constituting the related Mortgage
File and Servicing File shall be in the manner contemplated by Section 3.25
hereof.

         The Special Servicer shall use its best efforts to solicit bids for
each REO Property in such manner as will be reasonably likely to realize a fair
price within the time period provided for by Section 3.16(a). Subject to
Sections 3.18(h), 6.11 and 6.11A, the Special Servicer shall accept the first
(and, if multiple bids are received contemporaneously or subsequently, the
highest) cash bid received from any Person that constitutes a fair price for
such REO Property. If the Special Servicer reasonably believes that it will be
unable to realize a fair price for any REO Property within the time constraints
imposed by Section 3.16(a), then (subject to Section 6.11 or 6.11A, as
applicable) the Special Servicer shall dispose of such REO Property upon such
terms and conditions as the Special Servicer shall deem necessary and desirable
to maximize the recovery thereon under the circumstances and, in connection
therewith, shall accept the highest outstanding cash bid, regardless of from
whom received.

         The Special Servicer shall give the Trustee and the Depositor prior
written notice of its intention to sell any Mortgage Loan or REO Property
pursuant to this Section 3.18(d).

         No Interested Person shall be obligated to submit a bid to purchase any
such Mortgage Loan or REO Property, and notwithstanding anything to the contrary
herein, neither the Trustee, in its individual capacity, nor any of its
Affiliates may bid for or purchase any Defaulted Mortgage Loan or any REO
Property pursuant hereto.

         (e) Whether any cash bid constitutes a fair price for any Defaulted
Mortgage Loan or REO Property, as the case may be, for purposes of Section
3.18(d), shall be determined by the Special Servicer or, if such cash bid is
from an Interested Person, by the Trustee. In determining whether any bid
received from an Interested Person represents a fair price for any such Mortgage
Loan or REO Property, the Trustee shall be supplied with and shall be entitled
to rely on the most recent appraisal in the related Servicing File conducted in
accordance with this Agreement within the preceding 12-month period (or, in the
absence of any such appraisal or if there has been a material change at the
subject property since any such appraisal, on a new appraisal to be obtained by
the Special Servicer (the cost of which shall be covered by, and be reimbursable
as, a Servicing Advance)). The appraiser conducting

                                     -141-
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any such new appraisal shall be an Independent Appraiser selected by the Special
Servicer if neither the Special Servicer nor any Affiliate thereof is bidding
with respect to a Defaulted Mortgage Loan or REO Property and selected by the
Trustee if either the Special Servicer or any Affiliate thereof is so bidding.
Where any Interested Person is among those bidding with respect to a Defaulted
Mortgage Loan or REO Property, the Special Servicer shall require that all bids
be submitted to it (and, if the Special Servicer or any Affiliate thereof is
bidding, to the Trustee) in writing and be accompanied by a refundable deposit
of cash in an amount equal to 5% of the bid amount. In determining whether any
bid from a Person other than an Interested Person constitutes a fair price for
any such Mortgage Loan or REO Property, the Special Servicer shall take into
account the results of any appraisal or updated appraisal that it or the Master
Servicer may have obtained in accordance with this Agreement within the prior
twelve months, and any Independent Appraiser shall be instructed to take into
account, as applicable, among other factors, the period and amount of any
delinquency on the affected Mortgage Loan, the occupancy level and physical
condition of the related Mortgaged Property or REO Property, the state of the
local economy and the obligation to dispose of any REO Property within the time
period specified in Section 3.16(a). The Purchase Price for any such Mortgage
Loan or REO Property shall in all cases be deemed a fair price. Notwithstanding
the other provisions of this Section 3.18, no cash bid from the Special Servicer
or any Affiliate thereof shall constitute a fair price for any Defaulted
Mortgage Loan or REO Property unless such bid is the highest cash bid received
and at least two independent bids (not including the bid of the Special Servicer
or any Affiliate) have been received. In the event the bid of the Special
Servicer or any Affiliate thereof is the only bid received or is the higher of
only two bids received, then additional bids shall be solicited. If an
additional bid or bids, as the case may be, are received and the original bid of
the Special Servicer or any Affiliate thereof is the highest of all cash bids
received, then the bid of the Special Servicer or such Affiliate shall be
accepted, provided that the Trustee has otherwise determined, as provided above
in this Section 3.18(e), that such bid constitutes a fair price for any
Defaulted Mortgage Loan or REO Property. Any bid by the Special Servicer shall
be unconditional; and, if accepted, the Defaulted Mortgage Loan or REO Property
shall be transferred to the Special Servicer without recourse, representation or
warranty other than customary representations as to title given in connection
with the sale of a mortgage loan or real property.

         (f) Subject to Sections 3.18(a) through 3.18(e) above, and further
subject to Section 6.11 and Section 6.11A, the Special Servicer shall act on
behalf of the Trustee in negotiating with independent third parties and taking
any other action necessary or appropriate in connection with the sale of any
Defaulted Mortgage Loan or REO Property, and the collection of all amounts
payable in connection therewith. In connection therewith, the Special Servicer
may charge prospective bidders, and may retain, fees that approximate the
Special Servicer's actual costs in the preparation and delivery of information
pertaining to such sales or evaluating bids without obligation to deposit such
amounts into the Pool Custodial Account. Any sale of a Defaulted Mortgage Loan
or any REO Property shall be final and without recourse to the Trustee or the
Trust, and if such sale is consummated in accordance with the terms of this
Agreement, neither the Special Servicer nor the Trustee shall have any liability
to any Certificateholder with respect to the purchase price therefor accepted by
the Special Servicer or the Trustee.

         (g) Any sale of a Defaulted Mortgage Loan or any REO Property pursuant
to this Section 3.18 shall be for cash only and shall be on a servicing released
basis. The provisions of this Section 3.18 shall in no way limit the obligations
of the Special Servicer to proceed with respect to any Specially Serviced Loan
in accordance with Section 3.09 at the same time that such Mortgage Loan may be
offered or eligible for sale in accordance with this Section 3.18.

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         (h) Notwithstanding any of the foregoing paragraphs of this Section
3.18, the Special Servicer shall not be obligated to accept the highest cash bid
if the Special Servicer determines, in accordance with the Servicing Standard,
that rejection of such bid would be in the best interests of the
Certificateholders (as a collective whole) (or, in the case of an REO Property
that relates to the Chrysler Building Loan Pair, the best interests of the
Certificateholders and the Chrysler Building Companion Loan Noteholder (as a
collective whole)). In addition, the Special Servicer may, subject to Section
6.11 or Section 6.11A, as applicable, accept a lower cash bid (from any Person
other than itself or an Affiliate) if it determines, in accordance with the
Servicing Standard, that acceptance of such bid would be in the best interests
of the Certificateholders (as a collective whole) (or, in the case of an REO
Property that relates to the Chrysler Building Loan Pair, the best interests of
the Certificateholders and the Chrysler Building Companion Loan Noteholder (as a
collective whole)) (for example, if the prospective buyer making the lower bid
is more likely to perform its obligations or the terms (other than price)
offered by the prospective buyer making the lower bid are more favorable).

         SECTION 3.19.   Additional Obligations of the Master Servicer;
                         Obligations to Notify Ground Lessors; the Special
                         Servicer's Right to Request the Master Servicer to Make
                         Servicing Advances.

         (a) The Master Servicer shall deliver to the Trustee for deposit in the
Collection Account on each Master Servicer Remittance Date, without any right of
reimbursement therefor, an amount equal to the lesser of (i) the aggregate
amount of all Prepayment Interest Shortfalls, if any, incurred in connection
with Principal Prepayments received during the most recently ended Collection
Period with respect to Mortgage Loans that are not Specially Serviced Mortgage
Loans and have not become REO Mortgage Loans and (ii) the sum of (1) the
aggregate of all Master Servicing Fees received by the Master Servicer during
such Collection Period with respect to the entire Mortgage Pool (but only to the
extent of that portion thereof calculated at a rate of 0.05% per annum with
respect to each and every Mortgage Loan) and (2) the aggregate amount of
Prepayment Interest Excesses received in respect of the entire Mortgage Pool
during such Collection Period; provided, however, that if any Prepayment
Interest Shortfall occurs as a result of the Master Servicer's allowing the
Mortgagor to deviate from the terms of the related Mortgage Loan documents
regarding principal prepayments, the Master Servicer shall be obligated to pay
an amount equal to the entire Prepayment Interest Shortfall with respect to such
Mortgage Loan without any limitation of the kind set forth in clauses (1) and
(2) above.

         (b) The Master Servicer shall, as to each Loan which is secured by the
interest of the related Mortgagor under a Ground Lease, promptly (and in any
event within 45 days) following the Closing Date, notify the related ground
lessor of the transfer of such Loan to the Trust Fund pursuant to this Agreement
and inform such ground lessor that any notices of default under the related
Ground Lease should thereafter be forwarded to the Master Servicer.

         (c) Notwithstanding anything to the contrary contained in this
Agreement, if the Special Servicer is required under this Agreement to make any
Servicing Advance but does not desire to do so, the Special Servicer may, in its
sole discretion, request that the Master Servicer make such Servicing Advance,
such request to be made, in writing, at least five (5) Business Days (or, in an
emergency situation or on an urgent basis, two (2) Business Days) in advance of
the date on which such Servicing Advance is required to be made hereunder and to
be accompanied by such information and documentation regarding the subject
Servicing Advance as the Master Servicer may reasonably request.

                                     -143-
<PAGE>

The Master Servicer shall have the obligation to make any such Servicing Advance
that it is so requested by the Special Servicer to make, within five (5)
Business Days (or, in an emergency situation or on an urgent basis, two (2)
Business Days) of the Master Servicer's receipt of such request. If the request
is timely and properly made, the Special Servicer shall be relieved of any
obligations with respect to a Servicing Advance that it so requests the Master
Servicer to make (regardless of whether or not the Master Servicer shall make
such Servicing Advance). The Master Servicer shall be entitled to reimbursement
for any Servicing Advance made by it at the direction of the Special Servicer,
together with interest thereon in accordance with Sections 3.05(a), 3.05A and
3.11(g), as applicable, at the same time, in the same manner and to the same
extent as the Master Servicer is entitled with respect to any other Servicing
Advances made thereby.

         Notwithstanding the foregoing provisions of this Section 3.19(c), the
Master Servicer shall not be required to make at the direction of the Special
Servicer, any Servicing Advance if the Master Servicer determines in its
reasonable, good faith judgment that such Servicing Advance, although not
characterized by the Special Servicer as a Nonrecoverable Servicing Advance, is
in fact a Nonrecoverable Servicing Advance. The Master Servicer shall notify the
Special Servicer in writing of such determination, which shall be made pursuant
to Section 3.11(h). Any request by the Special Servicer that the Master Servicer
make a Servicing Advance shall be deemed to be a determination by the Special
Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing
Advance, and the Master Servicer, the Trustee and the Fiscal Agent shall be
entitled to conclusively rely on such determination.

         SECTION 3.20.  Modifications, Waivers, Amendments and Consents;
                        Defeasance; Partial Defeasance of Cape Cod Mall Mortgage
                        Loan.

         (a) Subject to Sections 3.20(b) through 3.20(f) and 3.20(l) below, and
further subject to Section 6.11 or 6.11A, as applicable, the Special Servicer
(or, under the limited circumstances set forth in Section 3.20(c), the Master
Servicer) may, on behalf of the Trustee and, in the case of the Chrysler
Building Companion Loan, the Chrysler Building Companion Loan Noteholder, agree
to any modification, extension, waiver or amendment of any term of any Loan and
respond to various Mortgagor requests for consent on the part of the mortgagee
(including the lease reviews and lease consents related thereto), without the
consent of the Trustee, any Certificateholder, the Chrysler Building Companion
Loan Noteholder, the Master Servicer (in the case of any such action taken by
the Special Servicer) or, except as expressly set forth below, the Special
Servicer (in the case of any such action taken by the Master Servicer).

         (b) All modifications, extensions, waivers or amendments of any Loan
(including the lease reviews and lease consents related thereto) shall be in
writing and shall be considered and effected in a manner consistent with the
Servicing Standard.

         (c) In the case of any Loan other than a Specially Serviced Loan, and
subject to the rights of the Special Servicer set forth below, the Master
Servicer shall be responsible for responding to any request by a Mortgagor for
the consent or approval of the mortgagee with respect to a modification,
extension, waiver or amendment of any term thereof, provided that such consent
or approval or such modification, extension, waiver or amendment would not
(except as permitted by Sections 3.02(a), 3.03(d), 3.08(a) and 3.20(l) hereof)
affect the amount or timing of any of the payment terms of such Loan (including
payment terms related to late payment charges), result in the release of the
related

                                     -144-
<PAGE>

Mortgagor from any material term thereunder, waive any rights thereunder with
respect to any guarantor thereof, relate to the release, addition or
substitution of any material collateral for such Loan or relate to any waiver of
or granting of consent under a "due-on-sale" or "due-on-encumbrance" clause; and
provided, further, that, no such modification or amendment would alter the
provisions of the Polo Towne Crossing Mortgage Loan providing for the payment of
assumption fees by the Mortgagor to the UBS Mortgage Loan Seller in connection
with the assumption specified in the related Loan documents. With respect to any
action proposed to be taken by the Master Servicer under this Section 3.20(c)
where the thresholds in clauses (i) through (v) below are exceeded, or which
involves the situations set forth in the proviso to the previous sentence, the
Special Servicer only may take such action. To the extent consistent with the
foregoing, but subject to Section 3.20(f), the Master Servicer shall also be
responsible for the following with respect to the Loans (other than Specially
Serviced Loans):

          (i) Approving any waiver affecting the timing of receipt of financial
     statements from any Mortgagor, provided that such financial statements are
     delivered no less than quarterly and within 60 days of the end of the
     calendar quarter to which such financial statements relate;

          (ii) Approving routine leasing activity with respect to leases for
     less than the lesser of (A) 50,000 square feet and (B) 20% of the related
     Mortgaged Property;

          (iii) Approving a transfer of equity in a Mortgagor from one current
     equity holder to another, provided that such transfer of equity does not
     (A) affect (if applicable) the status of such Mortgagor or such equity
     holder as a special purpose, bankruptcy-remote entity, (B) result in a
     change of control of such Mortgagor, (C) cause the transferee to hold more
     than 49% of the equity in such Mortgagor, (D) relate to a Mortgage Loan
     that represents 2% or more of the then aggregate principal balance of the
     Mortgage Pool or (E) relate to the Chrysler Building Loan Pair;

          (iv) Approving annual budgets for the related Mortgaged Property,
     provided that no such budget (A) relates to a fiscal year in which an
     Anticipated Repayment Date occurs, (B) provides for the payment of
     operating expenses in an amount equal to more than 110% of the amounts
     budgeted therefor for the prior year or (C) provides for the payment of any
     material expenses to any affiliate of the Mortgagor (other than with
     respect to the payment of the management fee to any property manager if
     such management fee is no more than the management fee in effect on the
     Cut-off Date); and

          (v) Approving a change of the property manager at the request of the
     related Mortgagor, provided that (A) the successor property manager is not
     affiliated with the Mortgagor and is a nationally or regionally recognized
     manager of similar properties, (B) the related Mortgage Loan does not
     represent 2% or more of the then aggregate principal balance of the
     Mortgage Pool and (C) the Chrysler Building Mortgaged Property is not
     involved.

         Except as permitted by Section 3.02(a), Section 3.03(d), Section
3.08(a), this Section 3.20(c) and Section 3.20(l) the Master Servicer may not
agree to waive, modify or amend any term of any Loan or respond to any Mortgagor
requests for mortgagee consent. Furthermore, the Master Servicer may not agree
to any modification, extension, waiver or amendment of any term of any Mortgage
Loan that would cause an Adverse REMIC Event with respect to any REMIC Pool or
an Adverse Grantor Trust Event with respect to the Grantor Trust.

                                     -145-
<PAGE>

         (d) Except as provided in Section 3.02(a), Section 3.08 or Section
3.20(e), the Special Servicer, on behalf of the Trustee and, in the case of the
Chrysler Building Companion Loan, the Chrysler Building Companion Loan
Noteholder, shall not agree or consent to any modification, extension, waiver or
amendment of any term of any Loan that would:

          (i) affect the amount or timing of any scheduled payment of principal,
     interest or other amount (including Prepayment Premiums or Yield
     Maintenance Charges, but excluding Default Interest and other amounts
     payable as additional servicing compensation) payable thereunder;

          (ii) affect the obligation of the related Mortgagor to pay a
     Prepayment Premium or Yield Maintenance Charge or permit a Principal
     Prepayment during any period in which the related Mortgage Note prohibits
     Principal Prepayments;

          (iii) except as expressly contemplated by the related Mortgage or
     pursuant to Section 3.09(d), result in a release of the lien of the
     Mortgage on any material portion of the related Mortgaged Property without
     a corresponding Principal Prepayment in an amount not less than the fair
     market value (as determined by an appraisal by an Independent Appraiser
     delivered to the Special Servicer at the expense of the related Mortgagor
     and upon which the Special Servicer may conclusively rely) of the property
     to be released;

          (iv) in the reasonable, good faith judgment of the Special Servicer,
     otherwise materially impair the security for such Loan or reduce the
     likelihood of timely payment of amounts due thereon; or

          (v) in the case of the Polo Towne Crossing Mortgage Loan, alter the
     provisions providing for the payment of assumption fees by the related
     Mortgagor to the UBS Mortgage Loan Seller in connection with the assumption
     specified in the related Loan documents.

         (e) Notwithstanding Section 3.20(d), but subject to Section 6.11,
Section 6.11A and the second paragraph of this Section 3.20(e), the Special
Servicer may (i) reduce the amounts owing under any Specially Serviced Loan by
forgiving principal, accrued interest, Additional Interest or any Prepayment
Premium or Yield Maintenance Charge, (ii) reduce the amount of the Monthly
Payment on any Specially Serviced Loan, including by way of a reduction in the
related Mortgage Rate, (iii) forbear in the enforcement of any right granted
under any Mortgage Note, Mortgage or other Loan document relating to a Specially
Serviced Loan, (iv) accept a Principal Prepayment on any Specially Serviced Loan
during any Lockout Period or (v) extend the maturity of any Loan; provided that
(A) the related Mortgagor is in monetary default or material non-monetary
default with respect to the Specially Serviced Loan or, in the reasonable, good
faith judgment of the Special Servicer, such default is reasonably foreseeable,
(B) in the reasonable, good faith judgment of the Special Servicer, such
modification, extension, waiver or amendment would increase the recovery on the
Loan to Certificateholders (as a collective whole) or, if the Chrysler Building
Loan Pair is involved, would increase the recovery on the Loan Pair to
Certificateholders and the Chrysler Building Companion Loan Noteholder (as a
collective whole), on a present value basis (the relevant discounting of
anticipated collections that will be distributable to the Certificateholders
(or, in the case of the Chrysler Building Loan Pair, to Certificateholders and
the Chrysler Building Companion Loan Noteholder), to be performed at the related
Mortgage Rate (or, in the case of the Chrysler Building Loan Pair, at the

                                     -146-
<PAGE>

weighted average of the Mortgage Rates for the Loan Pair)), and (C) such
modification, extension, waiver or amendment would not cause an Adverse REMIC
Event in respect of any REMIC Pool or an Adverse Grantor Trust Event with
respect to the Grantor Trust; and provided, further, that (i) any modification,
extension, waiver or amendment of the payment terms of the Chrysler Building
Loan Pair shall be structured so as to be consistent with the allocation and
payment priorities set forth in the related Loan documents and the Chrysler
Building Co-Lender Agreement, such that neither the Trust as holder of the
Chrysler Building Mortgage Loan nor the Chrysler Building Companion Loan
Noteholder shall gain a priority over the other such holder with respect to any
payment, which priority is not, as of the date of the Chrysler Building
Co-Lender Agreement, reflected in the related Loan documents and the Chrysler
Building Co-Lender Agreement, and (ii) to the extent consistent with the
Servicing Standard (taking into account the extent to which the Chrysler
Building Companion Loan is junior to the Chrysler Building Mortgage Loan), (A)
no waiver, reduction or deferral of any particular amounts due on the Chrysler
Building Mortgage Loan shall be effected prior to the waiver, reduction or
deferral of the entire corresponding item in respect of the Chrysler Building
Companion Loan, and (B) no reduction of the Mortgage Rate of the Chrysler
Building Mortgage Loan (excluding the portion thereof comprised of the
Additional Interest Rate following the related Anticipated Repayment Date) shall
be effected prior to the reduction of the Mortgage Rate of the Chrysler Building
Companion Loan (excluding the portion thereof comprised of the Additional
Interest Rate following the related Anticipated Repayment Date) to the maximum
extent possible.

         In no event shall the Special Servicer: (i) extend the maturity date of
a Loan beyond the date that is two years prior to the last Rated Final
Distribution Date; (ii) extend the maturity date of the Chrysler Building
Mortgage Loan or the Chrysler Building Companion Loan at all or extend the
maturity date of any other Loan for more than five years beyond its Stated
Maturity Date; or (iii) if the Loan is secured solely or primarily by a Mortgage
on the leasehold interest under a Ground Lease (but not the related fee
interest), extend the maturity date of such Loan beyond the date which is 20
years (or, to the extent consistent with the Servicing Standard, giving due
consideration to the remaining term of the Ground Lease, 10 years) prior to the
expiration of the term of such Ground Lease.

         The determination of the Special Servicer contemplated by clause (B) of
the proviso to the first paragraph of this Section 3.20(e) shall be evidenced by
an Officer's Certificate to such effect delivered to the Trustee and the Master
Servicer (and, in the case of Chrysler Building Loan Pair, the Chrysler Building
Companion Loan Noteholder) and describing in reasonable detail the basis for the
Special Servicer's determination. The Special Servicer shall attach to such
Officer's Certificate any information including but not limited to income and
expense statements, rent rolls, property inspection reports and appraisals that
support such determination.

         (f) Notwithstanding anything to the contrary in this Agreement, none of
the Trustee, the Master Servicer or the Special Servicer, as applicable, shall
give any consent, approval or direction regarding the termination of the related
property manager or the designation of any replacement property manager or, if
such Mortgaged Property is hospitality property, give any consent, approval or
direction regarding the termination of the franchise or the designation of a new
franchise, with respect to any Mortgaged Property that secures either (A) the
Chrysler Building Companion Loan or (B) a Mortgage Loan that has an unpaid
principal balance that is at least equal to the lesser of $20,000,000 and 2% of
the then aggregate principal balance of the Mortgage Pool, unless: (1) the
mortgagee is not given discretion under the terms of the related Loan; or (2) it
has received prior written confirmation from each Rating Agency that such action
will not result in an Adverse Rating Event.

                                     -147-
<PAGE>

         Any party hereto seeking Rating Agency confirmation with respect to the
matters described above shall deliver a Review Package to such Rating Agency.

         (g) Any payment of interest that is deferred pursuant to any
modification, extension, waiver or amendment permitted hereunder, shall not, for
purposes hereof, including calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance or Stated Principal
Balance of the related Loan, notwithstanding that the terms of such
modification, extension, waiver or amendment so permit. The foregoing shall in
no way limit the Special Servicer's ability to charge and collect from the
Mortgagor costs otherwise collectible under the terms of the related Mortgage
Note.

         (h) The Special Servicer or Master Servicer may, as a condition to
granting any request by a Mortgagor for consent, modification, extension, waiver
or indulgence or any other matter or thing, the granting of which is within its
discretion pursuant to the terms of the instruments evidencing or securing the
related Loan and, further, by the terms of this Agreement and applicable law,
require that such Mortgagor pay to it (i) as additional servicing compensation,
a reasonable or customary fee for the additional services performed in
connection with such request, and (ii) any related costs and expenses incurred
by it. Any such fee that is to be shared by the Master Servicer and the Special
Servicer may not be waived or reduced by either such party without the consent
of the other party. In no event shall the Special Servicer or Master Servicer be
entitled to payment for such fees or expenses unless such payment is collected
from the related Mortgagor.

         (i) The Special Servicer and Master Servicer shall each notify the
other, any related Sub-Servicers, the Trustee and, where the Chrysler Building
Companion Loan is affected, the Chrysler Building Companion Loan Noteholder, in
writing, of any modification, extension, waiver or amendment of any term of any
Loan (including fees charged the Mortgagor) agreed to by it and the date
thereof, and shall deliver to the Trustee or any related Custodian for deposit
in the related Mortgage File (with a copy to be delivered to or retained by, as
applicable, the Master Servicer), an executed counterpart of the agreement
relating to such modification, extension, waiver or amendment promptly following
execution and delivery thereof, to be followed by an original recorded
counterpart promptly following the recordation (and receipt) thereof.

         (j) To the extent that either the Master Servicer or Special Servicer
waives any Default Charge in respect of any Loan, whether pursuant to Section
3.02(a) or this Section 3.20, the respective amounts of additional servicing
compensation payable to the Master Servicer and the Special Servicer as Net
Default Charges out of such Default Charges shall be reduced proportionately
based upon the respective amounts that had been payable thereto as Net Default
Charges out of such Default Charges immediately prior to such waiver.

         (k) If, with respect to any Defeasance Loan under which the lender can
require defeasance in lieu of prepayment, the Master Servicer shall receive a
notice from the related Mortgagor that it intends to prepay the related
Defeasance Loan in accordance with the terms thereof, then, except as set forth
below, the Master Servicer shall, subject to the next paragraph and the related
Loan documents, (i) promptly respond to such notice in a manner which would
require that the Mortgagor pledge Defeasance Collateral in lieu of such
prepayment pursuant to the terms of the related Mortgage Note, (ii) notify each
Rating Agency, the Trustee, the Underwriters and the Special Servicer of its
request to the Mortgagor to defease a Loan and (iii) upon the written
confirmation from each Rating Agency (which confirmation shall not be required
from (A) S&P in the case of a Mortgage Loan with an

                                     -148-
<PAGE>

unpaid principal balance less than or equal to $5,000,000 or that constitutes
less than 1% of the aggregate unpaid principal balance of the Mortgage Pool
(whichever is less), provided the Master Servicer delivers to S&P a
certification in the form attached hereto as Exhibit M, or (B) Fitch in the case
of any Mortgage Loan that is not then one of the ten largest (measured by unpaid
principal balance) Mortgage Loans in the Mortgage Pool or that is not then one
of the ten largest groups (measured by aggregate unpaid principal balance) of
Mortgage Loans with related Mortgagors) that the acceptance of a pledge of the
Defeasance Collateral in lieu of a full prepayment will not result in an Adverse
Rating Event, take such further action as provided in such Mortgage Note to
effectuate such defeasance, including the purchase and perfection of the
Defeasance Collateral on behalf of the Trustee, as trustee for the registered
holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
Pass-Through Certificates, Series 2001-C3.

         If, with respect to the Cape Cod Mall Mortgage Loan, the letters of
credit with respect to the leases described in the related Mortgage as the
"Barnes & Noble Lease" and the "Other Leases" are, pursuant to the provisions of
such Mortgage, not to be released to the related Mortgagor or if an event of
default shall have occurred under the Cape Cod Mall Mortgage Loan, the Master
Servicer shall partially defease such Loan, without releasing any portion of the
related Mortgaged Property in connection therewith, pursuant to the provisions
of such Mortgage.

         Notwithstanding the foregoing, but subject to the related Loan
documents, the Master Servicer shall not permit a pledge of Defeasance
Collateral under a Defeasance Loan if (i) such defeasance would occur within two
years of the Startup Day, (ii) if the defeasance collateral shall not be
Government Securities; (iii) such Defeasance Loan (or any applicable agreement
executed in connection with the related defeasance) provides that the Mortgagor
shall be liable for any shortfalls from such Defeasance Collateral or otherwise
be subject to recourse liability with respect to the Defeasance Loan (except for
any liability that, pursuant to the terms of the related Loan documents,
survives such defeasance), (iv) all costs to be incurred in connection with such
defeasance (including Rating Agency fees, accountants' fees and costs incurred
in connection with any required opinions of counsel) would not be paid by the
related Mortgagor, or (v) unless such confirmation is not required pursuant to
the first paragraph of this Section 3.20(k), either Rating Agency does not
confirm in writing to the Master Servicer that the acceptance of a pledge of the
Defeasance Collateral in lieu of a full prepayment will not result in an Adverse
Rating Event.

         All expenses related to the defeasance of a Defeasance Loan shall be
charged to the related Mortgagor or other responsible party.

         (l) With respect to any ARD Loan after its Anticipated Repayment Date,
the Master Servicer shall be permitted, in its discretion, to waive (such waiver
to be in writing addressed to the related Mortgagor, with a copy to the Trustee)
all or any portion of the accrued Additional Interest on such ARD Loan if, prior
to the related maturity date, the related Mortgagor has requested the right to
prepay the Mortgage Loan in full together with all payments required under such
ARD Loan in connection with such prepayment (except for all or a portion of such
accrued Additional Interest), and, further, if the Master Servicer had
determined, in its reasonable, good faith judgment, that the waiver of the
Trust's right to receive such accrued Additional Interest is reasonably likely
to produce a greater payment to Certificateholders (as a collective whole) (or,
if the Chrysler Building Loan Pair is involved, to produce a greater payment to
the Certificateholders and the Chrysler Building Companion Loan Noteholder (as a
collective whole)) on a present value basis (the relevant discounting of
anticipated

                                     -149-
<PAGE>

collections that will be distributable to Certificateholders (or, in the case of
the Chrysler Building Loan Pair, to Certificateholders and the Chrysler Building
Companion Loan Noteholder) to be performed at the related Mortgage Rate (or, in
the case of the Chrysler Building Loan Pair, at the weighted average of the
Mortgage Rates of the Loan Pair) than a refusal to waive the right to such
Additional Interest; provided that, any such waiver of Additional Interest
accrued on the Loan Pair shall be structured so as to be consistent with the
allocation and payment priorities set forth in the related Loan documents and
the Chrysler Building Co-Lender Agreement, such that the Chrysler Building
Companion Loan Noteholder shall not gain any priority over the Trust as holder
of the Chrysler Building Mortgage Loan in the Loan Pair with respect to the
payment of such Additional Interest. The Master Servicer shall have no liability
to the Trust, the Certificateholders or any other Person so long as such
determination is exercised in accordance with the Servicing Standard.

         SECTION 3.21.  Transfer of Servicing Between Master Servicer and
                        Special Servicer; Record Keeping.

         (a) Upon determining that a Servicing Transfer Event has occurred with
respect to any Loan, and if the Master Servicer is not also the Special
Servicer, the Master Servicer shall immediately give notice thereof, and shall
deliver a copy of the related Servicing File, to the Special Servicer and shall
use reasonable efforts to provide the Special Servicer with all information,
documents (or copies thereof) and records (including records stored
electronically on computer tapes, magnetic discs and the like) relating to such
Loan, either in the Master Servicer's or any of its directors', officers',
employees', affiliates' or agents' possession or control or otherwise available
to the Master Servicer without undue burden or expense, and reasonably requested
by the Special Servicer to enable it to assume its functions hereunder with
respect thereto without acting through a Sub-Servicer. The Master Servicer shall
use reasonable efforts to comply with the preceding sentence within five
Business Days of the occurrence of each related Servicing Transfer Event;
provided, however, that if the information, documents and records requested by
the Special Servicer are not contained in the Servicing File, the Master
Servicer shall have such period of time as reasonably necessary to make such
delivery. The Special Servicer may conclusively rely on the Master Servicer's
determination that a Servicing Transfer Event has occurred giving rise to a
Loan's becoming a Specially Serviced Loan. The Special Servicer shall not be
liable or in default hereunder for any reasonable act or failure to act because
of or arising out of the Master Servicer's failure to deliver information,
documents or records with respect to any Specially Serviced Loan in accordance
with the requirements hereof.

         Upon determining that a Specially Serviced Loan has become a Corrected
Loan, and if the Master Servicer is not also the Special Servicer, the Special
Servicer shall immediately give notice thereof, and shall within five Business
Days of such occurrence return the related Servicing File, together with any and
all new information, documents and records relating to the subject Loan that
were not part of the Servicing File when it was delivered to the Special
Servicer, to the Master Servicer (or such other Person as may be directed by the
Master Servicer) and upon giving such notice, and returning such Servicing File,
to the Master Servicer (or such other Person as may be directed by the Master
Servicer), the Special Servicer's obligation to service such Loan, and the
Special Servicer's right to receive the Special Servicing Fee with respect to
such Loan shall terminate, and the obligations of the Master Servicer to service
and administer such Loan shall resume.

         Notwithstanding anything herein to the contrary, in connection with the
transfer to the Special Servicer of the servicing of a Cross-Collateralized
Mortgage Loan as a result of a Servicing

                                     -150-
<PAGE>

Transfer Event or the re-assumption of servicing responsibilities by the Master
Servicer with respect to any such Mortgage Loan upon its becoming a Corrected
Loan, the Master Servicer and the Special Servicer shall each transfer to the
other, as and when applicable, the servicing of all other Cross-Collateralized
Mortgage Loans constituting part of the same Cross-Collateralized Group;
provided that no Cross-Collateralized Mortgage Loan may become a Corrected Loan
at anytime that a continuing Servicing Transfer Event exists with respect to
another Cross-Collateralized Mortgage Loan in the same Cross-Collateralized
Group.

         (b) In servicing any Specially Serviced Loans, the Special Servicer
shall provide to the Custodian originals of newly executed documents included
within the definition of "Mortgage File" for inclusion in the related Mortgage
File (with a copy of each such original to the Master Servicer), and shall
provide to the Master Servicer copies of any additional related Loan
information, including correspondence with the related Mortgagor.

         (c) Upon request (and to the extent not otherwise already provided by
the Special Servicer pursuant to its reporting obligations hereunder), the
Special Servicer shall deliver to the Master Servicer, the Trustee and each
Rating Agency (or such other Person as may be directed by the Master Servicer) a
statement in writing and in computer readable format (the form of such statement
to be agreed upon by the Master Servicer and the Special Servicer) describing,
on a loan-by-loan and property-by-property basis, (1) insofar as it relates to
Specially Serviced Loans and REO Properties, the information described in
clauses (vi) through (xv) of Section 4.02(a) (with respect to information set
forth in such clauses related to prior Distribution Dates and/or periods, the
Special Servicer may conclusively rely on information furnished to it by the
Master Servicer or the Trustee) and, insofar as it relates to the Special
Servicer, the information described in clauses (xxiv) and (xxx) of Section
4.02(a), (2) the amount of all payments, Insurance Proceeds and Liquidation
Proceeds received, and the amount of any Realized Loss incurred, with respect to
each Specially Serviced Loan during the related Collection Period, and the
amount of Insurance Proceeds and Liquidation Proceeds received, and the amount
of any Realized Loss incurred, with respect to each REO Property during the
related Collection Period, (3) the amount, purpose and date of all Servicing
Advances made by the Special Servicer with respect to each Specially Serviced
Loan and REO Property during the related Collection Period, (4) in writing, a
brief narrative summary of the status of each Specially Serviced Loan and (5)
such additional information relating to the Specially Serviced Loans and REO
Properties as the Master Servicer reasonably requests to enable it to perform
its responsibilities under this Agreement. Notwithstanding the foregoing
provisions of this subsection (c), the Master Servicer shall maintain ongoing
payment records with respect to each of the Specially Serviced Loans and REO
Properties and shall provide the Special Servicer with any information
reasonably available to the Master Servicer required by the Special Servicer to
perform its duties under this Agreement.

         SECTION 3.22. Sub-Servicing Agreements.

         (a) The Master Servicer and the Special Servicer may enter into
Sub-Servicing Agreements to provide for the performance by third parties of any
or all of their respective obligations hereunder, provided that, in each case,
the Sub-Servicing Agreement: (i) is consistent with this Agreement in all
material respects, requires the Sub-Servicer to comply with all of the
applicable conditions of this Agreement and, with the exception of Sections
7.01(a)(x), (xi) and (xii), provides for events of default with respect to the
Sub-Servicer substantially the same as those set forth in Section 7.01 (modified
as necessary to apply to the Sub-Servicer's obligations under the Sub-Servicing

                                     -151-
<PAGE>

Agreement); (ii) provides that if the Master Servicer or the Special Servicer,
as the case may be, shall for any reason no longer act in such capacity
hereunder (including by reason of an Event of Default), the Trustee or its
designee may thereupon assume all of the rights and, except to the extent they
arose prior to the date of assumption, obligations of the Master Servicer or the
Special Servicer, as the case may be, under such agreement or may terminate such
sub-servicing agreement without cause and without payment of any penalty or
termination fee (provided, however, that those Sub-Servicing Agreements in
effect as of the Closing Date (or, if being negotiated as of the Closing Date,
in effect within 90 days thereafter) may only be terminated by the Trustee or
its designee as contemplated by Section 3.22(d) hereof and in such additional
manner as is provided in such Sub-Servicing Agreement); (iii) provides that the
Trustee, for the benefit of the Certificateholders and, in the case of a
Sub-Servicing Agreement relating to the Chrysler Building Loan Pair, the
Chrysler Building Companion Loan Noteholder, shall each be a third party
beneficiary under such agreement, but that (except to the extent the Trustee or
its designee assumes the obligations of the Master Servicer or the Special
Servicer, as the case may be, thereunder as contemplated by the immediately
preceding clause (ii)) none of the Trustee, the Trust, any successor Master
Servicer, the Special Servicer or the Chrysler Building Companion Loan
Noteholder, as the case may be, or any Certificateholder shall have any duties
under such agreement or any liabilities arising therefrom; (iv) permits any
purchaser of a Mortgage Loan pursuant to this Agreement to terminate such
agreement with respect to such purchased Mortgage Loan at its option and without
penalty; (v) does not permit the Sub-Servicer to enter into or consent to any
modification, extension, waiver or amendment or otherwise take any action on
behalf of the Master Servicer or the Special Servicer contemplated by Section
3.08, Section 3.09 and Section 3.20 hereof without the consent of the Master
Servicer or Special Servicer, as the case may be; and (vi) does not permit the
Sub-Servicer any direct rights of indemnification that may be satisfied out of
assets of the Trust Fund. In addition, each Sub-Servicing Agreement entered into
by the Master Servicer (including any with an effective date on or before the
Closing Date) shall provide that such agreement shall, with respect to any Loan
serviced thereunder, terminate at the time such Loan becomes a Specially
Serviced Loan (or, alternatively, be subject to the Special Servicer's rights to
service the Loan for so long as such Loan continues to be a Specially Serviced
Loan), and each Sub-Servicing Agreement entered into by the Special Servicer
shall relate only to Specially Serviced Loans and shall terminate with respect
to any such Loan which ceases to be a Specially Serviced Loan. The Master
Servicer and the Special Servicer each shall deliver to the Trustee and each
other copies of all Sub-Servicing Agreements and, to the Chrysler Building
Companion Loan Noteholder, copies of any Sub-Servicing Agreement relating to the
Chrysler Building Companion Loan, as well as any amendments thereto and
modifications thereof, entered into by it promptly upon its execution and
delivery of such documents. References in this Agreement to actions taken or to
be taken by the Master Servicer or the Special Servicer include actions taken or
to be taken by a Sub-Servicer on behalf of the Master Servicer or the Special
Servicer, as the case may be; and, in connection therewith, all amounts advanced
by any Sub-Servicer to satisfy the obligations of the Master Servicer or the
Special Servicer hereunder to make P&I Advances or Servicing Advances shall be
deemed to have been advanced by the Master Servicer or the Special Servicer, as
the case may be, out of its own funds and, accordingly, such P&I Advances or
Servicing Advances shall be recoverable by such Sub-Servicer in the same manner
and out of the same funds as if such Sub-Servicer were the Master Servicer or
the Special Servicer, as the case may be. For so long as they are outstanding,
Advances shall accrue interest in accordance with Sections 3.11(g), 4.03(d) and
4.03A(d), such interest to be allocable between the Master Servicer or the
Special Servicer, as the case may be, and such Sub-Servicer as they may agree.
For purposes of this Agreement, the Master Servicer and the Special Servicer
each shall be deemed to have received any payment when a Sub-Servicer retained
by it receives such payment. The Master Servicer and the Special Servicer each
shall notify the other, the Trustee, the Depositor, the

                                     -152-
<PAGE>

Controlling Class Certificateholders and, if the Chrysler Building Loan Pair is
affected, the Chrysler Building Companion Loan Noteholder in writing promptly of
the appointment by it of any Sub-Servicer.

         (b) Each Sub-Servicer (i) shall be authorized to transact business in
the state or states in which the related Mortgaged Properties it is to service
are situated, if and to the extent required by applicable law, and (ii) shall be
an approved conventional seller/servicer of mortgage loans for FHLMC or Fannie
Mae or a HUD-Approved Servicer.

         (c) The Master Servicer and the Special Servicer, for the benefit of
the Trustee and the Certificateholders and, in the case of the Chrysler Building
Companion Loan, also for the benefit of the Chrysler Building Companion Loan
Noteholder, shall (at no expense to the Trustee, the Certificateholders, the
Chrysler Building Companion Loan Noteholder or the Trust Fund) monitor the
performance and enforce the obligations of their respective Sub-Servicers under
the related Sub-Servicing Agreements. Such enforcement, including the legal
prosecution of claims, termination of Sub-Servicing Agreements in accordance
with their respective terms and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer or the Special Servicer, as applicable, in its good faith business
judgment, would require were it the owner of the subject Loans.

         (d) In the event of the resignation, removal or other termination of
the Master Servicer or any successor Master Servicer hereunder for any reason,
the Trustee or other Person succeeding such resigning, removed or terminated
party as Master Servicer, shall elect, with respect to any Sub-Servicing
Agreement in effect as of the Closing Date (or, if being negotiated as of the
Closing Date, in effect within 90 days thereafter) that still exists at the time
of such termination: (i) to assume the rights and obligations of the Master
Servicer under such Sub-Servicing Agreement and continue the sub-servicing
arrangements thereunder on the same terms (including the obligation to pay the
same sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with
such Sub-Servicer on such terms as the Trustee or other successor Master
Servicer and such Sub-Servicer shall mutually agree (it being understood that
such Sub-Servicer is under no obligation to accept any such new Sub-Servicing
Agreement or to enter into or continue negotiations with the Trustee or other
successor Master Servicer), provided that neither the Trustee nor any successor
Master Servicer shall enter into a new Sub-Servicing Agreement with a
Sub-Servicer that was a party to a Sub-Servicing Agreement as of the Closing
Date, if such new Sub-Servicing Agreement amends, alters or fails to restate any
rights of any Underwriter or Mortgage Loan Seller under the existing
Sub-Servicing Agreement with respect to the termination of the Sub-Servicer and
the appointment of a successor thereto or any rights of any Underwriter or
Mortgage Loan Seller as a third party beneficiary under such Sub-Servicing
Agreement, unless the successor Master Servicer has obtained the prior written
consent to the terms of such new Sub-Servicing Agreement from such Underwriter
or Mortgage Loan Seller, as the case may be; or (iii) to terminate the
Sub-Servicing Agreement if (but only if) an Event of Default (as defined in such
Sub-Servicing Agreement) has occurred and is continuing, without paying any
sub-servicer termination fee, and in any additional manner provided for in such
Sub-Servicing Agreement.

         The Sub-Servicers as to which Sub-Servicing Agreements are in effect or
being negotiated as of the Closing Date are listed on Exhibit K hereto.

         (e) Notwithstanding any Sub-Servicing Agreement, the Master Servicer
and the Special Servicer shall remain obligated and liable to the Trustee, the
Certificateholders and the Chrysler

                                     -153-
<PAGE>

Building Companion Loan Noteholder for the performance of their respective
obligations and duties under this Agreement in accordance with the provisions
hereof to the same extent and under the same terms and conditions as if each
alone were servicing and administering the Loans or REO Properties for which it
is responsible.

         SECTION 3.23. Representations and Warranties of the Master Servicer.

         (a) The Master Servicer, in such capacity, hereby represents, warrants
and covenants to the other parties hereto and for the benefit of the
Certificateholders and the Chrysler Building Companion Loan Noteholder, as of
the Closing Date, that:

          (i) The Master Servicer is a national banking association, duly
     organized under the laws of the United States, and the Master Servicer is
     in compliance with the laws of each state in which any Mortgaged Property
     is located to the extent necessary to perform its obligations under this
     Agreement.

          (ii) The execution and delivery of this Agreement by the Master
     Servicer, and the performance and compliance with the terms of this
     Agreement by the Master Servicer, will not violate the Master Servicer's
     organizational documents or constitute a default (or an event which, with
     notice or lapse of time, or both, would constitute a default) under, or
     result in the breach of, any material agreement or other material
     instrument to which it is a party or which is applicable to it or any of
     its assets.

          (iii) The Master Servicer has the full power and authority to enter
     into and consummate all transactions contemplated by this Agreement, has
     duly authorized the execution, delivery and performance of this Agreement,
     and has duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Master Servicer, enforceable against the
     Master Servicer in accordance with the terms hereof, subject to (A)
     applicable bankruptcy, receivership, insolvency, reorganization, moratorium
     and other laws affecting the enforcement of creditors' rights generally and
     the rights of creditors of banks, and (B) general principles of equity,
     regardless of whether such enforcement is considered in a proceeding in
     equity or at law.

          (v) The Master Servicer is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement will not constitute a violation of, any law, any
     order or decree of any court or arbiter, or any order, regulation or demand
     of any federal, state or local governmental or regulatory authority, which
     violation, in the Master Servicer's good faith and reasonable judgment, is
     likely to affect materially and adversely either the ability of the Master
     Servicer to perform its obligations under this Agreement or the financial
     condition of the Master Servicer.

          (vi) No litigation is pending or, to the best of the Master Servicer's
     knowledge, threatened, against the Master Servicer, the outcome of which,
     in the Master Servicer's good faith and reasonable judgment, could
     reasonably be expected to prohibit the

                                     -154-
<PAGE>

     Master Servicer from entering into this Agreement or materially and
     adversely affect the ability of the Master Servicer to perform its
     obligations under this Agreement.

          (vii) Any consent, approval, authorization or order of any court or
     governmental agency or body required under federal or state law for the
     execution, delivery and performance by the Master Servicer of or compliance
     by the Master Servicer with this Agreement or the consummation of the
     transactions contemplated by this Agreement has been obtained and is
     effective except where the lack of consent, approval, authorization or
     order would not have a material adverse effect on the performance by the
     Master Servicer under this Agreement.

          (viii) The Master Servicer possesses all insurance required pursuant
     to Section 3.07(c) of this Agreement.

          (ix) The Master Servicer has reviewed all Sub-Servicing Agreements in
     effect as of the Closing Date and will review all Sub-Servicing Agreements
     entered into by it after the Closing Date.

         (b) The representations and warranties of the Master Servicer set forth
in Section 3.23(a) shall survive the execution and delivery of this Agreement
and shall inure to the benefit of the Persons for whose benefit they were made
for so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall give prompt written notice thereof to the
other parties hereto.

         (c) Any successor Master Servicer shall be deemed to have made, as of
the date of its succession, each of the representations and warranties set forth
in Section 3.23(a), subject to such appropriate modifications to the
representation and warranty set forth in Section 3.23(a)(i) to accurately
reflect such successor's jurisdiction of organization and whether it is a
corporation, partnership, bank, association or other type of organization.

         SECTION 3.24. Representations and Warranties of the Special Servicer.

         (a) The Special Servicer, in such capacity, hereby represents, warrants
and covenants to the other parties hereto and for the benefit of the
Certificateholders and the Chrysler Building Companion Loan Noteholder, as of
the Closing Date, that:

          (i) The Special Servicer is a corporation validly existing and in good
     standing under the laws of the State of Florida, and the Special Servicer
     is in compliance with the laws of each state in which any Mortgaged
     Property is located to the extent necessary to perform its obligations
     under this Agreement.

          (ii) The execution and delivery of this Agreement by the Special
     Servicer, and the performance and compliance with the terms of this
     Agreement by the Special Servicer, will not violate the Special Servicer's
     organizational documents or constitute a default (or an event which, with
     notice or lapse of time, or both, would constitute a default) under, or
     result in the breach of, any material agreement or other material
     instrument to which it is a party or which is applicable to it or any of
     its assets.

                                     -155-
<PAGE>

          (iii) The Special Servicer has the full power and authority to enter
     into and consummate all transactions contemplated by this Agreement, has
     duly authorized the execution, delivery and performance of this Agreement,
     and has duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Special Servicer, enforceable against the
     Special Servicer in accordance with the terms hereof, subject to (A)
     applicable bankruptcy, insolvency, reorganization, moratorium and other
     laws affecting the enforcement of creditors' rights generally, and (B)
     general principles of equity, regardless of whether such enforcement is
     considered in a proceeding in equity or at law.

          (v) The Special Servicer is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement will not constitute a violation of, any law, any
     order or decree of any court or arbiter, or any order, regulation or demand
     of any federal, state or local governmental or regulatory authority, which
     violation, in the Special Servicer's good faith and reasonable judgment, is
     likely to affect materially and adversely either the ability of the Special
     Servicer to perform its obligations under this Agreement or the financial
     condition of the Special Servicer.

          (vi) No litigation is pending or, to the best of the Special
     Servicer's knowledge, threatened, against the Special Servicer, the outcome
     of which, in the Special Servicer's good faith and reasonable judgment,
     could reasonably be expected to prohibit the Special Servicer from entering
     into this Agreement or materially and adversely affect the ability of the
     Special Servicer to perform its obligations under this Agreement.

          (vii) Any consent, approval, authorization or order of any court or
     governmental agency or body required under federal or state law for the
     execution, delivery and performance by the Special Servicer of or
     compliance by the Special Servicer with this Agreement or the consummation
     of the transactions contemplated by this Agreement has been obtained and is
     effective except where the lack of consent, approval, authorization or
     order would not have a material adverse effect on the performance by the
     Special Servicer under this Agreement.

          (viii) The Special Servicer possesses all insurance required pursuant
     to Section 3.07(c) of this Agreement.

         (b) The representations and warranties of the Special Servicer set
forth in Section 3.24(a) shall survive the execution and delivery of this
Agreement and shall inure to the benefit of the Persons for whose benefit they
were made for so long as the Trust Fund remains in existence. Upon discovery by
any party hereto of any breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto.

         (c) Any successor Special Servicer shall be deemed to have made, as of
the date of its succession, each of the representations and warranties set forth
in Section 3.24(a), subject to such appropriate modifications to the
representation and warranty set forth in Section 3.24(a)(i) to accurately
reflect such successor's jurisdiction of organization and whether it is a
corporation, partnership, bank, association or other type of organization.

                                     -156-
<PAGE>

         SECTION 3.25.  Certain Matters Regarding the Purchase of the Chrysler
                        Building Mortgage Loan.

         If, pursuant to Section 2.03, Section 3.18 and Section 9.01, the
Chrysler Building Mortgage Loan is purchased or repurchased from the Trust Fund,
the purchaser thereof shall be bound by the terms of the Chrysler Building
Co-Lender Agreement and shall assume the rights and obligations of the "Note A
Lender" under the Chrysler Building Co-Lender Agreement. All portions of the
related Mortgage File and other documents pertaining to such Mortgage Loan shall
be endorsed or assigned to the extent necessary or appropriate to the purchaser
of such Mortgage Loan in its capacity as "Note A Lender" (as a result of such
purchase or repurchase) under the Chrysler Building Co-Lender Agreement in the
manner contemplated under such agreement, which such purchaser shall be deemed
to acknowledge. Thereafter such Mortgage File shall be held by the Note A Lender
or a custodian appointed thereby for the benefit of the "Note A Lender" and the
"Note B Lender" as their interests appear under the Chrysler Building Co-Lender
Agreement. If the related Servicing File is not already in the possession of
such party, it shall be delivered to the master servicer or special servicer, as
the case may be, under the separate servicing agreement for the Loan Pair.

         SECTION 3.26. Application of Default Charges.

         (a) Any and all Default Charges that are actually collected with
respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool during
any Collection Period, shall be applied for the following purposes and in the
following order, in each case to the extent of the remaining portion of such
Default Charges;

          first, to pay to the Fiscal Agent, the Trustee, the Master Servicer or
     the Special Servicer, in that order, any interest due and owing to such
     party on outstanding Advances made thereby with respect to any Mortgage
     Loan or REO Mortgage Loan in the Mortgage Pool and reimbursed in the
     related Collection Period;

          second, to pay any other outstanding expenses (exclusive of Special
     Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to
     any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool and that, if
     paid from a source other than such Default Charges, would constitute
     Additional Trust Fund Expenses;

          third, to reimburse the Trust for any interest on Advances paid to the
     Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer in
     the preceding twelve months with respect to any Mortgage Loan or REO
     Mortgage Loan in the Mortgage Pool, which payment was made from a source
     other than Default Charges and not previously reimbursed under this clause
     third;

          fourth, to reimburse the Trust for any other Additional Trust Fund
     Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout
     Fees) paid in the preceding twelve months with respect to any Mortgage Loan
     or REO Mortgage Loan in the Mortgage Pool, which payment was made from a
     source other than Default Charges and not previously reimbursed under this
     clause fourth; and

          fifth, to pay any remaining portion of such Default Charges (such
     remaining portion, "Net Default Charges") as additional master servicing
     compensation to the Master Servicer, if they were received in respect of a
     Mortgage Loan that is not a Specially Serviced Mortgage Loan, or

                                     -157-
<PAGE>

     as additional special servicing compensation to the Special Servicer, if
     they were received in respect of a Specially Serviced Mortgage Loan or an
     REO Mortgage Loan, in each case pursuant to Section 3.11;

         (b) Default Charges applied to reimburse the Trust pursuant to clauses
third and fourth of subsection (a), are intended to be part of the amounts to be
delivered by the Master Servicer to the Trustee pursuant to the first paragraph
of Section 3.04(b) on or before the Master Servicer Remittance Date next
following the Collection Period during which they were received, for deposit in
the Collection Account, subject to application pursuant to Section 3.05(a) for
any items payable out of general collections on the Mortgage Loans and any REO
Properties. Default Charges applied to pay outstanding interest on Advances to
any particular party pursuant to clause first of subsection (a) shall be applied
to pay such party such interest on Advances in such manner that the interest
that accrued first and has been outstanding the longest shall be paid first.
Default Charges applied to pay outstanding expenses pursuant to clause second of
subsection (a) shall be applied to pay such expenses in the chronological order
in which they were incurred. Default Charges applied to reimburse the Trust
pursuant to clauses third and fourth of subsection (a) shall be deemed to offset
either interest paid on Advances or other Additional Trust Fund Expenses,
depending on which clause is applicable, in the chronological order in which
they were made or incurred, as applicable (whereupon such interest paid on
Advances or such other Additional Trust Fund Expenses, depending on which clause
is applicable, shall thereafter be deemed to have been paid out of Default
Charges).

                                     -158-
<PAGE>

                                   ARTICLE IV

          PAYMENTS TO CERTIFICATEHOLDERS; REPORTS TO CERTIFICATEHOLDERS

         SECTION 4.01. Distributions.

         (a) On each Distribution Date prior to the Final Distribution Date, the
Trustee shall, based upon information provided by the Master Servicer and the
Special Servicer, withdraw from the Collection Account and apply the Available
Distribution Amount for such Distribution Date to make the following
distributions in respect of the Senior Certificates, in the following order of
priority, in each case to the extent of remaining available funds:

          first, distributions of interest to the Holders of the respective
     Classes of Senior Certificates, up to an amount equal to, and pro rata as
     among such Classes in accordance with, all Distributable Certificate
     Interest in respect of each such Class of Certificates for such
     Distribution Date and, to the extent not previously paid, for all prior
     Distribution Dates, if any;

          second, distributions of principal to the Holders of the Class A-1 and
     Class A-2 Certificates, allocable as between such Classes of
     Certificateholders as provided below, up to an amount (not to exceed the
     aggregate Class Principal Balance of such Classes of Certificates
     outstanding prior to such Distribution Date) equal to the entire Principal
     Distribution Amount for such Distribution Date; and

          third, distributions to the Holders of the Class A-1 and Class A-2
     Certificates, up to an amount equal to, pro rata as between such Classes of
     Certificateholders in accordance with, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to each such Class of Certificates pursuant to Section 4.04(a)
     and not previously reimbursed.

         On each Distribution Date prior to the earlier of (i) the Class A
Principal Distribution Cross-Over Date and (ii) the Final Distribution Date, the
Trustee shall pay the distributions of principal made on the Class A-1 and Class
A-2 Certificates as provided above, first, to the Holders of the Class A-1
Certificates, until the Class Principal Balance of such Class has been reduced
to zero, and thereafter, to the Holders of the Class A-2 Certificates, until the
Class Principal Balance of such Class has been reduced to zero. On any
Distribution Date coinciding with or following the Class A Principal
Distribution Cross-Over Date, but prior to the Final Distribution Date, the
Trustee shall pay the distributions of principal made on the Class A-1 and Class
A-2 Certificates as provided above to the Holders of both the Class A-1
Certificates and the Class A-2 Certificates, on a pro rata basis, in accordance
with the respective Class Principal Balances of such Classes outstanding
immediately prior to such Distribution Date, until the Class Principal Balance
of each such Class has been reduced to zero.

         All distributions of interest made in respect of the Class X
Certificates on any Distribution Date as provided above shall be made, and
deemed to have been made, in respect of the various REMIC III Components of the
Class X Certificates, pro rata in accordance with the respective amounts of
Distributable Component Interest in respect of such REMIC III Components of the
Class X Certificates for such Distribution Date and, to the extent not
previously deemed paid pursuant to this paragraph, for all prior Distribution
Dates, if any.

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         (b) On each Distribution Date prior to the Final Distribution Date, the
Trustee shall, based on information provided by the Master Servicer and the
Special Servicer, withdraw from the Collection Account and apply the Subordinate
Available Distribution Amount for such Distribution Date, for the following
purposes and in the following order of priority, in each case to the extent of
remaining available funds:

          (i) to make distributions of interest to the Holders of the Class B
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (ii) after the Class Principal Balances of the Class A Certificates
     have been reduced to zero, to make distributions of principal to the
     Holders of the Class B Certificates, up to an amount (not to exceed the
     Class Principal Balance of such Class of Certificates outstanding
     immediately prior to such Distribution Date) equal to the entire Principal
     Distribution Amount for such Distribution Date (net of any portion thereof
     distributed on such Distribution Date to the Holders of the Class A
     Certificates pursuant to Section 4.01(a) above);

          (iii) to make distributions to the Holders of the Class B
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (iv) to make distributions of interest to the Holders of the Class C
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (v) after the Class Principal Balance of the Class B Certificates has
     been reduced to zero, to make distributions of principal to the Holders of
     the Class C Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (vi) to make distributions to the Holders of the Class C Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to such Class
     of Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (vii) to make distributions of interest to the Holders of the Class D
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (viii) after the Class Principal Balance of the Class C Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class D Certificates, up

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     to an amount (not to exceed the Class Principal Balance of such Class of
     Certificates outstanding immediately prior to such Distribution Date) equal
     to the entire Principal Distribution Amount for such Distribution Date (net
     of any portion thereof distributed on such Distribution Date to the Holders
     of any other Class of Principal Balance Certificates pursuant to Section
     4.01(a) above or pursuant to any prior clause of this Section 4.01(b));

          (ix) to make distributions to the Holders of the Class D Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to such Class
     of Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (x) to make distributions of interest to the Holders of the Class E
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xi) after the Class Principal Balance of the Class D Certificates has
     been reduced to zero, to make distributions of principal to the Holders of
     the Class E Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xii) to make distributions to the Holders of the Class E
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xiii) to make distributions of interest to the Holders of the Class F
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xiv) after the Class Principal Balance of the Class E Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class F Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xv) to make distributions to the Holders of the Class F Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to such Class
     of Certificates pursuant to Section 4.04(a) and not previously reimbursed;

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          (xvi) to make distributions of interest to the Holders of the Class G
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xvii) after the Class Principal Balance of the Class F Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class G Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xviii) to make distributions to the Holders of the Class G
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xix) to make distributions of interest to the Holders of the Class H
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xx) after the Class Principal Balance of the Class G Certificates has
     been reduced to zero, to make distributions of principal to the Holders of
     the Class H Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xxi) to make distributions to the Holders of the Class H
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xxii) to make distributions of interest to the Holders of the Class J
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xxiii) after the Class Principal Balance of the Class H Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class J Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

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          (xxiv) to make distributions to the Holders of the Class J
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xxv) to make distributions of interest to the Holders of the Class K
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xxvi) after the Class Principal Balance of the Class J Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class K Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xxvii) to make distributions to the Holders of the Class K
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xxviii) to make distributions of interest to the Holders of the Class
     L Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xxix) after the Class Principal Balance of the Class K Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class L Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xxx) to make distributions to the Holders of the Class L
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xxxi) to make distributions of interest to the Holders of the Class M
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xxxii) after the Class Principal Balance of the Class L Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class M Certificates, up

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     to an amount (not to exceed the Class Principal Balance of such Class of
     Certificates outstanding immediately prior to such Distribution Date) equal
     to the entire Principal Distribution Amount for such Distribution Date (net
     of any portion thereof distributed on such Distribution Date to the Holders
     of any other Class of Principal Balance Certificates pursuant to Section
     4.01(a) above or pursuant to any prior clause of this Section 4.01(b));

          (xxxiii) to make distributions to the Holders of the Class M
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xxxiv) to make distributions of interest to the Holders of the Class
     N Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xxxv) after the Class Principal Balance of the Class M Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class N Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xxxvi) to make distributions to the Holders of the Class N
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xxxvii) to make distributions of interest to the Holders of the Class
     P Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xxxviii)after the Class Principal Balance of the Class N Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class P Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xxxix) to make distributions to the Holders of the Class P
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

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          (xl) to make distributions of interest to the Holders of the Class Q
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of such Class of Certificates for such Distribution
     Date and, to the extent not previously paid, for all prior Distribution
     Dates, if any;

          (xli) after the Class Principal Balance of the Class P Certificates
     has been reduced to zero, to make distributions of principal to the Holders
     of the Class Q Certificates, up to an amount (not to exceed the Class
     Principal Balance of such Class of Certificates outstanding immediately
     prior to such Distribution Date) equal to the entire Principal Distribution
     Amount for such Distribution Date (net of any portion thereof distributed
     on such Distribution Date to the Holders of any other Class of Principal
     Balance Certificates pursuant to Section 4.01(a) above or pursuant to any
     prior clause of this Section 4.01(b));

          (xlii) to make distributions to the Holders of the Class Q
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

          (xliii) to make distributions to the Holders of the Class R-III
     Certificates, up to an amount equal to the excess, if any, of (A) the
     aggregate distributions (other than distributions of Net Prepayment
     Consideration) deemed made in respect of the REMIC II Regular Interests on
     such Distribution Date pursuant to Section 4.01(j), over (B) the aggregate
     distributions made in respect of the Regular Interest Certificates on such
     Distribution Date pursuant to Section 4.01(a) above and Section 4.01(b)(i)
     through Section 4.01(b)(xlii) above;

          (xliv) to make distributions to the Holders of the Class R-II
     Certificates, up to an amount equal to the excess, if any, of (A) the
     aggregate distributions (other than distributions of Net Prepayment
     Consideration) deemed made in respect of the REMIC I Regular Interests on
     such Distribution Date pursuant to Section 4.01(k), over (B) the aggregate
     distributions (other than distributions of Net Prepayment Consideration)
     deemed made in respect of the REMIC II Regular Interests on such
     Distribution Date pursuant to Section 4.01(j);

          (xlv) to make distributions to the Holders of the Class R-LR
     Certificates, up to an amount equal to the excess, if any, of (A) that
     portion of the Available Distribution Amount for such Distribution Date
     that is allocable to the Loan REMIC Mortgage Loans and/or any related REO
     Properties, over (B) the aggregate distributions (other than distributions
     of Net Prepayment Consideration) deemed made in respect of the Loan REMIC
     Regular Interests on such Distribution Date pursuant to Section 4.01(l);
     and

          (xlvi) to make distributions to the Holders of the Class R-I
     Certificates, up to an amount equal to the excess, if any, of (A) the
     Available Distribution Amount for such Distribution Date, over (B) the
     aggregate distributions made in respect of the other Classes of
     Certificates on such Distribution Date pursuant to Section 4.01(a) above
     and Sections 4.01(b)(i) through Section 4.01(b)(xlv) above.

         (c) On each Distribution Date, the Trustee shall withdraw from the
Collection Account any amount received in respect of any Mortgage Loan or REO
Mortgage Loan during the related Collection Period that represents Net
Prepayment Consideration and shall distribute such Net

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Prepayment Consideration to the Holders of the respective Classes of Principal
Balance Certificates (other than any Excluded Class) entitled to distributions
of principal pursuant to Section 4.01(a) or Section 4.01(b) on such Distribution
Date, up to an amount equal to, and pro rata based on, the respective Prepayment
Consideration Entitlements for such Classes of Certificates for such
Distribution Date.

         Any Net Prepayment Consideration not otherwise distributed in respect
of the Principal Balance Certificates pursuant to the foregoing paragraph of
this Section 4.01(c) shall be distributed to the Holders of the Class X
Certificates. Any Net Prepayment Consideration distributed in respect of the
Class X Certificates on any Distribution Date shall be deemed to have been
distributed in respect of the respective REMIC III Components of the Class X
Certificates, on a pro rata basis in accordance with the respective amounts by
which the Component Notional Amounts of such REMIC III Components were reduced
on such Distribution Date by deemed distributions of principal pursuant to
Section 4.01(j).

         (d) On each Distribution Date, the Trustee shall withdraw from the
Collection Account any amounts that represent Additional Interest actually
collected on the ARD Mortgage Loans and any successor REO Mortgage Loans during
the related Collection Period and shall distribute such amounts to the Holders
of the Class Q Certificates.

         If a Loan REMIC Mortgage Loan is repurchased during any Collection
Period as contemplated by Section 2.03(d), then, on the related Distribution
Date, the Trustee shall withdraw from the Collection Account any yield
maintenance payment made by the UBS Mortgage Loan Seller in connection with such
repurchase and shall distribute such amount to the Holders of the Class X
Certificates.

         (e) All distributions made with respect to each Class of Certificates
on each Distribution Date shall be allocated pro rata among the outstanding
Certificates in such Class based on their respective Percentage Interests.
Except as otherwise provided below, all such distributions with respect to each
Class on each Distribution Date shall be made to the Certificateholders of the
respective Class of record at the close of business on the related Record Date
and shall be made by wire transfer of immediately available funds to the account
of any such Certificateholder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided the Trustee
with wiring instructions no less than five Business Days prior to the related
Record Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent Distribution Dates), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. The final distribution on each Certificate (determined, in the case of
a Principal Balance Certificate, without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to such Certificate, but taking into account, in the case of the Class
Q Certificates, possible future distributions of Additional Interest) will be
made in a like manner, but only upon presentation and surrender of such
Certificate at the offices of the Certificate Registrar or such other location
specified in the notice to Certificateholders of such final distribution. Prior
to any termination of the Trust Fund pursuant to Section 9.01, any distribution
that is to be made with respect to a Certificate in reimbursement of a Realized
Loss or Additional Trust Fund Expense previously allocated thereto, which
reimbursement is to occur after the date on which such Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the address of the Certificateholder that surrendered such Certificate
as such address last appeared in the Certificate Register or to any other
address of which the Trustee was subsequently notified in writing. If such

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check is returned to the Trustee, then the Trustee, directly or through an
agent, shall take such reasonable steps to contact the related Holder and
deliver such check as it shall deem appropriate. Any funds in respect of a check
returned to the Trustee shall be set aside by the Trustee and held uninvested in
trust and credited to the account of the appropriate Holder. The costs and
expenses of locating the appropriate Holder and holding such funds shall be paid
out of such funds. No interest shall accrue or be payable to any former Holder
on any amount held in trust hereunder. If the Trustee has not, after having
taken such reasonable steps, located the related Holder by the second
anniversary of the initial sending of a check, the Trustee shall, subject to
applicable law, distribute the unclaimed funds to the Class R-III
Certificateholders.

         (f) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the related Certificate Owners that it represents and to each indirect
participating brokerage firm (a "brokerage firm" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the related Certificate Owners that it represents. None of
the Trustee, the Certificate Registrar, the Depositor or the Master Servicer
shall have any responsibility therefor except as otherwise provided by this
Agreement or applicable law. The Trustee and the Depositor shall perform their
respective obligations under the Letter of Representations among the Depositor,
the Trustee and the initial Depository dated as of the Closing Date and
pertaining to the Book-Entry Certificates.

         (g) The rights of the Certificateholders to receive distributions from
the proceeds of the Trust Fund in respect of the Certificates, and all rights
and interests of the Certificateholders in and to such distributions, shall be
as set forth in this Agreement. Neither the Holders of any Class of Certificates
nor any party hereto shall in any way be responsible or liable to the Holders of
any other Class of Certificates in respect of amounts properly previously
distributed on the Certificates.

         (h) Except as otherwise provided in Section 9.01, whenever the Trustee
receives written notification of or expects that the final distribution with
respect to any Class of Certificates (determined, in the case of a Class of
Principal Balance Certificates, without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to such Class of Certificates pursuant to Section 4.04(a), but taking
into account, in the case of the Class Q Certificates, possible future
distributions of Additional Interest) will be made on the next Distribution
Date, the Trustee shall, no later than the second Business Day prior to such
Distribution Date, mail to each Holder of record of such Class of Certificates
on such date a notice to the effect that:

          (i) the Trustee expects that the final distribution with respect to
     such Class of Certificates will be made on such Distribution Date but only
     upon presentation and surrender of such Certificates at the office of the
     Certificate Registrar or at such other location therein specified, and

          (ii) no interest shall accrue on such Certificates from and after the
     end of the Interest Accrual Period for such Distribution Date.

Any funds not distributed to any Holder or Holders of Certificates of such Class
on such Distribution Date because of the failure of such Holder or Holders to
tender their Certificates shall, on such date, be

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set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to
which notice has been given pursuant to this Section 4.01(h) shall not have been
surrendered for cancellation within six months after the time specified in such
notice, the Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, then the Trustee, directly or through an agent, shall take such
steps to contact the remaining non-tendering Certificateholders concerning the
surrender of their Certificates as it shall deem appropriate. The costs and
expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust pursuant to this paragraph. If all of the Certificates shall not
have been surrendered for cancellation by the second anniversary of the delivery
of the second notice, the Trustee shall, subject to applicable law, distribute
to the Class R-III Certificateholders all unclaimed funds and other assets which
remain subject thereto.

         (i) Notwithstanding any other provision of this Agreement, the Trustee
shall comply with all federal withholding requirements respecting payments to
Certificateholders of interest or original issue discount that the Trustee
reasonably believes are applicable under the Code. The consent of
Certificateholders shall not be required for such withholding. If the Trustee
does withhold any amount from interest or original issue discount payments or
advances thereof to any Certificateholder pursuant to federal withholding
requirements, the Trustee shall indicate the amount withheld to such
Certificateholders.

         (j) All distributions made in respect of each Class of Regular Interest
Certificates (exclusive of the Class X Certificates) on each Distribution Date
(including the Final Distribution Date) pursuant to Section 4.01(a), Section
4.01(b), Section 4.01(c) or Section 9.01 shall be deemed to have first been
distributed from REMIC II to REMIC III in respect of the Corresponding REMIC II
Regular Interest for such Class of Certificates; and all distributions made in
respect of the Class X Certificates on each Distribution Date pursuant to
Section 4.01(a), Section 4.01(c) or Section 9.01, and allocable to any
particular REMIC III Component of such Class of Certificates, shall be deemed to
have first been distributed from REMIC II to REMIC III in respect of the
Corresponding REMIC II Regular Interest for such REMIC III Component. In each
case, if such distribution on any such Class of Certificates was a distribution
of interest, of principal, of additional interest (in the form of Net Prepayment
Consideration) or in reimbursement of any Realized Losses and Additional Trust
Fund Expenses previously allocated to such Class of Certificates, then the
corresponding distribution deemed to be made on a REMIC II Regular Interest
pursuant to the preceding sentence shall be deemed to also be, respectively, a
distribution of interest, of principal, of additional interest (in the form of
Net Prepayment Consideration) or in reimbursement of any Realized Losses and
Additional Trust Fund Expenses previously allocated to REMIC III in respect of
such REMIC II Regular Interest. The actual distributions made by the Trustee on
each Distribution Date in respect of the REMIC III Certificates pursuant to
Section 4.01(a), Section 4.01(b), Section 4.01(c) or Section 9.01, as
applicable, shall be deemed to have been so made from the amounts deemed
distributed in respect of the REMIC II Regular Interests on such Distribution
Date pursuant to this Section 4.01(j). Notwithstanding the deemed distributions
on the REMIC II Regular Interests described in this Section 4.01(j), actual
distributions of funds from the Collection Account shall be made only in
accordance with Section 4.01(a), Section 4.01(b), Section 4.01(c), Section
4.01(d) or Section 9.01, as applicable.

                                     -168-
<PAGE>

         (k) On each Distribution Date, including the Final Distribution Date,
the Available Distribution Amount for such date shall be deemed to have first
been distributed from REMIC I to REMIC II in respect of the REMIC I Regular
Interests, in each case to the extent of the remaining portions of such funds,
for the following purposes and in the following order of priority:

          (i) as deemed distributions of interest in respect of all the REMIC I
     Regular Interests, up to an amount equal to, and pro rata in accordance
     with, all Uncertificated Distributable Interest in respect of each REMIC I
     Regular Interest for such Distribution Date and, to the extent not
     previously deemed distributed, for all prior Distribution Dates;

          (ii) as deemed distributions of principal in respect of all the REMIC
     I Regular Interests, up to an amount equal to, and pro rata in accordance
     with, as to each REMIC I Regular Interest, the portion of the Principal
     Distribution Amount for such Distribution Date attributable to the related
     Mortgage Loan (or successor REO Loan); and

          (iii) as deemed distributions in respect of all the REMIC I Regular
     Interests, up to an amount equal to, pro rata in accordance with, and in
     reimbursement of, any Realized Losses and Additional Trust Fund Expenses
     previously allocated to each REMIC I Regular Interest (with compounded
     interest).

         Any Net Prepayment Consideration distributed to any Class of Regular
Interest Certificates on any Distribution Date shall, in each case, be deemed to
have been distributed from REMIC I to REMIC II in respect of the REMIC I Regular
Interest corresponding to the prepaid Mortgage Loan or REO Loan, as the case may
be, in respect of which such Net Prepayment Consideration was received.

         (l) On each Distribution Date, including the Final Distribution Date,
the portion of the Available Distribution Amount for such date allocable to each
Loan REMIC Mortgage Loan (or any successor REO Loan) shall be deemed to have
first been distributed from the related Loan REMIC to REMIC I in respect of the
corresponding Loan REMIC Regular Interest, in each case to the extent of the
remaining portions of such funds, for the following purposes and in the
following order of priority:

          (i) as deemed distributions of interest in respect of the related Loan
     REMIC Regular Interest, up to an amount equal to all Uncertificated
     Distributable Interest in respect of such Loan REMIC Regular Interest for
     such Distribution Date and, to the extent not previously deemed
     distributed, for all prior Distribution Dates;

          (ii) as deemed distributions of principal in respect of the related
     Loan REMIC Regular Interest, up to an amount equal to the portion of the
     Principal Distribution Amount for such Distribution Date attributable to
     such Loan REMIC Mortgage Loan (or any successor REO Loan); and

          (iii) as deemed distributions in respect of the related Loan REMIC
     Regular Interest, up to an amount equal to, and in reimbursement of, any
     Realized Losses and Additional Trust Fund Expenses previously allocated to
     such Loan REMIC Regular Interest (with compounded interest).

                                     -169-
<PAGE>

         Any Net Prepayment Consideration distributed to any Class of Regular
Interest Certificates on any Distribution Date that is allocable to a Loan REMIC
Mortgage Loan (or any successor REO Loan) shall, in each case, be deemed to have
been distributed from the related Loan REMIC to REMIC I in respect of the Loan
REMIC Regular Interest corresponding to the prepaid Loan REMIC Mortgage Loan or
REO Loan, as the case may be, in respect of which such Net Prepayment
Consideration was received.

         SECTION 4.02.  Statements to Certificateholders; CMSA Loan Periodic
                        Update File.

         (a) On each Distribution Date, the Trustee shall provide or make
available electronically to the Depositor, the Underwriters, the Master
Servicer, the Special Servicer, the Controlling Class Representative, each
Rating Agency, the Holders of each Class of Certificates and, upon their written
request to the Trustee, any Certificate Owners of the Book-Entry Certificates as
may be identified to the reasonable satisfaction of the Trustee, a statement,
substantially in the form attached hereto as Exhibit B (a "Distribution Date
Statement"), which shall also include the CMSA Bond Level File and the CMSA
Collateral Summary File, based on information provided to it by the Master
Servicer and the Special Servicer, setting forth:

          (i) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Principal Balance Certificates in reduction of the
     Class Principal Balance thereof;

          (ii) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Regular Interest Certificates allocable to
     Distributable Certificate Interest;

          (iii) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Regular Interest Certificates allocable to
     Prepayment Premiums, Yield Maintenance Charges and Additional Interest,
     respectively;

          (iv) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Principal Balance Certificates in reimbursement of
     previously allocated Realized Losses and Additional Trust Fund Expenses;

          (v) the Available Distribution Amount for such Distribution Date;

          (vi) the aggregate amount of P&I Advances made in respect of the
     Mortgage Pool for the prior Distribution Date pursuant to Section 4.03(a)
     and/or Section 4.03A(a);

          (vii) (A) the aggregate amount of unreimbursed P&I Advances that had
     been outstanding with respect to the Mortgage Pool at the close of business
     on the related Determination Date and the aggregate amount of any interest
     accrued and payable to the Master Servicer, the Trustee or the Fiscal Agent
     in respect of such unreimbursed P&I Advances in accordance with Section
     4.03(d) or 4.03A(d) as of the close of business on such Determination Date
     and (B) the aggregate amount of unreimbursed Servicing Advances that had
     been outstanding with respect to the Mortgage Pool as of the close of
     business on the related Determination Date and the aggregate amount of
     interest accrued and payable to the Master Servicer, the Special Servicer,
     the Trustee or the Fiscal Agent in respect of such unreimbursed

                                     -170-
<PAGE>

     Servicing Advances in accordance with Section 3.11(g) as of the close of
     business on such related Determination Date;

          (viii) the aggregate unpaid principal balance of the Mortgage Pool
     outstanding as of the close of business on the related Determination Date
     and the aggregate Stated Principal Balance of the Mortgage Pool outstanding
     immediately before and immediately after such Distribution Date;

          (ix) the number, aggregate unpaid principal balance, weighted average
     remaining term to maturity and weighted average Mortgage Rate of the
     Mortgage Loans (other than REO Loans) as of the close of business on the
     related Determination Date;

          (x) the number, aggregate unpaid principal balance (as of the close of
     business on the related Determination Date and aggregate Stated Principal
     Balance (immediately after such Distribution Date) of Mortgage Loans (A)
     delinquent 30 to 59 days, (B) delinquent 60 to 89 days, (C) delinquent 90
     or more days, (D) as to which foreclosure proceedings have been commenced,
     and (E) as to which, to the knowledge of the Master Servicer or the Special
     Servicer, as applicable, bankruptcy proceedings have commenced in respect
     of the related Mortgagor;

          (xi) as to each Mortgage Loan referred to in the preceding clause (x)
     above, (A) the loan number thereof, (B) the Stated Principal Balance
     thereof immediately following such Distribution Date and (C) whether the
     delinquency is in respect of its Balloon Payment;

          (xii) with respect to any Mortgage Loan as to which a Liquidation
     Event occurred during the related Collection Period (other than a payment
     in full), (A) the loan number thereof, (B) the nature of the Liquidation
     Event and, in the case of a Final Recovery Determination, a brief
     description of the basis for such Final Recovery Determination, (C) the
     aggregate of all Liquidation Proceeds and other amounts received in
     connection with such Liquidation Event (separately identifying the portion
     thereof allocable to distributions on the Certificates), and (D) the amount
     of any Realized Loss in connection with such Liquidation Event;

          (xiii) with respect to any REO Property that was included in the Trust
     Fund as of the close of business on the related Determination Date, the
     loan number of the related Mortgage Loan, the book value of such REO
     Property and the amount of REO Revenues and other amounts, if any, received
     with respect to such REO Property during the related Collection Period
     (separately identifying the portion thereof allocable to distributions on
     the Certificates) and, if available, the Appraised Value of such REO
     Property as expressed in the most recent appraisal thereof and the date of
     such appraisal;

          (xiv) with respect to any Mortgage Loan as to which the related
     Mortgaged Property became an REO Property during the related Collection
     Period, the loan number of such Mortgage Loan and the Stated Principal
     Balance of such Mortgage Loan as of the related Acquisition Date;

          (xv) with respect to any REO Property included in the Trust Fund as to
     which a Final Recovery Determination was made during the related Collection
     Period, (A) the loan

                                     -171-
<PAGE>

     number of the related Mortgage Loan, (B) a brief description of the basis
     for the Final Recovery Determination, (C) the aggregate of all Liquidation
     Proceeds and other amounts received with respect to such REO Property
     during the related Collection Period (separately identifying the portion
     thereof allocable to distributions on the Certificates), (D) the amount of
     any Realized Loss in respect of the related REO Loan in connection with
     such Final Recovery Determination and (E), if available, the Appraised
     Value of such REO Property as expressed in the most recent appraisal
     thereof and the date of such appraisal;

          (xvi) the Accrued Certificate Interest and Distributable Certificate
     Interest in respect of each Class of Regular Interest Certificates for such
     Distribution Date or the related Interest Accrual Period, as applicable;

          (xvii) any unpaid Distributable Certificate Interest in respect of
     each Class of Regular Interest Certificates after giving effect to the
     distributions made on such Distribution Date, and if the full amount of the
     Principal Distribution Amount was not distributed on such Distribution
     Date, the portion of the shortfall affecting each Class of Principal
     Balance Certificates;

          (xviii) the Pass-Through Rate for each Class of Regular Interest
     Certificates for such Distribution Date;

          (xix) the Principal Distribution Amount for such Distribution Date,
     separately identifying the respective components thereof (and, in the case
     of any Principal Prepayment or other unscheduled collection of principal
     received during the related Collection Period, the loan number for the
     related Mortgage Loan and the amount of such prepayment or other collection
     of principal);

          (xx) the aggregate of all Realized Losses incurred during the related
     Collection Period and from the Closing Date and all Additional Trust Fund
     Expenses (with a description thereof) incurred during the related
     Collection Period and from the Closing Date;

          (xxi) the aggregate of all Realized Losses and Additional Trust Fund
     Expenses that remain unallocated immediately following such Distribution
     Date;

          (xxii) the Class Principal Balance of each Class of Principal Balance
     Certificates and the Class Notional Amount of the Class X Certificates,
     outstanding immediately before and immediately after such Distribution
     Date, separately identifying any reduction therein due to the allocation of
     Realized Losses and Additional Trust Fund Expenses on such Distribution
     Date;

          (xxiii) the Certificate Factor for each Class of Regular Interest
     Certificates immediately following such Distribution Date;

          (xxiv) the aggregate amount of any interest on Advances in respect of
     the Mortgage Pool paid to the Master Servicer, the Special Servicer, the
     Trustee and the Fiscal Agent during the related Collection Period in
     accordance with Section 3.11(g), Section 4.03(d) and/or Section 4.03A(d);

                                     -172-
<PAGE>

          (xxv) (A) the loan number for each Required Appraisal Loan and any
     related Appraisal Reduction Amount (including an itemized calculation
     thereof) as of the related Determination Date and (B) the aggregate
     Appraisal Reduction Amount for all Required Appraisal Loans as of the
     related Determination Date;

          (xxvi) on a cumulative basis from the Cut-off Date, the number,
     aggregate Stated Principal Balance immediately after such Distribution Date
     (in the case of subclauses (A), (B) and (E)), aggregate Cut-off Date
     Balance (in the case of subclauses (C) and (D)), weighted average extension
     period (except in the case of subclause (B) and which shall be zero in the
     case of subclause (C)), and weighted average anticipated extension period
     (in the case of subclause (B)) of Mortgage Loans (A) as to which the
     maturity dates have been extended, (B) as to which the maturity dates are
     in the process of being extended, (C) that have paid off and were never
     extended, (D) as to which the maturity dates had previously been extended
     and have paid off and (E) as to which the maturity dates had been
     previously extended and are in the process of being further extended;

          (xxvii) the original and then current credit support levels for each
     Class of Regular Interest Certificates;

          (xxviii) the original and then current ratings, if any, for each Class
     of Regular Interest Certificates;

          (xxix) the aggregate amount of Prepayment Premiums and Yield
     Maintenance Charges collected (A) during the related Collection Period and
     (B) since the Closing Date;

          (xxx) (A) the aggregate amount of servicing compensation in respect of
     the Mortgage Pool (separately identifying the amount of each category of
     compensation) paid to the Master Servicer, the Special Servicer and, if
     payable directly out of the Trust Fund without a reduction in the servicing
     compensation otherwise payable to the Master Servicer or the Special
     Servicer, to each Sub-Servicer, during the related Collection Period, and
     (B) such other information as the Trustee is required by the Code or other
     applicable law to furnish to enable Certificateholders to prepare their tax
     returns; and

          (xxxi) the amounts, if any, actually distributed with respect to the
     Class R-I, Class R-II, Class R-III and Class R-LR Certificates on such
     Distribution Date.

         In the case of information to be furnished pursuant to clauses (i)
through (iv) above, the amounts shall be expressed as a dollar amount in the
aggregate for all Certificates of each applicable Class and per Single
Certificate. In the case of information provided to the Trustee as a basis for
information to be furnished pursuant to clauses (vi) through (xv), (xix), (xx),
(xxiv), (xxv), (xxvi), (xxix) and (xxx) above, insofar as the underlying
information is solely within the control of the Special Servicer or the Master
Servicer, the Trustee may, absent manifest error, conclusively rely on the
reports to be provided by the Special Servicer or the Master Servicer.

         During any period that reports are required to be filed with the
Commission with respect to the Trust pursuant to Section 15(d) of the Exchange
Act, each recipient of the Distribution Date Statement shall be deemed to have
agreed to keep confidential the information therein until such

                                     -173-
<PAGE>

Distribution Date Statement is filed with the Commission, and the Distribution
Date Statement shall bear a legend to such effect.

         Absent manifest error of which it has actual knowledge, none of the
Master Servicer, the Special Servicer or the Trustee shall be responsible for
the accuracy or completeness of any information supplied to it by a Mortgagor, a
Mortgage Loan Seller or third party that is included in any reports, statements,
materials or information prepared or provided by the Master Servicer, the
Special Servicer or the Trustee, as applicable, pursuant to this Agreement. None
of the Trustee, the Master Servicer or the Special Servicer shall have any
obligation to verify the accuracy or completeness of any information provided by
a Mortgagor, a Mortgage Loan Seller, a third party or each other.

         The Trustee shall forward a copy of each Distribution Date Statement by
mail to the Depository. The Trustee shall make available each month, to
Certificateholders, Certificate Owners, the Underwriters, the Rating Agencies,
the Controlling Class Representative, any party hereto or any Person identified
by any Certificateholder or Certificate Owner as a prospective transferee, via
the Trustee's internet website, with the use of a password provided by the
Trustee to such Person upon request and, in the case of a Certificateholder, a
Certificate Owner or a prospective transferee of a Certificate or any interest
therein, upon receipt by the Trustee from such Person of a certification
substantially in the form of Exhibit L-1 or Exhibit L-2, as applicable, all
Certificateholder Reports and any additional files containing substantially
similar information in an alternative format and, with the consent or at the
direction of the Depositor, such other information regarding the Certificates
and/or the Mortgage Loans as the Trustee may have in its possession. The Trustee
shall also make all CMSA NOI Adjustment Worksheets and CMSA Operating Statement
Analysis Reports in its possession available via its internet website in the
same manner as the Certificateholder Reports. The Trustee shall also make each
Distribution Date Statement available via its electronic bulletin board,
provided that (i) the Trustee shall have received notice from the Depositor that
the Underwriters have sold the Non-Registered Certificates to unaffiliated third
parties, and (ii) for so long as reports are required to be filed with the
Commission in respect of the Trust pursuant to Section 15(d) of the Exchange
Act, the subject Distribution Date Statement shall have been previously filed
with the Commission. The Trustee will make no representations or warranties as
to the accuracy or completeness of such documents and will assume no
responsibility therefor.

         The Trustee's internet website shall be located at www.etrustee.net or
at such other address as shall be specified by the Trustee from time to time in
the Distribution Date Statement and in one or more written notices delivered to
the other parties hereto, the Controlling Class Representative (if any), the
Certificateholders and the Rating Agencies. In connection with providing access
to the Trustee's internet website, the Trustee may require the acceptance of a
disclaimer. The Trustee shall not be liable for the dissemination of information
in accordance with this Agreement.

         The Master Servicer may, but is not required to, make available each
month, to Certificateholders, Certificate Owners (that have been confirmed as
such by the Trustee), the Controlling Class Representative, the Underwriters,
the Rating Agencies or any party hereto, the Certificateholder Reports, any CMSA
NOI Adjustment Worksheet or CMSA Operating Statement Analysis Report on its
internet website. The Master Servicer will make no representations or warranties
as to the accuracy or completeness of any report not prepared by it and will
assume no responsibility for any information for which it is not the original
source.

                                     -174-
<PAGE>

         The Master Servicer's internet website shall be located at
"www.firstunion.com" or at such other address as shall be specified by the
Master Servicer from time to time in one or more written notices delivered to
the other parties hereto, the Controlling Class Representative (if any), the
Certificateholders and the Rating Agencies. In connection with providing access
to the Master Servicer's internet website, the Master Servicer may require the
acceptance of a disclaimer. The Master Servicer shall not be liable for the
dissemination of information to Certificateholders and Certificate Owners in
accordance with this Agreement. Access to the Master Servicer's Website shall be
coordinated with the Trustee and shall be with the use of a password provided by
the Master Servicer, which, in the case of a Certificateholder or a Certificate
Owner, shall only be provided upon receipt by the Master Servicer from such
Person of a certification substantially in the form of Exhibit L-1.
Notwithstanding the foregoing, upon the Depositor's notifying the Master
Servicer that the Non-Registered Certificates have been sold by the Underwriters
to unaffiliated third parties, the Master Servicer may make the Unrestricted
Servicer Reports available on its internet website without a password, provided
that for so long as reports are required to be filed with the Commission in
respect of the Trust pursuant to Section 15(d) of the Exchange Act, the subject
reports shall have been previously filed with the Commission (which shall be
confirmed by the Master Servicer by request made to the Trustee).

         Within a reasonable period of time after the end of each calendar year,
the Trustee shall send to each Person who at any time during the calendar year
was a Certificateholder of record, a report summarizing on an annual basis (if
appropriate) the items provided to Certificateholders pursuant to clauses (i),
(ii), (iii) and (iv) of the description of "Distribution Date Statement" above
and such other information as may be required to enable such Certificateholders
to prepare their federal income tax returns. Such information shall include the
amount of original issue discount accrued on each Class of Certificates and
information regarding the expenses of the Trust Fund. Such requirement shall be
deemed to be satisfied to the extent such information is provided pursuant to
applicable requirements of the Code from time to time in force.

         Upon receipt of notice from the Depositor that the Underwriters have
sold the Non-Registered Certificates to unaffiliated third parties, the Trustee
shall make available electronically or, if so requested, forward by hard copy,
on each Distribution Date, to (i) the Trepp Group (at 477 Madison Avenue, 18th
Floor, New York, New York 10022 or such other address as the Trepp Group may
designate), (ii) Intex Solutions, Inc. (at 35 Highland Circle, Needham,
Massachusetts 02194, or such other address as Intex Solutions, Inc. may
hereafter designate), (iii) Charter Research Corporation (at 262 Washington
Street, Boston, Massachusetts 02108, or such other address as Charter Research
Corporation may hereafter designate), and (iv) any other similar third party
information provider, a copy of the reports forwarded to the Holders of the
Certificates on such Distribution Date as described above.

         Upon written request of the Depositor or any Underwriter, without
payment of any fee, and upon written request of any Certificateholders or any
other Person, together with payment of a reasonable fee specified by the
Trustee, the Trustee shall provide any statements, reports and/or information
contemplated by this Section 4.02(a) on computer diskette to such party (such
computer diskette and such statements, reports, and/or information thereon to
bear such appropriate disclaimers and qualifications as the Depositor and the
Trustee shall determine in their reasonable discretion).

         If any Certificate Owner does not receive through the Depository or any
of its Depository Participants any of the statements, reports and/or other
written information described above in this

                                     -175-
<PAGE>

Section 4.02(a) that it would otherwise be entitled to receive if it were the
Holder of a Definitive Certificate evidencing its ownership interest in the
related Class of Book-Entry Certificates, then the Trustee shall forward such
statements, reports and/or other written information to such Certificate Owner
as provided above, upon the request of such Certificate Owner made in writing to
the Corporate Trust Office (accompanied by current verification of such
Certificate Owner's ownership interest). Such portion of such information as may
be agreed upon by the Depositor and the Trustee shall be furnished to any such
Person via overnight courier delivery or telecopy from the Trustee; provided
that the cost of such overnight courier delivery or telecopy shall be an expense
of the party requesting such information.

         The Trustee shall only be obligated to deliver the statements, reports
and information contemplated by this Section 4.02(a) to the extent it receives,
in the format required by this Agreement, the necessary underlying information
from the Master Servicer and shall not be liable for any failure to deliver any
thereof on the prescribed due dates, to the extent caused by failure to receive
timely such underlying information. Nothing herein shall obligate the Trustee,
the Master Servicer or the Special Servicer to violate any applicable law
prohibiting disclosure of information with respect to any Mortgagor and the
failure of the Trustee, Master Servicer or the Special Servicer to disseminate
information for such reason shall not be a breach hereof.

         The information to be furnished by the Trustee to the
Certificateholders pursuant to Sections 4.02(a) and (b) shall not limit the
Trustee in furnishing any such information to other Persons to whom it
determines such disclosure to be appropriate and shall not limit the Trustee in
furnishing to Certificateholders or to any Person any other information with
respect to the Mortgage Loans, the Mortgaged Properties or the Trust Fund as may
be provided to it by the Depositor, the Master Servicer or the Special Servicer
or gathered by it in any investigation or other manner from time to time (such
information, other than as described in Sections 4.02(a) and (b), is referred to
herein as "Additional Information") as it may reasonably deem necessary or
appropriate from time to time, provided that (A) the Trustee shall give the
Depositor three Business Days' advance notice before doing so, (B) any such
Additional Information shall only be furnished with the consent or at the
request of the Depositor (except pursuant to clause (E) below), (C) the Trustee
shall be entitled to indicate the source of all information furnished by it, and
the Trustee may affix thereto any disclaimer it deems appropriate in its
discretion, (D) the Trustee shall notify Certificateholders of the availability
of any such information in any manner as it, in its sole discretion, may
determine, and (E) this provision shall not prevent the Trustee, whether with or
without the consent of the Depositor, from furnishing information with respect
to the Trust Fund and its administration thereof to any Person, if it reasonably
determines that the furnishing of such information is required by applicable
law. The Trustee shall forward to the Depositor any requests for Additional
Information which, for their fulfillment, require the consent of the Depositor.
Nothing herein shall be construed to impose upon the Trustee any obligation or
duty to furnish or distribute any Additional Information to any Person in any
instance.

         (b) Not later than 1:00 p.m. (New York City time) on the second
Business Day prior to each Distribution Date, the Master Servicer shall furnish
to the Trustee, and upon request, to the Depositor, the Underwriters and the
Special Servicer, by electronic transmission (or in such other form to which the
Trustee or the Depositor, as the case may be, and the Master Servicer may
agree), an accurate and complete CMSA Loan Periodic Update File providing the
required information for the Mortgage Loans as of the related Determination
Date.

                                     -176-
<PAGE>

         In the performance of its obligations set forth in Section 4.05 and its
other duties hereunder, the Trustee may conclusively rely on the CMSA Loan
Periodic Update File provided to it by the Master Servicer, and the Trustee
shall not be responsible to recompute, recalculate or verify the information
provided to it by the Master Servicer. In the case of information to be
furnished by the Master Servicer to the Trustee pursuant to this Section
4.02(b), insofar as such information is solely within the control of the Special
Servicer, the Master Servicer (if other than the Special Servicer or an
Affiliate thereof) shall have no obligation to provide such information until it
has received such information from the Special Servicer, shall not be in default
hereunder due to a delay in providing the CMSA Loan Periodic Update File caused
by the Special Servicer's failure to timely provide any report required under
this Agreement and may, absent actual knowledge of an error therein,
conclusively rely on the reports to be provided by the Special Servicer. The
Master Servicer may conclusively rely on any information provided by the
Depositor or any Mortgagor with respect to the CMSA Loan Periodic Update File,
CMSA Loan Setup File, CMSA Property File and CMSA Financial File.

         SECTION 4.03. P&I Advances.

         (a) On or before 2:00 p.m., New York City time, on each P&I Advance
Date, the Master Servicer shall, subject to Section 4.03(c) below, satisfy its
obligations to make any required P&I Advances with respect to the related
Distribution Date in respect of the Mortgage Pool (other than the Chrysler
Building Loan Pair), first, by transferring to the Trustee for deposit in the
Collection Account amounts then held in the Pool Custodial Account for future
distribution to Certificateholders in subsequent months in discharge of such
obligations, and second, by remitting its own funds to the Trustee for deposit
in a Collection Account in an amount equal to the remaining portion of such
required P&I Advances. Any amounts held in the Pool Custodial Account for future
distribution and so used to make P&I Advances shall be appropriately reflected
in the Master Servicer's records and replaced by the Master Servicer by deposit
in the Pool Custodial Account on or before the next succeeding Determination
Date (to the extent not previously replaced through the deposit of Late
Collections of the delinquent principal and interest in respect of which such
P&I Advances were made). If, as of 4:00 p.m., New York City time, on any P&I
Advance Date, the Master Servicer shall not have made any P&I Advance required
to be made on such date pursuant to this Section 4.03(a) (and shall not have
delivered to the Trustee the requisite Officer's Certificate and documentation
related to a determination of nonrecoverability of a P&I Advance), then the
Trustee shall provide notice of such failure to a Servicing Officer of the
Master Servicer by facsimile transmission sent to telecopy no. (704) 593-7735
(or such alternative number provided by the Master Servicer to the Trustee in
writing) and by telephone at telephone no. (704) 593-7821 (or such alternative
number provided by the Master Servicer to the Trustee in writing) as soon as
possible, but in any event before 5:00 p.m., New York City time, on such P&I
Advance Date. If after such notice by facsimile, the Trustee does not receive
the full amount of such P&I Advances by 10:00 a.m., New York City time, on the
related Distribution Date, then the Trustee (or the Fiscal Agent on its behalf)
shall make the portion of such P&I Advances that was required to be, but was
not, made by the Master Servicer on such P&I Advance Date. If the Trustee fails
to make any such P&I Advance on the related Distribution Date, but the Fiscal
Agent makes such P&I Advance on such date, then the Trustee shall be deemed not
to be in default hereunder.

         (b) The aggregate amount of P&I Advances to be made by the Master
Servicer, the Trustee or the Fiscal Agent, as the case may be, pursuant to
Section 4.03(a) in respect of any Distribution Date shall, subject to Section
4.03(c) below, equal the aggregate of all Monthly Payments (other than Balloon
Payments) and any Assumed Monthly Payments, in each case net of related Master

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Servicing Fees and any related Workout Fees, due or deemed due, as the case may
be, in respect of the Mortgage Loans (including Balloon Mortgage Loans
delinquent as to their respective Balloon Payments) and any REO Loans in the
Mortgage Pool (exclusive of the Chrysler Building Loan Pair) on their respective
Due Dates during the related Collection Period, in each case to the extent such
amount was not paid by or on behalf of the related Mortgagor or otherwise
collected (including received as net income from REO Properties) as of the close
of business on the related Determination Date; provided that, if it is
determined that an Appraisal Reduction Amount exists with respect to any such
Mortgage Loan or REO Loan, then, in the event of subsequent delinquencies
thereon, the amount of each P&I Advance, if any, required to be made in respect
of such Mortgage Loan or REO Loan, as the case may be, during the period that
such Appraisal Reduction Amount continues to exist, shall be reduced to equal
the product of (x) the amount of the subject P&I Advance that would otherwise be
required without regard to this proviso, multiplied by (y) a fraction, the
numerator of which is equal to the Stated Principal Balance of such Mortgage
Loan or REO Loan, as the case may be, net of such Appraisal Reduction Amount,
and the denominator of which is equal to the Stated Principal Balance of such
Mortgage Loan or REO Loan, as the case may be.

         (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made under this Section 4.03 if such P&I Advance would,
if made, constitute a Nonrecoverable P&I Advance. The determination by the
Master Servicer that it has made a Nonrecoverable P&I Advance pursuant to this
Section 4.03 or that any proposed P&I Advance, if made pursuant to this Section
4.03, would constitute a Nonrecoverable P&I Advance, shall be evidenced by an
Officer's Certificate delivered to the Trustee, the Fiscal Agent and the
Depositor on or before the related P&I Advance Date, setting forth the basis for
such determination, together with any other information that supports such
determination, including an appraisal (which appraisal shall have been conducted
by an Independent Appraiser within the 12-month period preceding such
determination in accordance with the standards of the Appraisal Institute taking
into account the factors specified in Section 3.18(e)), related Mortgagor
operating statements and financial statements, budgets and rent rolls of the
related Mortgaged Properties (to the extent available and/or in the Master
Servicer's or the Special Servicer's possession), engineers' reports,
environmental surveys and any similar reports that the Master Servicer may have
obtained consistent with the Servicing Standard and at the expense of the Trust
Fund, that support such determination by the Master Servicer. If, in connection
with the foregoing, it is necessary for the Master Servicer to obtain an
appraisal, the Master Servicer shall so notify the Special Servicer and consult
with the Special Servicer regarding such appraisal. The Trustee and the Fiscal
Agent shall be entitled to rely, conclusively, on any determination by the
Master Servicer that a P&I Advance, if made, would be a Nonrecoverable P&I
Advance; provided, however, that if the Master Servicer has failed to make a P&I
Advance for reasons other than a determination by the Master Servicer that such
P&I Advance would be Nonrecoverable P&I Advance, the Trustee or Fiscal Agent
shall make such Advance within the time periods required by Section 4.03(a)
unless the Trustee or the Fiscal Agent, in good faith, makes a determination
prior to the times specified in Section 4.03(a) that such P&I Advance would be a
Nonrecoverable P&I Advance. The Trustee and the Fiscal Agent, in determining
whether or not a P&I Advance previously made is, or a proposed P&I Advance, if
made, would be, a Nonrecoverable P&I Advance shall be subject to the standards
applicable to the Master Servicer hereunder.

         (d) Subject to the next sentence, the Master Servicer, the Trustee and
the Fiscal Agent shall each be entitled to receive interest at the Reimbursement
Rate in effect from time to time, compounded annually, accrued on the amount of
each P&I Advance made thereby under this Section

                                     -178-
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4.03 (with its own funds) for so long as such P&I Advance is outstanding (or, if
such P&I Advance was made prior to the end of any grace period applicable to the
subject delinquent Monthly Payment, for so long as such P&I Advance is
outstanding following the end of such grace period), such interest to be
payable: (i) out of any Default Charges collected on the Mortgage Pool during
the same Collection Period in which such Advance is reimbursed; and (ii) to the
extent that such Default Charges are insufficient, but not before the related
Advance has been reimbursed pursuant to this Agreement, out of general
collections on the Mortgage Loans and REO Properties on deposit in the Pool
Custodial Account. The Master Servicer shall, in accordance with Section
3.05(a), reimburse itself, the Trustee or the Fiscal Agent, as applicable, for
any outstanding P&I Advance made thereby under this Section 4.03 as soon as
practicable after funds available for such purpose are deposited in the Pool
Custodial Account, and in no event shall interest accrue in accordance with this
Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection
was received by the Master Servicer or a Sub-Servicer on its behalf as of the
related P&I Advance Date.

         SECTION 4.03A. P&I Advances on the Chrysler Building Loan Pair.

         (a) On or before 2:00 p.m., New York City time, on each Chrysler
Building Remittance Date, the Master Servicer shall, subject to Section 4.03A(c)
below, satisfy its obligations to make any required P&I Advance on such Chrysler
Building Remittance Date in respect of the Chrysler Building Loan Pair by
depositing into the Chrysler Building Custodial Account, out of amounts held in
such Custodial Account for future distribution (subject to replacement of such
amounts by the following Chrysler Building Remittance Date) and, if such amounts
are insufficient, then out of its own funds, the amount of such P&I Advance
required to be made. If, as of 4:00 p.m., New York City time, on any P&I Advance
Date, the Master Servicer shall not have made any P&I Advance required to be
made on such date pursuant to this Section 4.03A(a) in respect of the Chrysler
Building Loan Pair on the preceding Chrysler Building Remittance Date (and shall
not have delivered to the Trustee the requisite Officer's Certificate and
documentation related to a determination of nonrecoverability of a P&I Advance),
then the Trustee shall provide notice of such failure to a Servicing Officer of
the Master Servicer by facsimile transmission sent to telecopy no. (704)
593-7735 (or such alternative number provided by the Master Servicer to the
Trustee in writing) and by telephone at telephone no. (704) 593-7821 (or such
alternative number provided by the Master Servicer to the Trustee in writing) as
soon as possible, but in any event before 5:00 p.m., New York City time, on such
P&I Advance Date. If after such notice, the Trustee does not receive the full
amount of such P&I Advance(s) by 10:00 a.m., New York City time, on the related
Distribution Date, then the Trustee (or the Fiscal Agent on its behalf) shall
make the portion of such P&I Advances that was required to be, but was not, made
by the Master Servicer in respect of the Chrysler Building Mortgage Loan on the
preceding Chrysler Building Remittance Date. If the Trustee fails to make any
such P&I Advance on the related Distribution Date, but the Fiscal Agent makes
such P&I Advance on such date, then the Trustee shall be deemed not to be in
default hereunder.

         (b) The aggregate amount of the P&I Advances to be made by the Master
Servicer in respect of the Chrysler Building Loan Pair on any Chrysler Building
Remittance Date shall, subject to Section 4.03A(c) below, equal the aggregate of
the Monthly Payments and any Assumed Monthly Payments on the Chrysler Building
Loan Pair, net of related Master Servicing Fees and any related Workout Fees,
due (or, in the case of Assumed Monthly Payments, deemed due) in respect of the
Chrysler Building Loan Pair on their Due Date during the related Collection
Period, but only to the extent that such amount was not paid by or on behalf of
the related Mortgagor or otherwise collected (including received as net income
from the Chrysler Building Mortgaged Property after it has become an

                                     -179-
<PAGE>

REO Property) as of the close of business on the related Determination Date;
provided that, if it is determined that an Appraisal Reduction Amount exists
with respect to the Chrysler Building Loan Pair, then, in the event of
subsequent delinquencies on the Chrysler Building Loan Pair, each P&I Advance,
if any, required to be made in respect of the Loan Pair during the period that
such Appraisal Reduction Amount continues to exist, shall be reduced to equal
the product of (i) the amount of the subject P&I Advance that would otherwise be
required in respect of the Chrysler Building Loan Pair without regard to this
proviso and the immediately following sentence, multiplied by (ii) a fraction,
the numerator of which is equal to the aggregate Stated Principal Balance of the
Chrysler Building Loan Pair, net of the Appraisal Reduction Amount as of the
related Determination Date, and the denominator of which is equal to the
aggregate Stated Principal Balance of the Chrysler Building Loan Pair; and
provided, further, that any reduction in the P&I Advance to be made in respect
of the Chrysler Building Loan Pair on any Chrysler Building Remittance Date in
accordance with the immediately preceding proviso shall be allocable, first,
against the portion of the delinquent Monthly Payment (other than a Balloon
Payment) or the Assumed Monthly Payment allocable to the Chrysler Building
Companion Loan, and, then, against the portion of the delinquent Monthly Payment
(other than a Balloon Payment) or the Assumed Monthly Payment allocable to the
Chrysler Building Mortgage Loan. Notwithstanding the foregoing, at the request
of the Chrysler Building Companion Loan Noteholder, the Master Servicer shall
cease making P&I Advances in respect of the Chrysler Building Companion Loan
(i.e., the Master Servicer shall not advance the portion of the delinquent
Monthly Payment or the Assumed Monthly Payment allocable to the Chrysler
Building Companion Loan) until such time as the Chrysler Building Companion Loan
Noteholder requests that such P&I Advances again commence (each such request to
be made at least five (5) Business Days prior to the date on which the P&I
Advance would otherwise be made).

         (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made under this Section 4.03A with respect to a Loan in
the Chrysler Building Loan Pair if such P&I Advance would, if made, constitute a
Nonrecoverable P&I Advance. The determination by the Master Servicer that any
proposed P&I Advance, if made pursuant to this Section 4.03A with respect to a
Loan in the Chrysler Building Loan Pair, would constitute a Nonrecoverable P&I
Advance, shall be evidenced by an Officer's Certificate delivered to the Trustee
and the Chrysler Building Companion Loan Noteholder on or before the next
Chrysler Building Remittance Date, setting forth the basis for such
determination, together with any other information that supports such
determination, including an appraisal (which appraisal shall be an expense
payable out of the Chrysler Building Custodial Account and shall have been
conducted by an Independent Appraiser in accordance with the standards of the
Appraisal Institute, within the twelve months preceding such determination of
nonrecoverability), Mortgagor operating statements and financial statements,
budgets and rent rolls of the Mortgaged Property (to the extent available and/or
in the Master Servicer's or the Special Servicer's possession), engineers'
reports, environmental surveys and any similar reports that the Master Servicer
may have obtained consistent with the Servicing Standard and that support such
determination by the Master Servicer. If, in connection with the foregoing, it
is necessary for the Master Servicer to obtain an appraisal, the Master Servicer
shall so notify the Special Servicer and consult with the Special Servicer
regarding such appraisal. The Trustee and the Fiscal Agent shall be entitled to
rely, conclusively, on any determination by the Master Servicer that a P&I
Advance to be made in respect of the Chrysler Building Mortgage Loan, if made,
would be a Nonrecoverable Advance; provided, however, that if the Master
Servicer has failed to make such a P&I Advance with respect to either Loan in
the Chrysler Building Loan Pair for reasons other than a determination by the
Master Servicer that such P&I Advance would be Nonrecoverable Advance, the
Trustee or Fiscal Agent shall make such Advance within the time

                                     -180-
<PAGE>

periods required by Section 4.03A(a) unless the Trustee or the Fiscal Agent, in
good faith, makes a determination prior to the times specified in Section
4.03A(a) that such P&I Advance would be a Nonrecoverable P&I Advance. The
Trustee and the Fiscal Agent, in determining whether or not a P&I Advance
previously made is, or a proposed P&I Advance, if made, would be, a
Nonrecoverable P&I Advance shall be subject to the standards applicable to the
Master Servicer hereunder.

         (d) Subject to the next sentence, the Master Servicer, the Trustee and
the Fiscal Agent shall be entitled to receive interest at the Reimbursement Rate
in effect from time to time, compounded annually, accrued on the amount of each
P&I Advance made thereby in respect of a Loan in the Chrysler Building Loan Pair
under this Section 4.03A (with its own funds) for so long as such P&I Advance is
outstanding (or, if such P&I Advance was made prior to the end of any grace
period applicable to the subject delinquent Monthly Payment, for so long as such
P&I Advance is outstanding following the end of such grace period), such
interest to be payable: (i) out of Default Charges collected (A) on the related
Loan in the Chrysler Building Loan Pair as to which such P&I Advance relates and
(B) during the same Collection Period in which such P&I Advance is reimbursed;
and (ii) to the extent that such Default Charges for such Collection Period are
insufficient, but not before the related Advance has been reimbursed pursuant to
this Agreement, out of any other collections on deposit in the Chrysler Building
Custodial Account. The Master Servicer shall, in accordance with Section 3.05A,
reimburse itself, the Trustee and the Fiscal Agent, as applicable, for any
outstanding P&I Advance made thereby in respect of a Loan in the Chrysler
Building Loan Pair under this Section 4.03A as soon as practicable after funds
available for such purpose are deposited in the Chrysler Building Custodial
Account for such related Loan in the Chrysler Building Loan Pair in respect of
which the P&I Advance was made, and in no event shall interest accrue in
accordance with this Section 4.03A(d) on any P&I Advance in respect of a Loan in
the Chrysler Building Loan Pair for any Chrysler Building Remittance Date as to
which the corresponding Late Collection was received by the Master Servicer or a
Sub-Servicer on its behalf as of such Chrysler Building Remittance Date.

         SECTION 4.04.  Allocation of Realized Losses and Additional Trust Fund
                        Expenses

         (a) On each Distribution Date, following the distributions to
Certificateholders to be made on such date pursuant to Section 4.01, the Trustee
shall determine the amount, if any, by which (i) the then aggregate of the Class
Principal Balances of all the Classes of Principal Balance Certificates, exceeds
(ii) the aggregate Stated Principal Balance of the Mortgage Pool that will be
outstanding immediately following such Distribution Date. If such excess does
exist, then the Class Principal Balances of the Class Q, Class P, Class N, Class
M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class
C and Class B Certificates shall be reduced sequentially, in that order, in each
case, until such excess or the related Class Principal Balance is reduced to
zero (whichever occurs first). If, after the foregoing reductions, the amount
described in clause (i) of the second preceding sentence still exceeds the
amount described in clause (ii) of such sentence, then the respective Class
Principal Balances of the Class A-1 Certificates and the Class A-2 Certificates
shall be reduced on a pro rata basis in accordance with the relative sizes of
such Class Principal Balances, until any such remaining excess is reduced to
zero. All such reductions in the Class Principal Balances of the respective
Classes of the Principal Balance Certificates shall constitute allocations of
Realized Losses and Additional Trust Fund Expenses.

         (b) On each Distribution Date, following the deemed distributions to be
made in respect of the REMIC II Regular Interests on such date pursuant to
Section 4.01(j), the Trustee shall

                                     -181-
<PAGE>

determine the amount, if any, by which (i) the then aggregate Uncertificated
Principal Balance of the REMIC II Regular Interests, exceeds (ii) the aggregate
Stated Principal Balance of the Mortgage Pool that will be outstanding
immediately following such Distribution Date. If such excess does exist, then
the Uncertificated Principal Balances of REMIC II Regular Interest Q, REMIC II
Regular Interest P, REMIC II Regular Interest N, REMIC II Regular Interest M,
REMIC II Regular Interest L, REMIC II Regular Interest K, REMIC II Regular
Interest J, REMIC II Regular Interest H, REMIC II Regular Interest G, REMIC II
Regular Interest F, REMIC II Regular Interest E, REMIC II Regular Interest D,
REMIC II Regular Interest C and REMIC II Regular Interest B shall be reduced
sequentially, in that order, in each case, until such excess or the related
Uncertificated Principal Balance is reduced to zero (whichever occurs first).
If, after the foregoing reductions, the amount described in clause (i) of the
second preceding sentence still exceeds the amount described in clause (ii) of
such sentence, then the respective Uncertificated Principal Balances of REMIC II
Regular Interest A-1 and REMIC II Regular Interest A-2 shall be reduced on a pro
rata basis in accordance with the relative sizes of such Uncertificated
Principal Balances, until any such remaining excess is reduced to zero. All such
reductions in the Uncertificated Principal Balances of the respective REMIC II
Regular Interests shall be deemed to constitute allocations of Realized Losses
and Additional Trust Fund Expenses.

         (c) On each Distribution Date, following the deemed distributions to be
made in respect of the REMIC I Regular Interests pursuant to Section 4.01(k),
the Uncertified Principal Balance of each REMIC I Regular Interest (after taking
account of such deemed distributions) shall be reduced to equal the Stated
Principal Balance of the related Mortgage Loan or REO Loan, as the case may be,
that will be outstanding immediately following such Distribution Date. Any such
reductions in the Uncertificated Principal Balances of the respective REMIC I
Regular Interests shall be deemed to constitute allocations of Realized Losses
and Additional Trust Fund Expenses.

         (d) On each Distribution Date, following the deemed distributions to be
made in respect of the Loan REMIC Regular Interests pursuant to Section 4.01(l),
the Uncertificated Principal Balance of each Loan REMIC Regular Interest (after
taking account of such deemed distributions) shall be reduced to equal the
Stated Principal Balance of the related Mortgage Loan or REO Loan, as the case
may be, that will be outstanding immediately following such Distribution Date.
Any such reductions in the Uncertificated Principal Balances of the respective
Loan REMIC Regular Interests shall be deemed to constitute allocations of
Realized Losses and Additional Trust Fund Expenses.

         SECTION 4.05. Calculations.

         The Trustee shall, provided it receives the necessary information from
the Master Servicer and the Special Servicer, be responsible for performing all
calculations necessary in connection with the actual and deemed distributions
and allocations to be made pursuant to Section 4.01 and Article IX and the
actual and deemed allocations of Realized Losses and Additional Trust Fund
Expenses to be made pursuant to Section 4.04. The Trustee shall calculate the
Available Distribution Amount for each Distribution Date and shall allocate such
amount among Certificateholders in accordance with this Agreement, and the
Trustee shall have no obligation to recompute, recalculate or verify any
information provided to it by the Special Servicer or Master Servicer. The
calculations by the Trustee of such amounts shall, in the absence of manifest
error, be presumptively deemed to be correct for all purposes hereunder.

                                     -182-
<PAGE>

         SECTION 4.06. Use of Agents.

         The Master Servicer or the Trustee may at its own expense utilize
agents or attorneys-in-fact in performing any of its obligations under this
Article IV (except the obligation to make P&I Advances), but no such utilization
shall relieve the Master Servicer or the Trustee from any of such obligations,
and the Master Servicer or the Trustee, as applicable, shall remain responsible
for all acts and omissions of any such agent or attorney-in-fact.

                                     -183-
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

         SECTION 5.01. The Certificates.

         (a) The Certificates will be substantially in the respective forms
attached hereto as Exhibits A-1, A-2, A-3, A-4 and A-5; provided that any of the
Certificates may be issued with appropriate insertions, omissions, substitutions
and variations, and may have imprinted or otherwise reproduced thereon such
legend or legends, not inconsistent with the provisions of this Agreement, as
may be required to comply with any law or with rules or regulations pursuant
thereto, or with the rules of any securities market in which the Certificates
are admitted to trading, or to conform to general usage. The Certificates will
be issuable in registered form only; provided, however, that in accordance with
Section 5.03, beneficial ownership interests in the Registered Certificates and
the Class X, Class E, Class F, Class G, Class H and Class J Certificates shall
initially be held and transferred through the book-entry facilities of the
Depository. The Regular Interest Certificates will be issuable only in
denominations corresponding to initial Certificate Principal Balances or initial
Certificate Notional Amounts, as the case may be, as of the Closing Date of
$10,000 in the case of the Class A-1, Class A-2, Class B, Class C and Class D
Certificates, $250,000 in the case of the Class X Certificates, and $250,000 in
the case of the remaining Regular Interest Certificates, and in each such case
in integral multiples of $1 in excess thereof. The Class R-I Certificates, the
Class R-II Certificates, the Class R-III and the Class R-LR Certificates will be
issuable in denominations representing Percentage Interests in the related Class
of not less than 10%.

         (b) The Certificates shall be executed by manual or facsimile signature
on behalf of the Trustee by the Certificate Registrar hereunder by an authorized
signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the authorized officers or signatories of the
Certificate Registrar shall be entitled to all benefits under this Agreement,
subject to the following sentence, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, however, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Authenticating Agent by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication.

         SECTION 5.02. Registration of Transfer and Exchange of Certificates.

         (a) At all times during the term of this Agreement, there shall be
maintained at the office of the Certificate Registrar a Certificate Register in
which, subject to such reasonable regulations as the Certificate Registrar may
prescribe, the Certificate Registrar shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided.
The Trustee is hereby initially appointed (and hereby agrees to act in
accordance with the terms hereof) as Certificate Registrar for the purpose of
registering Certificates and transfers and exchanges of Certificates as herein
provided. The offices of the Trustee responsible for its duties as initial
Certificate Register shall be located, as of the Closing Date, at 135 South
LaSalle, Suite 1625, Chicago, Illinois 60603, Attention: Asset-Backed

                                     -184-
<PAGE>

Securities Trust Services Group--LB-UBS Commercial Mortgage Trust, Series
2001-C3. The Certificate Registrar may appoint, by a written instrument
delivered to the Depositor, the Master Servicer, the Special Servicer and (if
the Trustee is not the Certificate Registrar) the Trustee, any other bank or
trust company to act as Certificate Registrar under such conditions as the
predecessor Certificate Registrar may prescribe, provided that the predecessor
Certificate Registrar shall not be relieved of any of its duties or
responsibilities hereunder by reason of such appointment. If the Trustee resigns
or is removed in accordance with the terms hereof, the successor trustee shall
immediately succeed to its duties as Certificate Registrar. The Depositor, the
Trustee (if it is no longer the Certificate Registrar), the Master Servicer and
the Special Servicer shall have the right to inspect the Certificate Register or
to obtain a copy thereof at all reasonable times, and to rely conclusively upon
a certificate of the Certificate Registrar as to the information set forth in
the Certificate Register.

         If three or more Holders make written request to the Trustee, and such
request states that such Holders desire to communicate with other Holders with
respect to their rights under this Agreement or under the Certificates and is
accompanied by a copy of the communication which such Holders propose to
transmit, then the Trustee shall, within 30 days after the receipt of such
request, afford (or cause any other Certificate Registrar to afford) the
requesting Holders access during normal business hours to the most recent list
of Certificateholders held by the Certificate Registrar.

         (b) No Transfer of any Non-Registered Certificate or interest therein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

         If a Transfer of any Definitive Non-Registered Certificate is to be
made without registration under the Securities Act (other than in connection
with the initial issuance of the Non-Registered Certificates or a Transfer of
such Certificate by the Depositor, Lehman Brothers or any of their respective
Affiliates or, in the case of the global certificate(s) representing a Class of
Book-Entry Non-Registered Certificates, a Transfer thereof to a successor
Depository or to the applicable Certificate Owner(s) in accordance with Section
5.03), then the Certificate Registrar shall refuse to register such Transfer
unless it receives (and, upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such Transfer
substantially in the form attached hereto as Exhibit F-1 and a certificate from
such Certificateholder's prospective Transferee substantially in the form
attached hereto either as Exhibit F-2A or as Exhibit F-2B; or (ii) an Opinion of
Counsel satisfactory to the Trustee to the effect that such Transfer may be made
without registration under the Securities Act (which Opinion of Counsel shall
not be an expense of the Trust Fund or of the Depositor, the Master Servicer,
the Special Servicer, the Tax Administrator, the Trustee, the Fiscal Agent or
the Certificate Registrar in their respective capacities as such), together with
the written certification(s) as to the facts surrounding such Transfer from the
Certificateholder desiring to effect such Transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based.

         If a Transfer of any interest in a Book-Entry Non-Registered
Certificate, that relates to a Rule 144A/IAI Global Certificate is to be made
without registration under the Securities Act (other than in connection with the
initial issuance of the Book-Entry Non-Registered Certificates or a Transfer of
any interest therein by the Depositor, Lehman Brothers or any of their
respective Affiliates), then the

                                     -185-
<PAGE>

Certificate Owner desiring to effect such Transfer shall be required to obtain
either (i) a certificate from such Certificate Owner's prospective Transferee
substantially in the form attached hereto as Exhibit F-2C or as Exhibit F-2D, or
(ii) an Opinion of Counsel to the effect that such Transfer may be made without
registration under the Securities Act. Any interest in a Book-Entry
Non-Registered Certificate that relates to a Rule 144A/IAI Global Certificate
shall not be transferred to any Person who takes delivery other than in the form
of an interest in such Rule 144A/IAI Global Certificate. If any Transferee of an
interest in a Book-Entry Non-Registered Certificate that relates to a Rule
144A/IAI Global Certificate does not, in connection with the subject Transfer,
deliver to the Transferor the Opinion of Counsel or one of the certifications
described in the preceding sentence, then such Transferee shall be deemed to
have represented and warranted that all the certifications set forth in either
Exhibit F-2C or Exhibit F-2D hereto are, with respect to the subject Transfer,
true and correct.

         Notwithstanding the preceding paragraph, any interest in the Rule
144A/IAI Global Certificate in respect of the Class X, Class E, Class F, Class
G, Class H or Class J Certificates may be transferred (without delivery of any
certificate or Opinion of Counsel described in clauses (i) and (ii) of the
preceding paragraph) by the Depositor or any Affiliate of the Depositor to any
Person who takes delivery in the form of a beneficial interest in the Regulation
S Global Certificate for such Class upon delivery to the Certificate Registrar
of (x) a certificate to the effect that the Certificate Owner desiring to effect
such Transfer is the Depositor or an Affiliate of the Depositor and (y) such
written orders and instructions as are required under the applicable procedures
of the Depository, Clearstream and Euroclear to direct the Trustee to debit the
account of a Depository Participant by a denomination of interests in such Rule
144A/IAI Global Certificate, and credit the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the Class X, Class E, Class
F, Class G, Class H or Class J Certificates, as applicable, to be transferred.
Upon delivery to the Certificate Registrar of such certification and orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A/IAI
Global Certificate in respect of the Class X, Class E, Class F, Class G, Class H
or Class J Certificates, as applicable, and increase the denomination of the
Regulation S Global Certificate for such Class, by the denomination of the
beneficial interest in such Class specified in such orders and instructions.

         On and prior to the Release Date, beneficial interests in the
respective Regulation S Temporary Global Certificates for the Class X, Class E,
Class F, Class G, Class H and Class J Certificates shall not be transferred to
any Person who takes delivery other than in the form of a beneficial interest in
such Regulation S Temporary Global Certificate, and the Certificate Owner
desiring to effect such Transfer shall be required to obtain from such
Certificate Owner's prospective Transferee a Regulation S Certificate. Not
earlier than the Release Date, beneficial interests in the respective Regulation
S Temporary Global Certificates for the Class X, Class E, Class F, Class G,
Class H and Class J Certificates shall be exchangeable for beneficial interests
in the Regulation S Permanent Global Certificate for such Class. Beneficial
interests in the respective Regulation S Temporary Global Certificates for the
Class X, Class E, Class F, Class G, Class H and Class J Certificates may be held
only through Euroclear or Clearstream. The respective Regulation S Permanent
Global Certificates for the Class X, Class E, Class F, Class G, Class H and
Class J Certificates shall be deposited with the Trustee as custodian for the
Depository and registered in the name of Cede & Co. as nominee of the
Depository.

                                     -186-
<PAGE>

         None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify any Class of Non-Registered Certificates under
the Securities Act or any other securities law or to take any action not
otherwise required under this Agreement to permit the Transfer of any
Non-Registered Certificate or interest therein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of any Non-Registered Certificate or interest therein shall, and does
hereby agree to, indemnify the Depositor, the Underwriters, the Trustee, the
Fiscal Agent, the Master Servicer, the Special Servicer, the Tax Administrator
and the Certificate Registrar against any liability that may result if such
Transfer is not exempt from the registration and/or qualification requirements
of the Securities Act and any applicable state securities laws or is not made in
accordance with such federal and state laws.

         (c) No Transfer of a Certificate or any interest therein shall be made
(A) to any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code (each, a "Plan"), or (B) to any Person who is
directly or indirectly purchasing such Certificate or interest therein on behalf
of, as named fiduciary of, as trustee of, or with assets of a Plan, if the
purchase and holding of such Certificate or interest therein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code. Except in connection with the initial issuance of the
Non-Registered Certificates or any Transfer of a Non-Registered Certificate or
any interest therein by the Depositor, Lehman Brothers or any of their
respective Affiliates or, in the case of the global certificate(s) representing
a Class of Book-Entry Non-Registered Certificates, any Transfer thereof to a
successor Depository or to the applicable Certificate Owner(s) in accordance
with Section 5.03, the Certificate Registrar shall refuse to register the
Transfer of a Definitive Non-Registered Certificate unless it has received from
the prospective Transferee, and any Certificate Owner transferring an interest
in a Book-Entry Non-Registered Certificate that relates to a Rule 144A/IAI
Global Certificate shall be required to obtain from its prospective Transferee,
either (i) a certification to the effect that such prospective Transferee is not
a Plan and is not directly or indirectly purchasing such Certificate or interest
therein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) alternatively, a certification to the effect that the purchase and
holding of such Certificate or interest therein by such prospective Transferee
is exempt from the prohibited transaction provisions of Sections 406(a) and (b)
and 407 of ERISA and the excise taxes imposed on such prohibited transactions by
Sections 4975(a) and (b) of the Code, under Sections I and III of Prohibited
Transaction Class Exemption 95-60; or (iii) alternatively, but only in the case
of a Non-Registered Certificate that is an Investment Grade Certificate that is
being acquired by or on behalf of a Plan in reliance on the Prohibited
Transaction Exemption, a certification to the effect that such Plan (X) is an
accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of
ERISA) by the Trustee, the Depositor, any Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Exemption Favored Party or
any Mortgagor with respect to Mortgage Loans constituting more than 5% of the
aggregate unamortized principal balance of all the Mortgage Loans determined as
of the Closing Date, or by any Affiliate of such Person, and (Z) agrees that it
will obtain from each of its Transferees that are Plans a written representation
that such Transferee, if a Plan, satisfied the requirements of the immediately
preceding clauses (iii)(X) and (iii)(Y), together with a written agreement that
such Transferee will obtain from each of its Transferees that are Plans a
similar written representation regarding satisfaction of the requirements of the
immediately preceding clauses (iii)(X) and (iii)(Y); or (iv) alternatively, a

                                     -187-
<PAGE>

certification of facts and an Opinion of Counsel which otherwise establish to
the reasonable satisfaction of the Trustee or such Certificate Owner, as the
case may be, that such Transfer will not result in a violation of Section 406 or
407 of ERISA or Section 4975 of the Code or result in the imposition of an
excise tax under Section 4975 of the Code. It is hereby acknowledged that the
forms of certification attached hereto as Exhibit G-1 (in the case of Definitive
Non-Registered Certificates) and Exhibit G-2 (in the case of ownership interests
in Book-Entry Non-Registered Certificates) are acceptable for purposes of the
preceding sentence. If any Transferee of a Certificate (including a Registered
Certificate) or any interest therein does not, in connection with the subject
Transfer, deliver to the Certificate Registrar (in the case of a Definitive
Subordinate Certificate) or the Transferor (in the case of ownership interests
in a Book-Entry Subordinate Certificate) any certification and/or Opinion of
Counsel contemplated by the second preceding sentence, then such Transferee
shall be deemed to have represented and warranted that either: (i) such
Transferee is not a Plan and is not directly or indirectly purchasing such
Certificate or interest therein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan; or (ii) the purchase and holding of such
Certificate or interest therein by such Transferee is exempt from the prohibited
transaction provisions of Sections 406(a) and (b) and 407 of ERISA and the
excise taxes imposed on such prohibited transactions by Sections 4975(a) and (b)
of the Code.

         (d)  (i) Each Person who has or who acquires any Ownership Interest in
a Residual Interest Certificate shall be deemed by the acceptance or acquisition
of such Ownership Interest to have agreed to be bound by the following
provisions and to have irrevocably authorized the Trustee under clause (ii) (A)
below to deliver payments to a Person other than such Person and to have
irrevocably authorized the Trustee under clause (ii) (B) below to negotiate the
terms of any mandatory disposition and to execute all instruments of Transfer
and to do all other things necessary in connection with any such disposition.
The rights of each Person acquiring any Ownership Interest in a Residual
Interest Certificate are expressly subject to the following provisions:

               (A)  Each Person holding or acquiring any Ownership Interest in a
                    Residual Interest Certificate shall be a Permitted
                    Transferee and shall promptly notify the Tax Administrator
                    and the Trustee of any change or impending change in its
                    status as a Permitted Transferee.

               (B)  In connection with any proposed Transfer of any Ownership
                    Interest in a Residual Interest Certificate, the Certificate
                    Registrar shall require delivery to it, and shall not
                    register the Transfer of any Residual Interest Certificate
                    until its receipt, of an affidavit and agreement
                    substantially in the form attached hereto as Exhibit H-1 (a
                    "Transfer Affidavit and Agreement"), from the proposed
                    Transferee, representing and warranting, among other things,
                    that such Transferee is a Permitted Transferee, that it is
                    not acquiring its Ownership Interest in the Residual
                    Interest Certificate that is the subject of the proposed
                    Transfer as a nominee, trustee or agent for any Person that
                    is not a Permitted Transferee, that for so long as it
                    retains its Ownership Interest in a Residual Interest
                    Certificate it will endeavor to remain a Permitted
                    Transferee, and that it has reviewed the provisions of this
                    Section 5.02(d) and agrees to be bound by them.

                                     -188-
<PAGE>

               (C)  Notwithstanding the delivery of a Transfer Affidavit and
                    Agreement by a proposed Transferee under clause (B) above,
                    if a Responsible Officer of either the Trustee or the
                    Certificate Registrar has actual knowledge that the proposed
                    Transferee is not a Permitted Transferee, no Transfer of an
                    Ownership Interest in a Residual Interest Certificate to
                    such proposed Transferee shall be effected.

               (D)  Each Person holding or acquiring any Ownership Interest in a
                    Residual Interest Certificate shall agree (1) to require a
                    Transfer Affidavit and Agreement from any prospective
                    Transferee to whom such Person attempts to Transfer its
                    Ownership Interest in such Residual Interest Certificate and
                    (2) not to Transfer its Ownership Interest in such Residual
                    Interest Certificate unless it provides to the Certificate
                    Registrar a certificate substantially in the form attached
                    hereto as Exhibit H-2 stating that, among other things, it
                    has no actual knowledge that such prospective Transferee is
                    not a Permitted Transferee.

               (E)  Each Person holding or acquiring an Ownership Interest in a
                    Residual Interest Certificate, by purchasing such Ownership
                    Interest, agrees to give the Tax Administrator and the
                    Trustee written notice that it is a "pass-through interest
                    holder" within the meaning of temporary Treasury regulation
                    Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an
                    Ownership Interest in a Residual Interest Certificate, if it
                    is, or is holding an Ownership Interest in a Residual
                    Interest Certificate on behalf of, a "pass-through interest
                    holder".

               (ii) (A) If any purported Transferee shall become a Holder of a
     Residual Interest Certificate in violation of the provisions of this
     Section 5.02(d), then the last preceding Holder of such Residual Interest
     Certificate that was in compliance with the provisions of this Section
     5.02(d) shall be restored, to the extent permitted by law, to all rights as
     Holder thereof retroactive to the date of registration of such Transfer of
     such Residual Interest Certificate. None of the Depositor, the Trustee or
     the Certificate Registrar shall be under any liability to any Person for
     any registration of Transfer of a Residual Interest Certificate that is in
     fact not permitted by this Section 5.02(d) or for making any payments due
     on such Certificate to the Holder thereof or for taking any other action
     with respect to such Holder under the provisions of this Agreement.

               (B)  If any purported Transferee shall become a Holder of a
                    Residual Interest Certificate in violation of the
                    restrictions in this Section 5.02(d), then, to the extent
                    that retroactive restoration of the rights of the preceding
                    Holder of such Residual Interest Certificate as described in
                    clause (ii)(A) above shall be invalid, illegal or
                    unenforceable, the Trustee shall have the right but not the
                    obligation, to cause the Transfer of such Residual Interest
                    Certificate to a Permitted Transferee selected by the
                    Trustee on such terms as the Trustee may choose, and the
                    Trustee shall not be liable to any Person having an
                    Ownership Interest in such Residual Interest Certificate as
                    a result of the Trustee's exercise of such discretion. Such
                    purported

                                     -189-
<PAGE>

                    Transferee shall promptly endorse and deliver such Residual
                    Interest Certificate in accordance with the instructions of
                    the Trustee. Such Permitted Transferee may be the Trustee
                    itself or any Affiliate of the Trustee.

          (iii) The Tax Administrator shall make available to the IRS and to
     those Persons specified by the REMIC Provisions all information furnished
     to it by the other parties hereto necessary to compute any tax imposed (A)
     as a result of the Transfer of an Ownership Interest in a Residual Interest
     Certificate to any Person who is a Disqualified Organization, including the
     information described in Treasury regulations sections 1.860D-1(b)(5) and
     1.860E-2(a)(5) with respect to the "excess inclusions" of such Residual
     Interest Certificate and (B) as a result of any regulated investment
     company, real estate investment trust, common trust fund, partnership,
     trust, estate or organization described in Section 1381 of the Code that
     holds an Ownership Interest in a Residual Interest Certificate having as
     among its record holders at any time any Person which is a Disqualified
     Organization, and each of the other parties hereto shall furnish to the Tax
     Administrator all information in its possession necessary for the Tax
     Administrator to discharge such obligation. The Person holding such
     Ownership Interest shall be responsible for the reasonable compensation of
     the Tax Administrator for providing information thereto pursuant to this
     subsection (d)(iii) and Section 10.01(h)(i).

          (iv) The provisions of this Section 5.02(d) set forth prior to this
     clause (iv) may be modified, added to or eliminated, provided that there
     shall have been delivered to the Trustee and the Tax Administrator the
     following:

          (A)  written confirmation from each Rating Agency to the effect that
               the modification of, addition to or elimination of such
               provisions will not cause an Adverse Rating Event; and

          (B)  an Opinion of Counsel, in form and substance satisfactory to the
               Trustee and the Tax Administrator, obtained at the expense of the
               party seeking such modification of, addition to or elimination of
               such provisions (but in no event at the expense of the Trustee,
               the Tax Administrator or the Trust), to the effect that doing so
               will not (1) cause any REMIC Pool to cease to qualify as a REMIC
               or be subject to an entity-level tax caused by the Transfer of
               any Residual Interest Certificate to a Person which is not a
               Permitted Transferee or (2) cause a Person other than the
               prospective Transferee to be subject to a REMIC-related tax
               caused by the Transfer of a Residual Interest Certificate to a
               Person that is not a Permitted Transferee.

         (e) If a Person is acquiring any Non-Registered Certificate or interest
therein as a fiduciary or agent for one or more accounts, such Person shall be
required to deliver to the Certificate Registrar (or, in the case of an interest
in a Book-Entry Non-Registered Certificate, to the Certificate Owner that is
transferring such interest) a certification to the effect that, and such other
evidence as may be reasonably required by the Trustee (or such Certificate
Owner) to confirm that, it has (i) sole investment discretion with respect to
each such account and (ii) full power to make the applicable

                                     -190-
<PAGE>

foregoing acknowledgments, representations, warranties, certifications and
agreements with respect to each such account as set forth in Subsections (b),
(c) and/or (d), as appropriate, of this Section 5.02.

         (f) Subject to the preceding provisions of this Section 5.02, upon
surrender for registration of transfer of any Certificate at the offices of the
Certificate Registrar maintained for such purpose, the Certificate Registrar
shall execute and the Authenticating Agent shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same Class evidencing a like aggregate Percentage Interest
in such Class.

         (g) At the option of any Holder, its Certificates may be exchanged for
other Certificates of authorized denominations of the same Class evidencing a
like aggregate Percentage Interest in such Class upon surrender of the
Certificates to be exchanged at the offices of the Certificate Registrar
maintained for such purpose. Whenever any Certificates are so surrendered for
exchange, the Certificate Registrar shall execute and the Authenticating Agent
shall authenticate and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive.

         (h) Every Certificate presented or surrendered for transfer or exchange
shall (if so required by the Certificate Registrar) be duly endorsed by, or be
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

         (i) No service charge shall be imposed for any transfer or exchange of
Certificates, but the Trustee or Certificate Registrar may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any transfer or exchange of Certificates.

         (j) All Certificates surrendered for transfer and exchange shall be
physically canceled by the Certificate Registrar, and the Certificate Registrar
shall dispose of such canceled Certificates in accordance with its standard
procedures.

         SECTION 5.03. Book-Entry Certificates.

         (a) The Class A-1, Class A-2, Class B, Class C, Class D, Class X, Class
E, Class F, Class G, Class H and Class J Certificates shall, in the case of each
such Class, initially be issued as one or more Certificates registered in the
name of the Depository or its nominee and, except as provided in Section 5.03(c)
and 5.03(d) below, a Transfer of such Certificates may not be registered by the
Certificate Registrar unless such Transfer is to a successor Depository that
agrees to hold such Certificates for the respective Certificate Owners with
Ownership Interests therein. Such Certificate Owners shall hold and Transfer
their respective Ownership Interests in and to such Certificates through the
book-entry facilities of the Depository and, except as provided in Section
5.03(c) below, shall not be entitled to definitive, fully registered
Certificates ("Definitive Certificates") in respect of such Ownership Interests.
The Class X, Class E, Class F, Class G, Class H and Class J Certificates
initially sold in reliance on Rule 144A or to Institutional Accredited Investors
shall, in the case of each such Class, be represented by the Rule 144A/IAI
Global Certificate for such Class, which shall be deposited with the Trustee as
custodian for the Depository and registered in the name of Cede &Co. as nominee
of the Depository. The Class X, Class E, Class F, Class G, Class H and Class J
Certificates initially sold in offshore transactions in reliance on Regulation S
shall, in the case of each such Class, be represented by the Regulation S
Temporary Global Certificate for such Class, which shall be deposited with the
Trustee as custodian for the Depository. All Transfers by Certificate Owners of
their respective Ownership

                                     -191-
<PAGE>

Interests in the Book-Entry Certificates shall be made in accordance with the
procedures established by the Depository Participant or brokerage firm
representing each such Certificate Owner. Each Depository Participant shall only
transfer the Ownership Interests in the Book-Entry Certificates of Certificate
Owners it represents or of brokerage firms for which it acts as agent in
accordance with the Depository's normal procedures.

         (b) The Trustee, the Master Servicer, the Special Servicer, the
Depositor and the Certificate Registrar may for all purposes, including the
making of payments due on the Book-Entry Certificates, deal with the Depository
as the authorized representative of the Certificate Owners with respect to such
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the Book-Entry
Certificates shall be limited to those established by law and agreements between
such Certificate Owners and the Depository Participants and brokerage firms
representing such Certificate Owners. Multiple requests and directions from, and
votes of, the Depository as Holder of the Book-Entry Certificates with respect
to any particular matter shall not be deemed inconsistent if they are made with
respect to different Certificate Owners. The Trustee may establish a reasonable
record date in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.

         (c) If (i)(A) the Depositor advises the Trustee and the Certificate
Registrar in writing that the Depository is no longer willing or able to
properly discharge its responsibilities with respect to a Class of the
Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified
successor, or (ii) the Depositor at its option advises the Trustee and the
Certificate Registrar in writing that it elects to terminate the book-entry
system through the Depository with respect to a Class of Book-Entry
Certificates, the Certificate Registrar shall notify all affected Certificate
Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting
the same.

         Upon surrender to the Certificate Registrar of the Book-Entry
Certificates of any Class thereof by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Certificate
Registrar shall execute, and the Authenticating Agent shall authenticate and
deliver, the Definitive Certificates in respect of such Class to the Certificate
Owners identified in such instructions. The Depositor shall provide the
Certificate Registrar with an adequate inventory of Definitive Certificates.
None of the Depositor, the Master Servicer, the Special Servicer, the Trustee or
the Certificate Registrar shall be liable for any delay in delivery of such
instructions, and each of them may conclusively rely on, and shall be protected
in relying on, such instructions. Upon the issuance of Definitive Certificates
for purposes of evidencing ownership of any Class of Registered Certificates,
the registered holders of such Definitive Certificates shall be recognized as
Certificateholders hereunder and, accordingly, shall be entitled directly to
receive payments on, to exercise Voting Rights with respect to, and to transfer
and exchange such Definitive Certificates.

         (d) Notwithstanding any other provisions contained herein, neither the
Trustee nor the Certificate Registrar shall have any responsibility whatsoever
to monitor or restrict the Transfer of ownership interests in any Certificate
(including but not limited to any Non-Registered Certificate or any Subordinate
Certificate) which interests are transferable through the book-entry facilities
of the Depository.

                                     -192-
<PAGE>

         SECTION 5.04. Mutilated, Destroyed, Lost or Stolen Certificates.

         If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Trustee and the Certificate Registrar such security or indemnity as may
be reasonably required by them to save each of them harmless, then, in the
absence of actual notice to the Trustee or the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Certificate
Registrar shall execute and the Authenticating Agent shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of the same Class and like Percentage
Interest. Upon the issuance of any new Certificate under this section, the
Trustee and the Certificate Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Certificate Registrar) connected therewith. Any replacement
Certificate issued pursuant to this section shall constitute complete and
indefeasible evidence of ownership in the applicable REMIC created hereunder, as
if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

         SECTION 5.05. Persons Deemed Owners.

         Prior to due presentment for registration of transfer, the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate
Registrar and any agent of any of them may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of
receiving distributions pursuant to Section 4.01 and for all other purposes
whatsoever and none of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Registrar or any agent of any of them shall be
affected by notice to the contrary.

                                     -193-
<PAGE>

                                   ARTICLE VI

            THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER
                    AND THE CONTROLLING CLASS REPRESENTATIVE

         SECTION 6.01.  Liability of Depositor, Master Servicer and Special
                        Servicer.

         The Depositor, the Master Servicer and the Special Servicer shall be
liable in accordance herewith only to the extent of the respective obligations
specifically imposed upon and undertaken by the Depositor, the Master Servicer
and the Special Servicer herein.

         SECTION 6.02.  Merger, Consolidation or Conversion of Depositor, Master
                        Servicer or Special Servicer.

         Subject to the following paragraph, the Depositor, the Master Servicer
and the Special Servicer shall each keep in full effect its existence, rights
and franchises as a legal entity under the laws of the jurisdiction of its
organization, and each will obtain and preserve its qualification to do business
as a foreign entity in each jurisdiction in which such qualification is or shall
be necessary to protect the validity and enforceability of this Agreement, the
Certificates or any of the Loans and to perform its respective duties under this
Agreement.

         Each of the Depositor, the Master Servicer and the Special Servicer may
be merged or consolidated with or into any Person, or transfer all or
substantially all of its assets (which, in the case of the Master Servicer or
the Special Servicer, may be limited to all or substantially all of its assets
related to commercial mortgage loan servicing) to any Person, in which case any
Person resulting from any merger or consolidation to which the Depositor, the
Master Servicer or the Special Servicer shall be a party, or any Person
succeeding to the business (which, in the case of the Master Servicer or the
Special Servicer, may be limited to the commercial mortgage loan servicing
business) of the Depositor, the Master Servicer or the Special Servicer, shall
be the successor of the Depositor, the Master Servicer or the Special Servicer,
as the case may be, hereunder, without the execution or filing of any paper or
any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; provided, however, that no successor or surviving
Person shall succeed to the rights of the Master Servicer or the Special
Servicer unless (i) as confirmed in writing by each of the Rating Agencies, such
succession will not result in an Adverse Rating Event, and (ii) such successor
or surviving Person makes the applicable representations and warranties set
forth in Section 3.23 (in the case of a successor or surviving Person to the
Master Servicer) or Section 3.24 (in the case of a successor or surviving Person
to the Special Servicer), as applicable.

         SECTION 6.03.  Limitation on Liability of Depositor, Master Servicer
                        and Special Servicer.

         None of the Depositor, the Master Servicer or the Special Servicer
shall be under any liability to the Trust Fund, the Trustee, the
Certificateholders or the Chrysler Building Companion Loan Noteholder for any
action taken, or not taken, in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not protect the
Depositor, the Master Servicer or the Special Servicer against any liability to
the Trust Fund, the Trustee, the Certificateholders or the Chrysler Building
Companion Loan Noteholder for the breach of a representation or warranty made

                                     -194-
<PAGE>

herein by such party, or against any expense or liability specifically required
to be borne by such party without right of reimbursement pursuant to the terms
hereof, or against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or negligence in the performance of its
obligations or duties hereunder or negligent disregard of such obligations or
duties. The Depositor, the Master Servicer, the Special Servicer and any
director, manager, member, officer, employee or agent of the Depositor, the
Master Servicer or the Special Servicer may rely in good faith on any document
of any kind which, prima facie, is properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor, the Master Servicer,
the Special Servicer and any director, manager, member, officer, employee or
agent of the Depositor, the Master Servicer or the Special Servicer shall be
indemnified and held harmless by the Trust Fund out of the Pool Custodial
Account (or, if the matter relates solely to the Chrysler Building Loan Pair,
out of the Chrysler Building Custodial Account) against any loss, liability or
reasonable expense (including reasonable legal fees and expenses) incurred in
connection with any legal action or claim relating to this Agreement or the
Certificates (including in connection with the dissemination of information and
reports as contemplated by this Agreement), other than any such loss, liability
or expense: (i) specifically required to be borne by such party without right of
reimbursement pursuant to the terms hereof; (ii) which constitutes a Servicing
Advance that is otherwise reimbursable hereunder; (iii) incurred in connection
with any breach on the part of the party seeking indemnification of a
representation or warranty made herein; or (iv) incurred by reason of willful
misfeasance, bad faith or negligence on the part of the party seeking
indemnification in the performance of its obligations or duties hereunder or
negligent disregard of such obligations or duties. None of the Depositor, the
Master Servicer or the Special Servicer shall be under any obligation to appear
in, prosecute or defend any legal action, unless such action is related to its
respective duties under this Agreement and either (i) it is specifically
required hereunder to bear the costs of such action or (ii) such action will
not, in its reasonable and good faith judgment, involve it in any ultimate
expense or liability for which it would not be reimbursed hereunder.
Notwithstanding the foregoing, the Depositor, the Master Servicer or the Special
Servicer may in its discretion undertake any such action which it may deem
necessary or desirable with respect to the enforcement and/or protection of the
rights and duties of the parties hereto and the interests of the
Certificateholders (or, if the Chrysler Building Loan Pair is affected, the
rights of the Certificateholders and the Chrysler Building Companion Loan
Noteholder (as a collective whole)). In such event, other than with respect to
the Chrysler Building Loan Pair and/or the Chrysler Building Companion Loan
Noteholder, the legal expenses and costs of such action, and any liability
resulting therefrom, shall be expenses, costs and liabilities of the Trust Fund,
and the Depositor, the Master Servicer and the Special Servicer shall be
entitled to be reimbursed therefor from the Pool Custodial Account as provided
in Section 3.05; provided, however, that if the Chrysler Building Loan Pair
and/or the Chrysler Building Companion Loan Noteholder is involved, such
expenses, costs and liabilities shall be payable out of the Chrysler Building
Custodial Account pursuant to Section 3.05A and, to the extent attributable to
the Chrysler Building Mortgage Loan, shall also be payable out of the Pool
Custodial Account if amounts on deposit in the Chrysler Building Custodial
Account are insufficient therefor. In no event shall the Master Servicer or the
Special Servicer be liable or responsible for any action taken or omitted to be
taken by the other of them (unless they are the same Person or Affiliates) or by
the Depositor, the Trustee, any Certificateholder or the Chrysler Building
Companion Loan Noteholder, subject to the provisions of Section 8.05(c).

         SECTION 6.04. Resignation of Master Servicer and the Special Servicer.

         (a) The Master Servicer and, subject to Section 6.09, the Special
Servicer may each resign from the obligations and duties hereby imposed on it,
upon a determination that its duties

                                     -195-
<PAGE>

hereunder are no longer permissible under applicable law or are in material
conflict by reason of applicable law with any other activities carried on by it
(the other activities of the Master Servicer or the Special Servicer, as the
case may be, so causing such a conflict being of a type and nature carried on by
the Master Servicer or the Special Servicer, as the case may be, at the date of
this Agreement). Any such determination requiring the resignation of the Master
Servicer or the Special Servicer, as applicable, shall be evidenced by an
Opinion of Counsel to such effect which shall be delivered to the Trustee.
Unless applicable law requires the Master Servicer's or Special Servicer's
resignation to be effective immediately, and the Opinion of Counsel delivered
pursuant to the prior sentence so states, no such resignation shall become
effective until the Trustee or other successor shall have assumed the
responsibilities and obligations of the resigning party in accordance with
Section 6.09 or Section 7.02 hereof. The Master Servicer and, subject to the
rights of the Controlling Class under Section 6.09 to appoint a successor
special servicer, the Special Servicer shall each have the right to resign at
any other time, provided that (i) a willing successor thereto reasonably
acceptable to the Depositor has been found (provided that if the Depositor has
not responded to a request for consent to a successor within 15 days, such
successor shall be deemed approved thereby), (ii) each of the Rating Agencies
confirms in writing that the successor's appointment will not result in an
Adverse Rating Event, (iii) the resigning party pays all costs and expenses in
connection with such resignation and the resulting transfer of servicing, and
(iv) the successor accepts appointment prior to the effectiveness of such
resignation and agrees in writing to be bound by the terms and conditions of
this Agreement. Neither the Master Servicer nor the Special Servicer shall be
permitted to resign except as contemplated above in this Section 6.04(a).

         (b) Consistent with Section 6.04(a), neither the Master Servicer nor
the Special Servicer shall, except as expressly provided herein, assign or
transfer any of its rights, benefits or privileges hereunder to any other
Person, or, except as provided in Sections 3.22 , 4.06, 7.01(c) and 7.01(d),
delegate to or subcontract with, or authorize or appoint any other Person to
perform any of the duties, covenants or obligations to be performed by it
hereunder. If, pursuant to any provision hereof, the duties of the Master
Servicer or the Special Servicer are transferred to a successor thereto, the
Master Servicing Fee and/or the Special Servicing Fee, as applicable, that
accrues pursuant hereto from and after the date of such transfer shall be
payable to such successor.

         SECTION 6.05.  Rights of Depositor, Trustee and the Chrysler Building
                        Companion Loan Noteholder in Respect of Master Servicer
                        and the Special Servicer.

         The Master Servicer and the Special Servicer shall each afford the
Depositor, each Underwriter, the Trustee and the Chrysler Building Companion
Loan Noteholder, upon reasonable notice, during normal business hours access to
all records maintained thereby in respect of its rights and obligations
hereunder. Upon reasonable request, the Master Servicer and the Special Servicer
shall each furnish the Depositor, each Underwriter, the Trustee and the Chrysler
Building Companion Loan Noteholder with its most recent publicly available
financial statements and such other non-proprietary information as the Master
Servicer or the Special Servicer, as the case may be, shall determine in its
sole and absolute discretion as it possesses, which is relevant to the
performance of its duties hereunder and which it is not prohibited by applicable
law or contract from disclosing. The Depositor may, but is not obligated to,
enforce the obligations of the Master Servicer and the Special Servicer
hereunder and may, but is not obligated to, perform, or cause a designee to
perform, any defaulted obligation of the Master Servicer or Special Servicer
hereunder or exercise the rights of the Master Servicer and the Special Servicer
hereunder; provided, however, that neither the Master Servicer nor the Special
Servicer shall be

                                     -196-
<PAGE>

relieved of any of its obligations hereunder by virtue of such performance by
the Depositor or its designee and, provided further, that the Depositor may not
exercise any right pursuant to Section 7.01 to terminate the Master Servicer or
the Special Servicer as a party to this Agreement. The Depositor shall not have
any responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and is not obligated to supervise the
performance of the Master Servicer or the Special Servicer under this Agreement
or otherwise.

         SECTION 6.06.  Depositor, Master Servicer and Special Servicer to
                        Cooperate with Trustee.

         The Depositor, the Master Servicer and the Special Servicer shall each
furnish such reports, certifications and information as are reasonably requested
by the Trustee in order to enable it to perform its duties hereunder.

         SECTION 6.07.  Depositor, Special Servicer, Trustee and the Chrysler
                        Building Companion Loan Noteholder to Cooperate with
                        Master Servicer.

         The Depositor, the Special Servicer and the Trustee shall each furnish
[o(and the Chrysler Building Companion Loan Noteholder, pursuant to the terms of
the Chrysler Building Co-Lender Agreement, is obligated to furnish to the Master
Servicer)] such reports, certifications and information as are reasonably
requested by the Master Servicer in order to enable it to perform its duties
hereunder.

         SECTION 6.08.  Depositor, Master Servicer, Trustee and Chrysler
                        Building Companion Loan Noteholder to Cooperate with
                        Special Servicer.

         The Depositor, the Master Servicer and the Trustee shall each furnish
[o(and the Chrysler Building Companion Loan Noteholder, pursuant to the terms of
the Chrysler Building Co-Lender Agreement, is obligated to furnish the Special
Servicer)] such reports, certifications and information as are reasonably
requested by the Special Servicer in order to enable it to perform its duties
hereunder.

         SECTION 6.09.  Designation of Special Servicer and Controlling Class
                        Representative by the Controlling Class.

         (a) The Holder or Holders of the Certificates evidencing a majority of
the Voting Rights allocated to the Controlling Class may at any time and from
time to time designate a Person to serve as Special Servicer hereunder and to
replace any existing Special Servicer or any Special Servicer that has resigned
or otherwise ceased to serve (including in connection with termination pursuant
to Section 7.01) as Special Servicer. Such Holder or Holders may also select a
representative (the "Controlling Class Representative") from whom the Special
Servicer will seek advice and approval and take direction under certain
circumstances, as described herein. The Controlling Class Representative shall
be required to keep all non-public information received by it in such capacity
pursuant to this Agreement confidential and, upon its designation as such, shall
deliver to the Trustee a confirmation to such effect. Such Holder or Holders
shall so designate a Person to serve as replacement Special Servicer by the
delivery to the Trustee, the Master Servicer, the Chrysler Building Companion
Loan Noteholder and the existing Special Servicer of a written notice stating
such designation. The Trustee shall, promptly after receiving any such notice,
deliver to the Rating Agencies an executed Notice and

                                     -197-
<PAGE>

Acknowledgment in the form attached hereto as Exhibit I-1. If such Holders have
not replaced the Special Servicer within 30 days of such Special Servicer's
resignation or the date such Special Servicer has ceased to serve in such
capacity, the Trustee shall designate a successor Special Servicer, subject to
removal by the Controlling Class and appointment of a successor thereto pursuant
to the terms of this Section 6.09. Any designated Person (whether designated by
Holders of the Controlling Class or by the Trustee) shall become the Special
Servicer on the date as of which the Trustee shall have received all of the
following: (1) written confirmation from all of the Rating Agencies that the
appointment of such Person will not result in an Adverse Rating Event; (2) an
Acknowledgment of Proposed Special Servicer in the form attached hereto as
Exhibit I-2, executed by the designated Person, and (3) an Opinion of Counsel
(at the expense of the Person designated to become the Special Servicer) to the
effect that, upon the execution and delivery of the Acknowledgment of Proposed
Special Servicer, the designated Person shall be bound by the terms of this
Agreement and, subject to customary limitations, that this Agreement shall be
enforceable against the designated Person in accordance with its terms. Any
existing Special Servicer shall be deemed to have resigned simultaneously with
such designated Person's becoming the Special Servicer hereunder; provided,
however, that (i) the resigning Special Servicer shall continue to be entitled
to receive all amounts accrued or owing to it under this Agreement on or prior
to the effective date of such resignation, whether in respect of Servicing
Advances or otherwise, (ii) if the resigning Special Servicer was terminated
without cause, it shall be entitled to a portion of certain Workout Fees
thereafter received on the Corrected Loans (but only if and to the extent
permitted by Section 3.11(c)) and (iii) the resigning Special Servicer shall
continue to be entitled to the benefits of Section 6.03 notwithstanding any such
resignation. Such resigning Special Servicer shall cooperate with the Trustee
and the replacement Special Servicer in effecting the termination of the
resigning Special Servicer's responsibilities and rights hereunder, including
the transfer within two Business Days to the replacement Special Servicer for
administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to a Custodial Account, a Servicing
Account, a Reserve Account or an REO Account or should have been delivered to
the Master Servicer or that are thereafter received with respect to Specially
Serviced Loans and REO Properties. The Trustee shall notify the other parties
hereto, the Certificateholders and the Chrysler Building Companion Loan
Noteholder of any termination of the Special Servicer and appointment of a new
Special Servicer in accordance with this Section 6.09.

         Any out-of-pocket costs and expenses incurred in connection with the
removal of a Special Servicer and its replacement by a Person designated by the
Holder or Holders of Certificates evidencing a majority of the Voting Rights
allocated to the Controlling Class, that are not paid by the replacement Special
Servicer shall be paid by such Holder or Holders.

         (b) Notwithstanding the foregoing, if the Controlling Class consists of
Book-Entry Certificates, then the rights of the Holders of the Controlling Class
set forth above in this Section 6.09 may be exercised directly by the relevant
Certificate Owners, provided that the identity of such Certificate Owners has
been confirmed to the Trustee to its reasonable satisfaction.

         SECTION 6.10.  Master Servicer or Special Servicer as Owner of a
                        Certificate.

         The Master Servicer, the Special Servicer or any Affiliate of either of
them may become the Holder of (or, in the case of a Book-Entry Certificate,
Certificate Owner with respect to) any Certificate with (except as otherwise set
forth in the definition of "Certificateholder") the same rights it would have if
it were not the Master Servicer or the Special Servicer or an Affiliate thereof.
If, at any time during which the Master Servicer or the Special Servicer or an
Affiliate of the Master Servicer or

                                     -198-
<PAGE>

the Special Servicer is the Holder of (or, in the case of a Book-Entry
Certificate, Certificate Owner with respect to) any Certificate, the Master
Servicer or the Special Servicer proposes to take action (including for this
purpose, omitting to take action) that is not expressly prohibited by the terms
hereof and would not, in the Master Servicer's or the Special Servicer's
reasonable, good faith judgment, violate the Servicing Standard, but that, if
taken, might nonetheless, in the Master Servicer's or the Special Servicer's
good faith judgment, be considered by other Persons to violate the Servicing
Standard, then the Master Servicer or the Special Servicer may (but need not)
seek the approval of the Certificateholders to such action by delivering to the
Trustee a written notice that (a) states that it is delivered pursuant to this
Section 6.10, (b) identifies the Percentage Interest in each Class of
Certificates beneficially owned by the Master Servicer or an Affiliate thereof
or the Special Servicer or an Affiliate thereof, as appropriate, and (c)
describes in reasonable detail the action that the Master Servicer or the
Special Servicer proposes to take. The Trustee, upon receipt of such notice,
shall forward it to the Certificateholders (other than the Master Servicer and
its Affiliates or the Special Servicer and its Affiliates, as appropriate),
together with such instructions for response as the Trustee shall reasonably
determine. If at any time Certificateholders holding greater than 50% of the
Voting Rights of all Certificateholders (calculated without regard to the
Certificates beneficially owned by the Master Servicer or its Affiliates or the
Special Servicer or its Affiliates, as appropriate) shall have failed to object
in writing (with a copy to the Chrysler Building Companion Loan Noteholder, if
the Chrysler Building Loan Pair is involved) to the proposal described in the
written notice, and if the Master Servicer or the Special Servicer shall act as
proposed in the written notice within 30 days, such action shall be deemed to
comply with, but not modify, the Servicing Standard. The Trustee shall be
entitled to reimbursement from the Master Servicer or the Special Servicer, as
applicable, for the reasonable expenses of the Trustee incurred pursuant to this
paragraph. It is not the intent of the foregoing provision that the Master
Servicer or the Special Servicer be permitted to invoke the procedure set forth
herein with respect to routine servicing matters arising hereunder, but rather
only in the case of unusual circumstances.

         SECTION 6.11. Certain Powers of the Controlling Class Representative.

         (a) Subject to Section 6.11(b), the Controlling Class Representative
will be entitled to advise the Special Servicer with respect to the following
actions of the Special Servicer; and, further subject to Section 6.11(b), the
Special Servicer will not be permitted to take any of the following actions
unless and until it has notified the Controlling Class Representative in writing
(with a copy to the Chrysler Building Companion Loan Noteholder if the Chrysler
Building Loan Pair is involved) and the Controlling Class Representative has not
objected in writing within 10 Business Days of having been notified thereof and
having been provided with all reasonably requested information with respect
thereto (it being understood and agreed that if such written objection has not
been received by the Special Servicer within such 10-Business Day period, then
the Controlling Class Representative's approval will be deemed to have been
given):

          (i) any foreclosure upon or comparable conversion (which may include
     acquisitions of an REO Property) of the ownership of properties securing
     such of the Specially Serviced Mortgage Loans as come into and continue in
     default;

          (ii) any modification, extension, amendment or waiver of a monetary
     term (including the timing of payments) or any material non-monetary term
     of a Specially Serviced Mortgage Loan;

                                     -199-
<PAGE>

          (iii) any proposed sale of a Specially Serviced Mortgage Loan or REO
     Property (other than in connection with the termination of the Trust Fund)
     for less than the Purchase Price;

          (iv) any acceptance of a discounted payoff with respect to a Specially
     Serviced Mortgage Loan;

          (v) any determination to bring a Mortgaged Property or an REO Property
     into compliance with applicable environmental laws or to otherwise address
     Hazardous Materials located at a Mortgaged Property or an REO Property;

          (vi) any release of collateral for a Specially Serviced Mortgage Loan
     (other than in accordance with the terms of, or upon satisfaction of, such
     Mortgage Loan);

          (vii) any acceptance of substitute or additional collateral for a
     Specially Serviced Mortgage Loan (other than in accordance with the terms
     of such Mortgage Loan);

          (viii) any waiver of a "due-on-sale" or "due-on-encumbrance" clause
     with respect to any Mortgage Loan; and

          (ix) any acceptance of an assumption agreement releasing a borrower
     from liability under a Mortgage Loan;

provided that, in the event that the Special Servicer determines that immediate
action is necessary to protect the interests of the Certificateholders (as a
collective whole) (or, in the case of the Chrysler Building Loan Pair, to
protect the interests of the Certificateholders and the Chrysler Building
Companion Loan Noteholder (as a collective whole)), the Special Servicer may
take any such action without waiting for the Controlling Class Representative's
response; and provided, further, that, in the case of the Chrysler Building Loan
Pair, upon request of the Chrysler Building Companion Loan Noteholder during the
10 Business Day period referred to above, the Special Servicer shall consult
with the Chrysler Building Companion Loan Noteholder regarding its views as to
the proposed action (but may, in its sole discretion, reject any advice or
direction from the Chrysler Building Companion Loan Noteholder).

         In addition, the Controlling Class Representative may direct the
Special Servicer to take, or to refrain from taking, such actions as the
Controlling Class Representative may deem advisable or as to which provision is
otherwise made herein subject to Section 6.11(b). Upon reasonable request, the
Special Servicer shall provide the Controlling Class Representative with any
information in the Special Servicer's possession with respect to such matters,
including its reasons for determining to take a proposed action; provided that
such information shall also be provided, in a written format, to the Trustee,
who shall make it available for review pursuant to Section 8.14(b) and, insofar
as the Chrysler Building Loan Pair is involved, for review by the Chrysler
Building Companion Loan Noteholder.

         Each of the Master Servicer and the Special Servicer shall notify the
Controlling Class Representative (and, in the case of the Chrysler Building
Mortgage Loan, the Chrysler Building Companion Loan Noteholder) of any release
or substitution of collateral for a Loan even if such release or substitution is
in accordance with such Loan.

                                     -200-
<PAGE>

         (b) Notwithstanding anything herein to the contrary, no advice,
direction or objection from or by the Controlling Class Representative, as
contemplated by Section 6.11(a), may (and the Special Servicer shall ignore and
act without regard to any such advice, direction or objection that the Special
Servicer has determined, in its reasonable, good faith judgment, would) require
or cause the Special Servicer to violate any provision of this Agreement
(exclusive of Section 6.11(a)) or the REMIC Provisions, including the Special
Servicer's obligation to act in accordance with the Servicing Standard.
Furthermore, the Special Servicer shall not be obligated to seek approval from
the Controlling Class Representative for any actions to be taken by the Special
Servicer with respect to any particular Specially Serviced Loan if:

          (i) the Special Servicer has, as provided in Section 6.11(a), notified
     the Controlling Class Representative in writing of various actions that the
     Special Servicer proposes to take with respect to the workout or
     liquidation of that Mortgage Loan; and

          (ii) for 60 days following the first such notice, the Controlling
     Class Representative has objected to all of those proposed actions and has
     failed to suggest any alternative actions that the Special Servicer
     considers to be consistent with the Servicing Standard.

         In addition, notwithstanding anything herein to the contrary, if the
unpaid principal amount of the Chrysler Building Companion Loan (net of any
existing Appraisal Reduction Amount calculated in respect of the Loan Pair) is
equal to or greater than 50% of the original unpaid principal amount of the
Chrysler Building Companion Loan, then: (i) the Controlling Class Representative
shall not be authorized to exercise any of its rights and powers provided for in
Section 6.11(a) with respect to the Chrysler Building Loan Pair; and (ii)
Section 6.11A(a) shall apply with respect to the Chrysler Building Loan Pair,
instead of Section 6.11(a).

         (c) The Controlling Class Representative will have no liability to the
Certificateholders or the Chrysler Building Companion Loan Noteholder for any
action taken, or for refraining from the taking of any action, in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
the Controlling Class Representative will not be protected against any liability
which would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of negligent disregard of
obligations or duties. Each Certificateholder acknowledges and agrees, by its
acceptance of its Certificates, that: (i) the Controlling Class Representative
may, and is permitted hereunder to, have special relationships and interests
that conflict with those of Holders of one or more Classes of Certificates; (ii)
the Controlling Class Representative may, and is permitted hereunder to, act
solely in the interests of the Holders of the Controlling Class; (iii) the
Controlling Class Representative does not have any duties to the Holders of any
Class of Certificates other than the Controlling Class; (iv) the Controlling
Class Representative may, and is permitted hereunder to, take actions that favor
interests of the Holders of the Controlling Class over the interests of the
Holders of one or more other Classes of Certificates; (v) the Controlling Class
Representative shall not be deemed to have been negligent or reckless, or to
have acted in bad faith or engaged in willful misconduct, by reason of its
having acted solely in the interests of the Holders of the Controlling Class;
and (vi) the Controlling Class Representative shall have no liability whatsoever
for having so acted, and no Certificateholder may take any action whatsoever
against the Controlling Class Representative, any Holder of the Controlling
Class or any director, officer, employee, agent or principal thereof for having
so acted.

                                     -201-
<PAGE>

         (d) The Chrysler Building Companion Loan Noteholder shall be entitled
to receive, upon request made to any party hereto, a copy of any notice or
report required to be delivered (upon request or otherwise) by such party to the
Controlling Class Representative or the Trustee with respect to the Chrysler
Building Loan Pair. Any such party shall be permitted to require payment of a
sum sufficient to cover the reasonable costs and expenses of providing such
copies.

         SECTION 6.11A.  Certain Powers of the Chrysler Building Companion Loan
                         Noteholder.

         (a) Subject to Section 6.11A(b), the Chrysler Building Companion Loan
Noteholder will be entitled to advise the Special Servicer with respect to the
following actions of the Special Servicer in connection with the Chrysler
Building Loan Pair; and, further subject to Section 6.11A(b), the Special
Servicer will not be permitted to take any of the following actions with respect
to the Chrysler Building Loan Pair unless and until its has notified the
Chrysler Building Companion Loan Noteholder in writing and the Chrysler Building
Companion Loan Noteholder has not objected in writing within 10 Business Days of
having been notified thereof and having been provided with all reasonably
requested information with respect thereto (it being understood and agreed that
if such written objection has not been received by the Special Servicer within
such 10 Business Day period, then the Chrysler Building Companion Loan
Noteholder's approval will be deemed to have been given):

          (i) any foreclosure upon or comparable conversion (which may include
     acquisition of an REO Property) of the ownership of the Chrysler Building
     Mortgaged Property and the other collateral securing the Chrysler Building
     Loan Pair if the Loans in the Loan Pair come into and continue in default;

          (ii) any modification, amendment or waiver of a monetary term
     (including the timing of payments) or any material non-monetary term of the
     Chrysler Building Mortgage Loan and/or the Chrysler Building Companion
     Loan;

          (iii) any proposed sale of the Mortgaged Property securing the
     Chrysler Building Loan Pair after it becomes an REO Property;

          (iv) any acceptance of a discounted payoff of the Chrysler Building
     Companion Loan;

          (v) any determination to bring the Chrysler Building Mortgaged
     Property into compliance with applicable environmental laws or to otherwise
     address Hazardous Materials located at such Mortgaged Property;

          (vi) any release of collateral for the Chrysler Building Loan Pair
     (other than in accordance with the terms of, or upon satisfaction of, the
     Chrysler Building Loan Pair);

          (vii) any acceptance of substitute or additional collateral for the
     Chrysler Building Loan Pair (other than in accordance with the terms of the
     Loan Pair);

          (viii) any waiver of a "due-on-sale" or "due-on-encumbrance" clause
     for the Chrysler Building Loan Pair; and

                                     -202-
<PAGE>

          (ix) any acceptance of an assumption agreement releasing the Mortgagor
     from liability under the Chrysler Building Loan Pair;

provided that, in the event that the Special Servicer determines that immediate
action is necessary to protect the interests of the Certificateholders and the
Chrysler Building Companion Loan Noteholder (as a collective whole), the Special
Servicer may take any such action without waiting for the Chrysler Building
Companion Loan Noteholder's response.

         In addition, subject to Section 6.11A(b), with respect to the Chrysler
Building Loan Pair, the Chrysler Building Companion Loan Noteholder may direct
the Special Servicer to take, or to refrain from taking, such actions as the
Chrysler Building Companion Loan Noteholder may deem advisable or as to which
provision is otherwise made herein. Upon reasonable request, the Special
Servicer shall, with respect to the Chrysler Building Loan Pair, provide the
Chrysler Building Companion Loan Noteholder with any information in the Special
Servicer's possession with respect to such matters, including its reasons for
determining to take a proposed action.

         (b) Notwithstanding anything herein to the contrary, no advice,
direction or objection from or by the Chrysler Building Companion Loan
Noteholder, as contemplated by Section 6.11A(a), may (and the Special Servicer
shall ignore and act without regard to any such advice, direction or objection
that the Special Servicer has determined, in its reasonable, good faith
judgment, would) require or cause the Special Servicer to violate any provision
of this Agreement (exclusive of Section 6.11A(a)), including the Special
Servicer's obligation to act in accordance with the Servicing Standard.
Furthermore, the Special Servicer shall not be obligated to seek approval from
the Chrysler Building Companion Loan Noteholder for any actions to be taken by
the Special Servicer with respect to the Chrysler Building Loan Pair if:

          (i) the Special Servicer has, as provided in Section 6.11A(a),
     notified the Chrysler Building Companion Loan Noteholder in writing of
     various actions that the Special Servicer proposes to take with respect to
     the workout or liquidation of the Chrysler Building Loan Pair; and

          (ii) for 60 days following the first such notice, the Chrysler
     Building Companion Loan Noteholder has objected to all of those proposed
     actions and has failed to suggest any alternative actions that the Special
     Servicer considers to be consistent with the Servicing Standard.

         In addition, notwithstanding anything herein to the contrary, unless
the unpaid principal amount of the Chrysler Building Companion Loan (net of any
existing Appraisal Reduction Amount calculated in respect of the Loan Pair) is
equal to or greater than 50% of the original unpaid principal amount of the
Chrysler Building Companion Loan, then: (i) the Chrysler Building Companion Loan
Noteholder shall not be authorized to exercise any of its rights and powers
provided for in Section 6.11A(a) with respect to the Chrysler Building Companion
Loan or the Chrysler Building Mortgage Loan; and (ii) Section 6.11(a) shall
apply with respect to the Chrysler Building Companion Loan and the Chrysler
Building Mortgage Loan, instead of Section 6.11A(a).

         (c) The Chrysler Building Companion Loan Noteholder will not have any
liability to the Trust or the Certificateholders for any action taken, or for
refraining from the taking of any action, in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that the Chrysler

                                     -203-
<PAGE>

Building Companion Loan Noteholder will not be protected against any liability
which would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of negligent disregard of
obligations or duties.

         (d) The Chrysler Building Companion Loan Noteholder may designate, in
writing, a representative to exercise its rights and powers under this Section
6.11A or otherwise under this Agreement (copies of such writing to be delivered
to each of the parties hereto). Such designation shall remain in effect until it
is revoked by the Chrysler Building Companion Loan Noteholder by a writing
delivered to each of the parties hereto.

                                     -204-
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

         SECTION 7.01. Events of Default.

         (a) "Event of Default", wherever used herein, means any one of the
following events:

          (i) any failure by the Master Servicer to deposit into a Custodial
     Account, any amount, including a P&I Advance, required to be so deposited
     or remitted by it under this Agreement, which failure continues unremedied
     for one Business Day following the date on which a deposit or remittance
     was first required to be made; or

          (ii) any failure by the Special Servicer to deposit into an REO
     Account or to deposit into, or to remit to the Master Servicer for deposit
     into, a Custodial Account, any amount required to be so deposited or
     remitted under this Agreement, which failure continues unremedied for one
     Business Day following the date on which a deposit or remittance was first
     required to be made; or

          (iii) any failure by the Master Servicer to deposit into, or remit to
     the Trustee for deposit into, the Collection Account, any amount (including
     any P&I Advances) required to be so deposited or remitted by it under this
     Agreement, which failure continues unremedied until 11:00 a.m. (New York
     City time) on the applicable Distribution Date, or any failure by the
     Master Servicer to make, on a timely basis, the required payments
     (including any P&I Advances) to the Chrysler Building Companion Loan
     Noteholder on any Chrysler Building Remittance Date, which failure
     continues unremedied until 11:00 a.m. (New York City time) on the Business
     Day after such remittance date; or

          (iv) any failure by the Master Servicer or the Special Servicer to
     timely make any Servicing Advance required to be made by it hereunder,
     which Servicing Advance remains unmade for a period of three Business Days
     following the date on which notice shall have been given to the Master
     Servicer or the Special Servicer, as the case may be, by the Trustee as
     provided in Section 3.11(f); or

          (v) any failure on the part of the Master Servicer or the Special
     Servicer duly to observe or perform in any material respect any other
     covenants or agreements on the part of the Master Servicer or the Special
     Servicer, as the case may be, contained in this Agreement, which continues
     unremedied for a period of 30 days (15 days in the case of payment of
     insurance premiums) after the date on which written notice of such failure,
     requiring the same to be remedied, shall have been given to the Master
     Servicer or the Special Servicer, as the case may be, by any other party
     hereto or to the Master Servicer or the Special Servicer, as the case may
     be (with a copy to each other party hereto), by the Chrysler Building
     Companion Loan Noteholder (if affected thereby) or the Holders of
     Certificates entitled to at least 25% of the Voting Rights, provided,
     however, that with respect to any such failure which is not curable within
     such 30-day period, the Master Servicer or the Special Servicer, as the
     case may be, shall have an additional cure period of 30 days to effect such
     cure so long as the Master Servicer or the Special Servicer, as the case
     may be, has commenced to cure such failure within the initial 30-day period
     and has

                                     -205-
<PAGE>

     provided the Trustee and, if affected thereby, the Chrysler Building
     Companion Loan Noteholder with an Officer's Certificate certifying that it
     has diligently pursued, and is diligently continuing to pursue, a full
     cure; or

          (vi) any breach on the part of the Master Servicer or the Special
     Servicer of any of its representations or warranties contained in this
     Agreement that materially and adversely affects the interests of any Class
     of Certificateholders or the Chrysler Building Companion Loan Noteholder
     and which breach continues unremedied for a period of 30 days after the
     date on which written notice of such breach, requiring the same to be
     remedied, shall have been given to the Master Servicer or the Special
     Servicer, as the case may be, by any other party hereto or to the Master
     Servicer or the Special Servicer, as the case may be (with a copy to each
     other party hereto), by the Chrysler Building Companion Loan Noteholder (if
     affected thereby) or the Holders of Certificates entitled to at least 25%
     of the Voting Rights, provided, however, that with respect to any such
     breach which is not curable within such 30-day period, the Master Servicer
     or the Special Servicer, as the case may be, shall have an additional cure
     period of 30 days so long as the Master Servicer or the Special Servicer,
     as the case may be, has commenced to cure such breach within the initial
     30-day period and provided the Trustee and, if affected thereby, the
     Chrysler Building Companion Loan Noteholder with an Officer's Certificate
     certifying that it has diligently pursued, and is diligently continuing to
     pursue, a full cure; or

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

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

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

          (x) one or more ratings assigned by Fitch to the Certificates (or the
     securities backed by the Chrysler Building Companion Loan (if then serviced
     and administered hereunder)) has been qualified, downgraded or withdrawn,
     or otherwise made the subject of a "negative" credit watch, which Fitch has
     determined, and given notice in writing (including through a publication or
     newsletter) or electronically (including through an internet website), is
     solely or in material part a result of the Master Servicer or Special
     Servicer, as the case may be, acting in such capacity; or

                                     -206-
<PAGE>

          (xi) the Master Servicer fails to be rated at least "CMS3" by Fitch or
     the Special Servicer fails to the rated at least "CSS3" by Fitch; or

          (xii) the Master Servicer or the Special Servicer is removed from
     S&P's approved master servicer list or special servicer list, as the case
     may be, and the ratings of any of the Certificates (or the securities
     backed by the Chrysler Building Companion Loan then serviced and
     administered hereunder) by S&P are qualified, downgraded or withdrawn in
     connection with the removal.

         When a single entity acts as the Master Servicer and the Special
Servicer, an Event of Default in one capacity shall constitute an Event of
Default in the other capacity.

         (b) If any Event of Default described in clauses (i) - (ix) and (xii)
of subsection (a) above shall occur with respect to the Master Servicer or the
Special Servicer (in either case, for purposes of this Section 7.01(b), the
"Defaulting Party") and shall be continuing, then, and in each and every such
case, so long as such Event of Default shall not have been remedied, the Trustee
may, and at the written direction of the Holders of Certificates entitled to at
least 25% of the Voting Rights or, to the extent that it is affected by such
Event of Default, the Chrysler Building Companion Loan Noteholder, the Trustee
shall, by notice in writing to the Defaulting Party (with a copy of such notice
to each other party hereto and the Rating Agencies) terminate, subject to
Section 7.01(d), all of the rights and obligations (but not the liabilities for
actions and omissions occurring prior thereto) of the Defaulting Party under
this Agreement and in and to the Trust Fund and the Loans, other than its
rights, if any, as a Certificateholder hereunder or as the holder of the
Chrysler Building Companion Loan or any interest therein. If any Event of
Default described in clauses (x) and (xi) of subsection (a) above shall occur
with respect to the Master Servicer or the Special Servicer (in either case,
under such circumstances, for purposes of this Section 7.01(b), the "Defaulting
Party"), the Trustee shall, by notice in writing (to be sent immediately by
facsimile transmission) to the Defaulting Party (with a copy of such notice to
each other party hereto and the Rating Agencies), terminate, subject to Section
7.01(d), all of the rights and obligations (but not the liabilities for actions
and omissions occurring prior thereto) of the Defaulting Party under this
Agreement and in and to the Trust Fund and the Chrysler Building Companion Loan,
other than its rights, if any, as a Certificateholder hereunder or as the holder
of the Chrysler Building Companion Loan or any interest therein, within 30 days
following the occurrence of such Event of Default. From and after the receipt by
the Defaulting Party of such written notice of termination, all authority and
power of the Defaulting Party under this Agreement, whether with respect to the
Certificates (other than as a holder of any Certificate), the Loans (other than
as a holder thereof or any interest therein) or otherwise, shall pass to and be
vested in the Trustee pursuant to and under this section, and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of and at the expense of the Defaulting Party, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Loans and related documents, or otherwise. The
Master Servicer and the Special Servicer each agree that, if it is terminated
pursuant to this Section 7.01(b), it shall promptly (and in any event no later
than 10 Business Days subsequent to its receipt of the notice of termination)
provide the Trustee with all documents and records, including those in
electronic form, requested thereby to enable the Trustee to assume the Master
Servicer's or Special Servicer's, as the case may be, functions hereunder, and
shall cooperate with the Trustee in effecting the termination of the Master
Servicer's or Special Servicer's, as the case may be, responsibilities and
rights hereunder, including (i) if the Master Servicer is the

                                     -207-
<PAGE>

Defaulting Party, the immediate transfer to the Trustee or a successor Master
Servicer for administration by it of all cash amounts that shall at the time be
or should have been credited by the Master Servicer to a Custodial Account, the
Collection Account, the Defeasance Deposit Account, a Servicing Account or a
Reserve Account or that are thereafter received by or on behalf of it with
respect to any Loan or (ii) if the Special Servicer is the Defaulting Party, the
transfer within two Business Days to the Trustee or a successor Special Servicer
for administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to an REO Account, a Custodial
Account, a Servicing Account or a Reserve Account or should have been delivered
to the Master Servicer or that are thereafter received by or on behalf of it
with respect to any Loan or REO Property; provided, however, that the Master
Servicer and the Special Servicer each shall, if terminated pursuant to this
Section 7.01(b), continue to be entitled to receive all amounts accrued or owing
to it under this Agreement on or prior to the date of such termination, whether
in respect of Advances or otherwise, and it shall continue to be entitled to the
benefits of Section 6.03 notwithstanding any such termination. Any cost or
expenses in connection with any actions to be taken by any party hereto pursuant
to this paragraph shall be borne by the Defaulting Party and if not paid by the
Defaulting Party within 90 days after the presentation of reasonable
documentation of such costs and expenses, such expense shall be reimbursed by
the Trust Fund; provided, however, that the Defaulting Party shall not thereby
be relieved of its liability for such expenses. For purposes of this Section
7.01 and of Section 7.03(b), the Trustee shall not be deemed to have knowledge
of an event which constitutes, or which with the passage of time or notice, or
both, would constitute an Event of Default described in clauses (i) through (ix)
of subsection (a) above unless a Responsible Officer of the Trustee assigned to
and working in the Trustee's Corporate Trust Office has actual knowledge thereof
or unless notice of any event which is in fact such an Event of Default is
received by the Trustee and such notice references the Certificates, the Trust
Fund or this Agreement.

         (c) If the Master Servicer is terminated solely due to an Event of
Default under Section 7.01(a)(x), (xi) or (xii), and if the terminated Master
Servicer provides the Trustee with the appropriate "request for proposal"
materials within five Business Days following such termination, then the Trustee
shall promptly thereafter (using such "request for proposal" materials provided
by the terminated Master Servicer) solicit good faith bids for the rights to
master service the Loans under this Agreement from at least three (3) Persons
qualified to act as Master Servicer hereunder in accordance with Sections 6.02
and 7.02 (any such Person so qualified, a "Qualified Bidder") or, if three (3)
Qualified Bidders cannot be located, then from as many Persons as the Trustee
can determine are Qualified Bidders; provided that, at the Trustee's request,
the terminated Master Servicer shall supply the Trustee with the names of
Persons from whom to solicit such bids; and provided, further, that the Trustee
shall not be responsible if less than three (3) or no Qualified Bidders submit
bids for the right to master service the Loans under this Agreement. The bid
proposal shall require any Successful Bidder (as defined below), as a condition
of such bid, to enter into this Agreement as successor Master Servicer, and to
agree to be bound by the terms hereof, within 45 days after the termination of
Master Servicer. The Trustee shall solicit bids: (i) on the basis of such
successor Master Servicer retaining all Sub-Servicers to continue the primary
servicing of the Loans pursuant to the terms of the respective Sub-Servicing
Agreements and to enter into a Sub-Servicing Agreement with the terminated
Master Servicer to sub-service each of the Loans not subject to a Sub-Servicing
Agreement at a sub-servicing fee rate per annum equal to the Master Servicing
Fee Rate minus five (5) basis points per Loan serviced (each, a
"Servicing-Retained Bid"); and (ii) on the basis of terminating each
Sub-Servicing Agreement and Sub-Servicer that it is permitted to terminate in
accordance with Section 3.22 (each, a "Servicing-Released Bid"). The Trustee
shall select the Qualified Bidder with the highest cash Servicing-Retained Bid
(or, if

                                     -208-
<PAGE>

none, the highest cash Servicing Released Bid) (the "Successful Bidder") to act
as successor Master Servicer hereunder. The Trustee shall direct the Successful
Bidder to enter into this Agreement as successor Master Servicer pursuant to the
terms hereof (and, if the successful bid was a Servicing Retained Bid, to enter
into a Sub-Servicing Agreement with the terminated Master Servicer as
contemplated above) no later than 45 days after the termination of the Master
Servicer.

         Upon the assignment and acceptance of the master servicing rights
hereunder to and by the Successful Bidder, the Trustee shall remit or cause to
be remitted (i) if the successful bid was a Servicing-Retained Bid, to the
terminated Master Servicer the amount of such cash bid received from the
Successful Bidder (net of "out-of-pocket" expenses incurred in connection with
obtaining such bid and transferring servicing) and (ii) if the successful bid
was a Servicing-Released Bid, to the Master Servicer and each terminated
Sub-Servicer its respective Bid Allocation.

         The terminated Master Servicer shall be responsible for all
out-of-pocket expenses incurred in connection with the attempt to sell its
rights to service the Loans, which expenses are not reimbursed to the party that
incurred such expenses pursuant to the preceding paragraph.

         If the Successful Bidder has not entered into this Agreement as
successor Master Servicer within 45 days after the Trustee was appointed as
successor Master Servicer or no Successful Bidder was identified within such
45-day period, the terminated Master Servicer shall reimburse the Trustee for
all reasonable "out-of-pocket" expenses incurred by the Trustee in connection
with such bid process and the Trustee shall have no further obligations under
this Section 7.01(c). The Trustee thereafter may act or may select a successor
to act as Master Servicer hereunder in accordance with Section 7.02.

         (d) Notwithstanding Section 7.01(b), if any Event of Default on the
part of the Master Servicer occurs that affects only the Chrysler Building
Companion Loan or the securities backed thereby, and no Mortgage Loan or the
Certificates are affected by such Event of Default, then, instead of terminating
the Master Servicer in accordance with Section 7.01(b), the Trustee shall
require the Master Servicer to appoint, within 30 days of the Trustee's request,
a Sub-Servicer (or, if the Chrysler Building Loan Pair is currently being
sub-serviced, to replace, within 30 days of the Trustee's request, the
then-current Sub-Servicer with a new Sub-Servicer) with respect to the Chrysler
Building Loan Pair. In connection with the Master Servicer's appointment of a
Sub-Servicer at the request of the Trustee in accordance with this Section
7.01(d), the Master Servicer shall obtain written confirmation from each Rating
Agency that such appointment will not result in an Adverse Rating Event. The
related Sub-Servicing Agreement shall provide that any Sub-Servicer appointed by
the Master Servicer at the request of the Trustee in accordance with this
Section 7.01(d) shall be responsible for all duties, and shall be entitled to
all compensation, of the Master Servicer under this Agreement, except that the
Master Servicer shall be entitled to retain a portion of the Master Servicing
Fee for the Chrysler Building Mortgage Loan calculated at 0.05% per annum. Such
Sub-Servicing Agreement shall also provide that such Sub-Servicer shall agree to
become the master servicer under a separate servicing agreement for the Chrysler
Building Loan Pair in the event that the Chrysler Building Loan Pair is no
longer to be serviced and administered hereunder, which separate servicing
agreement shall contain servicing and administration, limitation of liability,
indemnification and servicing compensation provisions substantially similar to
the corresponding provisions of this Agreement, except for the fact that the
Loan Pair and the Chrysler Building Mortgaged Property shall be the sole assets
serviced and administered thereunder and the sole source of funds thereunder. If
any Sub-Servicer appointed by the Master Servicer at the request of the Trustee
in accordance with this Section 7.01(d) shall at any time resign or

                                     -209-
<PAGE>

be terminated, the Master Servicer shall be required to promptly appoint a
substitute Sub-Servicer, which appointment shall not result in an Adverse Rating
Event (as evidenced in writing by each Rating Agency). In the event that a
successor Master Servicer is acting hereunder and that successor Master Servicer
desires to terminate the Sub-Servicer appointed under this Section 7.01(d), the
terminated Master Servicer that was responsible for the Event of Default that
led to the appointment of such Sub-Servicer shall be responsible for all costs
incurred in connection with such termination, including the payment of any
termination fee.

         SECTION 7.02. Trustee to Act; Appointment of Successor.

         On and after the time the Master Servicer or the Special Servicer
resigns pursuant to Section 6.04 or receives a notice of termination pursuant to
Section 7.01, the Trustee shall, unless and until a successor is appointed
pursuant to Section 6.04 or Section 7.01(c), be the successor in all respects to
the Master Servicer or the Special Servicer, as the case may be, in its capacity
as such under this Agreement and the transactions set forth or provided for
herein and shall have all (and the former Master Servicer or the Special
Servicer, as the case may be, shall cease to have any) of the responsibilities,
duties and liabilities of the Master Servicer or the Special Servicer, as the
case may be, arising thereafter, including, if the Master Servicer is the
resigning or terminated party, the Master Servicer's obligation to make P&I
Advances, including in connection with any termination of the Master Servicer
for an Event of Default described in clause 7.01(a)(iii), the unmade P&I
Advances that gave rise to such Event of Default; provided that any failure to
perform such duties or responsibilities caused by the Master Servicer's or the
Special Servicer's, as the case may be, failure to provide information or monies
required by Section 7.01 shall not be considered a default by the Trustee
hereunder. The Trustee shall not be liable for any of the representations and
warranties of the resigning or terminated party or for any losses incurred by
the resigning or terminated party pursuant to Section 3.06 hereunder nor shall
the Trustee be required to purchase any Loan hereunder. As compensation
therefor, the Trustee shall be entitled to all fees and other compensation which
the resigning or terminated party would have been entitled to if the resigning
or terminated party had continued to act hereunder. Notwithstanding the above,
the Trustee may, if it shall be unwilling to so act as either Master Servicer or
Special Servicer, as the case may be, or shall, if it is unable to so act as
either Master Servicer or Special Servicer, as the case may be, or if the
Trustee is not approved as a master servicer or a special servicer, as the case
may be, by any of the Rating Agencies, or if the Holders of Certificates
entitled to a majority of the Voting Rights so request in writing to the
Trustee, promptly appoint, or petition a court of competent jurisdiction to
appoint, any established mortgage loan servicing institution as the successor to
the resigning or terminated Master Servicer or the Special Servicer, as the case
may be, hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the resigning or terminated Master Servicer or the
Special Servicer, as the case may be, hereunder; provided, however, that no such
appointee shall succeed to the rights and obligations of the Master Servicer or
Special Servicer hereunder unless (i) as confirmed in writing by each of the
Rating Agencies, such succession will not result in an Adverse Rating Event, and
(ii) such appointee makes the applicable representations and warranties set
forth in Section 3.23; and provided, further, that in the case of a resigning or
terminated Special Servicer, such appointment shall be subject to the rights of
the Holders of Certificates evidencing a majority of the Voting Rights allocated
to the Controlling Class to designate a successor pursuant to Section 6.09. No
appointment of a successor to the Master Servicer or the Special Servicer
hereunder shall be effective until the assumption by the successor to such party
of all its responsibilities, duties and liabilities under this Agreement.
Pending appointment of a successor to the Master Servicer or the Special
Servicer hereunder, the Trustee shall act in such capacity as hereinabove
provided. In

                                     -210-
<PAGE>

connection with any such appointment and assumption described herein, the
Trustee may make such arrangements for the compensation of such successor out of
payments on the Loans as it and such successor shall agree, subject to the terms
of this Agreement limiting the use of funds received in respect of the Chrysler
Building Loan Pair to matters related to the Loan Pair; provided, however, that
no such compensation shall be in excess of that permitted the resigning or
terminated party hereunder. Such successor and the other parties hereto shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession.

         SECTION 7.03. Notification to Certificateholders.

         (a) Upon any resignation of the Master Servicer or the Special Servicer
pursuant to Section 6.04, any termination of the Master Servicer or the Special
Servicer pursuant to Section 7.01, any appointment of a successor to the Master
Servicer or the Special Servicer pursuant to Section 7.02 or the effectiveness
of any designation of a new Special Servicer pursuant to Section 6.09, the
Trustee shall give prompt written notice thereof to Certificateholders at their
respective addresses appearing in the Certificate Register and to the Chrysler
Building Companion Loan Noteholder.

         (b) Not later than 10 days after a Responsible Officer of the Trustee
has notice of the occurrence of any event which constitutes or, with notice or
lapse of time or both, would constitute an Event of Default, the Trustee shall
transmit by mail to the Depositor, all the Certificateholders, the Chrysler
Building Companion Loan Certificateholder and the Rating Agencies notice of such
occurrence, unless such default shall have been cured.

         SECTION 7.04. Waiver of Events of Default.

         The Holders representing at least 66-2/3% of the Voting Rights
allocated to each Class of Certificates affected by any Event of Default
hereunder, together with the Chrysler Building Companion Loan Noteholder (but
only if it is affected by such Event of Default), may waive such Event of
Default; provided, however, that an Event of Default under any of clauses (i),
(ii), (iii) and (x) through (xii) of Section 7.01(a) may be waived only by all
of the Certificateholders of the affected Classes, together with the Chrysler
Building Companion Loan Noteholder (but only if it is affected by such Event of
Default). Upon any such waiver of an Event of Default, such Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereon except to the extent expressly so
waived. Notwithstanding any other provisions of this Agreement, for purposes of
waiving any Event of Default pursuant to this Section 7.04, Certificates
registered in the name of the Depositor or any Affiliate of the Depositor shall
be entitled to Voting Rights with respect to the matters described above.

         The foregoing paragraph notwithstanding, if the Holders representing at
least the requisite percentage of the Voting Rights allocated to each affected
Class of Certificates desire to waive an Event of Default under clause (v) of
Section 7.01(a) by the Master Servicer, but the Chrysler Building Companion Loan
Noteholder (if affected thereby) does not wish to waive that Event of Default,
then the Chrysler Building Companion Loan Noteholder will be entitled to request
that the Master Servicer appoint, within 60 days of the Chrysler Building
Companion Loan Noteholder's request, a Sub-Servicer (or, if the Chrysler
Building Loan Pair is currently being subserviced, to replace, within 60 days of
the Chrysler Building Companion Loan Noteholder's request, the then-current
Sub-Servicer with a new Sub-Servicer) with respect to the Chrysler Building Loan
Pair. In connection with

                                     -211-
<PAGE>

the Master Servicer's appointment of a Sub-Servicer at the request of the
Chrysler Building Companion Loan Noteholder in accordance with this Section
7.04, the Master Servicer shall obtain written confirmation from each Rating
Agency that such appointment will not result in an Adverse Rating Event. The
related Sub-Servicing Agreement shall provide that any Sub-Servicer appointed by
the Master Servicer at the request of the Chrysler Building Companion Loan
Noteholder in accordance with this Section 7.04 shall be responsible for all
duties, and shall be entitled to all compensation, of the Master Servicer under
this Agreement, except that the Master Servicer shall be entitled to retain a
portion of the Master Servicing Fee for the Mortgage Loan in the Chrysler
Building Loan Pair calculated at 0.05% per annum. Such Sub-Servicing Agreement
shall also provide that such Sub-Servicer shall become the master servicer under
the separate servicing agreement for the Loan Pair in the event that the Loan
Pair is to be serviced and administered thereunder, which agreement shall
contain servicing and administration, limitation of liability, indemnification
and servicing compensation provisions substantially similar to the corresponding
provisions of this Agreement, except for the fact that the Loan Pair and
Chrysler Building Mortgaged Property shall be the sole assets serviced and
administered thereunder and the sole source of funds thereunder. Such
Sub-Servicer shall meet the requirements of Section 3.22. If any Sub-Servicer
appointed by the Master Servicer at the request of the Chrysler Building
Companion Loan Noteholder in accordance with this Section 7.04 shall at any time
resign or be terminated, the Master Servicer shall be required to promptly
appoint a substitute Sub-Servicer, which appointment shall not result in an
Adverse Rating Event (as evidenced in writing by each Rating Agency). In the
event a successor Master Servicer is acting hereunder and that successor Master
Servicer desires to terminate the Sub-Servicer appointed under this Section
7.04, the terminated Master Servicer that was responsible for the Event of
Default that led to the appointment of such Sub-Servicer shall be responsible
for all costs incurred in connection with such termination, including the
payment of any termination fee.

         SECTION 7.05. Additional Remedies of Trustee Upon Event of Default.

         During the continuance of any Event of Default, so long as such Event
of Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 7.01, shall have the right, in its own name and as trustee
of an express trust and on behalf of the Chrysler Building Companion Loan
Noteholder, to take all actions now or hereafter existing at law, in equity or
by statute to enforce its rights and remedies and to protect the interests, and
enforce the rights and remedies, of the Certificateholders and the Chrysler
Building Companion Loan Noteholder (including the institution and prosecution of
all judicial, administrative and other proceedings and the filings of proofs of
claim and debt in connection therewith). Except as otherwise expressly provided
in this Agreement, no remedy provided for by this Agreement shall be exclusive
of any other remedy, and each and every remedy shall be cumulative and in
addition to any other remedy, and no delay or omission to exercise any right or
remedy shall impair any such right or remedy or shall be deemed to be a waiver
of any Event of Default.

                                     -212-
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

         SECTION 8.01. Duties of Trustee.

         (a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. If an Event of Default occurs and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Agreement, and use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs; provided that if the Trustee is acting as Master Servicer or
Special Servicer, it shall act in accordance with the Servicing Standard. Any
permissive right of the Trustee contained in this Agreement shall not be
construed as a duty.

         (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement (other than the Mortgage Files, the review of which
is specifically governed by the terms of Article II), shall examine them to
determine whether they conform to the requirements of this Agreement. If any
such instrument is found not to conform to the requirements of this Agreement in
a material manner, the Trustee shall take such action as it deems appropriate to
have the instrument corrected. The Trustee shall not be responsible for the
accuracy or content of any resolution, certificate, statement, opinion, report,
document, order or other instrument furnished by the Depositor, the Master
Servicer or the Special Servicer, and accepted by the Trustee in good faith,
pursuant to this Agreement.

         (c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own misconduct; provided, however, that:

          (i) Prior to the occurrence of an Event of Default, and after the
     curing of all such Events of Default which may have occurred, the duties
     and obligations of the Trustee shall be determined solely by the express
     provisions of this Agreement, the Trustee shall not be liable except for
     the performance of such duties and obligations as are specifically set
     forth in this Agreement, no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the correctness of the opinions expressed therein,
     upon any certificates or opinions furnished to the Trustee and conforming
     to the requirements of this Agreement;

          (ii) The Trustee shall not be personally liable for an error of
     judgment made in good faith by a Responsible Officer or Responsible
     Officers of the Trustee, unless it shall be proved that the Trustee was
     negligent in ascertaining the pertinent facts;

          (iii) The Trustee shall not be personally liable with respect to any
     action taken, suffered or omitted to be taken by it in good faith in
     accordance with the direction of Holders of Certificates entitled to at
     least 25% of the Voting Rights relating to the time, method

                                     -213-
<PAGE>

     and place of conducting any proceeding for any remedy available to the
     Trustee, or exercising any trust or power conferred upon the Trustee, under
     this Agreement; and

          (iv) The protections, immunities and indemnities afforded to the
     Trustee hereunder shall also be available to it in its capacity as
     Authenticating Agent, Certificate Registrar, Tax Administrator and
     Custodian.

         SECTION 8.02. Certain Matters Affecting Trustee.

         Except as otherwise provided in Section 8.01 and Article X:

          (i) the Trustee may rely upon and shall be protected in acting or
     refraining from acting upon any resolution, Officer's Certificate,
     certificate of auditors or any other certificate, statement, instrument,
     opinion, report, notice, request, consent, order, appraisal, bond or other
     paper or document reasonably believed by it to be genuine and to have been
     signed or presented by the proper party or parties;

          (ii) the Trustee may consult with counsel and the written advice of
     such counsel or any Opinion of Counsel shall be full and complete
     authorization and protection in respect of any action taken or suffered or
     omitted by it hereunder in good faith and in accordance therewith;

          (iii) the Trustee shall be under no obligation to exercise any of the
     trusts or powers vested in it by this Agreement or to make any
     investigation of matters arising hereunder or, except as provided in
     Section 10.01 or 10.02, to institute, conduct or defend any litigation
     hereunder or in relation hereto at the request, order or direction of any
     of the Certificateholders, pursuant to the provisions of this Agreement,
     unless such Certificateholders shall have offered to the Trustee reasonable
     security or indemnity against the costs, expenses and liabilities which may
     be incurred therein or thereby; except as provided in Section 10.01 or
     10.02, the Trustee shall not be required to expend or risk its own funds or
     otherwise incur any financial liability in the performance of any of its
     duties hereunder, or in the exercise of any of its rights or powers, if it
     shall have reasonable grounds for believing that repayment of such funds or
     adequate indemnity against such risk or liability is not reasonably assured
     to it; nothing contained herein shall, however, relieve the Trustee of the
     obligation, upon the occurrence of an Event of Default which has not been
     cured, to exercise such of the rights and powers vested in it by this
     Agreement, and to use the same degree of care and skill in their exercise
     as a prudent man would exercise or use under the circumstances in the
     conduct of his own affairs;

          (iv) the Trustee shall not be personally liable for any action
     reasonably taken, suffered or omitted by it in good faith and believed by
     it to be authorized or within the discretion or rights or powers conferred
     upon it by this Agreement;

          (v) prior to the occurrence of an Event of Default hereunder and after
     the curing of all Events of Default which may have occurred, and except as
     may be provided in Section 10.01 or 10.02, the Trustee shall not be bound
     to make any investigation into the facts or matters stated in any
     resolution, certificate, statement, instrument, opinion, report, notice,
     request, consent, order, approval, bond or other paper or document, unless
     requested in writing to do so by Holders of Certificates entitled to at
     least 25% of the Voting Rights; provided, however,

                                     -214-
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     that if the payment within a reasonable time to the Trustee of the costs,
     expenses or liabilities likely to be incurred by it in the making of such
     investigation is, in the opinion of the Trustee, not reasonably assured to
     the Trustee by the security afforded to it by the terms of this Agreement,
     the Trustee may require reasonable indemnity against such expense or
     liability as a condition to taking any such action;

          (vi) the Trustee may execute any of the trusts or powers hereunder or
     perform any duties hereunder either directly or by or through agents or
     attorneys; provided, however, that the Trustee shall remain responsible for
     all acts and omissions of such agents or attorneys within the scope of
     their employment to the same extent as it is responsible for its own
     actions and omissions hereunder; and

          (vii) the Trustee shall not be responsible for any act or omission of
     the Master Servicer or the Special Servicer (unless the Trustee is acting
     as Master Servicer or the Special Servicer) or the Depositor.

         SECTION 8.03.  Trustee and Fiscal Agent Not Liable for Validity or
                        Sufficiency of Certificates or Loans.

         The recitals contained herein and in the Certificates, other than the
statements attributed to the Trustee and the Fiscal Agent in Article II and
Section 8.16 and Section 8.18 and the signature of the Certificate Registrar and
the Authenticating Agent set forth on each outstanding Certificate, shall not be
taken as the statements of the Trustee or the Fiscal Agent, and neither the
Trustee nor the Fiscal Agent shall assume any responsibility for their
correctness. Except as expressly set forth in Section 8.16 and 8.18, the Trustee
and the Fiscal Agent make no representations as to the validity or sufficiency
of this Agreement or of any Certificate (other than as to the signature of the
Trustee set forth thereon) or of any Loan or related document. The Trustee and
the Fiscal Agent shall not be accountable for the use or application by the
Depositor of any of the Certificates issued to it or of the proceeds of such
Certificates, or for the use or application of any funds paid to the Depositor
in respect of the assignment of the Mortgage Loans to the Trust Fund, or any
funds deposited in or withdrawn from a Custodial Account or any other account by
or on behalf of the Depositor, the Master Servicer or the Special Servicer. The
Trustee and the Fiscal Agent shall not be responsible for the accuracy or
content of any resolution, certificate, statement, opinion, report, document,
order or other instrument furnished by the Depositor, the Master Servicer or the
Special Servicer, and accepted by the Trustee in good faith, pursuant to this
Agreement.

         SECTION 8.04.  Trustee and Fiscal Agent May Own Certificates.

         The Trustee, the Fiscal Agent or any agent of the Trustee and the
Fiscal Agent, in its individual or any other capacity, may become the owner or
pledgee of Certificates with (except as otherwise provided in the definition of
"Certificateholder") the same rights it would have if it were not the Trustee,
the Fiscal Agent or such agent.

         SECTION 8.05.  Fees and Expenses of Trustee; Indemnification of and by
                        Trustee.

         (a) On each Distribution Date, the Trustee shall withdraw from the
general funds on deposit in the Collection Account, prior to any distributions
to be made therefrom on such date, and pay to itself the Trustee Fee for such
Distribution Date and, to the extent not previously paid, for all prior

                                     -215-
<PAGE>

Distribution Dates, as compensation for all services rendered by the Trustee in
the execution of the trusts hereby created and in the exercise and performance
of any of the powers and duties of the Trustee hereunder. The Trustee Fees
(which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) shall constitute the Trustee's
sole compensation for such services to be rendered by it.

         (b) The Trustee and any director, officer, employee or agent of the
Trustee shall be entitled to be indemnified for and held harmless by the Trust
Fund against any loss, liability or reasonable "out-of-pocket" expense
(including costs and expenses incurred in connection with removal of the Special
Servicer and Master Servicer pursuant to Sections 7.01 and 7.02, costs and
expenses of litigation, and of investigation, counsel fees, damages, judgments
and amounts paid in settlement) arising out of, or incurred in connection with,
this Agreement or the Certificates ("Trustee Liability"); provided that such
loss, liability or expense constitutes an "unanticipated expense" within the
meaning of Treasury regulation Section 1.860G-1(b)(3)(ii); and provided,
further, that neither the Trustee nor any of the other above specified Persons
shall be entitled to indemnification pursuant to this Section 8.05(b) for (1)
any liability specifically required to be borne thereby pursuant to the terms of
this Agreement, or (2) any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of the Trustee's
obligations and duties hereunder, or as may arise from a breach of any
representation, warranty or covenant of the Trustee made herein, or (3) any
loss, liability or expense that constitutes allocable overhead. The provisions
of this Section 8.05(b) and of Section 8.05(c) shall survive any resignation or
removal of the Trustee and appointment of a successor trustee.

         (c) If the Trustee Liability arises from the issuance or sale of the
Certificates and the indemnification provided for in Section 8.05(b) is invalid
or unenforceable, then the Trust Fund shall contribute to the amount paid or
payable by the Trustee as a result of such Trustee Liability in such proportion
as is appropriate to reflect the relative fault of any of the other parties on
the one hand and the Trustee on the other in connection with the actions or
omissions which resulted in such Trustee Liability, as well as any other
relevant equitable considerations.

         (d) The Trustee shall indemnify and hold harmless the Trust Fund
against any losses arising out of any errors made solely by the Trustee in
calculating distributions to be made hereunder and any other calculation or
reporting hereunder (in each case not attributable to information provided to
the Trustee by the Master Servicer or the Special Servicer); provided that such
loss arose by reason of willful misfeasance, bad faith or negligence on the part
of the Trustee. The provisions of this Section 8.05(d) shall survive any
resignation or removal of the Trustee and appointment of a successor trustee.

         SECTION 8.06. Eligibility Requirements for Trustee.

         The Trustee hereunder shall at all times be a bank, a trust company, an
association or a corporation organized and doing business under the laws of the
United States of America or any state thereof or the District of Columbia,
authorized under such laws to exercise trust powers, having a combined capital
and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state banking authority. If such bank, trust company, association or
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this section the combined capital and surplus of such bank,
trust company, association or corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. The Trustee shall at all times maintain a

                                     -216-
<PAGE>

long-term unsecured debt rating of at least "AA" (or, if a Fiscal Agent meeting
the requirements of Section 8.17(a) is then currently acting in such capacity,
of at least "A-") from each of Fitch and S&P (or, in the case of either Rating
Agency, such other rating as shall not result in an Adverse Rating Event, as
confirmed in writing by such Rating Agency). If at any time the Trustee shall
cease to be eligible in accordance with the provisions of this section, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 8.07; provided that if the Trustee shall cease to be so eligible because
its combined capital and surplus is no longer at least $50,000,000 or its
long-term unsecured debt rating no longer conforms to the requirements of the
immediately preceding sentence, and if the Trustee proposes to the other parties
hereto to enter into an agreement with (and reasonably acceptable to) each of
them, and if in light of such agreement the Trustee's continuing to act in such
capacity would not (as evidenced in writing by each Rating Agency) cause an
Adverse Rating Event, then upon the execution and delivery of such agreement the
Trustee shall not be required to resign, and may continue in such capacity, for
so long as none of the ratings assigned by the Rating Agencies to the
Certificates is adversely affected thereby. The bank, trust company, corporation
or association serving as Trustee may have normal banking and trust
relationships with the Depositor, the Master Servicer, the Special Servicer and
their respective Affiliates.

         SECTION 8.07. Resignation and Removal of Trustee.

         (a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Depositor, the
Master Servicer, the Special Servicer, all Certificateholders and the Chrysler
Building Companion Loan Noteholder. Upon receiving such notice of resignation,
the Depositor shall promptly appoint a successor trustee acceptable to the
Depositor by written instrument, in duplicate, which instrument shall be
delivered to the resigning Trustee and to the successor trustee. A copy of such
instrument shall be delivered to the Master Servicer, the Special Servicer, the
Certificateholders and the Chrysler Building Companion Loan Noteholder by the
Depositor. If no successor trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

         (b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Depositor, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, or if the Trustee
shall fail (other than by reason of the failure of either the Master Servicer or
the Special Servicer to timely perform its obligations hereunder or as a result
of other circumstances beyond the Trustee's reasonable control), to timely
deliver or otherwise make available in accordance with this Agreement any
current or revised Distribution Date Statement, CMSA Loan Periodic Update File,
CMSA Property File, CMSA Financial File or other report or statement required by
Section 4.02 and such failure shall continue unremedied for a period of five
days, or if a tax is imposed or threatened with respect to the Trust Fund by any
state in which the Trustee is located or in which it holds any portion of the
Trust Fund, then the Depositor may remove the Trustee and appoint a successor
trustee acceptable to the Depositor and the Master Servicer by written
instrument, in duplicate, which instrument shall be delivered to the Trustee so
removed and to the successor trustee. A copy of such instrument shall be
delivered to the Master Servicer, the Special Servicer, the Certificateholders
and the Chrysler Building Companion Loan Noteholder by the successor trustee so
appointed.

                                     -217-
<PAGE>

         (c) The Holders of Certificates entitled to 51% of the Voting Rights
may at any time remove the Trustee and appoint a successor trustee by written
instrument or instruments, signed by such Holders or their attorneys-in-fact
duly authorized, one complete set of which instruments shall be delivered to the
Master Servicer, one complete set to the Trustee so removed and one complete set
to the successor trustee so appointed. A copy of such instrument shall be
delivered to the Depositor, the Special Servicer, the remaining
Certificateholders and the Chrysler Building Companion Loan Noteholder by the
successor trustee so appointed.

         (d) In the event that the Trustee is terminated or removed pursuant to
this Section 8.07, all of its and any corresponding Fiscal Agent's rights and
obligations under this Agreement and in and to the Loans shall be terminated,
other than any rights or obligations that accrued prior to the date of such
termination or removal (including the right to receive all fees, expenses and
other amounts (including P&I Advances and any accrued interest thereon) accrued
or owing to it under this Agreement, with respect to periods prior to the date
of such termination or removal, and no termination without cause shall be
effective until the payment of such amounts to the Trustee and such Fiscal
Agent).

         (e) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
not become effective until acceptance of appointment by the successor trustee as
provided in Section 8.08.

         SECTION 8.08. Successor Trustee.

         (a) Any successor trustee appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Depositor, the Master Servicer, the
Special Servicer and to the predecessor trustee an instrument accepting such
appointment hereunder and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The predecessor trustee
shall deliver to the successor trustee (at the expense of the Trust Fund if the
Trustee has been removed in accordance with Section 8.07(c) without cause) all
Mortgage Files and related documents and statements held by it hereunder (other
than any Mortgage Files at the time held on its behalf by a third-party
Custodian, which Custodian shall become the agent of the successor trustee), and
the Depositor, the Master Servicer, the Special Servicer and the predecessor
trustee shall execute and deliver such instruments and do such other things as
may reasonably be required to more fully and certainly vest and confirm in the
successor trustee all such rights, powers, duties and obligations, and to enable
the successor trustee to perform its obligations hereunder.

         (b) No successor trustee shall accept appointment as provided in this
Section 8.08, unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 8.06.

         (c) Upon acceptance of appointment by a successor trustee as provided
in this Section 8.08, such successor trustee shall mail notice of the succession
of such trustee hereunder to the Depositor, the Master Servicer, the Special
Servicer, the Certificateholders and the Chrysler Building Companion Loan
Noteholder.

                                     -218-
<PAGE>

         SECTION 8.09. Merger or Consolidation of Trustee and Fiscal Agent.

         Any entity into which the Trustee or the Fiscal Agent may be merged or
converted, or with which the Trustee or the Fiscal Agent may be consolidated, or
any entity resulting from any merger, conversion or consolidation to which the
Trustee or the Fiscal Agent shall be a party, or any entity succeeding to the
corporate trust business of the Trustee, shall be the successor of the Trustee
or the Fiscal Agent, as the case may be, hereunder, provided such entity shall
be eligible under the provisions of Section 8.06 or Section 8.17, as applicable,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding.

         SECTION 8.10. Appointment of Co-Trustee or Separate Trustee.

         (a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Trustee shall have the power and shall execute and deliver all instruments to
appoint one or more Persons approved by the Trustee to act as co-trustee or
co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
of all or any part of the Trust Fund, and to vest in such Person or Persons, in
such capacity, such title to the Trust Fund, or any part thereof, and, subject
to the other provisions of this Section 8.10, such powers, duties, obligations,
rights and trusts as the Master Servicer and the Trustee may consider necessary
or desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 8.06
hereunder and no notice to Holders of Certificates of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.

         (b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer or the Special Servicer hereunder), the
Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding
of title to the Trust Fund or any portion thereof in any such jurisdiction)
shall be exercised and performed by such separate trustee or co-trustee at the
direction of the Trustee.

         (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.

         (d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,

                                     -219-
<PAGE>

rights, remedies and trusts vested therein pursuant to the applicable instrument
of appointment and this Section 8.10, shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

         (e) The appointment of a co-trustee or separate trustee under this
Section 8.10 shall not relieve the Trustee of its duties and responsibilities
hereunder.

         SECTION 8.11. Appointment of Custodians.

         The Trustee may appoint at the Trustee's expense one or more Custodians
to hold all or a portion of the Mortgage Files as agent for the Trustee. Each
Custodian shall be a depository institution supervised and regulated by a
federal or state banking authority, shall have combined capital and surplus of
at least $10,000,000, shall be qualified to do business in the jurisdiction in
which it holds any Mortgage File and shall not be the Depositor, either Mortgage
Loan Seller or any Affiliate of any of them. Neither the Master Servicer nor the
Special Servicer shall have any duty to verify that any such Custodian is
qualified to act as such in accordance with the preceding sentence. The Trustee
may enter into agreements to appoint a Custodian which is not the Trustee,
provided that, such agreement: (i) is consistent with this Agreement in all
material respects and requires the Custodian to comply with all of the
applicable conditions of this Agreement; (ii) provides that if the Trustee shall
for any reason no longer act in the capacity of Trustee hereunder, the successor
Trustee or its designee may thereupon assume all of the rights and, except to
the extent they arose prior to the date of assumption, obligations of the
Custodian under such agreement or, alternatively, may terminate such agreement
without cause and without payment of any penalty or termination fee; and (iii)
does not permit the Custodian any rights of indemnification that may be
satisfied out of assets of the Trust Fund. The appointment of one or more
Custodians shall not relieve the Trustee from any of its obligations hereunder,
and the Trustee shall remain responsible for all acts and omissions of any
Custodian. In the absence of any other Person appointed in accordance herewith
acting as Custodian, the Trustee agrees to act in such capacity in accordance
with the terms hereof. Notwithstanding anything herein to the contrary, if the
Trustee is no longer the Custodian, any provision or requirement herein
requiring notice or any information or documentation to be provided to the
Custodian shall be construed to require that such notice, information or
documents also be provided to the Trustee. Any Custodian hereunder shall at all
times maintain a fidelity bond and errors and omissions policy in amounts
customary for custodians performing duties similar to those set forth in this
Agreement and, in any event, satisfying the same requirements (including as to
the insurer) as are applicable to any such bond or policy required to be
maintained by the Master Servicer pursuant to Section 3.07.

         SECTION 8.12. Appointment of Authenticating Agents.

         (a) The Trustee may appoint at the Trustee's expense an Authenticating
Agent, which shall be authorized to act on behalf of the Trustee in
authenticating Certificates. The Trustee shall cause any such Authenticating
Agent to execute and deliver to the Trustee an instrument in which such
Authenticating Agent shall agree to act in such capacity, with the obligations
and responsibilities herein. Each Authenticating Agent must be organized and
doing business under the laws of the United States of America or of any State,
authorized under such laws to carry on a trust business, have a combined capital
and surplus of at least $15,000,000, and be subject to supervision or
examination by federal or state authorities. Each Authenticating Agent shall be
subject to the same obligations, standard of care, protection and indemnities as
would be imposed on, or would protect, the Trustee hereunder. The

                                     -220-
<PAGE>

appointment of an Authenticating Agent shall not relieve the Trustee from any of
its obligations hereunder, and the Trustee shall remain responsible for all acts
and omissions of the Authenticating Agent. In the absence of any other Person
appointed in accordance herewith acting as Authenticating Agent, the Trustee
hereby agrees to act in such capacity in accordance with the terms hereof.
Notwithstanding anything herein to the contrary, if the Trustee is no longer the
Authenticating Agent, any provision or requirement herein requiring notice or
any information or documentation to be provided to the Authenticating Agent
shall be construed to require that such notice, information or documentation
also be provided to the Trustee.

         (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any Authenticating Agent shall be
a party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

         (c) Any Authenticating Agent appointed in accordance with this Section
8.12 may at any time resign by giving at least 30 days' advance written notice
of resignation to the Trustee, the Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any
Authenticating Agent appointed in accordance with this Section 8.12 by giving
written notice of termination to such Authenticating Agent, the Master Servicer
and the Depositor. Upon receiving a notice of such a resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section 8.12, the Trustee may
appoint a successor Authenticating Agent, in which case the Trustee shall give
written notice of such appointment to the Master Servicer, the Certificate
Registrar and the Depositor and shall mail notice of such appointment to all
Holders of Certificates; provided, however, that no successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section
8.12. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally
named as Authenticating Agent.

         SECTION 8.13. Appointment of Tax Administrators.

         (a) The Trustee may appoint at the Trustee's expense any Person with
appropriate tax-related experience to act as Tax Administrator hereunder;
provided that, in the absence of any other Person appointed in accordance
herewith acting as Tax Administrator, the Trustee agrees to act in such capacity
in accordance with the terms hereof. The appointment of a Tax Administrator
shall not relieve the Trustee from any of its obligations hereunder, and the
Trustee shall remain responsible for all acts and omissions of the Tax
Administrator. The Trustee shall cause any such Tax Administrator appointed by
it to execute and deliver to the Trustee an instrument in which such Tax
Administrator shall agree to act in such capacity, with the obligations and
responsibilities herein.

         (b) Any Person into which any Tax Administrator may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any Tax Administrator shall be a
party, or any Person succeeding to the corporate agency business of any Tax
Administrator, shall continue to be the Tax Administrator without

                                     -221-
<PAGE>

the execution or filing of any paper or any further act on the part of the
Trustee or the Tax Administrator.

         (c) Any Tax Administrator appointed in accordance with this Section
8.13 may at any time resign by giving at least 30 days' advance written notice
of resignation to the Trustee, the Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any Tax
Administrator appointed in accordance with this Section 8.13 by giving written
notice of termination to such Tax Administrator, the Master Servicer, and the
Depositor. Upon receiving a notice of such a resignation or upon such a
termination, or in case at any time any Tax Administrator shall cease to be
eligible in accordance with the provisions of this Section 8.13, the Trustee may
appoint a successor Tax Administrator, in which case the Trustee shall give
written notice of such appointment to the Master Servicer, the Special Servicer
and the Depositor and shall mail notice of such appointment to all Holders of
Certificates; provided, however, that no successor Tax Administrator shall be
appointed unless eligible under the provisions of this Section 8.13. Any
successor Tax Administrator upon acceptance of its appointment hereunder shall
become vested with all the rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Tax
Administrator.

         SECTION 8.14. Access to Certain Information.

         (a) The Trustee shall afford to the Master Servicer, the Special
Servicer and the Depositor, and to the OTS, the FDIC and any other banking or
insurance regulatory authority that may exercise authority over any
Certificateholder, access to any documentation regarding the Loans within its
control that may be required to be provided by this Agreement or by applicable
law. Such access shall be afforded without charge but only upon reasonable prior
written request and during normal business hours at the offices of the Trustee
designated by it.

         (b) The Trustee shall maintain in its possession and, upon reasonable
prior written request and during normal business hours, shall make available at
its offices for review by the Depositor, the Rating Agencies, the Chrysler
Building Companion Loan Noteholder and their designees, the Controlling Class
Representative and, subject to the succeeding paragraph, any Certificateholder,
Certificate Owner or Person identified to the Trustee as a prospective
Transferee of a Certificate or an interest therein, originals and/or copies of
the following items: (i) the Prospectus, any private placement memorandum and
any other disclosure document relating to the Certificates, in the form most
recently provided to the Trustee by the Depositor or by any Person designated by
the Depositor; (ii) this Agreement, each Sub-Servicing Agreement delivered to
the Trustee since the Closing Date and any amendments hereto or thereto; (iii)
all Certificateholder Reports made available to Certificateholders pursuant to
Section 4.02(a) since the Closing Date; (iv) all Annual Performance
Certifications delivered by the Master Servicer and the Special Servicer,
respectively, to the Trustee since the Closing Date; (v) all Annual Accountants'
Reports caused to be delivered by or on behalf of the Master Servicer and the
Special Servicer, respectively, to the Trustee since the Closing Date; (vi) any
and all notices and reports delivered to the Trustee with respect to any
Mortgaged Property as to which the environmental testing contemplated by Section
3.09(c) revealed that either of the conditions set forth in clauses (i) and (ii)
of the first sentence thereof was not satisfied; (vii) each of the Mortgage
Files, including any and all modifications, extensions, waivers and amendments
of the terms of a Loan entered into or consented to by the Special Servicer and
delivered to the Trustee pursuant to Section 3.20; (viii) the most recent
appraisal for each Mortgaged Property and REO Property that has been delivered
to the Trustee (each

                                     -222-
<PAGE>

appraisal obtained hereunder with respect to any Mortgaged Property or REO
Property to be delivered to the Trustee by the Master Servicer or Special
Servicer, as applicable, promptly following its having been obtained); (ix) any
and all Officer's Certificates and other evidence delivered to or by the Trustee
to support its, the Master Servicer's, the Special Servicer's or the Fiscal
Agent's, as the case may be, determination that any Advance was (or, if made,
would be) a Nonrecoverable Advance; (x) any and all information provided to the
Trustee pursuant to Section 6.11(a) or 6.11A(a); (xi) the Schedule of Exceptions
to Mortgage File Delivery prepared by the Trustee pursuant to Section 2.02(a)
and any exception report prepared by the Trustee pursuant to Section 2.02(b);
(xii) all notices of a breach of representation and warranty given by or
received by the Trustee with respect to any party hereto; and (xiii) any
Officer's Certificate delivered to the Trustee by the Special Servicer in
connection with a Final Recovery Determination pursuant to Section 3.09(h). The
Trustee shall provide copies of any and all of the foregoing items upon written
request of any of the parties set forth in the previous sentence; however,
except in the case of the Rating Agencies, the Trustee shall be permitted to
require payment of a sum sufficient to cover the reasonable costs and expenses
of providing such copies. Upon the reasonable request of any Certificateholder,
or any Certificate Owner identified to the Trustee to the Trustee's reasonable
satisfaction, the Trustee shall request from the Master Servicer copies (at the
expense of such Certificateholder or Certificate Owner if the Master Servicer or
Special Servicer charges a fee to cover the reasonable cost of making such
copies available) of any inspection reports prepared by the Master Servicer or
the Special Servicer, copies of any operating statements, rent rolls and
financial statements obtained by the Master Servicer or the Special Servicer and
copies of any CMSA Operating Statement Analysis Reports and CMSA NOI Adjustment
Worksheets prepared by the Master Servicer or the Special Servicer; and, upon
receipt, the Trustee shall make such items available to the requesting
Certificateholder or Certificate Owner.

         In connection with providing access to or copies of the items described
in the preceding paragraph, the Trustee shall require: (i) in the case of
Certificateholders and Certificate Owners, a written confirmation executed by
the requesting Person substantially in the form of Exhibit L-1 (or in such other
form as may be reasonably acceptable to the Trustee) generally to the effect
that such Person is a Certificateholder or a beneficial holder of Book-Entry
Certificates and will keep such information confidential (except that such
Certificateholder or Certificate Owner may provide such information to any other
Person that holds or is contemplating the purchase of any Certificate or
interest therein, provided that such other Person confirms in writing such
ownership interest or prospective ownership interest and agrees to keep such
information confidential); and (ii) in the case of a prospective purchaser of a
Certificate or an interest therein, confirmation executed by the requesting
Person substantially in the form of Exhibit L-2 (or in such other form as may be
reasonably acceptable to the Trustee) generally to the effect that such Person
is a prospective purchaser of a Certificate or an interest therein, is
requesting the information for use in evaluating a possible investment in
Certificates and will otherwise keep such information confidential.

         (c) The Trustee shall not be liable for providing or disseminating
information in accordance with Section 8.14(a) or (b).

         SECTION 8.15. Reports to the Securities and Exchange Commission and
                       Related Reports.

         (a) With respect to the Trust's fiscal year 2001 (and, if as of the
beginning of any other fiscal year for the Trust, the Registered Certificates
are held (directly or, in the case of Registered

                                     -223-
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Certificates held in book-entry form, through the Depository) by at least 300
Holders and/or Depository Participants having accounts with the Depository), the
Trustee shall:

          (i) during such fiscal year, in accordance with the Exchange Act, the
     rules and regulations promulgated thereunder and applicable "no-action
     letters" issued by the Commission, prepare for filing, execute and properly
     file with the Commission monthly, with respect to the Trust, a Current
     Report on Form 8-K with copies of the Distribution Date Statements,
     Mortgage Pool Data Update Reports and Unrestricted Servicer Reports
     attached as exhibits;

          (ii) during such fiscal year, (A) monitor for and promptly notify the
     Depositor of the occurrence or existence of any of the matters identified
     in Section 11.11(a) and/or Section 8.15(b) (in each case to the extent that
     a Responsible Officer of the Trustee has actual knowledge thereof), (B)
     cooperate with the Depositor in obtaining all necessary information in
     order to enable the Depositor to prepare a Current Report on Form 8-K
     reporting any such matter in accordance with the Exchange Act, the rules
     and regulations promulgated thereunder and applicable "no-action letters"
     issued by the Commission, and (C) execute and promptly file with the
     Commission any such Current Report on Form 8-K prepared by or on behalf of
     the Depositor and delivered to the Trustee; and

          (iii) within 90 days following the end of such fiscal year, prepare,
     execute and properly file with the Commission, with respect to the Trust,
     an Annual Report on Form 10-K which complies in all material respects with
     the requirements of the Exchange Act, the rules and regulations promulgated
     thereunder and applicable "no-action letters" issued by the Commission;

provided that (x) the Trustee shall not have any responsibility to file any
items (other than those generated by it) that have not been received in a format
suitable (or readily convertible into a format suitable) for electronic filing
via the EDGAR system and shall not have any responsibility to convert any such
items (other than those generated by it or that are readily convertible) to such
format and (y) the Depositor shall be responsible for preparing, executing and
filing (via the EDGAR system within fifteen (15) days following the Closing
Date) a Current Report on Form 8-K reporting the establishment of the Trust and
whereby this Agreement is filed as an exhibit. Each of the other parties to this
Agreement shall deliver to the Trustee in the format required (or readily
convertible into the format required) for electronic filing via the EDGAR system
any and all items (including, in the case of the Master Servicer and the Special
Servicer, Unrestricted Servicer Reports) contemplated to be filed with the
Commission pursuant to this Section 8.15(a).

         (b) At all times during the Trust's fiscal year 2001 (and, if as of the
beginning of any other fiscal year for the Trust, the Registered Certificates
are held (directly or, in the case of Registered Certificates held in book-entry
form, through the Depository) by at least 300 Holders and/or Depository
Participants having accounts with the Depository, at all times during such other
fiscal year), the Trustee shall promptly notify the Depositor of the occurrence
or existence of any of the following matters of which a Responsible Officer of
the Trustee has actual knowledge:

          (i) any failure of the Trustee to make any monthly distributions to
     the Holders of any Class of Certificates, which failure is not otherwise
     reflected in the

                                     -224-
<PAGE>

     Certificateholder Reports filed with the Commission or has not otherwise
     been reported to the Depositor pursuant to any other section of this
     Agreement;

          (ii) any acquisition or disposition by the Trust of a Mortgage Loan or
     an REO Property, which acquisition or disposition has not otherwise been
     reflected in the Certificateholder Reports filed with the Commission or has
     not otherwise been reported to the Depositor pursuant to any other section
     of this Agreement;

          (iii) any other acquisition or disposition by the Trust of a
     significant amount of assets (other than Permitted Investments, Mortgage
     Loans and REO Properties), other than in the normal course of business;

          (iv) any change in the fiscal year of the Trust;

          (v) any material legal proceedings, other than ordinary routine
     litigation incidental to the business of the Trust, to which the Trust (or
     any party to this Agreement on behalf of the Trust) is a party or of which
     any property included in the Trust Fund is subject, or any threat by a
     governmental authority to bring any such legal proceedings;

          (vi) any event of bankruptcy, insolvency, readjustment of debt,
     marshalling of assets and liabilities, or similar proceedings in respect of
     or pertaining to the Trust or any party to this Agreement, or any actions
     by or on behalf of the Trust or any party to this Agreement indicating its
     bankruptcy, insolvency or inability to pay its obligations; and

          (vii) any change in the rating or ratings assigned to any Class of
     Certificates not otherwise reflected in the Certificateholder Reports filed
     with the Commission;

provided that (1) the actual knowledge of a Responsible Officer of the Trustee
of any material legal proceedings of which property included in the Trust Fund
is subject or of any material legal proceedings threatened by a governmental
authority is limited (except where the Trustee received information regarding
such proceeding from the Master Servicer or the Special Servicer pursuant to
subsection (c) below) to circumstances where it would be reasonable for the
Trustee to identify such property as an asset of, or as securing an asset of,
the Trust or such threatened proceedings as concerning the Trust and (2) no
Responsible Officer of the Trustee shall be deemed to have actual knowledge of
the matters described in clauses (vi) and (vii) of this Section 8.15(b) unless
(x) any such matter contemplated in clause (vi) occurred or related specifically
to the Trust or (y) such Responsible Officer was notified in a written
instrument addressed to it.

         (c) The Master Servicer, the Special Servicer and the Depositor shall
each, as applicable, promptly notify the Trustee of the occurrence or existence
of any of the following matters of which a Servicing Officer thereof has actual
knowledge:

          (i) any material legal proceedings, other than ordinary routine
     litigation incidental to the business of such Person, to which the Trust or
     such Person or such Person on behalf of the Trust is a party or of which
     any property included in the Trust Fund is subject, or any threat by a
     governmental authority to bring any such legal proceedings; and

                                     -225-
<PAGE>

          (ii) any event of bankruptcy, insolvency, readjustment of debt,
     marshalling of assets and liabilities, or similar proceedings in respect of
     such Person or the Trust, or any actions by or on behalf of such Person or
     the Trust indicating its bankruptcy, insolvency or inability to pay its
     obligations.

         (d) If as of the beginning of any fiscal year for the Trust (other than
fiscal year 2001), the Registered Certificates are held (directly or, in the
case of Registered Certificates held in book-entry form, through the Depository)
by less than 300 Holders and/or Depository Participants having accounts with the
Depository, the Trustee shall, in accordance with the Exchange Act and the rules
and regulations promulgated thereunder, timely file a Form 15 with respect to
the Trust.

         SECTION 8.16. Representations and Warranties of Trustee.

         (a) The Trustee hereby represents and warrants to the Master Servicer,
the Special Servicer and the Depositor and for the benefit of the
Certificateholders and the Chrysler Building Companion Loan Noteholder, as of
the Closing Date, that:

          (i) The Trustee is a national banking association duly organized,
     validly existing and in good standing under the laws of the United States
     of America.

          (ii) The execution and delivery of this Agreement by the Trustee, and
     the performance and compliance with the terms of this Agreement by the
     Trustee, will not violate the Trustee's organizational documents or
     constitute a default (or an event which, with notice or lapse of time, or
     both, would constitute a default) under, or result in the breach of, any
     material agreement or other instrument to which it is a party or which is
     applicable to it or any of its assets.

          (iii) Except to the extent that the laws of certain jurisdictions in
     which any part of the Trust Fund may be located require that a co-trustee
     or separate trustee be appointed to act with respect to such property as
     contemplated by Section 8.10, the Trustee has the full power and authority
     to enter into and consummate all transactions contemplated by this
     Agreement, has duly authorized the execution, delivery and performance of
     this Agreement, and has duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
     delivery by the other parties hereto, constitutes a valid, legal and
     binding obligation of the Trustee, enforceable against the Trustee in
     accordance with the terms hereof, subject to (A) applicable bankruptcy,
     insolvency, reorganization, moratorium and other laws affecting the
     enforcement of creditors' rights generally, and (B) general principles of
     equity, regardless of whether such enforcement is considered in a
     proceeding in equity or at law.

          (v) The Trustee is not in violation of, and its execution and delivery
     of this Agreement and its performance and compliance with the terms of this
     Agreement, including, but not limited to, its responsibility to make P&I
     Advances if the Master Servicer fails to make a P&I Advance, will not
     constitute a violation of, any law, any order or decree of any court or
     arbiter, or any order, regulation or demand of any federal, state or local
     governmental or regulatory authority, which violation, in the Trustee's
     good faith and reasonable judgment, is

                                     -226-
<PAGE>

     likely to affect materially and adversely either the ability of the Trustee
     to perform its obligations under this Agreement or the financial condition
     of the Trustee.

          (vi) No litigation is pending or, to the best of the Trustee's
     knowledge, threatened against the Trustee that, if determined adversely to
     the Trustee, would prohibit the Trustee from entering into this Agreement
     or, in the Trustee's good faith and reasonable judgment, is likely to
     materially and adversely affect either the ability of the Trustee to
     perform its obligations under this Agreement or the financial condition of
     the Trustee.

          (vii) Any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Trustee of or compliance by the Trustee with this
     Agreement, or the consummation of the transactions contemplated by this
     Agreement, has been obtained and is effective, except where the lack of
     consent, approval, authorization or order would not have a material adverse
     effect on the performance by the Trustee under this Agreement.

          (viii) The Trustee is eligible to act as trustee hereunder in
     accordance with Section 8.06.

         (b) The representations and warranties of the Trustee set forth in
Section 8.16(a) shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations, warranties and
covenants, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto.

         (c) Any successor Trustee shall be deemed to have made, as of the date
of its succession, each of the representations and warranties set forth in
Section 8.16(a), subject to such appropriate modifications to the representation
and warranty set forth in Section 8.16(a)(i) to accurately reflect such
successor's jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

         SECTION 8.17. The Fiscal Agent.

         (a) The Fiscal Agent shall at all times maintain a long-term unsecured
debt rating of no less than "AA" from each of Fitch and S&P (or, in the case of
either Rating Agency, such lower rating as will not (as confirmed in writing by
such Rating Agency) result in an Adverse Rating Event).

         (b) To the extent that the Trustee is required, pursuant to the terms
of this Agreement, to make any Advance, whether as successor master servicer or
otherwise, and has failed to do so in accordance with the terms hereof, the
Fiscal Agent shall make such Advance when and as required by the terms of this
Agreement on behalf the Trustee as if the Fiscal Agent were the Trustee
hereunder. To the extent that the Fiscal Agent makes an Advance pursuant to this
Section 8.17(b) or otherwise pursuant to this Agreement, the obligations of the
Trustee under this Agreement in respect of such Advance shall be satisfied.
Notwithstanding anything contained in this Agreement to the contrary, the Fiscal
Agent shall be entitled to all limitations on liability, rights of reimbursement
and indemnities that the Trustee is entitled to hereunder as if it were the
Trustee.

                                     -227-
<PAGE>

         (c) All fees and expenses of the Fiscal Agent (other than any interest
owed to the Fiscal Agent in respect of unreimbursed Advances) incurred by the
Fiscal Agent in connection with the transactions contemplated by this Agreement
shall be borne by the Trustee, and neither the Trustee nor the Fiscal Agent
shall be entitled to reimbursement therefor from any of the Trust Fund, the
Depositor, the Master Servicer or the Special Servicer.

         (d) The obligations of the Fiscal Agent set forth in this Section 8.17
or otherwise pursuant to this Agreement shall exist only for so long as the
Trustee that appointed it (or, in the case of the initial Fiscal Agent, so long
as the initial Trustee) shall act as Trustee hereunder. The Fiscal Agent may
resign or be removed by the Trustee only if and when the existence of such
Fiscal Agent is no longer necessary for such Trustee to satisfy the eligibility
requirements of Section 8.06; provided that the Fiscal Agent shall be deemed to
have resigned at such time as the Trustee that appointed it (or, in the case of
the initial Fiscal Agent, at such time as the initial Trustee) resigns or is
removed as Trustee hereunder (in which case the responsibility for appointing a
successor Fiscal Agent shall belong to the successor Trustee, and which
appointment the successor Trustee shall use its best efforts to make, insofar as
such appointment is necessary for such successor Trustee to satisfy the
eligibility requirements of Section 8.06). Any successor fiscal agent so
appointed shall be required to execute and deliver to the other parties hereto a
written agreement to assume and perform the duties of the Fiscal Agent set forth
in this Agreement; provided that no such successor shall become Fiscal Agent
hereunder unless either (i) it satisfies the rating requirements of Section
8.17(a) or (ii) the Trustee shall have received written confirmation from each
Rating Agency that the succession of such proposed successor fiscal agent would
not, in and of itself, result in an Adverse Rating Event.

         (e) The Trustee shall promptly notify the other parties hereto, the
Certificateholders and the Chrysler Building Companion Loan Noteholder in
writing of the appointment, resignation or removal of any Fiscal Agent.

         SECTION 8.18. Representations and Warranties of Fiscal Agent.

         (a) The Fiscal Agent hereby represents and warrants to each of the
other parties hereto and for the benefit of the Certificateholders and the
Chrysler Building Companion Loan Noteholder, as the Closing Date, that:

          (i) The Fiscal Agent is a banking association duly organized, validly
     existing and in good standing under the laws of the Netherlands.

          (ii) The execution and delivery of this Agreement by the Fiscal Agent,
     and the performance and compliance with the terms of this Agreement by the
     Fiscal Agent, will not violate the Fiscal Agent's organizational documents
     or constitute a default (or an event which, with notice or lapse of time,
     or both, would constitute a default) under, or result in a material breach
     of, any material agreement or other instrument to which it is a party or by
     which it is bound.

          (iii) The Fiscal Agent has the full power and authority to enter into
     and consummate all transactions contemplated by this Agreement, has duly
     authorized the execution, delivery and performance of this Agreement, and
     has duly executed and delivered this Agreement.

                                     -228-
<PAGE>

          (iv) This Agreement, assuming due authorization, execution and
     delivery by the other parties hereto, constitutes a valid, legal and
     binding obligation of the Fiscal Agent, enforceable against the Fiscal
     Agent in accordance with the terms hereof, subject to (A) applicable
     bankruptcy, insolvency, reorganization, moratorium and other laws affecting
     the enforcement of creditors' rights generally, and (B) general principles
     of equity, regardless of whether such enforcement is considered in a
     proceeding in equity or at law.

          (v) The Fiscal Agent is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement will not constitute a violation of, any law, any
     order or decree of any court or arbiter, or any order, regulation or demand
     of any federal, state or local governmental or regulatory authority, which
     violation, in the Fiscal Agent's good faith and reasonable judgment, is
     likely to affect materially and adversely either the ability of the Fiscal
     Agent to perform its obligations under this Agreement or the financial
     condition of the Fiscal Agent.

          (vi) No litigation is pending or, to the best of the Fiscal Agent's
     knowledge, threatened against the Fiscal Agent that, if determined
     adversely to the Fiscal Agent, would prohibit the Fiscal Agent from
     entering into this Agreement or, in the Fiscal Agent's good faith and
     reasonable judgment, is likely to materially and adversely affect either
     the ability of the Fiscal Agent to perform its obligations under this
     Agreement or the financial condition of the Fiscal Agent.

          (vii) Any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Fiscal Agent of or compliance by the Fiscal Agent with
     this Agreement, or the consummation of the transactions contemplated by
     this Agreement, has been obtained and is effective, except where the lack
     of consent, approval, authorization or order would not have a material
     adverse effect on the performance by the Fiscal Agent under this Agreement.

         (b) The representations and warranties of the Fiscal Agent set forth in
Section 8.18(a) shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall given prompt written notice thereof to the
other parties hereto.

         (c) Any successor Fiscal Agent shall be deemed to have made, as of the
date of its succession, each of the representations and warranties set forth in
Section 8.18(a) subject to such appropriate modifications to the representations
and warranties set forth in Section 8.18(a)(i) to accurately reflect such
successor's jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

                                     -229-
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.01. Termination Upon Repurchase or Liquidation of All
                       Mortgage Loans.

         Subject to Section 9.02, the Trust Fund and the respective obligations
and responsibilities under this Agreement of the Depositor, the Master Servicer,
the Special Servicer, the Fiscal Agent and the Trustee (other than the
obligations of the Trustee to provide for and make payments to
Certificateholders as hereafter set forth) shall terminate upon payment (or
provision for payment): (i) to the Certificateholders of all amounts held by or
on behalf of the Trustee and required hereunder to be so paid on the
Distribution Date following the earlier to occur of (A) the purchase by the
Depositor, the Master Servicer, Lehman Brothers, the Special Servicer or any
Controlling Class Certificateholder of all Mortgage Loans and each REO Property
remaining in REMIC I and the Loan REMICs at a price equal to (1) the sum (x) of
the aggregate Purchase Price of all the Mortgage Loans and (y) the aggregate
Appraised Values of any REO Properties then included in REMIC I and the Loan
REMICs, minus (2) if the purchaser is the Master Servicer or the Special
Servicer, the aggregate amount of unreimbursed Advances made by such Person,
together with any interest accrued and payable to such Person in respect of
unreimbursed Advances in accordance with Section 3.11(g) and, in the case of the
Master Servicer, Section 4.03(d) or Section 4.03A(d), and any unpaid servicing
compensation remaining outstanding (which items shall be deemed to have been
paid or reimbursed to the Master Servicer or the Special Servicer, as the case
may be, in connection with such purchase), and (B) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or
REO Property remaining in REMIC I or a Loan REMIC; and (ii) to the Trustee, the
Fiscal Agent, the Master Servicer, the Special Servicer and the members,
managers, officers, directors, employees and/or agents of each of them of all
amounts which may have become due and owing to any of them hereunder; provided,
however, that in no event shall the trust created hereby continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James, living on the date hereof.

         Each of the Depositor, Lehman Brothers, the Special Servicer, any
Controlling Class Certificateholder (with priority among such Holders being
given to the Holder of Certificates representing the greatest Percentage
Interest in the Controlling Class) or the Master Servicer, in that order of
priority (with the Depositor having the most senior priority), may at its option
elect to purchase all of the Mortgage Loans and each REO Property remaining in
REMIC I and the Loan REMICs as contemplated by clause (i) of the preceding
paragraph by giving written notice to the other parties hereto no later than 60
days prior to the anticipated date of purchase; provided, however, that (i) the
aggregate Stated Principal Balance of the Mortgage Pool at the time of such
election is less than 1% of the Initial Pool Balance set forth in the
Preliminary Statement, and (ii) no such Person shall have the right to effect
such a purchase if, within 30 days following its delivery of a notice of
election pursuant to this paragraph, any other such Person with a higher
priority shall give notice of its election to purchase all of the Mortgage Loans
and each REO Property remaining in REMIC I and the Loan REMICs and shall
thereafter effect such purchase in accordance with the terms hereof. If the
Trust Fund is to be terminated in connection with the Master Servicer's, the
Special Servicer's, a Controlling Class Certificateholder's, Lehman Brothers' or
the Depositor's purchase of all of the Mortgage Loans and each REO Property
remaining in REMIC I and the Loan REMICs, the Master Servicer, the Special

                                     -230-
<PAGE>

Servicer, such Controlling Class Certificateholder, Lehman Brothers or the
Depositor, as applicable, shall deliver to the Trustee not later than the fifth
Business Day preceding the Distribution Date on which the final distribution on
the Certificates is to occur: (x) for deposit in the Pool Custodial Account, an
amount in immediately available funds equal to the above-described purchase
price (provided, however, that if any REO Property being purchased pursuant to
the foregoing was formerly the Chrysler Building Mortgaged Property, the portion
of the above-described purchase price allocable to such REO Property shall
initially be deposited into the Chrysler Building Custodial Account); and (y) an
Opinion of Counsel, at the expense of the party effecting the purchase, stating
that the termination of the Trust satisfies the requirements of a qualified
liquidation under Section 860F of the Code and any regulations thereunder. In
addition, the Master Servicer shall transfer to the Collection Account all
amounts required to be transferred thereto on such Master Servicer Remittance
Date from the Pool Custodial Account pursuant to the first paragraph of Section
3.04(b), together with any other amounts on deposit in the Pool Custodial
Account that would otherwise be held for future distribution. Upon confirmation
that such final deposits have been made, subject to Section 3.25, the Trustee
shall release or cause to be released to the Master Servicer, the Special
Servicer, the purchasing Controlling Class Certificateholder, Lehman Brothers or
the Depositor, as applicable, the Mortgage Files for the remaining Mortgage
Loans and shall execute all assignments, endorsements and other instruments
furnished to it by the Master Servicer, the Special Servicer, the purchasing
Controlling Class Certificateholder, Lehman Brothers or the Depositor, as
applicable, as shall be necessary to effectuate transfer of the Mortgage Loans
and REO Properties to the Master Servicer, the Special Servicer, the purchasing
Controlling Class Certificateholder, Lehman Brothers or the Depositor (or their
respective designees), as applicable. Any transfer of Mortgage Loans, except in
the case of the Chrysler Building Mortgage Loan, pursuant to this paragraph
shall be on a servicing-released basis and, if any Mortgage Loan purchased
pursuant to this Section 9.01 is the Chrysler Building Mortgage Loan, the
release, endorsement or assignment of the documents constituting the related
Mortgage File and Servicing File shall be in the manner contemplated by Section
3.25 hereof.

         Notice of any termination shall be given promptly by the Trustee by
letter to Certificateholders and the Chrysler Building Companion Loan Noteholder
mailed (a) if such notice is given in connection with the Depositor's, the
Master Servicer's, the Special Servicer's, Lehman Brothers' or a Controlling
Class Certificateholder's purchase of the Mortgage Loans and each REO Property
remaining in REMIC I and the Loan REMICs, not earlier than the 15th day and not
later than the 25th day of the month next preceding the month of the final
distribution on the Certificates or (b) otherwise during the month of such final
distribution on or before the eighth day of such month, in each case specifying
(i) the Distribution Date upon which the Trust Fund will terminate and final
payment of the Certificates will be made, (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such Distribution
Date is not applicable, payments being made only upon presentation and surrender
of the Certificates at the offices of the Certificate Registrar or such other
location therein designated. The Trustee shall give such notice to the Master
Servicer, the Special Servicer and the Depositor at the time such notice is
given to Certificateholders.

         Upon presentation and surrender of the Certificates by the
Certificateholders on the final Distribution Date, the Trustee shall distribute
to each Certificateholder so presenting and surrendering its Certificates such
Certificateholder's Percentage Interest of that portion of the amounts then on
deposit in the Collection Account that are allocable to payments on the Class of
Certificates so presented and surrendered. Amounts on deposit in the Collection
Account as of the final Distribution Date, exclusive of any portion thereof that
would be payable to any Person in accordance with clauses (ii) through (vii)

                                     -231-
<PAGE>

of Section 3.05(b), and further exclusive of any portion thereof that represents
Prepayment Premiums, Yield Maintenance Charges and/or Additional Interest, shall
be allocated in the following order of priority, in each case to the extent of
remaining available funds:

          (i) to distributions of interest to the Holders of the respective
     Classes of the Senior Certificates, up to an amount equal to, and pro rata
     in accordance with, all Distributable Certificate Interest in respect of
     each such Class of Certificates for such Distribution Date and, to the
     extent not previously paid, for all prior Distribution Dates;

          (ii) to distributions of principal to the Holders of the respective
     Classes of Class A Certificates, up to an amount equal to, and pro rata in
     accordance with, the Class Principal Balance of each such Class of
     Certificates outstanding immediately prior to such Distribution Date;

          (iii) to distributions to the Holders of the respective Classes of
     Class A Certificates, up to an amount equal to, pro rata in accordance
     with, and in reimbursement of, all Realized Losses and Additional Trust
     Fund Expenses, if any, previously allocated to each such Class of
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (iv) to distributions of interest to the Holders of the Class B
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class B Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (v) to distributions of principal to the Holders of the Class B
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class B Certificates outstanding immediately prior to such Distribution
     Date;

          (vi) to distributions to the Holders of the Class B Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class B
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (vii) to distributions of interest to the Holders of the Class C
     Certificates up to an amount equal to all Distributable Certificate
     Interest in respect of the Class C Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (viii) to distributions of principal to the Holders of the Class C
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class C Certificates outstanding immediately prior to such Distribution
     Date;

          (ix) to distributions to the Holders of the Class C Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class C
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (x) to distributions of interest to the Holders of the Class D
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class D Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

                                     -232-
<PAGE>

          (xi) to distributions of principal to the Holders of the Class D
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class D Certificates outstanding immediately prior to such Distribution
     Date;

          (xii) to distributions to the Holders of the Class D Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class D
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xiii) to distributions of interest to the Holders of the Class E
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class E Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xiv) to distributions of principal to the Holders of the Class E
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class E Certificates outstanding immediately prior to such Distribution
     Date;

          (xv) to distributions to the Holders of the Class E Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class E
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xvi) to distributions of interest to the Holders of the Class F
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class F Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xvii) to distributions of principal to the Holders of the Class F
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class F Certificates outstanding immediately prior to such Distribution
     Date;

          (xviii) to distributions to the Holders of the Class F Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class F
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xix) to distributions of interest to the Holders of the Class G
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class G Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xx) to distributions of principal to the Holders of the Class G
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class G Certificates outstanding immediately prior to such Distribution
     Date;

          (xxi) to distributions to the Holders of the Class G Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class G
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

                                     -233-
<PAGE>

          (xxii) to distributions of interest to the Holders of the Class H
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class H Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xxiii) to distributions of principal to the Holders of the Class H
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class H Certificates outstanding immediately prior to such Distribution
     Date;

          (xxiv) to distributions to the Holders of the Class H Certificates up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class H
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xxv) to distributions of interest to the Holders of the Class J
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class J Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xxvi) to distributions of principal to the Holders of the Class J
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class J Certificates outstanding immediately prior to such Distribution
     Date;

          (xxvii) to distributions to the Holders of the Class J Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class J
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xxviii) to distributions of interest to the Holders of the Class K
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class K Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xxix) to distributions of principal to the Holders of the Class K
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class K Certificates outstanding immediately prior to such Distribution
     Date;

          (xxx) to distributions to the Holders of the Class K Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class K
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xxxi) to distributions of interest to the Holders of the Class L
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class L Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xxxii) to distributions of principal to the Holders of the Class L
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class L Certificates outstanding immediately prior to such Distribution
     Date;

                                     -234-
<PAGE>

          (xxxiii) to distributions to the Holders of the Class L Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class L
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xxxiv) to distributions of interest to the Holders of the Class M
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class M Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xxxv) to distributions of principal to the Holders of the Class M
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class M Certificates outstanding immediately prior to such Distribution
     Date;

          (xxxvi) to distributions to the Holders of the Class M Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class M
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xxxvii) to distributions of interest to the Holders of the Class N
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class N Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xxxviii) to distributions of principal to the Holders of the Class N
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class N Certificates outstanding immediately prior to such Distribution
     Date;

          (xxxix) to distributions to the Holders of the Class N Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class N
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xl) to distributions of interest to the Holders of the Class P
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class P Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

          (xli) to distributions of principal to the Holders of the Class P
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class P Certificates outstanding immediately prior to such Distribution
     Date;

          (xlii) to distributions to the Holders of the Class P Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class P
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xliii) to distributions of interest to the Holders of the Class Q
     Certificates, up to an amount equal to all Distributable Certificate
     Interest in respect of the Class Q Certificates for such Distribution Date
     and, to the extent not previously paid, for all prior Distribution Dates;

                                     -235-
<PAGE>

          (xliv) to distributions of principal to the Holders of the Class Q
     Certificates, up to an amount equal to the Class Principal Balance of the
     Class Q Certificates outstanding immediately prior to such Distribution
     Date;

          (xlv) to distributions to the Holders of the Class Q Certificates, up
     to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class Q
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

          (xlvi) to make distributions to the Holders of the Class R-III
     Certificates, up to an amount equal to the excess, if any, of (A) the
     aggregate distributions (other than distributions of Net Prepayment
     Consideration) deemed made in respect of the REMIC II Regular Interests on
     such Distribution Date pursuant to Section 4.01(j), over (B) the aggregate
     distributions made in respect of the Regular Interest Certificates on such
     Distribution Date pursuant to clauses (i) through (xlv) above;

          (xlvii) to make distributions to the Holders of the Class R-II
     Certificates, up to an amount equal to the excess, if any, of (A) the
     aggregate distributions (other than distributions of Net Prepayment
     Consideration) deemed made in respect of the REMIC I Regular Interests on
     such Distribution Date pursuant to Section 4.01(k), over (B) the aggregate
     distributions (other than distributions of Net Prepayment Consideration)
     deemed made in respect of the REMIC II Regular Interests on such
     Distribution Date pursuant to Section 4.01(j);

          (xlviii) to make distributions to the Holders of the Class R-LR
     Certificates, up to an amount equal to the excess, if any, of (A) that
     portion of the Available Distribution Amount for such Distribution Date
     that is allocable to the Loan REMIC Mortgage Loans and/or any related REO
     Properties, over (B) the aggregate distributions (other than distributions
     of Net Prepayment Consideration) deemed made in respect of the Loan REMIC
     Regular Interests on such Distribution Date pursuant to Section 4.01(l);
     and

          (xlix) to make distributions to the Holders of the Class R-I
     Certificates, up to an amount equal to the balance, if any, of the
     Available Distribution Amount for such Distribution Date remaining after
     the distributions to be made on such Distribution Date pursuant to clauses
     (i) through (xlviii) above.

         All distributions of interest made in respect of the Class X
Certificates on the final Distribution Date pursuant to clause (i) above, shall
be deemed to have been made in respect of the respective REMIC III Components of
such Class, pro rata in accordance with the respective amounts of Distributable
Component Interest in respect of such REMIC III Components for such Distribution
Date and, to the extent not previously deemed paid pursuant to Section 4.01(a),
for all prior Distribution Dates.

         Any Prepayment Premiums and Yield Maintenance Charges on deposit in the
Collection Account as of the final Distribution Date (net of any Workout Fees
and/or Liquidation Fees payable therefrom) shall be distributed among the
Holders of the Class X, Class A-1, Class A-2, Class B, Class C, Class D, Class
E, Class F and Class G Certificates in accordance with Section 4.01(c).

                                     -236-
<PAGE>

         Any amounts representing Additional Interest on deposit in the
Collection Account as of the Final Distribution Date shall be distributed to the
Holders of the Class Q Certificates in accordance with Section 4.01(d). Any
yield maintenance payment made by the UBS Mortgage Seller in connection with a
repurchase of a Loan REMIC Mortgage Loan as contemplated by Section 2.03(d) that
may be on deposit in the Collection Account as of the Final Distribution Date
shall be distributed to the Holders of the Class X Certificates in accordance
with Section 4.01(d).

         Any funds not distributed to any Holder or Holders of Certificates of
such Class on such Distribution Date because of the failure of such Holder or
Holders to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 9.01 shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Trustee, directly or through an agent, shall take such
reasonable steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The
costs and expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder. If by the second anniversary of the delivery of such
second notice, all of the Certificates shall not have been surrendered for
cancellation, then, subject to applicable law, the Trustee shall distribute to
the Class R-III Certificateholders all unclaimed funds and other assets which
remain subject hereto.

         All actual distributions on the respective Classes of REMIC III
Certificates on the final Distribution Date in accordance with foregoing
provisions of this Section 9.01 shall be deemed to first have been distributed
from REMIC I to REMIC II on the various REMIC I Regular Interests in accordance
with Section 4.01(k) and then from REMIC II to REMIC III on the various REMIC II
Regular Interests in accordance with Section 4.01(j).

         SECTION 9.02. Additional Termination Requirements.

         (a) If the Depositor, Lehman Brothers, any Controlling Class
Certificateholder, the Special Servicer or the Master Servicer purchases all of
the Mortgage Loans and each REO Property remaining in REMIC I as provided in
Section 9.01, the Trust Fund (and, accordingly, each REMIC Pool) shall be
terminated in accordance with the following additional requirements, unless the
Person effecting such purchase obtains at its own expense and delivers to the
Trustee and the Tax Administrator, an Opinion of Counsel, addressed to the
Trustee and the Tax Administrator, to the effect that the failure of the Trust
Fund to comply with the requirements of this Section 9.02 will not result in an
Adverse REMIC Event or an Adverse Grantor Trust Event:

          (i) the Tax Administrator shall specify the first day in the 90-day
     liquidation period in a statement attached to the final Tax Return for each
     REMIC Pool pursuant to Treasury regulation Section 1.860F-1 and shall
     satisfy all requirements of a qualified liquidation under Section 860F of
     the Code and any regulations thereunder as set forth in the

                                     -237-
<PAGE>

     Opinion of Counsel obtained pursuant to Section 9.01 from the party
     effecting the purchase of all the Mortgage Loans and REO Property remaining
     in REMIC I and the Loan REMICs;

(ii)     during such 90-day liquidation period and at or prior to the time of
         making of the final payment on the Certificates, the Trustee shall sell
         all of the assets of REMIC I and the Loan REMICs to the Master
         Servicer, Lehman Brothers, the purchasing Controlling Class
         Certificateholder, the Special Servicer or the Depositor, as
         applicable, for cash; and

(iii)    at the time of the making of the final payment on the Certificates, the
         Trustee shall distribute or credit, or cause to be distributed or
         credited, to the Certificateholders in accordance with Section 9.01 all
         cash on hand (other than cash retained to meet claims), and each REMIC
         Pool shall terminate at that time.

         (b) By their acceptance of Certificates, the Holders thereof hereby
agree to authorize the Tax Administrator to specify the 90-day liquidation
period for each REMIC Pool, which authorization shall be binding upon all
successor Certificateholders.

                                     -238-
<PAGE>

                                  ARTICLE X

                            ADDITIONAL TAX PROVISIONS

         SECTION 10.01. REMIC Administration.

         (a) The Tax Administrator shall elect to treat each REMIC Pool as a
REMIC under the Code and, if necessary, under applicable state law. Such
election will be made on Form 1066 or other appropriate federal or state Tax
Returns for the taxable year ending on the last day of the calendar year in
which the Certificates are issued.

         (b) Each Loan REMIC Regular Interest is hereby designated as the
"regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the
related Loan REMIC. The REMIC I Regular Interests, the REMIC II Regular
Interests and the Regular Interest Certificates (or, in the case of the X
Certificates, each of the REMIC III Components of such Class) are hereby
designated as "regular interests" (within the meaning of Section 860G(a)(1) of
the Code) in REMIC I, REMIC II and REMIC III, respectively. The Class R-LR
Certificates will evidence the single class of "residual interests" (within the
meaning of Section 860G(a)(2) of the Code) in each Loan REMIC. The Class R-I
Certificates, the Class R-II Certificates and the Class R-III Certificates are
hereby designated as the single class of "residual interests" (within the
meaning of Section 860G(a)(2) of the Code) in REMIC I, REMIC II and REMIC III,
respectively. None of the Master Servicer, the Special Servicer or the Trustee
shall (to the extent within its control) permit the creation of any other
"interests" in the Loan REMICs, REMIC I, REMIC II or REMIC III (within the
meaning of Treasury regulation Section 1.860D-1(b)(1)).

         (c) The Closing Date is hereby designated as the "startup day" of each
REMIC Pool within the meaning of Section 860G(a)(9) of the Code.

         (d) The related Plurality Residual Interest Certificateholder as to the
applicable taxable year is hereby designated as the Tax Matters Person of each
REMIC Pool, and shall act on behalf of the related REMIC in relation to any tax
matter or controversy and shall represent the related REMIC in any
administrative or judicial proceeding relating to an examination or audit by any
governmental taxing authority; provided that the Tax Administrator is hereby
irrevocably appointed to act and shall act (in consultation with the Tax Matters
Person for each REMIC Pool) as agent and attorney-in-fact for the Tax Matters
Person for each REMIC Pool in the performance of its duties as such.

         (e) For purposes of Treasury regulation Section 1.860G-1(a)(4)(iii),
the related Legal Final Distribution Date has been designated the "latest
possible maturity date" of each Loan REMIC Regular Interest, each REMIC I
Regular Interest, each REMIC II Regular Interest and each Class of Regular
Interest Certificates (or, in the case of the Class X Certificates, each REMIC
III Component of such Class).

         (f) Except as otherwise provided in Section 3.17(a) and subsections (i)
and (j) below, the Tax Administrator shall pay out of its own funds any and all
routine tax administration expenses of the Trust Fund incurred with respect to
each REMIC Pool (but not including any professional fees or expenses related to
audits or any administrative or judicial proceedings with respect to the Trust
Fund

                                     -239-
<PAGE>

that involve the IRS or state tax authorities which extraordinary expenses shall
be payable or reimbursable to the Tax Administrator from the Trust Fund
(exclusive of the Grantor Trusts Assets), unless otherwise provided in Section
10.01(i) or 10.01(j)).

         (g) Within 30 days after the Closing Date, the Tax Administrator shall
prepare and file with the IRS Form 8811, "Information Return for Real Estate
Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt
Obligations" for the Trust Fund. In addition, the Tax Administrator shall
prepare, sign and file all of the other Tax Returns in respect of each REMIC
Pool. The expenses of preparing and filing such returns shall be borne by the
Tax Administrator without any right of reimbursement therefor. The other parties
hereto shall provide on a timely basis to the Tax Administrator or its designee
such information with respect to each REMIC Pool as is in its possession and
reasonably requested by the Tax Administrator to enable it to perform its
obligations under this Section 10.01. Without limiting the generality of the
foregoing, the Depositor, within ten days following the Tax Administrator's
request therefor, shall provide in writing to the Tax Administrator such
information as is reasonably requested by the Tax Administrator for tax
purposes, as to the valuations and issue prices of the Certificates, and the Tax
Administrator's duty to perform its reporting and other tax compliance
obligations under this Section 10.01 shall be subject to the condition that it
receives from the Depositor such information possessed by the Depositor that is
necessary to permit the Tax Administrator to perform such obligations.

         (h) The Tax Administrator shall perform on behalf of each REMIC Pool
all reporting and other tax compliance duties that are the responsibility of
each such REMIC Pool under the Code, the REMIC Provisions or other compliance
guidance issued by the IRS or any state or local taxing authority. Included
among such duties, the Tax Administrator shall provide to: (i) any Transferor of
a Residual Interest Certificate, such information as is necessary for the
application of any tax relating to the transfer of a Residual Interest
Certificate to any Person who is not a Permitted Transferee; (ii) the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions, including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption as
required hereunder); and (iii) the IRS, the name, title, address and telephone
number of the Person who will serve as the representative of each REMIC Pool.

         (i) The Tax Administrator shall perform its duties hereunder so as to
maintain the status of each REMIC Pool as a REMIC under the REMIC Provisions
(and the Trustee, the Master Servicer and the Special Servicer shall assist the
Tax Administrator to the extent reasonably requested by the Tax Administrator
and to the extent of information within the Trustee's, the Master Servicer's or
the Special Servicer's possession or control). None of the Tax Administrator,
the Master Servicer, the Special Servicer, or the Trustee shall knowingly take
(or cause any REMIC Pool to take) any action or fail to take (or fail to cause
to be taken) any action that, under the REMIC Provisions, if taken or not taken,
as the case may be, could (i) endanger the status of any REMIC Pool as a REMIC,
or (ii) except as provided in Section 3.17(a), result in the imposition of a tax
upon any REMIC Pool (including, but not limited to, the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code) or the result
in the imposition of a tax on "net income from foreclosure property" as defined
in Section 860G(c) of the Code (any such endangerment of REMIC status or, except
as provided in Section 3.17(a), imposition of a tax, an "Adverse REMIC Event"),
unless the Tax Administrator has obtained or received an Opinion of Counsel (at
the expense of the party requesting such action or at the expense of the Trust
Fund if the Tax Administrator seeks to take such action or to refrain from
acting for the benefit of the Certificateholders)

                                     -240-
<PAGE>

to the effect that the contemplated action will not result in an Adverse REMIC
Event or an Adverse Grantor Trust Event. None of the other parties hereto shall
take any action or fail to take any action (whether or not authorized hereunder)
as to which the Tax Administrator has advised it in writing that the Tax
Administrator has received or obtained an Opinion of Counsel to the effect that
an Adverse REMIC Event or an Adverse Grantor Trust Event could result from such
action or failure to act. In addition, prior to taking any action with respect
to any REMIC Pool, or causing any REMIC Pool to take any action, that is not
expressly permitted under the terms of this Agreement, the Master Servicer and
the Special Servicer shall consult with the Tax Administrator or its designee,
in writing, with respect to whether such action could cause an Adverse REMIC
Event or an Adverse Grantor Trust Event to occur. The Tax Administrator may
consult with counsel to make such written advice, and the cost of same shall be
borne by the party seeking to take the action not permitted by this Agreement,
but in no event at the cost or expense of the Trust Fund or the Trustee. At all
times as may be required by the Code, the Tax Administrator shall make
reasonable efforts to ensure that substantially all of the assets of each REMIC
Pool will consist of "qualified mortgages" as defined in Section 860G(a)(3) of
the Code and "permitted investments" as defined in Section 860G(a)(5) of the
Code.

         (j) If any tax is imposed on any REMIC Pool, including "prohibited
transactions" taxes as defined in Section 860F(a)(2) of the Code, any tax on
"net income from foreclosure property" as defined in Section 860G(c) of the
Code, any taxes on contributions to any REMIC Pool after the Startup Day
pursuant to Section 860G(d) of the Code, and any other tax imposed by the Code
or any applicable provisions of State or Local Tax laws (other than any tax
permitted to be incurred by the Special Servicer pursuant to Section 3.17(a)),
such tax, together with all incidental costs and expenses (including penalties
and reasonable attorneys' fees), shall be charged to and paid by: (i) the Tax
Administrator, if such tax arises out of or results from a breach by the Tax
Administrator of any of its obligations under this Section 10.01; (ii) the
Special Servicer, if such tax arises out of or results from a breach by the
Special Servicer of any of its obligations under Article III or this Section
10.01; (iii) the Master Servicer, if such tax arises out of or results from a
breach by the Master Servicer of any of its obligations under Article III or
this Section 10.01; (iv) the Trustee, if such tax arises out of or results from
a breach by the Trustee of any of its obligations under Article IV, Article VIII
or this Section 10.01; (v) the Depositor, if such tax was imposed due to the
fact that any of the Mortgage Loans did not, at the time of their transfer to
REMIC I or the related Loan REMIC, constitute a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code; or (vi) the Trust Fund, excluding the portion
thereof constituting the Grantor Trust, in all other instances. Any tax
permitted to be incurred by the Special Servicer pursuant to Section 3.17(a)
shall be charged to and paid by the Trust Fund (exclusive of the Grantor Trust
Assets). Any such amounts payable by the Trust Fund shall be paid by the Trustee
upon the written direction of the Tax Administrator out of amounts on deposit in
the Collection Account in reduction of the Available Distribution Amount
pursuant to Section 3.05(b).

         (k) The Tax Administrator shall, for federal income tax purposes,
maintain books and records with respect to each REMIC Pool on a calendar year
and on an accrual basis.

         (l) Following the Startup Day, none of the Trustee, the Master Servicer
and the Special Servicer shall accept any contributions of assets to any REMIC
Pool unless it shall have received an Opinion of Counsel (at the expense of the
party seeking to cause such contribution and in no event at the expense of the
Trust Fund or the Trustee) to the effect that the inclusion of such assets in
such REMIC Pool will not cause: (i) such REMIC Pool to fail to qualify as a
REMIC at any time that

                                     -241-
<PAGE>

any Certificates are outstanding; or (ii) the imposition of any tax on such
REMIC Pool under the REMIC Provisions or other applicable provisions of federal,
state and local law or ordinances.

         (m) None of the Trustee, the Master Servicer and the Special Servicer
shall consent to or, to the extent it is within the control of such Person,
permit: (i) the sale or disposition of any of the Mortgage Loans (except in
connection with (A) the default or reasonably foreseeable material default of a
Mortgage Loan, including, but not limited to, the sale or other disposition of a
Mortgaged Property acquired by deed in lieu of foreclosure, (B) the bankruptcy
of any REMIC Pool, (C) the termination of any REMIC Pool pursuant to Article IX
of this Agreement, or (D) a purchase of Mortgage Loans pursuant to or as
contemplated by Article II or III of this Agreement); (ii) the sale or
disposition of any investments in the Pool Custodial Account or the Pool REO
Account for gain; or (iii) the acquisition of any assets for any REMIC Pool
(other than a Mortgaged Property acquired through foreclosure, deed in lieu of
foreclosure or otherwise in respect of a defaulted Mortgage Loan and other than
Permitted Investments acquired in connection with the investment of funds in the
Pool Custodial Account or the Pool REO Account; in any event unless it has
received an Opinion of Counsel (at the expense of the party seeking to cause
such sale, disposition, or acquisition but in no event at the expense of the
Trust Fund or the Trustee) to the effect that such sale, disposition, or
acquisition will not cause: (x) any REMIC Pool to fail to qualify as a REMIC at
any time that any Certificates are outstanding; or (y) the imposition of any tax
on any REMIC Pool under the REMIC Provisions or other applicable provisions of
federal, state and local law or ordinances.

         (n) Except as permitted by Section 3.17(a), none of the Trustee, the
Master Servicer and the Special Servicer shall enter into any arrangement by
which any REMIC Pool will receive a fee or other compensation for services nor
permit any REMIC Pool to receive any income from assets other than "qualified
mortgages" as defined in Section 860G(a)(3) of the Code or "permitted
investments" as defined in Section 860G(a)(5) of the Code.

         SECTION 10.02. Grantor Trust Administration.

         (a) The Tax Administrator shall treat the Grantor Trust, for tax return
preparation purposes, as a grantor trust under the Code and, if necessary, under
applicable state law and will file appropriate federal or state Tax Returns for
each taxable year ending on or after the last day of the calendar year in which
the Certificates are issued.

         (b) The Tax Administrator shall pay out of its own funds any and all
routine tax administration expenses of the Trust Fund incurred with respect to
the Grantor Trust (but not including any professional fees or expenses related
to audits or any administrative or judicial proceedings with respect to the
Trust Fund that involve the IRS or state tax authorities which extraordinary
expenses shall be payable or reimbursable to the Tax Administrator from the
Grantor Trust Assets in the Trust Fund unless otherwise provided in Section
10.02(e) or 10.02(f)).

         (c) The Tax Administrator shall prepare, sign and file all of the Tax
Returns in respect of the Grantor Trust. The expenses of preparing and filing
such returns shall be borne by the Tax Administrator without any right of
reimbursement therefor. The Tax Administrator shall comply with such requirement
by filing Form 1041, indicating the name and address of the Trust and signed by
the Tax Administrator but otherwise left blank. There shall be appended to each
such form a schedule for each Certificateholder indicating such
Certificateholder's share of income and expenses of the Trust for the portion of
the preceding calendar year in which such Certificateholder possessed an
Ownership

                                     -242-
<PAGE>

Interest in a Certificate. Such form shall be prepared in sufficient detail to
enable reporting on the cash or accrual method of accounting, as applicable, and
to report on such Certificateholder's fiscal year if other than the calendar
year. The other parties hereto shall provide on a timely basis to the Tax
Administrator or its designee such information with respect to the Grantor Trust
as is in its possession and reasonably requested by the Tax Administrator to
enable it to perform its obligations under this Section 10.02. Without limiting
the generality of the foregoing, the Depositor, within ten days following the
Tax Administrator's request therefor, shall provide in writing to the Tax
Administrator such information as is reasonably requested by the Tax
Administrator for tax purposes, and the Tax Administrator's duty to perform its
reporting and other tax compliance obligations under this Section 10.02 shall be
subject to the condition that it receives from the Depositor such information
possessed by the Depositor that is necessary to permit the Tax Administrator to
perform such obligations.

         (d) The Tax Administrator shall perform on behalf of the Grantor Trust
all reporting and other tax compliance duties that are required in respect
thereof under the Code, the Grantor Trust Provisions or other compliance
guidance issued by the IRS or any state or local taxing authority, including the
furnishing to Certificateholders of the schedules described in Section 10.01(c).

         (e) The Tax Administrator shall perform its duties hereunder so as to
maintain the status of the Grantor Trust as a grantor trust under the Grantor
Trust Provisions (and the Trustee, the Master Servicer and the Special Servicer
shall assist the Tax Administrator to the extent reasonably requested by the Tax
Administrator and to the extent of information within the Trustee's, the Master
Servicer's or the Special Servicer's possession or control). None of the Tax
Administrator, Master Servicer, the Special Servicer or the Trustee shall
knowingly take (or cause the Grantor Trust to take) any action or fail to take
(or fail to cause to be taken) any action that, under the Grantor Trust
Provisions, if taken or not taken, as the case may be, could endanger the status
of the Grantor Trust as a grantor trust under the Grantor Trust Provisions or
result in the imposition of a tax upon the Grantor Trust or its assets or
transactions (any such endangerment or imposition, an "Adverse Grantor Trust
Event"), unless the Tax Administrator has obtained or received an Opinion of
Counsel (at the expense of the party requesting such action or at the expense of
the Trust Fund if the Tax Administrator seeks to take such action or to refrain
from taking any action for the benefit of the Certificateholders) to the effect
that the contemplated action will not result in an Adverse Grantor Trust Event.
None of the other parties hereto shall take any action or fail to take any
action (whether or not authorized hereunder) as to which the Tax Administrator
has advised it in writing that the Tax Administrator has received or obtained an
Opinion of Counsel to the effect that an Adverse Grantor Trust Event could
result from such action or failure to act. In addition, prior to taking any
action with respect to the Grantor Trust, or causing the Trust Fund to take any
action, that is not expressly permitted under the terms of this Agreement, the
Master Servicer and the Special Servicer shall consult with the Tax
Administrator or its designee, in writing, with respect to whether such action
could cause an Adverse Grantor Trust Event to occur. The Tax Administrator may
consult with counsel to make such written advice, and the cost of same shall be
borne by the party seeking to take the action not permitted by this Agreement,
but in no event at the cost or expense of the Trust Fund, the Tax Administrator
or the Trustee.

         (f) If any tax is imposed on the Grantor Trust, such tax, together with
all incidental costs and expenses (including penalties and reasonable attorneys'
fees), shall be charged to and paid by: (i) the Tax Administrator, if such tax
arises out of or results from a breach by the Tax Administrator of any of its
obligations under this Section 10.02; (ii) the Special Servicer, if such tax
arises out of or results from a breach by the Special Servicer of any of its
obligations under Article III or this Section

                                     -243-
<PAGE>

10.02; (iii) the Master Servicer, if such tax arises out of or results from a
breach by the Master Servicer of any of its obligations under Article III or
this Section 10.02; (iv) the Trustee, if such tax arises out of or results from
a breach by the Trustee of any of its obligations under Article IV, Article VIII
or this Section 10.02; or (v) the portion of the Trust Fund constituting the
Grantor Trust in all other instances.

                                     -244-
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         SECTION 11.01. Amendment.

         (a) This Agreement may be amended from time to time by the mutual
agreement of the parties hereto, without the consent of any of the
Certificateholders or the Chrysler Building Companion Loan Noteholder, (i) to
cure any ambiguity, (ii) to correct, modify or supplement any provision herein
which may be inconsistent with any other provision herein or with the
description thereof in the Prospectus or the Prospectus Supplement, (iii) to add
any other provisions with respect to matters or questions arising hereunder
which shall not be inconsistent with the existing provisions hereof, (iv) to
relax or eliminate any requirement hereunder imposed by the REMIC Provisions if
the REMIC Provisions are amended or clarified such that any such requirement may
be relaxed or eliminated, (v) to relax or eliminate any requirement imposed by
the Securities Act or the rules thereunder if the Securities Act or those rules
are amended or classified so as to allow for the relaxation or elimination of
that requirement; (vi) as evidenced by an Opinion of Counsel delivered to the
Master Servicer, the Special Servicer and the Trustee, either (A) to comply with
any requirements imposed by the Code or any successor or amendatory statute or
any temporary or final regulation, revenue ruling, revenue procedure or other
written official announcement or interpretation relating to federal income tax
laws or any such proposed action which, if made effective, would apply
retroactively to any of the REMIC Pools or the Grantor Trust at least from the
effective date of such amendment, or (B) to avoid the occurrence of a prohibited
transaction or to reduce the incidence of any tax that would arise from any
actions taken with respect to the operation of any REMIC Pool or the Grantor
Trust; (vii) as provided in Section 5.02(d)(iv), to modify, add to or eliminate
any of the provisions of Section 5.02(d)(i), (ii) or (iii); or (viii), to
otherwise modify or delete existing provisions of this Agreement; provided that
such amendment (other than any amendment for any of the specific purposes
described in clauses (i), (ii), (iv), (v), (vi) and (vii) above) shall not
adversely affect in any material respect the interests of any Certificateholder
or the Chrysler Building Companion Loan Noteholder, as evidenced by either an
Opinion of Counsel delivered to the Trustee and each other party hereto to such
effect or, in the case of a Class of Certificates (or a class of securities
backed by the Chrysler Building Companion Loan) to which a rating has been
assigned by one or more Rating Agencies, written confirmation from each
applicable Rating Agency to the effect that such amendment shall not result in
an Adverse Rating Event.

         (b) This Agreement may also be amended from time to time by the
agreement of the parties hereto with the consent of the Holders of Certificates
entitled to at least 66-2/3% of the Voting Rights allocated to the affected
Classes for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Holders of Certificates; provided, however, that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments received or advanced on Loans which are required to be distributed
on any Certificate, without the consent of the Holder of such Certificate, or
which are required to be distributed to the Chrysler Building Companion Loan
Noteholder, without the consent of the Chrysler Building Companion Loan
Noteholder, (ii) adversely affect in any material respect the interests of the
Holders of any Class of Certificates or the Chrysler Building Companion Loan
Noteholder in a manner other than as described in (i) without the consent of the
Holders of all Certificates of such Class or the consent of the Chrysler
Building Companion Loan Noteholder, as the case may be, (iii) modify the
provisions of this Section 11.01, without the consent of the Holders of all

                                     -245-
<PAGE>

Certificates then outstanding and the consent of the Chrysler Building Companion
Loan Noteholder, (iv) modify the provisions of Section 3.20 or the Servicing
Standard, without the consent of the Holders of all Regular Interest
Certificates then outstanding and the consent of the Chrysler Building Companion
Loan Noteholder, or (v) modify the specified percentage of Voting Rights which
are required to be held by Certificateholders to consent or not to object to any
particular action pursuant to any provision of this Agreement without the
consent of the Holders of all Certificates then outstanding. Notwithstanding any
other provision of this Agreement, for purposes of the giving or withholding of
consents pursuant to this Section 11.01(b), Certificates registered in the name
of any party hereto or any Affiliate thereof shall be entitled to the same
Voting Rights with respect to matters described above as they would if any other
Person held such Certificates, so long as the subject amendment does not relate
to increasing its rights or reducing or limiting its obligations hereunder as a
party to this Agreement.

         (c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
first have obtained or been furnished with an Opinion of Counsel (at the expense
of the party seeking such amendment) addressed to the Trustee and each other
party hereto, to the effect that (i) such amendment or the exercise of any power
granted to the Trustee, the Master Servicer or the Special Servicer in
accordance with such amendment will not result in the imposition of a tax on any
REMIC Pool pursuant to the REMIC Provisions, cause any REMIC Pool to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor
trust within the meaning of the Grantor Trust Provisions at any time that any
Certificates are outstanding and (ii) such amendment complies in all material
respects with the provisions of this Section 11.01.

         (d) Promptly after the execution of any such amendment, the Trustee
shall send a copy thereof to each Certificateholder and the Chrysler Building
Companion Loan Noteholder.

         (e) It shall not be necessary for the consent of Certificateholders
under this Section 11.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.

         (f) Each of the Master Servicer, the Special Servicer and the Trustee
may but shall not be obligated to enter into any amendment pursuant to this
section that affects its rights, duties and immunities under this Agreement or
otherwise.

         (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 11.01(a) or (c) shall be borne by the Person seeking the related
amendment, except that if the Master Servicer, the Special Servicer or the
Trustee requests any amendment of this Agreement that protects or is in
furtherance of the rights and interests of Certificateholders, the cost of any
Opinion of Counsel required in connection therewith pursuant to Section 11.01(a)
or (c) shall be payable out of the Pool Custodial Account, in the case of the
Master Servicer and the Special Servicer, pursuant to Section 3.05(a), or out of
the Collection Account, in the case of the Trustee, pursuant to Section 3.05(b).

         SECTION 11.02. Recordation of Agreement; Counterparts.

         (a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and

                                     -246-
<PAGE>

in any other appropriate public recording office or elsewhere, such recordation
to be effected by the Master Servicer at the expense of the Trust Fund, but only
upon direction accompanied by an Opinion of Counsel (the cost of which may be
paid out of the Pool Custodial Account pursuant to Section 3.05(a) or, to the
extent that it benefits the Chrysler Building Companion Loan Noteholder, out of
the Chrysler Building Custodial Account pursuant to Section 3.05(A)(a)) to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders and/or the Chrysler Building Companion Loan
Noteholder; provided, however, that the Trustee shall have no obligation or
responsibility to determine whether any such recordation of this Agreement is
required.

         (b) For the purpose of facilitating the recordation of this Agreement
as herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

         SECTION 11.03.  Limitation on Rights of Certificateholders and the
                         Chrysler Building Companion Loan Noteholder.

         (a) The death or incapacity of any Certificateholder or the Chrysler
Building Companion Loan Noteholder shall not operate to terminate this Agreement
or the Trust Fund, nor entitle such Certificateholder's or the Chrysler Building
Companion Loan Noteholder's legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust Fund, nor otherwise affect the rights, obligations and
liabilities of the parties hereto or any of them.

         (b) The Certificateholders and the Chrysler Building Companion Loan
Noteholder (except as expressly provided for herein) shall not have any right to
vote or in any manner otherwise control the operation and management of the
Trust Fund, or the obligations of the parties hereto, nor shall anything herein
set forth, or contained in the terms of the Certificates, be construed so as to
constitute the Certificateholders and/or the Chrysler Building Companion Loan
Noteholder from time to time as partners or members of an association; nor shall
any Certificateholder or the Chrysler Building Companion Loan Noteholder be
under any liability to any third party by reason of any action taken by the
parties to this Agreement pursuant to any provision hereof.

         (c) None of the Certificateholders or the Chrysler Building Companion
Loan Noteholder shall have any right by virtue of any provision of this
Agreement to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement or any Loan, unless, with respect to
any suit, action or proceeding upon or under or with respect to this Agreement,
such Person previously shall have given to the Trustee a written notice of
default hereunder, and of the continuance thereof, as hereinbefore provided, and
unless also (except in the case of a default by the Trustee) the Holders of
Certificates entitled to at least 25% of the Voting Rights shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity, shall have
neglected or refused to institute any such action, suit or proceeding. It is
understood and intended, and expressly covenanted by each Certificateholder with
every other Certificateholder and the Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatsoever by virtue of any
provision of this Agreement

                                     -247-
<PAGE>

to affect, disturb or prejudice the rights of the Holders of any other of such
Certificates, or to obtain or seek to obtain priority over or preference to any
other such Holder, which priority or preference is not otherwise provided for
herein, or to enforce any right under this Agreement, except in the manner
herein provided and for the equal, ratable and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of this
section, each and every Certificateholder and the Trustee shall be entitled to
such relief as can be given either at law or in equity.

         SECTION 11.04. Governing Law.

         This Agreement and the Certificates shall be construed in accordance
with the internal laws of the State of New York applicable to agreements made
and to be performed in said state, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws.

         SECTION 11.05. Notices.

         Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have
been duly given when delivered to: (i) in the case of the Depositor, Structured
Asset Securities Corporation, 200 Vesey Street, New York, New York 10285,
Attention: Scott Lechner--LB-UBS Commercial Mortgage Trust 2001-C3, facsimile
number: (212) 526-3746; (ii) in the case of the Master Servicer First Union
National Bank, First Union Capital Markets, NC 1075, 8739 Research Drive, URP-4,
Charlotte, North Carolina 28288-1075, Attention: LB-UBS Mortgage Trust 2001-C3;
facsimile number: (704) 593-7735; (iii) in the case of the Special Servicer,
Lennar Partners, Inc., 760 N.W. 107th Avenue, Miami, Florida 33172, Attention:
LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through
Certificates, Series 2001-C3, facsimile number: (305) 226-3428; (iv) in the case
of the Trustee, LaSalle Bank National Association, 135 South LaSalle Street,
Suite 1625, Chicago, Illinois 60603, Attention: Asset-Backed Securities Trust
Services Group--LB-UBS Commercial Mortgage Trust 2001-C3, facsimile number:
(312) 904-2084; (v) in the case of the Underwriters, (A) Lehman Brothers, Inc.,
Three World Financial Center, New York, New York 10285, Attention: Tricia
Hall/Commercial Mortgage Trading, facsimile number: (212) 526-3746, (B) UBS
Warburg LLC, 299 Park Avenue, New York, New York 10171, Attention: Ahmed Alali,
facsimile number: (212) 821-3162, with a copy to Robert C, Dinerstein, General
Counsel, and (C) Bear, Stearns & Co., Inc., 245 Park Avenue, New York, New York
10167, Attention: Richard Ruffer, facsimile number: (212) 272-7047; (vi) in the
case of the Rating Agencies, (A) Fitch, Inc., One State Street Plaza, New York,
New York 10004, Attention: Commercial Mortgage Surveillance Department,
facsimile number: (212) 635-0295, and (B) Standard & Poor's Rating Services, a
division of the McGraw-Hill Companies, Inc., 55 Water Street, 10th Floor, New
York, New York 10004, Attention: CMBS Surveillance Department, facsimile number:
(212) 438-2662; and (vii) in the case of the Fiscal Agent, to the Trustee on
behalf of the Fiscal Agent; or, as to each such Person, such other address as
may hereafter be furnished by such Person to the parties hereto in writing. Any
communication required or permitted to be delivered to a Certificateholder shall
be deemed to have been duly given when mailed first class, postage prepaid, to
the address of such Holder as shown in the Certificate Register.

         SECTION 11.06. Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms

                                     -248-
<PAGE>

shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.

SECTION 11.07.    Grant of a Security Interest.

         The Depositor and the Trustee agree that it is their intent that the
conveyance of the Depositor's right, title and interest in and to the Mortgage
Loans pursuant to this Agreement shall constitute a sale and not a pledge of
security for a loan. If such conveyance is deemed to be a pledge of security for
a loan, however, the Depositor and the Trustee agree that it is their intent
that the rights and obligations of the parties to such loan shall be established
pursuant to the terms of this Agreement. The Depositor and the Trustee also
intend and agree that, in such event, (i) in order to secure performance of the
Depositor's obligations hereunder and payment of the Certificates, the Depositor
shall be deemed to have granted, and does hereby grant, to the Trustee (in such
capacity) a first priority security interest in the Depositor's entire right,
title and interest in and to the assets constituting the Trust Fund, including
the Mortgage Loans, all principal and interest received or receivable with
respect to the Mortgage Loans (other than principal and interest payments due
and payable prior to the Cut-off Date and any Principal Prepayments received on
or prior to the Cut-off Date), all amounts held from time to time in the Pool
Custodial Account, the Collection Account, the Interest Reserve Account and, if
established, the Pool REO Account and the Defeasance Deposit Account and any and
all reinvestment earnings on such amounts, and all of the Depositor's right,
title and interest in and to the proceeds of any title, hazard or other
Insurance Policies related to such Mortgage Loans, and (ii) this Agreement shall
constitute a security agreement under applicable law. The Depositor shall file
or cause to be filed, as a precautionary filing, a Form UCC-1 substantially in
the form attached as Exhibit J hereto in the State of Delaware promptly
following the initial issuance of the Certificates, and the Trustee shall
prepare, execute and file at each such office, with the reasonable cooperation
of the Depositor, continuation statements with respect thereto, in each case
within six months prior to the fifth anniversary of the immediately preceding
filing. The Depositor shall cooperate in a reasonable manner with the Trustee
and the Master Servicer in preparing and filing such continuation statements.
This Section 11.07 shall constitute notice to the Trustee pursuant to any of the
requirements of the UCC.

         SECTION 11.08. Streit Act.

         Any provisions required to be contained in this Agreement by Section
126 of Article 4-A of the New York Real Property Law are hereby incorporated
herein, and such provisions shall be in addition to those conferred or imposed
by this Agreement; provided, however, that to the extent that such Section 126
shall not have any effect, and if said Section 126 should at any time be
repealed or cease to apply to this Agreement or be construed by judicial
decision to be inapplicable, said Section 126 shall cease to have any further
effect upon the provisions of this Agreement. In case of a conflict between the
provisions of this Agreement and any mandatory provisions of Article 4-A of the
New York Real Property Law, such mandatory provisions of said Article 4-A shall
prevail, provided that if said Article 4-A shall not apply to this Agreement,
should at any time be repealed, or cease to apply to this Agreement or be
construed by judicial decision to be inapplicable, such mandatory provisions of
such Article 4-A shall cease to have any further effect upon the provisions of
this Agreement.

                                     -249-
<PAGE>

         SECTION 11.09. Successors and Assigns; Beneficiaries.

         The provisions of this Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the parties hereto, and all
such provisions shall inure to the benefit of the Certificateholders. Each
Underwriter shall be a third party beneficiary to this Agreement solely with
respect to its right to receive the reports, statements and other information to
which it is entitled hereunder, to preserve such Underwriter's rights under
Sub-Servicing Agreements as contemplated by Section 3.22(d) and, in the case of
Lehman Brothers, to terminate the Trust Fund pursuant to Section 9.01. Each of
the Sub-Servicers that is a party to a Sub-Servicing Agreement in effect on the
Closing Date (or being negotiated as of the Closing Date and in effect within 90
days thereafter) shall be a third party beneficiary to obligations of a
successor Master Servicer under Section 3.22, provided that the sole remedy for
any claim by a Sub-Servicer as a third party beneficiary pursuant to this
Section 11.09 shall be against a successor Master Servicer solely in its
corporate capacity and no Sub-Servicer shall have any rights or claims against
the Trust Fund or any party hereto (other than a successor Master Servicer in
its corporate capacity as set forth in this Section 11.09) as a result of any
rights conferred on such Sub-Servicer as a third party beneficiary pursuant to
this Section 11.09. The Chrysler Building Companion Loan Noteholder and any
designees thereof acting on behalf of or exercising the rights of the Chrysler
Building Companion Loan Noteholder shall be third-party beneficiaries to this
Agreement with respect to their rights as specifically provided for herein. The
Chrysler Building Trustee and the Chrysler Building Fiscal Agent shall be
third-party beneficiaries to this Agreement solely with respect to reimbursement
of P&I Advances made by such Persons, with interest, as provided in Section
3.05A hereof. This Agreement may not be amended in any manner that would
adversely affect the rights of any such third party beneficiary without its
consent. No other Person, including any Mortgagor, shall be entitled to any
benefit or equitable right, remedy or claim under this Agreement.

         SECTION 11.10. Article and Section Headings.

         The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

         SECTION 11.11. Notices to Rating Agencies.

         (a) The Trustee shall promptly provide notice to each Rating Agency
with respect to each of the following of which it has actual knowledge:

            (i) any material change or amendment to this Agreement;

            (ii) the occurrence of any Event of Default that has not been cured;

            (iii) the resignation or termination of the Fiscal Agent, the Master
     Servicer or the Special Servicer;

            (iv) the repurchase of Mortgage Loans by the Depositor pursuant to
     Section 2.03;

            (v) any change in the location of the Collection Account or the
     Interest Reserve Account;

                                     -250-
<PAGE>

            (vi) the final payment to any Class of Certificateholders; and

            (vii) any sale or disposition of any Mortgage Loan or REO Property.

         (b) The Master Servicer shall promptly provide notice to each Rating
Agency with respect to each of the following of which it has actual knowledge:

            (i) the resignation or removal of the Trustee; and

            (ii) any change in the location of any Custodial Account.

         (c) The Special Servicer shall furnish each Rating Agency with respect
to a Specially Serviced Loan such information as the Rating Agency shall
reasonably request and which the Special Servicer can reasonably provide in
accordance with applicable law, with copies to the Trustee.

         (d) To the extent applicable, each of the Master Servicer and the
Special Servicer shall promptly furnish to each Rating Agency copies of the
following items:

            (i) each of its annual statements as to compliance described in
     Section 3.13;

            (ii) each of its annual independent public accountants' servicing
     reports described in Section 3.14; and

            (iii) any Officer's Certificate delivered by it to the Trustee
     pursuant to Section 3.11(h), 4.03(c) or 4.03A(c).

         (e) The Trustee shall (i) make available to each Rating Agency, upon
reasonable notice, the items described in Section 8.14(b) and (ii) promptly
deliver to each Rating Agency a copy of any notices given pursuant to Section
7.03(a) or Section 7.03(b).

         (f) The Trustee shall promptly deliver to each Rating Agency a copy of
each of the statements and reports described in Section 4.02(a) that is prepared
by it.

         (g) Each of the Trustee, the Master Servicer and the Special Servicer
shall provide to each Rating Agency such other information with respect to the
Mortgage Loans and the Certificates, to the extent such party possesses such
information, as such Rating Agency shall reasonably request.

         SECTION 11.12. Global Opinions.

         Notwithstanding anything herein to the contrary, where any party hereto
is required or permitted to rely upon an Opinion of Counsel with respect to any
particular matter, such Opinion of Counsel need not specifically reference such
particular matter, but rather such Opinion of Counsel may address general
matters of law in respect of nonspecific circumstances which clearly encompass
the facts of such particular matter (any such Opinion of Counsel, a "Global
Opinion"); provided that no Global Opinion may be relied upon if it is more than
12 months old or if the subject party has reason to believe that such Global
Opinion no longer expresses a correct legal opinion.

                                     -251-
<PAGE>

         SECTION 11.13. Complete Agreement.

         This Agreement embodies the complete agreement among the parties and
may not be varied or terminated except by a written agreement conforming to the
provisions of Section 11.01. All prior negotiations or representations of the
parties are merged into this Agreement and shall have no force or effect unless
expressly stated herein.

                                     -252-
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused their names
to be signed hereto by their respective officers thereunto duly authorized, in
each case as of the day and year first above written.

                                      STRUCTURED ASSET SECURITIES CORPORATION
                                        Depositor

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

                                      FIRST UNION NATIONAL BANK
                                        Master Servicer

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

                                      LENNAR PARTNERS, INC.
                                        Special Servicer

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

                                      LASALLE BANK NATIONAL ASSOCIATION
                                        Trustee

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

<PAGE>

                                      ABN AMRO BANK N.V.
                                        Fiscal Agent

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

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

<PAGE>

STATE OF NEW YORK         )
                          )  ss.:
COUNTY OF NEW YORK        )

         On the ______ day of _____________, 2001, before me, a notary public in
and for said State, personally appeared ______________________________________,
known to me to be a _________________________________ of STRUCTURED ASSET
SECURITIES CORPORATION, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity,
and acknowledged to me that such entity executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                     ------------------------------------------
                                                    Notary Public

[Notarial Seal]

<PAGE>

STATE OF __________________    )
                               )  ss.:
COUNTY OF _________________    )

         On the ______ day of _____________, 2001, before me, a notary public in
and for said State, personally appeared ______________________________________,
known to me to be a ___________________________________ of FIRST UNION NATIONAL
BANK, one of the entities that executed the within instrument, and also known to
me to be the person who executed it on behalf of such entity, and acknowledged
to me that such entity executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                     ------------------------------------------
                                                    Notary Public

[Notarial Seal]

<PAGE>

STATE OF __________________    )
                               )  ss.:
COUNTY OF _________________    )

         On the ______ day of _____________, 2001, before me, a notary public in
and for said State, personally appeared ______________________________________,
known to me to be a ___________________________________ of LENNAR PARTNERS,
INC., one of the entities that executed the within instrument, and also known to
me to be the person who executed it on behalf of such entity, and acknowledged
to me that such entity executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                     ------------------------------------------
                                                    Notary Public

[Notarial Seal]

<PAGE>

STATE OF ___________________    )
                                )  ss.:
COUNTY OF __________________    )

         On the ______ day of _____________, 2001, before me, a notary public in
and for said State, personally appeared ______________________________________,
known to me to be a ___________________________________ of LASALLE BANK NATIONAL
ASSOCIATION, one of the entities that executed the within instrument, and also
known to me to be the person who executed it on behalf of such entity, and
acknowledged to me that such entity executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                     ------------------------------------------
                                                    Notary Public

[Notarial Seal]

<PAGE>

STATE OF ___________________     )
                                 )  ss.:
COUNTY OF __________________     )

         On the ______ day of _____________, 2001, before me, a notary public in
and for said State, personally appeared ______________________________ and
___________________________, known to me to be a _____________________________
and _______________________, respectively, of ABN AMRO BANK N.V., one of the
entities that executed the within instrument, and also known to me to be the
persons who executed it on behalf of such entity, and acknowledged to me that
such entity executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                     ------------------------------------------
                                                    Notary Public

[Notarial Seal]

<PAGE>

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

<PAGE>

                             MORTGAGE LOAN SCHEDULE

LOANS:  134
BALANCE:  1,380,748,716

<TABLE>
<CAPTION>
  LOAN
MORTGAGE
 NUMBER                  PROPERTY NAME                                                   STREET ADDRESS
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                                                      <C>
    1   Chrysler Building                                        405 Lexington Avenue
    2   Cape Cod                                                 769 Iyannough Road
    3   Vista Ridge Mall                                         2401 South Stemmons Freeway
    4   Westlake Center                                          400 Pine Street
    5   Shoppingtown Mall                                        3649 Erie Boulevard East
    6   International Place                                      1735 North Lynn Street
    7   Fairfax Apartments                                       2251 Pimmit Drive
    8   Northampton Crossings                                    State Routes 248 and 33
    9   Park Central                                             3110 North Central Avenue, 3115-3121 North 3rd Avenue, 241
                                                                   West Osborn Road
   10   Nexus - Canyon Park Laboratory                           21720 23rd Drive Southeast
   11   740 South Olive Street                                   740 South Olive Street
   12   Sacramento Corporate Center                              501 J Street
   13   Houston Galleria Portfolio                               3131 West Loop South
   14   One Hoyt Street                                          One Hoyt Street
   15   Brentwood Place                                          11937-12015 Wilshire Boulevard
   16   Polo Towne Crossing                                      2100-2208 Dallas Parkway
   17   U-Haul B Portfolio                                       Various
   18   Golden West & Gene Autrey Business Park                  1200-1558 East Katella Avenue
   19   Loyal Plaza                                              1915 East 3rd Street
   20   Food 4 Less Center-Santa Ana                             1900 North Grand Avenue
   21   U-Haul A Portfolio                                       Various
   22   Fedex Distribution Facility                              7331 Calhoun Place
   23   Valley Corporate Park                                    16300-16380 Roscoe Boulevard
   24   Comstock Office Tower                                    5300 Town & Country Blvd
   25   Martin Square                                            4420-4484 Weston Road
   26   Wichita Apartments Portfolio                             Various
   27   Homewood Suites - Billerica                              35 Middlesex Turnpike
   28   Food 4 Less Center-Buena Park                            105, 117, 121, 135 North Beach Boulevard and 3021 Lincoln Avenue
   29   Century Center North                                     3101-3111 Clairmont Road
   30   Home Depot                                               12960 Foothill Boulevard
   31   Plaza Bank Shopping Center                               9090 Skillman Street
   32   38 East 61st Street                                      38 East 61st Street
   33   Great Bridge Shopping Center                             237 Battlefield Boulevard
   34   Pony Village                                             1611 Virginia Avenue
   35   River Valley Plaza                                       1520 River Valley Boulevard
   36   Moreno Valley Corporate Center                           Cactus Avenue & Elsworth Street
   37   Steele Creek Shopping Center                             N/E corner of York Road (NC Hwy 49) and Steele Creek Road
                                                                   (SC Hwy 160)
   38   Coconut Grove Marketplace                                75-5815 Block Alii Drive at Oneo Bay
   39   Catersville Crossing                                     SE/c of East Main Street and US Highway 41
   40   Homewood Suites - Bloomington                            2261 Killebrew Drive
   41   Food 4 Less Center-Norwalk                               10901 Imperial Highway
   42   Merrill Lynch Office Building                            3401 College Boulevard
   43   Meadowview Square                                        2576-2600 State Route 59
   44   Park Place Apartments                                    101 Bridewell Street
   45   Food 4 Less Center-Inglewood                             3200 Century Boulevard
   46   Park Orangewood                                          2019-2211 West Orangewood Avenue
   47   Enclave                                                  22619 Pacific Coast Highway
   48   Summittree Apartments                                    308 Plus Park Boulevard
   49   EST                                                      90 Fieldston Court
   50   Food 4 Less-West Covina                                  615 North Azusa Avenue
   51   East Point Plaza                                         15715 US Highway 36
   52   TLM Portfolio                                            Various
   53   Piney Green Shopping Center                              175 Freedom Way
   54   Ritchey Business Center                                  Ritchey Street, St. Andrews Pl., & Glenwood Pl.
   55   Long's Drugs - San Pablo                                 800 San Pablo Town Center
   56   Good Neighbor Apartments                                 114-122 & 126-130 East 104th Street
   57   The Timbers Apartments                                   900 Peques Street
   58   Country Hills Apartments                                 66900 Ironwood Drive
   59   5040 Airport Office Center                               5040 NW 7th Street
   60   Food 4 Less Center-Long Beach                            2185 East South Street
   61   Rush Walton                                              NEC of Rush and Walton Streets
   62   Green Knolls Shopping                                    NWC of 63rd & Main Street
   63   Village Green Mobile Home Park                           2902 South 84th Street
   64   Sprout Brook Center                                      556 Route 17 North
   65   Food 4 Less Center-Anaheim                               88 East Orangethorpe Avenue and 1600 North Lemon Street
   66   River Bay Plaza                                          S/E/C of U.S. Highway 301 & Gibsonton/Boyette Road
   67   Comfort Inn - JFK                                        144-44 153rd Lane
   68   Sentry Station                                           2535 Battlefield Parkway
   69   10 Atlantic Portfolio                                    Various
   70   Pacific Corporate Center                                 9210-9314 Norwalk Boulevard
   71   Rite Aid - Ramona                                        1670 Main Street
   72   Cottonwood Creek Apartments                              3149 E. Desert Inn Road
   73   University Hills Apartments                              140, 160, 180 and 200 Big Springs Road
   74   Park Plaza Shopping Center                               1120 East 10th Street
   75   Mid America Business Park Building 1                     8001 Mid America Boulevard
   76   400 Chisolm                                              400 Chisolm Place
   77   Palomar Business Park                                    2380-2382 Camino Vida Roble & 6353 El Camino Real
   78   Overlook Apartments                                      3158 Steele Street
   79   1260 Silas Deane Highway                                 1260 Silas Deane Highway
   80   319 East 8th Street                                      319 East 8th Street
   81   The Eagle Vail Industrial Center                         41266 US Highway 6 & 24
   82   CVS Plaza                                                217 Main Street
   83   260 Cochituate Road                                      260 Cochituate Road
   84   Executive Center                                         900 & 917 Western America Circle
   85   Lakeside Village                                         2310 70th Street
   86   Lancer Square Shopping Center                            3203-3285 Independence Parkway
   87   1 Cupania Circle                                         One Cupania Circle
   88   Sunrise Plaza                                            6105-6185 West Sunrise Boulevard
   89   Woodman Plaza                                            4730 Woodman Avenue
   90   Fairfield Inn - Scottsdale                               5101 N. Scottsdale Road
   91   Fairfield Inn - Dallas                                   1575 Regal Row
   92   El Cortijo Shopping Center                               3001 East Skyline Drive
   93   Lakeview Centre                                          11900-11930 Whitmore Lake Road
   94   Kariotis Mobile Home Park                                3060 NE McWilliams Rd.
   95   Van Nuys                                                 7203-7219 Van Nuys Boulevard and 14505-14523 Sherman Way
   96   Expressway Center                                        3845-3895 North Perris Boulevard & 85-185 Ramona Expressway
   97   Quail Ridge                                              2187 Gauthier Road
   98   Amber Vista Apartments                                   1901 E 15th Street
   99   Wal-Mart Brookhaven                                      958 Brookhaven Boulevard
  100   Walgreens - Bellingham                                   4090 Guide Meridian
  101   Walgreen's                                               1011 West MacArthur Drive
  102   Wal-Mart Crowley                                         753 Odd Fellows Road
  103   LaSombra Apartments                                      1400 E. Crosby Road
  104   Trolley Square                                           1525 Old Trolley Road
  105   Sherwood Forest & Lamplighter Mobile Home Parks          Various
  106   Honey Hill Plaza                                         19701-19747 Douglas Road
  107   Super K Local Shops                                      SWC Military Highway & International Boulevard
  108   Plaza Del Rio                                            7607 East McDowell Road
  109   Wellington Business Park                                 5 Dartmouth Road
  110   Atwater Court                                            4550 and 4560 Atwater Court
  111   The Chase Bank Building                                  8799 North Loop East
  112   Steele Creek Mobile Home Park                            9200 Old Military Road
  113   Montbello Centre                                         4665 Paris Street
  114   San Vicente Apartments                                   936 N. San Vicente Boulevard
  115   Shoppes at Jones Bridge                                  9950 Jones Bridge Road
  116   Desert Cove Industrial Center                            2224-2240 West Desert Cove
  117   Creston Apartments                                       901 Rupp Avenue, 33 William Penn Drive and 4412 & 4420
                                                                   Gettysburg Road
  118   Ninety East Mobile Home Park                             6675 Highway 90 East
  119   Cooper Marketplace                                       825 South Cooper Road
  120   Navajo Office Park                                       7183-7189 Navajo Road
  121   Newtowne Center                                          2512-2620 E. Grand River Road
  122   Kelbourne Apartments                                     250 Jeanell Drive
  123   Tarrybrooke Square                                       2835 Military Trail
  124   Park South Apartments                                    200, 700 & 800 Park South Boulevard and 102 Park South Court
  125   Wal-Mart Lafayette                                       1215 N.W. Evangeline Thruway
  126   1864-1870 North Vermont Avenue                           1864-1870 North Vermont Avenue
  127   ABC Plaza                                                1345-1363 Mall Drive
  128   Stoneybrook Mobile Home Park                             New York State Route 26
  129   6341 Thompson Rd                                         6341 Thompson Road
  130   Ames Portfolio                                           Various
  131   614 Massachusetts Avenue                                 614 Massachusetts Avenue
  132   Edgewater & Edgewood Portfolio                           Various
  133   Azure Lane Apartments and Ridgewood Avenue Apartments    Various
  134   301 Northwest 32nd Court                                 301 Northwest 32nd Court
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
  LOAN                                                   CUT-OFF          MONTHLY     ORIGINAL     REMAINING
MORTGAGE                                   ZIP            DATE              P&I       MORTGAGE      TERM TO       MATURITY-
 NUMBER           CITY           STATE     CODE          BALANCE          PAYMENT       RATE        MATURITY         ARD
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>                     <C>      <C>       <C>              <C>              <C>            <C>         <C>
     1   New York                  NY      10174     180,000,000.00   1,216,859.70     6.910          120          7/11/11
     2   Hyannis                   MA      02601      99,694,016.83     651,725.37     6.797          116          3/11/11
     3   Lewisville (Dallas MSA)   TX      75067      89,771,642.63     590,935.00     6.870          117          4/11/11
     4   Seattle                   WA      98101      70,718,479.29     515,539.00     7.890          115          2/11/11
     5   DeWitt                    NY      13214      43,451,161.35     319,187.59     8.000          118          5/11/11
     6   Arlington                 VA      22209      40,951,842.19     295,998.85     7.830          118          5/11/11
     7   Falls Church              VA      22043      39,468,568.50     266,785.67     7.150           59          6/11/06
     8   Lower Nazareth Township   PA      18045      37,398,718.49     257,343.99     7.310          116          3/11/11
     9   Phoenix                   AZ      85013      32,368,404.19     245,076.16     8.290          113         12/11/10
    10   Bothell                   WA      98021      23,167,988.11     166,744.95     7.750          113         12/11/10
    11   Los Angeles               CA      90014      22,213,926.73     157,419.02     7.630          119          6/11/11
    12   Sacramento                CA      95814      22,211,330.47     165,595.21     8.150          117          4/11/11
    13   Houston                   TX      77027      18,689,144.37     138,268.27     7.476          117          4/11/11
    14   Brooklyn                  NY      11201      17,987,675.03     130,824.97     7.900          119          6/11/11
    15   Los Angeles               CA      90025      17,576,906.90     121,858.84     7.400          118          5/11/11
    16   Plano                     TX      75093      17,213,132.97     118,026.62     7.280          117          4/11/11
    17   Various                   VAR   Various      16,474,117.29     121,881.71     8.080          120          7/11/11
    18   Anaheim                   CA      92805      15,465,245.27     103,851.60     7.070           57          4/11/06
    19   Loyalsock Township        PA      17701      13,988,925.79      94,840.88     7.180          119          6/11/11
    20   Santa Ana                 CA      92705      13,690,193.39      97,486.61     7.680          119          6/11/11
    21   Various                   VAR   Various      13,506,077.96      99,923.04     8.080          120          7/11/11
    22   Rockville                 MD      20855      13,035,571.84      98,056.91     7.690          119          6/11/11
    23   Van Nuys                  CA      91406      12,732,673.81      87,063.97     7.260           58          5/11/06
    24   Frisco                    TX      75252      12,573,685.80      87,068.01     7.380          117          4/11/11
    25   Davie                     FL      33331      12,538,463.59      90,440.69     7.490          118          5/11/11
    26   Wichita                   KS    Various      11,888,023.73      93,975.85     8.700          102           1/1/10
    27   Billerca                  MA      01821      11,724,911.91      89,827.16     7.840          114           1/1/11
    28   Anaheim                   CA      92801      11,291,911.34      80,408.66     7.680          119          6/11/11
    29   Atlanta                   GA      30329      11,191,553.93      77,699.40     7.420           59          6/11/06
    30   San Fernando              CA      91342      10,678,269.38      74,815.95     7.500          117          4/11/11
    31   Dallas                    TX      75243      10,427,972.95      71,926.45     7.340          117          4/11/11
    32   New York                  NY      10021       9,543,259.71      68,417.37     7.750          119          6/11/11
    33   Chesapeake                VA      23322       9,479,743.10      65,064.69     7.290          117          4/11/11
    34   North Bend                OR      97459       9,080,553.54      66,362.84     7.350           82          5/11/08
    35   Lancaster                 OH      43130       8,563,025.74      57,916.13     7.150          118          5/11/11
    36   Moreno Valley             CA      90303       8,537,550.48      61,331.46     7.650          118          5/11/11
    37   Charlotte                 NC      28278       8,379,184.59      58,491.84     7.470          118          5/11/11
    38   Kailua-Kona               HI      96745       8,127,802.84      58,307.04     7.420          117          4/11/11
    39   Catersville               GA      30121       8,069,264.02      55,668.95     7.350          118          5/11/11
    40   Bloomington               MN      55425       7,949,092.82      60,899.77     7.840          114           1/1/11
    41   Norwalk                   CA      90650       7,694,488.26      54,791.74     7.680          119          6/11/11
    42   Leawood                   KS      66206       7,594,460.54      53,609.46     7.590          119          6/11/11
    43   Kent                      OH      44266       7,529,302.53      51,504.31     7.250          116          3/11/11
    44   Los Angeles               CA      90042       7,393,934.29      49,232.38     7.000           59          6/11/06
    45   Inglewood                 CA      90303       6,955,017.96      49,526.04     7.680          119          6/11/11
    46   Orange                    CA      92868       6,835,292.55      46,775.55     7.260           81          4/11/08
    47   Malibu                    CA      90265       6,781,634.30      46,665.04     7.310          116          3/11/11
    48   Nashville                 TN      37217       6,300,000.00      43,878.09     7.460          120          7/11/11
    49   Cheshire                  CT      06410       6,295,772.83      46,227.17     8.000          119          6/11/11
    50   West Covina               CA      91790       5,995,705.13      42,694.87     7.680          119          6/11/11
    51   Marysville                OH      43040       5,926,476.12      40,589.49     7.250          115          2/11/11
    52   Various                   VAR   Various       5,900,000.00      42,727.92     7.860          120          7/11/11
    53   Midway Park               NC      28544       5,588,358.92      38,773.27     7.400          117          4/11/11
    54   Santa Ana                 CA      92705       5,518,612.44      40,117.62     7.890          118          5/11/11
    55   San Pablo                 CA      94806       5,452,834.13      39,923.82     6.739          224          3/10/20
    56   New York                  NY      10029       5,401,494.07      39,422.22     7.310          116          3/11/11
    57   San Marcus                TX      78666       5,250,000.00      35,423.39     7.140           60          7/11/06
    58   Desert Hot Springs        CA      92440       5,200,000.00      34,735.53     7.040           60          7/11/06
    59   Miami                     FL      33126       5,146,170.29      35,974.29     7.490          119          6/11/11
    60   Long Beach                CA      90805       5,116,335.05      36,432.95     7.680          119          6/11/11
    61   Chicago                   IL      60611       5,095,786.47      33,793.53     6.960           59          6/11/06
    62   Downers Grove             IL      60415       5,080,916.88      35,989.33     7.580           78          1/11/08
    63   Lakewood                  WA      98499       5,036,018.43      34,313.00     7.210          116          3/11/11
    64   Paramus                   NJ      07652       4,989,545.75      34,533.76     7.375          117          4/11/11
    65   Anaheim                   CA      92801       4,878,961.89      51,785.61     7.530          119          6/11/11
    66   Riverview                 FL      33569       4,796,659.73      34,620.27     7.820          119          6/11/11
    67   Jamaica                   NY      11430       4,745,220.53      37,514.89     8.270          119          6/11/11
    68   Fort Oglethorpe           GA      30742       4,719,047.21      33,232.23     7.560          118          5/11/11
    69   Various                   MA    Various       4,647,511.86      36,266.99     8.550          101          12/1/09
    70   Santa Fe Springs          CA      90670       4,612,570.75      31,802.00     7.330           56           3/1/06
    71   Ramona                    CA      92065       4,606,704.17      33,728.74     6.739          224          3/10/20
    72   Las Vegas                 NV      89121       4,387,636.87      29,717.90     7.150          116          3/11/11
    73   Riverside                 CA      92507       4,296,632.23      29,275.27     7.230           59          6/11/06
    74   Roanoke Rapids            NC      27870       4,266,119.49      31,591.87     7.500          118          5/11/11
    75   Oklahoma City             OK      73135       4,147,088.64      29,817.19     7.780          119          6/11/11
    76   Plano                     TX      75075       4,096,938.88      28,583.62     7.470           59          6/11/06
    77   Carlsbad                  CA      92009       4,040,877.67      27,080.89     7.050           57           4/1/06
    78   Memphis                   TN      38127       3,994,986.36      28,188.03     7.580          118          5/11/11
    79   Wethersfield              CT      06109       3,860,625.69      28,279.21     7.970          118          5/11/11
    80   New York                  NY      10009       3,794,938.23      26,155.07     7.340          118          5/11/11
    81   Avon                      CO      81620       3,745,299.71      26,426.28     7.580          118          5/11/11
    82   West Orange               NJ      07052       3,737,402.63      27,000.87     7.830          119          6/11/11
    83   Framingham                MA      01701       3,545,342.02      24,579.48     7.400           82          5/11/08
    84   Mobile                    AL      36609       3,479,778.31      25,864.69     7.500          115          2/11/11
    85   Lubbock                   TX      79412       3,440,565.61      23,558.49     7.260          116          3/11/11
    86   Plano                     TX      75075       3,296,041.76      23,641.60     7.750          118          5/11/11
    87   Monterey Park             CA      91755       3,295,874.36      23,277.79     7.590          118          5/11/11
    88   Sunrise                   FL      33313       3,295,493.23      22,489.44     7.240           82          5/11/08
    89   Sherman Oaks              CA      91423       3,295,414.49      22,333.03     7.170           58          5/11/06
    90   Scottsdale                AZ      85250       3,289,289.40      24,335.22     7.476          117          4/11/11
    91   Dallas                    TX      75247       3,239,451.69      23,966.50     7.476          117          4/11/11
    92   Tucson                    AZ      85718       3,087,257.66      23,090.51     7.590          116          3/11/11
    93   Whitmore Lake             MI      48189       3,043,659.78      21,117.58     7.400          117          4/11/11
    94   Bremerton                 WA      98311       3,043,375.90      20,723.69     7.210          117          4/11/11
    95   Van Nuys                  CA      91405       2,996,631.81      22,012.94     8.000          118          5/11/11
    96   Perris                    CA      92571       2,989,677.00      21,908.46     7.950          115          2/11/11
    97   Lake Charles              LA      70607       2,976,303.04      21,082.01     7.620          118          5/11/11
    98   Plano                     TX      75074       2,895,016.80      20,862.74     7.480          118          5/11/11
    99   Brookhaven                MS      39601       2,843,710.50      19,229.84     7.140          117          4/11/11
   100   Bellingham                WA      98226       2,796,874.23      20,929.10     7.630          119          6/11/11
   101   Webb City                 MO      64870       2,794,533.31      19,804.07     7.625          118          5/11/11
   102   Crowley                   LA      70526       2,694,041.53      18,217.74     7.140          117          4/11/11
   103   Carrollton                TX      75006       2,625,000.00      18,788.05     7.140           60          7/11/06
   104   Summerville               SC      29485       2,598,190.69      18,752.64     7.820          119          6/11/11
   105   Arlington                 TX      76012       2,495,167.66      19,088.85     7.875          118          5/11/11
   106   Carol City                FL      33056       2,493,692.57      17,617.52     7.580          116          3/11/11
   107   Norfolk                   VA      23513       2,421,866.03      16,889.58     7.460          118          5/11/11
   108   Scottsdale                AZ      85257       2,394,811.41      16,339.69     7.230          117          4/11/11
   109   Auburn                    NH      03032       2,322,174.71      16,576.32     7.700          118          5/11/11
   110   Buford                    GA      30518       2,295,356.16      16,121.33     7.525          117          4/11/11
   111   Houston                   TX      77029       2,188,482.15      15,825.85     7.840          119          6/11/11
   112   Silverdale                WA      98311       2,044,324.31      13,929.04     7.210          116          3/11/11
   113   Denver                    CO      80239       1,998,565.49      14,217.84     7.670          119          6/11/11
   114   West Hollywood            CA      90069       1,994,490.01      13,616.41     7.230          116          3/11/11
   115   Alpharetta                GA      30022       1,993,385.14      14,611.12     7.370          117          4/11/11
   116   Phoenix                   AZ      85029       1,881,684.34      13,555.16     7.800          119          6/11/11
   117   Camp Hill                 PA      17011       1,818,720.16      13,327.65     7.950          115          2/11/11
   118   Lake Charles              LA      70615       1,760,756.06      12,351.31     7.520          118          5/11/11
   119   Gilbert                   AZ      85233       1,668,094.75      12,184.09     7.940          118          5/11/11
   120   San Diego                 CA      92119       1,622,952.75      11,429.07     7.560          118          5/11/11
   121   Howell                    MI      48843       1,519,982.96      11,170.61     7.400          117          4/11/11
   122   Carson City               NV      89703       1,498,804.03      10,120.97     7.140           59          6/11/06
   123   West Palm Beach           FL      33415       1,496,946.52      10,477.95     7.490          117          4/11/11
   124   Arden                     NC      28704       1,473,936.07      10,446.79     7.590          113         12/11/10
   125   Lafayette                 LA      70501       1,471,744.89       9,952.29     7.140          117          4/11/11
   126   Los Angeles               CA      90027       1,292,608.16       9,412.13     7.900          117          4/11/11
   127   Benton Harbor             MI      49022       1,272,186.29       8,602.82     7.140          117          4/11/11
   128   Lee                       NY      13363       1,223,503.65       8,716.87     7.680          118          5/11/11
   129   Dewitt                    NY      13214       1,147,031.37       8,033.09     7.490          116          3/11/11
   130   Various                   ME    Various       1,132,890.82       8,719.48     8.500          118          5/11/11
   131   Boston                    MA      02118       1,024,293.89       7,428.40     7.870          119          6/11/11
   132   Various                   OH    Various         768,631.45       6,096.82     8.300          118          5/11/11
   133   Cocoa Beach               FL      32931         697,051.85       5,197.48     8.125          113         12/11/10
   134   Pompano Beach             FL      33064         499,664.51       3,668.82     8.000          119          6/11/11
                                                   1,380,748,715.63
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
   LOAN      REMAINING     INTEREST     ADMINISTRATIVE   PRIMARY                MORTGAGE                         ARD     ANTICIPATED
 MORTGAGE   AMORTIZATION    ACCRUAL          COST       SERVICING    GROUND       LOAN                        MORTGAGE    REPAYMENT
  NUMBER       TERM          BASIS           RATE          FEE       LEASE?      SELLER     DEFEASANCE          LOAN         DATE
------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>            <C>          <C>             <C>         <C>          <C>        <C>               <C>       <C>
    1        360           Act/360         0.1009          0.05     Leasehold      LB       Defeasance           Yes       7/11/31
    2        356           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
    3        357           30/360          0.1009          0.05     Fee Simple     LB       Defeasance           Yes       4/11/31
    4        354           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           Yes       2/11/31
    5        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
    6        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       5/11/31
    7        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
    8        356           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       3/11/31
    9        353           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes      12/11/30
   10        353           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes      12/11/30
   11        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       6/11/31
   12        357           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   13        297           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   14        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       6/11/31
   15        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   16        357           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       4/11/31
   17        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       7/11/31
   18        357           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   19        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   20        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   21        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       7/11/31
   22        299           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   23        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   24        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   25        322           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       5/11/28
   26        342           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   27        294           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   28        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   29        359           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   30        357           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       4/11/31
   31        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   32        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       6/11/31
   33        357           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   34        298           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   35        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   36        344           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   37        358           Act/360         0.1309          0.08     Fee Simple     LB       Defeasance           No
   38        321           Act/360         0.1009          0.05     Leasehold      LB       Defeasance           No
   39        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   40        294           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   41        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   42        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       6/11/31
   43        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   44        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   45        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   46        357           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   47        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   48        360           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   49        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       6/11/31
   50        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   51        355           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   52        360           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       7/11/31
   53        357           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   54        358           Act/360         0.1309          0.08     Fee Simple     LB       Greater of YM or 1%  No
   55        260           30/360          0.1009          0.05     Fee Simple     UBS      Defeasance           No
   56        296           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   57        360           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   58        360           Act/360         0.1309          0.08     Fee Simple     LB       Defeasance           No
   59        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   60        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   61        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   62        353           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   63        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   64        357           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   65        143           Act/360         0.1009          0.05     Leasehold      UBS      Defeasance           No
   66        359           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   67        299           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   68        358           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   69        341           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   70        356           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   71        260           30/360          0.1009          0.05     Fee Simple     UBS      Defeasance           No
   72        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   73        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   74        298           Act/360         0.1309          0.08     Fee Simple     LB       Defeasance           No
   75        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   76        359           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   77        357           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   78        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   79        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       5/11/31
   80        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       5/11/31
   81        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   82        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       6/11/31
   83        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   84        295           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   85        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   86        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       5/11/31
   87        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   88        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   89        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   90        297           Act/360         0.1009          0.05     Leasehold      LB       Defeasance           No
   91        297           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   92        296           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   93        357           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
   94        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
   95        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       5/11/31
   96        355           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           Yes       2/11/31
   97        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
   98        322           Act/360         0.1309          0.08     Fee Simple     LB       Greater of YM or 1%  No
   99        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  100        299           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  101        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  102        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  103        300           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  104        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  105        298           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  106        356           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
  107        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  108        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  109        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  110        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  111        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  112        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  113        359           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
  114        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  115        297           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
  116        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  117        355           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  118        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  119        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  120        358           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  121        297           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
  122        359           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  123        357           Act/360         0.1209          0.07     Fee Simple     LB       Defeasance           No
  124        353           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  125        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  126        357           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  127        357           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  128        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  129        356           Act/360         0.1009          0.05     Fee Simple     LB       Defeasance           No
  130        358           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  131        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  132        298           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  133        353           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
  134        359           Act/360         0.1009          0.05     Fee Simple     UBS      Defeasance           No
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
   LOAN            CREDIT LEASE LOAN    LEASE        RESIDUAL                                    MORTGAGE
 MORTGAGE   ARD   (TENANT, GUARANTOR ENHANCEMENT      VALUE                CROSS               LOAN SELLER        BORROWER
  NUMBER   SPREAD  OR RATED PARTY)     POLICY       INSURANCE         COLLATERALIZED             LOAN ID       CONCENTRATION
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>     <C>                <C>          <C>               <C>                       <C>           <C>
   1       4.00         No                        Yes               No                            LG010-A   No
   2       0.00         No                        No                No                             LG7812   No
   3       5.00         No                        Yes               No                              LG008   No
   4       5.00         No                        Yes               No                              LG003   No
   5       0.00         No                        Yes               No                               7761   No
   6       2.00         No                        Yes               No                               7495   No
   7       0.00         No                        No                No                           10315005   No
   8       2.00         No                        Yes               No                               7842   No
   9       2.00         No                        Yes               No                               7183   No
  10       2.00         No                        Yes               No                               7513   No
  11       2.00         No                        Yes               No                               8108   No
  12       0.00         No                        Yes               No                               7752   Yes - Thompson
  13       0.00         No                        No                Yes - FelCor/Interstate    001206006P   Yes - FelCor/Interstate
  14       2.00         No                        Yes               No                               9992   No
  15       0.00         No                        Yes               No                            1025006   No
  16       2.00         No                        Yes               No                               7965   No
  17       2.00         No                        Yes               Yes - U-Haul                   7948-B   Yes - Sac
  18       0.00         No                        Yes               No                           10108003   Yes - Marquis
  19       0.00         No                        Yes               No                           10118008   Yes - Cornely
  20       0.00         No                        Yes               No                               8180   Yes - Wall
  21       2.00         No                        Yes               Yes - U-Haul                   7948-A   Yes - Sac
  22       0.00         No                        No - Tenants Pay  No                           10201002   No
  23       0.00         No                        No                No                           10313003   No
  24       0.00         No                        Yes               No                           10123001   No
  25       2.00         No                        Yes               No                               8089   No
  26       0.00         No                        Yes               Yes - Wichita                    9958   No
  27       0.00         No                        Yes               Yes - Homewood                 914003   Yes - Johnson
  28       0.00         No                        Yes               No                               8174   Yes - Wall
  29       0.00         No                        Yes               No                           10316010   No
  30       2.00         No                        Yes               No                               8016   No
  31       0.00         No                        Yes               No                            1101011   No
  32       2.00         No                        Yes               No                               8231   No
  33       0.00         No                        Yes               No                            1219003   No
  34       0.00         No                        Yes               No                             907001   No
  35       0.00         No                        Yes               No                            1228001   Yes - Cornely
  36       0.00         No                        Yes               No                               7010   Yes - Thompson
  37       0.00         No                        Yes               No                           10201001   No
  38       0.00         No                        Yes               No                             830001   No
  39       0.00         No                        Yes               No                           10126002   No
  40       0.00         No                        Yes               Yes - Homewood                 914005   Yes - Johnson
  41       0.00         No                        Yes               No                               8179   Yes - Wall
  42       2.00         No                        Yes               No                               8010   No
  43       0.00         No                        Yes               No                           10105004   Yes - Cornely
  44       0.00         No                        No                No                           10312002   No
  45       0.00         No                        Yes               No                               8176   Yes - Wall
  46       0.00         No                        Yes               No                           10116001   Yes - Marquis
  47       0.00         No                        Yes               No                            1004003   No
  48       0.00         No                        Yes               No                           10504004   No
  49       2.00         No                        Yes               No                               8071   No
  50       0.00         No                        Yes               No                               8173   Yes - Wall
  51       0.00         No                        Yes               No                           10105001   Yes - Cornely
  52       2.00         No                        Yes               Yes - TLM                        8101   No
  53       0.00         No                        Yes               No                               8012   No
  54       0.00         No                        Yes               No                           10226001   No
  55       0.00         No                        No                No                               5448   No
  56       0.00         No                        Yes               No                             919006   No
  57       0.00         No                        Yes               No                           10215001   No
  58       0.00         No                        Yes               No                           10328002   No
  59       0.00         No                        Yes               No                           10214001   No
  60       0.00         No                        Yes               No                               8178   Yes - Wall
  61       0.00         No                        No                No                           10301001   No
  62       0.00         No                        Yes               No                            1019005   No
  63       0.00         No                        Yes               No                            1201004   Yes - Heath
  64       0.00         No                        Yes               No                               7841   No
  65       0.00         No                        Yes               No                               8182   Yes - Wall
  66       0.00         No                        Yes               No                           10326005   No
  67       0.00         No                        Yes               No                            1211003   No
  68       0.00         No                        Yes               No                           10316008   No
  69       0.00         No                        Yes               Yes - Atlantic                   9991   No
  70       0.00         No                        Yes               No                            1018004   Yes - Voit
  71       0.00         No                        No                No                               5447   No
  72       0.00         No                        No                No                           10123004   No
  73       0.00         No                        Yes               No                           10321001   No
  74       0.00         No                        Yes               No                           10315001   No
  75       0.00         No                        Yes               No                          990831013   No
  76       0.00         No                        Yes               No                           10316002   No
  77       0.00         No                        Yes               No                            1221003   Yes - Voit
  78       0.00         No                        Yes               No                               8000   No
  79       2.00         No                        Yes               No                               7941   No
  80       2.00         No                        Yes               No                               8049   No
  81       0.00         No                        Yes               No                               7933   No
  82       2.00         No                        Yes               No                               8263   No
  83       0.00         No                        Yes               No                           10402001   No
  84       0.00         No                        Yes               No                            1003001   No
  85       0.00         No                        Yes               No                           10112002   No
  86       2.00         No                        Yes               No                               7543   No
  87       0.00         No                        Yes               No                           10119001   No
  88       0.00         No                        No                No                            1117001   No
  89       0.00         No                        Yes               No                            1114005   No
  90       0.00         No                        No                Yes - FelCor/Interstate       1206011   Yes - FelCor/Interstate
  91       0.00         No                        No                Yes - FelCor/Interstate       1206009   Yes - FelCor/Interstate
  92       0.00         No                        Yes               No                             824006   No
  93       0.00         No                        Yes               No                           10221001   Yes - Weiser
  94       0.00         No                        Yes               No                           10111049   Yes - Heath
  95       2.00         No                        Yes               No                               7800   No
  96       2.00         No                        Yes               No                               7517   No
  97       0.00         No                        Yes               No                               8109   Yes - Coleman
  98       0.00         No                        Yes               No                           10131003   No
  99       0.00         No                        Yes               No                            1121004   Yes - Stein
 100       0.00         No                        No                No                           10420003   No
 101       0.00         No                        Yes               No                               8022   No
 102       0.00         No                        Yes               No                            1121003   Yes - Stein
 103       0.00         No                        Yes               No                           10320001   No
 104       0.00         No                        Yes               No                            1206001   No
 105       0.00         No                        Yes               Yes  - Sherwood                  7874   No
 106       0.00         No                        Yes               No                            1107003   No
 107       0.00         No                        Yes               No                             922008   No
 108       0.00         No                        Yes               No                           10221003   No
 109       0.00         No                        Yes               No                               8013   No
 110       0.00         No                        Yes               No                             216001   No
 111       0.00         No                        Yes               No                               8168   No
 112       0.00         No                        Yes               No                           10111048   Yes - Heath
 113       0.00         No                        Yes               No                           10221006   No
 114       0.00         No                        Yes               No                            1204002   No
 115       0.00         No                        Yes               No                           10216004   No
 116       0.00         No                        Yes               No                               8039   No
 117       0.00         No                        Yes               No                               7397   No
 118       0.00         No                        Yes               No                               8110   Yes - Coleman
 119       0.00         No                        Yes               No                               7679   No
 120       0.00         No                        No                No                            1127004   No
 121       0.00         No                        Yes               No                           10226003   Yes - Weiser
 122       0.00         No                        Yes               No                           10215002   No
 123       0.00         No                        Yes               No                           10312006   No
 124       0.00         No                        Yes               No                               7628   No
 125       0.00         No                        Yes               No                            1121002   Yes - Stein
 126       0.00         No                        Yes               No                               9990   No
 127       0.00         No                        Yes               No                            1121005   Yes - Stein
 128       0.00         No                        Yes               No                               7927   No
 129       0.00         No                        Yes               No                            1116004   No
 130       0.00         No                        Yes               Yes - Ames                       7754   No
 131       0.00         No                        Yes               No                               7897   No
 132       0.00         No                        Yes               Yes  - Edgewater                 7721   No
 133       0.00         No                        Yes               Yes - Azure                      7514   No
 134       0.00         No                        Yes               No                               7271   No
</TABLE>

<PAGE>

                                   SCHEDULE II

                SCHEDULE OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

[NONE.]

<PAGE>

                                  SCHEDULE III

          EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR

<TABLE>
<CAPTION>
------------------ ------------------------------- -----------------  -----------------------------------------------

Section 2.04(b)                                      Cut-Off Date
Representation         Property Name                   Balance                           Exception
------------------ ------------------------------- -----------------  -----------------------------------------------
<S>                <C>                                 <C>            <C>
(xvii)             Westlake Center                    $70,718,479     The borrower has the right to incur future secured/unsecured
                                                                      debt in order to buy the ground lease.

(xxvi)(M)          Chrysler Building                  $180,000,000    TST/TMW 405 Lexington, L.P.: $30,000,000
                                                                      mezzanine Loan.

(xxviii)           Chrysler Building                  $180,000,000

                   Vista Ridge Mall                    $89,771,643
                   Westlake Center                     $70,718,479
                   Cape Cod                            $99,694,017
(xlvi)             Coconut Grove Marketplace            $8,127,803

                   Chrysler Building                  $180,000,000
                   Fairfield Inn-Scottsdale             $3,289,289
                   Westlake Center                     $70,718,479
                   Loyal Plaza                         $13,988,926    Minor portion of property covered by ground lease.
(xlvi)(C)          Loyal Plaza                         $13,988,926    Restriction not contained in ground lease; borrower has
                                                                      agreed not to amend/modify without lender consent.
(xlvi)(F)          Loyal Plaza                         $13,988,926    Ground lease does not expressly provide that notice of
                                                                      termination is not effective unless a copy has
                                                                      been delivered to mortgagee.
(xlvi)(F)          Westlake Center                     $70,718,479    Ground lease expires in 2042, but borrower is
                                                                      obligated to purchase fee interest in ground
                                                                      lease in 2008.
                   Loyal Plaza                         $13,988,926    Ground lease expires in 2028.

(xlvi)(L)          Westlake Center                     $70,718,479    No express provision dealing with rejection of ground lease
                                                                      in bankruptcy.

(xlvi)(L)          Coconut Grove Marketplace           $8,127,803     Green well ground-leased portion - no express provision
                                                                      dealing with termination other than as a result of rejection
                                                                      in bankruptcy.

------------------ ------------------------------- ----------------- --------------------------------------------------
</TABLE>

<PAGE>

                                   SCHEDULE IV

                            LOAN REMIC MORTGAGE LOANS

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
  MORTGAGE LOAN                                                                CUT-OFF DATE
      NUMBER              PROPERTY NAME                 ADDRESS                   BALANCE
-------------------------------------------------------------------------------------------------
<S>                 <C>                           <C>                          <C>
        55          Long's Drugs - San Pablo      800 San Pablo Town Center     $5,452,834
                                                  San Pablo, CA 94806
-------------------------------------------------------------------------------------------------

        71          Rite Aid Ramona               1670 Main Street              $4,606,704
                                                  Ramona, CA 92065
-------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>

                                   SCHEDULE V

               SCHEDULE OF ENVIRONMENTALLY INSURED MORTGAGE LOANS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
  MORTGAGE LOAN                                                             CUT-OFF DATE
      NUMBER              PROPERTY NAME                 ADDRESS                BALANCE
--------------------------------------------------------------------------------------------------
<S>                 <C>                        <C>                            <C>
        65          Food 4 Less                88 East Orangethorpe           $4,878,962
                    Center-Anaheim             Avenue and
                                               1600 North Lemon Street,
                                               Anaheim, CA 92801
--------------------------------------------------------------------------------------------------
        53          Piney Green Shopping       175 Freedom Way, Midway        $5,588,359
                    Center                     Park, NC 28544
--------------------------------------------------------------------------------------------------
        60          Food 4 Less Center-Long    2185 East South Street,        $5,116,335
                    Beach                      Long Beach, CA  90805
--------------------------------------------------------------------------------------------------
        45          Food 4 Less                3200 Century Boulevard,        $6,955,017
                    Center-Inglewood           Inglewwod, CA 90303
--------------------------------------------------------------------------------------------------
        50          Food 4 Less Center-West    615 North Azusa Avenue,        $5,995,705
                    Covina                     West Covina, CA  91790
--------------------------------------------------------------------------------------------------
        20          Food 4 Less Center-Santa   1900 North Grand Avenue,      $13,690,193
                    Ana                        Santa Ana, CA 92705
--------------------------------------------------------------------------------------------------
        28          Food 4 Less Center-Buena   105, 117, 121, 135 North      $11,291,911
                    Park                       Beach Boulevard and 3021
                                               Lincoln Avenue, Anaheim,
                                               CA 92801
--------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   EXHIBIT A-1

                  FORM OF CLASS A-1 AND CLASS A-2 CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2001-C3
         CLASS [A-1] [A-2] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2001-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                       <C>
Pass-Through Rate:  ___%                                  Initial Certificate Principal Balance of this
                                                          Certificate as of the Closing Date:
                                                          $_______________

Date of Pooling and Servicing Agreement:                  Class Principal Balance of all the Class [A-1] [A-2]
July 11, 2001                                             Certificates as of the Closing Date:
                                                          $_______________

Cut-off Date:   July 11, 2001                             Aggregate unpaid principal balance of the Mortgage Pool
                                                          as of the Cut-off Date, after deducting payments of
Closing Date:  July 30, 2001                              principal due on or before such date (the "Initial Pool
                                                          Balance")
First Distribution Date:  August 17, 2001                 $_______________

Master Servicer:  First Union National Bank

Special Servicer:  Lennar Partners, Inc.                  Fiscal Agent:  ABN AMRO Bank N.V.

Trustee:  LaSalle Bank National Association

Certificate No. ___                                       CUSIP No._____________
</TABLE>

<PAGE>

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

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, FIRST UNION NATIONAL BANK, LENNAR PARTNERS, INC.,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V., OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

         This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities Corporation as depositor (the "Depositor", which
term includes any successor entity under the Agreement), First Union National
Bank as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. as special servicer
(the "Special Servicer", which term includes any successor entity under the
Agreement), LaSalle Bank National Association as trustee (the "Trustee", which
term includes any successor entity under the Agreement) and ABN AMRO Bank N.V.
as fiscal agent (the "Fiscal Agent", which term includes any successor entity
under the Agreement), a summary of certain of the pertinent provisions of which
is set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In
the event of any conflict between any provision of this Certificate and any
provision of the Agreement, such provision of this Certificate shall be
superseded to the extent of such inconsistency.

         Pursuant to the terms of the Agreement, distributions will be made on
the 4th Business Day following the 11th calendar day of each month (or, if such
11th calendar day is not a Business Day,

                                      A-1-2
<PAGE>

then the 5th Business Day following such 11th calendar day) (each, a
"Distribution Date"), commencing on the first Distribution Date specified above,
to the Person in whose name this Certificate is registered at the close of
business on the last Business Day of the month immediately preceding the month
of such distribution (or, in the case of the first such distribution, at the
close of business on the Closing Date) (the "Record Date"), in an amount equal
to the product of the Percentage Interest evidenced by this Certificate and the
amount required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the Class of Certificates to which this
Certificate belongs. All distributions made under the Agreement in respect of
this Certificate will be made by the Trustee by wire transfer in immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with written wiring instructions no less than five (5)
Business Days prior to the Record Date for such distribution (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions as well), or otherwise by check mailed to the address of such
Certificateholder appearing in the Certificate Register. Notwithstanding the
above, the final distribution in respect of this Certificate (determined without
regard to any possible future reimbursement of any Realized Loss or Additional
Trust Fund Expense previously allocated to this Certificate) will be made after
due notice by the Trustee of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar appointed as provided in the Agreement or such other location as may
be specified in such notice. Also notwithstanding the foregoing, any
distribution that may be made with respect to this Certificate in reimbursement
of any Realized Loss or Additional Trust Fund Expense previously allocated to
this Certificate, which reimbursement is to occur after the date on which this
Certificate is surrendered as contemplated by the preceding sentence, will be
made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appeared in the Certificate Register or to any
such other address of which the Trustee is subsequently notified in writing.

         Any distribution to the Holder of this Certificate in reduction of the
Certificate Principal Balance hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate issued upon the transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

         The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Account, the Collection Account and,
if established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the reimbursement of advances made, or certain expenses
incurred, with respect to the Mortgage Loans and the payment of interest on such
advances and expenses.

         The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of

                                     A-1-3
<PAGE>

the same Class in authorized denominations evidencing the same aggregate
Percentage Interest will be issued to the designated transferee or transferees.

         No service charge will be imposed for any registration of transfer or
exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

         Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

         The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

         Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Registrar and any agents of any of them may treat the Person in
whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Certificate Registrar or any such agent shall be affected by notice
to the contrary.

         The Trust and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in the Trust, and (ii) the purchase by the
Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer or
any Controlling Class Certificateholder at a price determined as provided in the
Agreement of all Mortgage Loans and any REO Properties remaining in the Trust.
The Agreement permits, but does not require, the Depositor, Lehman Brothers
Inc., the Master Servicer, the Special Servicer or any Controlling Class
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties remaining therein. The exercise of such right will effect early
retirement of the Certificates; however, such right to purchase is subject to
the aggregate Stated Principal Balance of the Mortgage Pool at the time of
purchase being less than 1% of the Initial Pool Balance specified on the face
hereof.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent thereunder and the rights of the Certificateholders thereunder, at any
time by the Depositor, the Master Servicer, the Special Servicer, the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 66 2/3% of the Voting Rights allocated to each of the affected Classes.
Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future Holders of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. In addition, the Agreement permits the amendment thereof, in
certain circumstances, with rating confirmation of the ratings on the rated
Classes of Certificates and the consent of the Holders of the unrated Classes of
Certificates. The Agreement also permits the

                                     A-1-4
<PAGE>

amendment thereof, in certain circumstances, including any amendment necessary
to maintain the status of any Pool REMIC as a REMIC, without the consent of the
Holders of any of the Certificates.

         Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

         The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

         This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of laws principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-1-5
<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

                                       By:
                                          --------------------------------------
                                                   Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class [A-1][A-2] Certificates referred to in the
within-mentioned Agreement.

Dated:   [July 30, 2001]

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Certificate Registrar

                                       By:
                                          --------------------------------------
                                                   Authorized Officer

                                      A-1-6
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

         I (we) further direct the issuance of a new Commercial Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and delivery of such Commercial Mortgage Pass-Through Certificate
to the following address: ______________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Dated:
                                       _________________________________________
                                       Signature by or on behalf of Assignor

                                       _________________________________________
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to __________________________________
for the account of ____________________________________________________________.

         Distributions made by check (such check to be made payable to
__________________________________________) and all applicable statements and
notices should be mailed to ___________________________________________________.

         This information is provided by __________________________________, the
assignee named above, or ________________________________________, as its agent.

                                      A-1-7
<PAGE>

                                   EXHIBIT A-2

                           FORM OF CLASS X CERTIFICATE

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2001-C3
              CLASS X COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2001-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                       <C>
Pass-Through Rate:  Variable                              Initial Certificate Notional Amount of this Certificate
                                                          as of the Closing Date:
                                                          $_______________

Date of Pooling and Servicing Agreement:                  Class Notional Amount of all the Class X Certificates as
July 11, 2001                                             of the Closing Date:
                                                          $_______________

Cut-off Date:   July 11, 2001                             Aggregate unpaid principal balance of the Mortgage Pool
                                                          as of the Cut-off Date, after deducting payments of
Closing Date:  July 30, 2001                              principal due on or before such date (the "Initial Pool
                                                          Balance"):
First Distribution Date:  August 17, 2001                 $_______________

Master Servicer:  First Union National Bank

Special Servicer:  Lennar Partners, Inc.                  Fiscal Agent:  ABN AMRO Bank N.V.

Trustee:  LaSalle Bank National Association

Certificate No. ___                                       CUSIP No._____________
</TABLE>

<PAGE>

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

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR
INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT
PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, FIRST UNION NATIONAL BANK, LENNAR PARTNERS, INC.,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V., OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND DOES NOT
ENTITLE THE HOLDER HEREOF TO ANY DISTRIBUTIONS OF PRINCIPAL. THE HOLDER HEREOF
WILL BE ENTITLED TO DISTRIBUTIONS OF INTEREST ACCRUED AS PROVIDED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN ON THE CERTIFICATE NOTIONAL AMOUNT OF
THIS CERTIFICATE, WHICH AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

                                     A-2-2
<PAGE>

[LEGEND FOR REGULATION S TEMPORARY GLOBAL CERTIFICATE: PRIOR TO THE DATE THAT IS
40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING OF THE
CERTIFICATES AND (B) JULY 30, 2001 (THE "RELEASE DATE"), THIS CERTIFICATE MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR
TO A U.S. PERSON WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT
EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. NO BENEFICIAL OWNERS OF THIS CERTIFICATE SHALL BE ENTITLED TO
RECEIVE PAYMENTS HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED
PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.]

         This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
notional principal amount of this Certificate (its "Certificate Notional
Amount") as of the Closing Date by the aggregate notional principal amount of
all the Certificates of the same Class as this Certificate (their "Class
Notional Amount") as of the Closing Date) in that certain beneficial ownership
interest in the Trust evidenced by all the Certificates of the same Class as
this Certificate. The Trust was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), among Structured Asset Securities Corporation as depositor (the
"Depositor", which term includes any successor entity under the Agreement),
First Union National Bank as master servicer (the "Master Servicer", which term
includes any successor entity under the Agreement), Lennar Partners, Inc. as
special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement), LaSalle Bank National Association as trustee (the
"Trustee", which term includes any successor entity under the Agreement) and ABN
AMRO Bank N.V. as fiscal agent (the "Fiscal Agent", which term includes any
successor entity under the Agreement), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the respective meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. In the event of any conflict between any provision of this
Certificate and any provision of the Agreement, such provision of this
Certificate shall be superseded to the extent of such inconsistency.

         Pursuant to the terms of the Agreement, distributions will be made on
the 4th Business Day following the 11th calendar day of each month (or, if such
11th calendar day is not a Business Day, then the 5th Business Day following
such 11th calendar day) (each, a "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (or, in the case of the
first such distribution, at the close of business on the Closing Date) (the
"Record Date"), in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed pursuant
to the Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs. All distributions made under the
Agreement in respect of this Certificate will be made by the Trustee by wire
transfer in immediately available funds to the account of the Person entitled
thereto at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to the Record Date for
such distribution (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender

                                     A-2-3
<PAGE>

of this Certificate at the offices of the Certificate Registrar appointed as
provided in the Agreement or such other location as may be specified in such
notice.

         The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Account, the Collection Account and,
if established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the reimbursement of advances made, or certain expenses
incurred, with respect to the Mortgage Loans and the payment of interest on such
advances and expenses.

         The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

         No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

         If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Lehman
Brothers Inc. or any of their respective Affiliates or, if this Certificate
constitutes a Book-Entry Certificate, a Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement), then the Certificate Registrar shall refuse to
register such Transfer unless it receives (and, upon receipt, may conclusively
rely upon) either: (i) a certificate from the Certificateholder desiring to
effect such Transfer substantially in the form attached as Exhibit F-1 to the
Agreement and a certificate from such Certificateholder's prospective Transferee
substantially in the form attached either as Exhibit F-2A to the Agreement or as
Exhibit F-2B to the Agreement; or (ii) an Opinion of Counsel satisfactory to the
Trustee to the effect that such Transfer may be made without registration under
the Securities Act (which Opinion of Counsel shall not be an expense of the
Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such
Transfer and/or such Certificateholder's prospective Transferee on which such
Opinion of Counsel is based. If any Transferee

                                     A-2-4
<PAGE>

of this Certificate does not, in connection with the subject Transfer, deliver
to the Certificate Registrar one of the certifications described in clause (i)
of the preceding sentence or the Opinion of Counsel described in clause (ii) of
the preceding sentence, then such Transferee shall be deemed to have represented
and warranted that all the certifications set forth in either Exhibit F-2A or
Exhibit F-2B attached to the Agreement are, with respect to the subject
Transfer, true and correct.

         If this Certificate constitutes a Book-Entry Certificate related to a
Rule 144A/IAI Global Certificate and a Transfer of any interest herein is to be
made without registration under the Securities Act (other than in connection
with the initial issuance of the Certificates or a Transfer of any interest
herein by the Depositor, Lehman Brothers Inc. or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit F-2C to the
Agreement or as Exhibit F-2D to the Agreement, or (ii) an Opinion of Counsel to
the effect that such Transfer may be made without registration under the
Securities Act. An interest in a Rule 144A/IAI Global Certificate may not be
transferred to any Person who takes delivery other than in the form of an
interest in such Rule 144A/IAI Global Certificate. If this Certificate
constitutes a Book-Entry Certificate and any Transferee of an interest herein
does not, in connection with the subject Transfer, deliver to the Transferor the
Opinion of Counsel or one of the certifications described in the preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that all the certifications set forth in either Exhibit F-2C or Exhibit F-2D
attached to the Agreement are, with respect to the subject transfer, true and
correct.

         [FOR REGULATION S GLOBAL CERTIFICATES ONLY: Notwithstanding the
preceding paragraph, any interest in a Rule 144A/IAI Global Certificate may be
transferred (without delivery of any certificate or Opinion of Counsel described
in clauses (i) and (ii) of the preceding paragraph) by the Depositor or any
Affiliate of the Depositor to any Person who takes delivery in the form of a
beneficial interest in the Regulation S Global Certificate of the same Class as
such Rule 144A/IAI Global Certificate upon delivery to the Certificate Registrar
of (x) a certificate to the effect that the Certificate Owner desiring to effect
such Transfer is the Depositor or an Affiliate of the Depositor and (y) such
written orders and instructions as are required under the applicable procedures
of the Depository, Clearstream and Euroclear to direct the Trustee to debit the
account of a Depository Participant by a denomination of interests in the
related Rule 144A/IAI Global Certificate, and credit the account of a Depository
Participant by a denomination of interests in the related Regulation S Temporary
Certificate (if the Transfer occurs on or prior to the Release Date or a
denomination of interests in the related the Regulation S Permanent Global
Certificate (if the Transfer occurs after the Release Date), that (in each case)
is equal to the denomination of beneficial interests in such Class to be
transferred. Upon delivery to the Certificate Registrar of such certification
and orders and instructions, the Trustee, subject to and in accordance with the
applicable procedures of the Depository, will reduce the denomination of the
related Rule 144A/IAI Global Certificate, and increase the denomination of the
related Regulation S Temporary Certificate (if the Transfer occurs on or prior
to the Release Date) or the denomination of the related Regulation S Permanent
Global Certificate (if the Transfer occurs after the Release Date), by the
denomination of the beneficial interest in such Class specified in such orders
and instructions.

         If this Certificate constitutes a Regulation S Temporary Certificate,
then, on and prior to the Release Date, beneficial interests in this Certificate
may not be transferred to any Person who takes delivery other than in the form
of a beneficial interest in this Certificate, and the Certificate Owner desiring
to effect such Transfer will be required to obtain from such Certificate Owner's
prospective Transferee a Regulation S Certificate. Not earlier than the Release
Date, beneficial interests in any Regulation S Temporary Global Certificate will
be exchangeable for beneficial interests in the Regulation S Permanent Global
Certificate for such Class. Beneficial interests in any Regulation S Temporary

                                     A-2-5
<PAGE>

Global Certificate may be held only through Euroclear or Clearstream. The
Regulation S Permanent Global Certificates will be deposited with the Trustee as
custodian for the Depository and registered in the name of Cede & Co. as nominee
of the Depository.]

         None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, the underwriters, the Trustee, the Master Servicer,
the Special Servicer, the Fiscal Agent, the Certificate Registrar and their
respective Affiliates against any liability that may result if such Transfer is
not exempt from the registration and/or qualification requirements of the
Securities Act and any applicable state securities laws or is not made in
accordance with such federal and state laws.

         No Transfer of this Certificate or any interest herein shall be made to
(A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is directly
or indirectly purchasing this Certificate or such interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan, if the purchase
and holding of this Certificate or such interest herein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code. Except in connection with the initial issuance of the
Certificates or any Transfer of this Certificate or any interest herein by the
Depositor, Lehman Brothers Inc. or any of their respective Affiliates or, if
this Certificate constitutes a Book-Entry Certificate, any Transfer of this
Certificate to a successor Depository or to the applicable Certificate Owner in
accordance with Section 5.03 of the Agreement, the Certificate Registrar shall
refuse to register the Transfer of this Certificate unless it has received from
the prospective Transferee, and, if this Certificate constitutes a Book-Entry
Certificate related to a Rule 144A/IAI Global Certificate, any Certificate Owner
transferring an interest herein shall be required to obtain from its prospective
Transferee, either: (i) a certification to the effect that such prospective
Transferee is not a Plan and is not directly or indirectly purchasing this
Certificate or such interest herein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) a certification to the effect that
the purchase and holding of this Certificate or such interest herein by such
prospective Transferee is exempt from the prohibited transaction provisions of
Sections 406 (a) and (b) and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Sections 4975 (a) and (b) of the Code, under Sections
I and III of Prohibited Transaction Class Exemption 95-60; or (iii) if this
Certificate is rated in one of the four highest generic rating categories by
either Rating Agency, and such Certificate or an interest therein is being
acquired by or on behalf of a Plan in reliance on any of Prohibited Transaction
Exemption 91-14, a certification to the effect that such Plan (X) is an
accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)((B) of
ERISA) by the Trustee, the Depositor, any Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Exemption-Favored Party or
any Mortgagor with respect to Mortgage Loans constituting more than 5% of the
aggregate unamortized principal balance of all the Mortgage Loans determined as
of the Closing Date, or by any Affiliate of such Person, and (Z) agrees that it
will obtain from each of its Transferees that are Plans a written representation
that such Transferee, if a Plan, satisfies the requirements of the immediately
preceding clauses (X) and (Y), together with a written agreement that such
Transferee will obtain from each of its Transferees that are Plans a similar
written representation regarding satisfaction of the requirements of the
immediately preceding clauses (X) and (Y); or (iv) a certification of facts and
an

                                      A-2-6
<PAGE>

Opinion of Counsel which otherwise establish to the reasonable satisfaction
of the Trustee or such Certificate Owner, as the case may be, that such Transfer
will not result in a violation of Section 406 or 407 of ERISA or Section 4975 of
the Code or result in the imposition of an excise tax under Section 4975 of the
Code. If any Transferee of this Certificate or any interest herein does not, in
connection with the subject Transfer, deliver to the Certificate Registrar (if
this Certificate constitutes a Definitive Certificate) or the Transferor (if
this Certificate constitutes a Book-Entry Certificate) a certification and/or
Opinion of Counsel as required by the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that either: (i) such
Transferee is not a Plan and is not directly or indirectly purchasing this
Certificate or such interest herein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) the purchase and holding of this
Certificate or such interest herein by such Transferee is exempt from the
prohibited transaction provisions of Sections 406(a) and (b) and 407 of ERISA
and the excise taxes imposed on such prohibited transactions by Sections 4975(a)
and (b) of the Code.

         No service charge will be imposed for any registration of transfer or
exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

         Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

         The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

         Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Fiscal Agent, the Certificate Registrar and any agents of any of them may
treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and none of the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar or
any such agent shall be affected by notice to the contrary.

         The Trust and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in the Trust, and (ii) the purchase by the
Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer or
any Controlling Class Certificateholder at a price determined as provided in the
Agreement of all Mortgage Loans and any REO Properties remaining in the Trust.
The Agreement permits, but does not require, the Depositor, Lehman Brothers
Inc., the Master Servicer, the Special Servicer or any Controlling Class
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties remaining therein. The exercise of such right will effect early
retirement of the Certificates; however, such right to purchase is subject to
the aggregate Stated Principal Balance of the Mortgage Pool at the time of
purchase being less than 1% of the Initial Pool Balance specified on the face
hereof.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicer, the

                                     A-2-7
<PAGE>

Special Servicer, the Trustee and the Fiscal Agent thereunder and the rights of
the Certificateholders thereunder, at any time by the Depositor, the Master
Servicer, the Special Servicer, the Trustee and the Fiscal Agent with the
consent of the Holders of Certificates entitled to at least 66 2/3% of the
Voting Rights allocated to each of the affected Classes. Any such consent by the
Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. In addition, the
Agreement permits the amendment thereof, in certain circumstances, with rating
confirmation of the ratings on the rated Classes of Certificates and the consent
of the Holders of the unrated Classes of Certificates. The Agreement also
permits the amendment thereof, in certain circumstances, including any amendment
necessary to maintain the status of any REMIC Pool as a REMIC, without the
consent of the Holders of any of the Certificates.

         Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

         The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

         This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of laws principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-2-8
<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class X Certificates referred to in the
within-mentioned Agreement.

Dated:   [July 30, 2001]

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Certificate Registrar

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                                      A-2-9
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

         I (we) further direct the issuance of a new Commercial Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and delivery of such Commercial Mortgage Pass-Through Certificate
to the following address: ______________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Dated:
                                       _________________________________________
                                       Signature by or on behalf of Assignor

                                       _________________________________________
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to __________________________________
for the account of ____________________________________________________________.

         Distributions made by check (such check to be made payable to
__________________________________________) and all applicable statements and
notices should be mailed to ___________________________________________________.

         This information is provided by __________________________________, the
assignee named above, or ________________________________________, as its agent.

                                     A-2-10
<PAGE>

                                   EXHIBIT A-3

                FORM OF CLASS B, CLASS C AND CLASS D CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2001-C3
          CLASS [B][C][D] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2001-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                       <C>
Pass-Through Rate:  ____%                                 Initial Certificate Principal Balance of this
                                                          Certificate as of the Closing Date:
                                                          $_______________

Date of Pooling and Servicing Agreement:                  Class Principal Balance of all the Class [B][C][D]
July 11, 2001                                             Certificates as of the Closing Date:
                                                          $_______________

Cut-off Date:   July 11, 2001                             Aggregate unpaid principal balance of the Mortgage Pool
                                                          as of the Cut-off Date, after deducting payments of
Closing Date:  July 30, 2001                              principal due on or before such date (the "Initial Pool
                                                          Balance"):
First Distribution Date:  August 17, 2001                 $_______________

Master Servicer:  First Union National Bank

Special Servicer:  Lennar Partners, Inc.                  Fiscal Agent:  ABN AMRO Bank N.V.

Trustee:  LaSalle Bank National Association

Certificate No. ___                                       CUSIP No._____________
</TABLE>

<PAGE>

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

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR
INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT
PLAN OR OTHER RETIREMENT ARRANGEMENT, IF THE PURCHASE OR HOLDING OF THIS
CERTIFICATE OR SUCH INTEREST HEREIN WOULD RESULT IN A VIOLATION OF SECTION 406
OR 407 OF ERISA OR SECTION 4975 OF THE CODE OR WOULD RESULT IN THE IMPOSITION OF
AN EXCISE TAX UNDER SECTION 4975 OF THE CODE.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, FIRST UNION NATIONAL BANK, LENNAR PARTNERS, INC.,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V., OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

         This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and

                                      A-3-2
<PAGE>

Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities Corporation as depositor (the "Depositor", which
term includes any successor entity under the Agreement), First Union National
Bank as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. as special servicer
(the "Special Servicer", which term includes any successor entity under the
Agreement), LaSalle Bank National Association as trustee (the "Trustee", which
term includes any successor entity under the Agreement) and ABN AMRO Bank N.V.
as fiscal agent (the "Fiscal Agent", which term includes any successor entity
under the Agreement), a summary of certain of the pertinent provisions of which
is set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In
the event of any conflict between any provision of this Certificate and any
provision of the Agreement, such provision of this Certificate shall be
superseded to the extent of such inconsistency.

         Pursuant to the terms of the Agreement, distributions will be made on
the 4th Business Day following the 11th calendar day of each month (or, if such
11th calendar day is not a Business Day, then the 5th Business Day following
such 11th calendar day) (each, a "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (or, in the case of the
first such distribution, at the close of business on the Closing Date) (the
"Record Date"), in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed pursuant
to the Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs. All distributions made under the
Agreement in respect of this Certificate will be made by the Trustee by wire
transfer in immediately available funds to the account of the Person entitled
thereto at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to the Record Date for
such distribution (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

         Any distribution to the Holder of this Certificate in reduction of the
Certificate Principal Balance hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate issued upon the transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

         The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Account, the Collection Account and,
if

                                     A-3-3
<PAGE>

established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the reimbursement of advances made, or certain expenses
incurred, with respect to the Mortgage Loans and the payment of interest on such
advances and expenses.

         The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

         No transfer of this Certificate or any interest herein shall be made to
(A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is directly
or indirectly purchasing this Certificate or such interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan, if the purchase
and holding of this Certificate or such interest herein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code.

         No service charge will be imposed for any registration of transfer or
exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

         Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

         The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

         Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Fiscal Agent, the Certificate Registrar and any agents of any of them may
treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and none of the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar or
any such agent shall be affected by notice to the contrary.

                                     A-3-4
<PAGE>

         The Trust and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in the Trust, and (ii) the purchase by the
Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer or
any Controlling Class Certificateholder at a price determined as provided in the
Agreement of all Mortgage Loans and any REO Properties remaining in the Trust.
The Agreement permits, but does not require, the Depositor, Lehman Brothers
Inc., the Master Servicer, the Special Servicer or any Controlling Class
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties remaining therein. The exercise of such right will effect early
retirement of the Certificates; however, such right to purchase is subject to
the aggregate Stated Principal Balance of the Mortgage Pool at the time of
purchase being less than 1% of the Initial Pool Balance specified on the face
hereof.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent thereunder and the rights of the Certificateholders thereunder, at any
time by the Depositor, the Master Servicer, the Special Servicer, the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 66 2/3% of the Voting Rights allocated to each of the affected Classes.
Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future Holders of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. In addition, the Agreement permits the amendment thereof, in
certain circumstances, with rating confirmation of the ratings on the rated
Classes of Certificates and the consent of the Holders of the unrated Classes of
Certificates. The Agreement also permits the amendment thereof, in certain
circumstances, including any amendment necessary to maintain the status of any
REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

         Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

         The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

         This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of laws principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-3-5
<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class [B] [C] [D] Certificates referred to in the
within-mentioned Agreement.

Dated:   [July 30, 2001]

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Certificate Registrar

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                                     A-3-6
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

         I (we) further direct the issuance of a new Commercial Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and delivery of such Commercial Mortgage Pass-Through Certificate
to the following address: ______________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Dated:
                                       _________________________________________
                                       Signature by or on behalf of Assignor

                                       _________________________________________
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to __________________________________
for the account of ____________________________________________________________.

         Distributions made by check (such check to be made payable to
__________________________________________) and all applicable statements and
notices should be mailed to ___________________________________________________.

         This information is provided by __________________________________, the
assignee named above, or ________________________________________, as its agent.

                                      A-3-7
<PAGE>

                                   EXHIBIT A-4

             FORM OF CLASS E, CLASS F, CLASS G, CLASS H, CLASS J AND
                              CLASS K CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2001-C3
     CLASS [E] [F] [G] [H] [J] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2001-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                       <C>
Pass-Through Rate:  [____%]  [Variable]                   Initial Certificate Principal Balance of this
                                                          Certificate as of the Closing Date:
                                                          $_______________

Date of Pooling and Servicing Agreement:                  Class Principal Balance of all the Class [E] [F] [G] [H]
July 11, 2001                                             [J] Certificates as of the Closing Date:
                                                          $_______________

Cut-off Date:  July 11, 2001                              Aggregate unpaid principal balance of the Mortgage Pool
                                                          as of the Cut-off Date, after deducting payments of
Closing Date:  July 30, 2001                              principal due on or before such date (the "Initial Pool
                                                          Balance"):
First Distribution Date:  August 17, 2001                 $_______________

Master Servicer:  First Union National Bank

Special Servicer:  Lennar Partners, Inc.                  Fiscal Agent:  ABN AMRO Bank N.V.

Trustee:  LaSalle Bank National Association

Certificate No. ___                                       CUSIP No._____________
</TABLE>

<PAGE>

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

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR
INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT
PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, FIRST UNION NATIONAL BANK, LENNAR PARTNERS, INC.,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V., OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS, IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

                                     A-4-2
<PAGE>

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

[LEGEND FOR REGULATION S TEMPORARY GLOBAL CERTIFICATE: PRIOR TO THE DATE THAT IS
40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING OF THE
CERTIFICATES AND (B) JULY 30, 2001 (THE "RELEASE DATE"), THIS CERTIFICATE MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR
TO A U.S. PERSON WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT
EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. NO BENEFICIAL OWNERS OF THIS CERTIFICATE SHALL BE ENTITLED TO
RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.]

         This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities Corporation as depositor (the "Depositor", which
term includes any successor entity under the Agreement), First Union National
Bank as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. as special servicer
(the "Special Servicer", which term includes any successor entity under the
Agreement), LaSalle Bank National Association as trustee (the "Trustee", which
term includes any successor entity under the Agreement) and ABN AMRO Bank N.V.
as fiscal agent (the "Fiscal Agent", which term includes any successor entity
under the Agreement), a summary of certain of the pertinent provisions of which
is set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In
the event of any conflict between any provision of this Certificate and any
provision of the Agreement, such provision of this Certificate shall be
superseded to the extent of such inconsistency.

         Pursuant to the terms of the Agreement, distributions will be made on
the 4th Business Day following the 11th calendar day of each month (or, if such
11th calendar day is not a Business Day, then the 5th Business Day following
such 11th calendar day) (each, a "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (or, in the case of the
first such distribution, at the close of business on the Closing Date) (the
"Record Date"), in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed pursuant
to the Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs. All distributions made under the
Agreement in respect of this Certificate will be made by the Trustee by wire
transfer in immediately available funds to the account of the Person entitled
thereto at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to the Record Date for
such distribution (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions as

                                     A-4-3
<PAGE>

well), or otherwise by check mailed to the address of such Certificateholder
appearing in the Certificate Register. Notwithstanding the above, the final
distribution in respect of this Certificate (determined without regard to any
possible future reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate) will be made after due notice
by the Trustee of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the offices of the Certificate Registrar
appointed as provided in the Agreement or such other location as may be
specified in such notice. Also notwithstanding the foregoing, any distribution
that may be made with respect to this Certificate in reimbursement of any
Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate, which reimbursement is to occur after the date on which this
Certificate is surrendered as contemplated by the preceding sentence, will be
made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appeared in the Certificate Register or to any
such other address of which the Trustee is subsequently notified in writing.

         Any distribution to the Holder of this Certificate in reduction of the
Certificate Principal Balance hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate issued upon the transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

         The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Account, the Collection Account and,
if established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the reimbursement of advances made, or certain expenses
incurred, with respect to the Mortgage Loans and the payment of interest on such
advances and expenses.

         The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

         No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

                                     A-4-4
<PAGE>

         If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Lehman
Brothers Inc. or any of their respective Affiliates or, if this Certificate
constitutes a Book-Entry Certificate, a Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement), then the Certificate Registrar shall refuse to
register such Transfer unless it receives (and, upon receipt, may conclusively
rely upon) either: (i) a certificate from the Certificateholder desiring to
effect such Transfer substantially in the form attached as Exhibit F-1 to the
Agreement and a certificate from such Certificateholder's prospective Transferee
substantially in the form attached either as Exhibit F-2A to the Agreement or as
Exhibit F-2B to the Agreement; or (ii) an Opinion of Counsel satisfactory to the
Trustee to the effect that such Transfer may be made without registration under
the Securities Act (which Opinion of Counsel shall not be an expense of the
Trust Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such
Transfer and/or such Certificateholder's prospective Transferee on which such
Opinion of Counsel is based. If any Transferee of this Certificate does not, in
connection with the subject Transfer, deliver to the Certificate Registrar one
of the certifications described in clause (i) of the preceding sentence or the
Opinion of Counsel described in clause (ii) of the preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in either Exhibit F-2A or Exhibit F-2B attached to the
Agreement are, with respect to the subject Transfer, true and correct.

         If this Certificate constitutes a Book-Entry Certificate related to a
Rule 144A/IAI Global Certificate and a Transfer of any interest herein is to be
made without registration under the Securities Act (other than in connection
with the initial issuance of the Certificates or a Transfer of any interest
herein by the Depositor, Lehman Brothers Inc. or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit F-2C to the
Agreement or as Exhibit F-2D to the Agreement, or (ii) an Opinion of Counsel to
the effect that such Transfer may be made without registration under the
Securities Act. An interest in a Rule 144A/IAI Global Certificate may not be
transferred to any Person who takes delivery other than in the form of an
interest in such Rule 144A/IAI Global Certificate. If this Certificate
constitutes a Book-Entry Certificate and any Transferee of an interest herein
does not, in connection with the subject Transfer, deliver to the Transferor the
Opinion of Counsel or one of the certifications described in the preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that all the certifications set forth in either Exhibit F-2C or Exhibit F-2D
attached to the Agreement are, with respect to the subject Transfer, true and
correct.

         [For Regulation S Global Certificates: Notwithstanding the preceding
paragraph, any interest in a Rule 144A/IAI Global Certificate may be transferred
(without delivery of any certificate or Opinion of Counsel described in clauses
(i) and (ii) of the preceding paragraph) by the Depositor or any Affiliate of
the Depositor to any Person who takes delivery in the form of a beneficial
interest in the Regulation S Global Certificate of the same Class as such Rule
144A/IAI Global Certificate upon delivery to the Certificate Registrar of (x) a
certificate to the effect that the Certificate Owner desiring to effect such
Transfer is the Depositor or an Affiliate of the Depositor and (y) such written
orders and instructions as are required under the applicable procedures of the
Depository, Clearstream and Euroclear to direct the Trustee to debit the account
of a Depository Participant by a denomination of interests in the related Rule
144A/IAI Global Certificate, and credit the account of a Depository Participant
by a denomination of interests in the related Regulation S Temporary Certificate
(if the Transfer occurs on or prior to the Release Date or a denomination of
interests in the related the Regulation S Permanent Global

                                      A-4-5
<PAGE>

Certificate (if the Transfer occurs after the Release Date), that (in each case)
is equal to the denomination of beneficial interests in such Class to be
transferred. Upon delivery to the Certificate Registrar of such certification
and orders and instructions, the Trustee, subject to and in accordance with the
applicable procedures of the Depository, will reduce the denomination of the
related Rule 144A/IAI Global Certificate, and increase the denomination of the
related Regulation S Temporary Certificate (if the Transfer occurs on or prior
to the Release Date) or the denomination of the related Regulation S Permanent
Global Certificate (if the Transfer occurs after the Release Date), by the
denomination of the beneficial interest in such Class specified in such orders
and instructions.

         If this Certificate constitutes a Regulation S Temporary Certificate,
then, on and prior to the Release Date, beneficial interests in this Certificate
may not be transferred to any Person who takes delivery other than in the form
of a beneficial interest in this Certificate, and the Certificate Owner desiring
to effect such Transfer will be required to obtain from such Certificate Owner's
prospective Transferee a Regulation S Certificate. Not earlier than the Release
Date, beneficial interests in any Regulation S Temporary Global Certificate will
be exchangeable for beneficial interests in the Regulation S Permanent Global
Certificate for such Class. Beneficial interests in any Regulation S Temporary
Global Certificate may be held only through Euroclear or Clearstream. The
Regulation S Permanent Global Certificates will be deposited with the Trustee as
custodian for the Depository and registered in the name of Cede & Co. as nominee
of the Depository.]

         None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, the underwriters, the Trustee, the Master Servicer,
the Special Servicer, the Fiscal Agent, the Certificate Registrar and their
respective Affiliates against any liability that may result if such Transfer is
not exempt from the registration and/or qualification requirements of the
Securities Act and any applicable state securities laws or is not made in
accordance with such federal and state laws.

         No Transfer of this Certificate or any interest herein shall be made to
(A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is directly
or indirectly purchasing this Certificate or such interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan, if the purchase
and holding of this Certificate or such interest herein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code. Except in connection with the initial issuance of the
Certificates or any Transfer of this Certificate or any interest herein by the
Depositor, Lehman Brothers Inc. or any of their respective Affiliates or, if
this Certificate constitutes a Book-Entry Certificate, any Transfer of this
Certificate to a successor Depository or to the applicable Certificate Owner in
accordance with Section 5.03 of the Agreement, the Certificate Registrar shall
refuse to register the Transfer of this Certificate unless it has received from
the prospective Transferee, and, if this Certificate constitutes a Book-Entry
Certificate related to a Rule 144A/IAI Global Certificate, any Certificate Owner
transferring an interest herein shall be required to obtain from its prospective
Transferee, either: (i) a certification to the effect that such prospective
Transferee is not a Plan and is not directly or indirectly purchasing this
Certificate or such interest herein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) a certification to the effect that
the purchase and holding of this Certificate or such interest

                                     A-4-6
<PAGE>

herein by such prospective Transferee is exempt from the prohibited transaction
provisions of Sections 406 (a) and (b) and 407 of ERISA and the excise taxes
imposed on such prohibited transactions by Sections 4975 (a) and (b) of the
Code, under Sections I and III of Prohibited Transaction Class Exemption 95-60;
or (iii) if this Certificate is rated in one of the four highest generic rating
categories by either Rating Agency, and such Certificate or an interest therein
is being acquired by or on behalf of a Plan in reliance on any of Prohibited
Transaction Exemption 91-14, a certification to the effect that such Plan (X) is
an accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of
ERISA) by the Trustee, the Depositor, any Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Exemption-Favored Party or
any Mortgagor with respect to Mortgage Loans constituting more than 5% of the
aggregate unamortized principal balance of all the Mortgage Loans determined as
of the Closing Date, or by any Affiliate of such Person, and (Z) agrees that it
will obtain from each of its Transferees that are Plans a written representation
that such Transferee, if a Plan, satisfies the requirements of the immediately
preceding clauses (X) and (Y), together with a written agreement that such
Transferee will obtain from each of its Transferees that are Plans a similar
written representation regarding satisfaction of the requirements of the
immediately preceding clauses (X) and (Y); or (iv) a certification of facts and
an Opinion of Counsel which otherwise establish to the reasonable satisfaction
of the Trustee or such Certificate Owner, as the case may be, that such Transfer
will not result in a violation of Section 406 or 407 of ERISA or Section 4975 of
the Code or result in the imposition of an excise tax under Section 4975 of the
Code. If any Transferee of this Certificate or any interest herein does not, in
connection with the subject Transfer, deliver to the Certificate Registrar (if
this Certificate constitutes a Definitive Certificate) or the Transferor (if
this Certificate constitutes a Book-Entry Certificate) a certification and/or
Opinion of Counsel as required by the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that either: (i) such
Transferee is not a Plan and is not directly or indirectly purchasing this
Certificate or such interest herein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) the purchase and holding of this
Certificate or such interest herein by such Transferee is exempt from the
prohibited transaction provisions of Sections 406 (a) and (b) and 407 of ERISA
and the excise taxes imposed on such prohibited transactions by Sections 4975
(a) and (b) of the Code.

         No service charge will be imposed for any registration of transfer or
exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

         Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

         The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

         Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Fiscal Agent, the Certificate Registrar and any agents of any of them may
treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and none of the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar or
any such agent shall be affected by notice to the contrary.

                                     A-4-7
<PAGE>

         The Trust and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in the Trust, and (ii) the purchase by the
Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer or
any Controlling Class Certificateholder at a price determined as provided in the
Agreement of all Mortgage Loans and any REO Properties remaining in the Trust.
The Agreement permits, but does not require, the Depositor, Lehman Brothers
Inc., the Master Servicer, the Special Servicer or any Controlling Class
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties remaining therein. The exercise of such right will effect early
retirement of the Certificates; however, such right to purchase is subject to
the aggregate Stated Principal Balance of the Mortgage Pool at the time of
purchase being less than 1% of the Initial Pool Balance specified on the face
hereof.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent thereunder and the rights of the Certificateholders thereunder, at any
time by the Depositor, the Master Servicer, the Special Servicer, the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 66 2/3% of the Voting Rights allocated to each of the affected Classes.
Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future Holders of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. In addition, the Agreement permits the amendment thereof, in
certain circumstances, with rating confirmation of the ratings on the rated
Classes of Certificates and the consent of the Holders of the unrated Classes of
Certificates. The Agreement also permits the amendment thereof, in certain
circumstances, including any amendment necessary to maintain the status of any
REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

         Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

         The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

         This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of laws principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-4-8
<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class [E] [F] [G] [H] [J] Certificates referred to
in the within-mentioned Agreement.

Dated:  [July 30, 2001]

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Certificate Registrar

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                                     A-4-9
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

         I (we) further direct the issuance of a new Commercial Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and delivery of such Commercial Mortgage Pass-Through Certificate
to the following address: ______________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Dated:
                                       _________________________________________
                                       Signature by or on behalf of Assignor

                                       _________________________________________
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to __________________________________
for the account of ____________________________________________________________.

         Distributions made by check (such check to be made payable to
__________________________________________) and all applicable statements and
notices should be mailed to ___________________________________________________.

         This information is provided by __________________________________, the
assignee named above, or ________________________________________, as its agent.

                                     A-4-10
<PAGE>

                                   EXHIBIT A-5

               FORM OF CLASS K, CLASS L, CLASS M, CLASS N, CLASS P
                            AND CLASS Q CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2001-C3
                CLASS [K] [L] [M] [N] [P] [Q] COMMERCIAL MORTGAGE
                    PASS-THROUGH CERTIFICATE, SERIES 2001-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                       <C>
Pass-Through Rate:  ____%                                 Initial Certificate Principal Balance of this
                                                          Certificate as of the Closing Date:
                                                          $_______________

Date of Pooling and Servicing Agreement:                  Class Principal Balance of all the Class  [K] [L] [M]
July 11, 2001                                             [N] [P] [Q] Certificates as of the Closing Date:
                                                          $_______________

Cut-off Date:  July 11, 2001                              Aggregate unpaid principal balance of the Mortgage Pool
                                                          as of the Cut-off Date, after deducting payments of
Closing Date:  July 30, 2001                              principal due on or before such date (the "Initial Pool
                                                          Balance"):
First Distribution Date:  August 17, 2001                 $_______________

Master Servicer:  First Union National Bank

Special Servicer:  Lennar Partners, Inc.                  Fiscal Agent:  ABN AMRO Bank N.V.

Trustee:  LaSalle Bank National Association

Certificate No. ___                                       CUSIP No._____________
</TABLE>

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR
INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT
PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, FIRST UNION NATIONAL BANK, LENNAR PARTNERS, INC.,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V., OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS, IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

                                      A-5-2
<PAGE>

         This certifies that _____________________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the principal balance of this Certificate (its
"Certificate Principal Balance") as of the Closing Date by the aggregate
principal balance of all the Certificates of the same Class as this Certificate
(their "Class Principal Balance") as of the Closing Date) in that certain
beneficial ownership interest in the Trust evidenced by all the Certificates of
the same Class as this Certificate. The Trust was created and the Certificates
were issued pursuant to a Pooling and Servicing Agreement, dated as specified
above (the "Agreement"), among Structured Asset Securities Corporation as
depositor (the "Depositor", which term includes any successor entity under the
Agreement), First Union National Bank as master servicer (the "Master Servicer",
which term includes any successor entity under the Agreement), Lennar Partners,
Inc. as special servicer (the "Special Servicer", which term includes any
successor entity under the Agreement), LaSalle Bank National Association as
trustee (the "Trustee", which term includes any successor entity under the
Agreement) and ABN AMRO Bank N.V. as fiscal agent (the "Fiscal Agent", which
term includes any successor entity under the Agreement), a summary of certain of
the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the respective meanings
assigned in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound. In the event of any conflict between any provision
of this Certificate and any provision of the Agreement, such provision of this
Certificate shall be superseded to the extent of such inconsistency.

         Pursuant to the terms of the Agreement, distributions will be made on
the 4th Business Day following the 11th calendar day of each month (or, if such
11th calendar day is not a Business Day, then the 5th Business Day following
such 11th calendar day) (each, a "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (or, in the case of the
first such distribution, at the close of business on the Closing Date) (the
"Record Date"), in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed pursuant
to the Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs. All distributions made under the
Agreement in respect of this Certificate will be made by the Trustee by wire
transfer in immediately available funds to the account of the Person entitled
thereto at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to the Record Date for
such distribution (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the

                                     A-5-3
<PAGE>

address of the Holder that surrenders this Certificate as such address last
appeared in the Certificate Register or to any such other address of which the
Trustee is subsequently notified in writing.

         Any distribution to the Holder of this Certificate in reduction of the
Certificate Principal Balance hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate issued upon the transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

         The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Account, the Collection Account and,
if established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the reimbursement of advances made, or certain expenses
incurred, with respect to the Mortgage Loans and the payment of interest on such
advances and expenses.

         The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

         No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

         If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Lehman
Brothers Inc. or any of their respective Affiliates or, if this Certificate
constitutes a Book-Entry Certificate, a Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement), then the Certificate Registrar shall refuse to
register such Transfer unless it receives (and, upon receipt, may conclusively
rely upon) either: (i) a certificate from the Certificateholder desiring to
effect such Transfer substantially in the form attached as Exhibit F-1 to the
Agreement and a certificate from such Certificateholder's prospective Transferee
substantially in the form attached either as Exhibit F-2A to the Agreement or as
Exhibit F-2B to the Agreement; or (ii) an Opinion of Counsel satisfactory to the
Trustee to the effect that such Transfer

                                     A-5-4
<PAGE>

may be made without registration under the Securities Act (which Opinion of
Counsel shall not be an expense of the Trust Fund or of the Depositor, the
Master Servicer, the Special Servicer, the Trustee, the Fiscal Agent or the
Certificate Registrar in their respective capacities as such), together with the
written certification(s) as to the facts surrounding such Transfer from the
Certificateholder desiring to effect such Transfer and/or such
Certificateholder's prospective Transferee on which such Opinion of Counsel is
based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in either Exhibit F-2A or Exhibit F-2B attached to the Agreement are, with
respect to the subject Transfer, true and correct.

         If this Certificate constitutes a Book-Entry Certificate related to a
Rule 144A/IAI Global Certificate and a Transfer of any interest herein is to be
made without registration under the Securities Act (other than in connection
with the initial issuance of the Certificates or a Transfer of any interest
herein by the Depositor, Lehman Brothers Inc. or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit F-2C to the
Agreement or as Exhibit F-2D to the Agreement, or (ii) an Opinion of Counsel to
the effect that such Transfer may be made without registration under the
Securities Act. An interest in a Rule 144A/IAI Global Certificate may not be
transferred to any Person who takes delivery other than in the form of an
interest in such Rule 144A/IAI Global Certificate. If this Certificate
constitutes a Book-Entry Certificate and any Transferee of an interest herein
does not, in connection with the subject Transfer, deliver to the Transferor the
Opinion of Counsel or one of the certifications described in the preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that all the certifications set forth in either Exhibit F-2C or Exhibit F-2D
attached to the Agreement are, with respect to the subject Transfer, true and
correct.

                                     A-5-5
<PAGE>

         None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, the underwriters, the Trustee, the Master Servicer,
the Special Servicer, the Fiscal Agent, the Certificate Registrar and their
respective Affiliates against any liability that may result if such Transfer is
not exempt from the registration and/or qualification requirements of the
Securities Act and any applicable state securities laws or is not made in
accordance with such federal and state laws.

         No Transfer of this Certificate or any interest herein shall be made to
(A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is directly
or indirectly purchasing this Certificate or such interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan, if the purchase
and holding of this Certificate or such interest herein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code. Except in connection with the initial issuance of the
Certificates or any Transfer of this Certificate or any interest herein by the
Depositor, Lehman Brothers Inc. or any of their respective Affiliates or, if
this Certificate constitutes a Book-Entry Certificate, any Transfer of this
Certificate to a successor Depository or to the applicable Certificate Owner in
accordance with Section 5.03 of the Agreement, the Certificate Registrar shall
refuse to register the Transfer of this Certificate unless it has received from
the prospective Transferee, and, if this Certificate constitutes a Book-Entry
Certificate related to a Rule 144A/IAI Global Certificate, any Certificate Owner
transferring an interest herein shall be required to obtain from its prospective
Transferee, either: (i) a certification to the effect that such prospective
Transferee is not a Plan and is not directly or indirectly purchasing this
Certificate or such interest herein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) a certification to the effect that
the purchase and holding of this Certificate or such interest herein by such
prospective Transferee is exempt from the prohibited transaction provisions of
Sections 406 (a) and (b) and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Sections 4975 (a) and (b) of the Code, under Sections
I and III of Prohibited Transaction Class Exemption 95-60; or (iii) if this
Certificate is rated in one of the four highest generic rating categories by
either Rating Agency, and such Certificate or an interest therein is being
acquired by or on behalf of a Plan in reliance on any of Prohibited Transaction
Exemption 91-14, a certification to the effect that such Plan (X) is an
accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of
ERISA) by the Trustee, the Depositor, any

                                     A-5-6
<PAGE>

Mortgage Loan Seller, the Master Servicer, the Special Servicer, any
Sub-Servicer, any Exemption-Favored Party or any Mortgagor with respect to
Mortgage Loans constituting more than 5% of the aggregate unamortized principal
balance of all the Mortgage Loans determined as of the Closing Date, or by any
Affiliate of such Person, and (Z) agrees that it will obtain from each of its
Transferees that are Plans a written representation that such Transferee, if a
Plan, satisfies the requirements of the immediately preceding clauses (X) and
(Y), together with a written agreement that such Transferee will obtain from
each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(X) and (Y); or (iv) a certification of facts and an Opinion of Counsel which
otherwise establish to the reasonable satisfaction of the Trustee or such
Certificate Owner, as the case may be, that such Transfer will not result in a
violation of Section 406 or 407 of ERISA or Section 4975 of the Code or result
in the imposition of an excise tax under Section 4975 of the Code. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar (if this
Certificate constitutes a Definitive Certificate) or the Transferor (if this
Certificate constitutes a Book-Entry Certificate) a certification and/or Opinion
of Counsel as required by the preceding sentence, then such Transferee shall be
deemed to have represented and warranted that either: (i) such Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate or such
interest herein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) the purchase and holding of this Certificate or such
interest herein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406 (a) and (b) and 407 of ERISA and the excise taxes
imposed on such prohibited transactions by Sections 4975 (a) and (b) of the
Code.

         No service charge will be imposed for any registration of transfer or
exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

         The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

         Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Fiscal Agent, the Certificate Registrar and any agents of any of them may
treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and none of the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar or
any such agent shall be affected by notice to the contrary.

         The Trust and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in the Trust, and (ii) the purchase by the
Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer or
any Controlling Class Certificateholder at a price determined as provided in the
Agreement of all Mortgage Loans and any REO Properties remaining in the Trust.
The Agreement permits, but does not require, the Depositor, Lehman Brothers
Inc., the Master Servicer, the Special Servicer or any Controlling Class
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties remaining therein. The exercise of such right will effect early
retirement of the Certificates; however, such right to purchase is subject to
the aggregate Stated Principal Balance of the

                                     A-5-7
<PAGE>

Mortgage Pool at the time of purchase being less than 1% of the Initial Pool
Balance specified on the face hereof.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent thereunder and the rights of the Certificateholders thereunder, at any
time by the Depositor, the Master Servicer, the Special Servicer, the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 66 2/3% of the Voting Rights allocated to each of the affected Classes.
Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future Holders of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. In addition, the Agreement permits the amendment thereof, in
certain circumstances, with rating confirmation of the ratings on the rated
Classes of Certificates and the consent of the Holders of the unrated Classes of
Certificates. The Agreement also permits the amendment thereof, in certain
circumstances, including any amendment necessary to maintain the status of any
REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

         Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

         The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

         This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of laws principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-5-8
<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class [K] [L] [M] [N] [P] [Q] Certificates referred
to in the within-mentioned Agreement.

Dated:  [July 30, 2001]

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Certificate Registrar

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                                     A-5-9
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

         I (we) further direct the issuance of a new Commercial Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and delivery of such Commercial Mortgage Pass-Through Certificate
to the following address: ______________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Dated:
                                       _________________________________________
                                       Signature by or on behalf of Assignor

                                       _________________________________________
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to __________________________________
for the account of ____________________________________________________________.

         Distributions made by check (such check to be made payable to
__________________________________________) and all applicable statements and
notices should be mailed to ___________________________________________________.

         This information is provided by __________________________________, the
assignee named above, or ________________________________________, as its agent.

                                     A-5-10
<PAGE>

                                   EXHIBIT A-6

        FORM OF CLASS R-LR, R-I, CLASS R-II AND CLASS R-III CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2001-C3
              CLASS [R-LR] [R-I] [R-II] [R-III] COMMERCIAL MORTGAGE
                    PASS-THROUGH CERTIFICATE, SERIES 2001-C3

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                       <C>
Pass-Through Rate:  ____%                                 Percentage Interest evidenced by this Certificate in the
                                                          related Class:  ___%

Date of Pooling and Servicing Agreement:
July 11, 2001

Cut-off Date:   July 11, 2001                             Aggregate unpaid principal balance of the Mortgage Pool
                                                          as of the Cut-off Date, after deducting payments of
Closing Date:  July 30, 2001                              principal due on or before such date (the "Initial Pool
                                                          Balance"):
First Distribution Date:  August 17, 2001                 $_______________

Master Servicer:  First Union National Bank

Special Servicer:  Lennar Partners, Inc.                  Fiscal Agent:  ABN AMRO Bank N.V.

Trustee:  LaSalle Bank National Association

Certificate No. ___                                       CUSIP No._____________
</TABLE>

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR
INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT
PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, FIRST UNION NATIONAL BANK, LENNAR PARTNERS, INC.,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V., OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS, IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
CONSEQUENTLY, THE TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL
TAX RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE
REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.

         This certifies that __________________________________________________
is the registered owner of the Percentage Interest evidenced by this Certificate
(as specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities

                                     A-6-2
<PAGE>

Corporation as depositor (the "Depositor", which term includes any successor
entity under the Agreement), First Union National Bank as master servicer (the
"Master Servicer", which term includes any successor entity under the
Agreement), Lennar Partners, Inc. as special servicer (the "Special Servicer",
which term includes any successor entity under the Agreement), LaSalle Bank
National Association as trustee (the "Trustee", which term includes any
successor entity under the Agreement) and ABN AMRO Bank N.V. as fiscal agent
(the "Fiscal Agent", which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, the capitalized terms used
herein have the respective meanings assigned in the Agreement. This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the event of any
conflict between any provision of this Certificate and any provision of the
Agreement, such provision of this Certificate shall be superseded to the extent
of such inconsistency.

         Pursuant to the terms of the Agreement, distributions will be made on
the 4th Business Day following the 11th calendar day of each month (or, if such
11th calendar day is not a Business Day, then the 5th Business Day following
such 11th calendar day) (each, a "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (or, in the case of the
first such distribution, at the close of business on the Closing Date) (the
"Record Date"), in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed pursuant
to the Agreement on the applicable Distribution Date in respect of the Class of
Certificates to which this Certificate belongs. All distributions made under the
Agreement in respect of this Certificate will be made by the Trustee by wire
transfer in immediately available funds to the account of the Person entitled
thereto at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided the Trustee with written wiring
instructions no less than five (5) Business Days prior to the Record Date for
such distribution (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

         The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Account, the Collection Account and,
if established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the reimbursement of advances made, or certain expenses
incurred, with respect to the Mortgage Loans and the payment of interest on such
advances and expenses.

         The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

                                      A-6-3
<PAGE>

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices of the Certificate Registrar, duly endorsed by, or accompanied by a
written instrument of transfer in the form satisfactory to the Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

         No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is to a "qualified institutional buyer" as
defined in Rule 144A under the Securities Act (a "QIB") or an "accredited
investor" as defined in any paragraphs (1), (2), (3) and (7) of Rule 501(a)
under the Securities Act or any entity as to which all the equity owners come
within such paragraphs (an "IAI") and is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

         If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Lehman
Brothers Inc. or any of their respective Affiliates), then the Certificate
Registrar shall refuse to register such Transfer unless it receives (and, upon
receipt, may conclusively rely upon) either: (i) a certificate from the
Certificateholder desiring to effect such Transfer substantially in the form
attached as Exhibit F-1 to the Agreement and a certificate from such
Certificateholder's prospective Transferee substantially in the form attached
either as Exhibit F-2A to the Agreement or as Exhibit F-2B to the Agreement; or
(ii) an Opinion of Counsel satisfactory to the Trustee to the effect that such
Transfer may be made without registration under the Securities Act and that the
prospective Transferee is a QIB or an IAI (which Opinion of Counsel shall not be
an expense of the Trust Fund or of the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent or the Certificate Registrar in
their respective capacities as such), together with the written certification(s)
as to the facts surrounding such Transfer from the Certificateholder desiring to
effect such Transfer and/or such Certificateholder's prospective Transferee on
which such Opinion of Counsel is based. If any Transferee of this Certificate
does not, in connection with the subject Transfer, deliver to the Certificate
Registrar one of the certifications described in clause (i) of the preceding
sentence or the Opinion of Counsel described in clause (ii) of the preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that all the certifications set forth in either Exhibit F-2A or Exhibit F-2B
attached to the Agreement are, with respect to the subject Transfer, true and
correct.

         None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without registration or
qualification. Any Certificateholder desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify
the Depositor, the underwriters, the Trustee, the Master Servicer, the Special
Servicer, the Fiscal Agent, the Certificate Registrar and their respective
Affiliates against any liability that may result if such Transfer is not exempt
from the registration and/or qualification requirements of the Securities Act
and any applicable state securities laws or is not made in accordance with such
federal and state laws.

         No Transfer of this Certificate or any interest herein shall be made to
(A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or

                                      A-6-4
<PAGE>

arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is directly
or indirectly purchasing this Certificate or such interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan, if the purchase
and holding of this Certificate or such interest herein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code. Except in connection with the initial issuance of the
Certificates or any Transfer of this Certificate or any interest herein by the
Depositor, Lehman Brothers Inc. or any of their respective Affiliates, the
Certificate Registrar shall refuse to register the Transfer of this Certificate
unless it has received from the prospective Transferee either: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406 (a) and (b)
and 407 of ERISA and the excise taxes imposed on such prohibited transactions by
Sections 4975 (a) and (b) of the Code, under Sections I and III of Prohibited
Transaction Class Exemption 95-60; or (iii) a certification of facts and an
Opinion of Counsel which otherwise establish to the reasonable satisfaction of
the Trustee that such Transfer will not result in a violation of Section 406 or
407 of ERISA or Section 4975 of the Code or result in the imposition of an
excise tax under Section 4975 of the Code. If any Transferee of this Certificate
or any interest herein does not, in connection with the subject Transfer,
deliver to the Certificate Registrar a certification and/or Opinion of Counsel
as required by the preceding sentence, then such Transferee shall be deemed to
have represented and warranted that either: (i) such Transferee is not a Plan
and is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) the purchase and holding of this Certificate or such interest
herein by such Transferee is exempt from the prohibited transaction provisions
of Sections 406 (a) and (b) and 407 of ERISA and the excise taxes imposed on
such prohibited transactions by Sections 4975 (a) and (b) of the Code.

         Each Person who has or who acquires any Ownership Interest in this
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of Section 5.02(d) of the
Agreement and, if any purported Transferee shall become a Holder of this
Certificate in violation of the provisions of such Section 5.02(d), to have
irrevocably authorized the Trustee under clause (ii)(A) of such Section 5.02(d)
to deliver payments to a Person other than such Person and to have irrevocably
authorized the Trustee under clause (ii)(B) of such Section 5.02(d) to negotiate
the terms of any mandatory disposition and to execute all instruments of
transfer and to do all other things necessary in connection with any such
disposition. Each Person holding or acquiring any Ownership Interest in this
Certificate must be a Permitted Transferee and shall promptly notify the Trustee
and the Tax Administrator of any change or impending change in its status as a
Permitted Transferee. In connection with any proposed Transfer of any Ownership
Interest in this Certificate, the Certificate Registrar shall require delivery
to it, and shall not register the transfer of this Certificate until its receipt
of, an affidavit and agreement substantially in the form attached as Exhibit H-1
to the Agreement (a "Transfer Affidavit and Agreement") from the proposed
Transferee, representing and warranting, among other things, that such
Transferee is a Permitted Transferee, that it is not acquiring its Ownership
Interest in this Certificate as a nominee, trustee or agent for any Person that
is not a Permitted Transferee, that for so long as it retains its Ownership
Interest in this Certificate, it will endeavor to remain a Permitted Transferee,
and that it has reviewed the provisions of Section 5.02(d) of the Agreement and
agrees to be bound by them. Notwithstanding the delivery of a Transfer Affidavit
and Agreement by a proposed Transferee, if the Certificate Registrar has actual
knowledge that the proposed Transferee is not a Permitted Transferee, the
Certificate Registrar shall not register the Transfer of an Ownership Interest
in this Certificate to such proposed Transferee. In addition, the Certificate
Registrar

                                     A-6-5
<PAGE>

shall not register the transfer of an Ownership Interest in this Certificate to
any entity classified as a partnership under the Code unless at the time of
transfer, all of its beneficial owners are United States Persons.

         Each Person holding or acquiring any Ownership Interest in this
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to Transfer its Ownership Interest
herein and (y) not to Transfer its Ownership Interest herein unless it provides
to the Certificate Registrar a certificate substantially in the form attached as
Exhibit H-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Trustee and the Tax
Administrator written notice that it is a "pass-through interest holder" within
the meaning of temporary Treasury regulation Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such
Ownership Interest on behalf of, a "pass-through interest holder".

         The provisions of Section 5.02(d) of the Agreement may be modified,
added to or eliminated, provided that there shall have been delivered to the
Trustee and the Tax Administrator the following: (a) written notification from
each Rating Agency to the effect that the modification of, addition to or
elimination of such provisions will not cause such Rating Agency to withdraw,
qualify or downgrade its then-current rating of any Class of Certificates; and
(b) an opinion of counsel, in form and substance satisfactory to the Trustee and
the Tax Administrator, to the effect that such modification of, addition to or
elimination of such provisions will not (i) cause any REMIC Pool to (A) cease to
qualify as a REMIC or (B) be subject to an entity-level tax caused by the
Transfer of a Residual Interest Certificate to a Person which is not a Permitted
Transferee, or (ii) cause a Person other than the prospective Transferee to be
subject to a REMIC-related tax caused by the Transfer of a Residual Interest
Certificate to a Person that is not a Permitted Transferee.

         A "Permitted Transferee" is any Transferee that is not a Disqualified
Organization, any Person as to whom the transfer of this Certificate may cause
any REMIC Pool to fail to qualify as a REMIC, a Disqualified Non-United States
Tax Person or a Disqualified Partnership.

         A "Disqualified Organization" is (i) the United States, any State or
political subdivision thereof, a foreign government, an international
organization, or any agency or instrumentality of any of the foregoing, (ii) any
organization (other than certain farmers' cooperatives described in Section 521
of the Code) that is exempt from the tax imposed by Chapter 1 of the Code
(including the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iii) rural electric and telephone cooperatives described in
Section 1381 of the Code and (iv) any other Person so designated by the Tax
Administrator based upon an opinion of counsel that the holding of an Ownership
Interest in a Residual Interest Certificate by such Person may cause the Trust
or any Person having an Ownership Interest in any Class of Certificates (other
than such Person) to incur a liability for any federal tax imposed under the
Code that would not otherwise be imposed but for the Transfer of an Ownership
Interest in a Residual Interest Certificate to such Person. The terms "United
States", "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

         A "Disqualified Non-United States Tax Person" is, with respect to any
Residual Interest Certificate, any Non-United States Tax Person or agent thereof
other than: (1) a Non-United States Tax Person that (a) holds such Residual
Interest Certificate and, for purposes of Treasury regulation Section
1.860G-3(a)(3), is subject to tax under Section 882 of the Code, (b) certifies
that it understands that, for purposes of Treasury regulation Section
1.860E-1(c)(4)(ii), as a holder of such Residual Interest

                                      A-6-6
<PAGE>

Certificate for United States federal income tax purposes, it may incur tax
liabilities in excess of any cash flows generated by such Residual Interest
Certificate and intends to pay taxes associated with holding such Residual
Interest Certificate, and (c) has furnished the Transferor and the Trustee with
an effective IRS Form W-8ECI or successor form and has agreed to update such
form as required under the applicable Treasury regulations; or (2) a Non-United
States Tax Person that has delivered to the Transferor, the Trustee and the
Certificate Registrar an opinion of nationally recognized tax counsel to the
effect that (x) the Transfer of such Residual Interest Certificate to it is in
accordance with the requirements of the Code and the regulations promulgated
thereunder and (y) such Transfer of such Residual Interest Certificate will not
be disregarded for United States federal income tax purposes.

         A "Disqualified Partnership" is any domestic entity classified as a
partnership under the Code, if any of its beneficial owners are Disqualified
Non-United States Tax Persons.

         A "Non-United States Tax Person" is any Person other than a United
States Tax Person. A "United States Tax Person" is a citizen or resident of the
United States, a corporation, partnership or other entity created or organized
in, or under the laws of, the United States or any political subdivision
thereof, or an estate whose income from sources without the United States is
includable in gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or business within the
United States, or a trust if a court within the United States is able to
exercise supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust, all within the meaning of Section 7701(a)(30) of the Code.

         No service charge will be imposed for any registration of transfer or
exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

         The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

         Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Fiscal Agent, the Certificate Registrar and any agents of any of them may
treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and none of the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar or
any such agent shall be affected by notice to the contrary.

         The Trust and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in the Trust, and (ii) the purchase by the
Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer or
any Controlling Class Certificateholder at a price determined as provided in the
Agreement of all Mortgage Loans and any REO Properties remaining in the Trust.
The Agreement permits, but does not require, the Depositor, Lehman Brothers
Inc., the Master Servicer, the Special Servicer or any Controlling Class
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties remaining therein. The exercise of such right will effect early
retirement of the

                                     A-6-7
<PAGE>

Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the Initial Pool Balance specified on the face hereof.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent thereunder and the rights of the Certificateholders thereunder, at any
time by the Depositor, the Master Servicer, the Special Servicer, the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 66 2/3% of the Voting Rights allocated to each of the affected Classes.
Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future Holders of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. In addition, the Agreement permits the amendment thereof, in
certain circumstances, with rating confirmation of the ratings on the rated
Classes of Certificates and the consent of the Holders of the unrated Classes of
Certificates. The Agreement also permits the amendment thereof, in certain
circumstances, including any amendment necessary to maintain the status of any
REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

         Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

         The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

         This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of laws principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-6-8
<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class [R-LR] [R-I] [R-II] [R-III] Certificates
referred to in the within-mentioned Agreement.

Dated:  [July 30, 2001]

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Certificate Registrar

                                       By:
                                          --------------------------------------
                                                    Authorized Officer

                                      A-6-9
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

         I (we) further direct the issuance of a new Commercial Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and delivery of such Commercial Mortgage Pass-Through Certificate
to the following address: ______________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Dated:
                                       _________________________________________
                                       Signature by or on behalf of Assignor

                                       _________________________________________
                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to __________________________________
for the account of ____________________________________________________________.

         Distributions made by check (such check to be made payable to
__________________________________________) and all applicable statements and
notices should be mailed to ___________________________________________________.

         This information is provided by __________________________________, the
assignee named above, or ________________________________________, as its agent.

                                     A-6-10
<PAGE>

                                    EXHIBIT B

                       FORM OF DISTRIBUTION DATE STATEMENT
<PAGE>

                                    EXHIBIT C

                         FORM OF CUSTODIAL CERTIFICATION

To the parties listed on the attached Schedule A

     Re: LB-UBS Commercial Mortgage Trust 2001-C3
         Commercial Mortgage Pass Through Certificates, Series 2001-C3
         -------------------------------------------------------------
         (the "Certificates")
         --------------------

Ladies and Gentlemen:

         Pursuant to Section 2.02(b) of the Pooling and Servicing Agreement
dated as of July 11, 2001, relating to the above-referenced Certificates (the
"Agreement"), LaSalle Bank National Association, in its capacity as trustee (the
"Trustee"), hereby certifies as to each Mortgage Loan subject as of the date
hereof to the Agreement (except as identified in the exception report attached
hereto) that: (i) all documents specified in clauses (i) through (v), (vii) and
(viii) (without regard to the second parenthetical in such clause (viii)) of the
definition of "Mortgage File" are in its possession or the possession of a
Custodian on its behalf; (ii) the recordation/filing contemplated by Section
2.01(c) of the Agreement has been completed (based solely on receipt by the
Trustee of the particular recorded/filed documents); (iii) all documents
received by it or any Custodian with respect to such Mortgage Loan have been
reviewed by it or by such Custodian on its behalf and (A) appear regular on
their face (handwritten additions, changes or corrections shall not constitute
irregularities if initialed by the Mortgagor), (B) appear to have been executed
(where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv)
based on the examinations referred to in Section 2.02(a) of the Agreement and in
this Certification and only as to the foregoing documents, the information set
forth in the Mortgage Loan Schedule with respect to the items specified in
clauses (v) and (vi)(B) of the definition of "Mortgage Loan Schedule" accurately
reflects the information set forth in the Mortgage File.

         Neither the Trustee nor any Custodian is under any duty or obligation
to inspect, review or examine any of the documents, instruments, certificates or
other papers relating to the Mortgage Loans delivered to it to determine that
the same are valid, legal, effective, genuine, binding, enforceable, sufficient
or appropriate for the represented purpose or that they are other than what they
purport to be on their face. Furthermore, neither the Trustee nor any Custodian
shall have any responsibility for determining whether the text of any assignment
or endorsement is in proper or recordable form, whether the requisite recording
of any document is in accordance with the requirements of any applicable
jurisdiction, or whether a blanket assignment is permitted in any applicable
jurisdiction. In performing the review contemplated herein, the Trustee or any
Custodian may rely on the Depositor as to the purported genuineness of any such
document and any signature thereon.

<PAGE>

         Capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to them in the Agreement.

                                       Respectfully,

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

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

                                       Name:
                                            ------------------------------------

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

                                       C-2
<PAGE>

                                   Schedule A

First Union National Bank
8739 Research Drive-URP4
Charlotte, North Carolina 20288
Attn:  LB-UBS Commercial Mortgage Trust 2001-C3

Lennar Partners, Inc.
760 NW 107th Avenue, Suite 400
Miami, Florida 33172
Attn:  LB-UBS Commercial Mortgage Trust 2001-C3

Structured Asset Securities Corporation
200 Vesey Street
New York, New York  10285
Attn: LB-UBS Commercial Mortgage Trust 2001-C3

Lehman Brothers Inc.
Three World Financial Center
New York, New York  10285
Attn:  LB-UBS Commercial Mortgage Trust 2001-C3

UBS Warburg LLC
1285 Avenue of the Americas
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2001-C3

Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York  10167
Attn:  LB-UBS Commercial Mortgage Trust 2001-C3

                                       C-3
<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                   -----------

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention: Asset-Backed Securities Trust Services
           Group-LB-UBS Commercial Mortgage Trust 2001-C3

     Re:   LB-UBS Commercial Mortgage Trust 2001-C3,
           Commercial Mortgage Pass-Through Certificates, Series 2001-C3
           -------------------------------------------------------------

         In connection with the administration of the Mortgage Files held by or
on behalf of you as Trustee under that certain Pooling and Servicing Agreement
dated as of July 11, 2001 (the "Pooling and Servicing Agreement"), by and among
Structured Asset Securities Corporation as depositor, the undersigned as master
servicer (the "Master Servicer"), Lennar Partners, Inc. as special servicer (the
"Special Servicer"), you as trustee (the "Trustee") and ABN AMRO Bank N.V. as
fiscal agent, the undersigned hereby requests a release of the Mortgage File (or
the portion thereof specified below) held by or on behalf of you as Trustee with
respect to the following described Mortgage Loan for the reason indicated below.

         Property Name:
                       ---------------------------------------------------------

         Address:
                 ---------------------------------------------------------------

         Control No.:
                     -----------------------------------------------------------

If only particular documents in the Mortgage File are requested, please specify
which:

--------------------------------------------------------------------------------
Reason for requesting file (or portion thereof):

         [ ]  1.  Mortgage Loan paid in full. The undersigned hereby certifies
                  that all amounts received in connection with the Mortgage Loan
                  that are required to be credited to the Custodial Account
                  pursuant to the Pooling and Servicing Agreement, have been or
                  will be so credited.

         [ ]  2.  Other. (Describe)

         The undersigned acknowledges that the above Mortgage File (or requested
portion thereof) will be held by the undersigned in accordance with the
provisions of the Pooling and Servicing Agreement and will be returned to you or
your designee within ten (10) days of our receipt thereof, unless the Mortgage
Loan has been paid in full, in which case the Mortgage File (or such portion
thereof) will be retained by us permanently.

<PAGE>

         Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement.

                                       FIRST UNION NATIONAL BANK

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                     D-1-2

<PAGE>

                                   EXHIBIT D-2

                  FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                   -----------

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:    Asset-Backed Securities Trust Services
              Group-LB-UBS Commercial Mortgage Trust 2001-C3

         Re:  LB-UBS Commercial Mortgage Trust 2001-C3,
              Commercial Mortgage Pass-Through Certificates, Series 2001-C3
              -------------------------------------------------------------

         In connection with the administration of the Mortgage Files held by or
on behalf of you as Trustee under that certain Pooling and Servicing Agreement
dated as of July 11, 2001 (the "Pooling and Servicing Agreement"), by and among
Structured Asset Securities Corporation as depositor, First Union National Bank
as master servicer ( the "Master Servicer"), the undersigned as special servicer
(the "Special Servicer"), you as trustee (the "Trustee") and ABN AMRO Bank N.V.
as fiscal agent, the undersigned hereby requests a release of the Mortgage File
(or the portion thereof specified below) held by or on behalf of you as Trustee
with respect to the following described Mortgage Loan for the reason indicated
below.

         Property Name:
                       ---------------------------------------------------------

         Address:
                 ---------------------------------------------------------------

         Control No.:
                     -----------------------------------------------------------

If only particular documents in the Mortgage File are requested, please specify
which:

--------------------------------------------------------------------------------
Reason for requesting file (or portion thereof):

         [ ]  1.  Mortgage Loan paid in full. The undersigned hereby certifies
                  that all amounts received in connection with the Mortgage Loan
                  that are required to be credited to the Custodial Account
                  pursuant to the Pooling and Servicing Agreement, have been or
                  will be so credited.

         [ ]  2.  Other. (Describe)

         The undersigned acknowledges that the above Mortgage File (or requested
portion thereof) will be held by the undersigned in accordance with the
provisions of the Pooling and Servicing Agreement and will be returned to you or
your designee within ten (10) days of our receipt thereof, unless the Mortgage
Loan has been paid in full, in which case the Mortgage File (or such portion
thereof) will be retained by us permanently.

<PAGE>

         Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement.

                                       LENNAR PARTNERS, INC.

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                     D-2-2
<PAGE>

                                    EXHIBIT E

                     FORM OF LOAN PAYOFF NOTIFICATION REPORT

                        LOAN PAYMENT NOTIFICATION REPORT
                           AS OF _____________________

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
      S4            S55          S61      S58       P7        P8        P10           P11
---------------------------------------------------------------------------------------------

                 SHORT NAME                      SCHEDULED   PAID     CURRENT
                   (WHEN      PROPERTY             LOAN      THRU     INTEREST     MATURITY
PROSPECTUS ID   APPROPRIATE)    TYPE     STATE    BALANCE    DATE       RATE         DATE
---------------------------------------------------------------------------------------------
<S>             <C>             <C>      <C>      <C>        <C>        <C>          <C>
---------------------------------------------------------------------------------------------
SCHEDULED PAYMENTS
---------------------------------------------------------------------------------------------

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

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

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

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

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

---------------------------------------------------------------------------------------------
UNSCHEDULED PAYMENT
---------------------------------------------------------------------------------------------

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

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

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

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

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

---------------------------------------------------------------------------------------------
TOTAL:                                          $
---------------------------------------------------------------------------------------------

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

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

---------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------
    P93           P97          SERVICER ESTIMATED INFORMATION
-------------------------------------------------------------------
 PRECEDING                                 EXPECTED    EXPECTED
 FISCAL YR    MOST RECENT      YIELD       PAYMENT    DISTRIBUTION
 DSCR NCR      DSCR NCF     MAINTENANCE      DATE        DATE
-------------------------------------------------------------------
 <S>          <C>           <C>            <C>        <C>
-------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

-------------------------------------------------------------------
</TABLE>

THE BORROWER HAS ONLY REQUESTED THE INFORMATION TO PAY-OFF. THIS DOES NOT
INDICATE A DEFINITE PAYMENT.

<PAGE>

                                   EXHIBIT F-1

                         FORM OF TRANSFEROR CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                              ___________, 20__

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:     Asset-Backed Securities Trust Services
               Group-LB-UBS Commercial Mortgage Trust 2001-C3

         Re:   LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
               Pass-Through Certificates, Series 2001-C3, Class __, [having an
               initial aggregate [Certificate Principal Balance] [Certificate
               Notional Amount] as of July 30, 2001 (the "Closing Date") of
               $__________] [representing a ___% Percentage Interest in the
               related Class]

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
___________________ (the "Transferor") to _____________________________________
(the "Transferee") of the captioned Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of July 11, 2001, among
Structured Asset Securities Corporation as Depositor, First Union National Bank
as Master Servicer, Lennar Partners, Inc. as Special Servicer, LaSalle Bank
National Association as Trustee and ABN AMRO Bank N.V. as Fiscal Agent. All
capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferor hereby certifies, represents and warrants to you, as Certificate
Registrar, that:

              1. The Transferor is the lawful owner of the Transferred
         Certificates with the full right to transfer such Certificates free
         from any and all claims and encumbrances whatsoever.

              2. Neither the Transferor nor anyone acting on its behalf has (a)
         offered, transferred, pledged, sold or otherwise disposed of any
         Transferred Certificate, any interest in a Transferred Certificate or
         any other similar security to any person in any manner, (b) solicited
         any offer to buy or accept a transfer, pledge or other disposition of
         any Transferred Certificate, any interest in a Transferred Certificate
         or any other similar security from any person in any manner, (c)
         otherwise approached or negotiated with respect to any Transferred
         Certificate, any interest in a Transferred Certificate or any other
         similar security with any person in any manner, (d) made any general
         solicitation with respect to any Transferred Certificate, any interest
         in a Transferred Certificate or any other similar security by means of
         general advertising or in any other manner, or (e) taken any other
         action with respect to any Transferred Certificate, any interest in a
         Transferred Certificate or any other similar security, which (in the
         case of any of the acts described in clauses (a) through (e) hereof)
         would constitute a distribution of the Transferred Certificates under
         the Securities Act of 1933, as amended (the "Securities Act"), would
         render the disposition of the Transferred Certificates a violation of
         Section 5 of the Securities Act or any state securities laws, or would
         require registration or qualification of the Transferred Certificates
         pursuant to the Securities Act or any state securities laws.

<PAGE>

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferor)

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

                                     F-1-2
<PAGE>

                                  EXHIBIT F-2A

                        FORM I OF TRANSFEREE CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                     _____________, 20__

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:      Asset-Backed Securities Trust Services
                Group-LB-UBS Commercial Mortgage Trust 2001-C3

         Re:    LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                Pass-Through Certificates, Series 2001-C3, Class __, [having an
                initial aggregate Certificate Principal Balance [Certificate
                Notional Amount] as of July 30, 2001 (the "Closing Date") of
                $__________] [representing a ___% Percentage Interest in the
                related Class]

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
___________________ (the "Transferor") to _____________________________________
(the "Transferee") of the captioned Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of July 11, 2001, among
Structured Asset Securities Corporation as Depositor, First Union National Bank
as Master Servicer, Lennar Partners, Inc. as Special Servicer, LaSalle Bank
National Association, as Trustee and ABN AMRO Bank N.V. as Fiscal Agent. All
capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferee hereby certifies, represents and warrants to you, as Certificate
Registrar, that:

                  1. The Transferee is a "qualified institutional buyer" (a
         "Qualified Institutional Buyer") as that term is defined in Rule 144A
         ("Rule 144A") under the Securities Act of 1933, as amended (the
         "Securities Act"), and has completed one of the forms of certification
         to that effect attached hereto as Annex 1 and Annex 2. The Transferee
         is aware that the sale to it is being made in reliance on Rule 144A.
         The Transferee is acquiring the Transferred Certificates for its own
         account or for the account of another Qualified Institutional Buyer.
         The Transferee understands that such Transferred Certificates may be
         resold, pledged or transferred only in accordance with Section 5.02 of
         the Pooling and Servicing Agreement and (a) to a person reasonably
         believed to be a Qualified Institutional Buyer that purchases for its
         own account or for the account of another Qualified Institutional Buyer
         to whom notice is given that the resale, pledge or transfer is being
         made in reliance on Rule 144A, or (b) to an "accredited investor" with
         the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) under the
         Securities Act (or an entity in which all the equity owners come within
         such paragraphs) pursuant to another exemption from registration under
         the Securities Act.

                  2. The Transferee has been furnished with all information
         regarding (a) the Depositor, (b) the Transferred Certificates and
         distributions thereon, (c) the nature, performance and servicing of the
         Mortgage Loans, (d) the Pooling and Servicing Agreement and the Trust

<PAGE>

         Fund created pursuant thereto, (e) any credit enhancement mechanism
         associated with the Transferred Certificates, and (f) all related
         matters, that it has requested.

                  3. If the Transferee proposes that the Transferred
         Certificates be registered in the name of a nominee, such nominee has
         completed the Nominee Acknowledgment below.

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferor)

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

                             Nominee Acknowledgment

         The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial owner
thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                       ------------------------------------
                                       (Transferor)

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

                                      F-2A-2
<PAGE>

                                                         ANNEX 1 TO EXHIBIT F-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and [name of Certificate Registrar], as Certificate
Registrar, with respect to the mortgage pass-through certificates (the
"Transferred Certificates") described in the Transferee certificate to which
this certification relates and to which this certification is an Annex:

         1. As indicated below, the undersigned is the chief financial officer,
a person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee").

         2. The Transferee is a "qualified institutional buyer" as that term is
defined in Rule 144A ("Rule 144A") under the Securities Act of 1933, as amended,
because (i) [the Transferee] [each of the Transferee's equity owners] owned
and/or invested on a discretionary basis $______________________ (1) in
securities (other than the excluded securities referred to below) as of the end
of such entity's most recent fiscal year (such amount being calculated in
accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the
category marked below.

         [ ]      Corporation, etc. The Transferee is a corporation (other than
                  a bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or any
                  organization described in Section 501(c)(3) of the Internal
                  Revenue Code of 1986.

         [ ]      Bank. The Transferee (a) is a national bank or a banking
                  institution organized under the laws of any state, U.S.
                  territory or the District of Columbia, the business of which
                  is substantially confined to banking and is supervised by the
                  state or territorial banking commission or similar official or
                  is a foreign bank or equivalent institution, and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, a copy of which is
                  attached hereto, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S. bank, and not more than 18 months preceding
                  such date of sale in the case of a foreign bank or equivalent
                  institution.

         [ ]      Savings and Loan. The Transferee (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a state or federal authority having
                  supervision over any such institutions, or is a foreign
                  savings and loan association or equivalent institution and (b)
                  has an audited net worth of at least $25,000,000 as
                  demonstrated in its latest annual financial statements, a copy
                  of which is attached hereto, as of a date not more than 16
                  months preceding the date of sale of the Transferred
                  Certificates in the case of a U.S.

--------
(1) Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or any
such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

                                      F-2A-3
<PAGE>

                  savings and loan association, and not more than 18 months
                  preceding such date of sale in the case of a foreign savings
                  and loan association or equivalent institution.

         [ ]      Broker-dealer. The Transferee is a dealer registered pursuant
                  to Section 15 of the Securities Exchange Act of 1934, as
                  amended.

         [ ]      Insurance Company. The Transferee is an insurance company
                  whose primary and predominant business activity is the writing
                  of insurance or the reinsuring of risks underwritten by
                  insurance companies and which is subject to supervision by the
                  insurance commissioner or a similar official or agency of a
                  state, U.S. territory or the District of Columbia.

         [ ]      State or Local Plan. The Transferee is a plan established and
                  maintained by a state, its political subdivisions, or any
                  agency or instrumentality of the state or its political
                  subdivisions, for the benefit of its employees.

         [ ]      ERISA Plan. The Transferee is an employee benefit plan within
                  the meaning of Title I of the Employee Retirement Income
                  Security Act of 1974.

         [ ]      Investment Advisor. The Transferee is an investment advisor
                  registered under the Investment Advisers Act of 1940.

         [ ]      QIB Subsidiary. All of the Transferee's equity owners are
                  "qualified institutional buyers" within the meaning of Rule
                  144A.

         [ ]      Other. (Please supply a brief description of the entity and a
                  cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1.)

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

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

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

         3. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee did not
include (i) securities of issuers that are affiliated with such Person, (ii)
securities that are part of an unsold allotment to or subscription by such
Person, if such Person is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps.

         4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee used the
cost of such securities to such Person, unless such Person reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market. Further,
in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries
are consolidated with such Person in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments
of such subsidiaries are managed under such Person's direction. However, such
securities were not included if such Person is a majority-owned, consolidated

                                     F-2A-4
<PAGE>

subsidiary of another enterprise and such Person is not itself a reporting
company under the Securities Exchange Act of 1934, as amended.

         5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee may be in reliance on Rule 144A.

         [ ] Yes  [ ] No   Will the Transferee be purchasing the Transferred
                           Certificates only for the Transferee's own account?

         6. If the answer to the foregoing question is "no," then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

         7. The Transferee will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Transferee's purchase of the Transferred
Certificates will constitute a reaffirmation of this certification as of the
date of such purchase. In addition, if the Transferee is a bank or savings and
loan as provided above, the Transferee agrees that it will furnish to such
parties any updated annual financial statements that become available on or
before the date of such purchase, promptly after they become available.

         Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                                       ------------------------------------
                                       Print Name of Transferee

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

                                     F-2A-5
<PAGE>

                                                         ANNEX 2 TO EXHIBIT F-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and [name of Certificate Registrar], as Certificate
Registrar, with respect to the mortgage pass-through certificates (the
"Transferred Certificates") described in the Transferee certificate to which
this certification relates and to which this certification is an Annex:

         1. As indicated below, the undersigned is the chief financial officer,
a person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee") or, if the
Transferee is a "qualified institutional buyer" as that term is defined in Rule
144A ("Rule 144A") under the Securities Act of 1933, as amended, because the
Transferee is part of a Family of Investment Companies (as defined below), is an
executive officer of the investment adviser (the "Adviser").

         2. The Transferee is a "qualified institutional buyer" as defined in
Rule 144A because (i) the Transferee is an investment company registered under
the Investment Company Act of 1940, and (ii) as marked below, the Transferee
alone owned and/or invested on a discretionary basis, or the Transferee's Family
of Investment Companies owned, at least $100,000,000 in securities (other than
the excluded securities referred to below) as of the end of the Transferee's
most recent fiscal year. For purposes of determining the amount of securities
owned by the Transferee or the Transferee's Family of Investment Companies, the
cost of such securities was used, unless the Transferee or any member of the
Transferee's Family of Investment Companies, as the case may be, reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities of such entity were valued at
market.

         [ ]     The Transferee owned and/or invested on a discretionary basis
                 $___________________ in securities (other than the excluded
                 securities referred to below) as of the end of the
                 Transferee's most recent fiscal year (such amount being
                 calculated in accordance with Rule 144A).

         [ ]     The Transferee is part of a Family of Investment Companies
                 which owned in the aggregate $______________ in securities
                 (other than the excluded securities referred to below) as of
                 the end of the Transferee's most recent fiscal year (such
                 amount being calculated in accordance with Rule 144A).

         3. The term "Family of Investment Companies" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

         4. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Transferee or are part of the
Transferee's Family of Investment Companies, (ii) bank deposit notes and
certificates of deposit, (iii) loan participations, (iv) repurchase agreements,
(v) securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary

                                     F-2A-6
<PAGE>

basis by the Transferee, or owned by the Transferee's Family of Investment
Companies, the securities referred to in this paragraph were excluded.

         5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee will be in reliance on Rule 144A.

         [ ] Yes  [ ] No   Will the Transferee be purchasing the Transferred
                           Certificates only for the Transferee's own account?

         6. If the answer to the foregoing question is "no," then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

         7. The undersigned will notify the parties to which this certification
is made of any changes in the information and conclusions herein. Until such
notice, the Transferee's purchase of the Transferred Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

         8. Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                                       -----------------------------------------
                                       Print Name of Transferee or Adviser

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

                                       IF AN ADVISER:

                                       -----------------------------------------
                                       Print of Transferee

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

                                     F-2A-7
<PAGE>

                                  EXHIBIT F-2B

                        FORM II OF TRANSFEREE CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                       _____________, 20__

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:      Asset-Backed Securities Trust Services
                Group-LB-UBS Commercial Mortgage Trust 2001-C3

         Re:    LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                Pass-Through Certificates, Series 2001-C3, Class __, [having an
                initial aggregate [Certificate Principal Balance] [Certificate
                Notional Amount] as of July 30, 2001 (the "Closing Date") of
                $__________] [representing a ___% Percentage Interest in the
                related Class]

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
___________________ (the "Transferor") to _____________________________________
(the "Transferee") of the captioned Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of July 11, 2001, among
Structured Asset Securities Corporation as Depositor, First Union National Bank
as Master Servicer, Lennar Partners, Inc. as Special Servicer, LaSalle Bank
National Association as Trustee and ABN AMRO Bank N.V. as Fiscal Agent. All
capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferee hereby certifies, represents and warrants to you, as Certificate
Registrar, that:

         1. Transferee is acquiring the Transferred Certificates for its own
account for investment and not with a view to or for sale or transfer in
connection with any distribution thereof, in whole or in part, in any manner
which would violate the Securities Act of 1933, as amended (the "Securities
Act"), or any applicable state securities laws.

         2. Transferee understands that (a) the Transferred Certificates have
not been and will not be registered under the Securities Act or registered or
qualified under any applicable state securities laws, (b) neither the Depositor
nor the Trustee is obligated so to register or qualify the Transferred
Certificates and (c) neither the Transferred Certificates nor any security
issued in exchange therefor or in lieu thereof may be resold or transferred
unless it is (i) registered pursuant to the Securities Act and registered or
qualified pursuant to any applicable state securities laws or (ii) sold or
transferred in a transaction which is exempt from such registration and
qualification and the Certificate Registrar has received (A) a certificate from
the prospective transferor substantially in the form attached as Exhibit F-1 to
the Pooling and Servicing Agreement and a certificate from the prospective
transferee substantially in the form attached either as Exhibit F-2A or Exhibit
F-2B to the Pooling and Servicing Agreement, or (B) an Opinion of Counsel
satisfactory to the Certificate Registrar that the transfer may be made without
registration under the Securities Act, together with the written
certification(s) as to the facts surrounding the transfer from the prospective
transferor and/or prospective transferee upon which such Opinion of Counsel is
based.

<PAGE>

         3. The Transferee understands that it may not sell or otherwise
transfer the Transferred Certificates, any security issued in exchange therefor
or in lieu thereof or any interest in the foregoing except in compliance with
the provisions of Section 5.02 of the Pooling and Servicing Agreement, which
provisions it has carefully reviewed, and that the Transferred Certificates will
bear legends substantially to the following effect:

         THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
         SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER
         DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
         QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE
         SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE
         PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT
         REFERRED TO HEREIN.

         NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO
         (A) ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS
         SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
         AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"),
         OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
         CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF,
         AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR
         OTHER RETIREMENT ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
         OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
         HEREIN.

         4. Neither the Transferee nor anyone acting on its behalf has (a)
offered, transferred, pledged, sold or otherwise disposed of any Transferred
Certificate, any interest in a Transferred Certificate or any other similar
security to any person in any manner, (b) solicited any offer to buy or accept a
transfer, pledge or other disposition of any Transferred Certificate, any
interest in a Transferred Certificate or any other similar security from any
person in any manner, (c) otherwise approached or negotiated with respect to any
Transferred Certificate, any interest in a Transferred Certificate or any other
similar security with any person in any manner, (d) made any general
solicitation by means of general advertising or in any other manner, or (e)
taken any other action, that (in the case of any of the acts described in
clauses (a) through (e) above) would constitute a distribution of the
Transferred Certificates under the Securities Act, would render the disposition
of the Transferred Certificates a violation of Section 5 of the Securities Act
or any state securities law or would require registration or qualification of
the Transferred Certificates pursuant thereto. The Transferee will not act, nor
has it authorized nor will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Transferred Certificates,
any interest in the Transferred Certificates or any other similar security.

         5. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement and the Trust Fund created pursuant thereto, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

                                     F-2B-2
<PAGE>

         6. The Transferee is an "accredited investor" within the meaning of
paragraph (1), (2), (3) or (7) of Rule 501(a) under the Securities Act or an
entity in which all the equity owners come within such paragraphs and has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Transferred
Certificates; the Transferee has sought such accounting, legal and tax advice as
it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such an investment and can
afford a complete loss of such investment.

         7. If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgment below.

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferee)

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

                                     F-2B-3
<PAGE>

                             Nominee Acknowledgment

         The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial owner
thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                       -----------------------------------------
                                       (Nominee)

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

                                     F-2B-4
<PAGE>

                                  EXHIBIT F-2C

                        FORM I OF TRANSFEREE CERTIFICATE
                          FOR TRANSFERS OF INTERESTS IN
                     BOOK-ENTRY NON-REGISTERED CERTIFICATES

                                                              ____________, 20__

[TRANSFEROR]

         Re:    LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                Pass-Through Certificates, Series 2001-C3, Class __, [having an
                initial aggregate [Certificate Principal Balance] [Certificate
                Notional Amount] as of July 30, 2001 (the "Closing Date") of
                $__________] [representing a ___% Percentage Interest in the
                related Class]

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
___________________ (the "Transferor") to _____________________________________
(the "Transferee") through our respective Depository Participants of the
Transferor's beneficial ownership interest (currently maintained on the books
and records of The Depository Trust Company (`DTC") and the Depository
Participants) in the captioned Certificates (the "Transferred Certificates"),
which were issued pursuant to the Pooling and Servicing Agreement (the "Pooling
and Servicing Agreement"), dated as of July 11, 2001, among Structured Asset
Securities Corporation as Depositor, First Union National Bank as Master
Servicer, Lennar Partners, Inc. as Special Servicer, LaSalle Bank National
Association as Trustee and ABN AMRO Bank N.V. as Fiscal Agent. All capitalized
terms used herein and not otherwise defined shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby
certifies, represents and warrants and agrees with you, and for the benefit of
the Depositor, that:

         1. The Transferee is a "qualified institutional buyer" (a "Qualified
Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A") under
the Securities Act of 1933, as amended (the "Securities Act") and has completed
one of the forms of certification to that effect attached hereto as Annex 1 and
Annex 2. The Transferee is aware that the sale to it of the Transferor's
interest in the Transferred Certificates is being made in reliance on Rule 144A.
The Transferee is acquiring such interest in the Transferred Certificates for
its own account or for the account of another Qualified Institutional Buyer.

         2. The Transferee understands that (a) the Transferred Certificates
have not been and will not be registered under the Securities Act or registered
or qualified under any applicable state securities laws, (b) none of the
Depositor, the Trustee or the Certificate Registrar is obligated so to register
or qualify the Transferred Certificates and (c) no interest in the Transferred
Certificates may be resold or transferred unless (i) such Certificates are
registered pursuant to the Securities Act and registered or qualified pursuant
any applicable state securities laws, or (ii) such interest is sold or
transferred in a transaction which is exempt from such registration and
qualification and the Certificate Owner desiring to effect such transfer has
received (A) a certificate from such Certificate Owner's prospective transferee
substantially in the form attached either as Exhibit F-2C or as Exhibit F-2D to
the Pooling and Servicing Agreement or (B) an opinion of counsel to the effect
that such transfer may be made without registration under the Securities Act.

<PAGE>

         3. The Transferee understands that it may not sell or otherwise
transfer the Transferred Certificates or any interest therein except in
compliance with the provisions of Section 5.02 of the Pooling and Servicing
Agreement, which provisions it has carefully reviewed, and that the Transferred
Certificates will bear the following legends:

         THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
         SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER
         DISPOSITION OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH
         REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH
         DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN
         ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
         SERVICING AGREEMENT REFERRED TO HEREIN.

         NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO
         (A) ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS
         SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
         AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"),
         OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
         CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF,
         AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR
         OTHER RETIREMENT ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
         OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
         HEREIN.

         4. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement and the Trust Fund created pursuant thereto, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferee)

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

                                     F-2C-2
<PAGE>

                                                         ANNEX 1 TO EXHIBIT F-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [for Transferees other than Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and for the benefit of Structured Asset Securities
Corporation with respect to the mortgage pass-through certificates being
transferred in book-entry form (the "Transferred Certificates") as described in
the Transferee certificate to which this certification relates and to which this
certification is an Annex:

         1. As indicated below, the undersigned is the chief financial officer,
a person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee").

         2. The Transferee is a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act of 1933, as amended ("Rule 144A")
because (i) [the Transferee] [each of the Transferee's equity owners] owned
and/or invested on a discretionary basis $______________________ (1) in
securities (other than the excluded securities referred to below) as of the end
of such entity's most recent fiscal year (such amount being calculated in
accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the
category marked below.

         [ ]      Corporation, etc. The Transferee is a corporation (other than
                  a bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or any
                  organization described in Section 501(c)(3) of the Internal
                  Revenue Code of 1986.

         [ ]      Bank. The Transferee (a) is a national bank or a banking
                  institution organized under the laws of any state, U.S.
                  territory or the District of Columbia, the business of which
                  is substantially confined to banking and is supervised by the
                  state or territorial banking commission or similar official or
                  is a foreign bank or equivalent institution, and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, a copy of which is
                  attached hereto, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S. bank, and not more than 18 months preceding
                  such date of sale in the case of a foreign bank or equivalent
                  institution.

         [ ]      Savings and Loan. The Transferee (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a state or federal authority having
                  supervision over any such institutions or is a foreign savings
                  and loan association or equivalent institution and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual

--------------
(1) Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or any
such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

                                     F-2C-3
<PAGE>

                  financial statements, a copy of which is attached hereto, as
                  of a date not more than 16 months preceding the date of sale
                  of the Transferred Certificates in the case of a U.S. savings
                  and loan association, and not more than 18 months preceding
                  such date of sale in the case of a foreign savings and loan
                  association or equivalent institution.

         [ ]      Broker-dealer. The Transferee is a dealer registered pursuant
                  to Section 15 of the Securities Exchange Act of 1934, as
                  amended.

         [ ]      Insurance Company. The Transferee is an insurance company
                  whose primary and predominant business activity is the writing
                  of insurance or the reinsuring of risks underwritten by
                  insurance companies and which is subject to supervision by the
                  insurance commissioner or a similar official or agency of a
                  state, U.S. territory or the District of Columbia.

         [ ]      State or Local Plan. The Transferee is a plan established and
                  maintained by a state, its political subdivisions, or any
                  agency or instrumentality of the state or its political
                  subdivisions, for the benefit of its employees.

         [ ]      ERISA Plan. The Transferee is an employee benefit plan within
                  the meaning of Title I of the Employee Retirement Income
                  Security Act of 1974.

         [ ]      Investment Advisor. The Transferee is an investment advisor
                  registered under the Investment Advisers Act of 1940, as
                  amended.

         [ ]      QIB Subsidiary. All of the Transferee's equity owners are
                  "qualified institutional buyers" within the meaning of Rule
                  144A.

         [ ]      Other. (Please supply a brief description of the entity and a
                  cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1.)

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

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

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

         3. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee did not
include (i) securities of issuers that are affiliated with such Person, (ii)
securities that are part of an unsold allotment to or subscription by such
Person, if such Person is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps.

         4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee used the
cost of such securities to such Person, unless such Person reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market. Further,
in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries
are consolidated with such Person in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments
of such subsidiaries are managed under such Person's

                                     F-2C-4
<PAGE>

direction. However, such securities were not included if such Person is a
majority-owned, consolidated subsidiary of another enterprise and such Person is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

         5. The Transferee acknowledges that it is familiar with Rule 144A and
understands that the Transferor and other parties related to the Transferred
Certificates are relying and will continue to rely on the statements made herein
because one or more sales to the Transferee may be in reliance on Rule 144A.

         [ ] Yes  [ ] No   Will the Transferee be purchasing the Transferred
                           Certificates only for the Transferee's own account?

         6. If the answer to the foregoing question is "no", then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

         7. The Transferee will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Transferee's purchase of the Transferred
Certificates will constitute a reaffirmation of this certification as of the
date of such purchase. In addition, if the Transferee is a bank or savings and
loan as provided above, the Transferee agrees that it will furnish to such
parties any updated annual financial statements that become available on or
before the date of such purchase, promptly after they become available.

         8. Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                                       -----------------------------------------
                                       Print Name of Transferee

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

                                     F-2C-5
<PAGE>

                                                         ANNEX 2 TO EXHIBIT F-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [for Transferees that are Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and for the benefit of Structured Asset Securities
Corporation with respect to the mortgage pass-through certificates being
transferred in book-entry form (the "Transferred Certificates") as described in
the Transferee certificate to which this certification relates and to which this
certification is an Annex:

         1. As indicated below, the undersigned is the chief financial officer,
a person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee") or, if the
Transferee is a "qualified institutional buyer" as that term is defined in Rule
144A under the Securities Act of 1933, as amended ("Rule 144A"), because the
Transferee is part of a Family of Investment Companies (as defined below), is an
executive officer of the investment adviser (the "Adviser").

         2. The Transferee is a "qualified institutional buyer" as defined in
Rule 144A because (i) the Transferee is an investment company registered under
the Investment Company Act of 1940, as amended, and (ii) as marked below, the
Transferee alone owned and/or invested on a discretionary basis, or the
Transferee's Family of Investment Companies owned, at least $100,000,000 in
securities (other than the excluded securities referred to below) as of the end
of the Transferee's most recent fiscal year. For purposes of determining the
amount of securities owned by the Transferee or the Transferee's Family of
Investment Companies, the cost of such securities was used, unless the
Transferee or any member of the Transferee's Family of Investment Companies, as
the case may be, reports its securities holdings in its financial statements on
the basis of their market value, and no current information with respect to the
cost of those securities has been published, in which case the securities of
such entity were valued at market.

         [ ]      The Transferee owned and/or invested on a discretionary basis
                  $___________________ in securities (other than the excluded
                  securities referred to below) as of the end of the
                  Transferee's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         [ ]      The Transferee is part of a Family of Investment Companies
                  which owned in the aggregate $______________ in securities
                  (other than the excluded securities referred to below) as of
                  the end of the Transferee's most recent fiscal year (such
                  amount being calculated in accordance with Rule 144A).

         3. The term "Family of Investment Companies" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

         4. The terms "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee or are part of the
Transferee's Family of Investment Companies, (ii) bank deposit notes and
certificates of deposit, (iii) loan participations, (iv) repurchase agreements,
(v) securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary

                                     F-2C-6
<PAGE>

basis by the Transferee, or owned by the Transferee's Family of Investment
Companies, the securities referred to in this paragraph were excluded.

         5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee will be in reliance on Rule 144A.

         Yes [ ]  No [ ]   Will the Transferee be purchasing the Transferred
                           Certificates only for the Transferee's own account?

         6. If the answer to the foregoing question is "no", then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

         7. The undersigned will notify the parties to which this certification
is made of any changes in the information and conclusions herein. Until such
notice, the Transferee's purchase of the Transferred Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

                                     F-2C-7
<PAGE>

         8. Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                                        ------------------------------------
                                        Print Name of Transferee or Adviser

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

                                        IF AN ADVISER:

                                        ----------------------------------------
                                        Print Name of Transferee

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

                                     F-2C-8
<PAGE>

                                  EXHIBIT F-2D

                        FORM II OF TRANSFEREE CERTIFICATE
      FOR TRANSFERS OF INTERESTS IN BOOK-ENTRY NON-REGISTERED CERTIFICATES

                                                              ____________, 20__

[TRANSFEROR]

         Re:    LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                Pass-Through Certificates, Series 2001-C3, Class __, [having an
                initial aggregate [Certificate Principal Balance] [Certificate
                Notional Amount] as of July 30, 2001 (the "Closing Date") of
                $__________] [representing a ___% Percentage Interest in the
                related Class]

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
___________________ (the "Transferor") to _____________________________________
(the "Transferee") through our respective Depository Participants of the
Transferor's beneficial ownership interest (currently maintained on the books
and records of The Depository Trust Company ("DTC") and the Depository
Participants) in the captioned Certificates (the "Transferred Certificates"),
which were issued pursuant to the Pooling and Servicing Agreement (the "Pooling
and Servicing Agreement"), dated as of July 11, 2001, among Structured Asset
Securities Corporation as Depositor, First Union National Bank as Master
Servicer, Lennar Partners, Inc. as Special Servicer, LaSalle Bank National
Association as Trustee and ABN AMRO Bank N.V. as Fiscal Agent. All capitalized
terms used herein and not otherwise defined shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby
certifies, represents and warrants to you and agrees with you, and for the
benefit of the Depositor, that:

         1. The Transferee is acquiring the Transferor's beneficial ownership
interest in the Transferred Certificates for its own account for investment and
not with a view to or for sale or transfer in connection with any distribution
thereof, in whole or in part, in any manner which would violate the Securities
Act of 1933, as amended (the "Securities Act"), or any applicable state
securities laws.

         2. The Transferee understands that (a) the Transferred Certificates
have not been and will not be registered under the Securities Act or registered
or qualified under any applicable state securities laws, (b) none of the
Depositor, the Trustee or the Certificate Registrar is obligated so to register
or qualify the Transferred Certificates, and (c) no interest in the Transferred
Certificates may be resold or transferred unless (i) such Certificates are
registered pursuant to the Securities Act and registered or qualified pursuant
any applicable state securities laws, or (ii) such interest is sold or
transferred in a transaction which is exempt from such registration and
qualification and the Certificate Owner desiring to effect such transfer has
received (A) a certificate from such Certificate Owner's prospective transferee
substantially in the form attached either as Exhibit F-2C or as Exhibit F-2D to
the Pooling and Servicing Agreement or (B) an opinion of counsel to the effect
that such transfer may be made without registration under the Securities Act.

         3. The Transferee understands that it may not sell or otherwise
transfer the Transferred Certificates or any interest therein except in
compliance with the provisions of Section 5.02 of the Pooling and Servicing
Agreement, which provisions it has carefully reviewed, and that the Transferred
Certificates will bear the following legends:

<PAGE>

         THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
         SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER
         DISPOSITION OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH
         REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH
         DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN
         ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
         SERVICING AGREEMENT REFERRED TO HEREIN.

         NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO
         (A) ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS
         SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
         AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"),
         OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
         CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF,
         AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR
         OTHER RETIREMENT ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
         OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
         HEREIN.

         4. Neither the Transferee nor anyone acting on its behalf has (a)
offered, transferred, pledged, sold or otherwise disposed of any Transferred
Certificate, any interest in a Transferred Certificate or any other similar
security to any person in any manner, (b) solicited any offer to buy or accept a
transfer, pledge or other disposition of any Transferred Certificate, any
interest in a Transferred Certificate or any other similar security from any
person in any manner, (c) otherwise approached or negotiated with respect to any
Transferred Certificate, any interest in a Transferred Certificate or any other
similar security with any person in any manner, (d) made any general
solicitation with respect to any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security by means of general
advertising or in any other manner, or (e) taken any other action with respect
to any Transferred Certificate, any interest in a Transferred Certificate or any
other similar security, which (in the case of any of the acts described in
clauses (a) through (e) above) would constitute a distribution of the
Transferred Certificates under the Securities Act, would render the disposition
of the Transferred Certificates a violation of Section 5 of the Securities Act
or any state securities law or would require registration or qualification of
the Transferred Certificates pursuant thereto. The Transferee will not act, nor
has it authorized nor will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Transferred Certificates,
any interest in the Transferred Certificates or any other similar security.

         5. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement and the Trust Fund created pursuant thereto, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

                                     F-2D-2
<PAGE>

         6. The Transferee is an "accredited investor" as defined in any of
paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an
entity in which all of the equity owners come within such paragraphs. The
Transferee has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the
Transferred Certificates; the Transferee has sought such accounting, legal and
tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such
investment and can afford a complete loss of such investment.

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferee)

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

                                     F-2D-3
<PAGE>

                                  EXHIBIT F-2E

                      FORM OF REGULATION S CERTIFICATE FOR
          ACQUISITIONS OF INTERESTS IN REGULATION S GLOBAL CERTIFICATES

                                                              [Date]

[TRANSFEROR]

         Re:    LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                Pass-Through Certificates, Series 2001-C3, Class __.

Ladies and Gentlemen:

         This letter is delivered to you in connection with the Transfer by
_________________ (the "Transferor") to _____________________ (the "Transferee")
through our respective Depository Participants of the Transferor's beneficial
ownership interest currently maintained on the books and records of The
Depository Trust Company ("DTC") and the Depository Participant in Class __
Certificates having an initial [Certificate Principal Balance] [Certificate
Notional Amount] of $___________ (the "Transferred Certificates"). The
Certificates, including the Transferred Certificates, were issued pursuant to
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of July 11, 2001, among Structured Asset Securities Corporation as
Depositor, First Union National Bank as Master Servicer, Lennar Partners, Inc.
as Special Servicer, LaSalle Bank National Association as Trustee and ABN AMRO
Bank N.V. as Fiscal Agent. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to and
agrees with you, and for the benefit of the Depositor, that the Transferee is
not a United States Securities Person.

         For purposes of this certification, "United States Securities Person"
means (i) any natural person resident in the United States, (ii) any partnership
or corporation organized or incorporated under the laws of the United States;
(iii) any estate of which any executor or administrator is a United States
Securities Person, other than any estate of which any professional fiduciary
acting as executor or administrator is a United States Securities Person if an
executor or administrator of the estate who is not a United States Securities
Person has sole or shared investment discretion with respect to the assets of
the estate and the estate is governed by foreign law, (iv) any trust of which
any trustee is a United States Securities Person, other than a trust of which
any professional fiduciary acting as trustee is a United States Securities
Person if a trustee who is not a United States Securities Person has sole or
shared investment discretion with respect to the trust assets and no beneficiary
of the trust (and no settlor if the trust is revocable) is a United States
Securities Person, (v) any agency or branch of a foreign entity located in the
United States, unless the agency or branch operates for valid business reasons
and is engaged in the business of insurance or banking and is subject to
substantive insurance or banking regulation, respectively, in the jurisdiction
where located, (vi) any non-discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary for the benefit or
account of a United States Securities Person, (vii) any discretionary account or
similar account (other than an estate or trust) held by a dealer or other
fiduciary organized, incorporated or (if an individual) resident in the United
States, other than one held for the benefit or account of a non-United States
Securities Person by a dealer or other professional fiduciary organized,
incorporated or (if an individual) resident in the United States, (viii) any
partnership or corporation if (a) organized or incorporated under the laws of
any foreign jurisdiction and (b) formed

<PAGE>

by a United States Securities Person principally for the purpose of investing in
securities not registered under the Securities Act (as defined below), unless it
is organized or incorporated, and owned, by "accredited investors" (as defined
in Rule 501(a)) under the United States Securities Act of 1933, as amended (the
"Securities Act"), who are not natural persons, estates or trusts; provided,
however, that the International Monetary Fund, the International Bank for
Reconstruction and Development, the Inter-American Development Bank, the Asian
Development Bank, the African Development Bank, the United Nations and their
agencies, affiliates and pension plans, any other similar international
organization, their agencies, affiliates and pension plans shall not constitute
United States Securities Persons.

         We understand that this certification is required in connection with
certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection
with which this certification is or would be relevant, we irrevocably authorize
you to produce this certification to any interested party in such proceedings.

Dated:  __________, 20__

                                       By:
                                          --------------------------------------
                                          As, or as agent for, the  beneficial
                                          owner(s) of the Certificates to which
                                          this certificate relates.

                                     F-2E-2
<PAGE>

                                   EXHIBIT G-1

                        FORM I OF TRANSFEREE CERTIFICATE
        IN CONNECTION WITH ERISA (DEFINITIVE NON-REGISTERED CERTIFICATES)

                                                         _____________, 20__

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:    Asset-Backed Securities Trust Services
              Group-LB-UBS Commercial Mortgage Trust 2001-C3

         Re:  LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
              Pass-Through Certificates, Series 2001-C3 (the "Certificates")

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
Class ______ Certificates [having an initial aggregate Certificate Principal
Balance as of July 30, 2001 (the "Closing Date") of $__________] [evidencing a
____% Percentage Interest in the related Class] (the "Transferred
Certificates"). The Certificates, including the Transferred Certificates, were
issued pursuant to the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of July 11, 2001, among Structured Asset
Securities Corporation as depositor, First Union National Bank as master
servicer, Lennar Partners, Inc. as special servicer, LaSalle Bank National
Association as trustee and ABN AMRO Bank N.V. as fiscal agent. All capitalized
terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby
certifies, represents and warrants to you as Certificate Registrar, as follows
(check the applicable paragraph):

[ ]      The Transferee (A) is not an employee benefit plan or other retirement
         arrangement, including an individual retirement account or annuity, a
         Keogh plan or a collective investment fund or separate account in which
         such plans, accounts or arrangements are invested, including, without
         limitation, an insurance company general account, that is subject to
         ERISA or the Code (each, a "Plan"), and (B) is not directly or
         indirectly purchasing the Transferred Certificates on behalf of, as
         named fiduciary of, as trustee of, or with assets of a Plan; or

[ ]      The Transferee is using funds from an insurance company general account
         to acquire the Transferred Certificates, however, the purchase and
         holding of such Certificates by such Person is exempt from the
         prohibited transaction provisions of Sections 406 and 407 of ERISA and
         the excise taxes imposed on such prohibited transactions by Section
         4975 of the Code, under Sections I and III of Prohibited Transaction
         Class Exemption 95-60.

[ ]      The Transferred Certificates are rated in one of the four highest
         generic rating categories by either Rating Agency and are being
         acquired by or on behalf of a Plan in reliance on Prohibited
         Transaction Exemption 91-14 and such Plan (X) is an accredited investor
         as defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y)
         is not sponsored (within the meaning of Section 3(16)(B) of ERISA) by
         the Trustee, the Depositor, any of the Mortgage Loan Seller, the Master
         Servicer, the Special Servicer, any Sub-Servicer or any Mortgagor with
         respect to

<PAGE>

         Mortgage Loans constituting more than 5% of the aggregate unamortized
         principal balance of all the Mortgage Loans determined on the date of
         the initial issuance of the Certificates, or by any Affiliate of such
         Person and (Z) agrees that it will obtain from each of its Transferees
         that are Plans, a written representation that such Transferee, if a
         Plan, satisfies the requirements of the immediately preceding clauses
         (X) and (Y), together with a written agreement that such Transferee
         will obtain from each of its Transferees that are Plans a similar
         written representation regarding satisfaction of the requirements of
         the immediately preceding clauses (X) and (Y).

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferee)

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

                                     G-1-2
<PAGE>

                                   EXHIBIT G-2

                        FORM II OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
                    (BOOK-ENTRY NON-REGISTERED CERTIFICATES)

                                                              [Date]

[TRANSFEROR]

         Re:   LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
               Pass-Through Certificates, Series 2001-C3, (the "Certificates")

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
______________________ (the "Transferor") to _________________ (the
"Transferee") through our respective Depository Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Corporation ("DTC") and the Depository Participants) in
Class ___ Certificates [having an initial aggregate Certificate Principal
Balance as of July 30, 2001 (the "Closing Date") of $__________] [evidencing a
____% Percentage Interest in the related Class] (the "Transferred
Certificates"). The Certificates, including the Transferred Certificates, were
issued pursuant to the Pooling and Servicing Agreement, dated as of July 11,
2001 (the "Pooling and Servicing Agreement"), among Structured Asset Securities
Corporation, as depositor, First Union National Bank as master servicer, Lennar
Partners, Inc. as special servicer, LaSalle Bank National Association as trustee
and ABN AMRO Bank N.V. as fiscal agent. All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferee hereby certifies, represents and
warrants to you as follows (check the applicable paragraph):

[ ]      The Transferee (A) is not an employee benefit plan or other retirement
         arrangement, including an individual retirement account or annuity, a
         Keogh plan or a collective investment fund or separate account in which
         such plans, accounts or arrangements are invested, including, without
         limitation, an insurance company general account, that is subject to
         ERISA or the Code (each, a "Plan"), and (B) is not directly or
         indirectly purchasing an interest in the Transferred Certificates on
         behalf of, as named fiduciary of, as trustee of, or with assets of a
         Plan;

[ ]      The Transferee is using funds from an insurance company general account
         to acquire an interest in the Transferred Certificates, however, the
         purchase and holding of such interest by such Person is exempt from the
         prohibited transaction provisions of Sections 406(a) and (b) and 407 of
         ERISA and the excise taxes imposed on such prohibited transactions by
         Sections 4975(a) and (b) of the Code, under Sections I and III of
         Prohibited Transaction Class Exemption 95-60.

[ ]      The Transferred Certificates are rated in one of the four highest
         generic rating categories by either Rating Agency and an interest in
         such Certificates is being acquired by or on behalf of a Plan in
         reliance on Prohibited Transaction Exemption 91-14 and such Plan (X) is
         an accredited investor as defined in Rule 501(a)(1) of Regulation D of
         the Securities Act, (Y) is not sponsored (within the meaning of Section
         3(16)(B) of ERISA) by the Trustee, the Depositor, any of the Mortgage
         Loan Sellers, the Master Servicer, the Special Servicer, any
         Sub-Servicer or any Mortgagor with respect to Mortgage Loans
         constituting more than 5% of the aggregate unamortized principal
         balance of all the Mortgage Loans determined on the date of the initial
         issuance of the Certificates, or by any Affiliate of such Person and
         (Z) agrees that it will obtain from each of its

<PAGE>

         Transferees that are Plans, a written representation that such
         Transferee, if a Plan, satisfies the requirements of the immediately
         preceding clauses (X) and (Y), together with a written agreement that
         such Transferee will obtain from each of its Transferees that are Plans
         a similar written representation regarding satisfaction of the
         requirements of the immediately preceding clauses (X) and (Y).

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferee)

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

                                     G-2-2
<PAGE>

                                   EXHIBIT H-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
                    REGARDING RESIDUAL INTEREST CERTIFICATES

TRANSFER AFFIDAVIT PURSUANT TO
SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

         Re:   LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
               Pass-Through Certificates, Series 2001-C3 (the "Certificates")
               issued pursuant to the Pooling and Servicing Agreement (the
               "Pooling and Servicing Agreement"), dated as of July 11, 2001,
               among Structured Asset Securities Corporation as Depositor, First
               Union National Bank as Master Servicer, Lennar Partners, Inc. as
               Special Servicer, LaSalle Bank National Association as Trustee
               and ABN AMRO Bank N.V. as Fiscal Agent.

STATE OF            )
                    )       ss.: ____________________
COUNTY OF           )

         I, _________________________, under penalties of perjury, declare that,
to the best of my knowledge and belief, the following representations are true,
correct and complete, and being first sworn, depose and say that:

         1. I am a __________________________ of ______________________________
(the "Purchaser"), on behalf of which I have the authority to make this
affidavit.

         2. The Purchaser is acquiring [Class R-LR] [Class R-I] [Class R-II]
[Class R-III] Certificates representing ________% of the residual interest in
[each of] the real estate mortgage investment conduit[s] ([each,] a "REMIC")
designated as ["REMIC I"] ["REMIC II"] ["REMIC III"], [respectively], relating
to the Certificates for which an election is to be made under Section 860D of
the Internal Revenue Code of 1986 (the "Code").

         3. The Purchaser is not a "Disqualified Organization" (as defined
below), and that the Purchaser is not acquiring the [Class R-LR] [Class R-I]
[Class R-II] [Class R-III] Certificates for the account of, or as agent or
nominee of, or with a view to the transfer of direct or indirect record or
beneficial ownership thereof, to a Disqualified Organization. For the purposes
hereof, a Disqualified Organization is any of the following: (i) the United
States, (ii) any state or political subdivision thereof, (iii) any foreign
government, (iv) any international organization, (v) any agency or
instrumentality of any of the foregoing, (vi) any tax-exempt organization (other
than a cooperative described in Section 521 of the Code) which is exempt from
the tax imposed by Chapter 1 of the Code unless such organization is subject to
the tax imposed by Section 511 of the Code, (vii) any organization described in
Section 1381(a)(2)(C) of the Code, or (viii) any other entity designated as a
"disqualified organization" by relevant legislation amending the REMIC
Provisions and in effect at or proposed to be effective as of the time of
determination. In addition, a corporation will not be treated as an
instrumentality of the United States or of any state or political subdivision
thereof if all of its activities are subject to tax (except for the Federal Home
Loan Mortgage Corporation) and a majority of its board of directors is not
selected by such governmental unit. The terms "United States" and "international
organization" shall have the meanings set forth in Section 7701 of the Code.

<PAGE>

         4. The Purchaser acknowledges that Section 860E(e) of the Code would
impose a substantial tax on the transferor or, in certain circumstances, on an
agent for the transferee, with respect to any transfer of any interest in any
[Class R-LR] [Class R-I] [Class R-II] [Class R-III] Certificates to a
Disqualified Organization.

         5. No purpose of the acquisition of the [Class R-LR] [Class R-I] [Class
R-II] [Class R-III] Certificates is to impede the assessment or collection of
tax

         6. [Check the statement that applies]

o   If the Transferor requires the safe harbor under Revenue Procedure 2001-12,
    I.R.B. 2001-2 (December 8, 2000) to apply:

         a) In accordance with Revenue Procedure 2001-12, I.R.B. 2001-2
(December 8, 2000), the Purchaser (i) is an "eligible corporation" as defined in
Section 860L(a)(2) of the Code, as to which the income of [Class R-LR] [Class
R-I] [Class R-II] [Class R-III] Certificates will only be subject to taxation in
the United States, (ii) has, and has had in each of its two preceding fiscal
years, gross assets for financial reporting purposes(excluding any obligation of
a person related to the transferee within the meaning of Section 860L(g) of the
Code) in excess of $100 million and net assets of $10 million, and (iii) hereby
agrees only to transfer the Certificate to another corporation meeting the
criteria set forth in Revenue Procedure 2001-12; ........................... [ ]

         or

         b) The Purchaser is a United States Person and the consideration paid
to the Purchaser for accepting the [Class R-LR] [Class R-I] [Class R-II] [Class
R-III] Certificates is greater than the present value of the anticipated net
federal income taxes and tax benefits ("Tax Liability Present Value") associated
with owning such Certificates, with such present value computed using a discount
rate equal to the "applicable federal rate" prescribed by Section 1274 of the
Code as of the date hereof (with all applicable computations done in accordance
with Revenue Procedure 2001-12) or, to the extent it is not, if the Transferee
has asserted that it regularly borrows, in the ordinary course of its trade or
business, substantial funds from unrelated third parties at a lower interest
rate than such applicable federal rate and the consideration paid to the
Purchaser is greater than the Tax Liability Present Value using such lower
interest rate as the discount rate, the transactions with the unrelated third
party lenders, the interest rate or rates, the date or dates of such
transactions, and the maturity dates or, in the case of adjustable rate debt
instruments, the relevant adjustment dates or periods, with respect to such
borrowings, are accurately stated in Exhibit A to this letter............... [ ]

o   If the Transferor does not require the safe harbor under Revenue Procedure
    2001-12 to apply:

         a) The Purchaser is a "United States person" as defined in Section
7701(a) of the Code and the regulations promulgated thereunder (the Purchaser's
U.S. taxpayer identification number is __________). The Purchaser is not
classified as a partnership under the Code (or, if so classified, all of its
beneficial owners are United States persons);............................... [ ]

         or

         b) The Purchaser is not a United States person. However, the Purchaser:

                                     H-1-2
<PAGE>

              (a) conducts a trade or business within the United States and, for
         purposes of Treasury Regulation Section 1.860G-3(a)(3), is subject to
         tax under Section 882 of the Code;

              (b) understands that, for purposes of Treasury Regulation Section
         1.860E-1(c)(4)(ii), as a holder of a [Class R-LR] [Class R-I] [Class
         R-II] [Class R-III] Certificate for United States federal income tax
         purposes, it may incur tax liabilities in excess of any cash flows
         generated by such [Class R-LR] [Class R-I] [Class R-II] [Class R-III]
         Certificate;

              (c) intends to pay the taxes associated with holding a [Class
         R-LR] [Class R-I] [Class R-II] [Class R-III] Certificate; and

              (d) is not classified as a partnership under the Code (or, if so
         classified, all of its beneficial owners either satisfy clauses (a),
         (b) and (c) of this sentence or are United States persons)......... [ ]

         7. The Purchaser historically has paid its debts as they have come due
and intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the [Class R-LR] [Class R-I] [Class
R-II] [Class R-III] Certificates as they become due.

         8. The Purchaser understands that it may incur tax liabilities with
respect to the [Class R-LR] [Class R-I] [Class R-II] [Class R-III] Certificates
in excess of any cash flows generated by such Certificates.

         9. The Purchaser will not transfer the [Class R-LR] [Class R-I] [Class
R-II] [Class R-III] Certificates to any person or entity as to which the
Purchaser has not received an affidavit substantially in the form of this
affidavit or to any person or entity as to which the Purchaser has actual
knowledge that the requirements set forth in paragraphs 3, 5 or 7 hereof are not
satisfied, or to any person or entity with respect to which the Purchaser has
not (at the time of such transfer) satisfied the requirements under the Code to
conduct a reasonable investigation of the financial condition of such person or
entity (or its current beneficial owners if such person or entity is classified
as a partnership under the Code).

         10. The Purchaser agrees to such amendments of the Pooling and
Servicing Agreement as may be required to further effectuate the prohibition
against transferring the [Class R-LR] [Class R-I] [Class R-II] [Class R-III]
Certificates to a Disqualified Organization, an agent thereof or a person that
does not satisfy the requirements of paragraphs 5 and 7.

         11. The Purchaser consents to the designation of the Trustee as the
agent of the Tax Matters Person of [the [related] Loan REMIC[(s)] [REMIC I]
[REMIC II] [REMIC III] pursuant to Section 10.01(d) of the Pooling and Servicing
Agreement.

         Capitalized terms used but not defined herein have the meanings
assigned thereto in the Pooling and Servicing Agreement.

                                     H-1-3
<PAGE>

         IN WITNESS WHEREOF, the Purchaser has caused this instrument to be duly
executed on its behalf by its duly authorized officer this ___ day of
__________________.

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

         Personally appeared before me __________________ known or proved to me
to be the same person who executed the foregoing instrument and to be
a_______________________ of the Purchaser, and acknowledged to me that he/she
executed the same as his/her free act and deed and as the free act and deed of
the Purchaser.

                  Subscribed and sworn before me this
                  ____ day of _______________.

                  ------------------------------------
                  Notary Public

                                     H-1-4
<PAGE>

                                   EXHIBIT H-2

                         FORM OF TRANSFEROR CERTIFICATE
                    REGARDING RESIDUAL INTEREST CERTIFICATES

                                                              [Date]

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services
                  Group-LB-UBS Commercial Mortgage Trust 2001-C3

         Re:      LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                  Pass-Through Certificates, Series 2001-C3 (the "Certificates")

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
[Class R-LR] [Class R-I] [Class R-II] [Class R-III] Certificates evidencing a
____% Percentage Interest in such Class (the "Residual Interest Certificates").
The Certificates, including the Residual Interest Certificates, were issued
pursuant to the Pooling and Servicing Agreement, dated as of July 11, 2001 (the
"Pooling and Servicing Agreement"), among Structured Asset Securities
Corporation, as depositor, First Union National Bank as master servicer, Lennar
Partners, Inc. as special servicer, LaSalle Bank National Association as trustee
and ABN AMRO Bank N.V. as fiscal agent. All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Certificate Registrar, that:

         1. No purpose of the Transferor relating to the transfer of the
Residual Interest Certificates by the Transferor to the Transferee is or will be
to impede the assessment or collection of any tax.

         2. The Transferor understands that the Transferee has delivered to you
a Transfer Affidavit and Agreement in the form attached to the Pooling and
Servicing Agreement as Exhibit H-1. The Transferor does not know or believe that
any representation contained therein is false.

<PAGE>

         3. The Transferor has at the time of this transfer conducted a
reasonable investigation of the financial condition of the Transferee (or the
beneficial owners of the Transferee if it is classified as a partnership under
the Code) as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and,
as a result of that investigation, the Transferor has determined that the
Transferee has historically paid its debts as they became due and has found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due in the future. The Transferor understands that the
transfer of the Residual Interest Certificates may not be respected for United
States income tax purposes (and the Transferor may continue to be liable for
United States income taxes associated therewith) unless the Transferor has
conducted such an investigation.

                                       Very truly yours,

                                       ------------------------------------
                                       (Transferee)

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

                                      H-2-2
<PAGE>

                                   EXHIBIT I-1

                        FORM OF NOTICE AND ACKNOWLEDGMENT

                                                              [Date]

Standard & Poor's Ratings Services
   a division of The McGraw-Hill Companies, Inc.
55 Water Street, 41st  Floor
New York, New York  10041
Attention:  Commercial Surveillance Department

Fitch Inc.
One State Street Plaza, 28th Floor
New York, New York  10007
Attention:  CMBS Surveillance Manager

Ladies and Gentlemen:

         This notice is being delivered pursuant to Section 6.09 of the Pooling
and Servicing Agreement, dated as of July 11, 2001 and relating to LB-UBS
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2001-C3 (the "Agreement"). Capitalized terms used but not otherwise defined
herein shall have respective meanings assigned to them in the Agreement.

         Notice is hereby given that the Holders of Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class have designated
________________ to serve as the Special Servicer under the Agreement.

         The designation of __________________ as Special Servicer will become
final if certain conditions are met and you deliver to _________________, the
trustee under the Agreement (the "Trustee"), written confirmation that if the
person designated to become the Special Servicer were to serve as such, such
event would not result in the qualification, downgrade or withdrawal of the
rating or ratings assigned by you to one or more Classes of the Certificates.
Accordingly, such confirmation is hereby requested as soon as possible.

<PAGE>

         Please acknowledge receipt of this notice by signing the enclosed copy
of this notice where indicated below and returning it to the Trustee, in the
enclosed stamped self-addressed envelope.

                                       Very truly yours,

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

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

Receipt acknowledged:

STANDARD & POOR'S RATINGS SERVICES

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

FITCH, INC.

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

                                     I-1-2

<PAGE>

                                   EXHIBIT I-2

               FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                                              [Date]

[TRUSTEE]
[MASTER SERVICER]
[DEPOSITOR]
[FISCAL AGENT]

         Re:      LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                  Pass-Through Certificates, Series 2001-C3

Ladies and Gentlemen:

         Pursuant to Section 6.09 of the Pooling and Servicing Agreement, dated
as of July 11, 2001, relating to LB-UBS Commercial Mortgage Trust 2001-C3,
Commercial Mortgage Pass-Through Certificates, Series 2001-C3 (the "Agreement"),
the undersigned hereby agrees with all the other parties to the Agreement that
the undersigned shall serve as Special Servicer under, and as defined in, the
Agreement. The undersigned hereby acknowledges that, as of the date hereof, it
is and shall be a party to the Agreement and bound thereby to the full extent
indicated therein in the capacity of Special Servicer. The undersigned hereby
makes, as of the date hereof, the representations and warranties set forth in
Section 3.23 of the Agreement, with the following corrections with respect to
type of entity and jurisdiction of organization: ____________________.

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

<PAGE>

                                    EXHIBIT J

                        FORM OF UCC-1 FINANCING STATEMENT

<PAGE>

                                                         SCHEDULE 1 TO EXHIBIT J

         This Schedule 1 is attached to and incorporated in a financing
statement pertaining to Structured Asset Securities Corporation as depositor
(referred to as the "Debtor" for the purpose of this financing statement only),
and LaSalle Bank National Association as trustee for the holders of the Debtor's
LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through
Certificates, Series 2001-C3 (referred to as the "Secured Party" for purposes of
this financing statement only), under that certain Pooling and Servicing
Agreement, dated as of July 11, 2001 (the "Pooling and Servicing Agreement"),
among the Debtor as depositor, the Secured Party as trustee, First Union
National Bank as master servicer (the "Master Servicer"), Lennar Partners, Inc.
as special servicer (the "Special Servicer") and ABN AMRO Bank N.V. as fiscal
agent relating to the issuance of the Debtor's LB-UBS Commercial Mortgage Trust
2001-C3, Commercial Mortgage Pass-Through Certificates, Series 2001-C3.
Capitalized terms used herein and not defined shall have the respective meanings
given to them in the Pooling and Servicing Agreement.

         The attached financing statement covers all of the Debtor's right
(including the power to convey title thereto), title and interest in and to the
Trust Fund created pursuant to the Pooling and Servicing Agreement, consisting
of the following:

         (1) the mortgage loans listed on the Mortgage Loan Schedule attached
hereto as Exhibit A (the "Mortgage Loans");

         (2) the note or other evidence of indebtedness of the related borrower
under each Mortgage Loan (the "Mortgage Note"), the related mortgage, deed of
trust or other similar instrument securing such Mortgage Note (the "Mortgage")
and each other legal, credit and servicing document related to such Mortgage
Loan (collectively with the related Mortgage Note and Mortgage, the "Mortgage
Loan Documents");

         (3) (a) the Custodial Accounts and the Defeasance Deposit Account
required to be maintained by the Master Servicer pursuant to the Pooling and
Servicing Agreement, (b) all funds from time to time on deposit in the Custodial
Accounts and the Defeasance Deposit Account, (c) the investments of any such
funds consisting of securities, instruments or other obligations, and (d) the
general intangibles consisting of the contractual right to payment, including,
without limitation, the right to payments of principal and interest and the
right to enforce the related payment obligations, arising from or under any such
investments;

         (4) all REO Property acquired in respect of defaulted Mortgage Loans;

         (5) (a) the REO Accounts required to be maintained by the Special
Servicer pursuant to the Pooling and Servicing Agreement, (b) all funds from
time to time on deposit in the REO Accounts, (c) the investments of any such
funds consisting of securities, instruments or other obligations, and (d) the
general intangibles consisting of the contractual right to payment, including,
without limitation, the right to payments of principal and interest and the
right to enforce the related payment obligations, arising from or under any such
investments;

         (6) (a) the Servicing Accounts and the Reserve Accounts required to be
maintained by the Master Servicer and/or the Special Servicer pursuant to the
Pooling and Servicing Agreement, (b) all funds from time to time on deposit in
the Servicing Accounts and the Reserve Accounts, (c) the investments of any such
funds consisting of securities, instruments or other obligations, and (d) the

                                      J-2
<PAGE>

general intangibles consisting of the contractual right to payment, including,
without limitation, the right to payments of principal and interest and the
right to enforce the related payment obligations, arising from or under any such
investments;

         (7) (a) the Collection Account and the Interest Reserve Account
required to be maintained by the Secured Party pursuant to the Pooling and
Servicing Agreement, (b) all funds from time to time on deposit in the
Collection Account and the Interest Reserve Account, (c) the investments of any
such funds consisting of securities, instruments or other obligations, and (d)
the general intangibles consisting of the contractual right to payment,
including, without limitation, the right to payments of principal and interest
and the right to enforce the related payment obligations, arising from or under
any such investments;

         (8) All insurance policies, including the right to payments thereunder,
with respect to the Mortgage Loans required to be maintained pursuant to the
Mortgage Loan Documents and the Pooling and Servicing Agreement, transferred to
the Trust and to be serviced by the Master Servicer or Special Servicer pursuant
to the Pooling and Servicing Agreement;

         (9) any and all general intangibles (as defined in the Uniform
Commercial Code) consisting of, arising from or relating to any of the
foregoing; and

         (10) any and all income, payments, proceeds and products of any of the
foregoing.

THE DEBTOR AND THE SECURED PARTY INTEND THE TRANSACTIONS CONTEMPLATED BY THE
POOLING AND SERVICING AGREEMENT TO CONSTITUTE A SALE OF ALL THE DEBTOR'S RIGHT,
TITLE AND INTEREST IN, TO AND UNDER THE MORTGAGE LOANS, THE MORTGAGE NOTES, THE
RELATED MORTGAGES AND THE OTHER RELATED MORTGAGE LOAN DOCUMENTS EVIDENCED BY THE
SERIES 2001-C3 CERTIFICATES, AND THIS FILING SHOULD NOT BE CONSTRUED AS A
CONCLUSION THAT A SALE HAS NOT OCCURRED. THE REFERENCES HEREIN TO MORTGAGE NOTES
SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT ANY MORTGAGE NOTE IS NOT AN
INSTRUMENT WITHIN THE MEANING OF THE UNIFORM COMMERCIAL CODE, AS IN EFFECT IN
ANY APPLICABLE JURISDICTION, OR THAT A FILING IS NECESSARY TO PERFECT THE
OWNERSHIP OR SECURITY INTEREST OF THE SECURED PARTY WITH RESPECT TO THE MORTGAGE
LOANS OR IN ANY MORTGAGE NOTE, MORTGAGE OR OTHER MORTGAGE LOAN DOCUMENT. IN
ADDITION, THE REFERENCES HEREIN TO SECURITIES, INSTRUMENTS AND OTHER OBLIGATIONS
SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT ANY SUCH SECURITY, INSTRUMENT OR
OTHER OBLIGATION IS NOT AN INSTRUMENT, A CERTIFICATED SECURITY OR AN
UNCERTIFICATED SECURITY WITHIN THE MEANING OF THE UNIFORM COMMERCIAL CODE, AS IN
EFFECT IN ANY APPLICABLE JURISDICTION, NOR SHOULD THIS FINANCING STATEMENT BE
CONSTRUED AS A CONCLUSION THAT A FILING IS NECESSARY TO PERFECT THE OWNERSHIP OR
SECURITY INTEREST OF THE SECURED PARTY IN THE CONTRACTUAL RIGHT TO PAYMENT,
INCLUDING, WITHOUT LIMITATION, THE RIGHT TO PAYMENTS OF PRINCIPAL AND INTEREST
AND THE RIGHT TO ENFORCE THE RELATED PAYMENT OBLIGATIONS, ARISING FROM OR UNDER
ANY SUCH SECURITY, INSTRUMENT OR OTHER OBLIGATION. WITH RESPECT TO THE
FOREGOING, THIS FILING IS MADE ONLY IN THE EVENT OF CONTRARY ASSERTIONS BY THIRD
PARTIES.

                                      J-3
<PAGE>

                             EXHIBIT A TO SCHEDULE 1

                      (See attached Mortgage Loan Schedule)

<PAGE>

                                    EXHIBIT K

        SUB-SERVICERS IN RESPECT OF WHICH SUB-SERVICING AGREEMENTS ARE IN
                EFFECT OR BEING NEGOTIATED AS OF THE CLOSING DATE

Legg Mason Real Estate Services, Inc.
L.J. Melody & Company of Texas
Laureate Capital Corp.
NorthMarq Capital Group, Inc.
Mid-North Financial Services, Inc.
Collateral Mortgage, Ltd.

<PAGE>

                                   EXHIBIT L-1

      FORM OF INFORMATION REQUEST/INVESTOR CERTIFICATION FOR WEBSITE ACCESS
                        FROM CERTIFICATE [HOLDER][OWNER]

                                                              [Date]

[LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:      Asset-Backed Securities Trust Services
                Group-LB-UBS Commercial Mortgage Trust 2001-C3]

First Union National Bank
8739 Research Drive-URP4
Charlotte, North Carolina 20288
Attention:      LB-UBS Commercial Mortgage Trust 2001-C3]

         Re:    LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                Pass-Through Certificates, Series 2001-C3

         In accordance with the provisions of the Pooling and Servicing
Agreement, dated as of July 11, 2001 (the "Pooling and Servicing Agreement"),
among Structured Asset Securities Corporation, as depositor (the "Depositor"),
First Union National Bank as master servicer, Lennar Partners, Inc. as special
servicer, LaSalle Bank National Association as trustee (the "Trustee") and ABN
AMRO Bank N.V. as fiscal agent, with respect to LB-UBS Commercial Mortgage Trust
2001-C3, Commercial Mortgage Pass-Through Certificates, Series 2001-C3 (the
"Certificates"), the undersigned hereby certifies and agrees as follows:

         1.   The undersigned is a [beneficial owner][registered holder] of the
              Class _____ Certificates.

         2.   The undersigned is requesting (Please check as applicable):

              (i)  [ ]  the information (the "Information") identified on the
                        schedule attached hereto pursuant to Section 8.14 of the
                        Pooling and Servicing Agreement; or

              (ii) [ ]  a password pursuant to Section 4.02 of the Pooling and
                        Servicing Agreement for access to information (also, the
                        "Information") provided on the [Trustee's] [Master
                        Servicer's] Internet Website.

         3.   In consideration of the [Trustee's] [Master Servicer's] disclosure
              to the undersigned of the Information, the undersigned will keep
              the Information confidential (except from such outside persons as
              are assisting it in evaluating its interest in Certificates, from
              its accountants and attorneys, and otherwise from such
              governmental or banking authorities to which the undersigned is
              subject), and such Information will not, without the prior written
              consent of the [Trustee] [Master Servicer], be disclosed by the
              undersigned or by its officers, directors, partners, employees,
              agents or representatives (collectively, the "Representatives") in
              any manner whatsoever, in whole or in part; provided that the

<PAGE>

              undersigned may provide all or any part of the Information to any
              other person or entity that holds or is contemplating the purchase
              of any Certificate or interest therein, but only if such person or
              entity confirms in writing such ownership interest or prospective
              ownership interest and agrees to keep it confidential.

         4.   The undersigned will not use or disclose the Information in any
              manner which could result in a violation of any provision of the
              Securities Act of 1933, as amended, (the "Securities Act"), or the
              Securities Exchange Act of 1934, as amended, or would require
              registration of any Certificate pursuant to Section 5 of the
              Securities Act.

                                      L-1-2
<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                       [BENEFICIAL OWNER OF A CERTIFICATE]
                                       [REGISTERED HOLDER OF A CERTIFICATE]

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

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

                                     L-1-3
<PAGE>

                                   EXHIBIT L-2

         FORM OF INFORMATION REQUEST/INVESTOR CERTIFICATION FOR WEBSITE
                        ACCESS FROM PROSPECTIVE INVESTOR

                                                              [Date]

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:      Asset-Backed Securities Trust Services
                Group-LB-UBS Commercial Mortgage Trust 2001-C3

         Re:    LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage
                Pass-Through Certificates, Series 2001-C3

         In accordance with the provisions of the Pooling and Servicing
Agreement, dated as of July 11, 2001 (the "Pooling and Servicing Agreement"),
among Structured Asset Securities Corporation as depositor (the "Depositor"),
First Union National Bank as master servicer, Lennar Partners, Inc. as special
servicer, LaSalle Bank National Association as trustee (the "Trustee") and ABN
AMRO Bank N.V. as fiscal agent, with respect to LB-UBS Commercial Mortgage Trust
2001-C3, Commercial Mortgage Pass-Through Certificates, Series 2001-C3 (the
"Certificates"), the undersigned hereby certifies and agrees as follows:

         1.   The undersigned is contemplating an investment in the Class _____
              Certificates.

         2.   The undersigned is requesting (please check as applicable):

              (i)  [ ]  information (the "Information") for use in evaluating
                        the possible investment described above as identified on
                        the schedule attached hereto pursuant to Section 8.14 of
                        the Pooling and Servicing Agreement; or

              (ii) [ ]  a password pursuant to Section 4.02 of the Pooling and
                        Servicing Agreement for access to information (also, the
                        "Information") provided on the Trustee's Internet
                        Website.

         3.   In consideration of the Trustee's disclosure to the undersigned of
              the Information, the undersigned will keep the Information
              confidential (except from such outside person as are assisting it
              in making the investment decision described in paragraph 1 above,
              from its accountants and attorneys, and otherwise from such
              governmental or banking authorities and agencies to which the
              undersigned is subject), and such Information will not, without
              the prior written consent of the Trustee, be disclosed by the
              undersigned or by its officers, directors, partners, employees,
              agents or representatives (collectively, the "Representatives") in
              any manner whatsoever, in whole or in part.

         4.   The undersigned will not use or disclose the Information in any
              manner which could result in a violation of any provision of the
              Securities Act of 1933, as amended ( the "Securities Act"), or the
              Securities Exchange Act of 1934, as amended, or would require
              registration of any Certificate pursuant to Section 5 of the
              Securities Act.

<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                       [PROSPECTIVE PURCHASER OF A CERTIFICATE]

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

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

                                      L-2-2
<PAGE>

                                    EXHIBIT M

                        FORM OF DEFEASANCE CERTIFICATION

<PAGE>

                        FORM OF NOTICE AND CERTIFICATION
                      REGARDING DEFEASANCE OF MORTGAGE LOAN

   FOR LOANS HAVING BALANCE OF (A) $5,000,000 OR LESS, OR (B) LESS THAN 1% OF
                   OUTSTANDING POOL BALANCE, WHICHEVER IS LESS

To:      Standard & Poor's Ratings Services
         55 Water Street
         New York, New York 10041
         Attn:  Commercial Mortgage Surveillance

From:    _____________________________________, in its capacity as master
         servicer (the "Master Servicer") under the Pooling and Servicing
         Agreement dated as of July 11, 2000 (the "Pooling and Servicing
         Agreement"), among Structured Asset Securities Corporation as
         Depositor, the Master Servicer, Lennar Partners, Inc. as special
         servicer, LaSalle Bank National Association as trustee (the "Trustee"),
         and ABN AMRO Bank N.V. as fiscal agent.

Date:    _________, 20___

Re:      LB-UBS Commercial Mortgage Trust 2000-C5, Commercial Mortgage
         Pass-Through Certificates Series 2000-C3

Mortgage loan (the "Mortgage Loan") identified by loan number _____ on the
Mortgage Loan Schedule attached to the Pooling and Servicing Agreement and
heretofore secured by the Mortgaged Properties identified on the Mortgage Loan
Schedule by the following names: ______________________________
________________________________________________________________________________
Reference is made to the Pooling and Servicing Agreement described above.
Capitalized terms used but not defined herein have the meanings assigned to such
terms in the Pooling and Servicing Agreement.

As Master Servicer under the Pooling and Servicing Agreement, we hereby:

1.       Notify you that the Mortgagor has consummated a defeasance of the
         Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
         checked below:

         [ ]      a full defeasance of the payments scheduled to be due in
                  respect of the entire unpaid principal balance of the Mortgage
                  Loan; or

         [ ]      a partial defeasance of the payments scheduled to be due in
                  respect of a portion of the unpaid principal balance of the
                  Mortgage Loan that represents ___% of the entire unpaid
                  principal balance of the Mortgage Loan and, under the
                  Mortgage, has an allocated loan amount of $____________ or
                  _______% of the entire unpaid principal balance;

2.       Certify as to each of the following, and any additional explanatory
         notes set forth on Exhibit A hereto:

                                      M-2
<PAGE>

         a.       The Mortgage Loan documents permit the defeasance, and the
                  terms and conditions for defeasance specified therein were
                  satisfied in all material respects in completing the
                  defeasance.

         b.       The defeasance was consummated on __________, 20__.

         c.       The defeasance collateral consists of securities that (i)
                  constitute "government securities" as defined in Section
                  2(a)(16) of the Investment Company Act of 1940 as amended (15
                  U.S.C. 80a-1), (ii) are listed as "Qualified Investments for
                  `AAA' Financings" under Paragraphs 1, 2 or 3 of "Cash Flow
                  Approach" in Standard & Poor's Public Finance Criteria 2000,
                  as amended to the date of the defeasance, (iii) are rated
                  `AAA' by Standard & Poor's, (iv) if they include a principal
                  obligation, provide for a predetermined fixed dollar amount of
                  principal due at maturity that cannot vary or change, and (v)
                  are not subject to prepayment, call or early redemption. Such
                  securities have the characteristics set forth below:

                         CUSIP RATE MAT PAY DATES ISSUED
                         -------------------------------

         d.       The Master Servicer received an opinion of counsel (from
                  counsel approved by Master Servicer in accordance with the
                  Servicing Standard) that the defeasance will not result in an
                  Adverse REMIC Event.

         e.       The Master Servicer determined that the defeasance collateral
                  will be owned by an entity (the "Defeasance Obligor") as to
                  which one of the statements checked below is true:

                  [ ]   the related Mortgagor was a Single-Purpose Entity (as
                        defined in Standard & Poor's Structured Finance Ratings
                        Real Estate Finance Criteria, as amended to the date of
                        the defeasance (the "S&P Criteria")) as of the date of
                        the defeasance, and after the defeasance owns no assets
                        other than the defeasance collateral and real property
                        securing Mortgage Loan included in the pool.

                  [ ]   the related Mortgagor designated a Single-Purpose Entity
                        (as defined in the S&P Criteria) to own the defeasance
                        collateral; or

                  [ ]   the Master Servicer designated a Single-Purpose Entity
                        (as defined in the S&P Criteria) established for the
                        benefit of the Trust to own the defeasance collateral.

         f.       The Master Servicer received a broker or similar confirmation
                  of the credit, or the accountant's letter described below
                  contained statements that it reviewed a broker or similar
                  confirmation of the credit, of the defeasance collateral to an
                  Eligible Account (as defined in the S&P Criteria) in the name
                  of the Defeasance Obligor, which account is maintained as a
                  securities account by the Trustee acting as a securities
                  intermediary.

         g.       As securities intermediary, the Trustee is obligated to make
                  the scheduled payments on the Mortgage Loan from the proceeds
                  of the defeasance collateral directly to the Master Servicer's
                  collection account in the amounts and on the dates specified
                  in the Mortgage Loan documents or, in a partial defeasance,
                  the portion of such scheduled payments attributed to the
                  allocated loan amount for the real property defeased,
                  increased by any

                                      M-3
<PAGE>

                  defeasance premium specified in the Mortgage Loan documents
                  (the "Scheduled Payments").

         h.       The Master Servicer received from the Mortgagor written
                  confirmation from a firm of independent certified public
                  accountants, who were approved by the Master Servicer in
                  accordance with the Servicing Standard, stating that (i)
                  revenues from principal and interest payments made on the
                  defeasance collateral (without taking into account any
                  earnings on reinvestment of such revenues) will be sufficient
                  to timely pay each of the Scheduled Payments after the
                  defeasance including the payment in full of the Mortgage Loan
                  (or the allocated portion thereof in connection with a partial
                  defeasance) on its Maturity Date (or, in the case of an ARD
                  Loan, on its Anticipated Repayment Date), (ii) the revenues
                  received in any month from the defeasance collateral will be
                  applied to make Scheduled Payments within four (4) months
                  after the date of receipt, and (iii) interest income from the
                  defeasance collateral to the Defeasance Obligor in any
                  calendar or fiscal year will not exceed such Defeasance
                  Obligor's interest expense for the Mortgage Loan (or the
                  allocated portion thereof in a partial defeasance) for such
                  year.

         i.       The Master Servicer received opinions from counsel, who were
                  approved by the Master Servicer in accordance with the
                  Servicing Standard, that (i) the agreements executed by the
                  Mortgagor and/or the Defeasance Obligor in connection with the
                  defeasance are enforceable against them in accordance with
                  their terms, and (ii) the Trustee will have a perfected, first
                  priority security interest in the defeasance collateral
                  described above.

         j.       The agreements executed in connection with the defeasance (i)
                  permit reinvestment of proceeds of the defeasance collateral
                  only in Permitted Investments (as defined in the S&P
                  Criteria), (ii) permit release of surplus defeasance
                  collateral and earnings on reinvestment to the Defeasance
                  Obligor or the Mortgagor only after the Mortgage Loan has been
                  paid in full, if any such release is permitted, (iii) prohibit
                  any subordinate liens against the defeasance collateral, and
                  (iv) provide for payment from sources other than the
                  defeasance collateral or other assets of the Defeasance
                  Obligor of all fees and expenses of the securities
                  intermediary for administering the defeasance and the
                  securities account and all fees and expenses of maintaining
                  the existence of the Defeasance Obligor.

         k.       The entire unpaid principal balance of the Mortgage Loan as of
                  the date of defeasance was $___________ [$5,000,000 or less or
                  less than one percent of pool balance, whichever is less]
                  which is less than 1% of the aggregate unpaid principal
                  balance of the Mortgage Pool as of the date of the most recent
                  Distribution Date Statement received by us (the "Current
                  Report").

         l.       The defeasance described herein, together with all prior and
                  simultaneous defeasances of Mortgage Loans, brings the total
                  of all fully and partially defeased Mortgage Loans to
                  $__________________, which is _____% of the aggregate unpaid
                  principal balance of the Mortgage Pool as of the date of the
                  Current Report.

3.       Certify that Exhibit B hereto is a list of the material agreements,
         instruments, organizational documents for the Defeasance Obligor, and
         opinions of counsel and independent accountants executed and delivered
         in connection with the defeasance described above and that originals or
         copies of such agreements, instruments and opinions have been
         transmitted to the Trustee for placement in the related Mortgage File
         or, to the extent not required to be part of the related

                                      M-4
<PAGE>

         Mortgage File, are in the possession of the Master Servicer as part of
         the Master Servicer's servicing file.

4.       Certify and confirm that the determinations and certifications
         described above were rendered in accordance with the Servicing Standard
         set forth in, and the other applicable terms and conditions of, the
         Pooling and Servicing Agreement; and

5.       Certify that the individual under whose hand the Master Servicer has
         caused this Notice and Certification to be executed did constitute a
         Servicing Officer as of the date of the defeasance described above.

6.       Agree to provide copies of all items listed in Exhibit B to you upon
         request.

         IN WITNESS WHEREOF, the Master Servicer has caused this Notice and
Certification to be executed as of the date captioned above.

                                    MASTER SERVICER:
                                                    ----------------------------
                                    By:
                                       -----------------------------------------
                                    Name:
                                    Title:

                                      M-5Exhibit 10.1

EXHIBIT 10.1

AMENDMENT NO. 1

TO THE

AMENDED AND RESTATED BYLAWS

OF

EQUITY OFFICE PROPERTIES TRUST

EFFECTIVE JULY 13, 2001

This will confirm that effective as of July 13, 2001, Section 7 of Article IV
of the Trust’s Amended and Restated Bylaws has been amended and restated in its
entirety as follows:

	 	 	 
	 	Section 7.   EXECUTIVE COMMITTEE. The Executive Committee shall be
composed of not less than three Trustees and, subject to the
exceptions hereafter described, established for the purpose of
undertaking or authorizing, on behalf of the Board, any and all
actions which might be undertaken or authorized by the Board
itself; provided that, in the absence of further resolution from
the Board, the Executive Committee shall not be empowered (i) to
bind the Trust in respect to any acquisition, disposition or
development which has not been approved by or reported to the
Board and which, when aggregated with all other such unreported
and unapproved acquisitions, dispositions or developments, exceeds
Two Hundred Million Dollars ($200,000,000), calculated without
regard to any non-recourse indebtedness; (ii) to approve any
merger or other re-organization of the Trust; (iii) to make any
recommendation to the shareholders of the Trust; (iv) to elect any
individual to the office of executive vice-president or higher of
the Trust; (v) to amend the Bylaws of the Trust; (vi) to undertake
any action which is within the jurisdiction of any other committee
of the Board; (vii) to enter into any transaction in which any
member of the Executive Committee has a material financial
interest which is adverse to the Trust; (viii) to remove or
appoint any Trustee; or (viii) to borrow or enter into agreements
to borrow in excess of Two Hundred Fifty Million Dollars
($250,000,000) individually or in the aggregate, in loans which
have not been reported to or approved by the Board; and provided
further that the Executive Committee is expressly empowered, upon
its determination that any such increase in purchase price or
decrease in sales price or increase in development budget is
required in order to close a given transaction, or to effect a
development project previously approved by the Board, to increase
any purchase price or development budget or to decrease any sales
price previously approved by the Board by an amount not greater
than the lesser of (x) five percent (5%) of the purchase or sales
price or development budget previously approved by the Board or
(y) Fifty Million Dollars ($50,000,000).	 

	 	 
	 	/s/ Robin Mariella

	 	Robin Mariella

	 	Assistant Secretary

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