Document:

<PAGE>

                                                                     Exhibit 4.1

                                                                EXECUTION COPY

                    STRUCTURED ASSET SECURITIES CORPORATION,
                                 as Depositor

                                       and

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                               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

                         Dated as of September 11, 2002

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

                                 $1,455,238,297

                    LB-UBS Commercial Mortgage Trust 2002-C4

                 Commercial Mortgage Pass-Through Certificates,
                                 Series 2002-C4

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                       PAGE
                                                                                                                       ----
<S>                        <C>                                                                                         <C>
                                                        ARTICLE I

                                     DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

SECTION 1.01.              Defined Terms..................................................................................7
SECTION 1.02.              General Interpretive Principles...............................................................80

                                                       ARTICLE II

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

SECTION 2.01.              Creation of Trust; Conveyance of Mortgage Loans...............................................81
SECTION 2.02.              Acceptance of Trust Fund by Trustee...........................................................83
SECTION 2.03.              Repurchase of Mortgage Loans for Document Defects and Breaches of Representations
                             and Warranties..............................................................................85
SECTION 2.04.              Representations, Warranties and Covenants of the Depositor....................................87
SECTION 2.05.              Acceptance of Grantor Trust Assets by Trustee; Issuance of the Class V Certificates..........104
SECTION 2.06.              Execution, Authentication and Delivery of Class R-LR Certificates; Creation of Loan
                             REMIC Regular Interests....................................................................104
SECTION 2.07.              Conveyance of Loan REMIC Regular Interests; Acceptance of the Loan REMICs by
                             Trustee....................................................................................104
SECTION 2.08.              Execution, Authentication and Delivery of Class R-I Certificates; Creation of REMIC
                             I Regular Interests........................................................................105
SECTION 2.09.              Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee...................105
SECTION 2.10.              Execution, Authentication and Delivery of Class R-II Certificates; Creation of
                             REMIC II Regular Interests.................................................................105
SECTION 2.11.              Conveyance of REMIC II Regular Interests; Acceptance of REMIC III by Trustee.................106
SECTION 2.12.              Execution, Authentication and Delivery of REMIC III Certificates.............................106

                                                       ARTICLE III

                                     ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.              Administration of the Loans..................................................................107
SECTION 3.02.              Collection of Loan Payments..................................................................109
SECTION 3.03.              Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve
                             Accounts...................................................................................111

                                                          -i-

<PAGE>

                                                                                                                       PAGE
                                                                                                                       ----

SECTION 3.04.              Pool Custodial Account, Defeasance Deposit Account, Collection Account, Interest
                             Reserve Account and Excess Liquidation Proceeds Account....................................113
SECTION 3.04A.             Valley Fair Mall Custodial Account...........................................................117

SECTION 3.05.              Permitted Withdrawals From the Pool Custodial Account, the Collection Account, the
                             Interest Reserve Account and the Excess Liquidation Proceeds Account.......................119
SECTION 3.05A.             Permitted Withdrawals From the Valley Fair Mall Custodial Account............................125

SECTION 3.06.              Investment of Funds in the Servicing Accounts, the Reserve Accounts, the Defeasance
                             Deposit Account, the Custodial Accounts and the REO Accounts...............................128
SECTION 3.07.              Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage;
                             Environmental Insurance....................................................................130
SECTION 3.08.              Enforcement of Alienation Clauses............................................................134
SECTION 3.09.              Realization Upon Defaulted Loans; Required Appraisals; Appraisal Reduction
                             Calculation................................................................................136
SECTION 3.10.              Trustee and Custodian to Cooperate; Release of Mortgage Files................................141
SECTION 3.11.              Servicing Compensation; Payment of Expenses; Certain Matters Regarding Servicing
                             Advances...................................................................................143
SECTION 3.12.              Property Inspections; Collection of Financial Statements; Delivery of Certain
                             Reports....................................................................................148
SECTION 3.12A.             Delivery of Certain Reports to the Valley Fair Mall Companion Loan Noteholder................151

SECTION 3.12B.             Statements to the Valley Fair Mall Companion Loan Noteholder.................................152

SECTION 3.13.              Annual Statement as to Compliance............................................................153
SECTION 3.14.              Reports by Independent Public Accountants....................................................153
SECTION 3.15.              Access to Certain Information................................................................154
SECTION 3.16.              Title to REO Property; REO Accounts..........................................................155
SECTION 3.17.              Management of REO Property...................................................................157
SECTION 3.17A.             Management and Disposition of the Valley Fair Mall Mortgaged Property After
                             Becoming REO Property......................................................................160

SECTION 3.18.              Sale of Mortgage Loans and REO Properties....................................................163
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.........................................................................167
SECTION 3.20.              Modifications, Waivers, Amendments and Consents; Defeasance..................................169
SECTION 3.21.              Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping...........174
SECTION 3.22.              Sub-Servicing Agreements.....................................................................176
SECTION 3.23.              Representations and Warranties of the Master Servicer........................................178
SECTION 3.24.              Representations and Warranties of the Special Servicer.......................................180

                                                          -ii-

<PAGE>
                                                                                                                       PAGE
                                                                                                                       ----

SECTION 3.25.              Certain Matters Regarding the Purchase of the Valley Fair Mall Mortgage Loan.................181
SECTION 3.26.              Application of Default Charges...............................................................182

                                                       ARTICLE IV

                             PAYMENTS TO CERTIFICATEHOLDERS; REPORTS TO CERTIFICATEHOLDERS

SECTION 4.01.              Distributions................................................................................184
SECTION 4.02.              Statements to Certificateholders; CMSA Loan Periodic Update File.............................200
SECTION 4.03.              P&I Advances.................................................................................207
SECTION 4.03A.             P&I Advances on the Valley Fair Mall Loan Pair...............................................210

SECTION 4.04.              Allocation of Realized Losses and Additional Trust Fund Expenses.............................213
SECTION 4.05.              Calculations.................................................................................215
SECTION 4.06.              Use of Agents................................................................................215

                                                        ARTICLE V

                                                    THE CERTIFICATES

SECTION 5.01.              The Certificates.............................................................................216
SECTION 5.02.              Registration of Transfer and Exchange of Certificates........................................216
SECTION 5.03.              Book-Entry Certificates......................................................................224
SECTION 5.04.              Mutilated, Destroyed, Lost or Stolen Certificates............................................225
SECTION 5.05.              Persons Deemed Owners........................................................................226

                                                       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.................................227
SECTION 6.02.              Continued Qualification and Compliance of Master Servicer; Merger, Consolidation or
                             Conversion of Depositor, Master Servicer or Special Servicer...............................227
SECTION 6.03.              Limitation on Liability of Depositor, Master Servicer and Special Servicer...................227
SECTION 6.04.              Resignation of Master Servicer and the Special Servicer......................................229
SECTION 6.05.              Rights of Depositor, Trustee and the Valley Fair Mall Companion Loan Noteholder in
                             Respect of the Master Servicer and the Special Servicer....................................229
SECTION 6.06.              Depositor, Master Servicer and Special Servicer to Cooperate with Trustee....................230
SECTION 6.07.              Depositor, Special Servicer and Trustee to Cooperate with Master Servicer....................230

                                                         -iii-

<PAGE>

                                                                                                                       PAGE
                                                                                                                       ----

SECTION 6.08.              Depositor, Master Servicer and Trustee to Cooperate with Special Servicer....................230
SECTION 6.09.              Designation of Special Servicer and Controlling Class Representative by the
                             Controlling Class..........................................................................230
SECTION 6.10.              Master Servicer or Special Servicer as Owner of a Certificate................................232
SECTION 6.11.              Certain Powers of the Controlling Class Representative.......................................232
SECTION 6.11A.             Certain Powers of the Valley Fair Mall Companion Loan Noteholder.............................236

                                                       ARTICLE VII

                                                         DEFAULT

SECTION 7.01.              Events of Default............................................................................239
SECTION 7.02.              Trustee to Act; Appointment of Successor.....................................................244
SECTION 7.03.              Notification to Certificateholders...........................................................245
SECTION 7.04.              Waiver of Events of Default..................................................................245
SECTION 7.05.              Additional Remedies of Trustee Upon Event of Default.........................................246

                                                      ARTICLE VIII

                                                 CONCERNING THE TRUSTEE

SECTION 8.01.              Duties of Trustee............................................................................248
SECTION 8.02.              Certain Matters Affecting Trustee............................................................249
SECTION 8.03.              Trustee and Fiscal Agent Not Liable for Validity or Sufficiency of Certificates or
                             Loans......................................................................................250
SECTION 8.04.              Trustee and Fiscal Agent May Own Certificates................................................250
SECTION 8.05.              Fees and Expenses of Trustee; Indemnification of and by Trustee..............................251
SECTION 8.06.              Eligibility Requirements for Trustee.........................................................251
SECTION 8.07.              Resignation and Removal of Trustee...........................................................252
SECTION 8.08.              Successor Trustee............................................................................253
SECTION 8.09.              Merger or Consolidation of Trustee and Fiscal Agent..........................................254
SECTION 8.10.              Appointment of Co-Trustee or Separate Trustee................................................254
SECTION 8.11.              Appointment of Custodians....................................................................255
SECTION 8.12.              Appointment of Authenticating Agents.........................................................256
SECTION 8.13.              Appointment of Tax Administrators............................................................256
SECTION 8.14.              Access to Certain Information................................................................257
SECTION 8.15.              Reports to the Securities and Exchange Commission and Related Reports........................259
SECTION 8.16.              Representations and Warranties of Trustee....................................................266
SECTION 8.17.              The Fiscal Agent.............................................................................268
SECTION 8.18.              Representations and Warranties of Fiscal Agent...............................................268

                                                       ARTICLE IX

                                                       TERMINATION

                                                          -iv-
<PAGE>
                                                                                                                       PAGE
                                                                                                                       ----

SECTION 9.01.              Termination Upon Repurchase or Liquidation of All Mortgage Loans.............................271
SECTION 9.02.              Additional Termination Requirements..........................................................279
SECTION 9.03.              1166 Avenue of the Americas Mortgage Loan....................................................280

                                                        ARTICLE X

                                                ADDITIONAL TAX PROVISIONS

SECTION 10.01.             REMIC Administration.........................................................................281
SECTION 10.02.             Grantor Trust Administration.................................................................284

                                                       ARTICLE XI

                                                MISCELLANEOUS PROVISIONS

SECTION 11.01.             Amendment....................................................................................287
SECTION 11.02.             Recordation of Agreement; Counterparts.......................................................289
SECTION 11.03.             Limitation on Rights of Certificateholders and the Valley Fair Mall Companion Loan
                             Noteholder.................................................................................289
SECTION 11.04.             Governing Law; Consent to Jurisdiction.......................................................290
SECTION 11.05.             Notices......................................................................................290
SECTION 11.06.             Severability of Provisions...................................................................291
SECTION 11.07.             Grant of a Security Interest.................................................................291
SECTION 11.08.             Streit Act...................................................................................291
SECTION 11.09.             Successors and Assigns; Beneficiaries........................................................292
SECTION 11.10.             Article and Section Headings.................................................................292
SECTION 11.11.             Notices to Rating Agencies...................................................................292
SECTION 11.12.             Global Opinions..............................................................................294
SECTION 11.13.             Complete Agreement...........................................................................294
</TABLE>

                                      -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
         VI          Reference Rate Schedule

    Exhibit No.      Exhibit Description
    -----------      -------------------

        A-1          Form of Class [A-1] [A-2] [A-3] [A-4] [A-5] Certificate
        A-2          Form of Class [X-CL] [X-CP] [X-VF] Certificate
        A-3          Form of Class [B] [C] [D] [E] [F] [G] Certificate
        A-4          Form of Class [H] [J] [K] [L] [M] [N] Certificate
        A-5          Form of Class [P] [Q] [S] [T] [U] Certificate
        A-6          Form of Class [R-I] [R-II] [R-III] [R-LR] Certificate
        A-7          Form of Class V 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 of Transferee Certificate for Transfers of
                        Interests in Rule 144A Global Certificates
        F-2D         Form of Transferee Certificate for Transfers of Interests
                        in Regulation S Global Certificates
        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 September 11, 2002, among STRUCTURED ASSET SECURITIES
CORPORATION, as Depositor, WACHOVIA BANK, NATIONAL ASSOCIATION, 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 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. None of the Loan REMIC Regular Interests will
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 Mortgage 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, on the Closing Date, be issued with respect to,
and will thereafter relate to, each Mortgage Loan in REMIC I and each Loan REMIC
Regular Interest. Each REMIC I Regular Interest issued with respect to, and
relating to, a Loan REMIC Regular Interest, shall also relate to the
corresponding Loan REMIC Mortgage Loan. Each REMIC I Regular Interest shall bear
a numeric designation that is the same as the Mortgage Loan number for the
related Mortgage Loan set forth on the Mortgage Loan Schedule. Each 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 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

<PAGE>

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 latest Rated Final Distribution Date. None of the REMIC II
Regular Interests will be certificated.

<TABLE>
<CAPTION>
                                                REMIC II                    Initial Uncertificated
            Designation                     Remittance Rate                   Principal Balance
            -----------                     ---------------                   -----------------
<S>                                         <C>                             <C>
                A-1                           Variable (1)                  $         75,000,000
               A-2-1                          Variable (1)                  $         64,982,620
               A-2-2                          Variable (1)                  $         25,017,380
               A-3-1                          Variable (1)                  $         83,654,952
               A-3-2                          Variable (1)                  $         23,230,166
               A-3-3                          Variable (1)                  $         36,671,233
               A-3-4                          Variable (1)                  $          6,443,649
               A-4-1                          Variable (1)                  $         13,854,430
               A-4-2                          Variable (1)                  $         61,379,930
               A-4-3                          Variable (1)                  $         10,765,640
               A-5-1                          Variable (1)                  $         40,018,795
               A-5-2                          Variable (1)                  $         59,652,018
               A-5-3                          Variable (1)                  $        750,833,187
                 B                            Variable (1)                  $         18,191,000
                 C                            Variable (1)                  $         20,009,000
                D-1                           Variable (1)                  $          3,729,849
                D-2                           Variable (1)                  $         13,866,304
                D-3                           Variable (1)                  $          2,413,847
                E-1                           Variable (1)                  $             54,841
                E-2                           Variable (1)                  $          3,229,708
                E-3                           Variable (1)                  $          9,448,451
                 F                            Variable (1)                  $         16,372,000
                G-1                           Variable (1)                  $             40,915
                G-2                           Variable (1)                  $         10,873,085
                 H                            Variable (1)                  $         12,733,000
                 J                            Variable (1)                  $         12,734,000
                 K                            Variable (1)                  $         12,733,000
                 L                            Variable (1)                  $         20,010,000
                 M                            Variable (1)                  $          7,276,000
                 N                            Variable (1)                  $          7,276,000
                 P                            Variable (1)                  $          7,276,000
                 Q                            Variable (1)                  $          3,638,000
                 S                            Variable (1)                  $          1,819,000
                 T                            Variable (1)                  $          3,638,000
                 U                            Variable (1)                  $         16,372,297
                X-VF                        1.395% per annum                            (2)
</TABLE>
         --------------------

                                      -2-

<PAGE>

         (1)      The REMIC II Remittance Rate for each REMIC II Regular
                  Interest (other than REMIC II Regular Interest X-VF) shall be
                  a variable rate per annum calculated in accordance with the
                  definition of "REMIC II Remittance Rate".

         (2)      REMIC II Regular Interest X-VF will not have an Uncertificated
                  Principal Balance and will not entitle REMIC III as the holder
                  thereof to any deemed distributions of principal. As more
                  specifically provided herein, interest in respect of REMIC II
                  Regular Interest X-VF will be calculated based on its fixed
                  REMIC II Remittance Rate and an Uncertificated Notional Amount
                  equal to the Uncertificated Principal Balance of the REMIC I
                  Regular Interest that relates to the Valley Fair Mall Mortgage
                  Loan.

                  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 (exclusive of the
Class X-CL and Class X-CP Certificates), each of the 35 REMIC III Components of
the Class X-CL Certificates and each of the 20 REMIC III Components of the Class
X-CP Certificates will be designated as a separate "regular interest" in REMIC
III. The Legal Final Distribution Date for each Class of Regular Interest
Certificates (exclusive of the Class X-CL and Class X-CP Certificates), for each
of the 35 REMIC III Components of the Class X-CL Certificates and for each of
the 20 REMIC III Components of the Class X-CP Certificates is the latest Rated
Final Distribution Date.

                                      -3-
<PAGE>

<TABLE>
<CAPTION>
            Class                                                            Original Class
         Designation                    Pass-Through Rate                  Principal Balance
         -----------                    -----------------                  -----------------
<S>                                    <C>                               <C>
          Class A-1                    3.268% per annum                  $           75,000,000
          Class A-2                    4.023% per annum                  $           90,000,000
          Class A-3                    4.071% per annum                  $          150,000,000
          Class A-4                    4.563% per annum                  $           86,000,000
          Class A-5                    4.853% per annum                  $          850,504,000
           Class B                     4.899% per annum (1)              $           18,191,000
           Class C                     4.938% per annum (1)              $           20,009,000
           Class D                     4.987% per annum (1)              $           20,010,000
           Class E                     5.007% per annum (1)              $           12,733,000
           Class F                     5.036% per annum (1)              $           16,372,000
           Class G                     5.125% per annum (1)              $           10,914,000
           Class H                     5.469% per annum (1)              $           12,733,000
           Class J                     5.616% per annum (1)              $           12,734,000
           Class K                     5.914% per annum (1)              $           12,733,000
           Class L                     4.803% per annum                  $           20,010,000
           Class M                     4.803% per annum                  $            7,276,000
           Class N                     4.803% per annum                  $            7,276,000
           Class P                     4.803% per annum                  $            7,276,000
           Class Q                     4.803% per annum                  $            3,638,000
           Class S                     4.803% per annum                  $            1,819,000
           Class T                     4.803% per annum                  $            3,638,000
           Class U                     4.803% per annum                  $           16,372,297
          Class X-CL                       Variable (2)                            (3)
          Class X-CP                       Variable (2)                            (4)
          Class X-VF                   1.395% per annum                            (5)
</TABLE>

                                      -4-

<PAGE>

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

         (1)      If the Weighted Average REMIC I Remittance Rate for any
                  Interest Accrual Period is ever less than the specified rate,
                  the Pass-Through Rate for the subject Class for such Interest
                  Accrual Period will equal such Weighted Average REMIC I
                  Remittance Rate.

         (2)      The respective Pass-Through Rates for the Class X-CL and Class
                  X-CP Certificates will, in the case of each of those Classes,
                  be a variable rate per annum calculated in accordance with the
                  definition of "Pass-Through Rate".

         (3)      The Class X-CL Certificates will not have a Class Principal
                  Balance and will not entitle their Holders to receive
                  distributions of principal. The Class X-CL Certificates will
                  have a Class Notional Amount which will be equal to the
                  aggregate of the Component Notional Amounts of such Class'
                  REMIC III Components from time to time. 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.

         (4)      The Class X-CP Certificates will not have a Class Principal
                  Balance and will not entitle their Holders to receive
                  distributions of principal. The Class X-CP Certificates will
                  have a Class Notional Amount which will be equal to the
                  aggregate of the Component Notional Amounts of such Class'
                  REMIC III Components from time to time. 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.

         (5)      The Class X-VF 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 the Class X-VF Certificates
                  will be calculated based upon their fixed Pass-Through Rate
                  (which will be the same as the REMIC II Remittance Rate for
                  REMIC II Regular Interest X-VF) and their Class Notional
                  Amount from time to time (which will be the same as the
                  Uncertificated Notional Amount of REMIC II Regular Interest
                  X-VF from time to time).

                  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 $1,455,238,298. 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-CL and Class
X-CP Certificates) will, in each case, be $1,455,238,297.

                  There exists one Mortgage Loan, in the unpaid principal amount
of $294,734,810 (the "Valley Fair Mall Mortgage Loan"), which is part of a split
loan structure, and is secured by the same Mortgage that also secures the other
mortgage loan in that split loan structure (the "Valley Fair Mall Companion
Loan" and, together with the Valley Fair Mall Mortgage Loan, the "Valley Fair
Mall Loan Pair"). The Valley Fair Mall Companion Loan is not part of the Trust
Fund but has been separately securitized and is the sole asset that backs the
Valley Fair Mall Commercial Mortgage Trust, Commercial Mortgage Trust
Pass-Through Certificates, Series 2002-C4A. The relative rights of the holder of
the Valley Fair Mall Mortgage Loan and the Valley Fair Mall Companion Loan are
set forth in a co-lender agreement dated as of September 5, 2002 (the "Valley
Fair Mall Co-Lender Agreement"), between the holder of the Mortgage Note for the
Valley Fair Mall Mortgage Loan and the holder of the mortgage note for the
Valley Fair Mall Companion Loan. Pursuant to the Valley Fair Mall Co-Lender
Agreement, the Valley Fair Mall Loan Pair is to be serviced and administered in
accordance with this Agreement, by the Trustee, the Master Servicer and the
Special Servicer hereunder. The Valley Fair

                                      -5-

<PAGE>

Mall Companion Loan will be held as of the Closing Date by LaSalle Bank National
Association, in its capacity as trustee for the registered holders of the Valley
Fair Mall Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2002-C4A (in such capacity, the "Valley Fair Mall Trustee").

                  There exists another Mortgage Loan, in the unpaid principal
amount of $92,636,000 (the "1166 Avenue of the Americas Mortgage Loan"), which
is also part of a split loan structure, and is secured by the same Mortgage that
also secures the other mortgage loan in that split loan structure (the "1166
Avenue of the Americas Non-Trust Loan" and, together with the 1166 Avenue of the
Americas Mortgage Loan, the "1166 Avenue of the Americas Loan Pair"). The 1166
Avenue of the Americas Non-Trust Loan is not part of the Trust Fund but is
included in another securitization (the "1166 Avenue of the Americas Other
Securitization") and is the primary asset that backs the 1166 Avenue of the
Americas Commercial Mortgage Trust 2002-C5, Commercial Mortgage Trust
Pass-Through Certificates, Series 2002-C5 (the "Series 2002-C5 Certificates") .
The relative rights of the holder of the 1166 Avenue of the Americas Mortgage
Loan and the holder of the 1166 Avenue of the Americas Non-Trust Loan are set
forth in an Intercreditor Agreement dated as of October 8, 2002 (the "1166
Avenue of the Americas Intercreditor Agreement"), between the holder of the
Mortgage Note for the 1166 Avenue of the Americas Mortgage Loan and the holder
of the mortgage note for the 1166 Avenue of the Americas Non-Trust Loan.
Pursuant to the 1166 Avenue of the Americas Intercreditor Agreement, the 1166
Avenue of the Americas Loan Pair is to be serviced and administered in
accordance with the Trust and Servicing Agreement dated as of September 13, 2002
(the "1166 Avenue of the Americas Servicing Agreement"), between Structured
Asset Securities Corporation as depositor, Wachovia Bank, National Association
as master servicer, Lennar Partners, Inc. as special servicer, LaSalle Bank
National Association as trustee (in such capacity, the "1166 Avenue of the
Americas Trustee") and ABN AMRO as fiscal agent.

                  Accordingly, as and to the extent provided herein, (i) the
Valley Fair Mall Companion Loan, although not part of the Trust Fund, will be
serviced and administered in accordance with this Agreement, by the Master
Servicer and Special Servicer hereunder and (ii) the 1166 Avenue of the Americas
Mortgage Loan, although part of the Trust Fund, will be serviced and
administered in accordance with the 1166 Avenue of the Americas Servicing
Agreement, by the 1166 Avenue of the Americas Master Servicer and the 1166
Avenue of the Americas Special Servicer.

                  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, the Master Servicer, the Special Servicer, the Trustee and the
Fiscal Agent hereby agree, in each case, as follows:

                                      -6-

<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.

                  "1166 Avenue of the Americas Intercreditor Agreement" shall
have the meaning assigned thereto in the Preliminary Statement.

                  "1166 Avenue of the Americas Loan Pair" shall have the meaning
assigned thereto in the Preliminary Statement, and shall include any successor
REO Loans with respect thereto.

                  "1166 Avenue of the Americas Master Servicer" shall mean the
master servicer under the 1166 Avenue of the Americas Servicing Agreement.

                  "1166 Avenue of the Americas Master Servicer Certification"
shall mean the "Servicer Certification" required to be provided by the 1166
Avenue of the Americas Master Servicer to the Certifying Party pursuant to
Section 3.29 of the 1166 Avenue of the Americas Servicing Agreement.

                  "1166 Avenue of the Americas Mortgage Loan" shall have the
meaning assigned thereto in the Preliminary Statement, which mortgage loan is
identified on the Mortgage Loan Schedule as mortgage loan number 3 and is,
together with the 1166 Avenue of the Americas Non-Trust Loan, secured by a
Mortgage on the 1166 Avenue of the Americas Mortgaged Property.

                  "1166 Avenue of the Americas Mortgaged Property" shall mean
the property that is identified on the Mortgage Loan Schedule as the 1166 Avenue
of the Americas.

                  "1166 Avenue of the Americas Non-Trust Loan" shall have the
meaning assigned thereto in the Preliminary Statement.

                  "1166 Avenue of the Americas Non-Trust Loan Noteholder" shall
mean the holder of the mortgage note for the 1166 Avenue of the Americas
Non-Trust Loan.

                  "1166 Avenue of the Americas Noteholders" shall mean,
collectively, the holder of the Mortgage Note for the 1166 Avenue of the
Americas Mortgage Loan and the 1166 Avenue of the Americas Non-Trust Loan
Noteholder.

                  "1166 Avenue of the Americas Other Securitization" shall have
the meaning assigned thereto in the Preliminary Statement.

                  "1166 Avenue of the Americas REO Mortgage Loan" shall mean any
REO Mortgage Loan relating to the 1166 Avenue of the Americas Mortgage Loan.

                                      -7-

<PAGE>

                  "1166 Avenue of the Americas REO Property" shall mean the 1166
Avenue of the Americas Mortgaged Property at such time that it becomes an "REO
Property" under the 1166 Avenue of the Americas Servicing Agreement.

                  "1166 Avenue of the Americas Servicer" shall mean either the
1166 Avenue of the Americas Master Servicer or the 1166 Avenue of the Americas
Special Servicer, as applicable.

                  "1166 Avenue of the Americas Servicing Agreement" shall have
the meaning assigned thereto in the Preliminary Statement.

                  "1166 Avenue of the Americas Special Servicer" shall mean the
special servicer under the 1166 Avenue of the Americas Servicing Agreement.

                  "1166 Avenue of the Americas Special Servicer Certification"
shall mean the "Special Servicer Certification" required to be provided by the
1166 Avenue of the Americas Special Servicer to the Certifying Party pursuant to
Section 3.29 of the 1166 Avenue of the Americas Servicing Agreement.

                  "1166 Avenue of the Americas Trustee" shall have the meaning
assigned thereto in the Preliminary Statement.

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

                  "Acceptable Insurance Default" shall mean, with respect to any
Mortgage Loan (other than the 1166 Avenue of the Americas Mortgage Loan), any
default under the related loan documents resulting from (a) the exclusion of
acts of terrorism from coverage under the related all risk casualty insurance
policy maintained on the subject Mortgaged Property and (b) the related
Mortgagor's failure to obtain insurance that specifically covers acts of
terrorism, but only if the Special Servicer has determined, in its reasonable
judgment, that (i) such insurance is not available at commercially reasonable
rates and the subject hazards are not commonly insured against by prudent owners
of similar real properties in similar locales (but only by reference to such
insurance that has been obtained by such owners at current market rates), or
(ii) such insurance is not available at any rate. Subject to the Servicing
Standard, in making any of the determinations required in subclause (i) or (ii)
of this definition, the Special Servicer shall be entitled to rely on the
opinion of an insurance consultant.

                  "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; (b) in the case of the Class X-VF 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 Notional Amount of such Class of
Certificates outstanding immediately prior to the related Distribution Date; and
(c) in the case of each other Class of Interest Only 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. The
Accrued Certificate Interest with respect to the Class X-VF Certificates for any
Interest Accrual Period will equal 100% of the Uncertificated Accrued Interest
with respect to REMIC II Regular Interest X-VF for such Interest Accrual Period.

                                      -8-
<PAGE>

                  "Accrued Component Interest" shall mean the interest accrued
from time to time with respect to any REMIC III Component of the Class X-CP
Certificates or the Class X-CL 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 (or, in the case of the 1166 Avenue of the Americas Mortgaged Property, for
the benefit of) 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 Designated Servicing Information" shall have the
meaning assigned thereto in Section 8.15(a).

                  "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
with respect thereto 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 with respect
thereto, notwithstanding that the terms of the related loan 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
incurred 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 REMIC I Regular Interest that relates to an Interest Reserve
Mortgage Loan or an Interest Reserve REO Mortgage Loan, for any Interest Accrual
Period, an amount of interest equal to the product of (a) the Mortgage Rate in
effect for the corresponding Mortgage Loan as of the Closing Date (without
regard to any modifications, extensions, waivers or amendments of the related
Mortgage Loan subsequent to the

                                      -9-

<PAGE>

Closing Date and reduced by 2.5 basis points in the case of the 1166 Avenue of
the Americas Mortgage Loan), multiplied by (b) 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 (c) the Uncertificated Principal Balance of such
REMIC I Regular Interest immediately prior to the Distribution Date that
corresponds to such Interest Accrual Period;

provided that, if the subject Interest Accrual Period begins during (x) December
of 2002 or December of any year thereafter that does not immediately precede a
leap year or (y) January of 2003 or January of any year thereafter, then the
amount of interest calculated with respect to any particular REMIC I Regular
Interest pursuant to this definition for such Interest Accrual Period without
regard to this proviso shall be decreased by the Interest Reserve Amount, if
any, with respect to the related Mortgage Loan (or any successor REO Mortgage
Loan with respect thereto) 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 2003 or February of
any year thereafter, then the amount calculated with respect to any particular
REMIC I Regular Interest pursuant to this definition for such Interest Accrual
Period without regard to this proviso shall be increased by the Interest Reserve
Amount(s), if any, with respect to the related Mortgage Loan (or any successor
REO Mortgage Loan with respect thereto) 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.

                  "Adjusted REMIC II Remittance Rate" shall mean:

                  (a) with respect to REMIC II Regular Interest A-1, for any
Interest Accrual Period, 3.268% per annum;

                  (b) with respect to REMIC II Regular Interest A-2-1, for any
Interest Accrual Period, 4.023% per annum;

                  (c) with respect to REMIC II Regular Interest A-2-2, (i) for
any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2005, an annual rate equal to the greater of (A) 4.023% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2005, 4.023% per annum;

                  (d) with respect to REMIC II Regular Interest A-3-1, for any
Interest Accrual Period, 4.071% per annum;

                  (e) with respect to REMIC II Regular Interest A-3-2, (i) for
any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2005, an annual rate equal to the greater of (A) 4.071% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2005, 4.071% per annum;

                  (f) with respect to REMIC II Regular Interest A-3-3, (i) for
any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2006, an annual rate equal to the greater of (A) 4.071% per

                                      -10-

<PAGE>

annum and (B) the Reference Rate for such Interest Accrual Period, and (ii) for
any Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2006, 4.071% per annum;

                  (g) with respect to REMIC II Regular Interest A-3-4, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2007, an annual rate equal to the greater of (A) 4.071% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2007, 4.071% per annum;

                  (h) with respect to REMIC II Regular Interest A-4-1, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2005, an annual rate equal to the greater of (A) 4.563% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2005, 4.563% per annum;

                  (i) with respect to REMIC II Regular Interest A-4-2, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2006, an annual rate equal to the greater of (A) 4.563% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2006, 4.563% per annum;

                  (j) with respect to REMIC II Regular Interest A-4-3, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2007, an annual rate equal to the greater of (A) 4.563% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2007, 4.563% per annum;

                  (k) with respect to REMIC II Regular Interest A-5-1, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2007, an annual rate equal to the greater of (A) 4.853% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2007, 4.853% per annum;

                  (l) with respect to REMIC II Regular Interest A-5-2, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2008, an annual rate equal to the greater of (A) 4.853% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2008, 4.853% per annum;

                  (m) with respect to REMIC II Regular Interest A-5-3, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2009, an annual rate equal to the greater of (A) 4.853% per annum
and (B) the Reference Rate for such Interest Accrual Period, and (ii) for any
Interest Accrual Period subsequent to the Interest Accrual Period ending in
September 2009, 4.853% per annum;

                  (n) with respect to REMIC II Regular Interest B, (i) for
any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2009, an annual rate (in no event in excess of the Weighted

                                      -11-
<PAGE>

Average REMIC I Remittance Rate for such Interest Accrual Period) equal to the
greater of (A) 4.899% per annum and (B) the Reference Rate for such Interest
Accrual Period, and (ii) for any Interest Accrual Period subsequent to the
Interest Accrual Period ending in September 2009, an annual rate equal to the
lesser of (X) 4.899% per annum and (Y) the Weighted Average REMIC I Remittance
Rate for such Interest Accrual Period;

                  (o) with respect to REMIC II Regular Interest C, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2009, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 4.938% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2009, an annual rate equal to the lesser of
(X) 4.938% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (p) with respect to REMIC II Regular Interest D-1, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2007, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 4.987% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2007, an annual rate equal to the lesser of
(X) 4.987% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (q) with respect to REMIC II Regular Interest D-2, (i)
for any Interest Accrual Period from and including the Interest Accrual Period
ending in October 2002 through and including the Interest Accrual Period ending
in September 2008, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 4.987% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2008, an annual rate equal to the lesser of
(X) 4.987% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (r) with respect to REMIC II Regular Interest D-3, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2009, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 4.987% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2009, an annual rate equal to the lesser of
(X) 4.987% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (s) with respect to REMIC II Regular Interest E-1, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2005, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 5.007% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual

                                      -12-

<PAGE>

Period subsequent to the Interest Accrual Period ending in September 2005, an
annual rate equal to the lesser of (X) 5.007% per annum and (Y) the Weighted
Average REMIC I Remittance Rate for such Interest Accrual Period;

                  (t) with respect to REMIC II Regular Interest E-2, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2006, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 5.007% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2006, an annual rate equal to the lesser of
(X) 5.007% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (u) with respect to REMIC II Regular Interest E-3, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2007, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 5.007% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2007, an annual rate equal to the lesser of
(X) 5.007% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (v) with respect to REMIC II Regular Interest F, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2005, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 5.036% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2005, an annual rate equal to the lesser of
(X) 5.036% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (w) with respect to REMIC II Regular Interest G-1, for any
Interest Accrual Period, an annual rate equal to the lesser of (i) 5.125% per
annum and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
Accrual Period;

                  (x) with respect to REMIC II Regular Interest G-2, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2002 through and including the Interest Accrual Period ending in
September 2005, an annual rate (in no event in excess of the Weighted Average
REMIC I Remittance Rate for such Interest Accrual Period) equal to the greater
of (A) 5.125% per annum and (B) the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in September 2005, an annual rate equal to the lesser of
(X) 5.125% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period;

                  (y) with respect to REMIC II Regular Interest H, for any
Interest Accrual Period, an annual rate equal to the lesser of (i) 5.469% per
annum and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
Accrual Period;

                                      -13-
<PAGE>

                  (z) with respect to REMIC II Regular Interest J, for any
Interest Accrual Period, an annual rate equal to the lesser of (i) 5.616% per
annum and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
Accrual Period;

                  (aa) with respect to REMIC II Regular Interest K, for any
Interest Accrual Period, an annual rate equal to the lesser of (i) 5.914% per
annum and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
Accrual Period; and

                  (bb) with respect to each of REMIC II Regular Interest L,
REMIC II Regular Interest M, REMIC II Regular Interest N, REMIC II Regular
Interest P, REMIC II Regular Interest Q, REMIC II Regular Interest S, REMIC II
Regular Interest T and REMIC II Regular Interest U, for any Interest Accrual
Period, 4.803% per annum.

                  "Administered REO Property" shall mean any REO Property that
is, as contemplated by Section 3.01, to be administered by the Special Servicer
hereunder. Notwithstanding anything herein to the contrary, no 1166 Avenue of
the Americas REO Property shall constitute an Administered REO Property
hereunder.

                  "Administrative Cost Rate" shall mean, (A) with respect to the
1166 Avenue of the Americas Mortgage Loan (or any 1166 Avenue of the Americas
REO Mortgage Loan), 0.0515% per annum; and (B) with respect to each other
Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), the
rate per annum specified as the "Administrative Cost Rate" on the Mortgage Loan
Schedule, which, for each such other 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.

                  "Adverse Rating Event" shall mean, with respect to any Class
of Certificates or any class of Valley Fair Mall Companion Loan Securities, as
of any date of determination, the qualification, downgrade or withdrawal of any
rating then assigned to such Class of Certificates or such class of Valley Fair
Mall Companion Loan Securities 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.

                                      -14-
<PAGE>

                  "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 or REO Property, as the
case may be (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.
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 reasonable 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 that is part of a Cross-Collateralized
Group shall be treated separately for the purposes of calculating any Appraisal
Reduction Amount.

                                      -15-
<PAGE>

                  "Appraised Value" shall mean, with respect to each Mortgaged
Property (other than the 1166 Avenue of the Americas Mortgaged Property) or
Administered 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 any such property
with or that had, as the case may be, an allocated loan amount of, or securing a
Loan or relating to an REO Loan, as the case may be, 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 any successor REO Loan with
respect thereto) 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 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 schedule (if any) in effect immediately prior
to, and without regard to the occurrence of, the related Stated Maturity Date;
(b) with respect to any REO Loan (other than any 1166 Avenue of the Americas REO
Mortgage 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; and (c) with respect to any 1166 Avenue of the Americas REO
Mortgage Loan, for any Due Date as of which the Trust holds an interest in any
1166 Avenue of the Americas REO Property, the "Monthly Payment" (as defined in
the 1166 Avenue of the Americas Servicing Agreement) with respect to the 1166
Avenue of the Americas Mortgage Loan on such Due Date .

                  "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).

                                      -16-

<PAGE>

                  "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 (including, in the case of
the initial Distribution Date, the Initial Deposits) that (A) were Received by
the Trust as of the end of the related Collection Period 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 (together with, in the case of the 1166 Avenue of the Americas
Mortgage Loan or any 1166 Avenue of the Americas REO Mortgage Loan, any P&I
Advances under the 1166 Avenue of the Americas Servicing Agreement) for
distribution on the Certificates on such Distribution Date pursuant to Section
4.03 and 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 the
aggregate amount received from the 1166 Avenue of the Americas Master Servicer
for such Distribution Date in connection with Prepayment Interest Shortfalls on
the 1166 Avenue of the Americas Mortgage Loan in accordance with the 1166 Avenue
of the Americas Servicing Agreement, (iv) to the extent not included in clause
(a)(i) of this definition, the aggregate amount transferred from the Excess
Liquidation Proceeds Account to the Collection Account pursuant to Section
3.05(d) in respect of such Distribution Date and (v) to the extent not included
in the amount described in clause (a)(i) of this definition, if such
Distribution Date occurs during March of 2003 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 and any Interest Reserve REO 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) 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) through (vii) of
Section 3.05(b), (iii) Prepayment Premiums, Yield Maintenance Charges and/or
Additional Interest, (iv) if such Distribution Date occurs during January of
2003 or January of any year thereafter that is not a leap year or during
February of 2003 or February of any year thereafter, the Interest Reserve
Amounts with respect to the Interest Reserve Mortgage Loans and any Interest
Reserve REO 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)
amounts deposited in the Collection Account in error. For purposes of this
definition and for purposes of the last paragraph of Section 4.03(a), in the
case of the 1166 Avenue of the Americas Mortgage Loan or an 1166 Avenue of the
Americas REO Property, "Collection Period" shall mean, with respect to any
Distribution Date, the period ending at 12:00 p.m. (New York City time) on such
Master Servicer Remittance Date and beginning immediately following the end of
the prior Collection Period (or, in the case of the initial Collection Period,
beginning on the Closing Date).

                  "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.

                                      -17-
<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.

                  "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.

                  "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 2002-C4, Commercial Mortgage Pass-Through Certificates, Series
2002-C4, 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.

                  "Certificate Notional Amount" shall mean, with respect to any
Interest Only 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 of Interest Only Certificates to which such Certificate
belongs, multiplied by (b) the amount specified on the face of such Certificate
as the initial Certificate Notional Amount thereof.

                                      -18-
<PAGE>

                  "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, the CMSA Investor Reporting Package and any reports
comparable to the foregoing with respect to the 1166 Avenue of the Americas
Mortgage Loan or an 1166 Avenue of the Americas REO Property that are
deliverable under the 1166 Avenue of the Americas Servicing Agreement to the
Master Servicer on behalf of the Trustee as holder of the 1166 Avenue of the
Americas Mortgage Loan.

                  "Certifying Officer" shall have the meaning assigned thereto
in Section 8.15(d).

                  "Certifying Party" shall have the meaning assigned thereto in
Section 8.15(d).

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

                                      -19-

<PAGE>

                  "Class A Certificates" shall mean the Class A-1, Class A-2,
Class A-3, A-4 and Class A-5 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-3 Certificate" shall mean any one of the Certificates
with a "Class A-3" 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-4 Certificate" shall mean any one of the Certificates
with a "Class A-4" 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-5 Certificate" shall mean any one of the Certificates
with a "Class A-5" 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, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates, or any
two or more of such Classes, 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, Class Q,
Class S, Class T and Class U 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-3 attached hereto, and evidencing a portion of a class of "regular
interests" in REMIC III for purposes of the REMIC Provisions.

                                      -20-
<PAGE>

                  "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-3 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-3 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.

                  "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-4 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-4 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-4 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 the aggregate notional
amount of a Class of Interest Only Certificates outstanding as of any date of
determination. As of any date of determination, the Class Notional Amount of the
Class X-VF Certificates shall equal the then Uncertificated Notional Amount of
REMIC III Regular Interest X-VF. As of any date of determination, the Class
Notional Amount of each other Class of Interest Only Certificates shall equal
the then aggregate of the Component Notional Amounts of all the REMIC III
Components of such other Class of Interest Only Certificates; provided that, for
reporting purposes, the Class Notional Amount of the Class X-CP Certificates:
(i) following the Distribution Date in September 2005 through and including the
Distribution Date in September 2006, shall equal the aggregate of the Component
Notional Amounts of REMIC III Component X-CP-A-3-3, X-CP-A-3-4, X-CP-A-4-2,
X-CP-A-4-3, X-CP-A-5-1, X-CP-A-5-2, X-CP-A-5-3, X-CP-B, X-CP-C, X-CP-D-1,
X-CP-D-2, X-CP-D-3, X-CP-E-2 and X-CP-E-3; (ii) following the Distribution Date
in September 2006 through and including the Distribution Date in September 2007,
shall equal the aggregate of the Component Notional Amounts of REMIC III
Component X-CP-A-3-4, X-CP-A-4-3, X-CP-A-5-1, X-CP-A-5-2, X-CP-A-5-3, X-CP-B,
X-CP-C, X-CP-D-1, X-CP-D-2, X-CP-D-3 and X-CP-E-3; (iii) following the
Distribution Date in September 2007 through and including the Distribution Date
in September 2008, shall equal the aggregate of the Component Notional Amounts
of REMIC III Component X-CP-A-5-2, X-CP-A-5-3, X-CP-B, X-CP-C, X-CP-D-2 and
X-CP-D-3; (iv) following the Distribution Date in September 2008 through and
including the Distribution Date in September 2009, shall equal the aggregate of
the

                                      -21-
<PAGE>

Component Notional Amounts of REMIC III Component X-CP-A-5-3, X-CP-B, X-CP-C
and X-CP-D-3; and (v) following the Distribution Date in September 2009, shall
equal zero (0).

                  "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 Class of Principal Balance Certificates shall equal the Original Class
Principal Balance thereof. On each Distribution Date, the Class Principal
Balance of each Class of Principal Balance 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 a portion of a class of "regular
interests" in REMIC III for purposes of the REMIC Provisions.

                  "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.

                  "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 S Certificate" shall mean any of the Certificates with
a "Class S" 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 T Certificate" shall mean any of the Certificates with
a "Class T" 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.

                                      -22-
<PAGE>

                  "Class U Certificate" shall mean any of the Certificates with
a "Class U" 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 V Certificate" shall mean any of the Certificates with
a "Class V" designation on the face thereof, substantially in the form of
Exhibit A-7 attached hereto, and evidencing a pro rata undivided interest in the
Grantor Trust Assets.

                  "Class V Sub-Account" shall mean a sub-account of the
Collection Account established pursuant to Section 3.04(b), which sub-account
shall constitute an asset of the Trust Fund and the Grantor Trust, but not an
asset of any REMIC Pool.

                  "Class X-CL Certificate" shall mean any one of the
Certificates with a "Class X-CL" designation on the face thereof, substantially
in the form of Exhibit A-2 attached hereto, and evidencing a portion of 35
separate "regular interests" in REMIC III for purposes of the REMIC Provisions.

                  "Class X-CP Certificate" shall mean any one of the
Certificates with a "Class X-CP" designation on the face thereof, substantially
in the form of Exhibit A-2 attached hereto, and evidencing a portion of 20
separate "regular interests" in REMIC III for purposes of the REMIC Provisions.

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

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

                  "Closing Date" shall mean October 8, 2002.

                  "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 approved
by the CMSA for commercial mortgage securities transactions generally and,
insofar as it requires the presentation of

                                      -23-

<PAGE>

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.

                  "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 approved 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 approved 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 approved 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 approved 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 approved 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.

                                      -24-
<PAGE>

                  "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 presentation of
such information and containing such additional information as may from time to
time be approved 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 approved 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 approved 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 Performing Serviced 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 approved 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

                                      -25-

<PAGE>

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

                  "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 approved 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 approved 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 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 approved 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" 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 approved 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 Performing Serviced
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 an expired material deferred
maintenance at the related Mortgaged Property, (x) that is 30 or more days
delinquent, (xi) to

                                      -26-

<PAGE>

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 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 2002-C4, Commercial Mortgage Pass-Through
Certificates, Series 2002-C4".

                  "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 any Class of Interest Only Certificates (other
than the Class X-VF 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.

                  "Condemnation Proceeds" shall mean all cash amounts Received
by the Trust in connection with 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.

                  "Controlling Class" shall mean, as of any date of
determination, the outstanding Class of Principal Balance Certificates that (a)
bears the latest alphabetic 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
alphabetic Class designation that has a Class Principal Balance greater than
zero; and provided, further, that, for purposes

                                      -27-

<PAGE>

of determining the Controlling Class, the Class A-1, Class A-2, Class A-3, Class
A-4 and Class A-5 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(b).

                  "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 2002-C4.

                  "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). Notwithstanding anything to the contrary contained herein, the 1166
Avenue of the Americas Mortgage Loan shall not constitute a Corrected Loan under
this Agreement.

                  "Corrected Mortgage Loan" shall mean any Mortgage Loan that is
a Corrected Loan. Notwithstanding anything to the contrary contained herein, the
1166 Avenue of the Americas Mortgage Loan shall not constitute a Corrected
Mortgage Loan under this Agreement.

                  "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 alphabetic or alphanumeric designation that is the same as
the alphabetic or alphanumeric, as the case may be, designation for such Class
of Principal Balance Certificates (provided that each of REMIC II Regular
Interest A-2-1 and REMIC II Regular Interest A-2-2 shall be a Corresponding
REMIC II Regular Interest with respect to the Class A-2 Certificates; each of
REMIC II Regular Interest A-3-1, REMIC II Regular Interest A-3-2, REMIC II
Regular Interest A-3-3 and REMIC II Regular Interest A-3-4 shall be a
Corresponding REMIC II Regular Interest with respect to the Class A-3
Certificates; each of REMIC II Regular Interest A-4-1, REMIC II Regular Interest
A-4-2 and REMIC II Regular Interest A-4-3 shall be a Corresponding REMIC II
Regular Interest with respect to the Class A-4 Certificates; each of REMIC II
Regular Interest A-5-1, REMIC II Regular Interest A-5-2 and REMIC II Regular
Interest A-5-3 shall be a Corresponding REMIC II Regular Interest with respect
to the Class A-5 Certificates; each of REMIC II Regular Interest D-1, REMIC II
Regular Interest D-2 and REMIC II Regular Interest D-3 shall be a Corresponding
REMIC II Regular Interest with respect to the Class D Certificates; each of
REMIC II Regular Interest E-1 and REMIC II Regular Interest E-2 shall be a
Corresponding REMIC II Regular Interest with respect to the Class E
Certificates; and each of REMIC II Regular Interest G-1 and REMIC II Regular
Interest G-2 shall be a Corresponding REMIC II Regular Interest with respect to
the Class G Certificates); (b) with respect to any REMIC III Component of the
Class X-CL Certificates, the REMIC II Regular Interest that has an alphabetic or
alphanumeric designation that, when preceded by "X-CL-", is the same as the
alphabetic or alphanumeric, as the case may be, designation for such REMIC III
Component of the Class X-CL Certificates; (c) with respect to any REMIC III
Component of the Class X-CP Certificates, the REMIC II Regular Interest that has
an alphabetic or alphanumeric designation that, when preceded by "X-CP-", is the
same as the alphabetic or alphanumeric, as the case may be,

                                      -28-

<PAGE>

designation for such REMIC III Component of the Class X-CP Certificates; and (d)
with respect to the Class X-VF Certificates, REMIC II Regular Interest X-VF.

                  "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 either of the Pool Custodial
Account or the Valley Fair Mall 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 September 11, 2002.

                  "Cut-off Date Balance" shall mean, (i) with respect to any
Initial Deposit Mortgage Loan, the outstanding principal balance of such Loan as
of its date of origination, and (ii) with respect to any other 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, to the
Trust in respect of any Serviced Loan or any successor REO Loan with respect
thereto.

                  "Default Interest" shall mean, (A) with respect to any
Serviced Loan or any successor REO Loan with respect thereto, any amounts
Received by the Trust 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 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 and (B) with
respect to the 1166 Avenue of the Americas Mortgage Loan, any amounts Received
by the Trust that represent "Default Interest" as defined under the 1166 Avenue
of the Americas Trust Agreement.

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

                  "Defeasance Certificate" shall have the meaning assigned
thereto in Section 3.20(k).

                  "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).

                                      -29-
<PAGE>

                  "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.

                  "Depositor Certification" shall have the meaning assigned
thereto in Section 8.15(j).

                  "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.

                  "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 October 2002.

                  "Directly Operate" shall mean, with respect to any
Administered 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 Administered 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 by the Trust 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 Mortgage 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

                                      -30-

<PAGE>

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; 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 among the
respective Classes of Regular Interest Certificates on a pro rata basis in
accordance with, the respective amounts of Accrued Certificate Interest for each
such Class of Certificates for the related Interest Accrual Period.

                                      -31-

<PAGE>

                  "Distributable Component Interest" shall mean, with respect to
any REMIC III Component of any Class of Interest Only Certificates (other than
the Class X-VF 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 such Class
of Interest Only 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 such Class of Interest Only Certificates for the related Interest
Accrual Period.

                  "Distribution Date" shall mean the date each month, commencing
in October 2002, 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 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 "AA-" by Fitch 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
Valley Fair Mall Loan Pair, with respect to any class of Valley Fair Mall
Companion Loan Securities, 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 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
Valley Fair Mall Loan Pair, with respect to any class of Valley Fair Mall
Companion Loan Securities, 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 the trust
department of a federal or state chartered depository institution or trust
company acting in its fiduciary capacity (which may be the Trustee), 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

                                      -32-

<PAGE>

fiduciary funds on deposit therein substantially similar to 12 CFR ss.
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 Valley Fair Mall Loan
Pair, with respect to any class of Valley Fair Mall Companion Loan Securities,
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.

                  "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).

                  "Excess Liquidation Proceeds" shall mean the excess, if any,
of (a) the Net Liquidation Proceeds from the sale or liquidation of a Specially
Serviced Mortgage Loan or Administered REO Property, net of (i) interest on any
related Advances, (ii) any related Servicing Advances and (iii) any Liquidation
Fee payable from such Net Liquidation Proceeds, over (b) the amount needed to
pay off the Mortgage Loan or related REO Loan in full.

                  "Excess Liquidation Proceeds Account" shall mean the
segregated account created and maintained by the Trustee pursuant to Section
3.04(d) in trust for the 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 2002-C4,
Commercial Mortgage Pass-Through Certificates, Series 2002-C4".

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

                  "Exchange Act Reports" shall have the meaning assigned thereto
in Section 8.15(a).

                                    -33-

<PAGE>

                  "Excluded Classes" shall mean, collectively, the Class L
Certificates, the Class M Certificates, the Class N Certificates, the Class P
Certificates, the Class Q Certificates, the Class S Certificates, the Class T
Certificates and the Class U 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 Specially Serviced Loan or Administered
REO Property that there has been a recovery of all Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds and other payments or recoveries
that the Special Servicer has determined, in accordance with the Servicing
Standard, will be ultimately recoverable; provided that the term Final Recovery
Determination shall not apply to: (i) a Loan that was paid in full; or (ii) a
Loan or REO Property, as the case may be, that was purchased by (A) the
Depositor pursuant to Section 2.03(a), (B) the UBS Mortgage Loan Seller pursuant
to the UBS/Depositor Mortgage Loan Purchase Agreement, (C) a Purchase Option
Holder or its assignee pursuant to Section 3.18, (D) the Depositor, Lehman
Brothers, the Special Servicer, a Controlling Class Certificateholder or the
Master Servicer pursuant to Section 9.01, (E) the holder of a related mezzanine
loan in connection with a Loan default, as set forth in the related
intercreditor agreement, or (F) in the case of the Valley Fair Mall Mortgage
Loan, the Valley Fair Mall Companion Loan Noteholder or its designee pursuant to
the Valley Fair Mall Co-Lender Agreement; and provided, further, that, in the
case of the 1166 Avenue of the Americas Mortgage Loan or an 1166 Avenue of the
Americas REO Property, any such determination is to be made by the 1166 Avenue
of the Americas Special Servicer.

                  "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.

                  "FV Bid" shall have the meaning assigned thereto in Section
3.18(d).

                                      -34-
<PAGE>

                  "FV Price" shall have the meaning assigned thereto in Section
3.18(c).

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

                  "Global Certificate" shall mean, with respect to any Class of
Book-Entry Non-Registered Certificates, either the related Rule 144A Global
Certificate or the Regulation S Global Certificate.

                  "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 any Additional Interest
Received by the Trust with respect to an ARD Mortgage Loan after its Anticipated
Repayment Date.

                  "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) (including any lease agreement with
respect to a master space lease) 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 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, the Special Servicer,
any Controlling Class Certificateholder, the Valley Fair Mall 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 Valley Fair Mall
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 Valley Fair Mall
Companion Loan Noteholder or any Affiliate thereof as an officer, employee,

                                      -35-

<PAGE>

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 Valley Fair Mall 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 Valley Fair Mall Companion Loan
Noteholder or any Affiliate thereof, as the case may be, provided that such
ownership constitutes less than 1% of the total assets owned by such Person.

                  "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 Valley Fair Mall Loan Pair is
affected, to the Valley Fair Mall 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 Valley Fair Mall Loan Pair
is affected, by the Valley Fair Mall 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 for
purposes of Section 860D(a) 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 Bidder" shall have the meaning assigned thereto in
Section 3.18(d).

                  "Initial Deposit" shall mean an amount with respect to each
Initial Deposit Mortgage Loan equal to (a) the aggregate amount of interest that
would have accrued at the related Mortgage Rate on the Cut-off Date Balance of
the subject Initial Deposit Mortgage Loan had such Initial Deposit Mortgage Loan
been originated on the Cut-off Date, for the period from and including the
Cut-off Date to but excluding October 11, 2002, reduced by (b) any interest
payment scheduled to be received by the Trust in October 2002 or November 2002
with respect to such Initial Deposit Mortgage Loan, which interest payment is
intended to cover any interest actually accrued on such Initial Deposit Mortgage
Loan during any portion of such period.

                                      -36-
<PAGE>

                  "Initial Deposit Mortgage Loan" shall mean each of the
Mortgage Loans secured by the Mortgaged Real Properties identified on the
Mortgage Loan Schedule as 1166 Avenue of the Americas, Village Green Apartments,
Charleston on the Beach, Arrowhead Medical and Kansas City Portfolio,
respectively.

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

                  "Institutional Accredited Investor" or "IAI" 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.

                  "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 a Class of
Interest Only Certificates (other than the Class X-VF 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 a Class of Interest Only Certificates (other than the Class X-VF
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 Only Certificates" shall mean, collectively, the
Class X-CL, Class X-CP and Class X-VF Certificates.

                  "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

                                      -37-

<PAGE>

Trustee, in trust for the registered holders of LB-UBS Commercial Mortgage Trust
2002-C4, Commercial Mortgage Pass-Through Certificates, Series 2002-C4".

                  "Interest Reserve Amount" shall mean, with respect to each
Interest Reserve Mortgage Loan and Interest Reserve REO Mortgage Loan, for any
Distribution Date that occurs during February of 2003 or February of any year
thereafter or during January of 2003 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
Mortgage Loan or related REO Mortgage Loan after the related Anticipated
Repayment Date and net of 2.5 basis points in the case of the 1166 Avenue of the
Americas Mortgage Loan and an 1166 Avenue of the Americas REO Mortgage Loan) 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 (or, in the case of the
1166 Avenue of the Americas Mortgage Loan or an 1166 Avenue of the Americas REO
Mortgage Loan, a P&I Advance) is Received by the Trust in respect thereof for
such Due Date as of the related Determination Date (or, in the case of the 1166
Avenue of the Americas Mortgage Loan or an 1166 Avenue of the Americas REO
Mortgage Loan, by such Distribution Date) or a P&I Advance is made under this
Agreement in respect thereof for such Due Date by such Distribution Date.

                  "Interest Reserve Mortgage Loan" shall mean any Mortgage Loan
that accrues interest on an Actual/360 Basis.

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

                  "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 by the Trust in connection therewith during any Collection
Period, whether as payments, Insurance Proceeds, Condemnation 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 by the Trust in connection with
the related REO Property during any Collection Period, whether as Insurance
Proceeds, Condemnation 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. For purposes of this definition and for purposes of the last
paragraph of Section 4.03(a), in the case of the 1166 Avenue of the Americas
Mortgage Loan or an

                                      -38-

<PAGE>

1166 Avenue of the Americas REO Property, "Collection Period" shall mean the
period ending at 12:00 p.m. (New York City time) on each Master Servicer
Remittance Date and beginning immediately following the end of the prior
Collection Period (or, in the case of the initial Collection Period, beginning
on the Closing Date).

                  "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-CP or Class X-CL 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.

                  "Lehman/Depositor Mortgage Loan Purchase Agreement" shall mean
that certain Mortgage Loan Purchase Agreement dated as of September 26, 2002,
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.

                  "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 of its right to defease the Mortgage Loan),
(iv) such Loan is purchased by a Purchase Option Holder or its assignee pursuant
to Section 3.18, (v) such Loan is purchased by the Depositor, Lehman Brothers,
the Special Servicer, a Controlling Class Certificateholder or the Master
Servicer pursuant to Section 9.01, (vi) such Loan is purchased by the holder of
a related mezzanine loan on behalf of the related Mortgagor in connection with a
Loan default, as set forth in the related intercreditor agreement, (vii) in the
case of the Valley Fair Mall Mortgage Loan, such Loan is purchased by the Valley
Fair Mall Companion Loan Noteholder or its designee pursuant to the Valley Fair
Mall Co-Lender Agreement, or (viii) in the case of the 1166 Avenue of the
Americas Mortgage Loan, such Loan is purchased by a purchase option holder in
accordance with the 1166 Avenue of the Americas Servicing Agreement, as
described in Section 3.18(n); 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 Expenses" shall mean all customary, reasonable
and necessary "out-of-pocket" costs and expenses due and owing (but not
otherwise covered by Servicing Advances) in connection with the liquidation of
any Specially Serviced Loan or REO Property pursuant to Sections 3.09 or 3.18
(including legal fees and expenses, committee or referee fees and, if
applicable, brokerage commissions and conveyance taxes).

                                      -39-
<PAGE>

                  "Liquidation Fee" shall mean the fee designated as such in,
and payable to the Special Servicer in connection with certain specified events
in respect of a Specially Serviced Loan or an Administered REO Property pursuant
to, Section 3.11(c).

                  "Liquidation Fee Rate" shall mean, with respect to each
Specially Serviced Loan or Administered 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 Trust in connection with:
(i) 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; (ii) the
realization upon any deficiency judgment obtained against a Mortgagor; (iii) the
purchase of a Specially Serviced Mortgage Loan by a Purchase Option Holder or
its assignee pursuant to Section 3.18; (iv) 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); (v) 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; (vi) the purchase of a Loan by the holder of
a related mezzanine loan on behalf of the related Mortgagor in connection with a
Loan default, as set forth in the related intercreditor agreement; (vii) in the
case of the Valley Fair Mall Mortgage Loan, the purchase of such Mortgage Loan
by the Valley Fair Mall Companion Loan Noteholder or its designee pursuant to
the Valley Fair Mall Co-Lender Agreement; or (viii) in the case of the 1166
Avenue of the Americas Mortgage Loan, such Loan is purchased by a purchase
option holder in accordance with the 1166 Avenue of the Americas Servicing
Agreement, as described in Section 3.18(n).

                  "Loan" shall mean any Mortgage Loan or the Valley Fair Mall
Companion Loan.

                  "Loan Pair" shall mean either of the 1166 Avenue of the
Americas Loan Pair or the Valley Fair Mall Loan Pair.

                  "Loan Pair Servicing Reports" shall mean, with respect to the
Valley Fair Mall Loan Pair, 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 Mortgaged Property or REO Property, as the
case may be, 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 Serviced Loan as to which written notice of
anticipated payoff has been received by the Master Servicer 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).

                                      -40-
<PAGE>

                  "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.

                  "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, with respect to each
Loan REMIC Regular Interest, the Mortgage Rate in effect for the related Loan
REMIC Mortgage Loans as of the Closing Date.

                  "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 Wachovia, in its capacity as
master servicer hereunder, or any successor master servicer appointed as herein
provided.

                  "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 Serviced
Mortgage Loans and any related REO Properties that (A) were Received by the
Trust 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), plus
(b) the aggregate amount of all payments and other collections on or with
respect to the 1166 Avenue of the Americas Mortgage Loan and any 1166 Avenue of
the Americas REO Property that were Received by the Trust as of, and 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, without limitation, the amounts referred to in clauses (a)(ii) and
(a)(iii) of the definition of "Available Distribution Amount" that are received
with respect to the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue
of the Americas REO Mortgage Loan); net of (c) the portion of the aggregate
amount described in clauses (a) and (b) of this definition that represents one
or more of the following--(i) 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 (xvii) of Section 3.05(a), (iii) any Excess Liquidation Proceeds
and (iv) any amounts deposited in the Pool Custodial Account in error.

                                    -41-

<PAGE>

                  "Master Servicer Remittance Date" shall mean the date each
month, commencing in October 2002, on which, among other things, the Master
Servicer is required to (i) make P&I Advances and (ii) transfer the Master
Servicer Remittance Amount and any Excess Liquidation Proceeds to the Trustee,
which date shall be the Business Day immediately preceding each Distribution
Date.

                  "Master Servicing Fee" shall mean, with respect to each
Serviced Loan (and any successor REO Loan with respect thereto), the fee
designated as such and payable to the Master Servicer pursuant to Section
3.11(a).

                  "Master Servicing Fee Rate" shall mean: (a) with respect to
the 1166 Avenue of the Americas Mortgage Loan and an 1166 Avenue of the Americas
REO Mortgage Loan, 0.025% per annum; (b) with respect to each other Mortgage
Loan and REO Mortgage Loan, a rate per annum equal to the related Administrative
Cost Rate minus the Trustee Fee Rate; and (c) with respect to the Valley Fair
Mall Companion Loan and any related REO Loan, 0.05% 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 Serviced 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.

                  "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

                                     -42-

<PAGE>

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 (or, in the case
of the 1166 Avenue of the Americas Mortgage Loan, by the applicable 1166 Avenue
of the Americas Servicer pursuant to the 1166 Avenue of the Americas Servicing
Agreement), 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.

                  "Moody's" shall mean Moody's Investors Service, Inc. or its
successor in interest. If neither such rating agency nor any successor remains
in existence, "Moody's" 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 Moody's Investors Service, Inc. herein referenced shall be deemed to refer to
the equivalent ratings of the party so designated.

                  "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:

                  (a) with respect to any Mortgage Loan (other than the
1166 Avenue of the Americas Mortgage Loan) and, in the case of the Valley Fair
Mall Mortgage Loan, the Valley Fair Mall Companion Loan, the following documents
collectively (which, in the case of the Valley Fair Mall Loan Pair, except for
the Mortgage Note referred to in clause (i) and clause (vi) of this definition,
relate to the entire Loan Pair):

                           (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 2002-C4, Commercial Mortgage Pass-Through Certificates, Series
         2002-C4" 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 Valley Fair Mall Loan Pair, a copy of the executed Mortgage Note
         for the Valley Fair Mall 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;

                                      -43-
<PAGE>

                           (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 2002-C4,
         Commercial Mortgage Pass-Through Certificates, Series 2002-C4" (or, in
         the case of the Valley Fair Mall Loan Pair, in favor of "LaSalle Bank
         National Association, in its capacity as trustee for the registered
         holders of LB-UBS Commercial Mortgage Trust 2002-C4, Commercial
         Mortgage Pass-Through Certificates, Series 2002-C4, and in its capacity
         as lead lender on behalf of the [NAME OF VALLEY FAIR MALL COMPANION
         LOAN NOTEHOLDER]") (or, in each case, a copy thereof, certified to be
         the copy of such assignment submitted for recording);

                           (v) an original or copy of the 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 2002-C4, Commercial
         Mortgage Pass-Through Certificates, Series 2002-C4" (or, in the case of
         the Valley Fair Mall Loan Pair, in favor of "LaSalle Bank National
         Association, in its capacity as trustee for the registered holders of
         LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
         Pass-Through Certificates, Series 2002-C4, and in its capacity as lead
         lender on behalf of [NAME OF VALLEY FAIR MALL LOAN NOTEHOLDER]");

                           (vi) originals or copies of final written
         modification agreements in those instances where the terms or
         provisions of the Mortgage Note for such Mortgage Loan (or, if
         applicable, either Mortgage Note of the Valley Fair Mall Loan Pair) or
         the related Mortgage have been modified as to a monetary term or other
         material term thereof, 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) with respect to Mortgage Loans secured by
         hospitality properties only, 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 2002-C4, Commercial Mortgage Pass-Through Certificates,
         Series 2002-C4" (or, in the case of the Valley Fair Mall Loan Pair, in
         favor of "LaSalle Bank National Association, in its capacity as trustee
         for the registered holders of LB-UBS Commercial Mortgage Trust 2002-C4,
         Commercial Mortgage Pass-Through Certificates, Series 2002-C4, and in
         its capacity as lead lender on behalf of the [NAME OF VALLEY FAIR MALL
         COMPANION LOAN NOTEHOLDER]");

                                      -44-
<PAGE>

                           (ix) an original or copy of the related Ground Lease
         relating to such Mortgage Loan, if any;

                           (x) an original or copy of the related loan
         agreement, if any;

                           (xi) an original of the related guaranty of payment
         under, or a copy of the original letter of credit in connection with,
         such Mortgage Loan, if any;

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

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

                           (xiv) an original or copy of the 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 the 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
         2002-C4, Commercial Mortgage Pass-Through Certificates, Series 2002-C4"
         (or, in the case of the Valley Fair Mall Loan Pair, in favor of
         "LaSalle Bank National Association, in its capacity as trustee for the
         registered holders of LB-UBS Commercial Mortgage Trust 2002-C4,
         Commercial Mortgage Pass-Through Certificates, Series 2002-C4, and in
         its capacity as lead lender on behalf of [NAME OF VALLEY FAIR MALL
         COMPANION LOAN NOTEHOLDER]");

                           (xvi) in the case of the Valley Fair Mall Loan Pair,
          a copy of the Valley Fair Mall Co-Lender Agreement;

                           (xvii) in the case of any Loan as to which there
          exists a related mezzanine loan, the related intercreditor agreement;
          and

                           (xviii) an original or copy of any related
          Environmental Insurance Policy; and

                  (b) with respect to the 1166 Avenue of the Americas Mortgage
Loan, the following documents collectively:

                           (i) 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 2002-C4, Commercial Mortgage Pass-Through Certificates, Series
         2002-C4" 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);

                                      -45-

<PAGE>

                           (ii) a copy of the executed 1166 Avenue of the
         Americas Intercreditor Agreement; and

                           (iii) a copy of the 1166 Avenue of the Americas
         Servicing Agreement;

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 (a)(vi) and (a)(ix) through (a)(xviii) 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 or
otherwise held on behalf of the Trust, except that, with respect to the 1166
Avenue of the Americas Mortgage Loan, the term "Mortgage Loan" includes the
related Mortgage Note and any other documents contained in the related Mortgage
File or otherwise held on behalf of the Trust.

                  "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) Stated Maturity Date;

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

                           (viii) the Interest Accrual Basis;

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

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

                                      -46-
<PAGE>

                           (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 Mortgage Loans, collectively. The Mortgage Pool does not include
the Valley Fair Mall Companion Loan, the 1166 Avenue of the Americas Non-Trust
Loan or any REO Loan related to either of those two Loans.

                  "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 with respect thereto), 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 the case of
the 1166 Avenue of the Americas Mortgage Loan, by the applicable 1166 Avenue of
the Americas Servicer in accordance with the 1166 Avenue of the Americas
Servicing Agreement) or in connection with a bankruptcy, insolvency or similar
proceeding involving the related Mortgagor. 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.

                  "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

                                      -47-
<PAGE>

owns an interest in the related Mortgaged Property, which interest has been
encumbered to secure such Loan.

                  "Net Adjusted REMIC II Remittance Rate" shall mean:

                           (a) with respect to each of REMIC II Regular Interest
         A-2-2, for any Interest Accrual Period, 4.023% per annum;

                           (b) with respect to each of REMIC II Regular Interest
         A-3-2, REMIC II Regular Interest A-3-3 and REMIC II Regular Interest
         A-3-4, for any Interest Accrual Period, 4.071% per annum;

                           (c) with respect to each of REMIC II Regular Interest
         A-4-1, REMIC II Regular Interest A-4-2 and REMIC II Regular Interest
         A-4-3, for any Interest Accrual Period, 4.563% per annum;

                           (d) with respect to each of REMIC II Regular Interest
         A-5-1, REMIC II Regular Interest A-5-2 and REMIC II Regular Interest
         A-5-3, for any Interest Accrual Period, 4.853% per annum;

                           (e) with respect to REMIC II Regular Interest B, for
         any Interest Accrual Period, an annual rate equal to the lesser of (i)
         4.899% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period;

                           (f) with respect to REMIC II Regular Interest C, for
         any Interest Accrual Period, an annual rate equal to the lesser of (i)
         4.938% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period;

                           (g) with respect to each of REMIC II Regular Interest
         D-1, REMIC II Regular Interest D-2 and REMIC II Regular Interest D-3,
         for any Interest Accrual Period, an annual rate equal to the lesser of
         (i) 4.987% per annum and (ii) the Weighted Average REMIC I Remittance
         Rate for such Interest Accrual Period;

                           (h) with respect to each of REMIC II Regular Interest
         E-1, REMIC II Regular Interest E-2 and REMIC II Regular Interest E-3,
         for any Interest Accrual Period, an annual rate equal to the lesser of
         (i) 5.007% per annum and (ii) the Weighted Average REMIC I Remittance
         Rate for such Interest Accrual Period;

                           (j) with respect to REMIC II Regular Interest F, for
         any Interest Accrual Period, an annual rate equal to the lesser of (i)
         5.036% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period; and

                           (k) with respect to REMIC II Regular Interest G-2,
         for any Interest Accrual Period, an annual rate equal to the lesser of
         (i) 5.125% per annum and (ii) the Weighted Average REMIC I Remittance
         Rate for such Interest Accrual Period;

                  "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

                                      -48-
<PAGE>

incurred in connection with the receipt of Principal Prepayments and/or, insofar
as they result from the application of Insurance Proceeds and/or Condemnation
Proceeds, other early recoveries of principal Received by the Trust (or, in the
case of the 1166 Avenue of the Americas Mortgage Loan, an 1166 Avenue of the
Americas Servicer) 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. For purposes of this definition, in the case of the 1166 Avenue of
the Americas Mortgage Loan, "related Collection Period" refers to the most
recently ended "Collection Period" under the 1166 Avenue of the Americas
Servicing Agreement.

                  "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 Liquidation Proceeds" shall mean the excess, if any, of
all Liquidation Proceeds received with respect to any Specially Serviced Loan or
REO Property, over the amount of all Liquidation Expenses incurred with respect
thereto.

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

                  "New Lease" shall mean any lease of Administered 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
Valley Fair Mall Loan Pair, the Valley Fair Mall Companion Loan Noteholder.

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

                                      -49-
<PAGE>

                  "Nonrecoverable P&I Advance" shall mean (i) solely with
respect to the 1166 Avenue of the Americas Mortgage Loan, any P&I Advance
previously made or proposed to be made in respect of the 1166 Avenue of the
Americas Mortgage Loan or any 1166 Avenue of the Americas REO Mortgage Loan by
the Master Servicer, the Trustee or the Fiscal Agent, which P&I Advance the 1166
Avenue of the Americas Master Servicer has determined is or would be a
"nonrecoverable" P&I Advance in accordance with the terms of the 1166 Avenue of
the Americas Servicing Agreement; and (ii) with respect to any other Loan, 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, Condemnation
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, Condemnation 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-CL, Class X-CP, Class X-VF, Class H, Class J, Class K,
Class L, Class M, Class N, Class P, Class Q, Class S, Class T, Class U, Class
R-I, Class R-II, Class R-III, Class R-LR and Class V 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 counsel,
who may, without limitation, be salaried counsel for the Depositor, the Master
Servicer or the Special Servicer, acceptable in form and delivered to the
Trustee or any other specified Person, as the case may be, except that any
opinion of counsel relating to (a) the qualification of REMIC I, REMIC II or
REMIC III or a Loan REMIC as a REMIC, (b) compliance with the REMIC Provisions,
(c) qualification of the Grantor Trust as a grantor trust, (d) whether any act
or event would cause an Adverse REMIC Event or Adverse Grantor Trust Event, as
may be applicable, or (e) the resignation of the Master Servicer or the Special
Servicer pursuant to this Agreement, must be 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
any Class of Interest Only Certificates, the initial Class Notional Amount of
each such Class as of the Closing Date, which shall

                                      -50-
<PAGE>

equal $1,455,238,297, in the case of the Class X-CL Certificates,
$1,126,054,513, in the case of the Class X-CP Certificates, and $294,734,809, in
the case of the Class X-VF Certificates.

                  "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.

                  "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 (as well as, in the case of the
1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas REO
Mortgage Loan, any comparable advance made by the 1166 Avenue of the Americas
Master Servicer under the 1166 Avenue of the Americas Servicing Agreement).

                  "Pass-Through Rate" shall mean:

                  (a) with respect to the Class A-1 Certificates for any
Interest Accrual Period, 3.268% per annum;

                  (b) with respect to the Class A-2 Certificates for any
Interest Accrual Period, 4.023% per annum;

                  (c) with respect to the Class A-3 Certificates for any
Interest Accrual Period, 4.071% per annum;

                  (d) with respect to the Class A-4 Certificates for any
Interest Accrual Period, 4.563% per annum;

                  (e) with respect to the Class A-5 Certificates for any
Interest Accrual Period, 4.853% per annum;

                  (f) with respect to the Class B Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 4.899% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (g) with respect to the Class C Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 4.938% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (h) with respect to the Class D Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 4.987% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                                      -51-
<PAGE>

                  (j) with respect to the Class E Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 5.007% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (k) with respect to the Class F Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 5.036% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (l) with respect to the Class G Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 5.125% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (l) with respect to the Class H Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 5.469% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (m) with respect to the Class J Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 5.616% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (n) with respect to the Class K Certificates for any Interest
Accrual Period, an annual rate equal to the lesser of (i) 5.914% per annum and
(ii) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                  (o) with respect to each other Class of Principal Balance
Certificates for any Interest Accrual Period, 4.803% per annum;

                  (p) with respect to the Class X-VF Certificates for any
Interest Accrual Period, 1.395% per annum;

                  (q) with respect to each REMIC III Component of the Class X-CL
Certificates for any Interest Accrual Period, an annual rate equal to the
excess, if any, of (i) the Weighted Average REMIC I Remittance Rate for such
Interest Accrual Period, over (ii) the Adjusted REMIC II Remittance Rate for
such Interest Accrual Period applicable to the Corresponding REMIC II Regular
Interest for such REMIC III Component;

                  (r) with respect to the Class X-CL 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;

                  (s) with respect to each REMIC III Component of the Class X-CP
Certificates for any Interest Accrual Period, an annual rate equal to the
excess, if any, of (i) the Adjusted REMIC II Remittance Rate for such Interest
Accrual Period applicable to the Corresponding REMIC II Regular Interest for
such REMIC III Component, over (ii) the Net Adjusted REMIC II Remittance Rate
for such Interest Accrual Period applicable to the Corresponding REMIC II
Regular Interest for such REMIC III Component; and

                                      -52-
<PAGE>

                  (t) with respect to the Class X-CP 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; provided that, for reporting purposes, the
Pass-Through Rate of the Class X-CP Certificates: (i) for each Interest Accrual
Period from and including the Interest Accrual Period ending in October 2005
through and including the Interest Accrual Period ending in September 2006,
shall be calculated taking into account only the respective Pass-Through Rates
of REMIC III Component X-CP-A-3-3, X-CP-A-3-4, X-CP-A-4-2, X-CP-A-4-3,
X-CP-A-5-1, X-CP-A-5-2, X-CP-A-5-3, X-CP-B, X-CP-C, X-CP-D-1, X-CP-D-2,
X-CP-D-3, X-CP-E-2 and X-CP-E-3; (ii) for each Interest Accrual Period from and
including the Interest Accrual Period ending in October 2006 through and
including the Interest Accrual Period ending in September 2007, shall be
calculated taking into account only the respective Pass-Through Rates of REMIC
III Component X-CP-A-3-4, X-CP-A-4-3, X-CP-A-5-1, X-CP-A-5-2, X-CP-A-5-3,
X-CP-B, X-CP-C, X-CP-D-1, X-CP-D-2, X-CP-D-3 and X-CP-E-3; (iii) for each
Interest Accrual Period from and including the Interest Accrual Period ending in
October 2007 through and including the Interest Accrual Period ending in
September 2008, shall be calculated taking into account only the respective
Pass-Through Rates of REMIC III Component X-CP-A-5-2, X-CP-A-5-3, X-CP-B,
X-CP-C, X-CP-D-2 and X-CP-D-3; (iv) for each Interest Accrual Period from and
including the Interest Accrual Period ending in October 2008 through and
including the Interest Accrual Period ending in September 2009, shall be
calculated taking into account only the respective Pass-Through Rates of REMIC
III Component X-CP-A-5-3, X-CP-B, X-CP-C and X-CP-D-3; and (v) for each Interest
Accrual Period following the Interest Accrual Period ending in September 2009,
shall equal 0% per annum.

                  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 Class V or 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.

                  "Performing Serviced Loan" shall mean any Corrected Loan and
any Serviced Loan as to which a Servicing Transfer Event has never occurred.
Notwithstanding anything herein to the contrary, the 1166 Avenue of the Americas
Mortgage Loan shall in no event constitute a Performing Serviced Loan hereunder.

                  "Performing Serviced Mortgage Loan" shall mean any Serviced
Mortgage Loan that is a Performing Serviced Loan. Notwithstanding anything
herein to the contrary, the 1166 Avenue of the Americas Mortgage Loan shall in
no event constitute a Performing Serviced Mortgage Loan hereunder.

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

                                      -53-
<PAGE>

                  "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 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
         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 Valley Fair Mall Loan Pair, with respect to
         any class of Valley Fair Mall Companion Loan Securities, 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 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 Valley Fair Mall Loan Pair, with
         respect to any class of Valley Fair Mall Companion Loan Securities, 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 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 Valley Fair
         Mall Loan Pair, with respect to any class of Valley Fair Mall Companion
         Loan Securities, as evidenced in writing by such Rating Agency). In
         addition, such

                                      -54-
<PAGE>

         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 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 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 Valley Fair Mall Loan Pair, with respect to any class of Valley
         Fair Mall Companion Loan Securities, 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, (d) a Disqualified
Partnership, or (e) a foreign permanent establishment or fixed base (within the
meaning of any applicable income tax treaty between the United States and any
foreign jurisdiction) of a United States Tax Person.

                  "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.

                  "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

                                      -55-
<PAGE>

Certificateholders, which shall be entitled "Wachovia Bank, National Association
[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
2002-C4, Commercial Mortgage Pass-Through Certificates, Series 2002-C4, 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 2002-C4, Commercial Mortgage Pass-Through
Certificates, Series 2002-C4, 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
Received by the Trust on any Mortgage Loan (or any successor REO Mortgage Loan
with respect thereto) 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: (a) with respect to
any Serviced Loan that was subject to a Principal Prepayment in full or in part
made (or, if resulting from the application of Insurance Proceeds or
Condemnation Proceeds, any other early recovery of principal received) after its
Due Date in any Collection Period, any payment of interest (net of related
Master Servicing Fees) actually collected from the related Mortgagor or
otherwise 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

                                      -56-
<PAGE>

Interest); and (b) with respect to the 1166 Avenue of the Americas Mortgage
Loan, a "Prepayment Interest Excess" in respect thereof under the 1166 Avenue of
the Americas Servicing Agreement.

                  "Prepayment Interest Shortfall" shall mean: (a) with respect
to any Serviced Loan that was subject to a Principal Prepayment in full or in
part made (or, if resulting from the application of Insurance Proceeds or
Condemnation Proceeds, any other early recovery of principal received) prior to
its Due Date in any Collection Period, the amount of interest, to the extent not
collected from the related Mortgagor or otherwise (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 sum of the related Master Servicing Fee Rate and, in the case of an
ARD Loan after its Anticipated Repayment Date, 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; and (b) with respect to the 1166 Avenue of the Americas Mortgage Loan,
a "Prepayment Interest Shortfall" in respect thereof under the 1166 Avenue of
the Americas Servicing Agreement.

                  "Prepayment Premium" shall mean any premium, penalty or fee
(other than a Yield Maintenance Charge) paid or payable, as the context
requires, as a result of a Principal Prepayment on, or other early collection of
principal of, a Loan.

                  "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 Valley Fair Mall Companion Loan
Noteholder in writing of its selection.

                  "Principal Balance Certificate" shall mean any Regular
Interest Certificate (other than an Interest Only 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 by the Trust with respect to the Serviced
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 under this Agreement 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;

                                      -57-
<PAGE>

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

                  (c) the aggregate of all Principal Prepayments Received by the
Trust on the Serviced Mortgage Loans during the related Collection Period;

                  (d) the aggregate of all Liquidation Proceeds, Condemnation
Proceeds and Insurance Proceeds Received by the Trust with respect to any
Serviced 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 under this Agreement for a prior
Distribution Date;

                  (e) the aggregate of all Liquidation Proceeds, Condemnation
Proceeds, Insurance Proceeds and REO Revenues Received by the Trust with respect
to any Administered 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 under
this Agreement for a prior Distribution Date;

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

                  (g) all amounts Received by the Trust on or with respect to
the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas
REO Mortgage Loan since the preceding Master Servicer Remittance Date (or, in
the case of the initial Master Servicer Remittance Date, since the Closing Date)
that represents a payment, advance or other recovery of principal with respect
to the 1166 Avenue of the Americas Mortgage Loan or the 1166 Avenue of the
Americas REO Mortgage Loan, as the case may be, exclusive of any portion of such
amounts that represent a late payment or other recovery of principal due on or
before the Cut-off Date or for which a P&I Advance was previously made under
this Agreement for a prior Distribution Date;

provided that none of the amounts set forth in clauses (a) to (g) above shall
represent amounts received, due or advanced on or in respect of the Valley Fair
Mall 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 by the Trust (or, in
the case of the 1166 Avenue of the Americas Mortgage Loan, by an 1166 Avenue of
the Americas Servicer on behalf of the Trust) 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.

                                      -58-
<PAGE>

                  "Prohibited Transaction Exemption" shall mean Prohibited
Transaction Exemption 91-14 granted to a predecessor of Lehman Brothers by the
United States Department of Labor, as such Prohibited Transaction Exemption may
be amended from time to time.

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

                  "Prospectus" shall mean the prospectus dated September 16,
2002, as supplemented by the Prospectus Supplement, relating to the Registered
Certificates.

                  "Prospectus Supplement" shall mean the prospectus supplement
dated September 26, 2002, relating to the Registered Certificates.

                  "Purchase Option Holders" shall have the meaning assigned
thereto in Section 3.18(b).

                  "Purchase Price" shall mean, with respect to any Mortgage Loan
(or REO Property or, in the case of any 1166 Avenue of the Americas REO
Property, the Trust's interest therein), 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, if any, (d) all accrued and unpaid
interest, if any, in respect of related Advances in accordance with, as
applicable, Section 3.11(g), Section 4.03(d) and/or Section 4.03A(d), and (e) in
the case of a repurchase 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 Trust Fund Expenses with respect to such Mortgage Loan (or REO
Property), including any Liquidation Fee payable because the subject repurchase
occurred more than 180 days beyond the earlier of notice to or discovery by the
party effecting the repurchase of the subject Material Document Defect or
Material Breach that gave rise to the repurchase, 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 Valley Fair Mall
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 Valley Fair Mall 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 Valley Fair
Mall Loan Pair, the Purchase Price for such REO Property 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 Valley Fair Mall Loan Pair.
For purposes of this definition, in the case of the 1166 Avenue of the Americas
Mortgage Loan or any 1166 Avenue of the Americas REO Mortgage Loan, "Collection
Period" shall mean the period ending at 12:00 p.m. (New York City

                                      -59-
<PAGE>

time) on each Master Servicer Remittance Date and beginning immediately
following the end of the prior Collection Period (or, in the case of the initial
Collection Period, beginning on the Closing Date).

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

                  "Qualified Institutional Buyer" or "QIB" 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, Class A-2, Class A-3 and Class A-4 Certificates, the
Distribution Date in September 2026; (b) with respect to the Class A-5
Certificates, the Distribution Date in September 2031; and (c) with respect to
the other Classes of Certificates, other than the Class X-CL, Class X-CP, Class
X-VF, Class U, Class R-I, Class R-II, Class R-III, Class R-LR and Class V
Certificates, the Distribution Date in October 2035.

                  "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 by the Trust (including, if applicable,
by an 1166 Avenue of the Americas Servicer on behalf of the Trust) 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 Special Servicer pursuant to Section 3.20 (or, in
the case of the 1166 Avenue of the Americas Mortgage Loan, by the applicable
1166 Avenue of the Americas Servicer pursuant to the 1166 Avenue of the Americas
Servicing Agreement), 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 (or,
in the case of the 1166 Avenue of the Americas Mortgage Loan, by the applicable
1166 Avenue of the Americas Servicer pursuant to the 1166 Avenue of the Americas
Servicing Agreement), the amount of the consequent reduction in the interest
portion of each successive Monthly Payment due thereon (each

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such Realized Loss shall be deemed to have been incurred on the Due Date for
each affected Monthly Payment). For purposes of this definition, in the case of
the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas
REO Mortgage Loan, "Collection Period" shall mean the period ending at 12:00
p.m. (New York City time) on each Master Servicer Remittance Date and beginning
immediately following the end of the prior Collection Period (or, in the case of
the initial Collection Period, beginning on the Closing Date).

                  "Received by the Trust" shall mean: (a) in the case of the
1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas REO
Property, received by the Master Servicer on behalf of the Trustee, as holder of
the Mortgage Note for the 1166 Avenue of the Americas Mortgage Loan, on behalf
of the Trust; and (b) in the case of any other Loan or REO Property, received by
the Master Servicer or any of its Sub-Servicers, the Special Servicer or any of
its Sub-Servicers or the Trustee, as the case may be, in any event on behalf of
the Trust.

                  "Record Date" shall mean: with respect to the initial
Distribution Date, the Closing Date; and, with respect to any other 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).

                  "Reference Rate" shall mean, with respect to any Interest
Accrual Period, the rate per annum set forth on the Reference Rate Schedule.

                  "Reference Rate Schedule" shall mean the list of Reference
Rates set forth on the schedule attached hereto as Schedule VI.

                  "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 A-3, Class A-4, Class A-5, Class B, Class
C, Class D, Class E, Class F and Class G 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 Global Certificates" shall mean, with respect to
any Class of Book-Entry Non-Registered Certificates offered and sold outside of
the United States in reliance on Regulation S, one or more global Certificates,
collectively, in definitive, fully registered form without interest coupons,
each of which Certificates bears a Regulation S Legend.

                  "Regulation S Legend" shall mean, with respect to any Class of
Book-Entry Non-Registered 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 date that is
40 days after the later of (a) the commencement of the offering to Persons other
than distributors in reliance on Regulation S, and (b) the date of closing of
the offering, except pursuant to an exemption from the registration requirements
of the Securities Act.

                                      -61-
<PAGE>

                  "Regulation S Release Date" shall have the meaning assigned
thereto in Section 5.02(b).

                  "Regulation S Transfer Date" shall have the meaning assigned
thereto in Section 5.02(b).

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

                  "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 by the Trust after the Closing Date (other than
scheduled payments of interest and principal due on or before the Cut-off Date,
other than Additional Interest Received by the Trust in respect of the ARD
Mortgage Loans after their respective Anticipated Repayment Dates), together
with all documents included in the related Mortgage Files; (ii) any REO
Properties as from time to time are subject to this Agreement and all income and
proceeds therefrom (other than an REO Property acquired in respect of a Loan
REMIC Mortgage Loan) (or, in the case of the 1166 Avenue of the Americas
Mortgage Loan, the rights of the holder thereof with respect to any 1166 Avenue
of the Americas REO Property under the 1166 Avenue of the Americas Servicing
Agreement); (iii) the Loan REMIC Regular Interests; (iv) such funds or assets
(including the Initial Deposits) 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 Received by the Trust 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 Valley Fair Mall Companion Loan, the Loan
REMIC Mortgage Loans, any payments or other collections of principal, interest,
Prepayment Premiums, Yield Maintenance Charges or other amounts Received by the
Trust on such Loans or any related REO Loan (except, in the case of the Loan
REMIC Mortgage Loans and any related REO Loans, to the extent distributed on the
respective Loan REMIC Regular Interests) 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 any
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 (i) the Mortgage Rate in effect for such
corresponding Mortgage Loan as of the Closing Date (without regard to any
modifications, extensions, waivers or amendments of such corresponding Mortgage
Loan subsequent to the Closing Date), minus (ii) the Administrative Cost Rate
for such corresponding Mortgage Loan (or any successor REO Mortgage Loan with
respect thereto); and (b) 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

                                      -62-
<PAGE>

numerator of which is the product of 12 times the Adjusted Actual/360 Accrued
Interest Amount with respect to such REMIC I Regular Interest for such Interest
Accrual Period, and the denominator of which is the Uncertificated Principal
Balance of such REMIC I Regular Interest immediately prior to the Distribution
Date that corresponds to such Interest Accrual Period, minus (ii) the
Administrative Cost Rate for the corresponding Mortgage Loan (or any successor
REO Mortgage Loan with respect thereto).

                  "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 2.09, with respect
to which a separate REMIC election is to be made.

                  "REMIC II Regular Interest" shall mean any of the 35 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: (a) with respect to
REMIC II Regular Interest X-VF for any Interest Accrual Period, 1.395%% per
annum; and (b) with respect to each other 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 2.11, 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 A-3, Class A-4, Class A-5, Class X-CL, Class X-CP, Class X-VF, 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 S, Class T, Class U or Class R-III
Certificate.

                  "REMIC III Component" shall mean:

                           (a) with respect to the Class X-CL Certificates, any
         of the following 35 components of the Class X-CL Certificates: REMIC
         III Component X-CL-A-1, REMIC III Component X-CL-A-2-1, REMIC III
         Component X-CL-A-2-2, REMIC III Component X-CL-A-REMIC III Component
         X-CL-A-3-1, REMIC III Component X-CL-A-3-2, REMIC III Component
         X-CL-A-3-3, REMIC III Component X-CL-A-3-4, REMIC III Component
         X-CL-A-4-1, REMIC III Component X-CL-A-4-2, REMIC III Component
         X-CL-A-4-3, REMIC III Component X-CL-A-5-1, REMIC III Component
         X-CL-A-5-2, REMIC III Component X-CL-A-5-3, REMIC III Component X-CL-B,
         REMIC III Component X-CL-C, REMIC III Component X-CL-D-1, REMIC III
         Component X-CL-D-2, REMIC III Component X-CL-D-3, REMIC III Component
         X-CL-E-1, REMIC III Component X-CL-E-2, REMIC III Component X-CL-E-3,
         REMIC III Component X-CL-F, REMIC III Component X-CL-G-1, REMIC III
         Component X-CL-G-2, REMIC III Component X-CL-H, REMIC III Component
         X-CL-J, REMIC III Component X-CL-K, REMIC III Component X-CL-L, REMIC
         III Component X-CL-M, REMIC

                                      -63-
<PAGE>

         III Component X-CL-N, REMIC III Component X-CL-P, REMIC III Component
         X-CL-Q, REMIC III Component X-CL-S, REMIC III Component X-CL-T and
         REMIC III Component X-CL-U, each of which (i) constitutes a separate
         "regular interest" in REMIC III for purposes of the REMIC Provisions,
         (ii) relates to its Corresponding REMIC II Regular Interest, and (iii)
         has a Component Notional Amount equal to the Uncertificated Principal
         Balance of its Corresponding REMIC II Regular Interest outstanding from
         time to time; and

                           (b) with respect to the Class X-CP Certificates, any
         of the following 20 components of the Class X-CP Certificates: REMIC
         III Component X-CP-A-2-2, REMIC III Component X-CP-A-3-2, REMIC III
         Component X-CP-A-3-3, REMIC III Component X-CP-A-3-4, REMIC III
         Component X-CP-A-4-1, REMIC III Component X-CP-A-4-2, REMIC III
         Component X-CP-A-4-3, REMIC III Component X-CP-A-5-1, REMIC III
         Component X-CP-A-5-2, REMIC III Component X-CP-A-5-3, REMIC III
         Component X-CP-B, REMIC III Component X-CP-C, REMIC III Component
         X-CP-D-1, REMIC III Component X-CP-D-2, REMIC III Component X-CP-D-3,
         REMIC III Component X-CP-E-1, REMIC III Component X-CP-E-2, REMIC III
         Component X-CP-E-3, REMIC III Component X-CP-F and REMIC III Component
         X-CP-G-2, each of which (i) constitutes a separate "regular interest"
         in REMIC III for purposes of the REMIC Provisions, (ii) relates to its
         Corresponding REMIC II Regular Interest, and (iii) has a Component
         Notional Amount equal to the Uncertificated Principal Balance of its
         Corresponding REMIC II Regular Interest 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 either of the Pool REO Account or the
Valley Fair Mall REO Account.

                  "REO Acquisition" shall mean the acquisition of any REO
Property pursuant to Section 3.09 (or, in the case of the 1166 Avenue of the
Americas Mortgaged Property, pursuant to the 1166 Avenue of the Americas
Servicing Agreement).

                  "REO Disposition" shall mean the sale or other disposition of
any REO Property pursuant to Section 3.18 (or, in the case of the 1166 Avenue of
the Americas Mortgaged Property, pursuant to the 1166 Avenue of the Americas
Servicing Agreement).

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

                  "REO Loan" shall mean the mortgage loan (or, if the Valley
Fair Mall Loan Pair is involved, either of the two mortgage loans comprising
such Loan Pair) deemed for purposes hereof to be

                                      -64-
<PAGE>

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 or, if applicable in the case of any 1166 Avenue of
the Americas REO Property, on behalf of the Trust and the 1166 Avenue of the
Americas Non-Trust Loan Noteholder). 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. Amounts Received by
the Trust with respect to 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 (other than in the case of an 1166 Avenue
of the Americas 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 (reduced, in the case of the 1166 Avenue of the Americas
REO Mortgage Loan, by 2.5 basis points) 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 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
that, in the case of an 1166 Avenue of the Americas REO Mortgage Loan, then
amounts Received by the Trust with respect thereto shall be applied pursuant to
clause third of this sentence as a recovery of any Yield Maintenance Charge due
on such REO Loan; and provided, further, that if the Loans comprising the Valley
Fair Mall Loan Pair become REO Loans, amounts Received by the Trust with respect
to 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 Valley Fair Mall 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.

                                      -65-
<PAGE>

                  "REO Property" shall mean a Mortgaged Property acquired on
behalf and in the name of the Trustee for the benefit of the Certificateholders
(or, in the case of the Valley Fair Mall Mortgaged Property, for the benefit of
the Certificateholders and the Valley Fair Mall 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; provided that the 1166 Avenue of the
Americas Mortgaged Property shall constitute an REO Property if acquired under
the 1166 Avenue of the Americas Servicing Agreement in the name of the 1166
Avenue of the Americas Non-Trust Loan Noteholder for the benefit of the 1166
Avenue of the Americas Non-Trust Loan Noteholder and the Trust, 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 a
default or imminent default of the 1166 Avenue of the Americas Loan Pair.

                  "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 ss. 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 (other
than the 1166 Avenue of the Americas Mortgage Loan) or Loan Pair (other than the
1166 Avenue of the Americas 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) 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

                                      -66-
<PAGE>

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; provided that the term
"Required Appraisal Loan" shall include any successor REO Loan(s); and provided,
further, that the Valley Fair Mall Mortgage Loan and the Valley Fair Mall
Companion Loan 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". In no event shall the 1166
Avenue of the Americas Mortgage Loan, any 1166 Avenue of the Americas REO
Mortgage Loan or the 1166 Avenue of the Americas Loan Pair constitute a Required
Appraisal Loan hereunder.

                  "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
that (i) are not being held in respect of any real estate taxes and assessments,
insurance premiums or, if applicable, ground rents, (ii) are not otherwise
scheduled to be applied or utilized (except to pay debt service on such Required
Appraisal Loan) within the twelve-month period following the date of
determination and (iii) may 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 Valley Fair Mall 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, any Vice President, any Assistant Vice President, any Trust
Officer, any Assistant Secretary or any other officer of the Trustee's
Asset-Backed Services Trust Group customarily performing functions similar to
those 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, any officer thereof.

                  "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 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

                                      -67-
<PAGE>

interest coupons, none of which certificates bears a Regulation S Legend, and
each of which certificates has a Rule 144A CUSIP number.

                  "Sarbanes-Oxley Act" shall have the meaning assigned thereto
in Section 8.15(d).

                  "Sarbanes-Oxley Certification" shall have the meaning assigned
thereto in Section 8.15(d).

                  "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 Special Servicer pursuant
to Section 3.20 (or, in the case of the 1166 Avenue of the Americas Mortgage
Loan, by the applicable 1166 Avenue of the Americas Servicer pursuant to the
1166 Avenue of the Americas Servicing Agreement), 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,
Class A-3, Class A-4, Class A-5, Class X-CL, Class X-CP or Class X-VF
Certificate.

                  "Series 2002-C5 Certificates" shall have the meaning assigned
thereto in the Preliminary Statement.

                  "Serviced Loan" shall mean any Loan (including a Specially
Serviced Loan, but excluding an REO Loan) that is, as contemplated by Section
3.01, to be serviced and administered by the Master Servicer and/or the Special
Servicer hereunder. Notwithstanding anything herein to the contrary, the 1166
Avenue of the Americas Mortgage Loan shall in no event constitute a Serviced
Loan hereunder.

                  "Serviced Mortgage Loan" shall mean any Mortgage Loan that is
a Serviced Loan. Notwithstanding anything herein to the contrary, the 1166
Avenue of the Americas Mortgage Loan shall in no event constitute a Serviced
Mortgage Loan hereunder.

                                      -68-
<PAGE>

                  "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 Serviced 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 Serviced Loan, (i) the
principal balance of such Loan as of the end 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 Loan.

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

                  "Servicing Account" shall mean each of the Pool Servicing
Account and the Valley Fair Mall 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 and administration of a Serviced 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, Condemnation 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, the
Valley Fair Mall Co-Lender Agreement, the 1166 Avenue of the Americas
Intercreditor Agreement or the 1166 Avenue of the Americas Servicing Agreement.

                  "Servicing Fees" shall mean: (a) with respect to each Serviced
Loan (and any successor REO Loan with respect thereto), the Master Servicing Fee
and the Special Servicing Fee, and (b) with respect to the 1166 Avenue of the
Americas Mortgage Loan, the Master 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 Serviced Loan, including any
original letter of credit, appraisals, surveys, engineering reports,
environmental reports, escrow agreements, property

                                      -69-
<PAGE>

management agreements and franchise agreements and a copy of the mortgage note
for the 1166 Avenue of the Americas Non-Trust Loan and for the Valley Fair Mall
Companion Loan.

                  "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 Serviced 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 Serviced Loans
and any Administered REO Properties that such party is obligated to service and
administer pursuant to this Agreement: (i) in accordance with the higher of the
following standards of care: (A) the same manner in which, and with the same
care, skill, prudence and diligence with which, the Master Servicer or the
Special Servicer, as the case may be, services and administers comparable
mortgage loans with similar borrowers and comparable REO properties for other
third-party portfolios (giving due consideration to the customary and usual
standards of practice of prudent institutional commercial mortgage lenders
servicing their own mortgage loans and REO properties), and (B) the same manner
in which, and with the same care, skill, prudence and diligence with which, the
Master Servicer or Special Servicer, as the case may be, services and
administers comparable mortgage loans owned by the Master Servicer or Special
Servicer, as the case may be, in either case exercising reasonable business
judgment and acting in accordance with applicable law, the terms of this
Agreement and the terms of the respective Serviced Loans; (ii) with a view to:
(A) the timely recovery of all payments of principal and interest, including
Balloon Payments, under the Serviced Loans or, in the case of any such Serviced
Loan that is (A) a Specially Serviced Loan or (B) a Serviced Loan as to which
the related Mortgaged Property has become an REO Property, the maximization of
recovery on the Mortgage Loan to the Certificateholders (as a collective whole)
(or, if the Valley Fair Mall Loan Pair is involved, with a view to the
maximization of recovery on such Loan Pair to the Certificateholders and the
Valley Fair Mall Companion Loan Noteholder (as a collective whole)) of principal
and interest, including Balloon Payments, on a present value basis (the relevant
discounting of anticipated collections that will be distributable to the
Certificateholders (or, in the case of the Valley Fair Mall Loan Pair, to the
Certificateholders and the Valley Fair Mall Companion Noteholder) to be
performed at the related Mortgage Rate (or, in the case of the Valley Fair Mall
Loan Pair, at the weighted average of the Mortgage Rates for such Loan Pair);
and (iii) without regard to (A) any relationship, including as lender on any
other debt, 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 Affiliate thereof, or any other party to this Agreement; (B) the ownership
of any Certificate or any Series 2002-C5 Certificate (or any Valley Fair Mall
Companion Loan Security) by the Master Servicer or the Special Servicer, as the
case may be, or any Affiliate thereof; (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 compensation or reimbursement of costs
hereunder generally or with respect to any particular transaction; and (E) the
ownership, servicing or management for others of any other mortgage loan or real
property not subject to this Agreement by the Master Servicer or the Special
Servicer, as the case may be, or any Affiliate thereof.

                                      -70-
<PAGE>

                  "Servicing Transfer Event" shall mean, with respect to any
Serviced 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.

                  "Special Servicer" shall mean Lennar Partners, Inc., 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 (other than an 1166 Avenue of the
Americas REO Mortgage Loan), the fee designated as such in, 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 (other than an 1166 Avenue of the
Americas REO Mortgage Loan), 0.25% per annum.

                  "Specially Serviced Loan" shall mean any Serviced 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 delinquent 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 (or for such shorter period beyond the date on which the subject Balloon
Payment was due during which the refinancing is scheduled to occur);

                                      -71-
<PAGE>

                  (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 Serviced 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 and other than an Acceptable Insurance Default)
that (i) materially impairs the value of the related Mortgaged Property as
security for such Serviced Loan or otherwise materially adversely affects the
interests of Certificateholders (or, in the case of the Valley Fair Mall
Companion Loan, the Valley Fair Mall Companion Loan Noteholder), and (ii)
continues unremedied for the applicable grace period under the terms of such
Serviced Loan (or, if no grace period is specified and the default is capable of
being cured, for 30 days); provided that any default that results in
acceleration of the related Mortgage Loan without the application of any grace
period under the related Mortgage Loan documents shall be deemed not to have a
grace period; and provided, further, 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 Valley Fair Mall Companion Loan, the
Valley Fair Mall 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 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 Serviced Loan will cease to be a Specially Serviced
Loan, when a Liquidation Event has occurred with respect to such Serviced 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 Serviced 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
         Serviced 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,

                                      -72-
<PAGE>

         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 Serviced Loan's becoming a Specially Serviced Loan. If a
Serviced Loan that is part of the Valley Fair Mall Loan Pair becomes a Specially
Serviced Loan, then the other Serviced Loan in the Valley Fair Mall Loan Pair
shall also become a Specially Serviced Loan.

                  Notwithstanding anything herein to the contrary, the 1166
Avenue of the Americas Mortgage Loan shall not constitute a Specially Serviced
Loan hereunder.

                  "Specially Serviced Mortgage Loan" shall mean a Serviced
Mortgage Loan that constitutes a Specially Serviced Loan. Notwithstanding
anything herein to the contrary, the 1166 Avenue of the Americas Mortgage Loan
shall not constitute a Specially Serviced Mortgage Loan hereunder.

                  "Startup Day" shall mean, with respect to each REMIC Pool and
each Loan REMIC, 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 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 (or, in the case of the 1166 Avenue of the Americas
Mortgage Loan, by an 1166 Avenue of the Americas Servicer pursuant to the 1166
Avenue of the Americas Servicing Agreement) 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

                                      -73-
<PAGE>

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
Valley Fair Mall Companion Loan (and any successor REO Loan with respect
thereto), the Cut-off Date Balance of such Loan, as permanently reduced on each
Master Servicer 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), including the principal portion of any P&I Advance, distributed to the
Valley Fair Mall Companion Loan Noteholder on such Master Servicer 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. For
purposes of this definition, in the case of the 1166 Avenue of the Americas
Mortgage Loan or any 1166 Avenue of the Americas REO Property, "Collection
Period" shall mean, when used in the first sentence of this definition, the most
recently ended "Collection Period" under the 1166 Avenue of the Americas
Servicing Agreement and, when used in the second sentence of this definition,
the period ending at 12:00 p.m. (New York City time) on each Master Servicer
Remittance Date and beginning immediately following the end of the prior
Collection Period (or, in the case of the initial Collection Period, beginning
on the Closing Date).

                  "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 S, Class T, Class U, 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
Serviced Loans as provided in Section 3.22.

                  "Subsequent Exchange Act Reports" shall have the meaning
assigned thereto in Section 8.15(a).

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

                  "Supplemental Report" shall mean have the meaning assigned
thereto in Section 4.02(a).

                  "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 Treasury
regulation section 301.6231(a)(7)-1, which Person shall be

                                      -74-
<PAGE>

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 hereunder.

                  "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 0.0015% 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 September 26, 2002,
between the UBS Mortgage Loan Seller and the Depositor.

                  "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.

                                      -75-
<PAGE>

                  "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 (if required by the UCC) 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) for 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 (or, in the case of REMIC II Regular
Interest X-VF, the Uncertificated Notional Amount) 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 Principal Balance
Certificates, the Class X-VF Certificates or any REMIC III Component of the
Class X-CP or Class X-CL 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.

                                      -76-
<PAGE>

                  "Uncertificated Notional Amount" shall mean the notional
amount on which REMIC II Regular Interest X-VF accrues interest from time to
time, which shall equal the Uncertificated Principal Balance outstanding from
time to time of the REMIC I Regular Interest that relates to the Valley Fair
Mall Mortgage Loan (or any Valley Fair Mall REO Mortgage Loan).

                  "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 Regular
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, Credit Suisse First Boston Corporation and Salomon Smith Barney 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.

                  "Valley Fair Mall Co-Lender Agreement" shall have the meaning
assigned thereto in the Preliminary Statement.

                  "Valley Fair Mall Companion Loan" shall have the meaning
assigned thereto in the Preliminary Statement.

                                      -77-
<PAGE>

                  "Valley Fair Mall Companion Loan Noteholder" shall mean the
holder of the Mortgage Note for the Valley Fair Mall Companion Loan.

                  "Valley Fair Mall Companion Loan Securities" shall mean, for
so long as the Valley Fair Mall Mortgage Loan or a Valley Fair Mall REO Mortgage
Loan is part of the Mortgage Pool, any class of securities backed by the Valley
Fair Mall Companion Loan.

                  "Valley Fair Mall 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 Valley Fair Mall Noteholders, which shall be
entitled "[NAME OF MASTER SERVICER], as Master Servicer, in trust for [NAMES OF
VALLEY FAIR MALL NOTEHOLDERS], as their interests may appear".

                  "Valley Fair Mall Fiscal Agent" shall mean ABN AMRO, in its
capacity as fiscal agent under that certain Trust Agreement, dated as of
September 6, 2002, between SASCO as depositor, LaSalle as trustee and ABN AMRO
as fiscal agent.

                  "Valley Fair Mall Loan Pair" shall have the meaning assigned
thereto in the Preliminary Statement (and shall include any successor REO
Loans).

                  "Valley Fair Mall Loan Pair Remittance Amount" shall mean,
with respect to any Master Servicer Remittance Date, an amount equal to: (a) the
aggregate amount of (i) all payments and other collections on or with respect to
the Valley Fair Mall Loan Pair and the Valley Fair Mall Mortgaged Property (if
it becomes an REO Property) 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 Valley Fair Mall 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 Valley Fair Mall
Custodial Account from the Valley Fair Mall REO Account (if established), and
(ii) any and all P&I Advances made with respect to the Valley Fair Mall Loan
Pair that are available for remittance to the Pool Custodial Account and the
Valley Fair Mall Companion Loan Noteholder on such Master Servicer Remittance
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) 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 Valley
Fair Mall Custodial Account pursuant to clauses (ii) through (xiii) of Section
3.05A, and (iii) any amounts deposited in the Valley Fair Mall Custodial Account
in error.

                  "Valley Fair Mall Mortgaged Property" shall mean the retail
property identified on the Mortgage Loan Schedule as the Valley Fair Mall.

                  "Valley Fair Mall Mortgage Loan" shall have the meaning
assigned thereto in the Preliminary Statement, which mortgage loan is identified
on the Mortgage Loan Schedule by mortgage loan number 1, and is, together with
the Valley Fair Mall Companion Loan, secured by a Mortgage on the Valley Fair
Mall Mortgaged Property.

                  "Valley Fair Mall Noteholders" shall mean, collectively, the
holder of the Mortgage Note for the Valley Fair Mall Mortgage Loan and the
Valley Fair Mall Companion Loan Noteholder.

                  "Valley Fair Mall 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 Valley Fair Mall

                                      -78-
<PAGE>

Noteholders, which shall be entitled "[NAME OF SPECIAL SERVICER], as Special
Servicer, in trust for [NAMES OF VALLEY FAIR MALL NOTEHOLDERS], as their
interests may appear".

                  "Valley Fair Mall REO Mortgage Loan" shall mean any REO
Mortgage Loan relating to the Valley Fair Mall Mortgage Loan.

                  "Valley Fair Mall REO Property" shall mean the Valley Fair
Mall Mortgaged Property, if such Mortgaged Property becomes an REO Property
hereunder.

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

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

                  "Valley Fair Mall Trustee" shall have the meaning assigned
thereto in the Preliminary Statement.

                  "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-CL,
Class X-CP and Class X-VF Certificates in proportion to the respective Class
Notional Amounts of their Certificates. Voting Rights allocated to a Class of
Certificateholders shall be allocated among such Certificateholders in standard
proportion to the Percentage Interests evidenced by their respective
Certificates. No Voting Rights shall be allocated to the Class R-I, Class R-II,
Class R-III and/or Class V Certificates.

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

                  "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; provided that, for purposes
of the foregoing, the REMIC I Remittance Rate for the REMIC I Regular Interest
that relates to the Valley Fair Mall Mortgage Loan (or any Valley Fair Mall REO
Mortgage Loan) shall be reduced by the REMIC II Remittance Rate for REMIC II
Regular Interest X-VF.

                  "Workout Fee" shall mean the fee designated as such in, and
payable to the Special Servicer with respect to certain collections on each
Corrected Mortgage Loan 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%.

                                      -79-
<PAGE>

                  "Yield Maintenance Charge" shall mean the payments paid or
payable, as the context requires, as the result of a Principal Prepayment on, or
other early collection of principal of, a Loan, which payments are not otherwise
due thereon in respect of principal or interest and 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. 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) (to the 1/6 power)}-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)(to
the 0.16667 power)}- 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%.

                  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 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;

                                      -80-
<PAGE>

                           (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.

                                      -81-
<PAGE>

                                   ARTICLE II

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

                  SECTION 2.01. Creation of Trust; Conveyance of Mortgage Loans.

                  (a) It is the intention of the parties hereto that a common
law trust be established pursuant to this Agreement and that such trust be
designated as "LB-UBS Commercial Mortgage Trust 2002-C4". LaSalle is hereby
appointed, and does hereby agree, to act as Trustee hereunder and, in such
capacity, to hold the Trust Fund in trust for the exclusive use and benefit of
all present and future Certificateholders. 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 Valley Fair Mall Mortgage Loan and the 1166 Avenue
of the Americas Mortgage Loan, is subject to the related Co-Lender 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 (except in the case
of the 1166 Avenue of the Americas Mortgage Loan) 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
(other than the 1166 Avenue of the Americas 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

                                      -82-
<PAGE>

case may be, in the appropriate public office for real property records or UCC
Financing Statements, as appropriate, each related assignment of Mortgage and
assignment of Assignment of Leases, in favor of the Trustee referred to in
clause (a)(iv) of the definition of "Mortgage File" and each related UCC-2 and
UCC-3 assignment referred to in clause (a)(viii) of the definition of "Mortgage
File".

                  Notwithstanding the foregoing, the Depositor may, in the case
of a Lehman Mortgage Loan (other than the 1166 Avenue of the Americas 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 (other than the 1166 Avenue of the Americas Mortgage Loan), 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 (other than the 1166 Avenue of the Americas 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 to 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; 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 or to the Recording/Filing Agent
of the related Mortgage Loan Seller, 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 (other than the 1166 Avenue of the Americas 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

                                      -83-
<PAGE>

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.

                  (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 (other than the
1166 Avenue of the Americas Mortgage Loan), itself deliver to and deposit with
the Master Servicer, on or before the Closing Date, such specified documents and
records in the possession of the UBS Mortgage Loan Seller or the Depositor, as
the case may be, that (A) relate to such Mortgage Loan, (B) are not required to
be a part of the related Mortgage File in accordance with the definition
thereof, (C) are reasonably requested by the Master Servicer in connection with
its duties under this Agreement and (D) are reasonably necessary for the
servicing of such Mortgage Loan, together with (i) 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, provided that neither the Depositor nor the UBS Mortgage
Loan Seller shall be required to deliver any draft documents, privileged or
other communications, credit underwriting or due diligence analyses or data or
internal worksheets, memoranda, communications or evaluations. In addition, on
the Closing Date, the Depositor shall deliver the Initial Deposits to the Master
Servicer for deposit in the Pool Custodial Account. 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
Valley Fair Mall Companion Loan, on behalf of and for the benefit of the Valley
Fair Mall 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 Valley Fair Mall Mortgage Loan
relates to the Valley Fair Mall Companion Loan, the Trustee shall also hold such
Mortgage File in trust for the use and benefit of the Valley Fair Mall 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 (a)(i) or clause (b)(i), as applicable, 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

                                      -84-
<PAGE>

(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 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 Valley Fair Mall Mortgage Loan, to the Valley Fair Mall
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 (a)(i) through
(a)(v), (a)(vii) and (a)(viii) (without regard to the second parenthetical in
such clause (a)(viii)) of the definition of "Mortgage File") or, in the case of
the 1166 Avenue of the Americas Mortgage Loan, in clauses (b)(i) through
(b)(iii) 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 Valley Fair Mall 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 (a)(i) through (a)(v), (a)(vii), (a)(viii) and (b)(i) through
(b)(iii) 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.

                                      -85-
<PAGE>

                  (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
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 or any related REO Property 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 or any related REO Property 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 Valley Fair Mall Mortgage
Loan, to the Valley Fair Mall 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

                                      -86-
<PAGE>

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-day period and any such additional 90-day
period solely due to the failure of the Depositor to have received 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 its failure to have received 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.

                  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

                                      -87-
<PAGE>

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.

                  (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
Closing Date, 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 such Mortgage Loan at the related
Purchase Price 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

                                      -88-
<PAGE>

         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 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.

                                      -89-
<PAGE>

                           (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.

                           (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 September 2002.

                           (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 Depositor's actual 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 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

                                      -90-
<PAGE>

         other loan documents relating to such Mortgage Loan prohibits or
         restricts the Depositor's right to assign or transfer such Mortgage
         Loan to the Trustee (except with respect to a Loan Pair which may,
         pursuant to the related Co-Lender Agreement, require notice to one or
         more rating agencies, which, if required, has already been provided);
         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 (except in those cases where the full amount
         of the Mortgage Loan has been disbursed but a portion thereof is being
         held in escrow or reserve accounts to be released pending the
         satisfaction of certain conditions relating to leasing, repairs or
         other matters with respect to the related Mortgaged Property) 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 favor of the lender 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 with its terms, except that (A)
         such enforcement may be limited by (1) bankruptcy, insolvency,
         receivership, reorganization, liquidation, voidable preference,
         fraudulent conveyance and transfer, moratorium and/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. The Mortgage Loan is non-recourse to the Mortgagor or any
         other Person except to the extent provided in certain nonrecourse
         carveouts and/or in 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 material 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
         origination or, if such Mortgage Loan is a Mortgage Loan that is part
         of a Loan Pair, as of the date of the execution of the related Mortgage
         Note, subject to the limitations and exceptions as to enforceability
         set forth in paragraph (b)(v) above, 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 with such Mortgage Loan; and, as of the Closing Date,
         subject to the limitations and

                                      -91-
<PAGE>

         exceptions as to enforceability set forth in paragraph (b)(v) above,
         there is no valid offset, defense, counterclaim or right to rescission
         with respect to such Mortgage Note, Mortgage(s) or other agreements
         executed in connection with such Mortgage Loan; 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, subject to the limitations and exceptions as
         to enforceability set forth in paragraph (b)(v) above, enforceable
         assignment of such documents (provided that the unenforceability of any
         such assignment based on bankruptcy, insolvency, receivership,
         reorganization, liquidation, moratorium and/or other similar laws
         affecting the enforcement of creditors' rights generally or based on
         general principles of equity (regardless of whether such enforcement is
         considered in a proceeding in equity or at law) shall be a breach of
         this representation and warranty only upon the declaration by a court
         with jurisdiction in the matter that such assignment is to be
         unenforceable on such basis).

                           (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, 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 the following (collectively,
         the "Permitted Encumbrances"): (A) the lien for real estate taxes,
         water charges, sewer rents and assessments not yet due and payable; (B)
         covenants, conditions and restrictions, rights of way, easements and
         other matters that are of public record or that are omitted as
         exceptions in the related lender's title insurance policy (or, if not
         yet issued, omitted as exceptions in a pro forma title policy or title
         policy commitment); (C) exceptions and exclusions specifically referred
         to in the related lender's title insurance policy (or, if not yet
         issued, referred to in a pro forma title policy or title policy
         commitment); (D) other matters to which like properties are commonly
         subject; (E) the rights of tenants (as tenants only) under leases
         (including subleases) pertaining to the related Mortgaged Property; (F)
         condominium declarations of record and identified in the related
         lender's title insurance policy (or, if not yet issued, identified in a
         pro forma title policy or title policy commitment); and (G) if such
         Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the
         lien of the Mortgage for another Mortgage Loan contained in the same
         Cross-Collateralized Group. With respect to each Mortgage Loan, 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 the related Mortgage, the current principal
         use or operation of the related Mortgaged Property or the ability of
         the related Mortgaged Property to generate sufficient cashflow to
         enable 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 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, revolving
         credit lines and any personal property leases), 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
         identified therein or on a schedule attached thereto, which is owned by
         the Mortgagor and is used in, and reasonably necessary to, the
         operation of the related Mortgaged Property.

                                      -92-
<PAGE>

                           (ix) Financing Statements. If the related Mortgaged
         Property is operated as a hospitality property, the Lehman Mortgage
         Loan Seller has, or has caused to be, filed and/or recorded, or
         submitted for filing and/or recording, in 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 generally consistent
         with the practices of prudent commercial mortgage lenders) (which
         personal property includes all furniture, fixtures, equipment and other
         personal property located at the subject Mortgaged Property) that are
         owned by the related Mortgagor and located at, and necessary or
         material to the operation of, the subject Mortgaged Property, to the
         extent perfection may be effected pursuant to applicable law by
         recording or filing.

                           (x) Taxes and Assessments. All taxes, governmental
         assessments, water charges, sewer rents or similar governmental charges
         which, in all such cases, were directly related to the Mortgaged
         Property and could constitute liens on the Mortgaged Property prior to
         the lien of the Mortgage and all ground rents that prior to the related
         Due Date in September 2002 became due and payable in respect of, and
         materially affect, any related Mortgaged Property have been paid or are
         escrowed for or are not yet delinquent, and the Depositor knows of no
         unpaid tax, assessment, ground rent, water charges or sewer rent,
         which, in all such cases, were directly related to the Mortgaged
         Property and could constitute liens on the Mortgaged Property prior to
         the lien of the Mortgage, that prior to the Closing Date became due and
         delinquent 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. Except as set forth on
         Schedule III-xi, as of the date of origination of each Mortgage Loan
         and, to the actual knowledge of the Depositor, as of the Closing Date,
         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 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, or there is a binding commitment or binding pro
         forma 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 to the benefit of the Trustee
         as mortgagee of record, or any such commitment or binding pro forma is
         a legal, valid and binding obligation of such insurer; except as set
         forth on Schedule III-xii, no claims have been made by the Depositor
         under such title insurance policy, if issued; and neither the Depositor
         nor, to the best of the Depositor's

                                      -93-
<PAGE>

         knowledge, the Seller (or any of its affiliates) has done, by act or
         omission, anything that would materially impair the coverage of any
         such title insurance policy; such policy or commitment or binding pro
         forma 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
         (except where a tenant under a lease is permitted to insure or
         self-insure) was in full force and effect with respect to each related
         Mortgaged Property; such insurance included (A) "all risk" or fire and
         extended perils insurance, in an amount (subject to a customary
         deductible) at least equal to the lesser of (i) 100% of the full
         insurable replacement cost of the improvements located on such
         Mortgaged Property and (ii) the initial principal balance of such
         Mortgage Loan, or the portion thereof allocable to such Mortgaged
         Property, (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 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 Mortgage Loan documents require that the
         related insurance policies provide that they may not be terminated
         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 certificates (other than those limited to liability
         protection) name the mortgagee and its successors as mortgagee or 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 September 2002; all such insurance policies are required to be
         maintained with insurance companies having "financial strength" or
         "claims paying ability" ratings of at least "A:VII" from A.M. Best
         Company or at least "BBB+" (or equivalent) from a nationally recognized
         statistical rating agency (or, with respect to certain blanket
         insurance policies, such other ratings as are in compliance with S&P's
         applicable criteria); 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, and subject to the rights of the lessor
         under any related Ground Lease, 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. Notwithstanding anything to the contrary
         in this paragraph (b)(xiii), with regard to insurance for acts of
         terrorism, any such insurance and the amount thereof may be limited by
         the commercial availability of such coverage, whether the mortgagee may
         reasonably require such insurance, certain limitations with respect to
         the cost thereof and/or whether such hazards are at

                                      -94-
<PAGE>

         the time commonly insured against for property similar to the related
         Mortgaged Property located in or around the region in which the
         Mortgaged Property is located.

                           (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; provided, however, that this representation and
         warranty does not cover any default, breach, violation or event of
         acceleration that specifically pertains to or arises out of the subject
         matter otherwise covered by any other representation and warranty made
         by the Seller in this Section 2.04(b). If the Depositor had knowledge
         of any material default, breach, violation or event of acceleration
         under any of such documents, the Depositor has not waived any such
         material default, breach, violation or event of acceleration. Under the
         terms of such Mortgage Loan, no person or party other than the
         mortgagee or its servicing agent 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 Monthly 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. 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
         related Mortgage Note, any related Mortgaged Property to secure any
         other promissory note or debt (other than another Mortgage Loan in the
         Trust Fund or, if such Mortgage Loan is the Valley Fair Mall Mortgage
         Loan, the Valley Fair Mall Companion Loan).

                           (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.

                                      -95-
<PAGE>

                           (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 or transaction screens, or one or more
         updates of a previously conducted environmental assessment or
         transaction screen, 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), transaction screen(s) and/or
         update(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 and
         transaction screens met ASTM requirements to the extent set forth in
         such report; 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, guaranty 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) Realization Against Real Estate Collateral. 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. As of the date of origination of
         such Mortgage Loan, to the Depositor's knowledge, after due inquiry,
         the related Mortgagor is not a debtor in 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, 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 interest in the form of
         participation in the cash flow of the related Mortgaged Property.

                                      -96-
<PAGE>

                           (xxvi) Due-on-Encumbrance. Each Mortgage Loan
         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 direct
         controlling interest therein, is directly encumbered in connection with
         subordinate financing; except in the case of a Mortgage Loan that is
         part of a Loan Pair, no such consent has been granted by the Seller. To
         the Depositor's knowledge, except in the case of a Mortgage Loan that
         is part of a Loan Pair, no related Mortgaged Property is encumbered in
         connection with subordinate financing; however, if the related
         Mortgaged Property is listed on Schedule III-xxvi, then certain
         controlling equity holders in the related Mortgagor have the right to
         incur, or 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 or with respect to
         transfers of interests in the related Mortgagor between immediate
         family members and with respect to transfers by devise, by descent or
         by operation of law or otherwise upon the death or incapacity of a
         person having an interest in the related Mortgagor, each Mortgage Loan
         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 rating agency confirmation, 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) Mortgagor 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 (a)
         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 by mortgagee in any manner, and (b) no portion of a related
         Mortgaged Property has been released from the lien of the related
         Mortgage, in the case of (a) and/or (b), to an extent or in a manner
         that in any such event materially and adversely interferes with the
         mortgagee's realization of the principal benefits and/or 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. Except as set forth on
         Schedule III-xxxi, the terms of the related Mortgage Note, Mortgage(s)
         or other loan document securing such Mortgage Loan do not provide for
         the release from the lien of such Mortgage of any material portion of
         the related Mortgaged Property that is necessary to the operation of
         such Mortgaged Property and was given material value in the
         underwriting of such Mortgage Loan at origination, without

                                      -97-
<PAGE>

         (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"), (C) delivery of substitute real property
         collateral, or (D) payment of a release price equal to at least 110% of
         the amount of such Mortgage Loan allocated to the related Mortgaged
         Property subject to the release.

                           (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;
         except as set forth on Schedule III-xxxii, the Depositor has received
         no notice of any material violation of, to the extent is has not been
         grandfathered under, any applicable laws, zoning ordinances, rules,
         covenants or restrictions affecting the construction, occupancy, use or
         operation of the related Mortgaged Property (unless affirmatively
         covered by the title insurance referred to in paragraph (b)(xi) above
         (or an endorsement thereto)); 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, in effect at the time of
         origination of such Mortgage Loan, to an extent which would have a
         material adverse affect on the related Mortgagor's use and operation of
         such Mortgaged Property (unless grandfathered with respect thereto or
         affirmatively covered by the title insurance referred to in paragraph
         (b)(xi) above (or an endorsement thereto)), 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 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.

                           (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

                                      -98-
<PAGE>

         received from any Person other than such Mortgagor for or on account of
         payments due on the related Mortgage Note.

                           (xxxvi) Legal Proceedings. Except as set forth on
         Schedule III-xxxvi, 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) 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.

                           (xxxviii)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.

                           (xxxix) Cross-Collateralization. Unless such Mortgage
         Loan is a Mortgage Loan that is part of a Loan Pair, (a) 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 and (b) 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.

                           (xl) Flood Hazard Insurance. Except as set forth on
         Schedule III-xl, 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, the related Mortgagor has
         obtained flood hazard insurance.

                           (xli) Engineering Assessments. Except as set forth on
         Schedule III-xli, one or more engineering assessments or updates of a
         previously conducted engineering assessment were performed by an
         Independent engineering consulting firm 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)
         and or update(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 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.

                           (xlii) 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

                                      -99-
<PAGE>

         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.

                           (xliii) Licenses, Permits and Authorizations. The
         related Mortgagor has represented in the related Mortgage Loan
         documents that, and, except as set forth on Schedule III-xliii, to the
         actual knowledge of the Depositor, as of the date of origination of
         such Mortgage Loan, all material licenses, permits and authorizations
         then required for use of the related Mortgaged Property by such
         Mortgagor, the related lessee, franchisor or operator have been issued
         and were valid and in full force and effect.

                           (xliv) 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.

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

                           (xlvi) 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:

                           (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 or may not
                                  be unreasonably withheld);

                           (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;

                           (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

                                     -100-
<PAGE>

                                  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 Permitted Encumbrances;

                           (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 Loan
                                  documents, taken together, any related
                                  insurance proceeds, other than de minimis
                                  amounts for minor casualties, with respect to
                                  the leasehold interest, or condemnation
                                  proceeds will be applied either to the repair
                                  or restoration of all or part of the related
                                  Mortgaged Property, with the mortgagee or a
                                  trustee appointed by it having the right to
                                  hold and disburse such proceeds as the repair
                                  or restoration progresses (except in such
                                  cases where a provision entitling another
                                  party to hold and disburse such proceeds would
                                  not be viewed as commercially unreasonable by
                                  a prudent commercial mortgage lender), or

                                     -101-
<PAGE>

                                  to the payment of the outstanding principal
                                  balance of the 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 as a result of the
                                  rejection of the Ground Lease in a bankruptcy
                                  of the related Mortgagor unless the mortgagee
                                  under such Mortgage Loan fails to cure a
                                  default of the lessee under such Ground Lease
                                  following notice thereof from the lessor; 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, except as set forth in an instrument
                                  or document contained in the related Mortgage
                                  File.

                           (xlvii) 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.

                           (xlviii) Tax Lot; Utilities. Except as set forth on
         Schedule III-xlviii, each related Mortgaged Property constitutes one or
         more complete separate tax lots (or the related Mortgagor has
         covenanted to obtain separate tax lots and an escrow of funds in an
         amount sufficient to pay taxes resulting from a breach thereof has been
         established) or is subject to an endorsement under the related title
         insurance policy; and each related Mortgaged Property is served by a
         public or other acceptable water system, a public sewer (or,
         alternatively, a septic) system, and other customary utility
         facilities.

                           (xlix) 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 or (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 on the date when any open prepayment period set forth
         in the related Mortgage Loan documents commences) or, in the case of a
         partial defeasance that effects

                                     -102-
<PAGE>

         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 110% 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 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.

                           (l) 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 Wachovia, in its capacity as a primary servicer, or (C) as
         has been terminated.

                           (li) Mechanics' and Materialmen's Liens. To the
         Depositor's knowledge, as of origination (A) the related Mortgaged
         Property is free and clear of any and all mechanics' and materialmen's
         liens that are not bonded, insured against 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
         (unless affirmatively covered by the title insurance referred to in
         paragraph (b)(xi) above (or an endorsement thereto)). 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, insured
         against or escrowed for.

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

                           (liii) Assignment of Leases. Subject only to
         Permitted Encumbrances, 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, except that a license may
         have been granted to the related Mortgagor to exercise certain rights
         and perform certain obligations of the lessor under the relevant lease
         or leases; and each assignor thereunder has the full right to assign
         the same.

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

                           (lv) No Ownership Interest in Mortgagor. The
         Depositor has no ownership interest in the related Mortgaged Property
         or the related Mortgagor other than as the holder of 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 Mortgagor under the Mortgage or any other related Mortgage
         Loan document.

                                     -103-
<PAGE>

                           (lvi) No Undisclosed Common Ownership. To the
         Depositor's knowledge, no two properties securing Mortgage Loans are
         directly or indirectly under common ownership except to the extent that
         such common ownership has been specifically disclosed in the Mortgage
         Loan Schedule.

                           (lvii) 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.

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

                           (lix) 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 five 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 normal monthly debt
                                  service on such Mortgage Loan, 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.

                           (lx) 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.

                           (lxi) 1166 Avenue of the Americas Document Delivery.
         An Affiliate of the Depositor is in material compliance with all
         document delivery requirements related to the 1166 Avenue of the
         Americas Non-Trust Loan under the 1166 Avenue of the Americas Servicing
         Agreement.

                                     -104-
<PAGE>

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

                  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.   Acceptance of Grantor Trust Assets by Trustee;
                                  Issuance of the Class V Certificates.

                  It is the intention of the parties hereto that the segregated
pool of assets consisting of any collections of Additional Interest Received by
the Trust on the ARD Mortgage Loans and any successor REO Mortgage Loans
constitute a grantor trust for federal income tax purposes. The Trustee, by its
execution and delivery hereof, acknowledges the assignment to it of the Grantor
Trust Assets and declares that it holds and will hold such assets in trust for
the exclusive use and benefit of all present and future Holders of the Class V
Certificates. Concurrently with the assignment to it of the Grantor Trust
Assets, the Trustee shall execute, and the Certificate Registrar shall
authenticate and deliver, to or upon the order of the Depositor, the Class V
Certificates in authorized denominations evidencing, in the aggregate, the
entire beneficial ownership of the Grantor Trust. The rights of Holders of the
Class V Certificates, to receive distributions from the proceeds of the Grantor
Trust Assets, and all ownership interests of such Holders in and to such
distributions, shall be as set forth in this Agreement. The Class V Certificates
shall evidence the entire beneficial ownership of the Grantor Trust.

                  SECTION 2.06.   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 2.07.   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

                                     -105-
<PAGE>

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.

                  SECTION 2.08.   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 2.09.   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
the REMIC III Certificates.

                  SECTION 2.10.   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.

                                     -106-
<PAGE>

                  SECTION 2.11.   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.

                  SECTION 2.12.   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.

                                     -107-
<PAGE>

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

                  SECTION 3.01.   Administration of the Loans.

                  (a) All of the Serviced Loans and Administered REO Properties
are to be serviced and administered by the Master Servicer and/or the Special
Servicer hereunder. Each of the Master Servicer and the Special Servicer shall
service and administer the Serviced 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
Valley Fair Mall Companion Loan, on behalf of the Valley Fair Mall Companion
Loan Noteholder), as determined in the good faith and reasonable judgment 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 Serviced Loans and, in the case of the Valley Fair Mall Loan Pair,
the Valley Fair Mall 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 of the Performing 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 Administered REO Property and
shall render such services with respect to the Performing 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 the servicing and administration contemplated by Section 3.01(a)
that 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 Serviced 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 Valley Fair
Mall 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 Serviced 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

                                     -108-
<PAGE>

Trustee shall not be held liable for any misuse of any such power of attorney by
the Master Servicer or the Special Servicer. Notwithstanding anything contained
herein to the contrary, neither the Master Servicer nor the Special Servicer
shall, without the Trustee's written consent: (i) 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 Valley Fair Mall
Loan Pair is subject to the terms and conditions of the Valley Fair Mall
Co-Lender Agreement. The parties hereto further recognize the respective rights
and obligations of the "Lenders" under the Valley Fair Mall Co-Lender Agreement,
including with respect to (i) the allocation of collections on or in respect of
the Valley Fair Mall Loan Pair in accordance with Section 4.01 of the Valley
Fair Mall Co-Lender Agreement, (ii) the making of payments to the "Lenders" in
accordance with Section 4.01 of the Valley Fair Mall Co-Lender Agreement, and
(iii) the purchase of the Valley Fair Mall Mortgage Loan by the Valley Fair Mall
Companion Loan Noteholder or its designee in accordance with Section 4.02 of the
Valley Fair Mall Co-Lender Agreement.

                  In the event that the Valley Fair Mall Mortgage Loan is no
longer part of the Trust Fund and the servicing and administration of the Valley
Fair Mall Loan Pair is to be governed by a separate servicing agreement and not
by this Agreement, as contemplated by Section 3.01 of the Valley Fair Mall
Co-Lender Agreement, the Master Servicer and, if the Valley Fair Mall 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 Valley Fair Mall Loan Pair and the
Valley Fair Mall Mortgaged Property shall be the sole assets serviced and
administered thereunder and the sole source of funds thereunder. Prior to the
Valley Fair Mall Loan Pair being serviced under any separate servicing
agreement, S&P shall have provided written confirmation that the servicing of
the Valley Fair Mall Loan Pair under such agreement would not result in an
Adverse Rating Event with respect to any class of Valley Fair Mall Companion
Loan Securities which are rated by S&P.

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

                  (d) The parties hereto acknowledge that the 1166 Avenue of the
Americas Loan Pair is subject to the terms and conditions of the 1166 Avenue of
the Americas Intercreditor Agreement. The

                                     -109-
<PAGE>

parties hereto recognize the respective rights and obligations of the "Lenders"
under the 1166 Avenue of the Americas Intercreditor Agreement, including with
respect to the allocation of collections and losses on or in respect of the 1166
Avenue of the Americas Loan Pair and the making of payments to the "Lenders" in
accordance with Section 3.2 of the 1166 Avenue of the Americas Intercreditor
Agreement.

                  The parties hereto further acknowledge that, pursuant to the
1166 Avenue of the Americas Intercreditor Agreement, (i) the 1166 Avenue of the
Americas Loan Pair is to be serviced and administered by the 1166 Avenue of the
Americas Servicers in accordance with the 1166 Avenue of the Americas Servicing
Agreement, and (ii) in the event that (A) the 1166 Avenue of the Americas
Non-Trust Loan is no longer part of the trust fund for the 1166 Avenue of the
Americas Other Securitization and (B) the 1166 Avenue of the Americas Mortgage
Loan is included in the Trust Fund, then, as set forth in Section 3.1.5 of the
1166 Avenue of the Americas Intercreditor Agreement, the 1166 Avenue of the
Americas Loan Pair is to continue to be serviced in accordance with the
applicable provisions of the 1166 Avenue of the Americas Servicing Agreement,
with each of the 1166 Avenue of the Americas Master Servicer and the 1166 Avenue
of the Americas Special Servicer continuing to act in their respective
capacities thereunder (or by such successor master servicer or special servicer
as meets the requirements of the 1166 Avenue of the Americas Servicing
Agreement), with such modifications as are necessary to evidence the fact that
references to "trustee" and "certificateholders" refer to the new holders of the
1166 Avenue of the Americas Non-Trust Loan.

                  (e) The relationship of each of the Master Servicer and the
Special Servicer to the Trustee and the Valley Fair Mall 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 Serviced 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 (other than the 1166 Avenue of the Americas Mortgage 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 (other than the 1166 Avenue of the
Americas Mortgage 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; provided that, in the event the Special Servicer receives a
payment that should have been made directly to the Master Servicer, the Special
Servicer shall promptly forward such payment 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,

                                     -110-
<PAGE>

or the Master Servicer, with regard to a Performing Serviced Loan, may waive or
defer any Default Charges in connection with collecting any late payment on a
Serviced 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 Received by the Trust with respect to any
Cross-Collateralized Group in the form of payments from Mortgagors, Insurance
Proceeds, Condemnation 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 in the case of the
1166 Avenue of the Americas Mortgage Loan and the Valley Fair Mall Loan Pair,
amounts Received by the Trust 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, Condemnation 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 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; 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 Received by the Trust with respect to the Valley
Fair Mall Loan Pair shall be applied to amounts due and owing under such Loan
Pair (including for principal and accrued and unpaid interest) in accordance
with the express provisions of the related Mortgage Notes, the related Mortgage,

                                     -111-
<PAGE>

the related loan agreement, if any, and the Valley Fair Mall Co-Lender
Agreement. Amounts Received by the Trust with respect to the 1166 Avenue of the
Americas Mortgage Loan or any 1166 Avenue of the Americas REO Mortgage Loan
shall be allocated among interest (other than Additional Interest), principal,
Yield Maintenance Charges and Additional Interest due thereon in accordance with
Section 2.5 of the related loan agreement and consistent with the Section 3.2 of
the 1166 Avenue of the Americas Intercreditor Agreement and consistent with the
allocation of any such amounts set forth in any distribution date statement or
servicer report with respect to the 1166 Avenue of the Americas Mortgage Loan.

                  (c) Promptly following the Closing Date, the Trustee shall
send written notice to the 1166 Avenue of the Americas Master Servicer stating
that, as of the Closing Date, the Trustee is the holder of the 1166 Avenue of
the Americas Mortgage Loan and directing the 1166 Avenue of the Americas Master
Servicer to remit to the Master Servicer all amounts payable to, and to forward,
deliver or otherwise make available, as the case may be, to the Master Servicer
all reports, statements, documents, communications and other information that
are to be forwarded, delivered or otherwise made available to, the holder of the
1166 Avenue of the Americas Mortgage Loan under the 1166 Avenue of the Americas
Intercreditor Agreement and the 1166 Avenue of the Americas Servicing Agreement.
The Master Servicer shall, on the day of receipt thereof, deposit into the
Collection Account all amounts received by it from the 1166 Avenue of the
Americas Master Servicer or any other party under the 1166 Avenue of the
Americas Servicing Agreement with respect to the 1166 Avenue of the Americas
Mortgage Loan, the 1166 Avenue of the Americas Mortgaged Property or any 1166
Avenue of the Americas REO Property. In the event the Master Servicer fails to
so receive any amounts due to the holder of the 1166 Avenue of the Americas
Mortgage Loan during any calendar month under the 1166 Avenue of the Americas
Intercreditor Agreement and the 1166 Avenue of the Americas Servicing Agreement
by 12:00 noon (New York City time) on the Master Servicer Remittance Date in
such calendar month, the Master Servicer shall (i) notify the 1166 Avenue of the
Americas Master Servicer or other applicable party responsible for making such
remittances, as well as the 1166 Avenue of the Americas Trustee, that such
amounts due with respect to the 1166 Avenue of the Americas Mortgage Loan have
not been received (specifying the amount of such deficiency) and (ii) make a P&I
Advance with respect to such amounts as required by the terms of this Agreement
in accordance with Section 4.03. Further, in accordance with Section 4.03, in
the event the Master Servicer fails to make such P&I Advance with respect to the
1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas REO
Mortgage Loan, then the Trustee or, if it fails to do so, the Fiscal Agent,
shall make such P&I Advance.

                  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 1166 Avenue of the Americas Mortgage Loan and the Valley Fair Mall
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, as to the Valley Fair Mall Loan Pair,
establish and maintain one or more accounts (the "Valley Fair Mall Servicing
Accounts"), 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 Loan or, in the case of clauses (iv) and (v) below, to
the extent of interest or other income earned on such amounts)

                                     -112-
<PAGE>

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 described in Section 3.06(b), if and to the extent not required by
law or the terms of the related loan documents 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 documents, 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 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 Serviced
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, if the subject Serviced
Loan requires 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
Serviced Loan (or, if such Serviced Loan 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 Serviced
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

                                     -113-
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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 Serviced 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 1166 Avenue of the Americas Mortgage Loan and the Valley Fair Mall
Mortgage Loan), establish and maintain, as applicable, one or more accounts (the
"Pool Reserve Accounts"), into which all Reserve Funds, if any, shall be
deposited and retained. The Master Servicer shall, as to the Valley Fair Mall
Loan Pair, establish and maintain one or more accounts (the "Valley Fair Mall
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, Interest Reserve
                                  Account and Excess Liquidation
                                  Proceeds 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 (x) below (which shall not include
any amounts allocable to the Valley Fair Mall 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 Serviced Mortgage Loans) or as otherwise
required hereunder, the following payments and collections received (including
amounts Received by the Trust with respect to the 1166 Avenue of the Americas
Mortgage Loan) 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 Serviced
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
         Serviced Mortgage Loans, including Principal Prepayments, and
         regardless of whether those payments are made by the

                                     -114-
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         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
         Serviced 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 Serviced
         Mortgage Loan;

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

                           (v) all remittances to the Trust under the 1166
         Avenue of the Americas Servicing Agreement with respect to the 1166
         Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas
         REO Property;

                           (vi) 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;

                           (vii) 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;

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

                           (ix) 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; and

                           (x) the Initial Deposits;

provided that any amounts described in clauses (i) through (iv) and (vii)
through (ix) above that relate to the Valley Fair Mall Mortgage Loan or any
related REO Property (other than Liquidation Proceeds derived from the sale of
the Valley Fair Mall Mortgage Loan to or through the Valley Fair Mall Companion
Loan Noteholder pursuant to the Valley Fair Mall Co-Lender Agreement or as a
Specially Serviced Mortgage Loan pursuant to Section 3.18) shall be deposited in
the Valley Fair Mall 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

                                     -115-
<PAGE>

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 (ix) above with respect to any Mortgage Loan (other than the
1166 Avenue of the Americas Mortgage Loan and the Valley Fair Mall 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 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 a 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 (other than the 1166 Avenue of the Americas
Mortgage 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
Valley Fair Mall Loan Pair, the Valley Fair Mall 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. Each account that

                                     -116-
<PAGE>

constitutes the Collection Account shall be an Eligible Account. The Trustee
shall establish and maintain, on a book-entry basis, the Class V Sub-Account,
which sub-account shall be deemed to be held in trust for the benefit of the
Holders of the Class V Certificates. 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.
Immediately upon deposit of the Master Servicer Remittance Amount for any Master
Servicer Remittance Date into the Collection Account, any portion thereof that
represents Additional Interest shall be deemed to have been deposited into the
Class V Sub-Account.

                  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 it that are required by the terms of
this Agreement to be deposited therein.

                  In the event that the Master Servicer fails, on any Master
Servicer 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 Master
Servicer Remittance Date, to but not including the related Distribution Date.

                  On the Master Servicer Remittance Date in March of each year
(commencing in March 2003), 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 and any Interest Reserve REO Mortgage Loans.

                  As and when required pursuant to Section 3.05(d), the Trustee
shall transfer monies from the Excess Liquidation Proceeds Account to the
Collection Account.

                  (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 and Interest Reserve
REO Mortgage Loan, an amount equal to the Interest Reserve Amount, if any, in
respect of such Mortgage Loan or REO Mortgage Loan, as the case may be, for such
Distribution Date.

                                     -117-
<PAGE>

                  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) If any Excess Liquidation Proceeds are received on the
Mortgage Pool, the Trustee shall establish and maintain one or more accounts
(collectively, the "Excess Liquidation Proceeds Account") to be held in trust
for the benefit of the Certificateholders. Each account that constitutes the
Excess Liquidation Proceeds Account shall be an Eligible Account. On each Master
Servicer Remittance Date, the Master Servicer shall withdraw from the Pool
Custodial Account and remit to the Trustee for deposit in the Excess Liquidation
Proceeds Account all Excess Liquidation Proceeds received during the Collection
Period ending on the Determination Date immediately prior to such Master
Servicer Remittance Date.

                  (e) Funds in the Pool Custodial Account (exclusive of the
Initial Deposits) may be invested only in Permitted Investments in accordance
with the provisions of Section 3.06. The Initial Deposits and funds in the
Collection Account, the Interest Reserve Account and the Excess Liquidation
Proceeds 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, the Interest Reserve Account and the Excess Liquidation
Proceeds 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, the
Interest Reserve Account or the Excess Liquidation Proceeds Account prior to any
change thereof.

                  SECTION 3.04A.   Valley Fair Mall Custodial Account.

                  (a) The Master Servicer shall establish and maintain, with
respect to the Valley Fair Mall Loan Pair, one or more separate accounts (the
"Valley Fair Mall 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 Valley Fair Mall Noteholders, as their interests may appear. the Valley Fair
Mall Custodial Account shall be an Eligible Account. The Master Servicer shall
deposit or cause to be deposited in the Valley Fair Mall Custodial Account,
within one Business Day of receipt (in the case of payments or other collections
on such Loan Pair) or as otherwise required hereunder, the following payments
and collections received or made by the Master Servicer or on its behalf with
respect to the Valley Fair Mall Loan Pair subsequent to the Cut-off Date (other
than in respect of principal and interest on the Valley Fair Mall Loan Pair due
and payable on or before the Cut-off Date, which payments shall be held pursuant
to the terms of the Valley Fair Mall 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
         Valley Fair Mall Loan Pair, including Principal Prepayments, and
         regardless of whether those payments are made by the

                                     -118-
<PAGE>

         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
         Valley Fair Mall 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 Valley
         Fair Mall Loan Pair;

                           (iv) all Insurance Proceeds, Condemnation Proceeds
         and Liquidation Proceeds received in respect of the Valley Fair Mall
         Loan Pair (other than Liquidation Proceeds derived from the sale of the
         Valley Fair Mall Mortgage Loan to or through the Valley Fair Mall
         Companion Loan Noteholder pursuant to the Valley Fair Mall Co-Lender
         Agreement or as a Specially Serviced 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
         Valley Fair Mall 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 Valley Fair Mall Loan Pair
         resulting from a deductible clause in a blanket hazard policy;

                           (vii) any amounts required to be transferred from the
         Valley Fair Mall 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
         Valley Fair Mall 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 Valley Fair Mall Loan Pair in
         accordance with Section 4.03A.

                  The foregoing requirements for deposit in the Valley Fair Mall
Custodial Account shall be exclusive. Notwithstanding the foregoing, actual
payments from the related Mortgagor in respect of the Valley Fair Mall Loan Pair
in the nature of Escrow Payments, Reserve Funds, assumption fees, 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 Valley Fair Mall Custodial Account. If the Master Servicer shall deposit
into the Valley Fair Mall Custodial Account any amount not required to be
deposited therein, it may at any time withdraw such amount from the Valley Fair
Mall 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

                                     -119-
<PAGE>

application fees (or the applicable portions thereof) and other transaction fees
received by the Master Servicer with respect to the Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall Loan Pair shall
initially be deposited by the Special Servicer into the related REO Account and
thereafter remitted to the Master Servicer for deposit into the Valley Fair Mall
Custodial Account, all in accordance with Section 3.16(c).

                  (b) If and when the related Mortgagor elects to defease the
Valley Fair Mall 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
Valley Fair Mall Companion Loan Noteholder and the Special Servicer of the
location of the Valley Fair Mall Custodial Account when first established and of
the new location of such Custodial Account prior to any change thereof.

                  SECTION 3.05.   Permitted Withdrawals From the Pool
                                  Custodial Account, the Collection Account, the
                                  Interest Reserve Account and the Excess
                                  Liquidation Proceeds 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 the Mortgage Pool (exclusive of the Valley Fair Mall
         Mortgage Loan and any Valley Fair Mall REO Mortgage Loan), the Fiscal
         Agent's, the Trustee's and Master Servicer's, as the case may be,
         respective rights to

                                     -120-
<PAGE>

         reimbursement pursuant to this clause (ii) with respect to any such P&I
         Advance being limited to amounts on deposit in the Pool Custodial
         Account 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 Mortgage Loan as to which such P&I Advance was made;

                           (iii) to pay to itself earned and unpaid Master
         Servicing Fees with respect to the Mortgage Pool (exclusive of the
         Valley Fair Mall Mortgage Loan and any Valley Fair Mall REO Mortgage
         Loan), the Master Servicer's right to payment pursuant to this clause
         (iii) with respect to any such Master Servicing Fees being limited to
         amounts on deposit in the Pool Custodial Account that are allocable as
         a recovery of interest on or in respect of the Mortgage Loan or REO
         Mortgage Loan as to which such Master Servicing Fees were earned;

                           (iv) to pay (A) to the Special Servicer, out of
         general collections on the Mortgage Pool on deposit in the Pool
         Custodial Account, earned and unpaid Special Servicing Fees in respect
         of each Specially Serviced Mortgage Loan and REO Mortgage Loan (other
         than, if applicable, the 1166 Avenue of the Americas Mortgage Loan, the
         Valley Fair Mall Mortgage Loan and/or any 1166 Avenue of the Americas
         REO Mortgage Loan or Valley Fair Mall REO Mortgage Loan) and (B) to
         itself, out of general collections on the Mortgage Pool on deposit in
         the Pool Custodial Account, any Master Servicing Fee earned in respect
         of any Mortgage Loan or REO Mortgage Loan (other than the Valley Fair
         Mall Mortgage Loan and/or any Valley Fair Mall 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 with such Final Recovery
         Determination;

                           (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, if
         applicable, the 1166 Avenue of the Americas Mortgage Loan, the Valley
         Fair Mall Mortgage Loan and/or any 1166 Avenue of the Americas REO
         Mortgage Loan or Valley Fair Mall 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 any Mortgage Loan or
         REO Property (other than the 1166 Avenue of the Americas Mortgage Loan,
         the Valley Fair Mall Mortgage Loan and/or any related REO Properties),
         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
         amounts on deposit in the Pool Custodial Account that represent
         payments made by the related Mortgagor to cover the item for which such
         Servicing Advance was made, and to amounts on deposit in the Pool
         Custodial Account that represent Liquidation Proceeds (net of
         Liquidation Fees payable therefrom), Condemnation Proceeds, 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;

                                     -121-
<PAGE>

                           (vii) to reimburse the Fiscal Agent, the Trustee,
         itself and the Special Servicer, in that order, out of general
         collections on the Mortgage Pool on deposit in the Pool Custodial
         Account, for any unreimbursed Advances (other than unreimbursed P&I
         Advances with respect the Valley Fair Mall 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), 4.03(d) or 4.03A(d), as
         applicable, on any Advance made thereby with respect to the Mortgage
         Pool (exclusive of the Valley Fair Mall Mortgage Loan and any Valley
         Fair Mall REO Mortgage Loan), 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 limited to amounts on deposit in the Pool Custodial
         Account that represent 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 Sections 3.26(a) and
         (b);

                           (ix) to pay, out of general collections on the
         Mortgage Pool on deposit in the Pool Custodial Account, 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),
         4.03(d) or 4.03A(d), as applicable, on any Advance made thereby with
         respect to the Mortgage Pool, but only to the extent that such Advance
         has been reimbursed and the interest thereon is not otherwise payable
         as contemplated by the immediately preceding clause (viii) or Section
         3.05A, as applicable;

                           (x) to pay, out of amounts on deposit in the Pool
         Custodial Account that represent 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 that,
         if paid from a source other than Default Charges, would constitute an
         Additional Trust Fund Expense, as and to the extent contemplated by
         Sections 3.26(a) and (b);

                           (xi) to pay, out of general collections on the
         Mortgage Pool on deposit in the Pool Custodial Account, for (A) 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), (B) the cost of an
         independent appraiser or other expert in real estate matters retained
         pursuant to Sections 3.11(h), 3.18(g), or 4.03(c), and (C) the fees of
         any Independent Contractor retained with respect to any related REO
         Property pursuant to Section 3.17(d) (to the extent that it has not
         paid itself such fees prior to remitting collections on such REO
         Property to the Special Servicer); provided that, in the case of the
         Valley Fair Mall Mortgaged Property, such payment pursuant to this
         clause (xi) is to be made only to the extent that it would not
         ultimately be payable out of collections on or in respect of the Valley
         Fair Mall Loan Pair;

                           (xii) 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

                                     -122-
<PAGE>

         Investment Earnings with respect to the Pool Custodial Account for any
         Collection Period, (B) Prepayment Interest Excesses collected on the
         Mortgage Pool (exclusive of the Valley Fair Mall Mortgage Loan and the
         1166 Avenue of the Americas Mortgage Loan) and (C) Net Default Charges
         (after application pursuant to Sections 3.26(a) and (b)) actually
         collected that accrued in respect of Mortgage Loans (other than the
         1166 Avenue of the Americas Mortgage Loan and the Valley Fair Mall
         Mortgage Loan) 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 (after
         application pursuant to Sections 3.26(a) and (b)) actually collected
         that accrued in respect of Specially Serviced Mortgage Loans and REO
         Mortgage Loans (other than the 1166 Avenue of the Americas Mortgage
         Loan, the Valley Fair Mall Mortgage Loan and/or any 1166 Avenue of the
         Americas REO Mortgage Loan or Valley Fair Mall REO Mortgage Loan);

                           (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 Pool on deposit in the Pool Custodial
         Account, any amounts payable to any such Person pursuant to Section
         6.03; provided that such payment does not relate solely to the Valley
         Fair Mall Companion Loan;

                           (xiv) to pay, out of general collections on the
         Mortgage Pool on deposit in the Pool Custodial Account, 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, and (C)
         the cost of recording this Agreement in accordance with Section
         11.02(a);

                           (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 that have
         been deposited in the Pool Custodial Account;

                           (xvi) to pay, in accordance with Section 3.11(i), out
         of general collections on the Mortgage Pool on deposit in the Pool
         Custodial Account, any servicing expenses, that would, if advanced,
         constitute Nonrecoverable Servicing Advances (other than servicing
         expenses that relate solely to the Valley Fair Mall Companion Loan or
         any related REO Loan);

                           (xvii) to pay, out of general collections on the
         Mortgage Loans and any REO Properties as are then on deposit in the
         Collection Account, to the 1166 Avenue of the Americas Servicer or the
         1166 Avenue of the Americas Trustee, any amount reimbursable to such
         party pursuant to the terms of the 1166 Avenue of Americas
         Intercreditor Agreement;

                           (xviii) on each Master Servicer Remittance Date, to
         transfer Excess Liquidation Proceeds in respect of the Mortgage Pool to
         the Trustee, for deposit in the Excess Liquidation Proceeds Account, in
         accordance with Section 3.04(d); and

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

                                     -123-
<PAGE>

                  The Master Servicer shall keep and maintain separate
accounting records, on a loan-by-loan basis when appropriate, in connection with
any withdrawal from the Pool Custodial Account pursuant to clauses (ii) through
(xvii) 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 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 such payment to the Special
Servicer, the Trustee (for example, the Trustee Fee) or the Fiscal Agent, as the
case may be, is clearly required pursuant to this Agreement, 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 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 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 (A) 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 Pool on deposit
         in the Collection Account, any amounts payable or reimbursable to any
         such Person pursuant to Section 7.01(b) and/or Section 8.05, as
         applicable, and (B) as and when contemplated by Section 8.08, 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;

                           (iii) to pay, out of general collections on the
         Mortgage Pool on deposit in the Collection Account, for the cost of the
         Opinions of Counsel sought by the Trustee or the Tax Administrator (A)
         as provided in clause (iv) of the definition of "Disqualified
         Organization", (B) as contemplated by Sections 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 Pool on deposit in the Collection Account, 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

                                     -124-
<PAGE>

         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 Pool on deposit in the Collection Account,
         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 pay, out of general collections on the
         Mortgage Pool on deposit in the Collection Account (to the extent not
         previously paid by the Master Servicer pursuant to Section 3.05(a)), to
         the 1166 Avenue of the Americas Master Servicer, any amount
         reimbursable to such party pursuant to the terms of the 1166 Avenue of
         Americas Intercreditor Agreement;

                           (viii) to transfer Interest Reserve Amounts in
         respect of the Interest Reserve Mortgage Loans and any Interest Reserve
         REO Mortgage Loans to the Interest Reserve Account as and when required
         by Section 3.04(c); and

                           (ix) to clear and terminate the Collection Account at
         the termination of this Agreement pursuant to Section 9.01.

                  On or prior to a Distribution Date, the Trustee shall be
entitled to withdraw amounts that are payable or reimbursable as set forth in
clauses (ii) through (vii) above from the Collection Account prior to making
distributions to Certificateholders on such Distribution Date.

                  (c) On each Master Servicer Remittance Date in March
(commencing in March 2003), 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 Loans and any Interest Reserve REO Mortgage Loans during January and/or
February of the same year in accordance with Section 3.04(c).

                  (d) On each Master Servicer Remittance Date, the Trustee shall
withdraw from the Excess Liquidation Proceeds Account and deposit in the
Collection Account, for distribution on the following Distribution Date, an
amount equal to the lesser of (i) the entire amount, if any, then on deposit in
the Excess Liquidation Proceeds Account and (ii) the excess, if any, of the
aggregate amount distributable with respect to the Regular Interest Certificates
on such Distribution Date pursuant to Sections 4.01(a) and 4.01(b), over the
Available Distribution Amount for such Distribution Date (calculated without
regard to such transfer from the Excess Liquidation Proceeds Account to the
Collection Account); provided that on the Master Servicer Remittance Date
immediately prior to the Final Distribution Date, the Trustee shall withdraw
from the Excess Liquidation Proceeds Account and deposit in the Collection
Account, for distribution on such Distribution Date, any and all amounts then on
deposit in the Excess Liquidation Proceeds Account.

                                     -125-
<PAGE>

                  SECTION 3.05A.   Permitted Withdrawals From the Valley Fair
                                   Mall Custodial Account.

                  The Master Servicer may, from time to time, make withdrawals
from the Valley Fair Mall 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 each month on or before the
         Master Servicer Remittance Date therein, in an aggregate amount of
         immediately available funds equal to the applicable Valley Fair Mall
         Loan Pair Remittance Amount, to the Valley Fair Mall Companion Loan
         Noteholder and to the Trust (as holder of the Valley Fair Mall Mortgage
         Loan or any Valley Fair Mall REO Mortgage Loan), in accordance with
         Section 4.01 of the Valley Fair Mall Co-Lender Agreement, such
         remittances to the Trustee to be made into the Pool Custodial Account;

                           (ii) to reimburse, first, the Fiscal Agent, second,
         the Trustee, third, the Valley Fair Mall Fiscal Agent, fourth, the
         Valley Fair Mall Trustee, and last, itself, in that order, for
         unreimbursed P&I Advances made by such party (with its own funds) with
         respect to the Valley Fair Mall 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 on deposit in the Valley Fair Mall
         Custodial Account 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 and
         the Valley Fair Mall Co-Lender Agreement) in the Valley Fair Mall 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 Valley Fair Mall Loan Pair (or any
         successor REO Loans), the Master Servicer's respective rights to
         payment pursuant to this clause (iii) with respect to either Loan (or
         any successor REO Loan) in the Valley Fair Mall Loan Pair being limited
         to amounts on deposit in the Valley Fair Mall Custodial Account that
         were received on or in respect of such Loan (or successor REO Loan) and
         are allocable as a recovery of interest thereon;

                           (iv) to reimburse, first, the Fiscal Agent, second,
         the Trustee, third, the Valley Fair Mall Fiscal Agent, fourth, the
         Valley Fair Mall Trustee, and last, itself, in that order, for any
         unreimbursed P&I Advances made by such party (with its own funds) with
         respect to the Valley Fair Mall 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 on deposit in the Valley Fair Mall
         Custodial Account that were received in respect of the particular Loan
         (as allocable thereto pursuant to the related loan documents and the
         Valley Fair Mall Co-Lender Agreement) in the Valley Fair Mall 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 Valley Fair Mall Loan Pair
         while either Loan in the Valley Fair Mall Loan Pair constitutes a
         Specially Serviced Loan and after the Valley Fair Mall Mortgaged
         Property becomes an REO Property;

                                     -126-
<PAGE>

                           (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 Valley Fair Mall 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 Valley Fair Mall Fiscal Agent, fourth, the
         Valley Fair Mall Trustee, fifth, itself and, last, the Special
         Servicer, in that order, for any unreimbursed Servicing Advances made
         thereby with respect to the Valley Fair Mall 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 amounts on deposit in the Valley Fair Mall Custodial
         Account that represent payments made by the related Mortgagor to cover
         the item for which such Servicing Advance was made, and to amounts on
         deposit in the Valley Fair Mall Custodial Account that represent
         Liquidation Proceeds (net of Liquidation Fees payable therefrom),
         Condemnation Proceeds, Insurance Proceeds and, if applicable, REO
         Revenues received in respect of the Valley Fair Mall Mortgage Loan Pair
         or Valley Fair Mall REO Property as to which such Servicing Advance was
         made;

                           (viii) to pay first, the Fiscal Agent, second, the
         Trustee, third, the Valley Fair Mall Fiscal Agent, fourth, the Valley
         Fair Mall Trustee, fifth, itself and, last, the Special Servicer, in
         that order, any interest accrued on any Advance made thereby with
         respect to either Loan in the Valley Fair Mall Loan Pair or with
         respect to the Valley Fair Mall Mortgaged 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) first,
         out of any amounts on deposit in the Valley Fair Mall Custodial Account
         that represent Default Charges collected on or in respect of the Valley
         Fair Mall Companion Loan during the same Collection Period in which
         such Advance is reimbursed, as and to the extent contemplated by
         Section 3.26(c), (B) second, out of any amounts on deposit in the
         Valley Fair Mall Custodial Account that represent Default Charges
         collected on or in respect of the Valley Fair Mall Mortgage Loan during
         the same Collection Period in which such Advance is reimbursed, as and
         to the extent contemplated by Sections 3.26(a) and (b) and (C) third,
         to the extent that the Default Charges described in the immediately
         preceding clauses (A) and (B) are insufficient, but only if such
         Advance is being reimbursed at the same time or if such Advance has
         been previously reimbursed, out of any amounts on deposit in the Valley
         Fair Mall Custodial Account that represent any other collections on or
         in respect of the Valley Fair Mall Loan Pair; provided that interest on
         P&I Advances made with respect to the Valley Fair Mall Companion Loan
         may be paid solely pursuant to clauses (A) and (C) above, from Default
         Charges or other collections received on or in respect of the Valley
         Fair Mall Companion Loan;

                           (ix) to pay for (A) costs and expenses incurred with
         respect to the Valley Fair Mall 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 Valley Fair Mall Mortgaged
         Property pursuant to Section 3.11(h) or 4.03A(c), as applicable, 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

                                     -127-
<PAGE>

         Valley Fair Mall Custodial Account as provided in Section 3.06(b), but
         only to the extent of the Net Investment Earnings with respect to the
         Valley Fair Mall Custodial Account for any Collection Period and (B)
         Net Default Charges (after application pursuant to Section 3.26(c))
         actually collected that accrued in respect of the Valley Fair Mall
         Companion Loan during a period that it was not a Specially Serviced
         Loan and the Valley Fair Mall Mortgaged Property was not an REO
         Property, and to pay the Special Servicer, as additional special
         servicing compensation in accordance with Section 3.11(d), Net Default
         Charges (after application pursuant to Section 3.26(c)) actually
         collected that accrued in respect of the Valley Fair Mall Companion
         Loan during a period that it was a Specially Serviced Loan or the
         Valley Fair Mall Mortgaged Property was an REO Property;

                           (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
         Valley Fair Mall Loan Pair;

                           (xii) to pay for the cost of recording the Valley
         Fair Mall 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);

                           (xiii) to transfer to the Pool Custodial Account all
         amounts representing Default Charges actually collected that accrued in
         respect of the Valley Fair Mall Mortgage Loan or any Valley Fair Mall
         REO Mortgage Loan, to the extent such Default Charges were not applied
         to offset interest on Advances pursuant to clause (viii)(B) above (to
         be applied in accordance with Sections 3.26(a) and (b)); and

                           (xiv) to clear and terminate the Valley Fair Mall
         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 Valley Fair Mall
Custodial Account, pursuant to clauses (ii) through (xiii) 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
Valley Fair Mall Fiscal Agent, the Valley Fair Mall Trustee, the Trustee and the
Fiscal Agent, as applicable, from the Valley Fair Mall 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 Valley Fair Mall Fiscal Agent, the Valley Fair Mall
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 Valley Fair Mall Fiscal Agent, the Valley Fair Mall Trustee, the Trustee or
the Fiscal Agent, as the case may be, is entitled (unless such payment to the
Special Servicer, the Trustee or the Fiscal Agent, as the case may be, is
clearly required pursuant to this Agreement, 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
parties seeking payment pursuant to this section shall each keep and maintain
separate accounting for the purpose of justifying any request for withdrawal
from the Valley Fair Mall Custodial Account, on a loan-by-loan basis.

                                     -128-
<PAGE>

                  In the event that the Master Servicer fails, on any Master
Servicer Remittance Date, to remit to the Valley Fair Mall Companion Loan
Noteholder any amount(s) required to be so remitted to the Valley Fair Mall
Companion Loan Noteholder hereunder by such date, the Master Servicer shall pay
the Valley Fair Mall Companion Loan Noteholder, for the account of the Valley
Fair Mall Companion Loan Noteholder, interest, calculated at the Prime Rate, on
such amount(s) not timely remitted, from and including that Master Servicer
Remittance Date, to but not including the related distribution date for the
Valley Fair Mall Companion Loan Securities.

                  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 (other than, in the case
of the Pool Custodial Account, the Initial Deposits) 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 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, the Interest Reserve Account and the Excess
Liquidation Proceeds 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 Valley Fair Mall Loan Pair, the Valley
Fair Mall 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 Valley Fair Mall Loan Pair, the Valley Fair Mall 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 Valley Fair Mall Loan Pair, the Valley Fair Mall 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

                                     -129-
<PAGE>

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 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.

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                  (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, the Master Servicer Remittance
Amount and the Valley Fair Mall Loan Pair Remittance Amount, the amounts so
invested shall be deemed to remain on deposit in such Investment Account.

                  (e) Notwithstanding the foregoing, the Initial Deposits shall
remain uninvested.

                  SECTION 3.07.   Maintenance of Insurance Policies; Errors and
                                  Omissions and Fidelity Coverage; Environmental
                                  Insurance.

                  (a) The Master Servicer shall, consistent with the Servicing
Standard, cause to be maintained for each Mortgaged Property (other than the
1166 Avenue of the Americas Mortgaged Property) that is not an REO Property, all
insurance coverage as is required under the related Mortgage (except to the
extent that the failure to maintain such insurance coverage is an Acceptable
Insurance Default); 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 S&P and "A"
from Fitch (or, if not rated by Fitch, then "Aa3" by Moody's) (or, in the case
of any such Rating Agency, such lower rating as will not result in an Adverse
Rating Event, as evidenced in writing by such Rating Agency); and provided,
further, that the Master Servicer shall cause to be maintained for any such
Mortgaged Property any such insurance that the related Mortgagor is required but
fails to maintain, only to the extent that the Trustee (as mortgagee of record
on behalf of the Certificateholders and, in the case of the Valley Fair Mall
Mortgaged Property, the Valley Fair Mall Companion Loan Noteholder) has an
insurable interest, and such insurance is available at a commercially reasonable
rate (or, in the case of all-risk insurance or other insurance that covers acts
of terrorism, the Trustee (as mortgagee of record on behalf of the
Certificateholders and, in the case of the Valley Fair Mall Mortgaged Property,
the Valley Fair Mall Companion Loan Noteholder) has an insurable interest and
the Special Servicer has determined (in its reasonable judgment and in
accordance with the Servicing Standard that either such insurance is available
at a commercially reasonable rate or the subject hazards are at the time
commonly insured against by prudent owners of properties similar to the
Mortgaged Property located in or around the region in which such Mortgaged
Property is located). Any Controlling Class Certificateholder may request that
earthquake insurance be secured for one or more Mortgaged Properties (other than
the 1166 Avenue of the Americas Mortgaged Property) by the related Mortgagor, to
the extent such insurance 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 Valley Fair Mall
Companion Loan Noteholder may request that earthquake insurance, to the extent
such insurance may reasonably be obtained, be secured for the Valley Fair Mall
Mortgaged Property at the expense of the Valley Fair Mall 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
(other than the 1166 Avenue of the Americas Mortgaged Property) no less
insurance coverage than was previously required of the Mortgagor under the
related Mortgage; provided that such insurance is available at commercially
reasonable rates and the

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subject hazards are at the time commonly insured against by prudent owners of
properties similar to the REO Property located in or around the region in which
such REO Property is located (or, in the case of all-risk insurance or other
insurance that covers acts of terrorism, such insurance is available at a
commercially reasonable rate or the subject hazards are at the time commonly
insured against by prudent owners of properties similar to the REO Property
located in or around the region in which such REO Property is located); and
provided, further, 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 S&P and "A" from 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). 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 Valley Fair Mall 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 S&P and "A"
from Fitch (if then rated by Fitch, and if not then rated by Fitch, then a
rating of "A:IX" or better by A.M. Best's Key Rating Guide or an equivalent
rating to a rating of "A" by Fitch by at least one nationally recognized
statistical rating agency besides 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 one or more losses that would have been covered by such
individual policy, promptly deposit into the applicable Custodial Account from
its own funds the amount not otherwise payable under the blanket

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policy because of the deductible clause therein, 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 and, in the
case of the Valley Fair Mall Mortgaged Property, the Valley Fair Mall 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 (other than any 1166 Avenue of the Americas REO Property) 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 S&P and "A" from Fitch (or, if not then rated by Fitch, then at least "A2"
by Moody's or "A:IX" by A.M. Best's Key Rating Guide) (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 S&P and "A" from Fitch (or, if not rated by
Fitch, then at least "A2" by Moody's or "A:IX" by A.M. Best's Key Rating Guide)
(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,
are rated at least "AA-" 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 (or, in the
case of either Rating Agency, such lower rating as will not result in an Adverse
Rating Event, as evidenced in writing

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<PAGE>

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 (other than the 1166 Avenue
of the Americas Mortgage Loan) for which the Mortgagor has not filed a claim or
in respect of an REO Property (other than, if applicable, any 1166 Avenue of the
Americas 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 in all cases. Upon becoming aware of such Insured
Environmental Event, the Master Servicer, in the case of a non-Specially
Serviced Loan (other than the 1166 Avenue of the Americas Mortgage Loan), and
the Special Servicer, in the case of a Specially Serviced Loan (other than the
1166 Avenue of the Americas Mortgage Loan) or an REO Property (other than, if
applicable, any 1166 Avenue of the Americas 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 (other than the 1166 Avenue of the
Americas 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, 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, 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.

                  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 (other than the 1166 Avenue of the
Americas Mortgage Loan) 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 either the Master Servicer or the Special
Servicer receives notice of a termination of any Environmental Insurance Policy
with respect to an Environmentally Insured Mortgage Loan (other than the 1166
Avenue of the Americas Mortgage Loan), then the party receiving such notice
shall, within five Business Days after receipt thereof, provide written notice
of such termination to the other such party and the Trustee. Upon receipt of
such notice, the Master Servicer, with respect to a Performing 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.

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<PAGE>

                  The Master Servicer (with respect to Performing 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 (other than the 1166 Avenue of the
Americas 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 Performing 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 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
Valley Fair Mall Loan Pair, the Valley Fair Mall 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. Subject to the terms of the related 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.

                  (b) Other than with respect to a transfer and assumption
referred to in subsection (a) above, if any Mortgage (other than the Mortgage
under the 1166 Avenue of the Americas Mortgage Loan) contains restrictions on
transfers of the related Mortgaged Property (other than the 1166 Avenue

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of the Americas Mortgaged Property) and/or transfers of interests in the related
Mortgagor, then the Special Servicer, on behalf of the Trustee (as mortgagee of
record on behalf of the Certificateholders and, in the case of the Valley Fair
Mall Mortgaged Property, the Valley Fair Mall 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 Valley Fair Mall Loan Pair, the Valley Fair Mall
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 Valley Fair Mall Loan Pair, the Valley Fair Mall 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.
Subject to the terms of the related 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 of the Serviced Loans, the Special
Servicer on behalf of the Trustee (as mortgagee of record on behalf of the
Certificateholders and, in the case of the Valley Fair Mall Mortgaged Property,
the Valley Fair Mall 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, each Rating Agency
and, with respect to the Valley Fair Mall Loan Pair, the Valley Fair Mall
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 (other than the 1166 Avenue of the Americas Mortgaged Property), or
becomes aware that there is going to be a further encumbrance on a Mortgaged
Property (other than the 1166 Avenue of the Americas Mortgaged Property), the
Master Servicer shall immediately notify the Special Servicer of such further

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<PAGE>

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 related
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. Neither the Master Servicer nor the Special Servicer
has the authority to perform any of the actions set forth above in this
paragraph with respect to the 1166 Avenue of the Americas Mortgage Loan. 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 (other than the 1166 Avenue of the Americas Mortgage 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 (other than the 1166 Avenue of the Americas Mortgage
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

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<PAGE>

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
Certificateholders and, in the case of the Valley Fair Mall Mortgaged Property,
on behalf of the Valley Fair Mall 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 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 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, 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 Serviced 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 Serviced 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 most recent Required Appraisal approximately 12
months following the most recent Required Appraisal or subsequent update thereof
for so long as such Serviced 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 Valley Fair Mall Mortgaged Property, the
Valley Fair Mall Companion Loan Noteholder, in each such case, promptly
following the Special Servicer's receipt of the subject appraisal, 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 Valley Fair Mall Loan
Pair, the Valley Fair Mall 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 an 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 Class

                                     -138-
<PAGE>

Representative, the Special Servicer shall recalculate 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 an Appraisal Reduction
Amount exists with respect to the Valley Fair Mall Loan Pair during a period
that the Valley Fair Mall Loan Pair constitutes a Required Appraisal Loan, the
Valley Fair Mall 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 Valley Fair Mall Companion Loan Noteholder, the
Special Servicer shall recalculate the Appraisal Reduction Amount in respect of
such Required Appraisal Loan based on the appraisal delivered by the Valley Fair
Mall Companion Loan Noteholder, and shall notify the Trustee, the Master
Servicer and the Valley Fair Mall 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 on behalf of the
Certificateholders (and, in the case of the Valley Fair Mall Mortgaged Property,
the Valley Fair Mall 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 Mortgaged 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 Valley Fair Mall Mortgaged Property, on
behalf of the Valley Fair Mall 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 Valley Fair Mall Mortgaged Property, the Valley Fair Mall Companion
Loan Noteholder), could, in the reasonable, good faith judgment of the Special
Servicer, exercised in accordance with the Servicing Standard, be considered to
hold title to, to be a "mortgagee-

                                     -139-
<PAGE>

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 Valley Fair Mall Mortgaged Property, the Valley Fair Mall 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
Valley Fair Mall Mortgaged Property, the Valley Fair Mall 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
         Serviced Loan to the Certificateholders (as a collective whole) (or, if
         the Valley Fair Mall Loan Pair is involved, would maximize the recovery
         on such Loan Pair to the Certificateholders and the Valley Fair Mall
         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 Valley Fair
         Mall Loan Pair, to Certificateholders and the Valley Fair Mall
         Companion Loan Noteholder) to be performed at the related Mortgage Rate
         (or, in the case of the Valley Fair Mall Loan Pair, at the weighted
         average of the Mortgage Rates for such 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 Serviced Loan to the
         Certificateholders (as a collective whole) (or, if the Valley Fair Mall
         Loan Pair is involved, would maximize the recovery of such Loan Pair to
         the Certificateholders and the Valley Fair Mall 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 Valley Fair
         Mall Loan Pair, to Certificateholders and the Valley Fair Mall
         Companion Loan Noteholder) to be performed at the related Mortgage Rate
         (or, in the case of the Valley Fair Mall Loan Pair, at the weighted
         average of the Mortgage Rates for such 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 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

                                     -140-
<PAGE>

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 Valley Fair Mall Loan Pair, to the extent the
funds in the Valley Fair Mall 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 Serviced 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
Valley Fair Mall Companion Loan is affected, the Valley Fair Mall 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 Valley Fair Mall Loan Pair is
affected, the Valley Fair Mall 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 Valley Fair Mall Loan Pair is
affected, the Valley Fair Mall 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 Serviced 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 Serviced 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
(other than the 1166 Avenue of the Americas Mortgaged Property) required by
Section 6050H of the Code and the reports of foreclosures and abandonments of
any Mortgaged Property (other than the 1166 Avenue of the Americas Mortgaged
Property) and the information returns relating to cancellation of indebtedness
income with respect to any Mortgaged

                                     -141-
<PAGE>

Property (other than the 1166 Avenue of the Americas 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 Serviced Loan or REO Property, it shall
promptly notify the Trustee, the Master Servicer and, if the Valley Fair Mall
Loan Pair is affected, the Valley Fair Mall 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, if
the Valley Fair Mall Loan Pair is affected, the Valley Fair Mall 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 Serviced 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 Valley Fair Mall Companion Loan, the Valley Fair Mall
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
Valley Fair Mall Companion Loan, the original of the Mortgage Note for such
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 Valley Fair Mall Companion Loan, the Trustee shall
cause the Valley Fair Mall Companion Loan Noteholder to release the Mortgage
Note for such 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 Serviced 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 Valley Fair Mall 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
Valley Fair Mall Companion Loan, the Trustee shall cause the Valley Fair Mall
Companion Loan Noteholder to release the original of the Mortgage Note for such
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 Valley Fair Mall Companion Loan) to the Trustee
or related Custodian (or to the Valley Fair Mall Companion Loan Noteholder), or
the delivery to the Trustee (or to the Valley Fair Mall

                                     -142-
<PAGE>

Companion Loan Noteholder) of a certificate of a Servicing Officer of the
Special Servicer stating that such Serviced 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 Valley Fair Mall Mortgaged Property, the Valley Fair Mall 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 Valley Fair Mall Mortgaged Property,
also on behalf of the Valley Fair Mall 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 (other than the 1166 Avenue of the Americas Mortgaged
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 Valley Fair Mall Companion Loan Noteholder. Together
with such documents or pleadings, the Special Servicer shall deliver to the
Trustee (and, in the case of the Valley Fair Mall Mortgaged Property, the Valley
Fair Mall 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 Valley Fair Mall Mortgaged Property,
also on behalf of the Valley Fair Mall 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) 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.

                  (d) If from time to time, pursuant to the terms of the 1166
Avenue of the Americas Intercreditor Agreement and the 1166 Avenue of the
Americas Servicing Agreement, and as appropriate for enforcing the terms of the
1166 Avenue of the Americas Mortgage Loan, any 1166 Avenue of the Americas
Servicer or the holder of the 1166 Avenue of the Americas Non-Trust Loan
requests delivery to it of the original Mortgage Note for the 1166 Avenue of the
Americas Mortgage Loan, then the Trustee shall release or cause the release of
such original Mortgage Note to the requesting party or its designee. In
connection with the release of the original Mortgage Note for the 1166 Avenue of
the Americas Mortgage Loan in accordance with the preceding sentence, the
Trustee shall obtain such documentation as is appropriate to evidence the
holding by such 1166 Avenue of the Americas Servicer or the holder of the 1166
Avenue of the Americas Non-Trust Loan of such original Mortgage Note as
custodian on behalf of and for the benefit of the Trustee.

                                     -143-
<PAGE>

                  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, including each Specially Serviced Loan, and each 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 of the Valley Fair Mall 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 any such 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 such 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 such Loan and REO Revenues allocable as
interest on each such REO Loan. The Master Servicer shall be entitled to recover
unpaid Master Servicing Fees in respect of any such Loan or REO Loan out of that
portion of related Insurance Proceeds, Condemnation 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) Except as provided in the next paragraph, 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 Serviced Loan and accrued during the time that
such Serviced 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, consent, 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 Serviced Loan as contemplated
under Section 3.20(k), and (iii) 50% of any and all assumption fees and 100% of
any and all assumption application fees and other applicable fees, actually paid
by a Mortgagor in accordance with the related loan documents, 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 Valley Fair Mall Loan Pair, on
behalf of the Trust and the Valley Fair Mall 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 such additional servicing compensation is 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 Valley Fair Mall 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).

                                     -144-
<PAGE>

                  With regard to the 1166 Avenue of the Americas Mortgage Loan,
as and to the extent provided in the 1166 Avenue of the Americas Servicing
Agreement, amounts in the nature of the foregoing are payable to an 1166 Avenue
of the Americas Servicer, with the exception of Default Interest payable to the
Master Servicer, the Trustee and/or the Fiscal Agent, pursuant to the 1166
Avenue of the Americas Servicing Agreement, as reimbursement for interest on P&I
Advances made with respect to the 1166 Avenue of the Americas Mortgage Loan.

                  (c) Except as provided in the last sentence of this paragraph,
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 (other than the 1166 Avenue of the Americas
Mortgage Loan and any 1166 Avenue of the Americas REO Mortgage Loan) that was
previously a Serviced Loan. With respect to each such 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
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 of the Valley Fair Mall 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 any
such 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 such 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
Valley Fair Mall Loan Pair, solely out of collections relating to such 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. The 1166 Avenue
of the Americas Special Servicer shall be entitled to the special servicing fee
for the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the
Americas REO Mortgage Loan as provided in the 1166 Avenue of the Americas
Servicing Agreement.

                  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 such 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 Purchase Option Holder pursuant to Section
3.18, by the Depositor, Lehman Brothers, the Special Servicer, a Controlling
Class Certificateholder or the Master Servicer pursuant to Section 9.01, by the
Valley Fair Mall Companion Loan Noteholder or its designee pursuant to the
Valley Fair Mall Co-Lender Agreement, 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 by the holder of a related mezzanine loan pursuant
to a purchase right in connection with a Loan default as set forth in the
related intercreditor agreement, or out of any Condemnation Proceeds. The
Workout Fee with respect to any

                                     -145-
<PAGE>

Corrected Loan will cease to be payable if such Corrected Loan again becomes a
Specially Serviced Loan or if the related Mortgaged Property (other than the
1166 Avenue of the Americas Mortgaged Property) becomes an REO Property;
provided that a new Workout Fee will become payable if and when the particular
Serviced Loan again becomes a Corrected Loan. If the Special Servicer is
terminated or removed 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 Serviced Loans that became Corrected Loans during the period that it
acted as Special Servicer and were still such at the time of such termination,
removal 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 Serviced 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 Administered REO Property as to which it receives
Liquidation Proceeds. As to each such Specially Serviced Loan or Administered
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 (i) with respect to any such Specially
Serviced Loan that becomes a Corrected Loan or (ii) from, or based upon the
receipt of, Liquidation Proceeds collected in connection with the purchase of
any such Specially Serviced Loan or Administered REO Property by a Purchase
Option Holder pursuant to Section 3.18, by the Depositor, Lehman Brothers, the
Special Servicer, a Controlling Class Certificateholder or the Master Servicer
pursuant to Section 9.01, by the Valley Fair Mall Companion Loan Noteholder or
its designee pursuant to the Valley Fair Mall Co-Lender Agreement, by a purchase
option holder in accordance with the 1166 Avenue of the Americas Servicing
Agreement (in the case of the 1166 Avenue of the Americas Mortgage Loan, as
described in Section 3.18(n)), by the Depositor pursuant to Section 2.03(a) or
the UBS Mortgage Loan Seller pursuant to the UBS/Depositor Mortgage Loan
Purchase Agreement in connection with a Material Document Defect or a Material
Breach (in either such case, within 180 days of the discovery or receipt of
notice by the Depositor or the UBS Mortgage Loan Seller, as the case may be, of
the subject Material Document Defect or Material Breach, as applicable, that
gave rise to the particular repurchase obligation), by the UBS Mortgage Loan
Seller pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement in
connection with the defeasance of any Loan REMIC Mortgage Loan prior to the
second anniversary of the Closing Date, or by the holder of a related mezzanine
loan pursuant to a purchase right in connection with a Loan default as set forth
in the related intercreditor agreement; and provided, further, that, in
connection with any purchase 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), in either such case more than 180 days following the discovery
or receipt of notice by the Depositor or the UBS Mortgage Loan Seller, as the
case may be, of the subject Material Document Defect or Material Breach, as
applicable, that gave rise to the particular repurchase obligation, the
Liquidation Fee shall equal 1% of the Stated Principal Balance of the
repurchased Mortgage Loan (or, if an REO Property is being repurchased, 1% of
the Stated Principal Balance of the related REO Mortgage Loan).

                                     -146-
<PAGE>

                  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.

                  With respect to the 1166 Avenue of the Americas Mortgage Loan
or any related REO Property, the Special Servicer shall not be entitled to any
Special Servicing Fees, Workout Fees or Liquidation Fees.

                  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 Mortgage Pool (exclusive of
the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas
REO Mortgage Loan) that accrued with respect to a Specially Serviced Loan or an
REO Loan, (ii) with respect to any Specially Serviced Loan, 100% of any and all
assumption application fees and other applicable fees, actually paid by a
Mortgagor in accordance with the related loan documents, with respect to any
assumption or substitution agreement entered into by the Special Servicer on
behalf of the Trust (or, in the case of the Valley Fair Mall Loan Pair, on
behalf of the Trust and the Valley Fair Mall Companion Loan Noteholder) pursuant
to Section 3.08(b) or paid by a Mortgagor with respect to any transfer of an
interest in a Mortgagor pursuant to Section 3.08(b), and (iii) any and all
assumption fees, modification fees, consent fees, extension fees and similar
fees actually collected on the Serviced 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 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

                                     -147-
<PAGE>

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 on deposit in the Pool Custodial Account that were 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; provided that, if such
Servicing Advance was made with respect to the Valley Fair Mall Loan Pair or the
Valley Fair Mall Mortgaged Property, then such interest shall first be payable
out of amounts on deposit in the Valley Fair Mall Custodial Account in
accordance with clause (viii) of Section 3.05A. The Master Servicer shall
reimburse itself, the Special Servicer, the Trustee or the Fiscal Agent, as
appropriate and in accordance with Section 3.03, 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 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 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.

                                     -148-
<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 Administered REO Property is involved) pay
directly out of the Pool Custodial Account or the Valley Fair Mall 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 Administered 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 a
Custodial Account, is in the best interests of the Certificateholders and, in
the case of the Valley Fair Mall Loan Pair, the Valley Fair Mall 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 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 (other than the 1166
Avenue of the Americas Mortgaged Property) as soon as practicable after the
related Serviced 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 (other than any
1166 Avenue of the Americas REO Property) 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 2003, the Master Servicer shall at its expense
perform or cause to be performed a physical inspection of each Mortgaged
Property securing a Performing 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; provided, that the Master
Servicer will not be required to perform or cause to be performed an inspection
on a Mortgaged Property if such Mortgaged Property has been inspected by the
Master Servicer or the Special Servicer in the preceding six months. 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

                                     -149-
<PAGE>

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 each REO Loan that was previously a Serviced Loan, and the Master
Servicer, in the case of each Performing Serviced Loan, shall each, consistent
with the Servicing Standard, use 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 Valley Fair Mall 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 Valley Fair Mall Loan Pair, to the
Valley Fair Mall Companion Loan Noteholder, in each case upon request; provided
that, with respect to the Valley Fair Mall Loan Pair, the Special Servicer or
the Master Servicer, as applicable, shall forward any financial statements
received with respect to the Valley Fair Mall Mortgaged Property to the Trustee
on a monthly basis without the Trustee having to make a request, but only
insofar as such financial statements are to be included in an Annual Report on
Form 10-K (which shall be the case if (a) an Annual Report on Form 10-K is to be
filed and (b) the Valley Fair Mall Mortgage Loan represents 20% or more of the
Mortgage Pool by balance); and provided, further, that in the event that any
losses are incurred by the Depositor that are based upon or arise out of
financial statements filed with the Commission with respect to the Valley Fair
Mall Mortgaged Property, the Trustee shall assign or subrogate, as appropriate,
any rights it may have against the related Mortgagor with respect to such
financial statements or against the applicable auditors under any independent
auditors' report filed together with such financial statements, to the Depositor
and/or its designee, to the extent such assignment is permitted by applicable
law.

                  Within 30 days after receipt by the Master Servicer of any
annual operating statements with respect to any Mortgaged Property (other than
the 1166 Avenue of the Americas Mortgaged Property) or Administered REO
Property, the Master Servicer with respect to a Performing Loan and the Special
Servicer with respect to a Specially Serviced Loan shall prepare or update and
forward to the Trustee a CMSA NOI Adjustment Worksheet for such Mortgaged
Property or REO Property (with, upon request, the annual operating statements
attached thereto as an exhibit).

                  The Master Servicer with respect to a Performing Loan and the
Special Servicer with respect to a Specially Serviced Loan shall prepare and
maintain one CMSA Operating Statement Analysis Report for each Mortgaged
Property (other than the 1166 Avenue of the Americas Mortgaged Property) and
Administered REO Property. The CMSA Operating Statement Analysis Report for each
such Mortgaged Property and REO Property is to be updated by the Master Servicer
or Special Servicer, as applicable, within 30 days after its receipt of updated
operating statements for a Mortgaged Property

                                   -150-
<PAGE>

or REO Property, as the case may be. The Master Servicer or Special Servicer, as
applicable, shall use the "Normalized" column from the CMSA NOI Adjustment
Worksheet for any such 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 such 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 forwarded to the Trustee
automatically (on a monthly basis) during any period in respect of which
Exchange Act Reports are being filed as to the Trust with the Commission, and
are otherwise 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 Administered 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 Administered 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.

                  (c) Not later than 2:00 p.m. (New York City time) on the first
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 with respect to the Loans. The
Master Servicer shall incorporate in the foregoing reports any information and
reports received from the applicable 1166 Avenue of the Americas Servicer with
respect to the 1166 Avenue of the Americas Mortgage Loan. 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.

                  If the Master Servicer determines, in its reasonable judgment,
that information regarding the Mortgage Loans and REO Properties (in addition to
the information otherwise required to be contained in the CMSA Investor
Reporting Package) should be disclosed to Certificateholders and Certificate
Owners, then it shall forward such information in the form of a Supplemental
Report to the Trustee in accordance with Section 4.02(a).

                                    -151-
<PAGE>

                  (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 Valley
                                   Fair Mall Companion Loan Noteholder.

                  (a) The Master Servicer and the Special Servicer shall each
promptly prepare or cause to be prepared and deliver to the Valley Fair Mall
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 Valley Fair
Mall Mortgaged Property.

                  The Master Servicer shall promptly deliver to the Valley Fair
Mall 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 Operating Statement
Analysis Reports, in each case prepared, received or obtained by it pursuant to
Section 3.12 with respect to the Valley Fair Mall Mortgaged Property.

                  (b) If the Loans forming the Valley Fair Mall Loan Pair
constitute Specially Serviced Loans, or if the Valley Fair Mall 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 Valley Fair
Mall Loan Pair and/or the Valley Fair Mall Mortgaged Property, providing the
required information as of the end of the preceding calendar month: (i) a CMSA
Property File (or similar report satisfactory to the Master Servicer); and (ii)
a CMSA Comparative Financial Status Report (or similar report satisfactory to
the Master Servicer). If the Loans forming the Valley Fair Mall Loan Pair
constitute Specially Serviced Loans, or if the Valley Fair Mall 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 the Master
Servicer Remittance Date in such month, the

                                     -152-
<PAGE>

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 Valley Fair
Mall Loan Pair and/or the Valley Fair Mall Mortgaged Property: (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 2:00 p.m. (New York City time) on the
Business Day prior to each Master Servicer Remittance Date, the Master Servicer
shall, with respect to the Valley Fair Mall Loan Pair, 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 Valley Fair Mall 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 Valley Fair Mall Companion
                                   Loan Noteholder.

                  (a) On the Business Day prior to each Master Servicer
Remittance Date, the Master Servicer shall forward to the Valley Fair Mall
Companion Loan Noteholder all Loan Pair Servicing Reports prepared with respect
to the Valley Fair Mall Loan Pair, pursuant to Section 3.12A, during the
calendar month in which such applicable Master Servicer 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.

                                     -153-
<PAGE>

                  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 Valley Fair Mall Companion Loan Noteholder and each other, on or before
April 30 of each year, beginning in 2003 (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, 2002, 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 2002.

                  SECTION 3.14.   Reports by Independent Public Accountants.

                  On or before April 30 of each year, beginning in 2003 (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 Valley Fair Mall 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

                                     -154-
<PAGE>

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
2002.

                  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 Valley Fair Mall 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 Companion Loan Noteholder, access to any
records regarding the Serviced Loans and the servicing thereof within its
control (which access shall be limited, in the case of the Valley Fair Mall
Companion Loan Noteholder or any regulatory authority seeking such access in
respect of the Valley Fair Mall Companion Loan Noteholder, to records relating
to the Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall Companion Loan Noteholder or any regulatory
authority that may exercise authority over a Certificateholder, a Certificate
Owner or Companion Loan Noteholder, the Master Servicer and the Special Servicer
may each require payment from such Certificateholder, a Certificate Owner or
Companion Loan Noteholder of a sum sufficient to

                                     -155-
<PAGE>

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 (prior to affording such access) 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.

                  Upon the reasonable request of any Certificateholder, or any
Certificate Owner identified to the Master Servicer to the Master Servicer's
reasonable satisfaction, the Master Servicer may provide (or forward
electronically) (at the expense of such Certificateholder or Certificate Owner)
copies of any operating statements, rent rolls and financial statements obtained
by the Master Servicer or the Special Servicer; provided that, in connection
therewith, the Master Servicer shall require a written confirmation executed by
the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer, 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 Mortgaged Property (other than a 1166
Avenue of the Americas Mortgaged 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 of the Valley Fair Mall Mortgaged Property,
on behalf of the Valley Fair Mall Companion Loan Noteholder. The Special
Servicer, on behalf of the Trust Fund and, any affected, Companion Loan
Noteholder, shall sell any Administered 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 Administered 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
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.

                                     -156-
<PAGE>

                  (b) The Special Servicer shall segregate and hold all funds
collected and received in connection with any Administered 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 Valley Fair Mall
Mortgaged Property and the 1166 Avenue of the Americas 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 (other than any Valley Fair Mall
REO Property or 1166 Avenue of the Americas REO Property). If such REO
Acquisition occurs with respect to the Valley Fair Mall Mortgaged Property, the
Special Servicer shall establish an REO Account solely with respect to such
property (the "Valley Fair Mall REO Account"), to be held for the benefit of the
Certificateholders and the applicable Companion Loan Noteholder. The Pool REO
Account and the Valley Fair Mall 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, Condemnation
Proceeds and Liquidation Proceeds received in respect of any Administered 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 Valley Fair Mall Companion Loan Noteholder of the
location of any related 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 Administered 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
Valley Fair Mall REO Account correspond to the Pool Custodial Account and the
Valley Fair Mall 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 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.

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<PAGE>

                  (e) Notwithstanding anything to the contrary, this Section
3.16 shall not apply to any 1166 Avenue of the Americas REO Property.

                  SECTION 3.17.   Management of REO Property.

                  (a) Prior to the acquisition by it of title to a Mortgaged
Property (other than the Valley Fair Mall Mortgaged Property, which is addressed
in Section 3.17A), 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 Administered
REO Property (other than any Valley Fair Mall REO Property, which is addressed
in Section 3.17A), 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 such property for a fair price.

                                     -158-
<PAGE>

In connection with performing their respective duties under this Section
3.17(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 any Administered REO Property (other than any
Valley Fair Mall REO Property, which is addressed in Section 3.17A), 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 Administered 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 Administered 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 (other than the
Valley Fair Mall REO Property, which is addressed in Section 3.17A):

                           (i) enter into, renew or extend any New Lease with
         respect to any Administered REO Property, if the New Lease, by its
         terms would give rise to any income that does not constitute Rents from
         Real Property;

                                     -159-
<PAGE>

                           (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
         Administered 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 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 Administered REO Property
(other than any Valley Fair Mall REO 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

                                     -160-
<PAGE>

                           (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
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.

                  (e) Notwithstanding anything to the contrary, this Section
3.17 shall not apply to any 1166 Avenue of the Americas REO Property.

                  SECTION 3.17A.   Management and Disposition of the Valley Fair
                                   Mall Mortgaged Property After Becoming REO
                                   Property.

                  (a) Prior to the acquisition of title to the Valley Fair Mall
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 the
         Valley Fair Mall 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 the Valley Fair Mall
         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 the Valley Fair Mall Mortgaged 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 Valley Fair Mall
         Mortgaged

                                     -161-
<PAGE>

         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 Valley Fair Mall
REO 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 Valley Fair Mall 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 such property for a fair price. In
connection with performing their respective duties 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 Valley Fair Mall Mortgaged Property is
acquired, the Special Servicer shall manage, conserve, protect and operate the
Valley Fair Mall REO Property for the benefit of the Certificateholders and the
Valley Fair Mall 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 related 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 the Valley Fair Mall REO Property;

                           (ii) all real estate taxes and assessments in respect
         of the Valley Fair Mall REO Property that may result in the imposition
         of a lien thereon;

                           (iii) any ground rents in respect of the Valley Fair
         Mall REO Property; and

                           (iv) all costs and expenses necessary to maintain,
         lease, sell, protect, manage, operate and restore the Valley Fair Mall
         REO Property.

                  To the extent that amounts on deposit in the Valley Fair Mall
REO Account in respect of the Valley Fair Mall REO Property are insufficient for
the purposes set forth in the preceding sentence with respect to the Valley Fair
Mall 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

                                     -162-
<PAGE>

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 Valley Fair Mall 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;

                           (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 Valley Fair Mall 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 the Valley Fair Mall REO
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 such REO Property prior to their
         being remitted to the Special Servicer) shall be reasonable and
         customary in consideration of the nature and locality of such 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 such 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 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;

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                           (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 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 such Independent Contractor performing services for it
related to its duties and obligations hereunder with respect to a Valley Fair
Mall 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 (i) on the terms and subject to the conditions set forth in this
Section 3.18, (ii) as otherwise expressly provided in or contemplated by
Sections 2.03(a) and 9.01 of this Agreement, (iii) in the case of the Valley
Fair Mall Mortgage Loan, as set forth in Section 4.02 of the Valley Fair Mall
Co-Lender Agreement, (iv) in the case of the 1166 Avenue of the Americas
Mortgage Loan, as set forth in the 1166 Avenue of the Americas Servicing
Agreement (as described in Section 3.18(n)), and (v) in the case of a Mortgage
Loan with a related mezzanine loan, in connection with a Loan default as set
forth in the related intercreditor agreement.

                  (b) Within five Business Days after any Serviced Mortgage Loan
has become a Specially Serviced Mortgage Loan, the Special Servicer shall give
notice of such event to each holder of a Certificate of the Controlling Class,
the holder of the Valley Fair Mall Companion Loan (if such Mortgage Loan is the
Valley Fair Mall Mortgage Loan) and the Trustee. The Special Servicer, any
single Holder or any group of Certificateholders evidencing a majority of the
Voting Rights allocated to the Controlling Class and any assignees of the
foregoing parties (collectively, the "Purchase Option Holders") shall each have
the option to purchase such Specially Serviced Mortgage Loan at a cash price
that is at least equal to the Purchase Price. The Special Servicer shall accept
the first offer by a Purchase Option Holder that is at least equal to the
Purchase Price.

                  (c) If none of the Purchase Option Holders exercises its
option to purchase any Specially Serviced Mortgage Loan as described in
subsection (b) above, then each Purchase Option Holder will also have the option
to purchase that Specially Serviced Mortgage Loan at a price equal to the fair
value of such Specially Serviced Mortgage Loan (the "FV Price"). Upon receipt of
a request from any Purchase Option Holder to determine the FV Price in
contemplation of its intention to exercise its option to purchase a Specially
Serviced Mortgage Loan at a price that is below the Purchase Price, the Special
Servicer shall promptly obtain an MAI appraisal of the related Mortgaged
Property by an Independent Appraiser (unless such an appraisal was obtained
within one year of such date and the Special Servicer has no knowledge of any
circumstances that would materially affect the validity of such appraisal).
Promptly after obtaining such appraisal, the Special Servicer shall determine
the FV Price in accordance with the Servicing Standard and the provisions of
subsection (i) below. Promptly after

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determining the FV Price, the Special Servicer shall report such FV Price to the
Trustee and each Purchase Option Holder.

                  (d) In the event that the Special Servicer determines that it
is willing, or another Purchase Option Holder notifies the Special Servicer that
it is willing, to purchase any Specially Serviced Mortgage Loan (the party
submitting such bid, the "Initial Bidder") at a price equal to or above the FV
Price (a "FV Bid"), the Special Servicer shall notify all other Purchase Option
Holders that it has made or received, as the case may be, such FV Bid (without
disclosing the amount of such FV Bid). All other Purchase Option Holders may
submit competing bids within the ten Business Day period following such notice.
At the conclusion of the above-described ten Business Day period, the Special
Servicer shall accept the highest bid received from any Purchase Option Holder
that is at least equal to the FV Price.

                  (e) If the Special Servicer accepts the bid of any Purchase
Option Holder, such Purchase Option Holder shall be required to purchase the
subject Specially Serviced Mortgage Loan within ten Business Days of receipt of
notice of such acceptance.

                  (f) If the Special Servicer has not accepted a FV Bid prior to
the expiration of 120 days from its determination of the FV Price and thereafter
receives a FV Bid or a request from a Purchase Option Holder for an updated FV
Price, the Special Servicer shall within 45 days recalculate the FV Price (with
no presumption that such FV Price should be reduced on account of the lack of an
FV Bid) and repeat the notice and bidding procedure provided in subsection (d)
above until the purchase option terminates under subsection (j) below.

                  (g) If the party exercising the purchase option at the FV
Price for any Specially Serviced Mortgage Loan is the Special Servicer or an
Affiliate thereof, the Trustee shall verify that the FV Price is at least equal
to the fair value of such Mortgage Loan. In determining whether the FV Price is
at least equal to the fair value of such Mortgage Loan the Trustee will be
permitted to conclusively rely on an appraisal obtained by the Trustee from an
Independent Appraiser at the time it is required to verify the FV Price and/or
the opinion of an Independent expert in real estate matters (including the
Master Servicer) with at least 5 years' experience in valuing or investing in
loans, similar to such Mortgage Loan, that has been selected by the Trustee with
reasonable care at the expense of the Trust Fund.

                  (h) Any Purchase Option Holder may, once such option is
exercisable, assign its purchase option with respect to any Specially Serviced
Mortgage Loan to a third party other than another Purchase Option Holder and
upon such assignment such third party shall have all of the rights that had been
granted to the Purchase Option Holder hereunder in respect of the purchase
option. Such assignment shall only be effective upon written notice (together
with a copy of the executed assignment and assumption agreement) being delivered
to the Trustee, the Master Servicer and the Special Servicer.

                  (i) In determining the FV Price for any Specially Serviced
Mortgage Loan, the Special Servicer may take into account, among other factors,
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; the opinions on fair value expressed by Independent investors in
mortgage loans comparable to the subject Specially Serviced Mortgage Loan; the
period and amount of any delinquency on the subject Specially Serviced Mortgage
Loan; the physical condition of the related Mortgaged Property; the state of the
local economy; and the expected recoveries from the subject Specially

                                     -165-
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Serviced Mortgage Loan if the Special Servicer were to pursue a workout or
foreclosure strategy instead of selling such Mortgage Loan to a Purchase Option
Holder.

                  (j) The purchase option for any Specially Serviced Mortgage
Loan pursuant to this Section 3.18 shall terminate, and shall not be exercisable
as set forth in subsections (b) and (c) above (or if exercised, but the purchase
of the subject Mortgage Loan has not yet occurred, shall terminate and be of no
further force or effect) if and when (i) the Special Servicer has accepted a FV
Bid, (ii) such Specially Serviced Mortgage Loan has become a Corrected Mortgage
Loan, (iii) the related Mortgaged Property has become an REO Property or (iv) a
Final Recovery Determination has been made with respect to such Specially
Serviced Mortgage Loan.

                  (k) Until such time as a FV Bid is accepted, the Special
Servicer shall continue to pursue all of the other resolution options available
to it with respect to the Specially Serviced Mortgage Loan in accordance with
the Servicing Standard.

                  (l) Notwithstanding anything to the contrary herein, the
holders of the Valley Fair Mall Companion Loan shall be entitled to purchase the
Valley Fair Mall Mortgage Loan in accordance with the terms and conditions set
forth in Section 4.02 of the Valley Fair Mall Co-Lender Agreement, even after it
has been purchased out of the Trust Fund pursuant to this Section 3.18. The
Master Servicer or the Special Servicer, as applicable, shall determine the
price to be paid in accordance with the terms of the Valley Fair Mall Co-Lender
Agreement in connection with any such purchase and shall provide such notices to
the Valley Fair Mall Companion Loan Noteholder as are required by the Valley
Fair Mall Co-Lender Agreement in connection with such holders' purchase rights.

                  (m) Any purchase of a Specially Serviced Mortgage Loan that is
purchased pursuant to this Section 3.18 will remain subject to the cure and
purchase rights of, in each case if applicable, the Valley Fair Mall Companion
Loan Noteholder as set forth in the Valley Fair Mall Co-Lender Agreement and any
holder of a related mezzanine loan in connection with a Loan default as set
forth in the related intercreditor agreement.

                  (n) In addition, pursuant to the terms of the 1166 Avenue of
the Americas Servicing Agreement, if the 1166 Avenue of the Americas Loan Pair
is in special servicing under the terms of the 1166 Avenue of the Americas
Servicing Agreement and an event of default has occurred under the related 1166
Avenue of the Americas loan documents, certain specified parties under the 1166
Avenue of the Americas Servicing Agreement, including the Holder or Holders that
beneficially own more than 50% of the aggregate principal balance of the
Controlling Class of Certificates, or any assignees of any of them, have the
right to purchase the 1166 Avenue of the Americas Loan Pair at a price
determined in accordance with the terms of the 1166 Avenue of the Americas
Servicing Agreement. If none of the option holders described in the preceding
sentence exercises the foregoing purchase option under the 1166 Avenue of the
Americas Servicing Agreement, each such option holder (including each Holder of
the Controlling Class if none of the other option holders exercises such option)
is entitled under the 1166 Avenue of the Americas Servicing Agreement to
purchase the 1166 Avenue of the Americas Loan Pair at a price equal to the fair
value of 1166 Avenue of the Americas Loan Pair as determined under the 1166
Avenue of the Americas Servicing Agreement. Such purchase shall be subject to
the terms of the 1166 Avenue of the Americas Intercreditor Agreement and/or any
applicable provisions of the 1166 Avenue of the Americas Servicing Agreement
(including those provisions that mandate who may be a permitted transferee of
the 1166 Avenue of the Americas Mortgage Loan). The Trustee shall reasonably

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<PAGE>

cooperate with the relevant Certificateholder(s) of the Controlling Class in
effecting any purchase contemplated by this Section 3.18(n).

                  (o) The Special Servicer shall use its best efforts to solicit
bids for each Administered 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 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 Administered 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.

                  (p) The Special Servicer shall give the Trustee and the
Depositor prior written notice of its intention to sell any Administered REO
Property pursuant to this Section 3.18.

                  (q) No Interested Person shall be obligated to submit a bid to
purchase any Administered 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 Administered REO Property pursuant
hereto.

                  (r) Whether any cash bid constitutes a fair price for any
Administered REO Property for purposes of this Section 3.18, 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 Administered 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 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 an Administered 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 an
Administered 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 Administered 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 occupancy level and physical condition of
the subject REO Property, the state of the local economy and the obligation to
dispose of the subject REO Property within the time period specified in Section
3.16(a). The Purchase Price for any Administered 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

                                     -167-
<PAGE>

Administered 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(r), that such bid constitutes a fair price for any Administered REO
Property. Any bid by the Special Servicer shall be unconditional; and, if
accepted, the subject Administered 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
real property.

                  (s) Subject to Sections 3.18(a) through 3.18(r) 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
seeking to purchase an Administered REO Property and taking any other action
necessary or appropriate in connection with the sale of any Specially Serviced
Mortgage Loan or Administered REO Property pursuant to this Section 3.18, and
the collection of all amounts payable in connection therewith. In connection
therewith, the Special Servicer may charge prospective bidders for any
Administered REO Property, and may retain, fees that approximate the Special
Servicer's actual costs in the preparation and delivery of information
pertaining to, or evaluating bids for, such Administered REO Property without
obligation to deposit such amounts into the Pool Custodial Account. Any sale of
a Specially Serviced Mortgage Loan or an Administered REO Property pursuant to
this Section 3.18 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.

                  (t) Any sale of a Specially Serviced Mortgage Loan or an
Administered REO Property pursuant to this Section 3.18 shall be for cash only
and shall be on a servicing released basis.

                  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 Performing Serviced 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 0.025%
per annum with respect to each and every Serviced Mortgage Loan and each and
every REO Mortgage Loan that was previously a Serviced Mortgage Loan) and (2)
the aggregate amount of Prepayment Interest Excesses received in respect of the
entire Mortgage Pool (other than the 1166 Avenue of the Americas Mortgage Loan
or any 1166 Avenue of the Americas REO Mortgage Loan) 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 loan documents regarding

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<PAGE>

principal prepayments, the Master Servicer shall be obligated to pay an amount
equal to the entire Prepayment Interest Shortfall with respect to the subject
Serviced Mortgage Loan without any limitation of the kind set forth in clauses
(1) and (2) above.

                  (b) The Master Servicer shall, as to each Serviced Loan which
is secured by the interest of the related Mortgagor under a Ground Lease, even
if the corresponding fee interest is encumbered, promptly (and in any event
within 60 days) following the Closing Date, notify the related ground lessor of
the transfer of such Serviced 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, provided that
the written request set forth the nature of the emergency or the basis of the
urgency) 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. 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. Upon determining that any
Servicing Advance previously made with respect to a Specially Serviced Loan or
Administered REO Property is a Nonrecoverable Servicing Advance, the Special
Servicer shall report to the Master Servicer the Special Servicer's
determination. The Master Servicer shall be entitled to conclusively rely on
such a determination.

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<PAGE>

                  SECTION 3.20.   Modifications, Waivers, Amendments and
                                  Consents; Defeasance.

                  (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 Valley
Fair Mall Companion Loan, the Valley Fair Mall Companion Loan Noteholder, agree
to any modification, extension, waiver or amendment of any term of any Serviced
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 Valley Fair Mall
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 Serviced 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 Performing 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), 3.07, 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 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. 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) of the next sentence 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
Performing 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 Serviced Mortgage Loan that represents 2% or more of
         the then aggregate principal balance of the Mortgage Pool or (E) relate
         to the Valley Fair Mall Loan Pair;

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<PAGE>

                           (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 (or, with respect to an
         Initial Deposit Mortgage Loan, the origination 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 Serviced Mortgage Loan does not represent 2% or more of the
         then aggregate principal balance of the Mortgage Pool and (C) the
         Valley Fair Mall Mortgaged Property is not involved.

                  Except as permitted by Section 3.02(a), Section 3.03(d),
Section 3.07, 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.

                  (d) Except as provided in Section 3.02(a), Section 3.07,
Section 3.08 or Section 3.20(e), the Special Servicer, on behalf of the Trustee
and, in the case of the Valley Fair Mall Companion Loan, the Valley Fair Mall
Companion Loan Noteholder, shall not agree or consent to any modification,
extension, waiver or amendment of any term of any Serviced 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 effect the
         waiver of any prepayment restriction thereunder 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; or

                           (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.

                                     -171-
<PAGE>

                  (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
Specially Serviced Loan; provided that (A) the related Mortgagor is in monetary
default or material non-monetary default with respect to such 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 such Specially Serviced Loan to Certificateholders (as
a collective whole) or, if the Valley Fair Mall Loan Pair is involved, would
increase the recovery on the Valley Fair Mall Loan Pair to Certificateholders
and the Valley Fair Mall 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 Valley
Fair Mall Loan Pair, to Certificateholders and the Valley Fair Mall Companion
Loan Noteholder), to be performed at the related Mortgage Rate (or, in the case
of the Valley Fair Mall Loan Pair, at the weighted average of the Mortgage Rates
for the Valley Fair Mall 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 Valley Fair Mall 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 Co-Lender Agreement, such that neither the Trust
as holder of the related Mortgage Loan nor the Valley Fair Mall 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 Valley Fair Mall Co-Lender
Agreement, reflected in the related loan documents and such Co-Lender Agreement,
and (ii) to the extent consistent with the Servicing Standard (taking into
account the extent to which the Valley Fair Mall Companion Loan is junior to the
Valley Fair Mall Mortgage Loan), (A) no waiver, reduction or deferral of any
particular amounts due on the Valley Fair Mall Mortgage Loan shall be effected
prior to the waiver, reduction or deferral of the entire corresponding item in
respect of the Valley Fair Mall Companion Loan, and (B) no reduction of the
Mortgage Rate of the Valley Fair Mall Mortgage Loan (excluding, if applicable,
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 Valley Fair Mall Companion Loan (excluding, if
applicable, 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 Serviced Loan beyond the date that is two years prior to the
last Rated Final Distribution Date; (ii) extend the maturity date of any
Serviced Loan for more than five years beyond its Stated Maturity Date; or (iii)
if the Serviced 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 Serviced 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.

                                     -172-
<PAGE>

                  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 the Valley Fair Mall Loan Pair, the
Valley Fair Mall 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 Valley Fair Mall Companion Loan
or (B) a Serviced 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.

                  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 Valley Fair
Mall Companion Loan is affected, the Valley Fair Mall 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

                                     -173-
<PAGE>

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 Serviced 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 would have been payable
thereto as Net Default Charges out of such Default Charges if such waiver had
not been granted.

                  (k) If, with respect to any Serviced Loan (1) under which the
lender can require defeasance in lieu of prepayment, or (2) that permits
defeasance, the Master Servicer shall receive a notice from the related
Mortgagor that it intends to prepay or defease, as applicable, such 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) only in the case of a Serviced Loan under clause (1) above, 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, and (ii) notify each Rating Agency, the Trustee, the
Underwriters and the Special Servicer of the intent to defease such 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 Serviced Mortgage Loan with
an unpaid principal balance less than or equal to $20,000,000 or that
constitutes less than 5% of the aggregate unpaid principal balance of the
Mortgage Pool (whichever is less), or in the case of a Serviced Mortgage Loan
that is not then one of the ten largest (measured by unpaid principal balance)
Mortgage Loans in the Mortgage Pool, provided the Master Servicer delivers to
S&P a certification in the form attached hereto as Exhibit M (a "Defeasance
Certificate"), or (B) Fitch in the case of any Serviced 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, provided the Master Servicer delivers to Fitch a Defeasance
Certificate; provided that, in the case of (A) or (B) above, such written
confirmation shall not be required from S&P and/or Fitch (provided the Master
Servicer delivers a Defeasance Certificate to the applicable Rating Agency), as
applicable, in the event the subject Mortgage Loan complies with the then
current applicable guidelines set forth by such Rating Agency, or the unpaid
principal balance of such Mortgage Loan, the percentage such Mortgage Loan
constitutes of the Mortgage Pool or the relative size of such Mortgage Loan with
respect to the Mortgage Pool, as applicable, does not exceed the current
applicable threshold for review as set forth by such Rating Agency) that the
acceptance of a pledge of the Defeasance Collateral (or, in the case of a
Serviced Loan under clause (1) above, 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 mortgagee of record on behalf
of the Certificateholders and, in the case of the Valley Fair Mall Companion
Loan, the Valley Fair Mall Companion Loan Noteholder).

                  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

                                     -174-
<PAGE>

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 (other than the 1166 Avenue
of the Americas Mortgage Loan) after its Anticipated Repayment Date, the Master
Servicer shall be permitted, subject to obtaining the Special Servicer's
consent, 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 (i) such ARD Loan is not a Specially
Serviced Loan (on which the Special Servicer may waive accrued Additional
Interest pursuant to Section 3.20(e)), (ii) prior to the related maturity date,
the related Mortgagor has requested the right to prepay such ARD 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 (iii) the Master Servicer has 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 Valley Fair Mall Loan
Pair is involved, to produce a greater payment to the Certificateholders and the
Valley Fair Mall 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 Valley Fair Mall
Loan Pair, to Certificateholders and the Valley Fair Mall Companion Loan
Noteholder) to be performed at the related Mortgage Rate (or, in the case of the
Valley Fair Mall Loan Pair, at the weighted average of the Mortgage Rates of
such Loan Pair) than a refusal to waive the right to such Additional Interest;
provided that any such waiver of Additional Interest accrued on the Valley Fair
Mall 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 Valley
Fair Mall Co-Lender Agreement, such that the Valley Fair Mall Companion Loan
Noteholder shall not gain any priority over the Trust as holder of the Valley
Fair Mall Mortgage Loan 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 that had otherwise been a Performing Serviced
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

                                     -175-
<PAGE>

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 Serviced 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 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

                                     -176-
<PAGE>

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, Condemnation
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, Condemnation Proceeds
and Liquidation Proceeds received, and the amount of any Realized Loss incurred,
with respect to each Administered 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 Administered 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
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 Valley Fair Mall Loan Pair, the Valley
Fair Mall 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 Valley Fair Mall 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 Serviced 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

                                     -177-
<PAGE>

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 Serviced 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 such
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 Valley Fair Mall Companion Loan
Noteholder, copies of any Sub-Servicing Agreement in respect of the Valley Fair
Mall 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 Controlling Class
Certificateholders and, if the Valley Fair Mall Loan Pair is affected, the
Valley Fair Mall 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) except for any Sub-Servicer that is servicing any of the Mortgage Loans on
the Closing Date, 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 Valley
Fair Mall Companion Loan, also for the benefit of the Valley Fair Mall Companion
Loan Noteholder, shall (at no expense to the Trustee, the Certificateholders,
the Valley Fair Mall 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 Serviced Loans.

                                     -178-
<PAGE>

                  (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 Valley Fair Mall 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 Serviced Loans and/or Administered 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 Valley Fair Mall 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

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         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' (including bank 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 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
         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

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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 Valley Fair Mall 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.

                           (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.

                                     -181-
<PAGE>

                           (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.

                  SECTION 3.25.  Certain Matters Regarding the Purchase of the
                                 Valley Fair Mall Mortgage Loan.

                  If, pursuant to Section 2.03, Section 3.18 and Section 9.01,
the Valley Fair Mall Mortgage Loan is purchased or repurchased from the Trust
Fund, the purchaser thereof shall be bound by the terms of the Valley Fair Mall
Co-Lender Agreement and shall assume the rights and obligations of the "Note A
Lender" under the Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall
Loan Pair.

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<PAGE>

                  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
(but, in the case of the 1166 Avenue of the Americas Mortgage Loan or any 1166
Avenue of the Americas REO Mortgage Loan, only to the extent of the Default
Interest remitted to the Trust in accordance with the 1166 Avenue of the
Americas Servicing Agreement) 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 any 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, to the extent received, if they were
accrued in respect of a Performing Serviced Mortgage Loan, or as additional
special servicing compensation to the Special Servicer, to the extent received,
if they were accrued in respect of a Specially Serviced Mortgage Loan or an REO
Mortgage Loan, in each case pursuant to Section 3.11;

provided that the foregoing shall not apply to that portion of any Default
Interest or late payment charges collected on the 1166 Avenue of the Americas
Mortgage Loan that are retained by the 1166 Avenue of the Americas Non-Trust
Loan Noteholder or its servicing agent; and provided, further, that, any and all
Default Charges that are actually collected with respect to the Valley Fair Mall
Mortgage Loan during any Collection Period (as allocable thereto pursuant to the
related loan agreement) shall be applied for the following purpose, prior to
being applied in accordance with clauses first through fifth above, in each case
to the extent of the remaining portion of such Default Charges: to pay the
Fiscal Agent, the Trustee, the Valley Fair Mall Fiscal Agent, the Valley Fair
Mall Trustee, the Master Servicer or the Special Servicer, in that order, any
interest due and owing to such party on any outstanding Servicing Advance made
thereby with respect to the Valley Fair Mall Loan Pair or the Valley Fair Mall
Mortgaged Property and/or any outstanding P&I Advance made thereby with respect
to such Mortgage Loan or any successor REO Loan with respect thereto, which
Advance was reimbursed in such

                                     -183-
<PAGE>

Collection Period, but in each case only to the extent that Default Charges
collected with respect to the Valley Fair Mall Companion Loan and applied
pursuant to clause first of subsection (c) below are insufficient for such
purpose; and provided further, that no Default Charges collected with respect to
the Valley Fair Mall Mortgage Loan may be applied to pay interest on outstanding
P&I Advances made with respect to the Valley Fair Mall Companion Loan (such
reimbursement to be made solely from Default Charges collected with respect to
such Companion Loan).

                  (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).

                  (c) Any and all Default Charges that are actually collected
with respect to the Valley Fair Mall Companion Loan or any successor REO Loan
with respect thereto during any Collection Period (as allocable thereto pursuant
to the related loan agreement), 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 Valley
Fair Mall Fiscal Agent, the Valley Fair Mall Trustee, the Master Servicer or the
Special Servicer, in that order, any interest due and owing to such party on any
outstanding Advances made thereby with respect to any Loan or REO Loan in the
Valley Fair Mall Loan Pair or the Valley Fair Mall Mortgaged Property and
reimbursed in the related Collection Period (to be applied with respect to any
particular party in such manner that the interest that accrued first and has
been outstanding the longest shall be paid first); and

                  second, to pay any remaining portion of such Default Charges
(such remaining portion, "Net Default Charges") as additional master servicing
compensation to the Master Servicer, to the extent received, if they were
accrued with respect to the Valley Fair Mall Companion Loan during a period that
it was a Performing Serviced Loan, or as additional special servicing
compensation to the Special Servicer, to the extent received, if they were
accrued with respect to the Valley Fair Mall Companion Loan during a period that
it was a Specially Serviced Loan or an REO Loan, in each case pursuant to
Section 3.11;

                                     -184-
<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,
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 the 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
respective Classes of the Class A Certificates, allocable as among 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
immediately prior to such Distribution Date) equal to the entire Principal
Distribution Amount for such Distribution Date; and

                  third, distributions to the Holders of the respective Classes
of the Class A Certificates, up to an amount equal to, pro rata as among 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 to the Holders of the Class A-1, Class A-2 and Class
A-4 Certificates, collectively, 62.5935162095% of all distributions of principal
made on the Class A Certificates on such Distribution Date pursuant to the
preceding paragraph, until the aggregate Class Principal Balance of the Class
A-1, Class A-2 and Class A-4 Certificates is reduced to zero; to the Holders of
the Class A-3 Certificates, 37.4064837905% of all distributions of principal
made on the Class A Certificates on such Distribution Date pursuant to the
preceding paragraph, until the Class Principal Balance of the Class A-3
Certificates is reduced to zero; and to the Holders of the Class A-5
Certificates, any and all distributions of principal made on the Class A
Certificates on such Distribution Date pursuant to the preceding paragraph that
is in excess of the aggregate Class Principal Balance of the Class A-1, Class
A-2, Class A-3 and Class A-4 Certificates outstanding immediately prior to such
Distribution Date. 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, Class A-2 and Class A-4 Certificates on such Distribution Date pursuant to
the preceding sentence, first, to the Holders of the Class A-1 Certificates,
until the Class Principal Balance of such Class has been reduced to zero, then,
to the Holders of the Class A-2 Certificates, until the Class Principal Balance
of such Class has been reduced to zero, and thereafter, to the Holders of the
Class A-4 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

                                     -185-
<PAGE>

Distribution Cross-Over Date, but prior to the Final Distribution Date, the
Trustee shall pay the distributions of principal made on the Class A
Certificates on such Distribution Date pursuant to the preceding paragraph to
the Holders of all the Classes of the Class A 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 any Class of
Interest Only Certificates (other than the Class X-VF 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 such Class of Interest Only
Certificates, 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
this paragraph, for all prior Distribution Dates, if any.

                  (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));

                                     -186-
<PAGE>

                           (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 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

                                     -187-
<PAGE>

         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;

                           (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;

                                     -188-
<PAGE>

                           (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));

                           (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));

                                     -189-
<PAGE>

                           (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 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

                                     -190-
<PAGE>

         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;

                           (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 of interest to the
         Holders of the Class S 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;

                           (xliv) after the Class Principal Balance of the Class
         Q Certificates has been reduced to zero, to make distributions of
         principal to the Holders of the Class S 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));

                           (xlv) to make distributions to the Holders of the
         Class S 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;

                                     -191-
<PAGE>

                           (xlvi) to make distributions of interest to the
         Holders of the Class T 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;

                           (xlvii) after the Class Principal Balance of the
         Class S Certificates has been reduced to zero, to make distributions of
         principal to the Holders of the Class T 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));

                           (xlviii) to make distributions to the Holders of the
         Class T 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;

                           (xlix) to make distributions of interest to the
         Holders of the Class U 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;

                           (l) after the Class Principal Balance of the Class T
         Certificates has been reduced to zero, to make distributions of
         principal to the Holders of the Class U 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));

                           (li) to make distributions to the Holders of the
         Class U 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;

                           (lii) 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/or pursuant to clauses (i) through (li) of
         this Section 4.01(b);

                           (liii) 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

                                     -192-
<PAGE>

         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);

                           (liv) 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

                           (lv) 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/or pursuant to clauses (i) through (liv) of this Section
         4.01(b).

                  (c) On each Distribution Date, the Trustee shall withdraw from
the Collection Account any amount Received by the Trust with respect to any
Mortgage Loan or REO Mortgage Loan during the related Collection Period (or, in
the case of the 1166 Avenue of the Americas Mortgage Loan, Received by the Trust
since the preceding Master Servicer Remittance Date) that represents Net
Prepayment Consideration and shall distribute such Net 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-CL Certificates, unless such Net Prepayment Consideration relates to the
Valley Fair Mall Mortgage Loan or any Valley Fair Mall REO Mortgage Loan, in
which case it shall be distributed to the Holders of the Class X-VF
Certificates. Any Net Prepayment Consideration distributed in respect of the
Class X-CL Certificates on any Distribution Date shall be deemed to have been
distributed in respect of the respective REMIC III Components of the Class X-CL
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 Received
by the Trust with respect to the ARD Mortgage Loans and any successor REO
Mortgage Loans with respect to the ARD Mortgage Loans during the related
Collection Period (or, in the case of the 1166 Avenue of the Americas Mortgage
Loan, Received by the Trust since the preceding Master Servicer Remittance Date)
and shall distribute such amounts to the Holders of the Class V 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

                                     -193-
<PAGE>

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 (or, in the case of the
initial Distribution Date, on) 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
pursuant to Section 4.04(a)) 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 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 for which it acts as agent. Each indirect
participating 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 each 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 with respect to 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 with
respect to 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

                                     -194-
<PAGE>

(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)) 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 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 non-tendering
Certificateholders following the first anniversary of the delivery of such
second notice thereto 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 as to which notice has been given pursuant
to this Section 4.01(h) 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
Principal Balance 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 with respect to the Corresponding REMIC II Regular Interest(s) for
such Class of Certificates; and all distributions made with respect to the Class
X-VF Certificates on each Distribution Date pursuant to Section 4.01(a), Section
4.01(c) or Section 9.01 shall be deemed to have been first distributed from
REMIC II to REMIC III in respect of REMIC II Regular Interest X-VF; and all

                                     -195-
<PAGE>

distributions made with respect to each Class of Interest Only Certificates
(other than the Class X-VF 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 accrued
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 (and, if applicable, any of the remaining
paragraphs of this Section 4.01(j)) shall be deemed to also be, respectively, a
distribution of accrued 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 Class A-3 Certificates shall have four Corresponding REMIC
II Regular Interests. The Class A-4, Class A-5, Class D and Class E Certificates
shall, in the case of each such Class of Certificates, have three Corresponding
REMIC II Regular Interests. The Class A-2 and Class G Certificates shall, in the
case of each such Class of Certificates, have two Corresponding REMIC II Regular
Interests. Each other Class of Principal Balance Certificates shall have one
Corresponding REMIC II Regular Interest.

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest A-2-1 and REMIC II Regular Interest A-2-2 shall be allocated
between those two REMIC II Regular Interests on a pro rata basis in accordance
with the respective amounts of accrued interest deemed payable on each such
REMIC II Regular Interest for the subject Distribution Date. Deemed
distributions of principal made on REMIC II Regular Interest A-2-1 and REMIC II
Regular Interest A-2-2 shall be allocated first to REMIC II Regular Interest
A-2-1, until its Uncertificated Principal Balance is reduced to zero, and then
to REMIC II Regular Interest A-2-2, until its Uncertificated Principal Balance
is reduced to zero. Deemed distributions of additional interest (in the form of
Net Prepayment Consideration) made on REMIC II Regular Interest A-2-1 and REMIC
II Regular Interest A-2-2 shall be allocated entirely to REMIC II Regular
Interest A-2-1, for so long as its Uncertificated Principal Balance is greater
than zero, and then to REMIC II Regular Interest A-2-2, for so long as its
Uncertificated Principal Balance is greater than zero after the Uncertificated
Principal Balance of REMIC II Regular Interest A-2-1 has been reduced to zero.
Deemed distributions in reimbursement of previously allocated Realized Losses
and Additional Trust Fund Expenses made on REMIC II Regular Interest A-2-1 and
REMIC II Regular Interest A-2-2 shall be allocated between those two REMIC II
Regular Interests on a pro rata basis in accordance with the respective amounts
deemed reimbursable with respect thereto for the subject Distribution Date.

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest A-3-1, REMIC II Regular Interest A-3-2, REMIC II Regular
Interest A-3-3 and REMIC II Regular Interest A-3-4 shall be allocated among
those four REMIC II Regular Interests on a pro rata basis in accordance with the
respective amounts of accrued interest deemed payable on each such REMIC II
Regular Interest for the subject Distribution Date. Deemed distributions of
principal made on REMIC II Regular Interest A-3-1, REMIC II Regular Interest
A-3-2, REMIC II Regular Interest A-3-3 and REMIC II Regular Interest A-3-4 shall
be allocated first to REMIC II Regular Interest A-3-1, until its Uncertificated
Principal Balance is reduced to zero, then to REMIC II Regular Interest A-3-2,
until its Uncertificated

                                     -196-
<PAGE>

Principal Balance is reduced to zero, then to REMIC II Regular Interest A-3-3,
until its Uncertificated Principal Balance is reduced to zero, and last to REMIC
II Regular Interest A-3-4, until its Uncertificated Principal Balance is reduced
to zero. Deemed distributions of additional interest (in the form of Net
Prepayment Consideration) made on REMIC II Regular Interest A-3-1, REMIC II
Regular Interest A-3-2, REMIC II Regular Interest A-3-3 and REMIC II Regular
Interest A-3-4 shall be allocated entirely to REMIC II Regular Interest A-3-1,
for so long as its Uncertificated Principal Balance is greater than zero, then
to REMIC II Regular Interest A-3-2, for so long as its Uncertificated Principal
Balance is greater than zero after the Uncertificated Principal Balance of REMIC
II Regular Interest A-3-1 has been reduced to zero, then to REMIC II Regular
Interest A-3-3, for so long as its Uncertificated Principal Balance is greater
than zero after the Uncertificated Principal Balances of REMIC II Regular
Interest A-3-1 and REMIC II Regular Interest A-3-2 have been reduced to zero,
and last to REMIC II Regular Interest A-3-4, for so long as its Uncertificated
Principal Balance is greater than zero after the Uncertificated Principal
Balances of REMIC II Regular Interest A-3-1, REMIC II Regular Interest A-3-2 and
REMIC II Regular Interest A-3-3 have been reduced to zero. Deemed distributions
in reimbursement of previously allocated Realized Losses and Additional Trust
Fund Expenses made on REMIC II Regular Interest A-3-1, REMIC II Regular Interest
A-3-2, REMIC II Regular Interest A-3-3 and REMIC II Regular Interest A-3-4 shall
be allocated among those four REMIC II Regular Interests on a pro rata basis in
accordance with the respective amounts deemed reimbursable with respect thereto
for the subject Distribution Date.

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest A-4-1, REMIC II Regular Interest A-4-2 and REMIC II Regular
Interest A-4-3 shall be allocated among those three REMIC II Regular Interests
on a pro rata basis in accordance with the respective amounts of accrued
interest deemed payable on each such REMIC II Regular Interest for the subject
Distribution Date. Deemed distributions of principal made on REMIC II Regular
Interest A-4-1, REMIC II Regular Interest A-4-2 and REMIC II Regular Interest
A-4-3 shall be allocated first to REMIC II Regular Interest A-4-1, until its
Uncertificated Principal Balance is reduced to zero, then to REMIC II Regular
Interest A-4-2, until its Uncertificated Principal Balance is reduced to zero,
and last to REMIC II Regular Interest A-4-3, until its Uncertificated Principal
Balance is reduced to zero. Deemed distributions of additional interest (in the
form of Net Prepayment Consideration) made on REMIC II Regular Interest A-4-1,
REMIC II Regular Interest A-4-2 and REMIC II Regular Interest A-4-3 shall be
allocated entirely to REMIC II Regular Interest A-4-1, for so long as its
Uncertificated Principal Balance is greater than zero, then to REMIC II Regular
Interest A-4-2, for so long as its Uncertificated Principal Balance is greater
than zero after the Uncertificated Principal Balance of REMIC II Regular
Interest A-4-1 has been reduced to zero, and last to REMIC II Regular Interest
A-4-3, for so long as its Uncertificated Principal Balance is greater than zero
after the Uncertificated Principal Balances of REMIC II Regular Interest A-4-1
and REMIC II Regular Interest A-4-2 have been reduced to zero. Deemed
distributions in reimbursement of previously allocated Realized Losses and
Additional Trust Fund Expenses made on REMIC II Regular Interest A-4-1, REMIC II
Regular Interest A-4-2 and REMIC II Regular Interest A-4-3 shall be allocated
among those three REMIC II Regular Interests on a pro rata basis in accordance
with the respective amounts deemed reimbursable with respect thereto for the
subject Distribution Date.

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest A-5-1, REMIC II Regular Interest A-5-2 and REMIC II Regular
Interest A-5-3 shall be allocated among those three REMIC II Regular Interests
on a pro rata basis in accordance with the respective amounts of accrued
interest deemed payable on each such REMIC II Regular Interest for the subject
Distribution

                                     -197-
<PAGE>

Date. Deemed distributions of principal made on REMIC II Regular Interest A-5-1,
REMIC II Regular Interest A-5-2 and REMIC II Regular Interest A-5-3 shall be
allocated first to REMIC II Regular Interest A-5-1, until its Uncertificated
Principal Balance is reduced to zero, then to REMIC II Regular Interest A-5-2,
until its Uncertificated Principal Balance is reduced to zero, and last to REMIC
II Regular Interest A-5-3, until its Uncertificated Principal Balance is reduced
to zero. Deemed distributions of additional interest (in the form of Net
Prepayment Consideration) made on REMIC II Regular Interest A-5-1, REMIC II
Regular Interest A-5-2 and REMIC II Regular Interest A-5-3 shall be allocated
entirely to REMIC II Regular Interest A-5-1, for so long as its Uncertificated
Principal Balance is greater than zero, then to REMIC II Regular Interest A-5-2,
for so long as its Uncertificated Principal Balance is greater than zero after
the Uncertificated Principal Balance of REMIC II Regular Interest A-5-1 has been
reduced to zero, and last to REMIC II Regular Interest A-5-3, for so long as its
Uncertificated Principal Balance is greater than zero after the Uncertificated
Principal Balances of REMIC II Regular Interest A-5-1 and REMIC II Regular
Interest A-5-2 have been reduced to zero. Deemed distributions in reimbursement
of previously allocated Realized Losses and Additional Trust Fund Expenses made
on REMIC II Regular Interest A-5-1, REMIC II Regular Interest A-5-2 and REMIC II
Regular Interest A-5-3 shall be allocated among those three REMIC II Regular
Interests on a pro rata basis in accordance with the respective amounts deemed
reimbursable with respect thereto for the subject Distribution Date.

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest D-1, REMIC II Regular Interest D-2 and REMIC II Regular
Interest D-3 shall be allocated among those three REMIC II Regular Interests on
a pro rata basis in accordance with the respective amounts of accrued interest
deemed payable on each such REMIC II Regular Interest for the subject
Distribution Date. Deemed distributions of principal made on REMIC II Regular
Interest D-1, REMIC II Regular Interest D-2 and REMIC II Regular Interest D-3
shall be allocated first to REMIC II Regular Interest D-1, until its
Uncertificated Principal Balance is reduced to zero, then to REMIC II Regular
Interest D-2, until its Uncertificated Principal Balance is reduced to zero, and
last to REMIC II Regular Interest D-3, until its Uncertificated Principal
Balance is reduced to zero. Deemed distributions of additional interest (in the
form of Net Prepayment Consideration) made on REMIC II Regular Interest D-1,
REMIC II Regular Interest D-2 and REMIC II Regular Interest D-3 shall be
allocated entirely to REMIC II Regular Interest D-1, for so long as its
Uncertificated Principal Balance is greater than zero, then to REMIC II Regular
Interest D-2, for so long as its Uncertificated Principal Balance is greater
than zero after the Uncertificated Principal Balance of REMIC II Regular
Interest D-1 has been reduced to zero, and last to REMIC II Regular Interest
D-3, for so long as its Uncertificated Principal Balance is greater than zero
after the Uncertificated Principal Balances of REMIC II Regular Interest D-1 and
REMIC II Regular Interest D-2 have been reduced to zero. Deemed distributions in
reimbursement of previously allocated Realized Losses and Additional Trust Fund
Expenses made on REMIC II Regular Interest D-1, REMIC II Regular Interest D-2
and REMIC II Regular Interest D-3 shall be allocated among those three REMIC II
Regular Interests on a pro rata basis in accordance with the respective amounts
deemed reimbursable with respect thereto for the subject Distribution Date.

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest E-1, REMIC II Regular Interest E-2 and REMIC II Regular
Interest E-3 shall be allocated among those three REMIC II Regular Interests on
a pro rata basis in accordance with the respective amounts of accrued interest
deemed payable on each such REMIC II Regular Interest for the subject
Distribution Date. Deemed distributions of principal made on REMIC II Regular
Interest E-1, REMIC II Regular Interest E-2 and REMIC II Regular Interest E-3
shall be allocated first to REMIC II Regular Interest E-1, until

                                     -198-
<PAGE>

its Uncertificated Principal Balance is reduced to zero, then to REMIC II
Regular Interest E-2, until its Uncertificated Principal Balance is reduced to
zero, and last to REMIC II Regular Interest E-3, until its Uncertificated
Principal Balance is reduced to zero. Deemed distributions of additional
interest (in the form of Net Prepayment Consideration) made on REMIC II Regular
Interest E-1, REMIC II Regular Interest E-2 and REMIC II Regular Interest E-3
shall be allocated entirely to REMIC II Regular Interest E-1, for so long as its
Uncertificated Principal Balance is greater than zero, then to REMIC II Regular
Interest E-2, for so long as its Uncertificated Principal Balance is greater
than zero after the Uncertificated Principal Balance of REMIC II Regular
Interest E-1 has been reduced to zero, and last to REMIC II Regular Interest
E-3, for so long as its Uncertificated Principal Balance is greater than zero
after the Uncertificated Principal Balances of REMIC II Regular Interest E-1 and
REMIC II Regular Interest E-2 have been reduced to zero. Deemed distributions in
reimbursement of previously allocated Realized Losses and Additional Trust Fund
Expenses made on REMIC II Regular Interest E-1, REMIC II Regular Interest E-2
and REMIC II Regular Interest E-3 shall be allocated among those three REMIC II
Regular Interests on a pro rata basis in accordance with the respective amounts
deemed reimbursable with respect thereto for the subject Distribution Date.

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest G-1 and REMIC II Regular Interest G-2 shall be allocated
between those two REMIC II Regular Interests on a pro rata basis in accordance
with the respective amounts of accrued interest deemed payable on each such
REMIC II Regular Interest for the subject Distribution Date. Deemed
distributions of principal made on REMIC II Regular Interest G-1 and REMIC II
Regular Interest G-2 shall be allocated first to REMIC II Regular Interest G-1,
until its Uncertificated Principal Balance is reduced to zero, and then to REMIC
II Regular Interest G-2, until its Uncertificated Principal Balance is reduced
to zero. Deemed distributions of additional interest (in the form of Net
Prepayment Consideration) made on REMIC II Regular Interest G-1 and REMIC II
Regular Interest G-2 shall be allocated entirely to REMIC II Regular Interest
G-1, for so long as its Uncertificated Principal Balance is greater than zero,
and then to REMIC II Regular Interest G-2, for so long as its Uncertificated
Principal Balance is greater than zero after the Uncertificated Principal
Balance of REMIC II Regular Interest G-1 has been reduced to zero. Deemed
distributions in reimbursement of previously allocated Realized Losses and
Additional Trust Fund Expenses made on REMIC II Regular Interest G-1 and REMIC
II Regular Interest G-2 shall be allocated between those two REMIC II Regular
Interests on a pro rata basis in accordance with the respective amounts deemed
reimbursable with respect thereto for the subject Distribution Date.

                  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 with respect
to 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.

                  (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:

                                     -199-
<PAGE>

                           (i) as deemed distributions of interest with respect
         to all the REMIC I Regular Interests, up to an amount equal to, and pro
         rata in accordance with, all Uncertificated Distributable Interest with
         respect to 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 with
         respect to 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 any successor REO
         Mortgage Loan with respect thereto; and

                           (iii) as deemed distributions with respect to 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 Mortgage
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 Mortgage
Loan with respect thereto) 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 Mortgage Loan with respect thereto); 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).

                  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 Mortgage Loan with respect
thereto) 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

                                     -200-
<PAGE>

corresponding to the prepaid Loan REMIC Mortgage Loan or REO Mortgage 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/or the Special Servicer, setting forth, without limitation:

                           (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 and Yield Maintenance
         Charges, 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 Servicing Advances in accordance with Section 3.11(g) as
         of the close of business on such related Determination Date;

                                     -201-
<PAGE>

                           (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 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

                                     -202-
<PAGE>

         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 Distributable Certificate Interest and
         Accrued 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 each
         Class of Interest Only 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);

                           (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

                                     -203-
<PAGE>

         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.

                  The Trustee shall forward electronically a copy of each
Distribution Date Statement 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

                                     -204-
<PAGE>

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 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 initially 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, 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.

                  The Master Servicer's internet website shall initially 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 internet 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 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).

                  If the Master Servicer determines, in its reasonable judgment,
that information regarding the Mortgage Loans and REO Properties (in addition to
the information otherwise required to be contained in the CMSA Investor
Reporting Package) should be disclosed to Certificateholders and Certificate
Owners, then (A) the Master Servicer shall so notify the Trustee, set forth such
information in an additional report, in a format reasonably acceptable to the
Trustee and the Master Servicer (the "Supplemental Report"), and deliver such
report to the Trustee upon preparation thereof or simultaneously with the
delivery of its reports described in Section 3.12(c); and (B) the Trustee shall

                                     -205-
<PAGE>

include the Supplemental Report in or as an attachment to the Distribution Date
Statement for the following Distribution Date and, to the extent required by
Section 8.15(a), shall file such Supplemental Report, together with such
Distribution Date Statement and the other corresponding Servicer Reports, on the
related Current Report on Form 8-K and/or the related Annual Report on Form
10-K, as applicable, in accordance with Section 8.15(a).

                  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 a Certificateholder Report, a CMSA NOI
Adjustment Worksheet or a CMSA Operating Statement Analysis Report shall be
deemed to have agreed to keep confidential the information therein until such
statement or report is filed with the Commission, and each Certificateholder
Report, CMSA NOI Adjustment Worksheet and CMSA Operating Statement Analysis
Report shall bear a legend to the effect that: "Until this statement/report is
filed with the Commission with respect to the Trust pursuant to Section 15(d) of
the Securities Exchange Act of 1934, as amended, the recipient hereof shall be
deemed to keep the information contained herein confidential and such
information will not, without the prior consent of the Master Servicer or the
Trustee, be disclosed by such recipient or by its officers, directors, partners,
employees, agents or representatives in any manner whatsoever, in whole or in
part."

                  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.

                  Within a reasonable period of time after the end of each
calendar year, upon request, 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 relating to
distributions of interest (including Prepayment Premiums, Yield Maintenance
Charges and Additional Interest) and principal to Certificateholders during such
calendar year set forth in the Distribution Date Statements 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 made available to the Holders
of the Certificates on such Distribution Date as described above.

                                     -206-
<PAGE>

                  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) electronically to such party (such
electronic distribution 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 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 or the Special Servicer, as applicable, 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
reasonable 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

                                     -207-
<PAGE>

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 and any successor REO Mortgage Loans
as of the related Determination Date.

                  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 Master
Servicer Remittance 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
Valley Fair Mall Mortgage Loan or any Valley Fair Mall REO Mortgage Loan),
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 Master Servicer
Remittance 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) 593-7820 or (704)
593-7831 (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 Master

                                     -208-
<PAGE>

Servicer Remittance 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 Master Servicer 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.

                  Notwithstanding the foregoing, all P&I Advances with respect
to the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the
Americas REO Mortgage Loan are required to be made by the 1166 Avenue of the
Americas Master Servicer pursuant to, and as and when required by, the 1166
Avenue of the Americas Servicing Agreement. If, as of 1:00 p.m., New York City
time, on any Master Servicer Remittance Date, the 1166 Avenue of the Americas
Master Servicer shall not have advanced the portion of any P&I Advance required
to be made pursuant to the 1166 Avenue of the Americas Servicing Agreement that
is allocable to the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue
of the Americas REO Mortgage Loan (and shall not have delivered to the Master
Servicer an officer's certificate and documentation related to a determination
of nonrecoverability of a P&I Advance as contemplated by the 1166 Avenue of the
Americas Servicing Agreement), then (subject to Section 4.03(c) below) the
Master Servicer shall make the portion of such P&I Advance that was required to
be, but was not, made by the 1166 Avenue of the Americas Master Servicer on such
Master Servicer Remittance Date pursuant to the 1166 Avenue of the Americas
Servicing Agreement and that is allocable to the 1166 Avenue of the Americas
Mortgage Loan or any successor REO Loan. If the Master Servicer fails to make
any such P&I Advance on the related Master Servicer Remittance Date, then
(subject to Section 4.03(c) below) the Trustee or, if it fails to do so, the
Fiscal Agent, shall make such P&I Advance on the related Distribution Date.

                  (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 the first paragraph of 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 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 Mortgage Loans in the Mortgage Pool (exclusive of the Valley Fair Mall
Mortgage Loan or any Valley Fair Mall REO Mortgage Loan) 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 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 Mortgage 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 Mortgage 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 Mortgage 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 Mortgage Loan, as the case may be.

                                     -209-
<PAGE>

                  (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 (or, with respect to the
1166 Avenue of the Americas Mortgage Loan, if such P&I Advance would, if made,
constitute a "nonrecoverable" P&I Advance as determined by the 1166 Avenue of
the Americas Master Servicer pursuant to the 1166 Avenue of the Americas
Servicing Agreement). 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 Master Servicer Remittance 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), 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 Master Servicer shall be entitled to
rely, conclusively, on any determination by the 1166 Avenue of the Americas
Master Servicer that a P&I Advance with respect to the 1166 Avenue of the
Americas Mortgage Loan or any 1166 Avenue of the Americas REO Mortgage Loan, if
made, would be a Nonrecoverable P&I Advance. The Trustee and the Fiscal Agent
shall be entitled to rely, conclusively, on any determination by the Master
Servicer (or, in the case of the 1166 Avenue of the Americas Mortgage Loan or
any 1166 Avenue of the Americas REO Mortgage Loan, the 1166 Avenue of the
Americas Master Servicer) that a P&I Advance, if made, would be a Nonrecoverable
P&I Advance; provided, however, that if the Master Servicer (or, in the case of
the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas
REO Mortgage Loan, the 1166 Avenue of the Americas Master Servicer) has failed
to make a P&I Advance for reasons other than a determination by the Master
Servicer (or, in the case of the 1166 Avenue of the Americas Mortgage Loan or
any 1166 Avenue of the Americas REO Mortgage Loan, the 1166 Avenue of the
Americas 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
its good faith, reasonable discretion, 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. Upon determining that any P&I Advance previously made with respect to a
Specially Serviced Loan or REO Loan is a Nonrecoverable P&I Advance, the Special
Servicer shall report to the Master Servicer the Special Servicer's
determination. The Master Servicer shall be entitled to conclusively rely on
such determination.

                  (d) 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 4.03 (with its own funds) for so long as
such P&I Advance is outstanding; provided that if the grace period for the
delinquent Monthly Payment as to which a P&I Advance was made under this section
has not elapsed as of the time such P&I Advance was made, then the total
interest so accrued on such P&I Advance prior to the expiration of such grace
period, shall not exceed the amount of Default Charges, if any, collected in
connection

                                     -210-
<PAGE>

with the late payment of such delinquent Monthly Payment; and provided, further,
that, in no event shall interest so accrue 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 Master Servicer Remittance Date.
Interest so accrued on any P&I Advance made under this section shall be payable:
(A) in the case of a Serviced Mortgage Loan, (i) out of any Default Charges
collected on or in respect of 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 only if the related Advance is being
reimbursed at the same time or has been previously reimbursed pursuant to this
Agreement, out of general collections on the Mortgage Loans and REO Properties
on deposit in the Pool Custodial Account; and (B) in the case of the 1166 Avenue
of the Americas Mortgage Loan or an 1166 Avenue of the Americas REO Mortgage
Loan, (i) out of amounts (including Default Interest) remitted to the Trust by
the 1166 Avenue of the Americas Master Servicer pursuant to the 1166 Avenue of
the Americas Servicing Agreement, and (ii) to the extent that such amounts are
insufficient, but only if the related Advance is being reimbursed at the same
time or has been previously 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.

                  SECTION 4.03A.   P&I Advances on the Valley Fair Mall Loan
                                   Pair.

                  (a) On or before 2:00 p.m., New York City time, on each Master
Servicer 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 Master
Servicer Remittance Date in respect of the Valley Fair Mall Loan Pair by
depositing into the Valley Fair Mall Custodial Account, out of amounts held in
such Custodial Account for future distribution (subject to replacement of such
amounts by the following Master Servicer 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 Master
Servicer Remittance 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 Valley Fair Mall Mortgage Loan (and the Master Servicer 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) 593-7831 or (704)
593-7820 (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 Master Servicer Remittance Date. If after such notice,
the Trustee does not receive the full amount of such P&I Advance(s) by 11:00
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
Valley Fair Mall Mortgage Loan or any Valley Fair Mall REO Mortgage Loan on the
preceding Master Servicer 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 Valley Fair Mall Loan Pair on any Master
Servicer Remittance Date shall, subject to

                                     -211-
<PAGE>

Section 4.03A(c) below, equal the sum of (i) the aggregate of the Monthly
Payments or, if applicable, the Assumed Monthly Payments, 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 Valley Fair Mall Loan Pair on
their Due Date during the related Collection Period, but only to the extent that
such amounts were not paid by or on behalf of the related Mortgagor or otherwise
collected (including as net income from the Valley Fair REO Property) as of the
close of business on the related Determination Date and (ii) following the
occurrence and during the continuance of an event of default with respect to the
Valley Fair Mall Loan Pair and, in any event, following an REO Acquisition with
respect to the Valley Fair Mall Mortgaged Property (in circumstances where
collections on the Valley Fair Mall Loan Pair or related Mortgaged Property that
would otherwise be applied to pay accrued interest (exclusive of Default
Interest and/or Additional Interest) due with respect to the Valley Fair Mall
Companion Loan or any related REO Loan on its Due Date during the related
Collection Period, are instead being applied, pursuant to the related loan
agreement and/or the Valley Fair Mall Co-Lender Agreement, to pay principal of
the Valley Fair Mall Mortgage Loan or any Valley Fair Mall REO Mortgage Loan ),
an amount allocable to interest on the Valley Fair Mall Companion Loan or any
related REO Loan that is equal to (A) that portion of the aggregate Monthly
Payments or, if applicable, the Assumed Monthly Payments, 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 Valley Fair Mall Loan Pair on
their Due Date during the related Collection Period, that would have been
allocated to accrued interest on the Valley Fair Mall Companion Loan or any
related REO Loan on such Due Date pursuant to the related loan agreement and/or
the Valley Fair Mall Co-Lender Agreement, had such event of default and/or REO
Acquisition not occurred, minus (B) that portion of the P&I Advance made
pursuant to the immediately preceding clause (i) that is to be remitted to the
Valley Fair Mall Companion Loan Noteholder in respect of such accrued interest
on the Valley Fair Mall Companion Loan or any related REO Loan on such Master
Servicer Remittance Date; provided that if it is determined that an Appraisal
Reduction Amount exists with respect to the Valley Fair Mall Loan Pair, then, in
the event of subsequent delinquencies on the Valley Fair Mall Loan Pair, each
P&I Advance, if any, required to be made in respect of the Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall
Loan Pair; and provided, further, that any reduction in the P&I Advance to be
made in respect of the Valley Fair Mall Loan Pair on any Master Servicer
Remittance Date in accordance with the immediately preceding proviso shall be
allocable, first, against the portion of the P&I Advances to be made in respect
of the Valley Fair Mall Companion Loan or any related REO Loan and, then,
against the portion of the P&I Advances to be made in respect of the Valley Fair
Mall Mortgage Loan or any Valley Fair Mall REO Mortgage Loan. Notwithstanding
the foregoing, at the request of the Valley Fair Mall Companion Loan Noteholder,
the Master Servicer shall cease making P&I Advances in respect of the Valley
Fair Mall Companion Loan or any related REO Loan, as the case may be (i.e., the
Master Servicer shall not advance the portion of the delinquent Monthly Payments
or, if applicable, Assumed Monthly Payments allocable to the Valley Fair Mall
Companion Loan or any related REO Loan, as the case may be) until such time as
the Valley Fair Mall 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).

                                     -212-
<PAGE>

                  (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 or REO Loan in the Valley Fair Mall 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 or REO Loan in the Valley Fair Mall Loan Pair, would
constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officer's
Certificate delivered to the Trustee and the Valley Fair Mall Companion Loan
Noteholder on or before the next Master Servicer 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 Valley Fair Mall 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 Valley Fair Mall Mortgage Loan or any
Valley Fair Mall REO 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 the Valley Fair Mall Mortgage Loan or any Valley Fair
Mall REO Mortgage Loan 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 periods required by Section
4.03A(a) unless the Trustee or the Fiscal Agent, in its good faith, reasonable
discretion, 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. In the
event the Valley Fair Mall Mortgage Loan is a Specially Serviced Mortgage Loan,
then upon determining that any P&I Advance made with respect to the Valley Fair
Mall Mortgage Loan or any Valley Fair Mall REO Mortgage Loan is a Nonrecoverable
P&I Advance, the Special Servicer shall report to the Master Servicer the
Special Servicer's determination. The Master Servicer shall be entitled to
conclusively rely on such determination.

                  (d) 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 or REO Loan in the Valley Fair Mall Loan Pair
under this Section 4.03A (with its own funds) for so long as such P&I Advance is
outstanding; provided that, if the grace period for the delinquent Monthly
Payment as to which a P&I Advance was made under this section has not elapsed as
of the time such P&I Advance was made, then the total interest so accrued on
such P&I Advance prior to the expiration of such grace period, shall not exceed
the amount of Default Charges, if any, collected in connection with the late
payment of such delinquent Monthly Payment; and provided, further, that, in no
event shall interest so accrue on any P&I Advance in respect of a Loan in the
Valley Fair Mall Loan Pair as to which the corresponding Late Collection was
received by the Master Servicer or a Sub-Servicer on its behalf as of the Master
Servicer Remittance Date on which such P&I Advance was made. Interest so accrued
on any P&I Advance made under this section shall be payable: (i) first, out of
Default Charges collected on or in respect of the Valley Fair Mall Companion
Loan during the same Collection Period in which such Advance is reimbursed, (ii)
second, out of Default Charges collected on or in respect of the Valley Fair
Mall

                                     -213-
<PAGE>

Mortgage Loan during the same Collection Period in which such Advance is
reimbursed, and (iii) third, to the extent that the Default Charges described in
the immediately preceding clauses (i) and (ii) are insufficient, but only if
such Advance is being reimbursed at the same time or if such Advance has been
previously reimbursed, out of any other collections that were made on or in
respect of the Valley Fair Mall Loan Pair; provided that interest on P&I
Advances made with respect to the Valley Fair Mall Companion Loan may be paid
solely, pursuant to clauses (i) and (iii) above, from Default Charges or other
collections Received by the Trust on or in respect of the Valley Fair Mall
Companion Loan. 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 Valley Fair
Mall Loan Pair under this Section 4.03A as soon as practicable after funds
available for such purpose are deposited in the Valley Fair Mall Custodial
Account for the related Loan or REO Loan, as the case may be, in the Valley Fair
Mall Loan Pair in respect of which the P&I Advance was made.

                  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 U, Class T, Class S, 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 all the outstanding
Classes of the Class A 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 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 U, REMIC II Regular Interest T, REMIC II
Regular Interest S, 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-1, REMIC II Regular Interest
G-2, REMIC II Regular Interest F, REMIC II Regular Interest E-1, REMIC II
Regular Interest E-2, REMIC II Regular Interest E-3, REMIC II Regular Interest
D-1, REMIC II Regular Interest D-2, REMIC II Regular Interest D-3, 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

                                     -214-
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Balances of (A) REMIC II Regular Interest A-1, (B) REMIC II Regular Interest
A-2-1 and REMIC II Regular Interest A-2-2, as a collective matter, in the order
described in the next sentence, (C) REMIC II Regular Interest A-3-1, REMIC II
Regular Interest A-3-2, REMIC II Regular Interest A-3-3 and REMIC II Regular
Interest A-3-4, as a collective matter, in the order described in the second
following sentence, (D) REMIC II Regular Interest A-4-1, REMIC II Regular
Interest A-4-2 and REMIC II Regular Interest A-4-3, as a collective matter, in
the order described in the third following sentence, and (E) REMIC II Regular
Interest A-5-1, REMIC II Regular Interest A-5-2 and REMIC II Regular Interest
A-5-3, as a collective matter, in the order described in the fourth following
sentence, 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. Any reductions in the Uncertificated Principal Balances of
REMIC II Regular Interest A-2-1 and REMIC II Regular Interest A-2-2 pursuant to
the preceding sentence shall be made: first, to the Uncertificated Principal
Balance of REMIC II Regular Interest A-2-1, until such Uncertificated Principal
Balance is reduced to zero; and then, to the Uncertificated Principal Balance of
REMIC II Regular Interest A-2-2, until such Uncertificated Principal Balance is
reduced to zero. Any reductions in the Uncertificated Principal Balances of
REMIC II Regular Interest A-3-1, REMIC II Regular Interest A-3-2, REMIC II
Regular Interest A-3-3 and REMIC II Regular Interest A-3-4 pursuant to the
second preceding sentence shall be made: first, to the Uncertificated Principal
Balance of REMIC II Regular Interest A-3-1, until such Uncertificated Principal
Balance is reduced to zero; second, to the Uncertificated Principal Balance of
REMIC II Regular Interest A-3-2, until such Uncertificated Principal Balance is
reduced to zero; third, to the Uncertificated Principal Balance of REMIC II
Regular Interest A-3-3, until such Uncertificated Principal Balance is reduced
to zero; and last, to the Uncertificated Principal Balance of REMIC II Regular
Interest A-3-4, until such Uncertificated Principal Balance is reduced to zero.
Any reductions in the Uncertificated Principal Balances of REMIC II Regular
Interest A-4-1, REMIC II Regular Interest A-4-2 and REMIC II Regular Interest
A-4-3 pursuant to the third preceding sentence shall be made: first, to the
Uncertificated Principal Balance of REMIC II Regular Interest A-4-1, until such
Uncertificated Principal Balance is reduced to zero; second, to the
Uncertificated Principal Balance of REMIC II Regular Interest A-4-2, until such
Uncertificated Principal Balance is reduced to zero; and last, to the
Uncertificated Principal Balance of REMIC II Regular Interest A-4-3, until such
Uncertificated Principal Balance is reduced to zero. Any reductions in the
Uncertificated Principal Balances of REMIC II Regular Interest A-5-1, REMIC II
Regular Interest A-5-2 and REMIC II Regular Interest A-5-3 pursuant to the
fourth preceding sentence shall be made: first, to the Uncertificated Principal
Balance of REMIC II Regular Interest A-5-1, until such Uncertificated Principal
Balance is reduced to zero; second, to the Uncertificated Principal Balance of
REMIC II Regular Interest A-5-2, until such Uncertificated Principal Balance is
reduced to zero; and last, to the Uncertificated Principal Balance of REMIC II
Regular Interest A-5-3, until such Uncertificated Principal Balance 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 Mortgage
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.

                                     -215-
<PAGE>

                  (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 Mortgage 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.

                  SECTION 4.06.   Use of Agents.

                  The Master Servicer, the Special 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, the Special Servicer
or the Trustee, as applicable, from any of such obligations, and the Master
Servicer, the Special Servicer or the Trustee, as applicable, shall remain
responsible for all acts and omissions of any such agent or attorney-in-fact.

                                     -216-
<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, A-5, A-6 and A-7; 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
Class A, Class B, Class C, Class D, Class E, Class F, Class X-CL, Class X-CP,
Class X-VF, Class H, Class J, Class K, Class L, Class M and Class N 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 A-3, Class A-4, Class
A-5, Class B, Class C, Class D, Class E, Class F and Class G Certificates,
$250,000 in the case of the Interest Only 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, Class R-II, Class
R-III, Class R-LR and Class V 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

                                     -217-
<PAGE>

the Closing Date, at 135 South LaSalle, Suite 1625, Chicago, Illinois 60603,
Attention: Asset-Backed Securities Trust Services Group--LB-UBS Commercial
Mortgage Trust, Series 2002-C4. 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 a Global Certificate for any 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 the prospective
Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and 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 the Rule 144A Global
Certificate for any Class of Book-Entry Non-Registered Certificates 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

                                     -218-
<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 (ii) an Opinion of
Counsel to the effect that the prospective Transferee is a Qualified
Institutional Buyer and such Transfer may be made without registration under the
Securities Act. Except as provided in the following two paragraphs, no interest
in the Rule 144A Global Certificate for any Class of Book-Entry Non-Registered
Certificates shall be transferred to any Person who takes delivery other than in
the form of an interest in such Rule 144A Global Certificate. If any Transferee
of an interest in the Rule 144A Global Certificate for any Class of Book-Entry
Non-Registered Certificates 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 Exhibit
F-2C hereto are, with respect to the subject Transfer, true and correct.

                  Notwithstanding the preceding paragraph, any interest in the
Rule 144A Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred (without delivery of any certificate or Opinion
of Counsel described in clauses (i) and (ii) of the first sentence 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 of Certificates 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, as transfer agent for the Depository, to approve the debit of the
account of a Depository Participant by a denomination of interests in such Rule
144A Global Certificate, and approve the credit of 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-CL, Class X-CP, Class X-VF, Class H, Class J, Class K, Class L, Class M
or Class N Certificates, as applicable, to be transferred (such date of
transfer, the "Regulation S Transfer Date"). 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 Global Certificate in respect of
the Class X-CL, Class X-CP, Class X-VF, Class H, Class J, Class K, Class L,
Class M or Class N 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.

                  Also notwithstanding the foregoing, any interest in a Rule
144A Global Certificate with respect to any Class of Book-Entry Non-Registered
Certificates may be transferred by any Certificate Owner holding such interest
to any Institutional Accredited Investor (other than a Qualified Institutional
Buyer) that takes delivery in the form of a Definitive Certificate of the same
Class as such Rule 144A Global Certificate upon delivery to the Certificate
Registrar and the Trustee of (i) such certifications and/or opinions as are
contemplated by the second paragraph of this Section 5.02(b) and (ii) such
written orders and instructions as are required under the applicable procedures
of the Depository to direct the Trustee to debit the account of a Depository
Participant by the denomination of the transferred interests in such Rule 144A
Global Certificate. Upon delivery to the Certificate Registrar of the
certifications and/or opinions contemplated by the second paragraph of this
Section 5.02(b), the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the subject Rule
144A Global Certificate by the denomination of the transferred interests in such
Rule 144A Global Certificate, and shall cause a Definitive Certificate of the
same Class as such Rule 144A

                                     -219-
<PAGE>

Global Certificate, and in a denomination equal to the reduction in the
denomination of such Rule 144A Global Certificate, to be executed, authenticated
and delivered in accordance with this Agreement to the applicable Transferee.

                  Except as provided in the next paragraph, no beneficial
interest in the Regulation S Global Certificate for any Class of Book-Entry
Non-Registered Certificates shall be transferred to any Person who takes
delivery other than in the form of a beneficial interest in such Regulation S
Global Certificate. On and prior to the date (the "Regulation S Release Date")
which is 40 days after the Regulation S Transfer Date, the Certificate Owner
desiring to effect any such Transfer shall be required to obtain from such
Certificate Owner's prospective Transferee a written certification substantially
in the form set forth in Exhibit F-2D hereto certifying that such Transferee is
not a United States Securities Person. On or prior to the Regulation S Release
Date, beneficial interests in the Regulation S Global Certificate for each Class
of Book-Entry Non-Registered Certificates may be held only through Euroclear or
Clearstream. The Regulation S Global Certificate for each Class of Book-Entry
Non-Registered 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.

                  Notwithstanding the preceding paragraph, after the Regulation
S Release Date, any interest in the Regulation S Global Certificate for a Class
of Book-Entry Non-Registered Certificates may be transferred by the Depositor or
any Affiliate of the Depositor to any Person who takes delivery in the form of a
beneficial interest in the Rule 144A Global Certificate for such Class of
Certificates 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 Regulation S
Global Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Rule 144A Global Certificate, that is equal to
the denomination of beneficial interests in the Class X-CL, Class X-CP, Class
X-VF, Class H, Class J, Class K, Class L, Class M or Class N 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 Regulation S Global Certificate in respect of the Class
X-CL, Class X-CP, Class X-VF, Class H, Class J, Class K, Class L, Class M or
Class N Certificates, as applicable, and increase the denomination of the Rule
144A Global Certificate for such Class, by the denomination of the beneficial
interest in such Class specified in such orders and instructions.

                  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.

                                     -220-
<PAGE>

                  (c) No Transfer of a Certificate or any interest therein shall
be made (i) 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 (ii) 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 a Global Certificate for any 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
Global Certificate for any Class of Book-Entry Non-Registered Certificates 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, by reason of 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 (other
than, if applicable, a Class R-I, Class R-II, Class R-III or Class V
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, either Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Person responsible for
servicing the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of
the Americas REO Property, 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 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
Certificate) or the Transferor (in the case of ownership interests in a
Book-Entry Certificate)

                                     -221-
<PAGE>

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.

                      (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

                                     -222-
<PAGE>

                           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 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

                                     -223-
<PAGE>

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 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.

                                     -224-
<PAGE>

                  (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 A-3, Class A-4, Class A-5,
Class B, Class C, Class D, Class E, Class F, Class G, Class X-CL, Class X-CP,
Class X-VF, Class H, Class J, Class K, Class L, Class M and Class N 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 in the fifth paragraph of Section 5.02(b), 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) and in
the fifth paragraph of Section 5.02(b), shall not be entitled to definitive,
fully registered Certificates ("Definitive Certificates") in respect of such
Ownership Interests. The Class X-CL, Class X-CP, Class X-VF, Class H, Class J,
Class K, Class L, Class M and Class N Certificates initially sold to Qualified
Institutional Buyers in reliance on Rule 144A or in reliance on another
exemption from the registration requirements of the Securities Act shall, in the
case of each such Class, be represented by the Rule 144A 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-CL, Class X-CP, Class X-VF, Class H, Class J, Class K,
Class L, Class M and Class N 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 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. All Transfers
by Certificate Owners of their respective Ownership 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

                                     -225-
<PAGE>

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. 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.

                  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

                                     -226-
<PAGE>

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.

                                     -227-
<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.   Continued Qualification and Compliance of
                                  Master Servicer; 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, and will otherwise remain in compliance with
the laws of, each jurisdiction in which such qualification and compliance 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 Valley Fair Mall 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

                                     -228-
<PAGE>

the Special Servicer against any liability to the Trust Fund, the Trustee, the
Certificateholders or the Valley Fair Mall Companion Loan Noteholder for the
breach of a representation or warranty made 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 and to the extent
the matter relates to the Valley Fair Mall Loan Pair, out of the Valley Fair
Mall 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 the party seeking indemnification, 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 legal action or claim against the party seeking
indemnification, resulting from any breach on the part of that party of a
representation or warranty made herein; or (iv) incurred in connection with any
legal action or claim against the party seeking indemnification, resulting from
any willful misfeasance, bad faith or negligence on the part of that party 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 Valley Fair Mall Loan Pair
is affected, the rights of the Certificateholders and the Valley Fair Mall
Companion Loan Noteholder (as a collective whole)). In such event, 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 Valley Fair Mall Loan Pair and/or the Valley Fair Mall
Companion Loan Noteholder is involved, such expenses, costs and liabilities
shall be payable out of the Valley Fair Mall Custodial Account pursuant to
Section 3.05A and, to the extent attributable to the Mortgage Loan in such Loan
Pair, shall also be payable out of the Pool Custodial Account if amounts on
deposit in the Valley Fair Mall 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 for any action taken or
omitted to be taken by the Depositor, the Trustee, any Certificateholder or the
Valley Fair Mall Companion Loan Noteholder, subject to the provisions of Section
8.05(c).

                                     -229-
<PAGE>

                  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 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, the Special Servicing Fee, any Workout Fee (except as
expressly contemplated by Section 3.11(c)) and/or any Liquidation Fee, as
applicable, that accrues or otherwise becomes payable 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 Valley
                                  Fair Mall Companion Loan Noteholder in Respect
                                  of the Master Servicer and the Special
                                  Servicer.

                  The Master Servicer and the Special Servicer shall each afford
the Depositor, each Underwriter, the Trustee and the Valley Fair Mall 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 Valley
Fair Mall 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

                                     -230-
<PAGE>

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 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 and Trustee to
                                  Cooperate with Master Servicer.

                  The Depositor, the Special Servicer and the Trustee shall each
furnish 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 and Trustee to
                                  Cooperate with Special Servicer.

                  The Depositor, the Master Servicer and the Trustee shall each
furnish 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 shall so
designate a Person to serve as replacement Special Servicer by the delivery to
the Trustee, the Master Servicer, the Valley Fair Mall 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 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

                                     -231-
<PAGE>

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 payable with respect to 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 Valley Fair Mall 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) The Holder or Holders of the Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class 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, and shall promptly notify the Trustee, the
Master Servicer and the Special Servicer of that selection. Notwithstanding the
foregoing, until a Controlling Class Representative is so selected in accordance
with the preceding sentence, or after receipt of a notice from the Holder or
Holders evidencing a majority of the Voting Rights allocated to the Controlling
Class that a Controlling Class Representative is no longer designated, the
Certificateholder, if any, that beneficially owns more than 50% of the aggregate
principal balance of the Controlling Class Certificates will be deemed to be the
Controlling Class Representative. 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.

                  (c) 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

                                     -232-
<PAGE>

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 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 Valley
Fair Mall Companion Loan Noteholder, if the Valley Fair Mall 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 Valley Fair Mall Companion Loan Noteholder, if the
Valley Fair Mall 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 information that the Controlling Class
Representative has reasonably requested with respect thereto promptly following
its receipt of the subject notice (it

                                     -233-
<PAGE>

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 will be deemed to have approved the taking of the subject
action):

                           (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 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 Loan;

                           (iii) any proposed sale of an Administered 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 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 Loan (other than in accordance with the terms of, or upon
         satisfaction of, such Loan);

                           (vii) any acceptance of substitute or additional
         collateral for a Specially Serviced 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 Loan; and

                           (ix) any acceptance of an assumption agreement
         releasing a borrower from liability under a 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 Valley Fair Mall Loan Pair, to protect
the interests of the Certificateholders and the Valley Fair Mall 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 Valley Fair Mall Loan Pair, upon
request of the Valley Fair Mall Companion Loan Noteholder during the 10 Business
Day period referred to above, the Special Servicer shall consult with the Valley
Fair Mall Companion Loan Noteholder regarding its views as to the proposed
action (but may, in its sole discretion, reject any advice or direction from the
Valley Fair Mall Companion Loan Noteholder); and provided, further, that, the
foregoing rights of the Controlling Class Representative shall not relate to the
1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of the Americas REO
Property.

                  In addition, the Controlling Class Representative may direct
the Special Servicer to take, or to refrain from taking, any actions with
respect to the servicing and/or administration of a Specially

                                     -234-
<PAGE>

Serviced Loan 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 Valley Fair Mall Loan Pair is involved,
for review by the Valley Fair Mall Companion Loan Noteholder.

                  Each of the Master Servicer and the Special Servicer shall
notify the Controlling Class Representative (and, in the case of the Valley Fair
Mall Loan Pair, the Valley Fair Mall 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.

                  (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)) (including the Special Servicer's obligation to
act in accordance with the Servicing Standard), the related loan documents or
the REMIC Provisions. 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 Valley Fair Mall Companion Loan (net of any existing
Appraisal Reduction Amount calculated in respect of the Valley Fair Mall Loan
Pair as if it was a single Mortgage Loan) is equal to or greater than 50% of the
original unpaid principal amount of the Valley Fair Mall 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
Valley Fair Mall Loan Pair, and (ii) Section 6.11A(a) shall apply with respect
to the Valley Fair Mall Loan Pair, instead of Section 6.11(a).

                  (c) The Controlling Class Representative will have no
liability to the Certificateholders or the Valley Fair Mall 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

                                     -235-
<PAGE>

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.

                  (d) The Valley Fair Mall 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 Valley
Fair Mall 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.

                  (e) If the 1166 Avenue of the Americas Loan Pair becomes
specially serviced in accordance with the terms of 1166 Avenue of the Americas
Servicing Agreement and, pursuant to the 1166 Avenue of the Americas
Intercreditor Agreement and the 1166 Avenue of the Americas Servicing Agreement,
the 1166 Avenue of the Americas Special Servicer notifies the Trustee or the
Master Servicer that the Trustee, as holder of the 1166 Avenue of the Americas
Mortgage Loan, or its designee, is entitled to certain consultation rights with
respect to the 1166 Avenue of the Americas Mortgage Loan or any 1166 Avenue of
the Americas REO Mortgage Loan and/or forwards a copy of its "Asset Status
Report" (as defined in the 1166 Avenue of the Americas Intercreditor Agreement)
to the Trustee or the Master Servicer, then the Trustee or the Master Servicer,
as applicable, shall promptly within one Business Day so notify, and shall
forward the copy of such Asset Status Report to, the Special Servicer and the
Controlling Class Representative. For so long as the Trustee or its designee is
entitled to such consultation rights under the terms of the 1166 Avenue of the
Americas Intercreditor Agreement, the Trustee hereby delegates such consultation
rights to the Special Servicer, who shall exercise them in consultation with the
Controlling Class Representative.

                  Further, pursuant to the terms of the 1166 Avenue of the
Americas Servicing Agreement, if an event of default has occurred with respect
to the 1166 Avenue of the Americas Master Servicer or the 1166 Avenue of the
Americas Special Servicer under the 1166 Avenue of the Americas Servicing
Agreement and remains unremedied, the 1166 Avenue of the Americas Trustee may,
if affected in its capacity as holder of the 1166 Avenue of the Americas
Mortgage Loan (together with certain specified certificateholders under the 1166
Avenue of the Americas Servicing Agreement), either (i) waive the event of
default, or (ii) direct the 1166 Avenue of the Americas Trustee to terminate the
defaulting 1166 Avenue of the Americas Servicer, as applicable, and appoint a
successor master servicer or special servicer, as applicable, that meets the
requirements of the 1166 Avenue of the Americas Servicing Agreement. In such
event, the Trustee may (and, at the direction of the Controlling Class
Representative or the Holders of Certificates entitled to at least 51% of the
Voting Rights, is required to) exercise the rights set forth in the preceding
sentence as the holder of the 1166 Avenue of the Americas Mortgage Loan. The
replacement of the 1166 Avenue of the Americas Master Servicer or the 1166

                                     -236-
<PAGE>

Avenue of the Americas Special Servicer with respect to the 1166 Avenue of the
Americas Loan Pair, as contemplated above, will be subject to receipt of the
applicable rating agency confirmations as set forth in the 1166 Avenue of the
Americas Servicing Agreement.

                  Subject to the preceding paragraph, if (i) the Trustee is
requested to take any action in its capacity as holder of the 1166 Avenue of the
Americas Mortgage Loan, pursuant to the 1166 Avenue of the Americas
Intercreditor Agreement and/or the 1166 Avenue of the Americas Servicing
Agreement, or (ii) a Responsible Officer of the Trustee receives actual notice
of a default or event of default on the part of any other party under the 1166
Avenue of the Americas Servicing Agreement, the Trustee will notify (in
writing), and act in accordance with the instructions of, the Controlling Class
Representative; provided that, if such instructions are not provided within the
prescribed time period, the Trustee will take such action or inaction, as
directed in writing by the Holders of 25% of the Voting Rights, or if no such
written direction is received, as it deems to be in the best interests of the
Certificateholders (as a collective whole). Subject to the rights of the 1166
Avenue of the Americas Non-Trust Loan Noteholder, the Controlling Class
Representative may direct the Trustee in writing to waive any event of default
under the 1166 Avenue of the Americas Servicing Agreement, to the extent that
such event of default relates to the 1166 Avenue of the Americas Mortgage Loan.
During the continuance of any event of default or other default under the 1166
Avenue of the Americas Servicing Agreement, the Trustee shall have the right to
take all actions to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filings of proofs of claim and debt in connection
therewith). The Trustee shall promptly forward to the Master Servicer, the
Depositor and the Controlling Class Representative all material notices or other
communications delivered to it in connection with the 1166 Avenue of the
Americas Servicing Agreement.

                  SECTION 6.11A.   Certain Powers of the Valley Fair Mall
                                   Companion Loan Noteholder.

                  (a) Subject to Section 6.11A(b), the Valley Fair Mall
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
Valley Fair Mall 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 Valley Fair Mall Loan Pair unless and until it has notified the
Valley Fair Mall Companion Loan Noteholder in writing and the Valley Fair Mall
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 Valley Fair Mall Companion Loan Noteholder
will be deemed to have approved of the subject action):

                           (i) any foreclosure upon or comparable conversion
         (which may include acquisition of an REO Property) of the ownership of
         the Valley Fair Mall Mortgaged Property and the other collateral
         securing the Valley Fair Mall 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 (including any material term relating to insurance)
         of the Valley Fair Mall Mortgage Loan and/or the Valley Fair Mall
         Companion Loan;

                                     -237-
<PAGE>

                           (iii) any proposed sale of the Valley Fair Mall
         Mortgaged Property after it becomes an REO Property (other than in
         connection with the termination of the Trust Fund);

                           (iv) any acceptance of a discounted payoff of the
         Valley Fair Mall Companion Loan;

                           (v) any determination to bring the Valley Fair Mall
         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 Valley Fair
         Mall Loan Pair (other than in accordance with the terms of, or upon
         satisfaction of, the Valley Fair Mall Loan Pair);

                           (vii) any acceptance of substitute or additional
         collateral for the Valley Fair Mall Loan Pair (other than in accordance
         with the terms of the Loan Pair);

                           (viii) any waiver of any rights under a "due-on-sale"
         or "due-on-encumbrance" clause for the Valley Fair Mall Loan Pair; and

                           (ix) any acceptance of an assumption agreement
         releasing the Mortgagor from liability under the Valley Fair Mall 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
Valley Fair Mall Companion Loan Noteholder (as a collective whole), the Special
Servicer may take any such action without waiting for the Valley Fair Mall
Companion Loan Noteholder's response.

                  In addition, subject to Section 6.11A(b), with respect to the
Valley Fair Mall Loan Pair, the Valley Fair Mall Companion Loan Noteholder may
direct the Special Servicer to take, or to refrain from taking, such actions as
the Valley Fair Mall 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 Valley Fair Mall Loan Pair, provide the
Valley Fair Mall 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 Valley Fair Mall 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), or the
related loan documents or the REMIC Provisions. Furthermore, the Special
Servicer shall not be obligated to seek approval from the Valley Fair Mall
Companion Loan Noteholder for any actions to be taken by the Special Servicer
with respect to the Valley Fair Mall Loan Pair if:

                           (i) the Special Servicer has, as provided in Section
         6.11A(a), notified the Valley Fair Mall Companion Loan Noteholder in
         writing of various actions that the Special

                                     -238-
<PAGE>

         Servicer proposes to take with respect to the workout or liquidation of
         the Valley Fair Mall Loan Pair; and

                           (ii) for 60 days following the first such notice, the
         Valley Fair Mall 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 Valley Fair Mall Companion Loan (net
of any existing Appraisal Reduction Amount calculated in respect of the Valley
Fair Mall Loan Pair) is equal to or greater than 50% of the original unpaid
principal amount of the Valley Fair Mall Companion Loan, then: (i) the Valley
Fair Mall 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
Valley Fair Mall Companion Loan or the Valley Fair Mall Mortgage Loan; and (ii)
Section 6.11(a) shall apply with respect to the Valley Fair Mall Companion Loan
and the Valley Fair Mall Mortgage Loan, instead of Section 6.11A(a).

                  (c) The Valley Fair Mall 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 Valley Fair
Mall 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 Valley Fair Mall 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 Valley Fair Mall Companion Loan Noteholder by
a writing delivered to each of the parties hereto.

                  (e) The Valley Fair Mall Companion Loan Noteholder shall be
entitled to receive, upon request, a copy of any notice or report required to be
delivered (upon request or otherwise) to the Trustee with respect to the Valley
Fair Mall Loan Pair or any related REO Property by any other party hereto. Any
such other party shall be permitted to require payment of a sum sufficient to
cover the reasonable costs and expenses of providing such copies.

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<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 and any amounts to cover
         Prepayment Interest Shortfalls) 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 Valley Fair Mall
         Companion Loan Noteholder on any Master Servicer 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 Valley Fair Mall 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,

                                     -240-
<PAGE>

         as the case may be, has commenced to cure such failure within the
         initial 30-day period and has provided the Trustee and, if affected
         thereby, the Valley Fair Mall 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 Valley Fair Mall
         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
         Valley Fair Mall 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 the Valley Fair Mall
         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 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

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                           (xi) the Master Servicer fails to be rated at least
         "CMS3" by Fitch or the Special Servicer fails to be 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 Valley Fair Companion Loan Securities, if the Valley Fair
         Companion Loan is 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),
(xi) 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 Valley Fair Mall 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
Valley Fair Mall Companion Loan, other than its rights, if any, as a
Certificateholder hereunder or as the holder of the Valley Fair Mall Companion
Loan or any interest therein. If any Event of Default described in clause (x) 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 Valley Fair Mall Companion Loan, other than its rights, if any, as
a Certificateholder hereunder or as the holder of the Valley Fair Mall 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

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the Master Servicer is the 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 also for purposes 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 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) In the case of an Event of Default under Section
7.01(a)(x) or (xi) of which the Trustee has notice, the Trustee shall provide
written notice thereof to the Master Servicer promptly upon receipt of such
notice. Notwithstanding Section 7.01(b), if the Master Servicer receives a
notice of termination under Section 7.01(b) solely due to an Event of Default
under 7.01(a)(x) or (xi), 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 Master Servicer shall
continue to serve in such capacity hereunder until a successor thereto is
selected in accordance with this Section 7.01(c) or the expiration of 45 days
from the Master Servicer's receipt of the notice of termination, whichever
occurs first. Upon receipt of such "request for proposal" materials from the
terminated Master Servicer, the Trustee shall promptly thereafter (using such
"request for proposal" materials) 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 a successor Master Servicer hereunder in accordance with
Section 6.02 and Section 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 (other than the
1166 Avenue of the Americas Mortgage Loan) 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 receipt of
notice of termination by the terminated 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

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<PAGE>

the Loans (other than the 1166 Avenue of the Americas Mortgage Loan) 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 (other than the 1166 Avenue of the Americas Mortgage Loan) not
subject to a Sub-Servicing Agreement at a sub-servicing fee rate per annum equal
to the Master Servicing Fee Rate minus two and one-half (2.5) 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 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 receipt of notice of termination by the terminated 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 (exclusive of the 1166 Avenue of the Americas
Mortgage Loan), 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 terminated Master Servicer
received written notice of termination 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 Valley Fair Mall
Companion Loan or the Valley Fair Mall Companion Loan Securities, and neither
the Certificates nor any Mortgage Loan 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 Valley Fair Mall 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 Valley Fair Mall 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

                                     -244-
<PAGE>

responsible for all duties, and shall be entitled to all compensation, of the
Master Servicer under this Agreement with respect to the Valley Fair Mall Loan
Pair, except that the Master Servicer shall be entitled to retain a portion of
the Master Servicing Fee for the Mortgage Loan in the Valley Fair Mall Loan Pair
calculated at 0.025% 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 Valley Fair Mall Loan Pair in the event
that the Valley Fair Mall 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 Valley Fair Mall Loan Pair and the
Valley Fair Mall 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 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, Section 6.09 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

                                     -245-
<PAGE>

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 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 by the
Trust in respect of the Valley Fair Mall Loan Pair to matters related to the
Valley Fair Mall 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
Valley Fair Mall 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
Valley Fair Mall Companion Loan Noteholder 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 Valley Fair Mall Companion Loan Noteholder (if it
is adversely 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), (x), (xi) and (xii) of Section 7.01(a) may be waived only by all of
the Certificateholders of the affected Classes, together with the Valley Fair
Mall Companion Loan Noteholder, if any, that 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

                                     -246-
<PAGE>

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 Valley Fair Mall
Companion Loan Noteholder (if adversely affected thereby) does not wish to waive
that Event of Default, then those Holders may still waive that default and the
Valley Fair Mall Companion Loan Noteholder will be entitled to request that the
Master Servicer appoint, within 60 days of the Valley Fair Mall Companion Loan
Noteholder's request, a Sub-Servicer (or, if the Valley Fair Mall Loan Pair is
currently being subserviced, to replace, within 60 days of the Valley Fair Mall
Companion Loan Noteholder's request, the then-current Sub-Servicer with a new
Sub-Servicer) with respect to the Valley Fair Mall Loan Pair. In connection with
the Master Servicer's appointment of a Sub-Servicer at the request of the Valley
Fair Mall 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 Valley Fair Mall 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 with respect to the Valley Fair Mall Loan Pair, except that the Master
Servicer shall be entitled to retain a portion of the Master Servicing Fee for
the Mortgage Loan in the Valley Fair Mall Loan Pair calculated at 0.025% per
annum. Such Sub-Servicing Agreement shall also provide that such Sub-Servicer
shall become the master servicer under a separate servicing agreement for the
Valley Fair Mall Loan Pair in the event that the Valley Fair Mall 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
Valley Fair Mall Loan Pair and the Valley Fair Mall 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
Valley Fair Mall 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 Valley Fair Mall 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 Valley
Fair Mall Companion Loan Noteholder (including the institution and

                                     -247-
<PAGE>

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.

                                     -248-
<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 terms of this Agreement and the
         direction of the Controlling Class or Holders of Certificates entitled
         to at

                                     -249-
<PAGE>

         least 25% of the Voting Rights, relating to the time, method 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 or, as holder of the 1166 Avenue of the Americas Mortgage
         Loan, under the 1166 Avenue of the Americas Servicing 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,

                                     -250-
<PAGE>

         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, 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.

                                     -251-
<PAGE>

                  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 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, or the
negligent disregard 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

                                     -252-
<PAGE>

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 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 S&P and Fitch (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). The Trustee's acting in such capacity shall not
adversely affect the application of the Prohibited Transaction Exemption to the
Investment Grade Certificates. 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 Valley
Fair Mall 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 Valley Fair Mall 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

                                     -253-
<PAGE>

and such failure shall continue unremedied for a period of five days after
receipt of written notice by the Trustee of such failure, 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 Valley Fair Mall Companion
Loan Noteholder by the successor trustee so appointed.

                  (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 Valley Fair Mall 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
Certificateholders that effected the removal, if the Trustee has been removed in
accordance with Section 8.07(c) without cause or if such expenses are not paid
by such Certificateholders within ninety (90) days after they are incurred, at
the expense of the Trust, provided that such Certificateholders shall remain
liable to the Trust for such expenses) 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

                                     -254-
<PAGE>

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 Valley Fair Mall Companion Loan
Noteholder.

                  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

                                     -255-
<PAGE>

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, 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.

                                     -256-
<PAGE>

                  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 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

                                     -257-
<PAGE>

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 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
Valley Fair Mall Companion Loan Noteholder and its 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, the 1166 Avenue of the Americas
Servicing Agreement and any amendments hereto or thereto; (iii) all

                                     -258-
<PAGE>

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 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; (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), and (xiv) any and all reports, statements and other written
or electronic information relating to the 1166 Avenue of the Americas Mortgage
Loan or the 1166 Avenue of the Americas Mortgaged Property and/or the borrower
under the 1166 Avenue of the Americas Mortgage Loan, to the extent such items
were received by the Master Servicer from the 1166 Avenue of the Americas Master
Servicer or the 1166 Avenue of the Americas Trustee and delivered to the Trustee
since the Closing Date. 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,

                                     -259-
<PAGE>

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 2002 (and with
respect to any subsequent fiscal year for the Trust, if as of the beginning of
such subsequent fiscal year, 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), 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 and timely 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, to the extent delivered to the Trustee, all Servicer
         Reports and such other servicing information identified by the Master
         Servicer or the Special Servicer, in writing, to be filed with the
         Commission (such other servicing information, the "Additional
         Designated Servicing Information");

                           (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 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)
         prepare for filing, execute and promptly file with the Commission a
         Current Report on Form 8-K disclosing any such matter;

                           (iii) at the reasonable request of, and in accordance
         with the reasonable directions of, the Certifying Party (as defined in
         Section 8.15(d)), prepare for filing, execute and promptly file with
         the Commission an amendment to any Current Report on Form 8-K
         previously filed with the Commission with respect to the Trust; and

                           (iv) within 90 days following the end of such fiscal
         year, prepare and properly and timely 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;

                                     -260-
<PAGE>

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 to such format (other than those items 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, all Servicer Reports and Additional
Designated Servicing Information delivered to the Trustee) contemplated to be
filed with the Commission pursuant to this Section 8.15(a).

                  All Current Reports on Form 8-K and Annual Reports on Form
10-K that are to be filed with respect to the Trust pursuant to this Section
8.15(a) (collectively, including the exhibits thereto, the Exchange Act
Reports"), exclusive of the initial Current Report on Form 8-K contemplated by
clause (y) of the proviso to the first sentence of the preceding paragraph,
which is to be executed by the Depositor, are (together with the exhibits
thereto) herein referred to as the "Subsequent Exchange Act Reports". The
Trustee shall have no liability to the Certificateholders or the Trust with
respect to any failure to properly prepare or file any of the Subsequent
Exchange Act Reports to the extent that such failure is not the result of any
negligence, bad faith or willful misconduct on its part.

                  (b) At all times during the Trust's fiscal year 2002 (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 monitor for the occurrence or
existence of any of the following matters:

                           (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 Distribution Date Statements
         and/or Servicer 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 (or, in the case of any 1166 Avenue of
         the Americas REO Property, any interest therein), which acquisition or
         disposition has not otherwise been reflected in the Distribution Date
         Statements and/or Servicer 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 (or, in the case of any
         1166 Avenue of the Americas REO Property, any interest therein)), 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

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<PAGE>

         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 the
next paragraph) 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.

                  Further, each other party to this agreement shall promptly
notify the Trustee of the occurrence or existence of any of the forgoing matters
in this Section 8.15(b) of which a Servicing Officer (in the case of the Master
Servicer or the Special Servicer), a Responsible Officer (in the case of the
Fiscal Agent) or a senior officer (in the case of the Depositor) thereof has
actual knowledge.

                  (c) If as of the beginning of any fiscal year for the Trust
(other than fiscal year 2002), 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 suspending all reporting requirements under the
Exchange Act.

                  (d) As and to the extent required by the Sarbanes-Oxley Act of
2002 (the "Sarbanes-Oxley Act") and the rules adopted by the Commission with
respect thereto, all Annual Reports on Form 10-K filed with the Commission shall
include such certification or certifications as comply in form and substance
with the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder
(such certification(s), individually and collectively, the "Sarbanes-Oxley
Certification"; any party hereto whose officer is to sign, in accordance with
the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder, all
or part of any Sarbanes-Oxley Certification with respect to the Trust, a
"Certifying Party"; and any officer who is to sign, in accordance with the
Sarbanes-Oxley Act and the rules and regulations promulgated thereunder, all or
part of any Sarbanes-Oxley Certification, a "Certifying Officer").

                  (e) The Depositor, the Trustee and the Master Servicer agree
to negotiate in good faith regarding which of them is the appropriate entity to
be the Certifying Party with respect to any Sarbanes-Oxley Certification (or, if
the Depositor, the Master Servicer and the Trustee reasonably

                                     -262-
<PAGE>

determine that the Commission will accept a Sarbanes-Oxley Certification with
respect to the Trust in the form of multiple certifications individually
covering separate matters but collectively covering all information required
under applicable law to be included in such Sarbanes-Oxley Certification, which
of them is the appropriate entity to be the Certifying Party with respect to any
particular portion of such Sarbanes-Oxley Certification) filed in connection
with the Trust, taking into account all relevant factors, including the
prevalent practice in the commercial mortgage securitization industry and the
relative knowledge of the respective parties relating to the subject matter of
such Sarbanes-Oxley Certification, and as between the Trustee and the Depositor,
which of them is the appropriate party to execute each Annual Report on Form
10-K with respect to the Trust; provided that no officer of the Trustee shall be
responsible for being the sole signatory of the Sarbanes-Oxley Certification
(as a collective whole) to be filed as part of an Annual Report on Form 10-K
relating to the Trust. In connection with the filing of any Annual Report on
Form 10-K with respect to the Trust as contemplated by Section 8.15(a), each
Certifying Party shall, no later than 10 days prior to the date on which the
Trustee has indicated its intention to file such report, cause its Certifying
Officer to execute and deliver to the Trustee, with respect to the Trust, for
filing with such Annual Report on Form 10-K, the Sarbanes-Oxley Certification
that is to be included as part of such Annual Report on Form 10-K (exclusive of
any certification constituting part of such Sarbanes-Oxley Certification that is
to be executed and delivered by the Certifying Officer of another Certifying
Party as and to the extent permitted by the Sarbanes-Oxley Act and the rules and
regulations promulgated thereunder).

                  (f) No later than five Business Days (or, in the case of an
Annual Report on Form 10-K, 20 days) prior to any filing of a Subsequent
Exchange Act Report that is to be made with respect to the Trust as contemplated
by Section 8.15(a), the Trustee shall deliver a copy of such report, together
with all exhibits thereto, for review by the Depositor and the Special Servicer.
Promptly upon receipt of any such report and the accompanying exhibits, the
Depositor and the Special Servicer shall promptly (and in any event within two
Business Days) review such report and the accompanying exhibits and notify the
Trustee of any material misstatements or omissions relating thereto (including
any that would prevent it from delivering any of the certifications applicable
to it that are contemplated by subsections (g) through (i) below) that come to
its attention, which material misstatements or omissions the Trustee shall
correct (with written evidence of such correction to be sent to the Depositor,
the Master Servicer and the Special Servicer) prior to the filing of such report
and the accompanying exhibits.

                  (g) No later than 10 days prior to the date on which the
Trustee has indicated its intention to file any Annual Report on Form 10-K with
respect to the Trust, unless the Trustee is to be the Certifying Party with
respect to the matters set forth below in this Section 8.15(g), the Trustee
shall cause the appropriate officer of the Trustee (i.e., the officer thereof
that would have qualified as a Certifying Officer) to execute and deliver to
each Certifying Party and Certifying Officer a certification (a "Trustee
Certification"), which Trustee Certification (i) shall include a statement
acknowledging that the officer of the Trustee signing such certification has
reviewed all Subsequent Exchange Act Reports to be covered by the subject
Sarbanes-Oxley Certification, (ii) shall state, based on the knowledge of the
officer of the Trustee that is signing such certification, and assuming the
accuracy of the statements required to be made in the corresponding Master
Servicer Certification pursuant to clause (ii) of the first sentence of Section
8.15(h) and in the corresponding Special Servicer Certification pursuant to
clause (ii) of the first sentence of Section 8.15(i) (in each case, to the
extent that such statements are relevant to the statements made in the subject
Trustee Certification pursuant to this clause (ii)), that the information in the
Subsequent Exchange Act Reports to be covered by such Sarbanes-Oxley
Certification relating to distributions on and/or characteristics (including
Certificate Principal Balances, Certificate Notional Amounts and Pass-Through
Rates) of the Certificates, taken as a whole, does not contain any untrue
statement of material fact or omit to state a material fact necessary to make
the statements made, in light

                                    -263-
<PAGE>

of the circumstances under which such statements were made, not misleading as of
the last day of the period covered by the subject Annual Report on Form 10-K,
(iii) shall state, based on the knowledge of the officer of the Trustee signing
such certification, that the information in the Subsequent Exchange Act Reports
to be covered by such Sarbanes-Oxley Certification relating to distributions on
and/or characteristics (including Certificate Principal Balances, Certificate
Notional Amounts and Pass-Through Rates) of the Certificates includes all
information of such type required to be included in the Distribution Date
Statement for the relevant period covered by the subject Annual Report on Form
10-K and (iv) shall state, based on the knowledge of the officer of the Trustee
signing such certification, that the information in the Subsequent Exchange Act
Reports to be covered by such Sarbanes-Oxley Certification includes all Servicer
Reports and Additional Designated Servicing Information provided to the Trustee
by the Master Servicer and/or the Special Servicer hereunder. The Trustee shall
indemnify and hold harmless each Certifying Party and Certifying Officer to whom
it delivers any Trustee Certification for all losses, liabilities, claims,
damages, costs and expenses (including reasonable attorneys' fees and expenses)
resulting from a breach of any certification made in such Trustee Certification,
as well as any other losses, claims, damages, costs and expenses (including
reasonable attorneys' fees and expenses) incurred by such Certifying Party or
Certifying Officer, as the case may be, in connection with the execution and
delivery of the subject Sarbanes-Oxley Certification resulting from the
negligence, bad faith or willful misfeasance of the Trustee in connection with
the performance by the Trustee of its duties hereunder.

                  (h) No later than 10 days prior to the date on which the
Trustee has indicated its intention to file any Annual Report on Form 10-K with
respect to the Trust, unless the Master Servicer is to be the Certifying Party
with respect to the matters set forth below in this Section 8.15(h), the Master
Servicer shall cause the appropriate officer of the Master Servicer (i.e., the
officer thereof that would have qualified as a Certifying Party) to execute and
deliver to each Certifying Party and Certifying Officer a certification (a
"Master Servicer Certification"), which Master Servicer Certification (i) shall
include a statement acknowledging that the officer of the Master Servicer
signing such certification has reviewed all the Servicer Reports and Additional
Designated Servicing Information delivered by the Master Servicer to the Trustee
for inclusion in the Subsequent Exchange Act Reports to be covered by the
subject Sarbanes-Oxley Certification, (ii) shall state, based on the knowledge
of the officer of the Master Servicer that is signing such certification, and
assuming the accuracy of (x) the statements required to be made in the
corresponding Special Servicer Certification pursuant to clause (ii) of the
first sentence of Section 8.15(i) and in the corresponding Depositor
Certification pursuant to clause (ii) of the first sentence of Section 8.15(j)
(in each case, to the extent that such statements are relevant to the statements
made in the subject Master Servicer Certification pursuant to this clause (ii))
and (y) with respect to the 1166 Avenue of the Americas Mortgage Loan, the
statements required to be made in clause (ii) of the corresponding 1166 Avenue
of the Americas Special Servicer Certification and clause (ii) of the
corresponding 1166 Avenue of the Americas Master Servicer Certification (in each
case, to the extent that such statements are relevant to the statements made in
the subject Master Servicer Certification pursuant to this clause (ii)), that
the information in the Servicer Reports and Additional Designated Servicing
Information delivered by the Master Servicer to the Trustee for inclusion in the
Subsequent Exchange Act Reports to be covered by such Sarbanes-Oxley
Certification relating to servicing information, including information relating
to actions of the Master Servicer and/or payments and other collections on and
characteristics of the Mortgage Loans and REO Properties, taken as a whole, does
not contain any untrue statement of material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading as of the last day of the period
covered by the subject Annual Report on Form 10-K, (iii)

                                     -264-
<PAGE>

shall state, based on the knowledge of the officer of the Master Servicer
signing such certification, and assuming the accuracy of (x) the statements
required to be made in the corresponding Special Servicer Certification pursuant
to clause (iii) of the first sentence of Section 8.15(i) and in the
corresponding Depositor Certification pursuant to clause (ii) of the first
sentence of Section 8.15(j) (in each case, to the extent that such statements
are relevant to the statements made in the subject Master Servicer Certification
pursuant to this clause (iii)) and (y) with respect to the 1166 Avenue of the
Americas Mortgage Loan, the statements required to be made in clause (iii) of
the corresponding 1166 Avenue of the Americas Special Servicer Certification and
clause (iii) of the corresponding 1166 Avenue of the Americas Master Servicer
Certification (in the each case, to the extent that such statements are relevant
to the statements made in the subject Master Servicer Certification pursuant to
this clause (iii)), that the information in the Servicer Reports and Additional
Designated Servicing Information delivered by the Master Servicer to the Trustee
for inclusion in the Subsequent Exchange Act Reports to be covered by such
Sarbanes-Oxley Certification relating to servicing information, including
information relating to actions of the Master Servicer and/or payments and other
collections on and characteristics of the Mortgage Loans and REO Properties,
includes all information of such type required to be provided by the Master
Servicer to the Trustee under this Agreement for the relevant period covered by
the subject Annual Report on Form 10-K, (iv) shall state that the officer of the
Master Servicer signing such certification is responsible for reviewing the
activities performed by the Master Servicer under this Agreement and, based upon
the review required under this Agreement, and except as disclosed in the subject
Annual Report on Form 10-K, the Master Servicer has fulfilled its obligations
under this Agreement, and (v) the officer of the Master Servicer signing such
certification has disclosed to the Depositor's certified public accountants and
the accountants that are to deliver the Annual Accountants' Report in respect of
the Master Servicer with respect to the relevant period covered by the subject
Annual Report on Form 10-K all significant deficiencies relating to the Master
Servicer's compliance with the minimum servicing standards in accordance with a
review conducted in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar standard as set forth in this Agreement. The Master
Servicer shall indemnify and hold harmless each Certifying Party and Certifying
Officer to whom it delivers any Master Servicer Certification for all losses,
liabilities, claims, damages, costs and expenses (including reasonable
attorneys' fees and expenses) resulting from a breach of any certification made
in such Master Servicer Certification, as well as any other losses, claims,
damages, costs and expenses (including reasonable attorneys' fees and expenses)
incurred by such Certifying Party or Certifying Officer, as the case may be, in
connection with the execution and delivery of the subject Sarbanes-Oxley
Certification resulting from the negligence, bad faith or willful misfeasance of
the Master Servicer in connection with the performance by the Master Servicer of
its duties hereunder.

                  (i) No later than 10 days prior to the date on which the
Trustee has indicated its intention to file any Annual Report on Form 10-K with
respect to the Trust, unless the Special Servicer is to be the Certifying Party
with respect to the matters set forth below in this Section 8.15(i), the Special
Servicer shall cause the appropriate officer of the Special Servicer (i.e., the
officer thereof that would have qualified as a Certifying Party) to execute and
deliver to each Certifying Party and Certifying Officer a certification (a
"Special Servicer Certification"), which Special Servicer Certification (i)
shall include a statement acknowledging that the officer of the Special Servicer
signing such certification has reviewed all Subsequent Exchange Act Reports to
be covered by the subject Sarbanes-Oxley Certification, (ii) shall state, based
on the knowledge of the officer of the Special Servicer that is signing such
certification, that the information in the Subsequent Exchange Act Reports to be
covered by such Sarbanes-Oxley Certification relating to servicing information
in respect of the Specially Serviced

                                    -265-
<PAGE>

Mortgage Loans and the Administered REO Properties, in each case, if any,
including information relating to actions of the Special Servicer and/or
payments and other collections on and characteristics of the Specially Serviced
Mortgage Loans and REO Properties, taken as a whole, does not contain any untrue
statement of material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading as of the last day of the period covered by the
subject Annual Report on Form 10-K, (iii) shall state, based on the knowledge of
the officer of the Special Servicer signing such certification, that the
information in the Subsequent Exchange Act Reports to be covered by such
Sarbanes-Oxley Certification relating to servicing information in respect of the
Specially Serviced Mortgage Loans and the Administered REO Properties, in each
case, if any, including information relating to actions of the Special Servicer
and/or payments and other collections on and characteristics of the Specially
Serviced Mortgage Loans and REO Properties, includes all information of such
type required to be delivered by the Special Servicer to the Master Servicer or
the Trustee under this Agreement for the relevant period covered by the subject
Annual Report on Form 10-K, (iv) shall state that the officer of the Special
Servicer signing such certification is responsible for reviewing the activities
performed by the Special Servicer under this Agreement and, based upon the
review required under this Agreement, and except as disclosed in the subject
Annual Report on Form 10-K, the Special Servicer has fulfilled its obligations
under this Agreement, and (v) the officer of the Special Servicer signing such
certification has disclosed to the Depositor's certified public accountants and
the accountants that are to deliver the Annual Accountants' Report in respect of
the Special Servicer with respect to the relevant period covered by the subject
Annual Report on Form 10-K all significant deficiencies relating to the Special
Servicer's compliance with the minimum servicing standards in accordance with a
review conducted in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar standard as set forth in this Agreement. The Special
Servicer shall indemnify and hold harmless each Certifying Party and Certifying
Officer to whom it delivers any Special Servicer Certification for all losses,
liabilities, claims, damages, costs and expenses (including reasonable
attorneys' fees and expenses) resulting from a breach of any certification made
in such Special Servicer Certification, as well as any other losses, claims,
damages, costs and expenses (including reasonable attorneys' fees and expenses)
incurred by such Certifying Party or Certifying Officer, as the case may be, in
connection with the execution and delivery of the subject Sarbanes-Oxley
Certification resulting from the negligence, bad faith or willful misfeasance of
the Special Servicer in connection with the performance by the Special Servicer
of its duties hereunder.

                  (j) No later than 10 days prior to the date on which the
Trustee has indicated its intention to file the Annual Report on Form 10-K with
respect to the Trust for fiscal year 2002, unless the Depositor is to be the
Certifying Party, the Depositor shall cause an officer of the Depositor to
execute and deliver to each Certifying Party and Certifying Officer a
certification (a "Depositor Certification"), which Depositor Certification (i)
shall include a statement acknowledging that the officer of the Depositor
signing such certification has reviewed the Prospectus Supplement and (ii) shall
state, based on the knowledge of the officer of the Depositor that is signing
such certification, that the following sections and parts of the Prospectus
Supplement did not, as of the date thereof or as of the Closing Date, contain
any untrue statement of a material fact regarding the Mortgage Loan Seller
Matters (as defined below) or omit to state any material fact regarding the
Mortgage Loan Seller Matters necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading: "Summary
of Prospectus Supplement--The Underlying Mortgage Loans and the Mortgaged Real
Properties", "Risk Factors--Risks Related to the Underlying Mortgage Loans" and
"Description of the Mortgage Pool" and Annex A-1, Annex A-2, Annex A-3, Annex
A-4 and Annex B

                                     -266-
<PAGE>

to the Prospectus Supplement. The Depositor shall indemnify and hold harmless
each Certifying Party and Certifying Officer to whom it delivers any Depositor
Certification for any and all losses, liabilities, claims, damages, costs and
expenses (including reasonable attorneys' fees and expenses) incurred by such
Certifying Party or Certifying Officer resulting from a breach of any
certification made in such Depositor Certification. "Mortgage Loan Seller
Matters" as used in this Section 8.15(j) shall mean the description of the
Mortgage Loans, the Mortgaged Properties and the Mortgagors.

                  (k) The respective parties hereto agree to cooperate with all
reasonable requests made by any Certifying Party or Certifying Officer in
connection with such Person's attempt to conduct any due diligence that such
Person reasonably believes to be appropriate in order to allow it to deliver any
Sarbanes-Oxley Certification or portion thereof with respect to the Trust.

                  (l) Unless the other parties hereto receive written notice
from the Trustee to the contrary, the Trustee hereby certifies that it intends
to file any Annual Report on Form 10-K with respect to the Trust for any
particular fiscal year on the last Business Day that is not more than 90 days
following the end of such fiscal year. Unless an alternative time period is
provided for in this Agreement, the respective parties hereto shall deliver to
the Trustee, not more than 60 days following the end of such fiscal year, any
items required to be delivered by such party that are to be an exhibit to such
Annual Report on Form 10-K.

                  (m) In the event the parties to this Agreement desire to
further clarify or amend any provision of this Section 8.15, this Agreement
shall be amended to reflect the new agreement between the parties covering
matters in this Section 8.15 pursuant to Section 11.01, which amendment shall
not require any Opinion of Counsel or Rating Agency confirmations or the consent
of any Certificateholder; provided that no such amendment shall diminish the
filing requirements under this Section 8.15 on the part of the parties to this
Agreement, as a collective whole, in contravention of applicable law.

                  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 Valley Fair Mall 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

                                     -267-
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         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 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.

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                  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 S&P and Fitch (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.

                  (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 Valley Fair Mall 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
Valley Fair Mall Companion Loan Noteholder, as the Closing Date, that:

                                     -269-
<PAGE>

                           (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.

                           (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

                                     -270-
<PAGE>

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.

                                     -271-
<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, Lehman Brothers, the Special Servicer, any Controlling Class
Certificateholder or the Master Servicer 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 3.0% 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

                                     -272-
<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 the Valley Fair Mall REO Property is being
purchased pursuant to the foregoing, the portion of the above-described purchase
price allocable to such REO Property shall initially be deposited into the
Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair
Mall 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 Valley Fair Mall 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 (viii) of
Section 3.05(b), and further exclusive of any portion thereof that represents
Prepayment Premiums,

                                     -273-
<PAGE>

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;

                                     -274-
<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;

                                     -275-
<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;

                                     -276-
<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

                                     -277-
<PAGE>

         Certificates for such Distribution Date and, to the extent not
         previously paid, for all prior Distribution Dates;

                           (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 distributions of interest to the Holders of
         the Class S Certificates, up to an amount equal to all Distributable
         Certificate Interest in respect of the Class S Certificates for such
         Distribution Date and, to the extent not previously paid, for all prior
         Distribution Dates;

                           (xlvii) to distributions of principal to the Holders
         of the Class S Certificates, up to an amount equal to the Class
         Principal Balance of the Class S Certificates outstanding immediately
         prior to such Distribution Date;

                           (xlviii) to distributions to the Holders of the Class
         S 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 S Certificates pursuant to Section 4.04(a) and
         not previously reimbursed;

                           (xlix) to distributions of interest to the Holders of
         the Class T Certificates, up to an amount equal to all Distributable
         Certificate Interest in respect of the Class T Certificates for such
         Distribution Date and, to the extent not previously paid, for all prior
         Distribution Dates;

                           (l) to distributions of principal to the Holders of
         the Class T Certificates, up to an amount equal to the Class Principal
         Balance of the Class T Certificates outstanding immediately prior to
         such Distribution Date;

                           (li) to distributions to the Holders of the Class T
         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 T Certificates pursuant to Section 4.04(a) and
         not previously reimbursed;

                           (lii) to distributions of interest to the Holders of
         the Class U Certificates, up to an amount equal to all Distributable
         Certificate Interest in respect of the Class U Certificates for such
         Distribution Date and, to the extent not previously paid, for all prior
         Distribution Dates;

                           (liii) to distributions of principal to the Holders
         of the Class U Certificates, up to an amount equal to the Class
         Principal Balance of the Class U Certificates outstanding immediately
         prior to such Distribution Date;

                                     -278-
<PAGE>

                           (liv) to distributions to the Holders of the Class U
         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 U Certificates pursuant to Section 4.04(a) and
         not previously reimbursed;

                           (lv) to 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
         (liv) above;

                           (lvi) to 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);

                           (lvii) 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

                           (lviii) to 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 (lvii) above.

                  All distributions of interest made in respect of the Class
X-CP Certificates and the Class X-CL Certificates on the final Distribution Date
pursuant to clause (i) above, shall be deemed to have been made, in the case of
each such Class, 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-CL, Class X-VF, Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class B, Class C, Class D, Class E, Class F, Class G,
Class H, Class J and Class K Certificates in accordance with Section 4.01(c).

                  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 V Certificates in accordance with Section 4.01(d).

                                     -279-
<PAGE>

                  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 and the Loan REMIC
Mortgage Loans 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 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 REMIC Mortgage Loans;

                           (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 REMIC
         Mortgage Loans to the Master Servicer, Lehman Brothers, the purchasing

                                     -280-
<PAGE>

         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.

                  SECTION 9.03.   1166 Avenue of the Americas Mortgage Loan.

                  References to "REO Property" and "REO Properties" in Sections
9.01 and 9.02 shall be deemed to include the Trust's rights with respect to any
REO Property relating to the 1166 Avenue of the Americas Mortgage Loan and such
rights shall be taken into account in calculating the Purchase Price.

                                     -281-
<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 Class
X-CP and Class X-CL Certificates, each of the REMIC III Components of each 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-CP and
Class X-CL Certificates, each REMIC III Component of each 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

                                     -282-
<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
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)

                                     -283-
<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 Lehman 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

                                     -284-
<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

                                     -285-
<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
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

                                     -286-
<PAGE>

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.

                                     -287-
<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 Valley Fair Mall 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 clarified 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); (viii), to otherwise
modify or delete existing provisions of this Agreement; or (ix) to amend any
provision of Section 8.15 as contemplated by Section 8.15(m); provided that such
amendment (other than any amendment for any of the specific purposes described
in clauses (i), (ii), (iv), (v), (vi), (vii) and (ix) above) shall not adversely
affect in any material respect the interests of any Certificateholder or the
Valley Fair Mall 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 Valley Fair Mall Companion
Loan Securities 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; and provided,
further, that such amendment shall not significantly change the activities of
the Trust.

                  (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 Valley Fair Mall Companion Loan
Noteholder, without the consent of the Valley Fair Mall Companion Loan
Noteholder, (ii) adversely affect in any material respect the interests of the
Holders of any Class of Certificates or the interests of the Valley Fair Mall
Companion Loan Noteholder in a manner other than as described in the immediately
preceding clause

                                     -288-
<PAGE>

(i) without the consent of the Holders of all Certificates of such Class or the
consent of the Valley Fair Mall Companion Loan Noteholder, as the case may be,
(iii) significantly change the activities of the Trust without the consent of
the Holders of Certificates entitled to 51% of all the Voting Rights (without
regard to Certificates held by the Depositor or any of the Depositor's
Affiliates and/or agents), (iv) modify the provisions of this Section 11.01,
without the consent of the Holders of all Certificates then outstanding and the
consent of the Valley Fair Mall Companion Loan Noteholder, (v) 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 Valley Fair Mall Companion Loan Noteholder, or (vi) 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 Valley Fair
Mall 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).

                                     -289-
<PAGE>

                  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 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 Valley Fair Mall Companion Loan Noteholder, out of the
Valley Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall Companion Loan
                                   Noteholder.

                  (a) The death or incapacity of any Certificateholder or the
Valley Fair Mall Companion Loan Noteholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such Certificateholder's or the Valley
Fair Mall 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 Valley Fair Mall 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 Valley Fair Mall Companion
Loan Noteholder from time to time as partners or members of an association; nor
shall any Certificateholder or 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) Neither any of the Certificateholders nor the Valley Fair
Mall 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

                                     -290-
<PAGE>

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 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; Consent to Jurisdiction.

                  This Agreement will be governed by and construed in accordance
with the laws of the State of New York, applicable to agreements negotiated,
made and to be performed entirely in said state. To the fullest extent permitted
under applicable law, the Depositor, the Master Servicer, the Special Servicer,
the Trustee and the Fiscal Agent each hereby irrevocably (i) submits to the
jurisdiction of any New York State and federal courts sitting in New York City
with respect to matters arising out of or relating to this Agreement; (ii)
agrees that all claims with respect to such action or proceeding may be heard
and determined in such New York State or federal courts; (iii) waives the
defense of an inconvenient forum; and (iv) agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.

                  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, 745 Seventh Avenue, New York, New York
10019, Attention: Scott Lechner--LB-UBS Commercial Mortgage Trust 2002-C4,
facsimile number: (646) 758-4203; (ii) in the case of the Master Servicer,
Wachovia Bank, National Association, NC 1075, 8739 Research Drive, URP 4,
Charlotte, North Carolina 28288 1075, Attention: LB-UBS Mortgage Trust 2002-C4;
facsimile number: (704) 593-7735; (iii) in the case of the Special Servicer,
Lennar Partners, Inc., 760 N.W. 107th Avenue, Miami, Florida 33172, 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 2002-C4, facsimile number: (312) 904-2084; (v) in the case of the
Fiscal Agent, ABN AMRO Bank N.V., 135 South LaSalle Street, Suite 1625, Chicago,
Illinois 60603, Attention: Asset-Backed Securities Trust Services Group--LB-UBS
Commercial Mortgage Trust 2002-C4, facsimile number: (312) 904-2084; (vi) in the
case of the Underwriters, (A) Lehman Brothers, Inc., 745 Seventh Avenue, New
York, New York 10019, Attention: Scott Lechner--LB-UBS Commercial Mortgage Trust
2002-C4, facsimile number: (646) 758-4203, (B) UBS Warburg LLC, 1285 Avenue of
the Americas, New York, New York 10019, Attention: Ahmed Alali, facsimile
number: (212) 713-2099, with a copy to Robert C. Dinerstein, General Counsel,
and (C) Salomon Smith Barney Inc., 388 Greenwich Street, New York, New York
10013, Attention: Angela Vleck, facsimile number: (212) 836-8306; (vii) in the
case of the Rating Agencies, (A) Fitch Ratings, Inc., One State Street Plaza,
31st Floor, New York, New York 10004, Attention: Commercial Mortgage
Surveillance, facsimile number:

                                     -291-
<PAGE>

(212) 635-0466, 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 (viii) 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 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, the Excess Liquidation Proceeds 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 consent of the Depositor
hereby given, 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

                                     -292-
<PAGE>

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.

                  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 Valley Fair Mall Companion Loan
Noteholder and any designees thereof acting on behalf of or exercising the
rights of the Valley Fair Mall Companion Loan Noteholder shall be third-party
beneficiaries to this Agreement with respect to their rights as specifically
provided for herein. The Valley Fair Mall Trustee and the Valley Fair Mall
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. The 1166 Avenue of the Americas Master
Servicer shall be a third-party beneficiary to this Agreement with respect to
its rights as specifically provided for herein and under the 1166 Avenue of the
Americas Intercreditor Agreement. 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;

                                     -293-
<PAGE>

                           (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;

                           (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.

                                     -294-
<PAGE>

                  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.

                  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.

                                     -295-
<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:  /s/ Precilla Torres
                                         -----------------------------------
                                     Name:  Precilla Torres
                                     Title: Senior Vice President

                                     WACHOVIA BANK, NATIONAL ASSOCIATION
                                          Master Servicer

                                     By: /s/ Katrina Schwarting
                                         -----------------------------------
                                     Name:  Katrina Schwarting
                                     Title: Associate

                                     LENNAR PARTNERS, INC.
                                          Special Servicer

                                     By: /s/ Shelly L. Rubin
                                         -----------------------------------
                                     Name:  Shelly L. Rubin
                                     Title: Vice President

                                     LASALLE BANK NATIONAL ASSOCIATION
                                       Trustee

                                     By: /s/ Barbara L. Marik
                                         -----------------------------------
                                     Name:  Barbara L. Marik
                                     Title: Vice President

                                     ABN AMRO BANK N.V.
                                          Fiscal Agent

                                     By: /s/ Cynthia Reis
                                         -----------------------------------
                                     Name: Cynthia Reis
                                     Title: First Vice President

                                     By: /s/ Barbara L. Marik
                                         -----------------------------------
                                     Name:  Barbara L. Marik
                                     Title: Vice President

<PAGE>

STATE OF NEW YORK                              )
                                               )  ss.:
COUNTY OF NEW YORK                             )

                  On the 7th day of October, 2002, before me, a notary public in
and for said State, personally appeared Precilla Torres, known to me to be a
Authorized Signatory 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.

                                                  /s/ Saleenah Callaway
                                        ----------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

STATE OF NORTH CAROLINA                        )
                                               )  ss.:
COUNTY OF MECKLENBURG                          )

                  On the 4th day of October, 2002, before me, a notary public in
and for said State, personally appeared Katrina Schwarting, known to me to be a
Associate of WACHOVIA 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.

                                              /s/ Racshuman Farrington
                                        ----------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

STATE OF FLORIDA                               )
                                               )  ss.:
COUNTY OF MIAMI-DADE                           )

                  On the 7th day of October, 2002, before me, a notary public in
and for said State, personally appeared Shelly L. Rubin, known to me to be a
Vice President 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.

                                               /s/ Jeanine A. Manzano
                                        ----------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

STATE OF ILLINOIS                              )
                                               )  ss.:
COUNTY OF COOK                                 )

                  On the 8th day of October, 2002, before me, a notary public in
and for said State, personally appeared Barbara L. Marik, known to me to be a
Vice President 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.

                                              /s/ Justin C. Mead
                                        ----------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

STATE OF ILLINOIS                              )
                                               )  ss.:
COUNTY OF COOK                                 )

                  On the 8th day of October, 2002, before me, a notary public in
and for said State, personally appeared Cynthia Reis and Barbara L. Marik, known
to me to be a First Vice President and Vice President, 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.

                                             /s/ Justin C. Mead
                                        ----------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

<PAGE>

<TABLE>
<CAPTION>
MORT.
LOAN
  #                PROPERTY NAME                                 ADDRESS                                   CITY              STATE
 <S>  <C>                                               <C>                                                <C>               <C>
  1    Westfield Shoppingtown Valley Fair               2855 Stevens Creek Boulevard                       Santa Clara         CA
  2    605 Third Avenue                                 605 Third Avenue                                   New York            NY
  3    1166 Avenue of the Americas                      1166 Avenue of the Americas                        New York            NY
  4    Hamilton Mall                                    4403 Black Horse Pike                              Mays Landing        NJ
  5    Orange Plaza                                     470 Route 211 East                                 Wallkill            NY
  6    Crystal Gateway One                              1235 Jefferson Davis Highway                       Crystal City        VA
  7    555 9th Street                                   555 9th Street                                     San Francisco       CA
  8    Battlefield Shopping Center                      1003-1099 Edwards Ferry Road                       Leesburg            VA
  9    Lincoln Road Retail Portfolio                    719-737, 801-821, 826-830 Lincoln Road             Miami Beach         FL
 10    535 Connecticut Avenue                           535 Connecticut Avenue                             Norwalk             CT
 11    Brandywine Town Center                           5501 Concord Pike                                  Wilmington          DE
 12    Plaza Fiesta                                     4166 Buford Highway                                Atlanta             GA
 13    636 Sixth Avenue                                 636 Sixth Avenue                                   New York            NY
 14    Craig Ranch                                      370 Casa Norte Drive                               North Las Vegas     NV
 15    Cipriani                                         110 East 42nd Street                               New York            NY
 16    Lembi II Pool A                                  Various                                            San Francisco       CA
 17    BJ's Wholesale Club                              4101-4115 Wholesale Club Drive                     White Marsh         MD
 18    235 and 245 Main Street                          235 and 245 Main Street                            White Plains        NY
 19    77 Corporate Park                                Northeast Corner of Interstate 77 & Clanton Road   Charlotte           NC
 20    Parkway Crossings                                Perring Parkway & McClean Boulevard                Baltimore           MD
 21    Crossroads Shopping Center                       3200-3262 Yorba Linda Boulevard                    Fullerton           CA
 22    Courtney's Bay Apartments                        9850 South Bermuda Road                            Las Vegas           NV
 23    Hairston Village                                 933 North Hairston Road                            Stone Mountain      GA
 24    Lembi II Pool B                                  Various                                            San Francisco       CA
 25    Horizon (Laughlin)                               1955 South Casino Drive                            Laughlin            NV
 26    Shaw's Plaza                                     50 Ann Mary Street                                 Providence          RI
 27    Village Green Apartments                         3205 Vold Court                                    Janesville          WI
 28    Home Depot                                       1102 West Freeway                                  Grand Prairie       TX
 29    AmeriSuites - Vernon Hills                       450 North Milwaukee Avenue                         Vernon Hills        IL
 30    Lauderdale Marketplace                           3754 West Oakland Park Boulevard                   Lauderdale Lakes    FL
 31    Brookhollow                                      1540,1544,1548,1554 Brookhollow Drive              Santa Ana           CA
 32    Tarzana Tower                                    18321 Ventura Boulevard                            Tarzana             CA
 33    Kenwood Galleria                                 8118 Montgomery Road                               Madeira             OH
 34    Charleston on the Beach                          One Center Street                                  Folly Beach         SC
 35    Corporate Boulevard                              107-115 Corporate Boulevard                        South Plainfield    NJ
 36    Southlake Marketplace Phase III                  2055-2125 West Southlake Boulevard                 Southlake           TX
 37    Federal Express Warehouse                        10075 Philadelphia Road                            White Marsh         MD
 38    West University Marketplace                      4003-4015 Bellaire Boulevard                       Houston             TX
 39    201 East 25th Street & 200 East 27th Street      201 East 25th Street & 200 East 27th Street        New York            NY
 40    One St. Louis Centre                             1 St. Louis Street                                 Mobile              AL
 41    University Cabana                                2059 North Cabana Circle                           Memphis             TN
 42    TJ Maxx                                          9125 West Broad Street                             Richmond            VA
 43    Money World Office Plaza                         8010-8020 West Sahara Avenue                       Las Vegas           NV
 44    Shea Medical Plaza                               7425 East Shea Boulevard                           Scottsdale          AZ
 45    Lembi II C - 950 Franklin Street                 950 Franklin Street                                San Francisco       CA
 46    Horizon (Medford)                                6750 West Frontage Road                            Medford             MN
 47    3201 Wilshire Boulevard                          3201 Wilshire Boulevard                            Santa Monica        CA
 48    Porterville Town Center                          862-940 West Henderson Avenue                      Porterville         CA
 49    Arrowhead Medical                                18555 North 79th Avenue                            Glendale            AZ
 50    Offices at Kings Landings                        1455 Old Alabama Road                              Roswell             GA
 51    Equinox Gym                                      250 East 54th Street                               New York            NY
 52    Lowrey Place                                     215-265 Lowrey Place                               Newington           CT
 53    Woodside Terrace Apartments                      14018 Brookgreen Drive                             Dallas              TX
 54    Preston Frankford                                18101 Preston Road                                 Dallas              TX
 55    City Centre                                      200 Pine Avenue                                    Long Beach          CA
 56    1075 Northern Boulevard                          1075 Northern Boulevard                            Flower Hill         NY
 57    Rite Aid Santa Monica                            1808 Wilshire Boulevard                            Santa Monica        CA
 58    Centre Court Shopping Center                     6010-6030 Sandy Springs Circle                     Atlanta             GA
 59    Bed Bath & Beyond                                12155 Southwest Broadway Street                    Beaverton           OR
 60    NKS Distribution                                 399 New Churchmans Road                            New Castle          DE
 61    Horizon (Warrenton)                              1000 Warrenton Outlet Center Drive                 Warrenton           MO
 62    Majestic Oaks Apartments                         5800 SW 20th Avenue                                Gainesville         FL
 63    Willo Arms Mobile Home Park                      1800 Willo Arms Drive                              Ashtabula           OH
 64    31 West 47th Street                              29-31 West 47th Street                             New York            NY
 65    Marketplace at Cypress Creek                     721-793 Cortaro Drive                              Sun City            FL
 66    Falcon View                                      201 East Palestine Avenue                          Madison             TN
 67    Baldwin Center                                   796-806 Sunrise Highway                            Baldwin             NY
 68    Clay Court Apartments                            5548 Bear Road                                     Clay                NY
 69    Decatur Plaza                                    215-255-265 East Ash Avenue                        Decatur             IL
 70    Kansas City Portfolio                            3100 Fairfax, 3200 Fairfax, 8892 Sunshine          Kansas City         KS
 71    Polo - Ralph Lauren                              740 Collins Avenue                                 Miami Beach         FL
 72    Lincoln Hills Retail Center                      9400-9500 Heritage Hills Circle                    Lonetree            CO
 73    Kenner Center                                    335 West Esplanade Avenue                          Kenner              LA
 74    Waterbury Multifamily Portfolio                  Various                                            Waterbury           CT
 75    Larson Creek Shopping Center                     930-990 North Phoenix Road                         Medford             OR
 76    800 Peachtree                                    800 Peachtree Street                               Atlanta             GA
 77    Greenery Apartments                              5770 East Kings Canyon Road                        Fresno              CA
 78    Hawthorne Townhomes                              2519-A Kent Town Place                             Landover            MD
 79    Shoppes at Sugarloaf                             4825 Sugarloaf Parkway                             Atlanta             GA
 80    Amboy Plaza                                      5826-5840 Amboy Road                               Staten Island       NY
 81    Sable Palms Apartments                           2150 Emerson Street                                Jacksonville        FL
 82    Shady Springs Plaza                              1921 Ritter Road                                   Beaver              WV
 83    Money World Retail Plaza                         8000 West Sahara Avenue                            Las Vegas           NV
 84    Roberta Apartments                               2401 Roberta Avenue                                Fullerton           CA
 85    Walgreens - Ardmore                              1111 North Commerce Street                         Ardmore             OK
 86    1615-1637 Broadway Street (Kroger Plaza - Pekin) 1615-1637 Broadway Street                          Pekin               IL
 87    Morningside Plaza                                12504-12640 South Highway 301                      Dade City           FL
 88    Houston Woods Greenbriar                         906 Greens Road                                    Houston             TX
 89    McKinley Plaza                                   3848 North McKinley Street                         Corona              CA
 90    Jackson Creek Shopping Center                    2366-2386 Jacksonville Highway                     Medford             OR
 91    The Landing Apartments                           5000 Mabeline Road                                 Hanahan             SC
 92    Parvenu Plaza                                    1405 South State Street                            Orem                UT
 93    Beltway 8 Office Warehouses 9 & 10               5829 West Sam Houston Parkway                      Houston             TX
 94    Bladensburg Road                                 3148-3170 Bladensburg Road                         Washington DC       DC
 95    Lake Elsinore                                    2091 East Lakeshore Drive                          Lake Elsinore       CA
 96    Centerpoint I                                    32065 Castle Court                                 Evergreen           CO
 97    Marketplace Shops                                1625 & 1715 Marketplace Boulevard                  Cumming             GA
 98    Eckerd Poughkeepsie                              3350 North Road                                    Poughkeepsie        NY
 99    Rite Aid Dayton                                  3875 Salem Avenue                                  Dayton              OH
100    CVS Bainbridge                                   3125 Bainbridge Avenue                             Bronx               NY
101    Franz Road Business Park                         5120,5130,5140, and 5150 Franz Road                Katy                TX
102    Rite Aid - Pikesville                            101 Seven Mile Lane                                Pikesville          MD
103    Rite Aid - Philadelphia                          2503-05 Welsh Road                                 Philadelphia        PA
104    Clarcona Crossing                                4300 Clarcona Ocoee Road                           Orlando             FL
105    805 Peachtree                                    805 Peachtree Street                               Atlanta             GA
106    The Plazas at Midtown II Shopping Center         2450 Louisiana Street                              Houston             TX
107    30 Nye Street                                    30 Nye Street                                      Vernon              CT
108    Castle Glen Apartments                           217-229 West Interstate Highway 30                 Garland             TX
109    CVS Hickory                                      State Highway 127 and Harris Farm Road             Hickory             NC
110    Las Palmas Apartments                            2610 Colorado Boulevard                            Dallas              TX
111    Ashwood Gardens Apartments                       4633 East Shields Avenue                           Fresno              CA
112    The Ritz Mobile Home Park                        4345 Shortsville Road                              Shortsville         NY
113    Groote Market Center                             1590 Holcomb Bridge Road                           Roswell             GA
114    Dolphin Point                                    Various                                            Various             FL

<CAPTION>

MORT.               CUT-OFF         MONTHLY              REMAINING            REMAINING  INTEREST    ADMIN.    MASTER
LOAN     ZIP          DATE            P&I        MORT.    TERM TO   MATURITY   AMORT.     ACCRUAL     COST     SERVIC.    GROUND
  #     CODE        BALANCE         PAYMENT      RATE    MATURITY    -ARD       TERM       BASIS      RATE      FEE       LEASE?
 <S>    <C>      <C>              <C>            <C>       <C>      <C>         <C>       <C>        <C>        <C>        <C>
   1     95050   294,734,809.96   1,870,897.13   6.301       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
   2     10158   160,000,000.00     964,430.23   6.050       120     9/11/32    360       Act/360    0.0515     0.05    Fee Simple
   3     10036    92,636,000.00     807,534.46   6.354       179     9/11/17    179       Act/360    0.0515     0.05    Fee Simple
   4      8330    77,835,338.19     516,319.00   6.950       117     6/11/12    357       Act/360    0.0515     0.05    Fee Simple
   5     10940    65,700,000.00     426,128.95   6.750       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
   6     22202    58,420,973.72     379,429.89   6.750       118     7/11/32    358       Act/360    0.0515     0.05    Fee Simple
   7     94103    33,707,796.66     224,766.30   7.010       118     7/11/32    358       Act/360    0.0515     0.05    Fee Simple
   8     20176    23,500,000.00     150,395.39   6.620       120     9/11/32    360       Act/360    0.0515     0.05    Fee Simple
   9     33139    22,973,127.62     156,588.66   7.230       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
                                                                                                                        /Leasehold
  10      6854    22,750,000.00     148,422.77   6.530       120     9/11/32    331       Act/360    0.0515     0.05    Fee Simple
  11     19803    21,722,802.30     144,849.39   7.010       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  12     30345    18,978,148.84     130,000.33   7.280       118     7/11/32    358       Act/360    0.0515     0.05    Fee Simple
  13     10011    18,000,000.00     115,255.97   6.625       120     9/11/32    360       Act/360    0.0515     0.05    Fee Simple
  14     89031    15,400,000.00     102,249.82   6.980       121    10/11/12    360       Act/360    0.0515     0.05    Fee Simple
  15     10017    14,998,000.00     104,868.19   7.500       120     9/11/32    360       Act/360    0.0515     0.05    Fee Simple
  16   Various    14,350,000.00      93,133.66   6.650        57     6/11/07    348       Act/360    0.0515     0.05    Fee Simple
  17     21236    13,690,773.31      88,857.94   6.750       119     8/11/12    359       Act/360    0.1065    0.105    Fee Simple
  18     10601    13,590,840.66      88,209.34   6.750       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  19     28226    13,390,168.86      84,256.97   6.450        83     8/11/09    359       Act/360    0.0515     0.05    Fee Simple
  20     21234    12,674,824.09      86,120.15   7.190       117     6/11/12    357       Act/360    0.1065    0.105    Fee Simple
  21     92831    11,977,395.63      82,921.91   7.380       117     6/11/12    357       Act/360    0.0965    0.095    Fee Simple
  22     89123    11,534,306.39      74,759.59   6.730        82     7/11/09    358       Act/360    0.0515     0.05    Fee Simple
  23     30083    11,242,423.34      72,967.29   6.750       119     8/11/12    359       Act/360    0.1065    0.105    Fee Simple
  24     94114    11,100,000.00      72,040.67   6.650        57     6/11/07    348       Act/360    0.0515     0.05    Fee Simple
  25     89029    10,982,344.06      85,995.71   8.150        82     7/11/09    298       Act/360    0.0515     0.05    Fee Simple
  26      2904    10,787,381.66      73,528.59   7.230       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  27     53546     9,980,000.00      59,340.46   5.600        60    10/11/07    330       Act/360    0.0515     0.05    Fee Simple
  28     75051     8,988,608.92      59,696.00   6.970       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  29     60061     8,700,000.00      56,320.43   6.050        60     9/11/07    300       Act/360    0.0515     0.05    Fee Simple
  30     33311     8,491,442.00      60,892.03   7.150       119     8/11/27    299       Act/360    0.0515     0.05    Fee Simple
  31     92705     8,334,142.61      57,529.17   7.350       117     6/11/12    357       Act/360    0.0515     0.05    Fee Simple
  32     91356     8,093,974.02      50,665.98   6.400        59     8/11/07    359       Act/360    0.1065    0.105    Fee Simple
  33     45236     7,994,659.19      52,047.48   6.780       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  34     29439     7,600,000.00      50,134.87   6.250        84    10/11/09    300       Act/360    0.1265    0.125    Fee Simple
  35      7080     7,590,754.07      51,074.43   7.100       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  36     76092     7,505,000.00      48,677.29   6.750       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
  37     21162     7,500,000.00      51,345.75   6.650       120     9/11/12    300       Act/360    0.1065    0.105    Fee Simple
  38     77005     7,489,117.76      47,405.10   6.500        82     7/11/09    358       Act/360    0.0515     0.05    Fee Simple
  39     10010     7,059,469.42      54,790.74   7.270       119     8/11/12    251       Act/360    0.0515     0.05    Leasehold
  40     36602     6,995,216.65      45,169.46   6.700       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  41     38107     6,986,086.62      47,420.44   7.180       117     6/11/32    357       Act/360    0.0515     0.05    Fee Simple
  42     23294     6,900,000.00      43,930.82   6.570       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
  43     89117     6,791,151.43      45,557.35   7.070       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  44     85254     6,600,000.00      44,563.67   6.500       120     9/11/12    300       Act/360    0.1065    0.105    Fee Simple
  45     94109     6,550,000.00      39,342.66   5.900        57     6/11/07    348       Act/360    0.0515     0.05    Fee Simple
  46     55049     6,489,566.94      50,815.65   8.150        82     7/11/09    298       Act/360    0.0515     0.05    Fee Simple
  47     90403     6,362,227.78      43,057.18   7.150       117     6/11/12    357       Act/360    0.1265    0.125    Fee Simple
  48     93257     6,341,865.83      41,948.61   6.930       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  49     85308     6,300,000.00      39,820.29   6.500       120    10/11/12    360       Act/360    0.0965    0.095    Fee Simple
  50     30005     6,095,891.77      39,564.48   6.750        83     8/11/09    359       Act/360    0.0515     0.05    Fee Simple
  51     10022     6,000,000.00      40,524.41   7.150       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
  52      6111     6,000,000.00      39,071.30   6.500        60     9/11/07    330       Act/360    0.0515     0.05    Fee Simple
  53     75240     5,734,488.36      42,351.91   8.040       114     3/11/32    355       Act/360    0.0515     0.05    Fee Simple
  54     75252     5,586,859.26      39,271.12   7.530       116     5/11/12    356       Act/360    0.0515     0.05    Fee Simple
  55     90802     5,514,450.63      37,990.50   7.330       117     6/11/12    357       Act/360    0.1065    0.105    Fee Simple
  56     11576     5,487,622.33      37,618.97   6.640       118     7/11/12    298       Act/360    0.0515     0.05    Fee Simple
  57     90403     5,421,903.39      45,628.98   7.070       205    10/10/19    205       30/360     0.0515     0.05    Fee Simple
  58     30328     5,296,367.84      34,164.58   6.690       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  59     97005     4,920,000.00      33,230.01   7.150       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
  60     19720     4,494,304.46      29,848.00   6.970       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  61     63383     4,492,777.12      35,180.06   8.150        82     7/11/09    298       Act/360    0.0515     0.05    Fee Simple
  62     32607     4,314,164.21      28,019.44   6.750        58     7/11/07    358       Act/360    0.1065    0.105    Fee Simple
  63     44004     3,997,306.08      25,943.92   6.750        83     8/11/09    359       Act/360    0.0515     0.05    Fee Simple
  64     10036     3,995,043.52      26,719.64   7.040       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  65     33573     3,841,510.52      25,047.85   6.780        57     6/11/07    357       Act/360    0.1065    0.105    Fee Simple
  66     37115     3,819,862.94      24,859.75   6.770       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  67     11510     3,797,624.07      25,281.49   7.000       119     8/11/12    359       Act/360    0.1265    0.125    Fee Simple
  68     13212     3,792,937.66      28,331.78   6.500       143     8/11/14    239       Act/360    0.0515     0.05    Fee Simple
  69     62526     3,791,262.48      26,830.84   7.600       116     5/11/12    356       Act/360    0.0515     0.05    Fee Simple
  70     66115     3,785,000.00      26,969.29   7.090       120    10/11/12    300       Act/360    0.0515     0.05    Fee Simple
  71     33139     3,750,000.00      23,089.40   6.250       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
  72     80124     3,686,072.73      27,971.46   7.760       116     5/11/12    296       Act/360    0.1065    0.105    Fee Simple
  73     70065     3,639,269.53      27,306.44   7.640       117     6/11/12    297       Act/360    0.1065    0.105    Fee Simple
  74   Various     3,560,000.00      25,161.34   7.000       120     9/11/12    300       Act/360    0.0515     0.05    Fee Simple
  75     97504     3,546,197.69      24,822.12   7.500       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  76     30308     3,397,874.16      22,620.28   7.000       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  77     93727     3,342,385.95      21,528.00   6.660        57     6/11/07    357       Act/360    0.1065    0.105    Fee Simple
  78     20785     3,291,939.84      22,826.03   7.390       116     5/11/12    356       Act/360    0.0515     0.05    Fee Simple
  79     30326     3,000,000.00      18,784.82   6.410       120     9/11/12    360       Act/360    0.1065    0.105    Fee Simple
  80     10309     2,998,312.93      20,648.74   7.340       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  81     32007     2,989,428.70      23,043.37   6.880       118     7/11/12    238       Act/360    0.1065    0.105    Fee Simple
  82     26201     2,958,882.44      20,851.12   7.490        58     7/11/07    347       Act/360    0.0515     0.05    Fee Simple
  83     89117     2,946,377.94      19,765.30   7.070       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  84     92833     2,944,503.30      20,465.47   7.420       117     6/11/12    357       Act/360    0.1065    0.105    Fee Simple
  85     73401     2,900,000.00      19,050.94   6.875       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
  86     61554     2,894,447.80      19,920.99   7.320       117     6/11/12    357       Act/360    0.0515     0.05    Fee Simple
  87     33525     2,626,813.61      18,511.04   7.490        58     7/11/07    347       Act/360    0.0515     0.05    Fee Simple
  88     77060     2,620,776.76      18,311.92   7.380       104     5/11/11    344       Act/360    0.0515     0.05    Fee Simple
  89     92879     2,575,000.00      16,701.40   6.750        84     9/11/09    360       Act/360    0.0515     0.05    Fee Simple
  90     97504     2,550,000.00      16,033.98   6.450        84     9/11/09    360       Act/360    0.0515     0.05    Fee Simple/
                                                                                                                        Leasehold
  91     29406     2,550,000.00      16,709.11   6.850        84     9/11/09    360       Act/360    0.0515     0.05    Fee Simple
  92     84097     2,544,187.89      18,057.51   7.630       116     5/11/12    356       Act/360    0.0965    0.095    Fee Simple
  93     77041     2,472,546.97      17,697.01   7.730       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
  94     20018     2,397,401.08      16,672.92   6.810       119     8/11/12    299       Act/360    0.0515     0.05    Fee Simple
  95     92530     2,395,576.81      16,715.46   7.460       117     6/11/12    357       Act/360    0.0515     0.05    Fee Simple
  96     80439     2,300,000.00      15,070.96   6.850       120     9/11/12    360       Act/360    0.1065    0.105    Fee Simple
  97     30041     2,248,904.00      16,150.38   7.770       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  98     12601     2,148,852.31      15,033.11   7.500       119     8/11/12    359       Act/360    0.0515     0.05    Fee Simple
  99     45406     1,963,838.77      16,527.03   7.070       205    10/10/19    205       30/360     0.0515     0.05    Fee Simple
 100     10467     1,951,000.00      12,486.02   6.620       120     9/11/12    360       Act/360    0.0515     0.05    Fee Simple
 101     77493     1,931,366.80      14,274.32   7.480       118     7/11/12    298       Act/360    0.1065    0.105    Fee Simple
 102     21208     1,921,147.01      16,167.75   7.070       205    10/10/19    205       30/360     0.0515     0.05    Fee Simple
 103     19114     1,912,608.18      16,095.89   7.070       205    10/10/19    205       30/360     0.0515     0.05    Fee Simple
 104     32810     1,786,773.92      11,543.46   6.640       111    12/11/11    351       Act/360    0.0515     0.05    Fee Simple
 105     30308     1,698,907.08      11,340.14   7.000       119     8/11/12    356       Act/360    0.0515     0.05    Fee Simple
 106     77006     1,650,000.00      10,483.44   6.550        60     9/11/07    360       Act/360    0.0515     0.05    Fee Simple
 107      6066     1,600,000.00      10,419.01   6.500        60     9/11/07    330       Act/360    0.0515     0.05    Fee Simple
 108     75043     1,497,730.90       9,333.54   6.350        58     7/11/07    358       Act/360    0.1065    0.105    Fee Simple
 109     28682     1,497,265.74      10,488.22   7.500       117     6/11/12    357       Act/360    0.0515     0.05    Fee Simple
 110     75211     1,434,974.32      10,256.70   7.690       114     3/11/32    354       Act/360    0.0515     0.05    Fee Simple
 111     93726     1,297,402.36       8,789.07   7.160       117     6/11/12    357       Act/360    0.1065    0.105    Fee Simple
 112     14548     1,198,606.76       8,186.12   7.250       118     7/11/12    358       Act/360    0.0515     0.05    Fee Simple
 113     31125     1,066,106.26       7,510.92   7.540       114     3/11/12    354       Act/360    0.1065    0.105    Fee Simple
 114   Various     1,054,702.11       7,622.63   7.750       106     7/11/11    346       Act/360    0.0515     0.05    Fee Simple

<CAPTION>

                                                                     CREDIT
                                                                      LEASE
                                                                      LOAN                                          MORTGAGE
                                                 ANTICI-             (TENANT,                                         LOAN
MORT.    MORT.                          ARD       PATED              GUARANTOR    LEASE        RESID.                SELLER
LOAN     LOAN                          MORT.      REPAY.     ARD     OR RATED   ENHANCEMENT    VALUE      CROSS       LOAN
  #     SELLER    DEFEASANCE           LOAN       DATE      SPREAD    PARTY)      POLICY       INSUR.     COLLAT.      ID

<S>     <C>       <C>                   <C>      <C>        <C>      <C>        <C>            <C>        <C>         <C>
   1    LB/UBS    Defeasance            Yes      7/11/32     5.00       No                        No         No       9025a
   2      UBS     Defeasance            Yes      9/11/12     2.00       No                       Yes         No       9200
   3      LB      Defeasance            No                   0.00       No                       Yes         No       LG024a
   4      LB      Defeasance            Yes      6/11/32     5.00       No                        No         No       LG021W
   5      UBS     Defeasance            No                   0.00       No                      No (2)       No       8740
   6      UBS     Defeasance            Yes      7/11/12     2.00       No                       Yes         No       9056
   7      UBS     Defeasance            Yes      7/11/12     2.00       No                       Yes         No       9026
   8      UBS     Defeasance            Yes      9/11/12     2.00       No                       Yes         No       8977
   9      UBS     Defeasance            No                   0.00       No                       Yes         No       9028
  10      UBS     Defeasance            Yes      9/11/12     2.00       No                       Yes         No       9131
  11      UBS     Defeasance            No                   0.00       No                       Yes         No       9202
  12      UBS     Defeasance            Yes      7/11/12     2.00       No                       Yes         No       8879
  13      UBS     Defeasance            Yes      9/11/12     2.00       No                       Yes         No       9064
  14      UBS     Defeasance            No                   0.00       No                       Yes         No       9196
  15      UBS     Defeasance            Yes      9/11/12     2.00       No                       Yes         No       8878
  16      UBS     Defeasance            No                   0.00       No                       Yes       Yes (A)    9001A
  17      LB      Defeasance            No                   0.00       No                       Yes         No       20422003
  18      UBS     Defeasance            No                   0.00       No                       Yes         No       8953
  19      LB      Defeasance            No                   0.00       No                        No         No       20531006
  20      LB      Defeasance            No                   0.00       No                       Yes         No       11217001
  21      LB      Defeasance            No                   0.00       No                       Yes         No       20227007
  22      LB      Defeasance            No                   0.00       No                       Yes         No       11218002
  23      LB      Defeasance            No                   0.00       No                       Yes         No       20606002
  24      UBS     Defeasance            No                   0.00       No                       Yes       Yes (A)    9001B
  25      UBS     Defeasance            No                   0.00       No                       Yes       Yes (B)    8913-1
  26      LB      Defeasance            No                   0.00       No                       Yes         No       20306001
  27      LB      Defeasance            No                   0.00       No                       Yes         No       20603001
  28      LB      Defeasance            No                   0.00       No                        No       Yes (H)    11212014
  29      LB      Defeasance            No                   0.00       No                       Yes         No       20522002
  30      UBS     Defeasance            Yes      8/11/12     2.00       No                       Yes         No       9057
  31      LB      Defeasance            No                   0.00       No                       Yes         No       20227006
  32      LB      Defeasance            No                   0.00       No                        No         No       20606001
  33      LB      Defeasance            No                   0.00       No                       Yes         No       20130004
  34      LB      Defeasance            No                   0.00       No                       Yes         No       10620003
  35      UBS     Defeasance            No                   0.00       No                       Yes         No       8933
  36      LB      Greater of YM or 1%   No                   0.00       No                       Yes         No       20327009
  37      LB      Greater of YM or 1%   No                   0.00       No                        No         No       20502001
  38      LB      Defeasance            No                   0.00       No                       Yes         No       11016005
  39      UBS     Defeasance            No                   0.00       No                       Yes         No       9004
  40      LB      Defeasance            No                   0.00       No                       Yes         No       20612003
  41      UBS     Defeasance            Yes      6/11/12     2.00       No                       Yes         No       8844
  42      LB      Defeasance            No                   0.00       No                       Yes         No       20603003
  43      LB      Defeasance            No                   0.00       No                        No         No       20221015
  44      LB      Defeasance            No                   0.00       No                       Yes         No       11015004
  45      UBS     Defeasance            No                   0.00       No                       Yes       Yes (A)    9001C
  46      UBS     Defeasance            No                   0.00       No                       Yes       Yes (B)    8913-2
  47      LB      Defeasance            No                   0.00       No                       Yes         No       20315002
  48      LB      Defeasance            No                   0.00       No                       Yes         No       20516004
  49      LB      Defeasance            No                   0.00       No                       Yes         No       11212020
  50      LB      Defeasance            No                   0.00       No                       Yes         No       20404002
  51      UBS     Defeasance            No                   0.00       No                       Yes         No       9093
  52      UBS     Defeasance            No                   0.00       No                       Yes         No       9059-1
  53      UBS     Defeasance            Yes      3/11/12     2.00       No                       Yes       Yes (C)    8702
  54      LB      Defeasance            Yes      5/11/32     2.00       No                       Yes         No       11121001
  55      LB      Defeasance            No                   0.00       No                       Yes         No       11102004
  56      LB      Defeasance            No                   0.00       No                       Yes         No       20221004
  57      UBS     Defeasance            No                   0.00       No                        No         No       1006
  58      LB      Defeasance            Yes      8/11/32     2.00       No                       Yes         No       20509009
  59      UBS     Defeasance            No                   0.00       No                       Yes         No       8873
  60      LB      Defeasance            No                   0.00       No                       Yes       Yes (H)    011212014a
  61      UBS     Defeasance            No                   0.00       No                       Yes       Yes (B)    8913-3
  62      LB      Defeasance            No                   0.00       No                       Yes         No       20423001
  63      UBS     Defeasance            No                   0.00       No                       Yes         No       8974-1
  64      LB      Defeasance            No                   0.00       No                       Yes         No       20327013
  65      LB      Defeasance            No                   0.00       No                       Yes         No       20327007
  66      LB      Greater of YM or 1%   No                   0.00       No                       Yes         No       20418002
  67      LB      Defeasance            No                   0.00       No                       Yes         No       20418006
  68      UBS     Defeasance            No                   0.00       No                       Yes         No       8974-2
  69      LB      Defeasance            No                   0.00       No                       Yes         No       1207003
  70      LB      Defeasance            No                   0.00       No                       Yes       Yes (E)    20221016
  71      LB      Defeasance            No                   0.00       No                       Yes         No       20531002
  72      LB      Defeasance            No                   0.00       No                       Yes         No       20118001
  73      LB      Defeasance            No                   0.00       No                       Yes         No       10820001
  74      UBS     Defeasance            No                   0.00       No                       Yes       Yes (D)    8842
  75      LB      Defeasance            No                   0.00       No                       Yes         No       20128003
  76      LB      Defeasance            No                   0.00       No                       Yes       Yes (I)    20128002
  77      LB      Defeasance            No                   0.00       No                       Yes         No       20416003
  78      UBS     Defeasance            No                   0.00       No                       Yes         No       8860
  79      LB      Defeasance            No                   0.00       No                       Yes         No       20613008
  80      LB      Defeasance            No                   0.00       No                       Yes         No       11205001
  81      LB      Defeasance            No                   0.00       No                       Yes         No       20326002
  82      LB      % Penalty             No                   0.00       No                     Yes - IO      No       10706010
  83      LB      Defeasance            No                   0.00       No                        No         No       20221014
  84      LB      Defeasance            No                   0.00       No                       Yes         No       20322001
  85      UBS     Defeasance            No                   0.00       No                       Yes         No       8962
  86      LB      Defeasance            No                   0.00       No                     Yes - IO      No       1204001
  87      LB      % Penalty             No                   0.00       No                     Yes - IO      No       10706007
  88      LB      Defeasance            No                   0.00       No                       Yes         No       10125004
  89      LB      Defeasance            No                   0.00       No                       Yes         No       20613007
  90      LB      Defeasance            No                   0.00       No                       Yes         No       20131009
  91      UBS     Defeasance            No                   0.00       No                       Yes         No       9133
  92      LB      Defeasance            No                   0.00       No                       Yes         No       20124001
  93      UBS     Yield Maintenance     No                   0.00       No                       Yes         No       8993
  94      LB      Defeasance            No                   0.00       No                       Yes         No       20617002
  95      LB      Defeasance            No                   0.00       No                        No         No       20124002
  96      LB      Defeasance            No                   0.00       No                       Yes         No       20502002
  97      LB      Defeasance            No                   0.00       No                       Yes         No       20110001
  98      UBS     Defeasance            No                   0.00       No                        No         No       8980
  99      UBS     Defeasance            No                   0.00       No                        No         No       1002
 100      UBS     Defeasance            No                   0.00       No                       Yes         No       9125
 101      LB      Defeasance            No                   0.00       No                       Yes         No       20214006
 102      UBS     Defeasance            No                   0.00       No                        No         No       1005
 103      UBS     Defeasance            No                   0.00       No                        No         No       1004
 104      LB      Defeasance            No                   0.00       No                       Yes         No       10628013
 105      LB      Defeasance            No                   0.00       No                       Yes       Yes (I)    020128002a
 106      LB      Greater of YM or 1%   No                   0.00       No                       Yes         No       10628006
 107      UBS     Defeasance            No                   0.00       No                       Yes         No       9059-2
 108      LB      Defeasance            No                   0.00       No                       Yes         No       20606006
 109      UBS     Defeasance            No                   0.00       No                       Yes         No       8950
 110      UBS     Defeasance            Yes      3/11/12     2.00       No                       Yes       Yes (C)    8741
 111      LB      Defeasance            No                   0.00       No                       Yes         No       20416002
 112      UBS     Defeasance            No                   0.00       No                       Yes         No       8672
 113      LB      Defeasance            No                   0.00       No                       Yes         No       11106004
 114      UBS     Defeasance            No                   0.00       No                       Yes       Yes (F)    5769
</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>
----------------------------------------------------------------------------------------------------------------------------------
REPRESENTATION FROM SECTION 2.04                 PROPERTY AND EXCEPTION
----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>
(xi) No Material Damage                          Home Depot Distribution Center--A portion of the property is subject to
                                                 condemnation proceedings. Such portion does not involve any of the improvements.
                                                 The Lender has obtained an estoppel certificate from the tenant at the property
                                                 confirming the tenant has no interest in the condemnation proceeds and such
                                                 proceedings do not affect the lease or tenancy thereunder. Kenwood
                                                 Galleria--Possible condemnation proceeding being brought by the Ohio Dept. of
                                                 Transportation (eminent domain) which is anticipated to involve a permanent taking
                                                 of approximately .033 acres and a temporary taking of approximately .138 acres
                                                 along the Northerly border of the property adjoining Montgomery Road.
----------------------------------------------------------------------------------------------------------------------------------
(xii) Title Insurance                            Kansas City Industrial Portfolio--The property is part of a larger 1900 acre area
                                                 of land that is the subject of a title claim by the Wyandotte Indian Tribe. The
                                                 Tribe asserts that it is the rightful owner of the subject property based on
                                                 treaties with the U.S. Govt. The title company has provided ALTA coverage in an
                                                 amount equal to 120% of the allocated loan amount for the property without raising
                                                 an exception for this matter.
----------------------------------------------------------------------------------------------------------------------------------
(xxvi) Due-on-Encumbrance                        Hamilton Mall--Permitted to incur future secured subordinate debt or mezzanine
                                                 subordinate debt, subject to a subordination and standstill agreement and rating
                                                 agency confirmation.
----------------------------------------------------------------------------------------------------------------------------------
(xix) Environmental Conditions                   Morningside Plaza--environmental report completed 08/14/01 which is more than
                                                 12 months old; Shady Springs--environmental report completed 08/17/01 which is
                                                 more than 12 months old.
----------------------------------------------------------------------------------------------------------------------------------
(xxviii) Borrower Concentration                  Westfield Shoppingtown Valley Fair--20.25% of the initial mortgage pool balance;
                                                 1166 Avenue of the Americas--6.37%  of the initial mortgage pool balance;
                                                 Hamilton Mall--5.35% of the initial mortgage pool balance.
----------------------------------------------------------------------------------------------------------------------------------
(xxxi) Property Release                          Parkway Crossing--permits partial release with yield maintenance and a one time
                                                 payment.
----------------------------------------------------------------------------------------------------------------------------------
(xxxii) Qualifications; Licensing; Zoning        Home Depot Distribution Center--The Property does not comply with the current
                                                 zoning laws for parking requirements. The law requires 80 parking spaces but there
                                                 are only 63 parking
----------------------------------------------------------------------------------------------------------------------------------

<PAGE>

<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>
                                                 spaces striped at the Property. However, there is ample space at the property for
                                                 the additional spaces required. The borrower has executed a side letter to cure
                                                 any parking shortfall upon receipt of any notice of a violation from the
                                                 municipality.
----------------------------------------------------------------------------------------------------------------------------------
(xxxvi) Legal Proceedings                        Home Depot Distribution Center--A portion of the property is subject to
                                                 condemnation proceedings. Such portion does not involve any of the improvements.
                                                 The Lender has obtained an estoppel certificate from the tenant at the property
                                                 confirming the tenant has no interest in the condemnation proceeds and such
                                                 proceedings do not affect the lease or tenancy thereunder. Kenwood Galleria--
                                                 Possible condemnation proceeding being brought by the Ohio Dept. of Transportation
                                                 (eminent domain) which is anticipated to involve a permanent taking of
                                                 approximately .033 acres and a temporary taking of approximately .138 acres along
                                                 the Northerly border of the property adjoining Montgomery Road. Kansas City
                                                 Industrial Portfolio--The property is part of a larger 1900 acre area of land that
                                                 is the subject of a title claim by the Wyandotte Indian Tribe. The Tribe asserts
                                                 that it is the rightful owner of the subject property based on treaties with the
                                                 U.S. Govt. The title company has provided ALTA coverage in an amount equal to 120%
                                                 of the loan amount without raising an exception for this matter.
----------------------------------------------------------------------------------------------------------------------------------
(xl) Flood Insurance                             Jackson Creek Shopping Center--The only portion of the property that is in Flood
                                                 Zone A is Albertson's. Albertson's self-insures and is required to restore the
                                                 property under the lease.
----------------------------------------------------------------------------------------------------------------------------------
(xli) Engineering Assessments                    Morningside Plaza-- engineering report completed 08/15/01 which is more than 12
                                                 months old; Shady Springs-- engineering report completed 08/15/01 which is more
                                                 than 12 months old.
----------------------------------------------------------------------------------------------------------------------------------
(xliii) Licenses, Permits and                    Home Depot Distribution Center--The Property does not comply with the current
Authorizations                                   zoning laws for parking requirements. The law requires 80 parking spaces but
                                                 there are only 63 parking spaces striped at the Property. However, there is ample
                                                 space at the property for the additional spaces required. The borrower has
                                                 executed a side letter to cure any parking shortfall upon receipt of any notice of
                                                 a violation from the municipality.
----------------------------------------------------------------------------------------------------------------------------------
(xlv) Fee Simple                                 Jackson Creek--(Leasehold)
----------------------------------------------------------------------------------------------------------------------------------
(xlviii) Tax Lot                                 Preston Frankford Shopping Center--Upon recording of the deed in the Public
                                                 Records Dept. in Dallas, Texas, the property will constitute a separate tax lot.
                                                 The property will receive a separate tax bill in October, 2003, however prior to
                                                 this time it will be taxed with the other property for 2002. Lender is escrowing
                                                 funds sufficient to pay taxes on the whole existing tax
----------------------------------------------------------------------------------------------------------------------------------

<PAGE>

<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>
                                                 lot until the property becomes a separate tax lot; Franz Road Business Park--The
                                                 property is currently assessed with other property. The borrower has covenanted
                                                 to make all the necessary filings with the appropriate authorities to make the
                                                 property a separate tax lot and Lender is escrowing funds sufficient to pay taxes
                                                 on the whole existing tax lot until the property becomes a separate tax lot.
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                  SCHEDULE IV

                          LOAN REMIC MORTGAGE LOANS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
    MORTGAGE LOAN                                                                                            CUT-OFF DATE
        NUMBER                      PROPERTY NAME                               ADDRESS                         BALANCE
----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                 <C>                                       <C>
                                                                         1808 Wilshire Boulevard
          57                     Rite Aid Santa Monica                    Santa Monica, CA 90403               $5,421,903
----------------------------------------------------------------------------------------------------------------------------------
                                                                              3875 Salem Avenue
          99                        Rite Aid Dayton                            Dayton, OH 45406                $1,963,839
----------------------------------------------------------------------------------------------------------------------------------
                                                                              101 Seven Mile Lane
         102                       Rite Aid Pikesville                      Pikesville, MD 21208               $1,921,147
----------------------------------------------------------------------------------------------------------------------------------
                                                                              2503-05 Welsh Road
         103                      Rite Aid Philadelphia                     Philadelphia, PA 19114             $1,912,608
----------------------------------------------------------------------------------------------------------------------------------
</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>
                                                                    12155 Southwest Broadway Street
          59                      Bed Bath & Beyond                     Beaverton, Oregon 97005               $4,920,000
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   SCHEDULE VI

                             REFERENCE RATE SCHEDULE

<TABLE>
<CAPTION>
                         INTEREST                                                             INTEREST
       MONTHS        ACCRUAL PERIOD*       REFERENCE RATE                  MONTHS         ACCRUAL PERIOD*        REFERENCE RATE
       ------        ---------------       --------------                  ------         ---------------        --------------
       <S>           <C>                   <C>                             <C>            <C>                    <C>
          1            September-02            6.25736%                      43               March-06              6.47159%
          2             October-02             6.47324                       44               April-06              6.25144
          3            November-02             6.25316                       45                May-06               6.47176
          4            December-02             6.25320                       46               June-06               6.25159
          5             January-03             6.25325                       47               July-06               6.47085
          6            February-03             6.25383                       48              August-06              6.47094
          7              March-03              6.47347                       49             September-06            6.24875
          8              April-03              6.25337                       50              October-06             6.46907
          9               May-03               6.47357                       51             November-06             6.24891
         10              June-03               6.25346                       52             December-06             6.24899
         11              July-03               6.47366                       53              January-07             6.24907
         12             August-03              6.47371                       54             February-07             6.25001
         13            September-03            6.25359                       55               March-07              6.46606
         14             October-03             6.47380                       56               April-07              6.24586
         15            November-03             6.25368                       57                May-07               6.46548
         16            December-03             6.47390                       58               June-07               6.24515
         17             January-04             6.25376                       59               July-07               6.47037
         18            February-04             6.25401                       60              August-07              6.46977
         19              March-04              6.47403                       61             September-07            6.25118
         20              April-04              6.25389                       62              October-07             6.47208
         21               May-04               6.47412                       63             November-07             6.25134
         22              June-04               6.25397                       64             December-07             6.47227
         23              July-04               6.47421                       65              January-08             6.25151
         24             August-04              6.47426                       66             February-08             6.25191
         25            September-04            6.25409                       67               March-08              6.47255
         26             October-04             6.47195                       68               April-08              6.25177
         27            November-04             6.25184                       69                May-08               6.47274
         28            December-04             6.25188                       70               June-08               6.25194
         29             January-05             6.25192                       71               July-08               6.47293
         30            February-05             6.25263                       72              August-08              6.47302
         31              March-05              6.47217                       73             September-08            6.25220
         32              April-05              6.25204                       74              October-08             6.47321
         33               May-05               6.47226                       75             November-08             6.25238
         34              June-05               6.25212                       76             December-08             6.25247
         35              July-05               6.47235                       77              January-09             6.25255
         36             August-05              6.47240                       78             February-09             6.25369
         37            September-05            6.25090                       79               March-09              6.47371
         38             October-05             6.47118                       80               April-09              6.25283
         39            November-05             6.25105                       81                May-09               6.47322
         40            December-05             6.25113                       82               June-09               6.21284
         41             January-06             6.25120                       83               July-09               6.43307
         42            February-06             6.25207                       84              August-09              6.43295
</TABLE>

--------------------------
*    For each relevant Interest Accrual Period, specified month indicates month
     in which that Interest Accrual Period begins.

<PAGE>

                                   EXHIBIT A-1

            FORM OF CLASS [A-1] [A-2] [A-3] [A-4] [A-5] CERTIFICATES

<TABLE>
<CAPTION>
<S>                                                  <C>
                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C4
CLASS [A-1] [A-2] [A-3] [A-4] [A-5] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C4
</TABLE>

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] [A-3]
September 11, 2002                                              [A-4] [A-5] Certificates as of the Closing Date:
                                                                $______________

Cut-off Date:  September 11, 2002                               Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  October 8, 2002                                  due on or before such date (the "Initial Pool Balance"):
                                                                $1,455,238,298
First Distribution Date:  October 18, 2002

Master Servicer:  Wachovia Bank, National Association           Trustee:  LaSalle Bank National Association

Special Servicer:  Lennar Partners, Inc.                        Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [A-1] [A-2] [A-3] [A-4] [A-5]-___              CUSIP No.:  _____________
</TABLE>

                                     A-1-1
<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
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF 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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR 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, WACHOVIA BANK, NATIONAL ASSOCIATION, 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), Wachovia Bank, National
Association 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

                                     A-1-2
<PAGE>

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 Distribution Date, at the close of business on the Closing Date specified
above) ( in any event, 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 (or, in the case of the first such distribution, on) 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 Accounts, the Collection Account and,
if established, the REO Accounts 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

                                     A-1-3
<PAGE>

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 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.

     Subject to certain terms and conditions set forth in the Agreement, 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 any advance with respect thereto) on or other liquidation 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 3% 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 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.
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.

                                     A-1-4
<PAGE>

     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 law 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] [A-3] [A-4][A-5]
Certificates referred to in the within-mentioned Agreement.

Dated:  _____________

                                          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-CL] [X-CP] [X-VF]CERTIFICATE

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C4
    CLASS [X-CL] [X-CP] [X-VF] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C4

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-CL] [X-CP]
September 11, 2002                                               [X-VF]Certificates as of the Closing Date:
                                                                 $______________

Cut-off Date:  September 11, 2002                                Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  October 8, 2002                                   due on or before such date (the "Initial Pool Balance"):
                                                                 $1,455,238,298

First Distribution Date:  October 18, 2002

Master Servicer:  Wachovia Bank, National Association            Trustee:  LaSalle Bank National Association

Special Servicer:  Lennar Partners, Inc.                         Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [X-CL] [X-CP] [X-VF]-___                        CUSIP No.:  _____________
</TABLE>

                                     A-2-1
<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
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR 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 RETIREMENT PLAN OR
OTHER EMPLOYEE BENEFIT PLAN OR 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, WACHOVIA BANK, NATIONAL ASSOCIATION, 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").

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.

[FOR A REGULATION S GLOBAL CERTIFICATE: PRIOR TO THE DATE (THE "RELEASE DATE")
THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING TO
PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S UNDER THE SECURITIES
ACT, AND (B) THE DATE OF CLOSING OF THE OFFERING, THIS CERTIFICATE

                                     A-2-2
<PAGE>

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), Wachovia Bank,
National Association 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 Distribution Date, at the close of business on the Closing Date specified
above) (in any event, 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 (or, in the case of the first such distribution, on) 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 Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to

                                     A-2-3
<PAGE>

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 this Certificate constitutes a Definitive Certificate and a Transfer
hereof 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 is a Global 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 Transferee is an Institutional
Accredited Investor or a Qualified Institutional Buyer and 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 Rule 144A 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 (ii) an Opinion of
Counsel to the effect that such Transferee is a Qualified Institutional Buyer
and such Transfer may be made without registration under the Securities Act.
Except as discussed below, an interest in a Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates may not be transferred to any
Person who takes delivery other than in the form of an interest in such Rule
144A Global

                                     A-2-4
<PAGE>

Certificate. If this Certificate constitutes a Rule 144A Global 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 the certification
described in the second preceding sentence, then such Transferee shall be deemed
to have represented and warranted that all the certifications set forth in
Exhibit F-2C attached to the Agreement are, with respect to the subject
Transfer, true and correct.

     Notwithstanding the preceding paragraph, any interest in a Rule 144A Global
Certificate for a Class of Book-Entry Non-Registered Certificates may be
transferred (without delivery of any certificate or Opinion of Counsel described
in clauses (i) and (ii) of the first sentence 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 of Certificates 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
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 subject Class of Certificates
to be transferred. Upon delivery to the Certificate Registrar of such
certification and such 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 Global Certificate in respect of the subject Class
of Certificates 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.

     Also notwithstanding the second preceding paragraph, any interest in a Rule
144A Global Certificate with respect to any Class of Book-Entry Non-Registered
Certificates may be transferred by any Certificate Owner holding such interest
to any Institutional Accredited Investor (other than a Qualified Institutional
Buyer) that takes delivery in the form of a Definitive Certificate of the same
Class as such Rule 144A Global Certificate upon delivery to the Certificate
Registrar and the Trustee of (i) such certifications and/or opinions as are
contemplated by the second paragraph of Section 5.02(b) of the Agreement, (ii) a
certification from such Certificate Owner to the effect that it is the lawful
owner of the beneficial interest being transferred and (iii) such written orders
and instructions as are required under the applicable procedures of the
Depository to direct the Trustee to debit the account of a Depository
Participant by the denomination of the transferred interests in such Rule 144A
Global Certificate. Upon delivery to the Certificate Registrar of such
certifications and/or opinions and such orders and instructions, the Trustee,
subject to and in accordance with the applicable procedures of the Depository,
shall reduce the denomination of the subject Rule 144A Global Certificate by the
denomination of the transferred interests in such Rule 144A Global Certificate,
and shall cause a Definitive Certificate of the same Class as such Rule 144A
Global Certificate, and in a denomination equal to the reduction in the
denomination of such Rule 144A Global Certificate, to be executed, authenticated
and delivered in accordance with the Agreement to the applicable Transferee.

     Except as provided in the next paragraph no beneficial interest in a
Regulation S Global Certificate for any Class of Book-Entry Non-Registered
Certificates shall be transferred to any Person who takes delivery other than in
the form of a beneficial interest in such Regulation S Global Certificate. On
and prior to the Release Date, the Certificate Owner desiring to effect any such
Transfer shall be required to obtain from such Certificate Owner's prospective
Transferee a written certification substantially in the form set forth in
Exhibit F-2D to the Agreement certifying that such Transferee is not a United
States Securities Person. On or prior to the Release Date, beneficial interests
in the Regulation S Global Certificate for each Class of Book-Entry
Non-Registered Certificates may be held only through Euroclear or Clearstream.

     Notwithstanding the preceding paragraph, any interest in a Regulation S
Global Certificate for a Class of Book-Entry Non-Registered Certificates may be
transferred by the Depositor or any Affiliate of the Depositor to any Person who
takes delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates upon delivery to the Certificate
Registrar of (x) a certificate to the effect

                                     A-2-5
<PAGE>

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 Regulation S Global Certificate, and
credit the account of a Depository Participant by a denomination of interests in
such Rule 144A Global Certificate, that is equal to the denomination of
beneficial interests in the subject Class of Certificates to be transferred.
Upon delivery to the Certificate Registrar of such certification and such orders
and instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Regulation S
Global Certificate in respect of the subject Class of Certificates and increase
the denomination of the Rule 144A Global Certificate for such Class, by the
denomination of the beneficial interest in such Class specified in such orders
and instructions.

     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 such 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, Lehman Brothers Inc., UBS Warburg LLC, 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 Global 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 Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, one of the following: (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, by reason of 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 this Certificate or an interest herein 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, either Mortgage Loan Seller, the Master Servicer, the Special
Servicer, any Sub-Servicer, any Person responsible for servicing the 1166 Avenue
of the Americas Mortgage Loan or any related REO Property, 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,

                                     A-2-6
<PAGE>

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 Global 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 any
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.

     Subject to certain terms and conditions set forth in the Agreement, 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 any advance with respect thereto) on or other liquidation 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 3% 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

                                     A-2-7
<PAGE>

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 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. 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 law 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-CL] [X-CP] [X-VF] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                           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] [C] [D] [E] [F] [G] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C4
   CLASS [B] [C] [D] [E] [F] [G] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C4

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 [B] [C] [D] [E] [F]
September 11, 2002                                               [G] Certificates as of the Closing Date:
                                                                 $______________

Cut-off Date:  September 11, 2002                                Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  October 8, 2002                                   due on or before such date (the "Initial Pool Balance"):
                                                                 $1,455,238,298

First Distribution Date:  October 18, 2002

Master Servicer:  Wachovia Bank, National Association            Trustee:  LaSalle Bank National Association

Special Servicer:  Lennar Partners, Inc.                         Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No. [B] [C] [D] [E] [F] [G]-___                      CUSIP No.:  _____________
</TABLE>

                                     A-3-1
<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
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF 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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR 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, WACHOVIA BANK, NATIONAL ASSOCIATION, 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 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), Wachovia Bank, National
Association as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. as special servicer
(the "Special

                                     A-3-2
<PAGE>

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 Distribution Date, at the close of business on the Closing Date specified
above) (in any event, 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 (or, in the case of the first such distribution, on) 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 Accounts, the Collection Account and,
if established, the REO Accounts 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

                                     A-3-3
<PAGE>

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 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.

     Subject to certain terms and conditions set forth in the Agreement, 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 any advance with respect thereto) on or other liquidation 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 3% 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 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

                                     A-3-4
<PAGE>

whether or not notation of such consent is made upon this Certificate. 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 law 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] [E] [F] [G] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                         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 [H] [J] [K] [L] [M] [N] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C4
   CLASS [H] [J] [K] [L] [M] [N]COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C4

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 [H] [J] [K] [L]
September 11, 2002                                              [M] [N] Certificates as of the Closing Date:
                                                                $_______________

Cut-off Date:  September 11, 2002                               Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  October 8, 2002                                  due on or before such date (the "Initial Pool Balance"):
                                                                $1,455,238,298

First Distribution Date:  October 18, 2002

Master Servicer:  Wachovia Bank, National Association           Trustee:  LaSalle Bank National Association

Special Servicer:  Lennar Partners, Inc.                        Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [H] [J] [K] [L] [M] [N]-___                    CUSIP No.:  _____________
</TABLE>

                                     A-4-1
<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
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF 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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR 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, WACHOVIA BANK, NATIONAL ASSOCIATION, 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 INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

[FOR A REGULATION S GLOBAL CERTIFICATE: PRIOR TO THE DATE (THE "RELEASE DATE")
THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING TO
PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S UNDER THE

                                     A-4-2
<PAGE>

SECURITIES ACT, AND (B) THE DATE OF CLOSING OF THE OFFERING, 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 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), Wachovia Bank, National
Association 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 Distribution Date, at the close of business on the Closing Date specified
above) (in any event, 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 (or, in the case of the first such distribution, on) 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

                                     A-4-3
<PAGE>

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 Accounts, the Collection Account and,
if established, the REO Accounts 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 this Certificate constitutes a Definitive Certificate and a Transfer
hereof 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 is a Global 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
Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and 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

                                     A-4-4
<PAGE>

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 Rule 144A 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 (ii) an Opinion of
Counsel to the effect that such Transferee is a Qualified Institutional Buyer
and such Transfer may be made without registration under the Securities Act.
Except as discussed below, an interest in a Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates may not be transferred to any
Person who takes delivery other than in the form of an interest in such Rule
144A Global Certificate. If this Certificate constitutes a Rule 144A Global
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
the certification described in the second preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in Exhibit F-2C attached to the Agreement are, with
respect to the subject Transfer, true and correct.

     Notwithstanding the preceding paragraph, any interest in a Rule 144A Global
Certificate for a Class of Book-Entry Non-Registered Certificates may be
transferred (without delivery of any certificate or Opinion of Counsel described
in clauses (i) and (ii) of the first sentence 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 of Certificates 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
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 subject Class of Certificates
to be transferred. Upon delivery to the Certificate Registrar of such
certification and such 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 Global Certificate in respect of the subject Class
of Certificates 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.

     Also notwithstanding the second preceding paragraph, any interest in a Rule
144A Global Certificate with respect to any Class of Book-Entry Non-Registered
Certificates may be transferred by any Certificate Owner holding such interest
to any Institutional Accredited Investor (other than a Qualified Institutional
Buyer) that takes delivery in the form of a Definitive Certificate of the same
Class as such Rule 144A Global Certificate upon delivery to the Certificate
Registrar and the Trustee of (i) such certifications and/or opinions as are
contemplated by the second paragraph of Section 5.02(b) of the Agreement, (ii) a
certification from such Certificate Owner to the effect that it is the lawful
owner of the beneficial interest being transferred and (iii) such written orders
and instructions as are required under the applicable procedures of the
Depository to direct the Trustee to debit the account of a Depository
Participant by the denomination of the transferred interests in such Rule 144A
Global Certificate. Upon delivery to the Certificate Registrar of such
certifications and/or opinions and such orders and instructions, the Trustee,
subject to and in accordance with the applicable procedures of the Depository,
shall reduce the denomination of the subject Rule 144A Global Certificate by the
denomination of the transferred interests in such Rule 144A Global Certificate,
and shall cause a Definitive Certificate of the same Class as such Rule 144A
Global Certificate, and in a denomination equal to the reduction in the
denomination of such Rule 144A Global Certificate, to be executed, authenticated
and delivered in accordance with the Agreement to the applicable Transferee.

                                     A-4-5
<PAGE>

     Except as provided in the next paragraph no beneficial interest in a
Regulation S Global Certificate for any Class of Book-Entry Non-Registered
Certificates shall be transferred to any Person who takes delivery other than in
the form of a beneficial interest in such Regulation S Global Certificate. On
and prior to the Release Date, the Certificate Owner desiring to effect any such
Transfer shall be required to obtain from such Certificate Owner's prospective
Transferee a written certification substantially in the form set forth in
Exhibit F-2D to the Agreement certifying that such Transferee is not a United
States Securities Person. On or prior to the Release Date, beneficial interests
in the Regulation S Global Certificate for each Class of Book-Entry
Non-Registered Certificates may be held only through Euroclear or Clearstream.

     Notwithstanding the preceding paragraph, any interest in a Regulation S
Global Certificate for a Class of Book-Entry Non-Registered Certificates may be
transferred by the Depositor or any Affiliate of the Depositor to any Person who
takes delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates 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 Regulation S Global Certificate, and credit the account of a Depository
Participant by a denomination of interests in such Rule 144A Global Certificate,
that is equal to the denomination of beneficial interests in the subject Class
of Certificates to be transferred. Upon delivery to the Certificate Registrar of
such certification and such orders and instructions, the Trustee, subject to and
in accordance with the applicable procedures of the Depository, shall reduce the
denomination of the Regulation S Global Certificate in respect of the subject
Class of Certificates and increase the denomination of the Rule 144A Global
Certificate for such Class, by the denomination of the beneficial interest in
such Class specified in such orders and instructions.

     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 such 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, Lehman Brothers Inc., UBS Warburg LLC, 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 Global 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 Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, one of the following: (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

                                     A-4-6
<PAGE>

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,
by reason of 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 this Certificate or an interest herein
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, either Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Person responsible for
servicing the 1166 Avenue of the Americas Mortgage Loan or any related REO
Property, 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
Global 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 any 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.

     Subject to certain terms and conditions set forth in the Agreement, 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 any advance with respect thereto) on or other

                                     A-4-7
<PAGE>

liquidation 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 3% 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 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.
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 law 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 [H] [J] [K] [L] [M] [N] Certificates referred to
in the within-mentioned Agreement.

Dated:  _____________

                                        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 [P] [Q] [S] [T] [U] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C4
     CLASS [P] [Q] [S] [T] [U] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C4

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 [P] [Q] [S] [T] [U]
September 11, 2002                                               Certificates as of the Closing Date:
                                                                 $______________

Cut-off Date:  September 11, 2002                                Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  October 8, 2002                                   due on or before such date (the "Initial Pool Balance"):
                                                                 $1,455,238,298

First Distribution Date:  October 18, 2002

Master Servicer:  Wachovia Bank, National Association            Trustee:  LaSalle Bank National Association

Special Servicer:  Lennar Partners, Inc.                         Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [P] [Q] [S] [T] [U]-___                         CUSIP No.:  _____________
</TABLE>

                                     A-5-1
<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
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF 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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR 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, WACHOVIA BANK, NATIONAL ASSOCIATION, 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 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 _____________________________________ 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), Wachovia Bank,
National Association 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

                                     A-5-2
<PAGE>

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 Distribution Date, at the close of business on the Closing Date specified
above) (in any event, 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 (or, in the case of the first such distribution, on) 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 Accounts, the Collection Account and,
if established, the REO Accounts 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

                                     A-5-3
<PAGE>

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), 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 Transferee is an
Institutional Accredited Investor or a Qualified Institutional Buyer and 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.

     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 such 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, Lehman Brothers Inc., UBS Warburg LLC, 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 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, one of the following: (i) a certification to the effect
that such prospective Transferee is not a Plan and is not directly or indirectly
purchasing this Certificate

                                     A-5-4
<PAGE>

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 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, by reason of 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 this
Certificate 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, either Mortgage Loan Seller,
the Master Servicer, the Special Servicer, any Sub-Servicer, any Person
responsible for servicing the 1166 Avenue of the Americas Mortgage Loan or any
related REO Property, 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 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.

     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.

     Subject to certain terms and conditions set forth in the Agreement, 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 any advance with respect thereto) on or other liquidation 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

                                     A-5-5
<PAGE>

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 3% 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 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.
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 law 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-5-6
<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 [P] [Q] [S] [T] [U] Certificates referred to in
the within-mentioned Agreement.

Dated:  _____________

                                          LASALLE BANK NATIONAL ASSOCIATION,
                                          as Certificate Registrar

                                          By:___________________________________
                                                Authorized Officer

                                     A-5-7
<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-5-8
<PAGE>

                                   EXHIBIT A-6

             FORM OF CLASS [R-I] [R-II] [R-III] [R-LR] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C4
 CLASS [R-I] [R-II] [R-III] [R-LR] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C4

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>
Date of Pooling and Servicing Agreement:                         Percentage Interest evidenced by this Certificate in the
September 11, 2002                                               related Class:  ___%

Cut-off Date:  September 11, 2002                                Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  October 8, 2002                                   due on or before such date (the "Initial Pool Balance"):
                                                                 $1,455,238,298

First Distribution Date:  October 18, 2002

Master Servicer:  Wachovia Bank, National Association            Trustee:  LaSalle Bank National Association

Special Servicer:  Lennar Partners, Inc.                         Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [R-I] [R-II] [R-III] [R-LR]-___                 CUSIP No.:  _____________
</TABLE>

                                     A-6-1
<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
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF 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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR 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, WACHOVIA BANK, NATIONAL ASSOCIATION, 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 [FOR CLASSES R-I,
R-II AND R-III: IS A "RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" (A "REMIC")] [FOR CLASS R-LR: EVIDENCES THE SOLE "RESIDUAL INTEREST" IN
EACH OF FOUR "REAL ESTATE MORTGAGE INVESTMENT CONDUITS" (EACH, A "REMIC")] AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (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
Corporation as depositor (the "Depositor", which term includes any successor
entity under the Agreement), Wachovia Bank, National Association as master
servicer (the "Master Servicer", which term includes any successor entity under
the Agreement), Lennar Partners, Inc. as special servicer (the "Special

                                     A-6-2
<PAGE>

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 Distribution Date, at the close of business on the Closing Date specified
above) (in any event, 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 (or, in the case of the first such distribution, on) 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 Accounts, the Collection Account and,
if established, the REO Accounts 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

                                     A-6-3
<PAGE>

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 Transferee is an
Institutional Accredited Investor or a Qualified Institutional Buyer and 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.

     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 such 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, Lehman Brothers Inc., UBS Warburg LLC, 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 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, one of the following: (i) a certification to
the effect that such prospective Transferee is not a Plan and is not directly or
indirectly purchasing this Certificate on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) 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

                                     A-6-4
<PAGE>

(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 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 (i) a Disqualified
Organization, (ii) any Person as to whom the transfer of this Certificate may
cause any REMIC Pool to fail to qualify as a REMIC, (iii) a Disqualified
Non-United States Tax Person, (iv) a Disqualified Partnership or (v) a foreign
permanent

                                     A-6-5
<PAGE>

establishment or fixed base (within the meaning of any applicable income tax
treaty between the United States and any foreign jurisdiction) of a United
States Tax Person..

     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 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 (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.

     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).

                                     A-6-6
<PAGE>

     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.

     Subject to certain terms and conditions set forth in the Agreement, 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 any advance with respect thereto) on or other liquidation 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 3% 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 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.
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 law 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-6-7
<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-I] [R-II] [R-III] [R-LR]
Certificates referred to in the within-mentioned Agreement.

Dated:  _____________

                                           LASALLE BANK NATIONAL ASSOCIATION,
                                           as Certificate Registrar

                                           By:__________________________________
                                                Authorized Officer

                                     A-6-8
<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-6-9
<PAGE>

                                   EXHIBIT A-7

                          FORM OF CLASS V CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C4
              CLASS V COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C4

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>
Date of Pooling and Servicing Agreement:                         Percentage Interest evidenced by this Certificate in the
September 11, 2002                                               related Class:  ___%

Cut-off Date:  September 11, 2002                                Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  October 8, 2002                                   due on or before such date (the "Initial Pool Balance"):
                                                                 $1,455,238,298

First Distribution Date:  October 18, 2002

Master Servicer:  Wachovia Bank, National Association            Trustee:  LaSalle Bank National Association

Special Servicer:  Lennar Partners, Inc.                         Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  V-___                                           CUSIP No.:  _____________
</TABLE>

                                     A-7-1
<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
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF 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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR 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, WACHOVIA BANK, NATIONAL ASSOCIATION, 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.

THIS CERTIFICATE IS ENTITLED ONLY TO CERTAIN ADDITIONAL INTEREST (IF ANY)
RECEIVED IN RESPECT OF THE ARD LOANS SUBJECT TO THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

     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 Class V Certificates. 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),
Wachovia Bank, National Association 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 Distribution Date, at the close of business on the Closing Date specified
above) (in any event, the

                                     A-7-2
<PAGE>

"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 (or, in the case of
the first such distribution, on) 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 Accounts, the Collection Account and,
if established, the REO Accounts 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), 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 Transferee is an
Institutional Accredited Investor or a Qualified Institutional Buyer and 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

                                     A-7-3
<PAGE>

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 such 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, Lehman Brothers Inc., UBS Warburg LLC, 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 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, one of the following: (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.

     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

                                     A-7-4
<PAGE>

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.

     Subject to certain terms and conditions set forth in the Agreement, 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 any advance with respect thereto) on or other liquidation 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 3% 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 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.
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 law 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-7-5
<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 V Certificates referred to in the
within-mentioned Agreement.

Dated:  _____________

                                          LASALLE BANK NATIONAL ASSOCIATION,
                                          as Certificate Registrar

                                          By:__________________________________
                                                Authorized Officer

                                     A-7-6
<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-7-7
<PAGE>

                                    EXHIBIT B

                       FORM OF DISTRIBUTION DATE STATEMENT

                     [SEE ANNEX D TO PROSPECTUS SUPPLEMENT]

                                       B-1
<PAGE>

                                    EXHIBIT C

                         FORM OF CUSTODIAL CERTIFICATION

To the parties listed on the attached Schedule A

<TABLE>
<CAPTION>
<S>                                          <C>
       Re:  LB-UBS Commercial Mortgage Trust 2002-C4
            Commercial Mortgage Pass Through Certificates, Series 2002-C4 (the "Certificates")
            ----------------------------------------------------------------------------------
</TABLE>

Ladies and Gentlemen:

     Pursuant to Section 2.02(b) of the Pooling and Servicing Agreement dated as
of September 11, 2002, relating to the above-referenced Certificates (the
"Agreement"), LaSalle Bank National Association, in its capacity as trustee (the
"Trustee"), hereby certifies as to each 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 (a)(i) through (a)(v), (a)(vii) and
(a)(viii) (without regard to the second parenthetical in such clause (a)(viii))
of the definition of "Mortgage File" or, in the case of the 1166 Avenue of the
Americas Mortgage Loan, in clauses (b)(i) through (b)(iii) 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 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 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 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.

                                      C-1
<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

Wachovia Bank, National Association
8739 Research Drive-URP4
Charlotte, North Carolina 20288
Attn:  LB-UBS Commercial Mortgage Trust 2002-C4
                                        -------

Lennar Partners, Inc.
760 NW 107th Avenue, Suite 400
Miami, Florida 33172
Attn:  LB-UBS Commercial Mortgage Trust 2002-C4
                                        -------

Structured Asset Securities Corporation
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2002-C4
                                        -------

Lehman Brothers Inc.
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2002-C4
                                        -------

UBS Warburg LLC
1285 Avenue of the Americas
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2002-C4
                                        -------

Credit Suisse First Boston Corporation
11 Madison Avenue
New York, New York  10010

Salomon Smith Barney Inc.
390 Greenwich Street
New York, New York  10013

[MORTGAGE LOAN SELLERS]

[VALLEY FAIR MALL COMPANION LOAN NOTEHOLDER]*

__________________

*    Only as to the Valley Fair Mall Companion Loan.

                                      C-3
<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:   Asset-Backed Securities Trust Services Group--
             LB-UBS Commercial Mortgage Trust 2002-C4

             Re:  LB-UBS Commercial Mortgage Trust 2002-C4,
                  Commercial Mortgage Pass-Through Certificates, Series 2002-C4

             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 September 11, 2002 (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.

                                     D-1-1
<PAGE>

             Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

                                      WACHOVIA BANK, NATIONAL ASSOCIATION

                                      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, Suite 1625
Chicago, Illinois  60603
Attention:   Asset-Backed Securities Trust Services Group--
             LB-UBS Commercial Mortgage Trust 2002-C4

             Re:  LB-UBS Commercial Mortgage Trust 2002-C4,
                  Commercial Mortgage Pass-Through Certificates, Series 2002-C4
                  -------------------------------------------------------------

             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 September 11, 2002 (the "Pooling and Servicing
Agreement"), by and among Structured Asset Securities Corporation as depositor,
Wachovia Bank, National Association 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 (or within such
longer period as we have indicated as part of our reason for the request),
unless the Mortgage Loan has been paid in full or otherwise liquidated, in which
case the Mortgage File (or such portion thereof) will be retained by us
permanently.

                                     D-2-1
<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     P93         P97      SERVICER ESTIMATED INFORMATION
---------------------------------------------------------------------------------------------------------------------------------
                                                                          PRECEDING
            SHORT NAME                 SCHEDULED PAID   CURRENT           FISCAL YR.                          EXPECTED   EXPECTED
PROSPECTUS    (WHEN     PROPERTY         LOAN    THRU  INTEREST  MATURITY    DSCR    MOST RECENT    YIELD     PAYMENT  DISTRIBUTION
    ID     APPROPRIATE)   TYPE   STATE  BALANCE  DATE    RATE     DATE       NCR      DSCR NCF   MAINTENANCE   DATE       DATE
---------------------------------------------------------------------------------------------------------------------------------
<S>         <C>          <C>     <C>   <C>       <C>   <C>       <C>      <C>        <C>         <C>          <C>      <C>

---------------------------------------------------------------------------------------------------------------------------------
SCHEDULED PAYMENTS
---------------------------------------------------------------------------------------------------------------------------------

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

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

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

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

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

---------------------------------------------------------------------------------------------------------------------------------
UNSCHEDULED PAYMENT
---------------------------------------------------------------------------------------------------------------------------------

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

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

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

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

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

---------------------------------------------------------------------------------------------------------------------------------
TOTAL:                                    $
---------------------------------------------------------------------------------------------------------------------------------

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

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

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

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

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

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

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

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---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

THE BORROWER HAS ONLY REQUESTED THE INFORMATION TO PAY-OFF. THIS DOES NOT
INDICATE A DEFINITE PAYMENT.

                                      E-1
<PAGE>

                                   EXHIBIT F-1

                         FORM OF TRANSFEROR CERTIFICATE
           FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

                                     [Date]

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 2002-C4

         Re: LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
             Pass-Through Certificates, Series 2002-C4, Class _____, [having an
             initial aggregate [Certificate Principal Balance] [Certificate
             Notional Amount] as of October 8, 2002 (the "Closing Date") of
             $__________] [representing a ____% Percentage Interest in the
             subject 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 September 11, 2002, between Structured
Asset Securities Corporation, as Depositor, Wachovia Bank, National Association,
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, and for the benefit of the Trustee and the Depositor, 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.

                                        Very truly yours,

                                        _______________________________________
                                        (Transferor)

                                        By: ___________________________________
                                            Name:
                                            Title:

                                      F-1-1
<PAGE>

                                  EXHIBIT F-2A

                        FORM I OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

                                     [Date]

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 2002-C4

         Re: LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
             Pass-Through Certificates, Series 2002-C4, Class ___, [having an
             initial aggregate [Certificate Principal Balance] [Certificate
             Notional Amount] as of October 8, 2002 (the "Closing Date") of
             $__________] [representing a ____% Percentage Interest in the
             subject 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 September 11, 2002, among Structured Asset Securities Corporation, as
Depositor, Wachovia Bank, National Association, 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, and for the benefit of the
Trustee and 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 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,
         and understands that such Transferred Certificates may be resold,
         pledged or transferred only (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 and to whom notice
         is given that the resale, pledge or transfer is being made in reliance
         on Rule 144A, or (b) 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 Fund
         created pursuant thereto, and (e) all related matters, that it has
         requested.

                                     F-2A-1
<PAGE>

             3. If the Transferee proposes that the Transferred Certificates be
         registered in the name of a nominee, such nominee has completed the
         Nominee Acknowledgement below.

                                        Very truly yours,

                                        _______________________________________
                                        (Transferee)

                                        By: ___________________________________
                                            Name:
                                            Title:

                             NOMINEE ACKNOWLEDGEMENT
                             -----------------------

                  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-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. savings and

-----------------
(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>

                  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 subsidiary of another enterprise and
         such Person is not itself a reporting company under the Securities
         Exchange Act of 1934, as amended.

                                     F-2A-4
<PAGE>

             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.

             ___    ___      Will the Transferee be purchasing the Transferred
             Yes    No       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
         respective 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 THAT ARE 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 basis

                                     F-2A-6
<PAGE>

         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.

             _____    _____  Will the Transferee be purchasing the Transferred
              Yes      No    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
         respective 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:
                                Date:

                            IF AN ADVISER:

                            ___________________________________________________
                            Print Name of Transferee

                            Date: _____________________________________________

                                     F-2A-7
<PAGE>

                                  EXHIBIT F-2B

                        FORM II OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

                                     [Date]

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 2002-C4

         Re: LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
             Pass-Through Certificates, Series 2002-C4, Class _____,[having an
             initial aggregate [Certificate Principal Balance] [Certificate
             Notional Amount] as of October 8, 2002 (the "Closing Date") of
             $__________] [representing a ____% Percentage Interest in the
             subject 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 September 11, 2002, between Structured
Asset Securities Corporation, as Depositor, Wachovia Bank, National Association,
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, and for the benefit of the Trustee and the Depositor, that:

             1. The 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. 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 Class of Certificates to which
         the Transferred Certificates belong, and (c) neither a Transferred
         Certificate 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
         transactions which are exempt from such registration and qualification
         and the Certificate Registrar has received: (A) a certification from
         the Certificateholder desiring to effect such transfer substantially in
         the form attached as Exhibit F-1 to the Pooling and Servicing Agreement
         and a certification from such Certificateholder's prospective
         transferee substantially in the form attached either as Exhibit F-2A to
         the Pooling and Servicing Agreement or as Exhibit F-2B to the Pooling
         and Servicing Agreement; or (B) an opinion of counsel satisfactory to
         the Trustee with respect to, among other things, the availability of
         such exemption from registration under the

                                     F-2B-1
<PAGE>

         Securities Act, together with copies of the written certification(s)
         from the transferor and/or transferee setting forth the facts
         surrounding the transfer upon which such opinion is based.

             3. The Transferee understands that it may not sell or otherwise
         transfer any Transferred Certificate or 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 each Transferred Certificate 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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
             ARRANGEMENT THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
             SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
             INTERNAL REVENUE CODE OF 1986 (THE "CODE"), 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 ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE
             BENEFIT PLAN OR 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, pledged, sold, disposed of or otherwise transferred any
         Transferred Certificate, any interest in any Transferred Certificate or
         any other similar security to any person in any manner, (b) solicited
         any offer to buy or accept a pledge, disposition or other transfer of
         any Transferred Certificate, any interest in any 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 any 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 any 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 any 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 or will it authorize any
         person to act, in any manner set forth in the foregoing sentence with
         respect to any Transferred Certificate, any interest in any Transferred
         Certificate 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 Pooling and Servicing Agreement and

                                     F-2B-2
<PAGE>

         the Trust Fund created pursuant thereto, (d) the nature, performance
         and servicing of the Mortgage Loans, and (e) all related matters, that
         it has requested.

             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.

             7. If the Transferee proposes that the Transferred Certificates be
         registered in the name of a nominee, such nominee has completed the
         Nominee Acknowledgement below.

                            Very truly yours,

                            ____________________________________________________
                            (Transferee)

                            By: ________________________________________________
                                Name:
                                Title:

                             Nominee Acknowledgement
                             -----------------------

                  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-3
<PAGE>

                                  EXHIBIT F-2C

                         FORM OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF INTERESTS IN RULE 144A GLOBAL CERTIFICATES

                                     [Date]

[TRANSFEROR]

             Re:   LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
                   Pass-Through Certificates, Series 2002-C4, Class _____,
                   having an initial aggregate [Certificate Principal Balance]
                   [Certificate Notional Amount] as of October 8, 2002 (the
                   "Closing Date") of $__________

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"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 11, 2002, between Structured Asset Securities
Corporation, as Depositor, Wachovia Bank, National Association, 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:

             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 Transfer 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 Transferor desiring to effect such transfer has received (A) a
         certificate from such Certificate Owner's prospective transferee
         substantially in the form attached as Exhibit F-2C to the Pooling and
         Servicing Agreement or (B) an opinion of counsel to the effect that,
         among other things, such prospective transferee is a Qualified
         Institutional Buyer and such transfer may be made without registration
         under the Securities Act.

                                     F-2C-1
<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 RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
             ARRANGEMENT THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
             SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
             INTERNAL REVENUE CODE OF 1986 (THE "CODE"), 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 ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE
             BENEFIT PLAN OR 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 acquiring interests in 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 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.

-----------------------
(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>

         _____       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
         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 Transfers to the Transferee
         may be in reliance on Rule 144A.

                                     F-2C-4
<PAGE>

             ___    ___   Will the Transferee be acquiring interests in the
             Yes    No    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 acquiring any interest in the Transferred
         Certificates 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 acquisition of any
         interest in of the Transferred Certificates will constitute a
         reaffirmation of this certification as of the date of such acquisition.
         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 acquisition, 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.

                            ___________________________________________________
                            (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 acquired interests 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 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 basis by the Transferee, or
         owned by the Transferee's Family of Investment Companies, the
         securities referred to in this paragraph were excluded.

                                     F-2C-6
<PAGE>

             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 Transfers to the Transferee will be in
         reliance on Rule 144A.

             ___    ___   Will the Transferee be acquiring interests in the
             Yes    No    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 acquiring any interest in the Transferred
         Certificates 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 acquisition of any interest
         in the Transferred Certificates will constitute a reaffirmation of this
         certification by the undersigned as of the date of such acquisition.

             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.

                            ___________________________________________________
                            (Transferee or Adviser)

                            By: _______________________________________________
                                Name:
                                Title:
                                Date:

                            IF AN ADVISER:

                            Print Name of Transferee

                            ___________________________________________________

                            Date:

                                     F-2C-7
<PAGE>

                                  EXHIBIT F-2D

                         FORM OF TRANSFEREE CERTIFICATE
         FOR TRANSFERS OF INTERESTS IN REGULATION S GLOBAL CERTIFICATES

                                     [Date]

[TRANSFEROR]

             Re:   LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
                   Pass-Through Certificates, Series 2002-C4, Class _____,
                   having an initial aggregate [Certificate Principal Balance]
                   [Certificate Notional Amount] as of October 8, 2002 (the
                   "Closing Date") of $__________

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"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 11, 2002, between Structured Asset Securities
Corporation, as Depositor, Wachovia Bank, National Association, 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 any 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 by a United States Securities Person
principally for the purpose of investing in securities not registered under the
Securities Act, 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;

                                     F-2D-1
<PAGE>

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
organizations, 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:  __________, _____

                                  By: _________________________________________
                                      As, or agent for, the beneficial owner(s)
                                      of the Certificates to which this
                                      certificate relates.

                                     F-2D-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, Suite 1625
Chicago, Illinois  60603
Attention:  Asset-Backed Securities Trust Services Group--
            LB-UBS Commercial Mortgage Trust 2002-C4

             Re:  LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
                  Pass-Through Certificates, Series 2002-C4 (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] [Certificate Notional Amount] as of October 8, 2002 (the "Closing
Date") of $__________] [evidencing a ____% Percentage Interest in the subject
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 September 11,
2002, among Structured Asset Securities Corporation as depositor, Wachovia Bank,
National Association 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, by reason of 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 one of the Rating
                     Agencies 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

                                     G-1-1
<PAGE>

                     Depositor, any Mortgage Loan Seller, the Master Servicer,
                     the Special Servicer, any Sub-Servicer, any Person
                     responsible for servicing the 1166 Avenue of the Americas
                     Mortgage Loan or any related REO Property 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
                     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 2002-C4, Commercial Mortgage
                  Pass-Through Certificates, Series 2002-C4, (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] [Certificate Notional Amount] as of October 8, 2002 (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 September 11, 2002 (the "Pooling and Servicing
Agreement"), among Structured Asset Securities Corporation, as depositor,
Wachovia Bank, National Association 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, by
                     reason of 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 one of the Rating
                     Agencies 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 Mortgage Loan Seller, the
                     Master Servicer, the Special Servicer, any Sub-Servicer,
                     any Person responsible for servicing the 1166 Avenue of the

                                     G-2-1
<PAGE>

                     Americas Mortgage Loan or any related REO Property 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 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 2002-C4, Commercial Mortgage
                  Pass-Through Certificates, Series 2002-C4 (the
                  "Certificates"), issued pursuant to the Pooling and Servicing
                  Agreement (the "Pooling and Servicing Agreement"), dated as of
                  September 11, 2002, among Structured Asset Securities
                  Corporation as Depositor, Wachovia Bank, National Association
                  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-I] [Class R-II] [Class
R-III] [Class R-LR] 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"] [a "Loan REMIC"],
[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-I] [Class R-II]
[Class R-III] [Class R-LR] 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.

                                     H-1-1
<PAGE>

             4. The Purchaser is not a foreign permanent establishment or a
fixed base (within the meaning of any applicable income tax treaty between the
United States and any foreign jurisdiction) of a United States Tax Person.

             5. The Purchaser will not cause the income from the [Class R-I]
[Class R-II] [Class R-III] [Class R-LR] Certificates to be attributable to a
foreign permanent establishment or fixed base (within the meaning of any
applicable income tax treaty between the United States and any foreign
jurisdiction) of a United States Tax Person.

             6. 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-I] [Class R-II] [Class R-III] [Class R-LR] Certificates to a
Disqualified Organization.

             7. No purpose of the acquisition of the [Class R-I] [Class R-II]
[Class R-III] [Class R-LR] Certificates is to impede the assessment or
collection of tax

             8. [Check the statement that applies]

         o   If the Transferor requires the safe harbor under Treasury
             regulation section 1.860E-1 to apply:

             a) In accordance with Treasury regulation section 1.860E-1, the
         Purchaser (i) is an "eligible corporation" as defined in Section
         1.860E-1(c)(6)(i) of the Treasury regulations, as to which the income
         of [Class R-I] [Class R-II] [Class R-III] [Class R-LR] 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
         1.860E-1(c)(6)(ii) of the Treasury regulations or any other assets if a
         principal purpose for holding or acquiring such asset is to satisfy
         this condition) 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 Treasury
         regulation section 1.860E-1;........................................|_|

             or

             b) The Purchaser is a United States Person and the consideration
         paid to the Purchaser for accepting the [Class R-I] [Class R-II] [Class
         R-III] [Class R-LR] 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
         "Federal short-term rate" prescribed by Section 1274 of the Code as of
         the date hereof 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...........................................|_|

                                     H-1-2
<PAGE>

         o   If the Transferor does not require the safe harbor under Treasury
             regulation section 1.860E-1 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:

                  (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-I] [Class
             R-II] [Class R-III] [Class R-LR] Certificate for United States
             federal income tax purposes, it may incur tax liabilities in excess
             of any cash flows generated by such [Class R-I] [Class R-II] [Class
             R-III] [Class R-LR] Certificate;

                  (c) intends to pay the taxes associated with holding a [Class
             R-I] [Class R-II] [Class R-III] [Class R-LR] Certificate;

                  (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);
             and

                  (e) has furnished the Transferor and the Trustee with an
             effective  IRS  Form  W-8ECI  or  successor  form  and  will
             update  such  form  as  may  be  required  under  the  applicable
             Treasury regulations...........................................|_|

                  9. 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-I] [Class R-II] [Class R-III] [Class R-LR] Certificates as
         they become due.

                  10. The Purchaser understands that it may incur tax
         liabilities with respect to the [Class R-I] [Class R-II] [Class R-III]
         [Class R-LR] Certificates in excess of any cash flows generated by such
         Certificates.

                  11. The Purchaser will not transfer the [Class R-I] [Class
         R-II] [Class R-III] [Class R-LR] 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, 4, 5, 7 or 9 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).

                  12. 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-I] [Class R-II] [Class
         R-III] [Class R-LR] Certificates to a Disqualified Organization, an
         agent thereof or a person that does not satisfy the requirements of
         paragraphs 7 and 9.

                                     H-1-3
<PAGE>

                  13. The Purchaser consents to the designation of the Trustee
         as the agent of the Tax Matters Person of [REMIC I] [REMIC II] [REMIC
         III] [the Loan REMICs] 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.

             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, Suite 1625
Chicago, Illinois  60603
Attention:  Asset-Backed Securities Trust Services Group--
            LB-UBS Commercial Mortgage Trust 2002-C4

             Re:  LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
                  Pass-Through Certificates, Series 2002-C4 (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-I] [Class R-II] [Class R-III] [Class R-LR] 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 September 11, 2002
(the "Pooling and Servicing Agreement"), among Structured Asset Securities
Corporation, as depositor, Wachovia Bank, National Association 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.

                                     H-2-1
<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 ACKNOWLEDGEMENT

                                     [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
New York, New York 10004
Ladies and Gentlemen:

             This notice is being delivered pursuant to Section 6.09 of the
Pooling and Servicing Agreement, dated as of September 11, 2002 and relating to
LB-UBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2002-C4 (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.

                                     I-1-1
<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 ACKNOWLEDGEMENT OF PROPOSED SPECIAL SERVICER

                                     [Date]

[TRUSTEE]
[MASTER SERVICER]
[DEPOSITOR]
[FISCAL AGENT]

             Re:  LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
                  Pass-Through Certificates, Series 2002-C4

Ladies and Gentlemen:

             Pursuant to Section 6.09 of the Pooling and Servicing Agreement,
dated as of September 11, 2002, relating to LB-UBS Commercial Mortgage Trust
2002-C4, Commercial Mortgage Pass-Through Certificates, Series 2002-C4 (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 3.24 of the Agreement, with the following
corrections with respect to type of entity and jurisdiction of organization:
____________________.

                            By: _______________________________________________
                                Name:
                                Title:

                                     I-2-1
<PAGE>

                                    EXHIBIT J

                        FORM OF UCC-1 FINANCING STATEMENT

                                     J-1
<PAGE>

                                                                      SCHEDULE 1
                                                                      ----------

             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 LB-UBS
Commercial Mortgage Trust 2002-C4, Commercial Mortgage Pass-Through
Certificates, Series 2002-C4 (referred to as the "Secured Party" for purposes of
this financing statement only), under that certain Pooling and Servicing
Agreement, dated as of September 11, 2002 (the "Pooling and Servicing
Agreement"), among the Debtor as depositor, the Secured Party as trustee (the
"Trustee"), Wachovia Bank, National Association 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 LB-UBS
Commercial Mortgage Trust 2002-C4, Commercial Mortgage Pass-Through
Certificates, Series 2002-C4 (the "Series 2002-C4 Certificates"). 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
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 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 Interest Reserve

                                     J-2
<PAGE>

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) (a) the Collection 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, (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;

             (9) 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;

             (10) any and all general intangibles (as defined in the Uniform
Commercial Code) consisting of, arising from or relating to any of the
foregoing; and

             (11) 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 2002-C4 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)

                                     J-4
<PAGE>

                                    EXHIBIT K

        SUB-SERVICERS IN RESPECT OF WHICH SUB-SERVICING AGREEMENTS ARE IN
                EFFECT OR BEING NEGOTIATED AS OF THE CLOSING DATE

                                      K-1
<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, Suite 1625
Chicago, Illinois  60603
Attention:  Asset-Backed Securities Trust Services Group--
            LB-UBS Commercial Mortgage Trust 2002-C4]

[Wachovia Bank, National Association
NC 1075
8739 Research Drive-URP4
Charlotte, North Carolina 28288
Attention:   LB-UBS Commercial Mortgage Trust 2002-C4]

             Re:  LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
                  Pass-Through Certificates, Series 2002-C4

             In accordance with the provisions of the Pooling and Servicing
Agreement, dated as of September 11, 2002 (the "Pooling and Servicing
Agreement"), among Structured Asset Securities Corporation, as depositor (the
"Depositor"), Wachovia Bank, National Association 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 2002-C4, Commercial Mortgage Pass-Through
Certificates, Series 2002-C4 (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 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

                                     L-1-1
<PAGE>

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 Non-Registered
Certificate pursuant to Section 5 of the Securities Act.

             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-1-2
<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, Suite 1625
Chicago, Illinois  60603
Attention:  Asset-Backed Securities Trust Services Group--
            LB-UBS Commercial Mortgage Trust 2002-C4]

[Wachovia Bank, National Association
NC 1075
8739 Research Drive-URP4
Charlotte, North Carolina 28288
Attention:  LB-UBS Commercial Mortgage Trust 2002-C4]

            Re:  LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage
                 Pass-Through Certificates, Series 2002-C4

             In accordance with the provisions of the Pooling and Servicing
Agreement, dated as of September 11, 2002 (the "Pooling and Servicing
Agreement"), among Structured Asset Securities Corporation as depositor (the
"Depositor"), Wachovia Bank, National Association 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 2002-C4, Commercial Mortgage Pass-Through
Certificates, Series 2002-C4 (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] [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 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] [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.

                                     L-2-1
<PAGE>

             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 Non-Registered
Certificate pursuant to Section 5 of the Securities Act.

             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 OR
                           INTEREST THEREIN]

                           By: ________________________________________________
                               Name:
                               Title:

                           ____________________________________________________

                           By: ________________________________________________
                               Name:
                               Title:

                                     L-2-2
<PAGE>

                                    EXHIBIT M

                        FORM OF DEFEASANCE CERTIFICATION

                                      M-1
<PAGE>

                        FORM OF NOTICE AND CERTIFICATION
                      REGARDING DEFEASANCE OF MORTGAGE LOAN

              For loans (a) having a balance of $20,000,000 or less
                or a balance of less than 5% of outstanding pool
           balance, whichever is less) or (b) that are not then one of
  the ten largest (measured by unpaid principal balance) in the mortgage pool

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 September 11, 2002 (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 2002-C4, Commercial Mortgage
                  Pass-Through Certificates Series 2002-C4

             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 [Property] [Properties] identified on
the Mortgage Loan Schedule by the following name[s]: ___________________________
________________________________________________________________________________

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 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

                                      M-3
<PAGE>

         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 or on the date when any open
         prepayment period set forth in the related Mortgage Loan documents
         commences), (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 $___________. Such
         Mortgage Loan (a) has a balance of $20,000,000 or less or a balance of
         less than 5% of outstanding pool balance or (b) is not then one of the
         ten largest (measured by unpaid principal balance) in the mortgage
         pool, in each such case, as of the date of the most recent Distribution
         Date Statement received by us (the "Current Report").

             3.     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.

             4.     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 Mortgage File, are in the possession of the Master Servicer
as part of the Master Servicer's servicing file.

             5.     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

             6.     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.

                                      M-4
<PAGE>

             7.     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-5<PAGE>

                                                                  EXECUTION COPY

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

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.,
                                  as Depositor,

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                               as Master Servicer,

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                              as Special Servicer,

                       LASALLE BANK NATIONAL ASSOCIATION,
                                   as Trustee,

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,
                   as Paying Agent and Certificate Registrar,

                                       and

                               ABN AMRO BANK N.V.,
                                 as Fiscal Agent

                         POOLING AND SERVICING AGREEMENT

                           Dated as of October 1, 2002

                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 2002-TOP8

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                           Page
                                                                                                           ----
                                    ARTICLE I

                                   DEFINITIONS

<S>           <C>                                                                                         <C>
SECTION 1.1     DEFINITIONS ...............................................................................   7
SECTION 1.2     CALCULATIONS RESPECTING MORTGAGE LOANS ....................................................  71
SECTION 1.3     CALCULATIONS RESPECTING ACCRUED INTEREST ..................................................  72
SECTION 1.4     INTERPRETATION ............................................................................  72
SECTION 1.5     ARD LOANS .................................................................................  72
SECTION 1.6     CERTAIN MATTERS WITH RESPECT TO A/B MORTGAGE LOANS ........................................  73

                               ARTICLE II

                              DECLARATION OF TRUST;
                        ISSUANCES OF CERTIFICATES

SECTION 2.1     CONVEYANCE OF MORTGAGE LOANS ..............................................................  74
SECTION 2.2     ACCEPTANCE BY TRUSTEE .....................................................................  77
SECTION 2.3     SELLERS' REPURCHASE OF MORTGAGE LOANS FOR MATERIAL DOCUMENT DEFECTS AND
                MATERIAL BREACHES OF REPRESENTATIONS AND WARRANTIES .......................................  79
SECTION 2.4     REPRESENTATIONS AND WARRANTIES ............................................................  85
SECTION 2.5     CONVEYANCE OF INTERESTS ...................................................................  86

                               ARTICLE III

                            THE CERTIFICATES

SECTION 3.1     THE CERTIFICATES ..........................................................................  87
SECTION 3.2     REGISTRATION ..............................................................................  88
SECTION 3.3     TRANSFER AND EXCHANGE OF CERTIFICATES .....................................................  88
SECTION 3.4     MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES .........................................  94
SECTION 3.5     PERSONS DEEMED OWNERS .....................................................................  94
SECTION 3.6     ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES .................................  94
SECTION 3.7     BOOK-ENTRY CERTIFICATES ...................................................................  95
SECTION 3.8     NOTICES TO CLEARING AGENCY ................................................................  98
SECTION 3.9     DEFINITIVE CERTIFICATES ...................................................................  98

                               ARTICLE IV

                                ADVANCES

SECTION 4.1     P&I ADVANCES BY MASTER SERVICER ...........................................................  99
SECTION 4.2     SERVICING ADVANCES ........................................................................ 100

                                      -i-

<PAGE>

SECTION 4.3     ADVANCES BY THE TRUSTEE AND THE FISCAL AGENT .............................................. 100
SECTION 4.4     EVIDENCE OF NONRECOVERABILITY ............................................................. 101
SECTION 4.5     INTEREST ON ADVANCES; CALCULATION OF OUTSTANDING ADVANCES WITH RESPECT TO A
                MORTGAGE LOAN ............................................................................. 102
SECTION 4.6     REIMBURSEMENT OF ADVANCES AND ADVANCE INTEREST ............................................ 103
SECTION 4.7     FISCAL AGENT TERMINATION EVENT ............................................................ 104
SECTION 4.8     PROCEDURE UPON TERMINATION EVENT .......................................................... 105
SECTION 4.9     MERGER OR CONSOLIDATION OF FISCAL AGENT ................................................... 105
SECTION 4.10    LIMITATION ON LIABILITY OF THE FISCAL AGENT AND OTHERS .................................... 106
SECTION 4.11    INDEMNIFICATION OF FISCAL AGENT ........................................................... 106

                                ARTICLE V

                       ADMINISTRATION OF THE TRUST

SECTION 5.1     COLLECTIONS ............................................................................... 107
SECTION 5.2     APPLICATION OF FUNDS IN THE CERTIFICATE ACCOUNT AND INTEREST RESERVE ACCOUNT .............. 111
SECTION 5.3     DISTRIBUTION ACCOUNT AND RESERVE ACCOUNT .................................................. 115
SECTION 5.4     PAYING AGENT REPORTS ...................................................................... 117
SECTION 5.5     PAYING AGENT TAX REPORTS .................................................................. 119

                               ARTICLE VI

                              DISTRIBUTIONS

SECTION 6.1     DISTRIBUTIONS GENERALLY ................................................................... 120
SECTION 6.2     REMIC I ................................................................................... 120
SECTION 6.3     REMIC II .................................................................................. 121
SECTION 6.4     RESERVED .................................................................................. 128
SECTION 6.5     REMIC III ................................................................................. 128
SECTION 6.6     ALLOCATION OF REALIZED LOSSES, EXPENSE LOSSES AND SHORTFALLS DUE TO
                NONRECOVERABILITY ......................................................................... 132
SECTION 6.7     NET AGGREGATE PREPAYMENT INTEREST SHORTFALLS .............................................. 135
SECTION 6.8     ADJUSTMENT OF SERVICING FEES .............................................................. 135
SECTION 6.9     APPRAISAL REDUCTIONS ...................................................................... 136
SECTION 6.10    COMPLIANCE WITH WITHHOLDING REQUIREMENTS .................................................. 136
SECTION 6.11    PREPAYMENT PREMIUMS ....................................................................... 137

                                   ARTICLE VII

         CONCERNING THE TRUSTEE, THE FISCAL AGENT, THE PAYING AGENT AND
                          THE LUXEMBOURG PAYING AGENT

SECTION 7.1     DUTIES OF THE TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT .............................. 137
SECTION 7.2     CERTAIN MATTERS AFFECTING THE TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT .............. 139

                                      -ii-

<PAGE>

SECTION 7.3         THE TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT NOT LIABLE FOR
                    CERTIFICATES OR INTERESTS OR MORTGAGE LOANS ........................................... 141
SECTION 7.4         THE TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT MAY OWN CERTIFICATES ............... 142
SECTION 7.5         ELIGIBILITY REQUIREMENTS FOR THE TRUSTEE, THE FISCAL AGENT AND THE PAYING
                    AGENT ................................................................................. 143
SECTION 7.6         RESIGNATION AND REMOVAL OF THE TRUSTEE, THE FISCAL AGENT OR THE PAYING AGENT .......... 143
SECTION 7.7         SUCCESSOR TRUSTEE, FISCAL AGENT OR PAYING AGENT ....................................... 145
SECTION 7.8         MERGER OR CONSOLIDATION OF TRUSTEE, FISCAL AGENT OR PAYING AGENT ...................... 146
SECTION 7.9         APPOINTMENT OF CO-TRUSTEE, SEPARATE TRUSTEE, AGENTS OR CUSTODIAN ...................... 146
SECTION 7.10        AUTHENTICATING AGENTS ................................................................. 148
SECTION 7.11        INDEMNIFICATION OF TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT ..................... 149
SECTION 7.12        FEES AND EXPENSES OF TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT ................... 151
SECTION 7.13        COLLECTION OF MONEYS .................................................................. 152
SECTION 7.14        TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR .............................................. 152
SECTION 7.15        NOTIFICATION TO HOLDERS ............................................................... 154
SECTION 7.16        REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE, THE FISCAL AGENT AND THE
                    PAYING AGENT .......................................................................... 154
SECTION 7.17        FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE POLICY MAINTAINED BY THE
                    TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT ........................................ 157
SECTION 7.18        APPOINTMENT OF LUXEMBOURG PAYING AGENT; NOTIFICATION TO CERTIFICATEHOLDERS ............ 157

                                  ARTICLE VIII

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

SECTION 8.1         SERVICING STANDARD; SERVICING DUTIES .................................................. 159
SECTION 8.2         FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE POLICY MAINTAINED BY THE
                    MASTER SERVICER ....................................................................... 160
SECTION 8.3         MASTER SERVICER'S GENERAL POWER AND DUTIES ............................................ 160
SECTION 8.4         PRIMARY SERVICING AND SUB-SERVICING ................................................... 166
SECTION 8.5         SERVICERS MAY OWN CERTIFICATES ........................................................ 168
SECTION 8.6         MAINTENANCE OF HAZARD INSURANCE, OTHER INSURANCE, TAXES AND OTHER ..................... 168
SECTION 8.7         ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS;
                    DUE-ON-ENCUMBRANCE CLAUSE ............................................................. 170
SECTION 8.8         TRUSTEE TO COOPERATE; RELEASE OF TRUSTEE MORTGAGE FILES ............................... 174
SECTION 8.9         DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD
                    FOR THE TRUSTEE FOR THE BENEFIT OF THE CERTIFICATEHOLDERS ............................. 175

                                     -iii-

<PAGE>

SECTION 8.10        SERVICING COMPENSATION ................................................................ 176
SECTION 8.11        MASTER SERVICER REPORTS; ACCOUNT STATEMENTS ........................................... 177
SECTION 8.12        ANNUAL STATEMENT AS TO COMPLIANCE ..................................................... 179
SECTION 8.13        ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT ............................... 180
SECTION 8.14        OPERATING STATEMENT ANALYSIS REPORTS REGARDING THE MORTGAGED PROPERTIES ............... 180
SECTION 8.15        OTHER AVAILABLE INFORMATION AND CERTAIN RIGHTS OF THE MASTER SERVICER ................. 181
SECTION 8.16        RULE 144A INFORMATION ................................................................. 183
SECTION 8.17        INSPECTIONS ........................................................................... 184
SECTION 8.18        MODIFICATIONS, WAIVERS, AMENDMENTS, EXTENSIONS AND CONSENTS ........................... 184
SECTION 8.19        SPECIALLY SERVICED MORTGAGE LOANS ..................................................... 187
SECTION 8.20        REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE MASTER SERVICER ...................... 188
SECTION 8.21        MERGER OR CONSOLIDATION ............................................................... 189
SECTION 8.22        RESIGNATION OF MASTER SERVICER ........................................................ 189
SECTION 8.23        ASSIGNMENT OR DELEGATION OF DUTIES BY MASTER SERVICER ................................. 190
SECTION 8.24        LIMITATION ON LIABILITY OF THE MASTER SERVICER AND OTHERS ............................. 190
SECTION 8.25        INDEMNIFICATION; THIRD-PARTY CLAIMS ................................................... 193
SECTION 8.26        EXCHANGE ACT REPORTING ................................................................ 195
SECTION 8.27        COMPLIANCE WITH REMIC PROVISIONS ...................................................... 197
SECTION 8.28        TERMINATION ........................................................................... 197
SECTION 8.29        PROCEDURE UPON TERMINATION ............................................................ 199
SECTION 8.30        CERTAIN MATTERS RELATING TO CERTAIN MORTGAGE LOANS .................................... 202

                                   ARTICLE IX

       ADMINISTRATION AND SERVICING OF SPECIALLY SERVICED MORTGAGE LOANS
                              BY SPECIAL SERVICER

SECTION 9.1         DUTIES OF SPECIAL SERVICER ............................................................ 202
SECTION 9.2         FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE POLICY OF SPECIAL SERVICER ........... 203
SECTION 9.3         SUB-SERVICERS ......................................................................... 204
SECTION 9.4         SPECIAL SERVICER GENERAL POWERS AND DUTIES ............................................ 204
SECTION 9.5         "DUE-ON-SALE" CLAUSES; ASSIGNMENT AND ASSUMPTION AGREEMENTS; MODIFICATIONS
                    OF SPECIALLY SERVICED MORTGAGE LOANS; DUE-ON-ENCUMBRANCE CLAUSES ...................... 206
SECTION 9.6         RELEASE OF MORTGAGE FILES ............................................................. 210
SECTION 9.7         DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF SPECIAL SERVICER TO BE HELD
                    FOR THE TRUSTEE ....................................................................... 211
SECTION 9.8         REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SPECIAL SERVICER ..................... 212
SECTION 9.9         STANDARD HAZARD, FLOOD AND COMPREHENSIVE GENERAL LIABILITY INSURANCE
                    POLICIES .............................................................................. 213
SECTION 9.10        PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS ...................................... 215

                                      -iv-

<PAGE>

SECTION 9.11        COMPENSATION TO THE SPECIAL SERVICER .................................................. 215
SECTION 9.12        REALIZATION UPON DEFAULTED MORTGAGE LOANS ............................................. 216
SECTION 9.13        FORECLOSURE ........................................................................... 218
SECTION 9.14        OPERATION OF REO PROPERTY ............................................................. 219
SECTION 9.15        SALE OF REO PROPERTY .................................................................. 222
SECTION 9.16        REALIZATION ON COLLATERAL SECURITY .................................................... 223
SECTION 9.17        RESERVED .............................................................................. 223
SECTION 9.18        ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE ......................................... 223
SECTION 9.19        ANNUAL INDEPENDENT ACCOUNTANTS' SERVICING REPORT ...................................... 224
SECTION 9.20        MERGER OR CONSOLIDATION ............................................................... 224
SECTION 9.21        RESIGNATION OF SPECIAL SERVICER ....................................................... 225
SECTION 9.22        ASSIGNMENT OR DELEGATION OF DUTIES BY SPECIAL SERVICER ................................ 225
SECTION 9.23        LIMITATION ON LIABILITY OF THE SPECIAL SERVICER AND OTHERS ............................ 226
SECTION 9.24        INDEMNIFICATION; THIRD-PARTY CLAIMS ................................................... 228
SECTION 9.25        RESERVED .............................................................................. 230
SECTION 9.26        SPECIAL SERVICER MAY OWN CERTIFICATES ................................................. 230
SECTION 9.27        TAX REPORTING ......................................................................... 230
SECTION 9.28        APPLICATION OF FUNDS RECEIVED ......................................................... 230
SECTION 9.29        COMPLIANCE WITH REMIC PROVISIONS ...................................................... 230
SECTION 9.30        TERMINATION ........................................................................... 231
SECTION 9.31        PROCEDURE UPON TERMINATION ............................................................ 232
SECTION 9.32        CERTAIN SPECIAL SERVICER REPORTS ...................................................... 234
SECTION 9.33        SPECIAL SERVICER TO COOPERATE WITH THE MASTER SERVICER AND PAYING AGENT ............... 236
SECTION 9.34        RESERVED .............................................................................. 237
SECTION 9.35        RESERVED .............................................................................. 237
SECTION 9.36        SALE OF DEFAULTED MORTGAGE LOANS ...................................................... 237
SECTION 9.37        OPERATING ADVISER; ELECTIONS .......................................................... 239
SECTION 9.38        LIMITATION ON LIABILITY OF OPERATING ADVISER .......................................... 240
SECTION 9.39        DUTIES OF OPERATING ADVISER ........................................................... 241
SECTION 9.40        RIGHTS OF THE HOLDER OF A B NOTE ...................................................... 242

                                    ARTICLE X

                      PURCHASE AND TERMINATION OF THE TRUST

SECTION 10.1        TERMINATION OF TRUST UPON REPURCHASE OR LIQUIDATION OF ALL MORTGAGE LOANS ............. 243
SECTION 10.2        PROCEDURE UPON TERMINATION OF TRUST ................................................... 245
SECTION 10.3        ADDITIONAL TRUST TERMINATION REQUIREMENTS ............................................. 246

                                   ARTICLE XI

                          RIGHTS OF CERTIFICATEHOLDERS

SECTION 11.1        LIMITATION ON RIGHTS OF HOLDERS ....................................................... 247
SECTION 11.2        ACCESS TO LIST OF HOLDERS ............................................................. 247

                                      -v-

<PAGE>

SECTION 11.3        ACTS OF HOLDERS OF CERTIFICATES ....................................................... 248

                                   ARTICLE XII

                              REMIC ADMINISTRATION

SECTION 12.1        REMIC ADMINISTRATION .................................................................. 249
SECTION 12.2        PROHIBITED TRANSACTIONS AND ACTIVITIES ................................................ 254
SECTION 12.3        MODIFICATIONS OF MORTGAGE LOANS ....................................................... 254
SECTION 12.4        LIABILITY WITH RESPECT TO CERTAIN TAXES AND LOSS OF REMIC STATUS ...................... 255
SECTION 12.5        RESERVED .............................................................................. 255

                                  ARTICLE XIII

                            MISCELLANEOUS PROVISIONS

SECTION 13.1        BINDING NATURE OF AGREEMENT ........................................................... 255
SECTION 13.2        ENTIRE AGREEMENT ...................................................................... 255
SECTION 13.3        AMENDMENT ............................................................................. 255
SECTION 13.4        GOVERNING LAW ......................................................................... 257
SECTION 13.5        NOTICES ............................................................................... 258
SECTION 13.6        SEVERABILITY OF PROVISIONS ............................................................ 258
SECTION 13.7        INDULGENCES; NO WAIVERS ............................................................... 258
SECTION 13.8        HEADINGS NOT TO AFFECT INTERPRETATION ................................................. 259
SECTION 13.9        BENEFITS OF AGREEMENT ................................................................. 259
SECTION 13.10       SPECIAL NOTICES TO THE RATING AGENCIES ................................................ 259
SECTION 13.11       COUNTERPARTS .......................................................................... 261
SECTION 13.12       INTENTION OF PARTIES .................................................................. 261
SECTION 13.13       RECORDATION OF AGREEMENT .............................................................. 262
SECTION 13.14       RATING AGENCY MONITORING FEES ......................................................... 262
SECTION 13.15       ACKNOWLEDGEMENT BY PRIMARY SERVICERS .................................................. 262
</TABLE>

                                    -vi-

<PAGE>

<TABLE>
<CAPTION>

                             EXHIBITS AND SCHEDULES
<S>                     <C>
EXHIBIT A-1               Form of Class A-1 Certificate
EXHIBIT A-2               Form of Class A-2 Certificate
EXHIBIT A-3               Reserved
EXHIBIT A-4               Reserved
EXHIBIT A-5               Form of Class B Certificate
EXHIBIT A-6               Form of Class C Certificate
EXHIBIT A-7               Form of Class D Certificate
EXHIBIT A-8               Form of Class E Certificate
EXHIBIT A-9               Form of Class F Certificate
EXHIBIT A-10              Form of Class G Certificate
EXHIBIT A-11              Form of Class H Certificate
EXHIBIT A-12              Form of Class J Certificate
EXHIBIT A-13              Form of Class K Certificate
EXHIBIT A-14              Form of Class L Certificate
EXHIBIT A-15              Form of Class M Certificate
EXHIBIT A-16              Form of Class N Certificate
EXHIBIT A-17              Form of Class O Certificate
EXHIBIT A-18              Form of Class R-I Certificate
EXHIBIT A-19              Form of Class R-II Certificate
EXHIBIT A-20              Form of Class R-III Certificate
EXHIBIT A-21              Form of Class X-1 Certificate
EXHIBIT A-22              Form of Class X-2 Certificate
EXHIBIT B-1               Form of Initial Certification of Trustee (Section 2.2)
EXHIBIT B-2               Form of Final Certification of Trustee (Section 2.2)
EXHIBIT C                 Form of Request for Release
EXHIBIT D-1               Form of Transferor Certificate for Transfers to
                             Definitive Privately Offered Certificates
                             (Section 3.3(c))
EXHIBIT D-2A               Form I of Transferee Certificate for Transfers of Definitive Privately
                             Offered Certificates (Section 3.3(c))
EXHIBIT D-2B               Form II of Transferee Certificate for Transfers of Definitive Privately
                             Offered Certificates (Section 3.3(c))
EXHIBIT D-3A               Form I of Transferee Certificate for Transfers of Interests in Book-Entry
                             Privately Offered Certificates (Section 3.3(c))
EXHIBIT D-3B               Form II of Transferee Certificate for Transfers of Interests in Book-Entry
                             Privately Offered Certificates (Section 3.3(c))
EXHIBIT E-1                Form of Transfer Affidavit and Agreement (Section 3.3(e))
EXHIBIT E-2                Form of Transfer Affidavit and Agreement (Section 3.3(e))
EXHIBIT F                  Form of Regulation S Certificate
EXHIBIT G-1                Form of Principal Primary Servicing Agreement
EXHIBIT G-2                Form of JHREF Primary Servicing Agreement
EXHIBIT H                  Form of Exchange Certification
EXHIBIT I                  Form of EUROCLEAR or Clearstream Certificate (Section 3.7(d)
EXHIBIT J                  List of Loans as to Which Excess Servicing Fees Are Paid ("Excess Servicing Fee")

                                      -vii-

<PAGE>

EXHIBIT K-1                Form of Mortgage Loan Purchase Agreement I (BSCMI)
EXHIBIT K-2                Form of Mortgage Loan Purchase Agreement II (Wells Fargo)
EXHIBIT K-3                Form of Mortgage Loan Purchase Agreement III (Principal)
EXHIBIT K-4                Form of Mortgage Loan Purchase Agreement IV (MSDWMC)
EXHIBIT K-5                Form of Mortgage Loan Purchase Agreement V (JHREF)
EXHIBIT L                  Form of Inspection Report
EXHIBIT M                  Form of Monthly Certificateholders Reports (Section 5.4(a))
EXHIBIT N                  Form of Operating Statement Analysis Report
EXHIBIT O                  Reserved
EXHIBIT P                  Reserved
EXHIBIT Q                  Reserved
EXHIBIT R                  Reserved
EXHIBIT S-1                Form of Power of Attorney to Master Servicer (Section 8.3(c))
EXHIBIT S-2                Form of Power of Attorney to Special Servicer (Section 9.4(a)
EXHIBIT T                  Form of Debt Service Coverage Ratio Procedures
EXHIBIT U                  Form of Assignment and Assumption Submission to Special Servicer (Section 8.7(a))
EXHIBIT V                  Form of Additional Lien, Monetary Encumbrance and Mezzanine Financing Submission
                             Package to the Special Servicer (Section 8.7(e))
EXHIBIT W                  Restricted Servicer Reports
EXHIBIT X                  Unrestricted Servicer Reports
EXHIBIT Y                  Investor Certificate (Section 5.4(a))
EXHIBIT Z                  Form of Notice and Certification Regarding Defeasance of Mortgage Loans
EXHIBIT AA                 Form of Wells Fargo primary servicing agreement (Section 8.29(b))

SCHEDULE I                 BSCMI Loan Schedule
SCHEDULE II                Wells Fargo Loan Schedule
SCHEDULE III               Principal Loan Schedule
SCHEDULE IV                JHREF Loan Schedule
SCHEDULE V                 MSDWMC Loan Schedule
SCHEDULE VI                List of Escrow Accounts Not Currently Eligible
                             Accounts (Section 8.3(e))
SCHEDULE VII               Certain Escrow Accounts for Which a Report Under
                             Section 5.1(g) is Required
SCHEDULE VIII              List of Mortgagors that are Third-Party
                             Beneficiaries Under Section 2.3(a)
SCHEDULE IX -
SCHEDULE XV                Rates Used in Determination of Class X Pass-Through
                             Rates ("Class X-1 Strip Rate" and "Class X-2
                             Strip Rate")
SCHEDULE XVI               Mortgage Loans Secured by Mortgaged Properties
                             Covered by an Environmental Insurance Policy
SCHEDULE XVII              List of Mortgage Loans that have Scheduled Payments
                             after the end of a Collection Period
</TABLE>

                                     -viii-

<PAGE>

                  THIS POOLING AND SERVICING AGREEMENT is dated as of October 1,
2002 (this "Agreement") between BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES
INC., a Delaware corporation, as depositor (the "Depositor"), WELLS FARGO BANK,
NATIONAL ASSOCIATION, as master servicer (the "Master Servicer"), WELLS FARGO
BANK, NATIONAL ASSOCIATION, as special servicer (the "Special Servicer"),
LASALLE BANK NATIONAL ASSOCIATION, as trustee of the Trust (the "Trustee"), ABN
AMRO BANK N.V., only in its capacity as a fiscal agent pursuant to Article IV
hereof (the "Fiscal Agent") and WELLS FARGO BANK MINNESOTA, NATIONAL
ASSOCIATION, only in its capacity as paying agent (the "Paying Agent") and
certificate registrar.

                              PRELIMINARY STATEMENT

                  On the Closing Date, the Depositor will acquire the Mortgage
Loans from Principal Commercial Funding, LLC, as seller ("Principal"), Wells
Fargo Bank, National Association, as seller ("Wells Fargo"), Bear Stearns
Commercial Mortgage, Inc., as seller ("BSCMI"), John Hancock Real Estate
Finance, Inc., as seller ("JHREF"), and Morgan Stanley Dean Witter Mortgage
Capital Inc., as seller ("MSDWMC"), and will be the owner of the Mortgage Loans
and the other property being conveyed by it to the Trustee for inclusion in the
Trust which is hereby created. On the Closing Date, the Depositor will acquire
(i) the REMIC I Regular Interests and the Class R-I Certificate as consideration
for its transfer to the Trust of the Mortgage Loans; (ii) the REMIC II Regular
Interests and the Class R-II Certificates as consideration for its transfer of
the REMIC I Regular Interests to the Trust; and (iii) the REMIC III Certificates
as consideration for its transfer of the REMIC II Regular Interests to the
Trust. The Depositor has duly authorized the execution and delivery of this
Agreement to provide for the foregoing and the issuance of (A) the REMIC I
Regular Interests and the Class R-I Certificates representing in the aggregate
the entire beneficial ownership of REMIC I, (B) the REMIC II Regular Interests
and the Class R-II Certificates representing in the aggregate the entire
beneficial ownership of REMIC II and (C) the REMIC III Certificates representing
in the aggregate the entire beneficial ownership of REMIC III. All covenants and
agreements made by the Depositor and the Trustee herein with respect to the
Mortgage Loans and the other property constituting the Trust are for the benefit
of the Holders of the REMIC I Regular Interests, the REMIC II Regular Interests,
the Residual Certificates and the REMIC Regular Certificates. The parties hereto
are entering into this Agreement, and the Trustee is accepting the trusts
created hereby, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged.

                  The Class A, Class B, Class C and Class D Certificates will be
offered for sale pursuant to the prospectus (the "Prospectus") dated September
18, 2002, as supplemented by the preliminary prospectus supplement dated
September 18, 2002 (together with the Prospectus, the "Preliminary Prospectus
Supplement"), and as further supplemented by the final prospectus supplement
dated September 27, 2002 (together with the Prospectus, the "Final Prospectus
Supplement"), and the Class X-1, Class X-2, Class E, Class F, Class G, Class H,
Class J, Class K, Class L, Class M, Class N, Class O, Class R-I, Class R-II and
Class R-III Certificates will be offered for sale pursuant to a Private
Placement Memorandum dated September 27, 2002.

                  The following sets forth the Class designation, Pass-Through
Rate, initial Aggregate Certificate Balance (or initial Notional Amount) and
Final Scheduled Distribution

<PAGE>

Date for each Class of REMIC I Regular Interests and the Class R-I Certificates
comprising the interests in REMIC I, each Class of REMIC II Regular Interests
and the Class R-II Certificates comprising the interests in REMIC II and each
Class of REMIC III Certificates comprising the interests in REMIC III created
hereunder:

                                     REMIC I

                  Each REMIC I Regular Interest (a "Corresponding REMIC I
Regular Interest") will relate to a specific Mortgage Loan. Each Corresponding
REMIC I Regular Interest will have a pass-through rate equal to the REMIC I Net
Mortgage Rate of the related Mortgage Loan, an initial principal amount (the
initial "Certificate Balance") equal to the Scheduled Principal Balance as of
the Cut-Off Date (as herein defined) of the Mortgage Loan to which the
Corresponding REMIC I Regular Interest relates, and a latest possible maturity
date set to the Maturity Date (as defined herein) of the Mortgage Loan to which
the Corresponding REMIC I Regular Interest relates. The Class R-I Certificate
will be designated as the sole Class of residual interests in REMIC I and will
have no Certificate Balance and no Pass-Through Rate, but will be entitled to
receive the proceeds of any assets remaining in REMIC I after all Classes of
REMIC I Regular Interests have been paid in full.

                                    REMIC II

                  The REMIC II Regular Interests have the pass-through rates and
Certificate Balances set forth in the definition thereof. The Class R-II
Certificates will be designated as the sole Class of residual interests in REMIC
II and will have no Certificate Balance and no Pass-Through Rate, but will be
entitled to receive the proceeds of any assets remaining in REMIC II after all
Classes of REMIC II Regular Interests have been paid in full.

                                      -2-

<PAGE>

                                    REMIC III

 REMIC III                        Initial Aggregate
  Regular          Initial           Certificate
 Interest        Pass-Through     Principal Balance or         Final Scheduled
Designation        Rate(a)          Notional Amount         Distribution Date(b)
---------------    -------          ---------------         --------------------

Class A-1            4.06%            $185,535,000          December 15, 2011
Class A-2            4.83%            $538,794,000          September 15, 2012
Class X-1(c)         0.23%            $842,243,398          September 15, 2022
Class X-2(d)         2.34%            $775,603,000          October 15, 2010
Class B              4.94%             $25,267,000          March 15, 2013
Class C              5.22%             $28,426,000          October 15, 2015
Class D              5.42%              $9,475,000          October 15, 2015
Class E              5.91%             $11,581,000          October 15, 2015
Class F              6.11%              $6,317,000          October 15, 2015
Class G              6.45%              $4,211,000          October 15, 2015
Class H              6.00%              $8,422,000          October 15, 2015
Class J              6.00%              $3,159,000          March 15, 2016
Class K              6.00%              $4,211,000          March 15, 2017
Class L              6.00%              $3,158,000          June 15, 2017
Class M              6.00%              $3,159,000          June 15, 2017
Class N              6.00%              $2,105,000          August 15, 2017
Class O              6.00%              $8,423,398          September 15, 2022
Class R-III(e)        N/A                  N/A                        N/A

(a)               On each Distribution Date after the initial Distribution Date,
     the Pass-Through Rate for each Class of Certificates will be determined as
     described herein under the definition of "Pass-Through Rate." The initial
     Pass-Through Rates shown above for Class X-1 and Class X-2 are approximate.

(b)               The Final Scheduled Distribution Date for each Class of
     Certificates assigned a rating is the Distribution Date on which such Class
     is expected to be paid in full, assuming that timely payments (and no
     prepayments) will be made on the Mortgage Loans in accordance with their
     terms (except that each ARD Loan will be prepaid in full on its Anticipated
     Repayment Date).

(c)               Each Class X-1 Certificate represents ownership of multiple
     "regular interests" in REMIC III. The Class X-1 Certificates are comprised
     of the following regular interests:

          (1) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1A Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the Pass-Through Rate
          of the Class A-1 Certificates;

          (2) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1B Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule IX for such Distribution Date and (ii) the
          Pass-Through Rate of the Class A-1 Certificates;

          (3) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1C Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule X for such Distribution Date and (ii) the
          Pass-Through Rate of the Class A-1 Certificates;

          (4) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1D Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XI for such Distribution Date and (ii) the
          Pass-Through Rate of the Class A-1 Certificates;

                                      -3-

<PAGE>

          (5) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1E Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XII for such Distribution Date and (ii) the
          Pass-Through Rate of the Class A-1 Certificates;

          (6) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2A Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XII for such Distribution Date and (ii) the
          Pass-Through Rate of the Class A-2 Certificates;

          (7) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2B Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XIII for such Distribution Date and (ii)
          the Pass-Through Rate of the Class A-2 Certificates;

          (8) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2C Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XIV for such Distribution Date and (ii) the
          Pass-Through Rate of the Class A-2 Certificates;

          (9) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2D Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XV for such Distribution Date and (ii) the
          Pass-Through Rate of the Class A-2 Certificates;

          (10) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class B-2 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XV for such Distribution Date and (ii) the
          Pass-Through Rate of the Class B Certificates;

          (11) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class B-1 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XIV for such Distribution Date and (ii) the
          Pass-Through Rate of the Class B Certificates;

          (12) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class C-3 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XIV for such Distribution Date and (ii) the
          Pass-Through Rate of the Class C Certificates;

          (13) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class C-2 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XIII for such Distribution Date and (ii)
          the Pass-Through Rate of the Class C Certificates;

          (14) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class C-1 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XII for such Distribution Date and (ii) the
          Pass-Through Rate of the Class C Certificates;

          (15) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class D-2 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XII for such Distribution Date and (ii) the
          Pass-Through Rate of the Class D Certificates;

          (16) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class D-1 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XI for such Distribution Date and (ii) the
          Pass-Through Rate of the Class D Certificates;

          (17) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class E-2 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule XI for such Distribution Date and (ii) the
          Pass-Through Rate of the Class E Certificates;

          (18) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class E-1 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule X for such Distribution Date and (ii) the
          Pass-Through Rate of the Class E Certificates;

          (19) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class F Certificate and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule X for such Distribution Date and (ii) the
          Pass-Through Rate of the Class F Certificates;

          (20) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class G Certificate and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such

                                      -4-

<PAGE>

          Distribution Date over (y) the greater of (i) the rate shown on
          Schedule X for such Distribution Date and (ii) the Pass-Through Rate
          of the Class G Certificates;

          (21) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class H-2 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule X for such Distribution Date and (ii) the
          Pass-Through Rate of the Class H Certificates;

          (22) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class H-1 Component and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule IX for such Distribution Date and (ii) the
          Pass-Through Rate of the Class H Certificates;

          (23) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class J Certificates and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule IX for such Distribution Date and (ii) the
          Pass-Through Rate of the Class J Certificates;

          (24) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class K Certificates and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the greater of (i)
          the rate shown on Schedule IX for such Distribution Date and (ii) the
          Pass-Through Rate of the Class K Certificates;

          (25) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class L Certificates and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the Pass-Through Rate
          of the Class L Certificates;

          (26) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class M Certificates and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the Pass-Through Rate
          of the Class M Certificates;

          (27) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class N Certificates and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the Pass-Through Rate
          of the Class N Certificates; and

          (28) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class O Certificates and (B) one
          twelfth of the excess (if any) of (x) the Weighted Average REMIC I Net
          Mortgage Rate on such Distribution Date over (y) the Pass-Through Rate
          of the Class O Certificates.

(d)               Each Class X-2 Certificate represents ownership of multiple
     "regular interests" in REMIC III. The Class X-2 Certificates are comprised
     of the following regular interests:

          (1) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1B Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule IX for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class A-1 Certificates;

          (2) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1C Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule X for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class A-1 Certificates;

          (3) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1D Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XI for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class A-1 Certificates;

          (4) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-1E Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XII for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class A-1 Certificates;

          (5) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2A Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XII for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class A-2 Certificates;

          (6) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2B Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XIII for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class A-2 Certificates;

          (7) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2C Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XIV for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class A-2 Certificates;

          (8) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class A-2D Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XV for such

                                      -5-

<PAGE>
          Distribution Date and (y) the Weighted Average REMIC I Net Mortgage
          Rate on such Distribution Date, over (ii) the Pass-Through Rate of the
          Class A-2 Certificates;

          (9) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class B-2 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XV for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class B Certificates;

          (10) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class B-1 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XIV for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class B Certificates;

          (11) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class C-3 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XIV for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class C Certificates;

          (12) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class C-2 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XIII for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class C Certificates;

          (13) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class C-1 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XII for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class C Certificates;

          (14) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class D-2 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XII for such Distribution Date and (y) the Weighted
          Average REMIC I Net Mortgage Rate on such Distribution Date, over (ii)
          the Pass-Through Rate of the Class D Certificates;

          (15) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class D-1 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XI for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class D Certificates;

          (16) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class E-2 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule XI for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class E Certificates;

          (17) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class E-1 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule X for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class E Certificates;

          (18) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class F Certificates and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule X for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class F Certificates;

          (19) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class G Certificates and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule X for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class G Certificates;

          (20) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class H-2 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule X for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class H Certificates;

          (21) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class H-1 Component and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule IX for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class H Certificates;

          (22) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class J Certificates and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule IX for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class J Certificates; and

          (23) the right to receive, on each Distribution Date, the product of
          (A) the Certificate Balance of the Class K Certificates and (B) one
          twelfth of the excess (if any) of (i) the lesser of (x) the rate shown
          on Schedule IX for such Distribution Date and (y) the Weighted Average
          REMIC I Net Mortgage Rate on such Distribution Date, over (ii) the
          Pass-Through Rate of the Class K Certificates. After the Distribution
          Date in October 2004, payments made in respect of the Class A-1B
          Component, Class H-1 Component, Class J Certificates and Class K
          Certificates shall not be included in the calculation of the amount
          paid in respect of the Class X-2 Certificates. After the Distribution
          Date in October 2005, payments made in respect of the Class A-1C
          Component, Class E-1 Component, Class F Certificates, Class G
          Certificates and Class H-2 Component shall not be included in the
          calculation of the amount paid in respect of the Class X-2
          Certificates.

                                      -6-
<PAGE>

          After the Distribution Date in October 2006, payments made in respect
          of the Class A-1D Component, Class D-1 Component and Class E-2
          Component shall not be included in the calculation of the amount paid
          in respect of the Class X-2 Certificates. After the Distribution Date
          in October 2007, payments made in respect of the Class A-1E Component,
          Class A-2A Component, Class C-1 Component and Class D-2 Component
          shall not be included in the calculation of the amount paid in respect
          of the Class X-2 Certificates. After the Distribution Date in October
          2008, payments made in respect of the Class A-2B Component and Class
          C-2 Component shall not be included in the calculation of the amount
          paid in respect of the Class X-2 Certificates. After the Distribution
          Date in October 2009, payments made in respect of the Class A-2C
          Component, Class B-1 Component and Class C-3 Component shall not be
          included in the calculation of the amount paid in respect of the Class
          X-2 Certificates.

(e)               The Class R-III Certificates will be entitled to receive the
     proceeds of any remaining assets in REMIC III after the principal amounts
     of all Classes of Certificates have been reduced to zero and any Realized
     Losses previously allocated thereto (and any interest thereon) have been
     reimbursed.

                  As of the Cut-Off Date, the Mortgage Loans had an Aggregate
Principal Balance of $842,243,398.

                  As provided herein, with respect to the Trust, the Paying
Agent on behalf of the Trustee will make an election for the segregated pool of
assets described in the first paragraph of Section 12.1(a) hereof (including the
Mortgage Loans) to be treated for federal income tax purposes as a real estate
mortgage investment conduit ("REMIC I"). The REMIC I Regular Interests will be
designated as the "regular interests" in REMIC I and the Class R-I Certificates
will be designated as the sole Class of "residual interests" in REMIC I.

                  As provided herein, with respect to the Trust, the Paying
Agent on behalf of the Trustee will make an election for the segregated pool of
assets described in the second paragraph of Section 12.1(a) hereof consisting of
the REMIC I Regular Interests to be treated for federal income tax purposes as a
real estate mortgage investment conduit ("REMIC II"). The REMIC II Regular
Interests will be designated as the "regular interests" in REMIC II and the
Class R-II Certificates will be designated as the sole Class of "residual
interests" in REMIC II for purposes of the REMIC Provisions.

                  As provided herein, with respect to the Trust, the Paying
Agent on behalf of the Trustee will make an election for the segregated pool of
assets described in the third paragraph of Section 12.1(a) hereof consisting of
the REMIC II Regular Interests to be treated for federal income tax purposes as
a real estate mortgage investment conduit ("REMIC III"). The REMIC III Regular
Interests will be designated as the "regular interests" in REMIC III and the
Class R-III Certificates (together with the REMIC Regular Certificates, the
"REMIC III Certificates") will be designated as the sole Class of "residual
interests" in REMIC III for purposes of the REMIC Provisions.

                                   ARTICLE I

                                   DEFINITIONS

SECTION 1.1 DEFINITIONS. Whenever used in this Agreement, the following words
and phrases, unless the context otherwise requires, shall have the following
meanings:

                                      -7-

<PAGE>

                  "A NOTE" means, with respect to any A/B Mortgage Loan, the
Mortgage Note included in the Trust, which is senior in right of payment to the
related B Note to the extent set forth in the related Intercreditor Agreement.
There are no A Notes in the Trust.

                  "A/B LOAN CUSTODIAL ACCOUNT" means each of the custodial
sub-account(s) of the Certificate Account (but which are not included in the
Trust) created and maintained by the Master Servicer pursuant to Section 5.1(c)
on behalf of the holder of the related B Note. Any such sub-account(s) shall be
maintained as a sub-account of an Eligible Account.

                  "A/B MORTGAGE LOAN" means any mortgage loan designated as an
A/B Mortgage Loan on the Mortgage Loan Schedule. References herein to an A/B
Mortgage Loan shall be construed to refer to the aggregate indebtedness under
the related A Note and the related B Note. There are no A/B Mortgage Loans in
the Trust.

                  "ACCOUNTANT" means a person engaged in the practice of
accounting who is Independent.

                  "ACCRUED CERTIFICATE INTEREST" means with respect to each
Distribution Date and any Class of Interests or Principal Balance Certificates,
other than the Class X Certificates, the Class R-I Certificates, the Class R-II
Certificates and the Class R-III Certificates, interest accrued during the
Interest Accrual Period relating to such Distribution Date on the Aggregate
Certificate Balance of such Class or Interest as of the close of business on the
immediately preceding Distribution Date at the respective rates per annum set
forth in the definition of the applicable Pass-Through Rate for each such Class.
Accrued Certificate Interest on the Class X-1 Certificates for each Distribution
Date will equal the Class X-1 Interest Amount. Accrued Certificate Interest on
the Class X-2 Certificates for each Distribution Date will equal the Class X-2
Interest Amount.

                  "ACQUISITION DATE" means the date upon which, under the Code
(and in particular the REMIC Provisions and Section 856(e) of the Code), the
Trust or a REMIC Pool is deemed to have acquired a Mortgaged Property (or an
interest therein, in the case of the Mortgaged Properties securing any A/B
Mortgage Loan or the 2002-IQ2 Mortgage Loan and the Pari Passu Loan).

                  "ADDITIONAL TRUST EXPENSE" means any of the following items:
(i) Special Servicing Fees (other than the Special Servicing Stand-by Fee),
Work-Out Fees and Liquidation Fees (to the extent not collected from the related
Mortgagor), (ii) Advance Interest that cannot be paid in accordance with Section
4.6(c); (iii) amounts paid to indemnify the Master Servicer, the Special
Servicer, any Primary Servicer, the 2002-IQ2 Master Servicer, the 2002-IQ2
Special Servicer, the Trustee, the Paying Agent, the Fiscal Agent (or any other
Person) pursuant to the terms of this Agreement; (iv) to the extent not
otherwise paid, any federal, state, or local taxes imposed on the Trust or its
assets and paid from amounts on deposit in the Certificate Account or
Distribution Account, (v) the amount of any Advance that is not recovered from
the proceeds of a Mortgage Loan upon a Final Recovery Determination and (vi) to
the extent not included in the calculation of a Realized Loss and not covered by
indemnification by one of the parties hereto or otherwise, any other
unanticipated cost, liability, or expense (or portion thereof) of the Trust
(including costs of collecting such amounts or other Additional Trust Expenses)
which the Trust

                                      -8-

<PAGE>

has not recovered, and in the judgment of the Master Servicer (or Special
Servicer, in the case of a Specially Serviced Mortgage Loan) will not, recover
from the related Mortgagor or Mortgaged Property or otherwise, including a
Modification Loss described in clause (ii) of the definition thereof; provided,
however, that, in the case of an A/B Mortgage Loan, "Additional Trust Expense"
shall not include any of the foregoing amounts that have been recovered from the
related Mortgagor or Mortgaged Property as a result of the subordination of the
related B Note. Notwithstanding anything to the contrary, "Additional Trust
Expenses" shall not include allocable overhead of the Master Servicer, the
Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or
the Fiscal Agent, such as costs for office space, office equipment, supplies and
related expenses, employee salaries and related expenses, and similar internal
costs and expenses.

                  "ADMINISTRATIVE COST RATE" means the sum of the Master
Servicing Fee Rate, the Primary Servicing Fee Rate, the Excess Servicing Fee
Rate, the Special Servicing Stand-by Fee Rate and the Trustee Fee Rate and in
the case of a Pari Passu Loan, the Pari Passu Loan Servicing Fee Rate and any
other trustee fee rate payable therefrom.

                  "ADVANCE" means either a P&I Advance or a Servicing Advance.

                  "ADVANCE INTEREST" means interest payable to the Master
Servicer, the Trustee or the Fiscal Agent on outstanding Advances pursuant to
Section 4.5 of this Agreement and any interest payable to the 2002-IQ2 Master
Servicer, the 2002-IQ2 Trustee or the 2002-IQ2 Fiscal Agent with respect to Pari
Passu Loan Nonrecoverable P&I Advances and Pari Passu Nonrecoverable Servicing
Advances pursuant to Section 4.4(b) hereof.

                  "ADVANCE RATE" means a per annum rate equal to the Prime Rate
as published in the "Money Rates" section of The Wall Street Journal from time
to time or such other publication as determined by the Trustee in its reasonable
discretion.

                  "ADVANCE REPORT DATE" means the second Business Day prior to
each Distribution Date.

                  "ADVERSE REMIC EVENT" means any action that, under the REMIC
Provisions, if taken or not taken, as the case may be, would either (i) endanger
the status of any REMIC as a REMIC or (ii) subject to Section 9.14(e), result in
the imposition of a tax upon the income of any REMIC or any of their respective
assets or transactions, including (without limitation) the tax on prohibited
transactions as defined in Code Section 860F(a)(2) and the tax on prohibited
contributions set forth in Section 860G(d) of the Code.

                  "AFFILIATE" means, 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.

                  "AGGREGATE CERTIFICATE BALANCE" means the aggregate of the
Certificate Balances of the Principal Balance Certificates, the REMIC I Regular
Interests or the REMIC II

                                       -9-

<PAGE>

Regular Interests, as the case may be, at any date of determination. With
respect to a Class of Principal Balance Certificates, REMIC I Regular Interests
or REMIC II Regular Interests, Aggregate Certificate Balance shall mean the
aggregate of the Certificate Balances of all Certificates or Interests, as the
case may be, of that Class at any date of determination.

                  "AGGREGATE PRINCIPAL BALANCE" means, at the time of any
determination and as the context may require, the aggregate of the Scheduled
Principal Balances for all Mortgage Loans.

                  "AGREEMENT" means this Pooling and Servicing Agreement and all
amendments and supplements hereto.

                  "ANTICIPATED REPAYMENT DATE" means, with respect to the ARD
Loans, the anticipated maturity date set forth in the related Mortgage Note.

                  "APPRAISAL" means an appraisal by an Independent licensed MAI
appraiser having at least five years experience in appraising property of the
same type as, and in the same geographic area as, the Mortgaged Property being
appraised, which appraisal complies with the Uniform Standards of Professional
Appraisal Practices and states the "market value" of the subject property as
defined in 12 C.F.R. ss. 225.62.

                  "APPRAISAL EVENT" means, with respect to any Mortgage Loan,
not later than the earliest of (i) the date 120 days after the occurrence of any
delinquency in payment with respect to such Mortgage Loan if such delinquency
remains uncured, (ii) the date 30 days after receipt of notice that the related
Mortgagor has filed a bankruptcy petition or the related Mortgagor has become
the subject of involuntary bankruptcy proceedings or the related Mortgagor has
consented to the filing of a bankruptcy proceeding against it or a receiver is
appointed in respect of the related Mortgaged Property, provided such petition
or appointment is still in effect, (iii) the date that is 30 days following the
date the related Mortgaged Property becomes an REO Property and (iv) the
effective date of any modification to a Money Term of a Mortgage Loan, other
than an extension of the date that a Balloon Payment is due for a period of less
than six months from the original due date of such Balloon Payment.

                  "APPRAISAL REDUCTION" means, with respect to any Required
Appraisal Loan with respect to which an Appraisal or internal valuation is
performed pursuant to Section 6.9, an amount equal to the excess of (A) the sum,
as of the first Determination Date that is at least 15 days after the date on
which the Appraisal or internal valuation is obtained or performed, of (i) the
Scheduled Principal Balance of such Mortgage Loan (or, in the case of an REO
Property, the related REO Mortgage Loan) less the principal amount of any
guaranty or surety bond with a rating of at least "BBB-" (or its equivalent) by
a nationally recognized statistical rating organization and the undrawn
principal amount of any letter of credit or debt service reserve, if applicable,
that is then securing such Mortgage Loan, (ii) to the extent not previously
advanced by the Master Servicer, the Trustee or the Fiscal Agent, all accrued
and unpaid interest on such Mortgage Loan at a per annum rate equal to the
Mortgage Rate, (iii) all unreimbursed Advances and interest on Advances at the
Advance Rate with respect to such Mortgage Loan, and (iv) to the extent funds on
deposit in any applicable Escrow Accounts are not sufficient therefor, and to
the extent not previously advanced by the Master Servicer, the Trustee or the
Fiscal Agent, all

                                      -10-

<PAGE>

currently due and unpaid real estate taxes and assessments, insurance premiums
and, if applicable, ground rents and other amounts which were required to be
deposited in any Escrow Account (but were not deposited) in respect of such
Mortgaged Property or REO Property, as the case may be, over (B) 90% of the
Appraised Value (net of any prior mortgage liens) of such Mortgaged Property or
REO Property as determined by such Appraisal or internal valuation, as the case
may be, plus the full amount of any escrows held by or on behalf of the Trustee
as security for the Mortgage Loan (less the estimated amount of the obligations
anticipated to be payable in the next twelve months to which such escrows
relate). Each Appraisal or internal valuation for a Required Appraisal Loan
shall be updated annually. The Appraisal Reduction for each Required Appraisal
Loan will be recalculated based on subsequent Appraisals, internal valuations or
updates. Any Appraisal Reduction for any Mortgage Loan shall be reduced to
reflect any Realized Principal Losses on the Required Appraisal Loan. Each
Appraisal Reduction will be reduced to zero as of the date the related Mortgage
Loan is brought current under the then current terms of the Mortgage Loan for at
least three consecutive months, and no Appraisal Reduction will exist as to any
Mortgage Loan after it has been paid in full, liquidated, repurchased or
otherwise disposed of. Any Appraisal Reduction in respect of the Pari Passu Loan
shall be calculated in accordance with the 2002-IQ2 Pooling and Servicing
Agreement based upon the applicable allocation of the items set forth in clauses
(A) and (B) above between the Pari Passu Loan and the 2002-IQ2 Mortgage Loan.

                  "APPRAISED VALUE" means, (i) with respect to any Mortgaged
Property (other than the Mortgaged Property relating to a Pari Passu Loan), the
appraised value thereof determined by an Appraisal of the Mortgaged Property
securing such Mortgage Loan made by an Independent appraiser selected by the
Master Servicer or the Special Servicer, as applicable or, in the case of an
internal valuation performed by the Special Servicer pursuant to Section 6.9,
the value of the Mortgaged Property determined by such internal valuation and
(ii) with respect to the Mortgaged Property relating to a Pari Passu Loan, the
portion of the appraised value allocable thereto.

                  "ARD LOAN" means any Mortgage Loan designated as such on the
Mortgage Loan Schedule. There are no ARD Loans in the Trust.

                  "ASSIGNMENT OF LEASES" means, with respect to any Mortgage
Loan, any assignment of leases, rents and profits or equivalent instrument,
whether contained in the related Mortgage or executed separately, assigning to
the holder or holders of such Mortgage all of the related Mortgagor's interest
in the leases, rents and profits derived from the ownership, operation, leasing
or disposition of all or a portion of the related Mortgaged Property as security
for repayment of such Mortgage Loan.

                  "ASSIGNMENT OF MORTGAGE" means an assignment of the Mortgage,
notice of transfer or equivalent instrument, in recordable form, sufficient
under the laws of the jurisdiction wherein the related Mortgaged Property is
located to reflect the transfer of the Mortgage to the Trustee, which
assignment, notice of transfer or equivalent instrument may be in the form of
one or more blanket assignments covering the Mortgage Loans secured by Mortgaged
Properties located in the same jurisdiction, if permitted by law.

                                      -11-

<PAGE>

                  "ASSUMED SCHEDULED PAYMENT" means: (i) with respect to any
Balloon Mortgage Loan for its Maturity Date (provided that such Mortgage Loan
has not been paid in full, and no Final Recovery Determination or other sale or
liquidation has occurred in respect thereof, on or before the end of the
Collection Period in which such Maturity Date occurs) and for any subsequent Due
Date therefor as of which such Mortgage Loan remains outstanding and part of the
Trust, if no Scheduled Payment (other than the related delinquent Balloon
Payment) is due for such Due Date, the scheduled monthly payment of principal
and interest deemed to be due in respect thereof on such Due Date equal to the
Scheduled Payment that would have been due in respect of such Mortgage Loan on
such Due Date, if it had been required to continue to accrue interest in
accordance with its terms, and to pay principal in accordance with the
amortization schedule in effect immediately prior to, and without regard to the
occurrence of, its most recent Maturity Date (as such may have been extended in
connection with a bankruptcy or similar proceeding involving the related
Mortgagor or a modification, waiver or amendment of such Mortgage Loan granted
or agreed to by the Master Servicer or the Special Servicer pursuant to the
terms hereof), and (ii) with respect to any REO Mortgage Loan for any Due Date
therefor as of which the related REO Property remains part of the Trust, the
scheduled monthly payment of principal and interest deemed to be due in respect
thereof on such Due Date equal to the Scheduled Payment (or, in the case of a
Balloon Mortgage Loan described in the preceding clause of this definition, the
Assumed Scheduled Payment) that was due in respect of the related Mortgage Loan
on the last Due Date prior to its becoming an REO Mortgage Loan. The amount of
the Assumed Scheduled Payment for any A Note shall be calculated solely by
reference to the terms of such A Note (as modified in connection with any
bankruptcy or similar proceeding involving the related Mortgagor or pursuant to
a modification, waiver or amendment of such Mortgage Loan granted or agreed to
by the Master Servicer or the Special Servicer pursuant to the terms hereof) and
without regard to the remittance provisions of the related Intercreditor
Agreement.

                  "AUTHENTICATING AGENT" means any authenticating agent serving
in such capacity pursuant to Section 7.10.

                  "AUTHORIZED OFFICER" means any Person that may execute an
Officer's Certificate on behalf of the Depositor.

                  "AVAILABLE ADVANCE REIMBURSEMENT AMOUNT" has the meaning set
forth in Section 4.6(a).

                  "AVAILABLE DISTRIBUTION AMOUNT" means, with respect to any
Distribution Date, an amount equal to the aggregate of (a) all amounts on
deposit in the Distribution Account as of the commencement of business on such
Distribution Date that represent payments and other collections on or in respect
of the Mortgage Loans and any REO Properties that were received by the Master
Servicer or the Special Servicer through the end of the related Collection
Period exclusive of (i) any such amounts that were deposited in the Distribution
Account in error, (ii) amounts that are payable or reimbursable to any Person
other than the Certificateholders (including amounts payable to the Master
Servicer in respect of unpaid Master Servicing Fees, any Primary Servicer in
respect of unpaid Primary Servicing Fees, the Special Servicer in respect of
unpaid Special Servicer Compensation, the Trustee in respect of unpaid Trustee
Fees, the Paying Agent in respect of unpaid Paying Agent Fees or to the parties
entitled thereto in respect

                                      -12-

<PAGE>

of the unpaid Excess Servicing Fees), (iii) amounts that constitute Prepayment
Premiums, (iv) if such Distribution Date occurs during January, other than in a
leap year, or February of any year, the Interest Reserve Amounts with respect to
Interest Reserve Loans deposited in the Interest Reserve Account, (v) in the
case of each REO Property related to an A/B Mortgage Loan, all amounts received
with respect to such A/B Mortgage Loan that are required to be paid to the
holder of the related B Note pursuant to the terms of the related B Note and the
related Intercreditor Agreement (which amounts will be deposited into the
related A/B Loan Custodial Account pursuant to Section 5.1(c) and withdrawn from
such account pursuant to Section 5.2(a)) and (vi) Scheduled Payments collected
but due on a Due Date subsequent to the related Collection Period and (b) if and
to the extent not already among the amounts described in clause (a), (i) the
aggregate amount of any P&I Advances made by the Master Servicer, the Trustee or
the Fiscal Agent for such Distribution Date pursuant to Section 4.1 and/or
Section 4.3 (and any P&I Advances made by the 2002-IQ2 Master Servicer, the
2002-IQ2 Fiscal Agent or the 2002-IQ2 Trustee in respect of the Pari Passu
Loan), (ii) the aggregate amount of any Compensating Interest payments made by
the Master Servicer for such Distribution Date pursuant to the terms hereof, and
(iii) if such Distribution Date occurs in March of any year, commencing March
2003, the aggregate of the Interest Reserve Amounts then held on deposit in the
Interest Reserve Account in respect of each Interest Reserve Loan.

                  "B NOTE" means, with respect to any A/B Mortgage Loan, the
related Mortgage Note not included in the Trust, which is subordinated in right
of payment to the related A Note to the extent set forth in the related
Intercreditor Agreement. There are no B Notes related to the Trust.

                  "BALLOON MORTGAGE LOAN" means a Mortgage Loan that provides
for Scheduled Payments based on an amortization schedule that is significantly
longer than its term to maturity and that is expected to have a remaining
principal balance equal to or greater than 5% of its original principal balance
as of its stated maturity date, unless prepaid prior thereto.

                  "BALLOON PAYMENT" means, with respect to any Balloon Mortgage
Loan, the Scheduled Payment payable on the Maturity Date of such Mortgage Loan.

                  "BANKRUPTCY LOSS" means a loss arising from a proceeding under
the United States Bankruptcy Code or any other similar state law or other
proceeding with respect to the Mortgagor of, or Mortgaged Property under, a
Mortgage Loan, including, without limitation, any Deficient Valuation Amount or
losses, if any, resulting from any Debt Service Reduction Amount for the month
in which the related Remittance Date occurs.

                  "BASE INTEREST FRACTION" means, with respect to any Principal
Prepayment of any Mortgage Loan that provides for payment of a Prepayment
Premium, and with respect to any Class of Certificates, a fraction (A) whose
numerator is the greater of (x) zero and (y) the difference between (i) the
Pass-Through Rate on that Class of Certificates and (ii) the Discount Rate used
in calculating the Prepayment Premium with respect to the Principal Prepayment
(or the current Discount Rate if not used in such calculation) and (B) whose
denominator is the difference between (i) the Mortgage Rate on the related
Mortgage Loan and (ii) the Discount Rate used in calculating the Prepayment
Premium with respect to that Principal Prepayment (or the current Discount Rate
if not used in such calculation), provided, however, that under

                                      -13-

<PAGE>

no circumstances will the Base Interest Fraction be greater than one. If the
Discount Rate referred to above is greater than the Mortgage Rate on the related
Mortgage Loan, then the Base Interest Fraction will equal zero.

                  "BENEFIT PLAN OPINION" means an Opinion of Counsel
satisfactory to the Paying Agent and the Master Servicer to the effect that any
proposed transfer will not (i) cause the assets of any REMIC to be regarded as
plan assets for purposes of the Plan Asset Regulations or (ii) give rise to any
fiduciary duty on the part of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent, the Certificate Registrar or the Fiscal
Agent.

                  "BOOK-ENTRY CERTIFICATES" means certificates evidencing a
beneficial interest in a Class of Certificates, ownership and transfer of which
shall be made through book entries as described in Section 3.7; provided, that
after the occurrence of a condition whereupon book-entry registration and
transfer are no longer authorized and Definitive Certificates are to be issued
to the Certificate Owners, such certificates shall no longer be "Book-Entry
Certificates."

                  "BSCMI" has the meaning set forth in the Preliminary Statement
hereto.

                  "BSCMI LOANS" means, collectively, those Mortgage Loans sold
to the Depositor pursuant to the Mortgage Loan Purchase Agreement I and shown on
Schedule I hereto.

                  "BUSINESS DAY" means any day other than (i) a Saturday or a
Sunday, (ii) a legal holiday in New York, New York, Boston, Massachusetts (but
only with respect to matters related to the performance of obligations delegated
to JHREF as Primary Servicer under the related Primary Servicing Agreement),
Chicago, Illinois, Des Moines, Iowa (but only with respect to matters related to
the performance of obligations of Principal Global Investors, LLC, formerly
known as Principal Capital Management, LLC as Primary Servicer under the related
Primary Servicing Agreement), San Francisco, California or the principal cities
in which the Special Servicer, the Trustee, the Paying Agent or the Master
Servicer conducts servicing or trust operations, or (iii) a day on which banking
institutions or savings associations in Minneapolis, Minnesota, Columbia,
Maryland, New York, New York, Chicago, Illinois or San Francisco, California are
authorized or obligated by law or executive order to be closed.

                  "CASH LIQUIDATION" means, as to any Defaulted Mortgage Loan
other than a Mortgage Loan with respect to which the related Mortgaged Property
became REO Property, the sale of such Defaulted Mortgage Loan. The Master
Servicer shall maintain records in accordance with the Servicing Standard (and,
in the case of Specially Serviced Mortgage Loans, based on the written reports
with respect to such Cash Liquidation delivered by the Special Servicer to the
Master Servicer), of each Cash Liquidation.

                  "CERCLA" means the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended (42 U.S.C. ss. 9601, et
seq.).

                  "CERTIFICATE ACCOUNT" means one or more separate accounts
established and maintained by the Master Servicer (or any Sub-Servicer or
Primary Servicer on behalf of the Master Servicer) pursuant to Section 5.1(a),
each of which shall be an Eligible Account.

                                      -14-

<PAGE>

                  "CERTIFICATE BALANCE" means, with respect to any Certificate
or Interest (other than the Class X Certificates and the Residual Certificates)
as of any Distribution Date, the maximum specified dollar amount of principal to
which the Holder thereof is then entitled hereunder, such amount being equal to
the initial principal amount set forth on the face of such Certificate (in the
case of a Certificate), or as ascribed thereto herein (in the case of an
Interest), minus (i) the amount of all principal distributions previously made
with respect to such Certificate pursuant to Section 6.5(a) or deemed to have
been made with respect to such Interest pursuant to Section 6.2(a) or Section
6.3(a), as the case may be and (ii) all Realized Losses allocated or deemed to
have been allocated to such Interest or Certificate in reduction of Certificate
Balance pursuant to Section 6.6. The Certificate Balance of the Class A-1A
Component, the Class A-1B Component, the Class A-1C Component, the Class A-1D
Component and the Class A-1E Component shall equal the Certificate Balance of
the REMIC II Regular Interest A-1A, the REMIC II Regular Interest A-1B, the
REMIC II Regular Interest A-1C, the REMIC II Regular Interest A-1D and the REMIC
II Regular Interest A-1E, respectively. The Certificate Balance of the Class
A-2A Component, the Class A-2B Component, the Class A-2C and the Class A-2D
Component shall equal the Certificate Balance of the REMIC II Regular Interest
A-2A, the REMIC II Regular Interest A-2B, the REMIC II Regular Interest A-2C and
the REMIC II Regular Interest A-2D, respectively. The Certificate Balance of the
Class B-1 Component and the Class B-2 Component shall equal the Certificate
Balance of the REMIC II Regular Interest B-1 and the REMIC II Regular Interest
B-2, respectively. The Certificate Balance of the Class C-1 Component, the Class
C-2 Component and the Class C-3 Component shall equal the Certificate Balance of
the REMIC II Regular Interest C-1, the REMIC II Regular Interest C-2 and the
REMIC II Regular Interest C-3, respectively. The Certificate Balance of the
Class D-1 Component and the Class D-2 Component shall equal the Certificate
Balance of the REMIC II Regular Interest D-1 and the REMIC II Regular Interest
D-2, respectively. The Certificate Balance of the Class E-1 Component and the
Class E-2 Component shall equal the Certificate Balance of the REMIC II Regular
Interest E-1 and the REMIC II Regular Interest E-2, respectively. The
Certificate Balance of the Class H-1 Component and the Class H-2 Component shall
equal the Certificate Balance of the REMIC II Regular Interest H-1 and the REMIC
II Regular Interest H-2, respectively.

                  "CERTIFICATE OWNER" means, with respect to a Book-Entry
Certificate, the Person who is the beneficial owner of such Book-Entry
Certificate, as may be reflected on the books of the Clearing Agency, or on the
books of a Person maintaining an account with such Clearing Agency (directly or
as an indirect participant, in accordance with the rules of such Clearing
Agency).

                  "CERTIFICATE REGISTER" has the meaning set forth in Section
3.2.

                  "CERTIFICATE REGISTRAR" means the registrar appointed pursuant
to Section 3.2 and initially shall be the Paying Agent.

                  "CERTIFICATEHOLDERS" has the meaning set forth in the
definition of "Holder."

                  "CERTIFICATES" means, collectively, the REMIC III
Certificates, the Class R-I Certificates and the Class R-II Certificates.

                                      -15-

<PAGE>

                  "CERTIFICATION PARTIES" has the meaning set forth in Section
8.26(b).

                  "CERTIFYING PERSON" has the meaning set forth in Section
8.26(b).

                  "CLASS" means, with respect to the REMIC I Interests, REMIC II
Interests or REMIC III Certificates, any Class of such Certificates or
Interests.

                  "CLASS A-1 CERTIFICATES," "CLASS A-2 CERTIFICATES," "CLASS X-1
CERTIFICATES," "CLASS X-2 CERTIFICATES," "CLASS B CERTIFICATES," "CLASS C
CERTIFICATES," "CLASS D CERTIFICATES," "CLASS E CERTIFICATES," "CLASS F
CERTIFICATES," "CLASS G CERTIFICATES," "CLASS H CERTIFICATES," "CLASS J
CERTIFICATES," "CLASS K CERTIFICATES," "CLASS L CERTIFICATES," "CLASS M
CERTIFICATES," "CLASS N CERTIFICATES," "CLASS O CERTIFICATES," "CLASS R-I
CERTIFICATES," "CLASS R-II CERTIFICATES," or "CLASS R-III CERTIFICATES," mean
the Certificates designated as "Class A-1," "Class A-2," "Class X-1," "Class
X-2," "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 O," "Class
R-I," "Class R-II" and "Class R-III" respectively, on the face thereof, in
substantially the form attached hereto as Exhibits.

                  "CLASS A CERTIFICATES" means the Class A-1 Certificates and
the Class A-2 Certificates, collectively.

                  "CLASS A-1A COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-1 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-1A.

                  "CLASS A-1B COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-1 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-1B.

                  "CLASS A-1C COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-1 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-1C.

                  "CLASS A-1D COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-1 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-1D.

                  "CLASS A-1E COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-1 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-1E.

                  "CLASS A-2A COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-2 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-2A.

                  "CLASS A-2B COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-2 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-2B.

                                      -16-

<PAGE>

                  "CLASS A-2C COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-2 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-2C.

                  "CLASS A-2D COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class A-2 Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest A-2D.

                  "CLASS B-1 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class B Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest B-1.

                  "CLASS B-2 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class B Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest B-2.

                  "CLASS C-1 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class C Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest C-1.

                  "CLASS C-2 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class C Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest C-2.

                  "CLASS C-3 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class C Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest C-3.

                  "CLASS D-1 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class D Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest D-1.

                  "CLASS D-2 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class D Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest D-2.

                  "CLASS E-1 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class E Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest E-1.

                  "CLASS E-2 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class E Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest E-2.

                  "CLASS H-1 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class H Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest H-1.

                                      -17-

<PAGE>

                  "CLASS H-2 COMPONENT" means a component of the beneficial
interest in REMIC III evidenced by the Class H Certificates, which component
represents a Certificate Balance equal to the Certificate Balance of the REMIC
II Regular Interest H-2.

                  "CLASS X CERTIFICATES" means the Class X-1 Certificates and
the Class X-2 Certificates.

                  "CLASS X-1 INTEREST AMOUNT" means, with respect to any
Distribution Date and the related Interest Accrual Period, interest equal to the
product of (i) one-twelfth of a per annum rate equal to the weighted average of
the Class X-1 Strip Rates for the Class A-1A Component, Class A-1B Component,
Class A-1C Component, Class A-1D Component, Class A-1E Component, Class A-2A
Component, Class A-2B Component, Class A-2C Component, Class A-2D Component,
Class B-1 Component, Class B-2 Component, Class C-1 Component, Class C-2
Component, Class C-3 Component, Class D-1 Component, Class D-2 Component, Class
E-1 Component, Class E-2 Component, Class F Certificates, Class G Certificates,
Class H-1 Component, Class H-2 Component, Class J Certificates, Class K
Certificates, Class L Certificates, Class M Certificates, Class N Certificates
and Class O Certificates, weighted on the basis of the respective Certificate
Balances of such Classes of Certificates or such Components immediately prior to
such Distribution Date and (ii) the Class X-1 Notional Amount for such
Distribution Date.

                  "CLASS X-1 NOTIONAL AMOUNT" means, with respect to any
Distribution Date, the aggregate of the Certificate Balances of the Principal
Balance Certificates as of the close of business on the preceding Distribution
Date.

                  "CLASS X-1 STRIP RATE" means, with respect to any Class of
Certificates (other than the Class A-1, Class A-2, Class B, Class C, Class D,
Class E, Class H, Class X and the Residual Certificates), the Class A-1A
Component, the Class A-1B Component, the Class A-1C Component, the Class A-1D
Component, the Class A-1E Component, the Class A-2A Component, the Class A-2B
Component, the Class A-2C Component, the Class A-2D Component, the Class B-1
Component, the Class B-2 Component, the Class C-1 Component, the Class C-2
Component, the Class C-3 Component, the Class D-1 Component, the Class D-2
Component, the Class E-1 Component, the Class E-2 Component, the Class H-1
Component and the Class H-2 Component:

                  (A) for any Distribution Date occurring on or before October
2004, the excess, if any, of (i) the Weighted Average REMIC I Net Mortgage Rate
for such Distribution Date over (ii) (x) in the case of the Class A-1A
Component, the Class L Certificates, Class M Certificates, Class N Certificates
and Class O Certificates, the Pass-Through Rate for such Class of Certificates
or such Component and (y) in the case of the Class A-1B Component, Class A-1C
Component, Class A-1D Component, Class A-1E Component, Class A-2A Component,
Class A-2B Component, Class A-2C Component, Class A-2D Component, Class B-1
Component, Class B-2 Component, Class C-1 Component, Class C-2 Component, Class
C-3 Component, Class D-1 Component, Class D-2 Component, Class E-1 Component,
Class E-2 Component, Class F Certificates, Class G Certificates, Class H-1
Component, Class H-2 Component, Class J Certificates and Class K Certificates,
the greater of (1) the rate per annum corresponding to such Distribution Date as
set forth in Schedule IX attached hereto and (2) the Pass-Through Rate for such
Class of Certificates or Components;

                                      -18-

<PAGE>

                  (B) for any Distribution Date occurring after October 2004 and
on or before October 2005, the excess, if any, of (i) the Weighted Average REMIC
I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the
Class A-1A Component, Class A-1B Component, Class H-1 Component, the Class J
Certificates, Class K Certificates, Class L Certificates, Class M Certificates,
Class N Certificates and Class O Certificates, the Pass-Through Rate for such
Class of Certificates or such Component and (y) in the case of the Class A-1C
Component, Class A-1D Component, Class A-1E Component, Class A-2A Component,
Class A-2B Component, Class A-2C Component, Class A-2D Component, Class B-1
Component, Class B-2 Component, Class C-1 Component, Class C-2 Component, Class
C-3 Component, Class D-1 Component, Class D-2 Component, Class E-1 Component,
Class E-2 Component, Class F Certificates, Class G Certificates and Class H-2
Component, the greater of (1) the rate per annum corresponding to such
Distribution Date as set forth on Schedule X attached hereto and (2) the
Pass-Through Rate for such Class of Certificates or Components;

                  (C) for any Distribution Date occurring after October 2005 and
on or before October 2006, the excess, if any, of (i) the Weighted Average REMIC
I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the
Class A-1A Component, Class A-1B Component, Class A-1C Component, Class E-1
Component, Class F Certificates, Class G Certificates, Class H-1 Component,
Class H-2 Component, Class J Certificates, Class K Certificates, Class L
Certificates, Class M Certificates, Class N Certificates and Class O
Certificates, the Pass-Through Rate for such Class of Certificates or such
Component and (y) in the case of Class A-1D Component, Class A-1E Component,
Class A-2A Component, Class A-2B Component, Class A-2C Component, Class A-2D
Component, the Class B-1 Component, Class B-2 Component, Class C-1 Component,
Class C-2 Component, Class C-3 Component, Class D-1 Component, Class D-2
Component and Class E-2 Component, the greater of (1) the rate per annum
corresponding to such Distribution Date as set forth on Schedule XI attached
hereto and (2) the Pass-Through Rate for such Class of Certificates or
Components;

                  (D) for any Distribution Date occurring after October 2006 and
on or before October 2007, the excess, if any, of (i) the Weighted Average REMIC
I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the
Class A-1A Component, Class A-1B Component, Class A-1C Component, Class A-1D
Component, Class D-1 Component, Class E-1 Component, Class E-2 Component Class F
Certificates, Class G Certificates, Class H-1 Component, Class H-2 Component,
Class J Certificates, Class K Certificates, Class L Certificates, Class M
Certificates, Class N Certificates and Class O Certificates, the Pass-Through
Rate for such Class of Certificates or such Component and (y) in the case of
Class A-1E Component, Class A-2A Component, Class A-2B Component, Class A-2C
Component, Class A-2D Component, the Class B-1 Component, Class B-2 Component,
Class C-1 Component, Class C-2 Component and Class C-3 Component and Class D-2
Component, the greater of (1) the rate per annum corresponding to such
Distribution Date as set forth on Schedule XII attached hereto and (2) the
Pass-Through Rate for such Class of Certificates or Components;

                  (E) for any Distribution Date occurring after October 2007 and
on or before October 2008, the excess, if any, of (i) the Weighted Average REMIC
I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of
Class A-1A Component, Class A-1B Component, Class A-1C Component, Class A-1D
Component, Class A-1E Component, Class A-2A Component, Class C-1 Component,
Class D-1 Component, Class D-2 Component, Class E-1 Component, Class E-2
Component, Class F Certificates, Class G Certificates, Class H-1

                                      -19-

<PAGE>

Component, Class H-2 Component, Class J Certificates, Class K Certificates,
Class L Certificates, Class M Certificates, Class N Certificates and Class O
Certificates, the Pass-Through Rate for such Class of Certificates or such
Component and (y) in the case of Class A-2B Component, Class A-2C Component,
Class A-2D Component, the Class B-1 Component, Class B-2 Component, Class C-2
Component and Class C-3 Component, the greater of (1) the rate per annum
corresponding to such Distribution Date as set forth on Schedule XIII attached
hereto and (2) the Pass-Through Rate for such Class of Certificates or
Components;

                  (F) for any Distribution Date occurring after October 2008 and
on or before October 2009, the excess, if any, of (i) the Weighted Average REMIC
I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the
Class A-1A Component, Class A-1B Component, Class A-1C Component, Class A-1D
Component, Class A-1E Component, Class A-2A Component, Class A-2B Component,
Class C-1 Component, Class C-2 Component, Class D-1 Component, Class D-2
Component, Class E-1 Component, Class E-2 Component, Class F Certificates, Class
G Certificates, Class H-1 Component, Class H-2 Component, Class J Certificates,
Class K Certificates, Class L Certificates, Class M Certificates, Class N
Certificates and Class O Certificates, the Pass-Through Rate for such Class of
Certificates or such Component and (y) in the case of the Class A-2C Component,
the Class A-2D Component, the Class B-1 Component, Class B-2 Component and Class
C-3 Component, the greater of (1) the rate per annum corresponding to such
Distribution Date as set forth on Schedule XIV attached hereto and (2) the
Pass-Through Rate for such Class of Certificates or Components;

                  (G) for any Distribution Date occurring after October 2009 and
on or before October 2010, the excess, if any, of (i) the Weighted Average REMIC
I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the
Class A-1A Component, Class A-1B Component, Class A-1C Component, Class A-1D
Component, Class A-1E Component, Class A-2A Component, Class A-2B Component,
Class A-2C Component, Class B-1 Component, Class C-1 Component, Class C-2
Component, Class C-3 Component, Class D-1 Component, Class D-2 Component, Class
E-1 Component, Class E-2 Component, Class F Certificates, Class G Certificates,
Class H-1 Component, Class H-2 Component, Class J Certificates, Class K
Certificates, Class L Certificates, Class M Certificates, Class N Certificates
and Class O Certificates, the Pass-Through Rate for such Class of Certificates
or such Component and (y) in the case of the Class A-2D Component and Class B-2
Component, the greater of (1) the rate per annum corresponding to such
Distribution Date as set forth on Schedule XV attached hereto and (2) the
Pass-Through Rate for such Class of Certificates or Components; and

                  (H) for any Distribution Date occurring after October 2010,
and for any Class of Certificates or Components, the excess of (i) the Weighted
Average REMIC I Net Mortgage Rate for such Distribution Date over (ii) the
Pass-Through Rate for each such Class of Certificates or Component. In no event
will any Class X-1 Strip Rate be less than zero.

                       "CLASS X-2 INTEREST AMOUNT" means,

                  (A) with respect to any Distribution Date occurring on or
before October 2004 and the related Interest Accrual Period, interest equal to
the product of (i) one-twelfth of a per annum rate equal to the weighted average
of the Class X-2 Strip Rates for the Class A-1B Component, Class A-1C Component,
Class A-1D Component, Class A-1E Component, Class A-2A Component, Class A-2B
Component, Class A-2C Component, Class A-2D Component,

                                      -20-

<PAGE>

Class B-1 Component, Class B-2 Component, Class C-1 Component, Class C-2
Component, Class C-3 Component, Class D-1 Component, Class D-2 Component, Class
E-1 Component, Class E-2 Component, Class F Certificates, Class G Certificates,
Class H-1 Component, Class H-2 Component, Class J Certificates and Class K
Certificates, weighted on the basis of the respective Certificate Balances of
such Classes of Certificates or such Components immediately prior to such
Distribution Date and (ii) the Class X-2 Notional Amount for such Distribution
Date;

                  (B) with respect to any Distribution Date occurring after
October 2004 and on or before the Distribution Date in October 2005 and the
related Interest Accrual Period, interest equal to the product of (i)
one-twelfth of a per annum rate equal to the weighted average of the Class X-2
Strip Rates for Class A-1C Component, Class A-1D Component, Class A-1E
Component, Class A-2A Component, Class A-2B Component, Class A-2C Component,
Class A-2D Component, Class B-1 Component, Class B-2 Component, Class C-1
Component, Class C-2 Component, Class C-3 Component, Class D-1 Component, Class
D-2 Component, Class E-1 Component, Class E-2 Component, Class F Certificates,
Class G Certificates and Class H-2 Component, weighted on the basis of the
respective Certificate Balances of such Classes of Certificates or such
Component immediately prior to such Distribution Date and (ii) the Class X-2
Notional Amount for such Distribution Date;

                  (C) with respect to any Distribution Date occurring after
October 2005 and on or before the Distribution Date in October 2006 and the
related Interest Accrual Period, interest equal to the product of (i)
one-twelfth of a per annum rate equal to the weighted average of the Class X-2
Strip Rates for Class A-1D Component, Class A-1E Component, Class A-2A
Component, Class A-2B Component, Class A-2C Component, Class A-2D Component,
Class B-1 Component, Class B-2 Component, Class C-1 Component, Class C-2
Component, Class C-3 Component, Class D-1 Component, Class D-2 Component and
Class E-2 Component, weighted on the basis of the respective Certificate
Balances of such Classes of Certificates or such Component immediately prior to
such Distribution Date and (ii) the Class X-2 Notional Amount for such
Distribution Date;

                  (D) with respect to any Distribution Date occurring after
October 2006 and on or before the Distribution Date in October 2007 and the
related Interest Accrual Period, interest equal to the product of (i)
one-twelfth of a per annum rate equal to the weighted average of the Class X-2
Strip Rates for Class A-1E Component, Class A-2A Component, Class A-2B
Component, Class A-2C Component, Class A-2D Component, Class B-1 Component,
Class B-2 Component, Class C-1 Component, Class C-2 Component, Class C-3
Component and Class D-2 Component, weighted on the basis of the respective
Certificate Balances of such Classes of Certificates or such Component
immediately prior to such Distribution Date and (ii) the Class X-2 Notional
Amount for such Distribution Date;

                  (E) with respect to any Distribution Date occurring after
October 2007 and on or before the Distribution Date in October 2008 and the
related Interest Accrual Period, interest equal to the product of (i)
one-twelfth of a per annum rate equal to the weighted average of the Class X-2
Strip Rates for Class A-2B Component, Class A-2C Component, Class A-2D
Component, Class B-1 Component, Class B-2 Component, Class C-2 Component and
Class C-3 Component, weighted on the basis of the respective Certificate
Balances of such Classes of

                                      -21-

<PAGE>

Certificates or such Component immediately prior to such Distribution Date and
(ii) the Class X-2 Notional Amount for such Distribution Date;

                  (F) with respect to any Distribution Date occurring after
October 2008 and on or before the Distribution Date in October 2009 and the
related Interest Accrual Period, interest equal to the product of (i)
one-twelfth of a per annum rate equal to the weighted average of the Class A-2C
Component, Class A-2D Component, Class B-1 Component, Class B-2 Component and
Class C-3 Component, weighted on the basis of the respective Certificate
Balances of such Classes of Certificates or such Component immediately prior to
such Distribution Date and (ii) the Class X-2 Notional Amount for such
Distribution Date; and

                  (G) with respect to any Distribution Date occurring after
October 2009 and on or before the Distribution Date in October 2010 and the
related Interest Accrual Period, interest equal to the product of (i)
one-twelfth of a per annum rate equal to the weighted average of the Class A-2D
Component and Class B-2 Component, weighted on the basis of the respective
Certificate Balances of such Classes of Certificates or such Component
immediately prior to such Distribution Date and (ii) the Class X-2 Notional
Amount for such Distribution Date.

                  "CLASS X-2 NOTIONAL AMOUNT" means,

                  (A) with respect to any Distribution Date occurring on or
before the Distribution Date in October 2004, the aggregate of the Certificate
Balances of the Class A-1B Component, Class A-1C Component, Class A-1D
Component, Class A-1E Component, Class A-2A Component, Class A-2B Component,
Class A-2C Component, Class A-2D Component, Class B-1 Component, Class B-2
Component, Class C-1 Component, Class C-2 Component, Class C-3 Component, Class
D-1 Component, Class D-2 Component, Class E-1 Component, Class E-2 Component,
Class F Certificates, Class G Certificates, Class H-1 Component, Class H-2
Component, Class J Certificates and Class K Certificates as of the close of
business on the preceding Distribution Date,

                  (B) with respect to any Distribution Date after the
Distribution Date in October 2004 and on or before the Distribution Date in
October 2005, the aggregate of the Certificate Balances of the Class A-1C
Component, Class A-1D Component, Class A-1E Component, Class A-2A Component,
Class A-2B Component, Class A-2C Component, Class A-2D Component, Class B-1
Component, Class B-2 Component, Class C-1 Component, Class C-2 Component, Class
C-3 Component, Class D-1 Component, Class D-2 Component, Class E-1 Component,
Class E-2 Component, Class F Certificates, Class G Certificates and the Class
H-2 Component as of the close of business on the preceding Distribution Date,

                  (C) with respect to any Distribution Date after the
Distribution Date in October 2005 and on or before the Distribution Date in
October 2006, the aggregate of the Certificate Balances of the Class A-1D
Component, Class A-1E Component, Class A-2A Component, Class A-2B Component,
Class A-2C Component, Class A-2D Component, Class B-1 Component, Class B-2
Component, Class C-1 Component, Class C-2 Component, Class C-3 Component, Class
D-1 Component, Class D-2 Component and Class E-2 Component as of the close of
business on the preceding Distribution Date,

                                      -22-

<PAGE>

                  (D) with respect to any Distribution Date after the
Distribution Date in October 2006 and on or before the Distribution Date in
October 2007, the aggregate of the Certificate Balances of the Class A-1E
Component, Class A-2A Component, Class A-2B Component, Class A-2C Component,
Class A-2D Component, Class B-1 Component, Class B-2 Component, Class C-1
Component, Class C-2 Component, Class C-3 Component and Class D-2 Component as
of the close of business on the preceding Distribution Date,

                  (E) with respect to any Distribution Date after the
Distribution Date in October 2007 and on or before the Distribution Date in
October 2008, the aggregate of the Certificate Balances of the Class A-2B
Component, Class A-2C Component, Class A-2D Component, Class B-1 Component,
Class B-2 Component, Class C-2 Component and Class C-3 Component as of the close
of business on the preceding Distribution Date,

                  (F) with respect to any Distribution Date after the
Distribution Date in October 2008 and on or before the Distribution Date in
October 2009, the aggregate of the Certificate Balances of the Class A-2C
Component, Class A-2D Component, Class B-1 Component, Class B-2 Component and
Class C-3 Component as of the close of business on the preceding Distribution
Date,

                  (G) with respect to any Distribution Date after the
Distribution Date in October 2009 and on or before the Distribution Date in
October 2010, the aggregate of the Certificate Balances of the Class A-2D
Component and Class B-2 Component as of the close of business on the preceding
Distribution Date, and

                  (H) with respect to any Distribution Date occurring after the
Distribution Date in October 2010, zero.

                  "CLASS X-2 STRIP RATE" means,

                  (A) for any Distribution Date occurring on or before October
2004, with respect to those components of the Class X-2 Notional Amount
outstanding immediately prior to the related Distribution Date, the excess, if
any, of (x) the lesser of (i) the rate per annum corresponding to such
Distribution Date as set forth in Schedule IX attached hereto and (ii) the
Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (y)
the Pass-Through Rate for such Class of Certificates or Component;

                  (B) for any Distribution Date occurring after October 2004 and
on or before October 2005, with respect to those components of the Class X-2
Notional Amount outstanding immediately prior to the related Distribution Date,
the excess, if any, of (x) the lesser of (i) the rate per annum corresponding to
such Distribution Date as set forth in Schedule X attached hereto and (ii) the
Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (y)
the Pass-Through Rate for such Class of Certificates or Component;

                  (C) for any Distribution Date occurring after October 2005 and
on or before October 2006, with respect to those components of the Class X-2
Notional Amount outstanding immediately prior to the related Distribution Date,
the excess, if any, of (x) the lesser of (i) the rate per annum corresponding to
such Distribution Date as set forth in Schedule XI attached

                                      -23-

<PAGE>

hereto and (ii) the Weighted Average REMIC I Net Mortgage Rate for such
Distribution Date over (y) the Pass-Through Rate for such Class of Certificates
or Component;

                  (D) for any Distribution Date occurring after October 2006 and
on or before October 2007, with respect to those components of the Class X-2
Notional Amount outstanding immediately prior to the related Distribution Date,
the excess, if any, of (x) the lesser of (i) the rate per annum corresponding to
such Distribution Date as set forth in Schedule XII attached hereto and (ii) the
Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (y)
the Pass-Through Rate for such Class of Certificates or Component;

                  (E) for any Distribution Date occurring after October 2007 and
on or before October 2008, with respect to those components of the Class X-2
Notional Amount outstanding immediately prior to the related Distribution Date,
the excess, if any, of (x) the lesser of (i) the rate per annum corresponding to
such Distribution Date as set forth in Schedule XIII attached hereto and (ii)
the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over
(y) the Pass-Through Rate for such Class of Certificates or Component;

                  (F) for any Distribution Date occurring after October 2008 and
on or before October 2009, with respect to those components of the Class X-2
Notional Amount outstanding immediately prior to the related Distribution Date,
the excess, if any, of (x) the lesser of (i) the rate per annum corresponding to
such Distribution Date as set forth in Schedule XIV attached hereto and (ii) the
Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (y)
the Pass-Through Rate for such Class of Certificates or Component;

                  (G) for any Distribution Date occurring after October 2009 and
on or before October 2010, with respect to those components of the Class X-2
Notional Amount outstanding immediately prior to the related Distribution Date,
the excess, if any, of (x) the lesser of (i) the rate per annum corresponding to
such Distribution Date as set forth in Schedule XV attached hereto and (ii) the
Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (y)
the Pass-Through Rate for such Class of Certificates or Component; and

                  (H) for any Distribution Date occurring after October 2010,
the Class X-2 Strip Rate for any Certificate or Component will be equal to zero.

                  "CLEARING AGENCY" means an organization registered as a
"clearing agency" pursuant to Section 17A of the 1934 Act, which initially shall
be the Depository.

                  "CLEARSTREAM" means Clearstream Banking, societe anonyme.

                  "CLOSING DATE" means October 8, 2002.

                  "CMSA" means the Commercial Mortgage Securities Association.

                  "CMSA REPORTS" means the Restricted Servicer Reports and the
Unrestricted Servicer Reports, collectively.

                  "CODE" means the Internal Revenue Code of 1986, as amended,
any successor statutes thereto, and applicable U.S. Department of Treasury
regulations issued pursuant thereto

                                      -24-

<PAGE>

in temporary or final form and proposed regulations thereunder, to the extent
that, by reason of their proposed effective date, such proposed regulations
would apply to the Trust.

                  "COLLECTION PERIOD" means, with respect to any Distribution
Date, the period beginning on the day after the Determination Date in the month
preceding the month of such Distribution Date (or in the case of the first
Distribution Date, the Cut-Off Date) and ending on the Determination Date in the
month in which the Distribution Date occurs.

                  "COMMISSION" has the meaning set forth in Section 8.26(a).

                  "COMPENSATING INTEREST" means with respect to any Distribution
Date, an amount equal to the excess of (A) Prepayment Interest Shortfalls
incurred in respect of the Mortgage Loans other than the Specially Serviced
Mortgage Loans resulting from Principal Prepayments on the Mortgage Loans during
the related Collection Period over (B) Prepayment Interest Excesses resulting
from Principal Prepayments on such Mortgage Loans during the same Collection
Period, but in any event with respect to Compensating Interest to be paid by the
Master Servicer hereunder, not more than the portion of the aggregate Master
Servicing Fee accrued at a rate per annum equal to 2 basis points for the
related Collection Period calculated in respect of all the Mortgage Loans
(including REO Mortgage Loans).

                  "COMPONENT" means any of the Class A-1A Component, the Class
A-1B Component, the Class A-1C Component, the Class A-1D Component, the Class
A-1E Component, the Class A-2A Component, the Class A-2B Component, the Class
A-2C Component, the Class A-2D Component, the Class B-1 Component, the Class B-2
Component, the Class C-1 Component, the Class C-2 Component, the Class C-3
Component, the Class D-1 Component, the Class D-2 Component, the Class E-1
Component, the Class E-2 Component, the Class H-1 Component or the Class H-2
Component.

                  "CONDEMNATION PROCEEDS" means any awards resulting from the
full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to
any governmental, quasi-governmental authority or private entity with
condemnation powers other than amounts to be applied to the restoration,
preservation or repair of such Mortgaged Property or released to the related
Mortgagor in accordance with the terms of the Mortgage Loan and (if applicable)
its related B Note and with respect to the Mortgaged Property securing the 2002-
IQ2 Mortgage Loan and the Pari Passu Loan, any portion of such amounts payable
to the holder of the Pari Passu Loan.

                  "CONTROLLING CLASS" means the most subordinate Class of REMIC
Regular Certificates outstanding at any time of determination; provided, that,
if the aggregate Certificate Balance of such Class is less than 25% of the
initial Certificate Balance of such Class as of the Closing Date, the
Controlling Class shall be the next most subordinate Class of REMIC Regular
Certificates outstanding. As of the Closing Date, the Controlling Class will be
the Class O Certificates.

                  "CONTROLLING PERSON" means, with respect to any Person, any
other Person who "controls" such Person within the meaning of the 1933 Act.

                                      -25-

<PAGE>

                  "CORPORATE TRUST OFFICE" means, with respect to the
presentment and surrender of Certificates for the final distribution thereon or
the presentment and surrender of Certificates for any other purpose, the
principal corporate trust office of the Certificate Registrar. The principal
corporate trust office of the Trustee is presently located at 135 South LaSalle
Street, Suite 1625, Chicago, IL 60603, Attention: Asset-Backed Securities Trust
Services Group--Bear Stearns Commercial Mortgage Securities Inc. Series
2002-TOP8 and the office of the Certificate Registrar is presently located for
certificate transfer purposes at Wells Fargo Center, Sixth and Marquette Avenue,
MAC #N9303-121, Minneapolis, Minnesota 55479-0113, Attention: Corporate Trust
Services (CMBS)-- Bear Stearns Commercial Mortgage Securities Inc. Series
2002-TOP8, and for all other purposes at 9062 Old Annapolis Road, Columbia,
Maryland 21045, Attention: Corporate Trust Services (CMBS)-- Bear Stearns
Commercial Mortgage Securities Inc. Series 2002-TOP8, or at such other address
as the Trustee or Certificate Registrar may designate from time to time by
notice to the Certificateholders, the Depositor, the Master Servicer, the Paying
Agent and the Special Servicer.

                  "CORRESPONDING REMIC I REGULAR INTEREST" means with respect to
each Mortgage Loan, the REMIC I Regular Interest having an initial Certificate
Balance equal to the Principal Balance of such Mortgage Loan outstanding as of
the Cut-Off Date, after taking into account all principal and interest payments
made or due prior to the Cut-Off Date.

                  "CORRESPONDING REMIC II REGULAR INTEREST" means (i) with
respect to each Class of Certificates other than the Class A-1 Certificates,
Class A-2 Certificates, Class B Certificates, Class C Certificates, Class D
Certificates, Class E Certificates and Class H Certificates, the REMIC II
Regular Interest having the same letter designation, (ii) with respect to the
Class A-1 Certificates, the REMIC II Regular Interest A-1A, REMIC II Regular
Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest A-1D
and REMIC II Regular Interest A-1E, (iii) with respect to the Class A-2
Certificates, the REMIC II Regular Interest A-2A, the REMIC II Regular Interest
A-2B, REMIC II Regular Interest A-2C and REMIC II Regular Interest A-2D, (iv)
with respect to the Class B Certificates, the REMIC II Regular Interest B-1 and
the REMIC II Regular Interest B-2, (iv) with respect to the Class C
Certificates, the REMIC II Regular Interest C-1, the REMIC II Regular Interest
C-2 and REMIC II Regular Interest C-3, (v) with respect to the Class D
Certificates, the REMIC II Regular Interest D-1 and the REMIC II Regular
Interest D-2, (vi) with respect to the Class E Certificates, the REMIC II
Regular Interest E-1 and the REMIC II Regular Interest E-2 and (vii) with
respect to the Class H Certificates, the REMIC II Regular Interest H-1 and the
REMIC II Regular Interest H-2.

                  "CROSSED MORTGAGE LOAN" has the meaning set forth in Section
2.3(a).

                  "CUSTODIAN" means the Trustee or any Person who is appointed
by the Trustee at any time as custodian pursuant to Section 7.9 and who is
unaffiliated with the Depositor and each Seller and satisfies the eligibility
requirements of the Trustee as set forth in Section 7.5.

                  "CUSTOMER" means a broker, dealer, bank, other financial
institution or other Person for whom the Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

                                      -26-

<PAGE>

                  "CUT-OFF DATE" means the end of business on October 1, 2002.
The Cut-Off Date for any Mortgage Loan that has a Due Date on a date other than
the first day of each month shall be the end of business on October 1, 2002, and
Scheduled Payments due in October 2002 with respect to Mortgage Loans not having
Due Dates on the first of each month have been deemed received on October 1,
2002, not the actual day on which such Scheduled Payments were due.

                  "DEBT SERVICE COVERAGE RATIO" means, with respect to any
Mortgage Loan, as of any date of determination and for any period, the amount
calculated for such date of determination in accordance with the procedures set
forth in Exhibit T.

                  "DEBT SERVICE REDUCTION AMOUNT" means, with respect to a Due
Date and the related Determination Date, the amount of the reduction of the
Scheduled Payment which a Mortgagor is obligated to pay on such Due Date with
respect to a Mortgage Loan or B Note as a result of any proceeding under
bankruptcy law or any similar proceeding (other than a Deficient Valuation
Amount); provided, however, that in the case of an amount that is deferred, but
not forgiven, such reduction shall include only the net present value
(calculated at the related Mortgage Rate) of the reduction.

                  "DEFAULTED MORTGAGE LOAN" means a Mortgage Loan that is in
default under the terms of the applicable Mortgage Loan documentation and for
which any applicable grace period has expired.

                  "DEFEASANCE COLLATERAL" means, with respect to any Defeasance
Loan, the United States Treasury obligations required to be pledged in lieu of
prepayment pursuant to the terms thereof.

                  "DEFEASANCE LOAN" means any Mortgage Loan or B Note which
requires or permits the related Mortgagor (or permits the holder of such
Mortgage Loan or B Note to require the related Mortgagor) to pledge Defeasance
Collateral to such holder in lieu of prepayment.

                  "DEFECTIVE MORTGAGE LOAN" has the meaning set forth in Section
2.3(a).

                  "DEFICIENT VALUATION" means, with respect to any Mortgage Loan
(other than an A Note) and any A/B Mortgage Loan, a valuation by a court of
competent jurisdiction of the Mortgaged Property (or, with respect to the
Mortgaged Property securing the Pari Passu Loan and the 2002- IQ2 Mortgage Loan,
the pro rata portion of the valuation allocable to the Pari Passu Loan) relating
to such Mortgage Loan or A/B Mortgage Loan in an amount less than the then
outstanding indebtedness under such Mortgage Loan or A/B Mortgage Loan, which
valuation results from a proceeding initiated under the United States Bankruptcy
Code, as amended from time to time, and that reduces the amount the Mortgagor is
required to pay under such Mortgage Loan or A/B Mortgage Loan.

                  "DEFICIENT VALUATION AMOUNT" means (i) with respect to each
Mortgage Loan (other than an A Note) and any A/B Mortgage Loan, the amount by
which the total amount due with respect to such Mortgage Loan (excluding
interest not yet accrued), including the Principal Balance of such Mortgage Loan
plus any accrued and unpaid interest thereon and any other amounts recoverable
from the Mortgagor with respect thereto pursuant to the terms thereof, is

                                      -27-

<PAGE>

reduced in connection with a Deficient Valuation and (ii) with respect to any A
Note, the portion of any Deficient Valuation Amount for the related A/B Mortgage
Loan that is borne by the holder of the A Note under the related Intercreditor
Agreement.

                  "DEFINITIVE CERTIFICATES" means Certificates of any Class
issued in definitive, fully registered, certificated form without interest
coupons.

                  "DELETED MORTGAGE LOAN" means a Mortgage Loan which is
repurchased from the Trust pursuant to the terms hereof or as to which one or
more Qualifying Substitute Mortgage Loans are substituted.

                  "DEPOSITOR" means Bear Stearns Commercial Mortgage Securities
Inc., a Delaware corporation, and its successors in interest.

                  "DEPOSITORY" has the meaning set forth in Section 3.7(a).

                  "DEPOSITORY AGREEMENT" means the Letter of Representations
dated the Closing Date and by and among the Depositor, the Paying Agent and the
Depository.

                  "DETERMINATION DATE" means, with respect to any Distribution
Date, the earlier of (i) the 10th day of the month in which such Distribution
Date occurs or, if such day is not a Business Day, the immediately preceding
Business Day, and (ii) the 5th Business Day prior to the related Distribution
Date, commencing November 7, 2002.

                  "DIRECTLY OPERATE" means, with respect to any REO Property,
the furnishing or rendering of services to the tenants thereof, the management
of such REO Property, the holding of such REO Property primarily for sale to
customers (other than a sale of an REO Property pursuant to and in accordance
with Section 9.15) or the performance of any construction work thereon, in each
case other than through an Independent Contractor; provided, however, that the
Trustee (or the Special Servicer on behalf of the Trustee) shall not be
considered to Directly Operate an REO Property solely because the Trustee (or
the Special 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, tenant improvements or capital expenditures with
respect to such REO Property (including, without limitation, construction
activity to effect repairs or in connection with leasing activity) or undertakes
any ministerial action incidental thereto.

                  "DISCOUNT RATE" means the rate which, when compounded monthly,
is equivalent to the Treasury Rate when compounded semi-annually. The "Treasury
Rate," unless otherwise set forth in the Mortgage Loan documents, is the yield
calculated by the linear interpolation of the yields, as reported in Federal
Reserve Statistical Release H.15--Selected Interest Rates under the heading
"U.S. government securities/Treasury constant maturities" for the week ending
prior to the date of the relevant principal prepayment, of U.S. Treasury
constant maturities with a maturity date (one longer and one shorter) most
nearly approximating the maturity date (or the Anticipated Repayment Date, if
applicable) of the Mortgage Loan prepaid. If Release H.15 is no longer
published, the Master Servicer will select a comparable publication to determine
the Treasury Rate.

                                      -28-

<PAGE>

                  "DISQUALIFIED ORGANIZATION" means any of (i) the United
States, any State or any political subdivision thereof, or any agency or
instrumentality of any of the foregoing (other than an instrumentality which is
a corporation if all of its activities are subject to tax and, except for FHLMC,
a majority of its board of directors is not selected by any such governmental
unit), (ii) a foreign government, international organization or any agency or
instrumentality of either of the foregoing, (iii) an organization (except
certain farmers' cooperatives described in Section 521 of the Code) which is
exempt from 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
taxable income), (iv) rural electric and telephone cooperatives described in
Section 1381 of the Code, and (v) any other Person so designated by the Master
Servicer based upon an Opinion of Counsel that the holding of an ownership
interest in a Residual Certificate by such Person may cause any of the REMICs,
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 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.

                  "DISTRIBUTABLE CERTIFICATE INTEREST" means, with respect to
any Distribution Date and any Class of Certificates (other than the Residual
Certificates) or Interests, the sum of (A) Accrued Certificate Interest in
respect of such Class or Interest, reduced (to not less than zero) by (i) any
Net Aggregate Prepayment Interest Shortfalls for such Class of Certificates or
Interests, allocated on such Distribution Date to such Class or Interest
pursuant to Section 6.7, and (ii) Realized Losses allocated on such Distribution
Date to reduce the Distributable Certificate Interest payable to such Class or
Interest pursuant to Section 6.6, plus (B) the Unpaid Interest.

                  "DISTRIBUTION ACCOUNT" means the Distribution Account
maintained by the Paying Agent on behalf of the Trustee, in accordance with the
provisions of Section 5.3, which account shall be an Eligible Account.

                  "DISTRIBUTION DATE" means the 15th day of each month or, if
such day is not a Business Day, the next succeeding Business Day, commencing
November 15, 2002.

                  "DUE DATE" means, with respect to a Mortgage Loan or B Note,
the date on which a Scheduled Payment is due.

                  "ELIGIBLE ACCOUNT" means an account (or accounts) that is any
of the following: (i) maintained with a depository institution or trust company
whose (A) commercial paper, short-term unsecured debt obligations or other
short-term deposits are rated at least "A-1" by S&P and "F-1+" by Fitch, if the
deposits are to be held in the account for 30 days or less, or (B) long-term
unsecured debt obligations are rated at least "AA-" by S&P (or "A" (without
regard to any plus or minus), if the short-term unsecured debt obligations are
rated at least "A-1") and at least "AA" by Fitch, if the deposits are to be held
in the account more than 30 days or (ii) a segregated trust account or accounts
maintained in the trust department of the Trustee, the Paying Agent or other
financial institution having a combined capital and surplus of at least
$50,000,000 and subject to regulations regarding fiduciary funds on deposit
similar to Title 12 of the Code of Federal Regulations Section 9.10(b), or (iii)
an account or accounts of a depository institution acceptable

                                      -29-

<PAGE>

to each Rating Agency, as evidenced by Rating Agency Confirmation with respect
to the use of any such account as the Certificate Account or the Distribution
Account. Notwithstanding anything in the foregoing to the contrary, an account
shall not fail to be an Eligible Account solely because it is maintained with
Wells Fargo Bank, National Association or Wells Fargo Bank Iowa, N.A., each a
wholly-owned subsidiary of Wells Fargo & Co., provided that such subsidiary's or
its parent's (A) commercial paper, short-term unsecured debt obligations or
other short-term deposits are at least "A-1" in the case of S&P, and "F-1" in
the case of Fitch, if the deposits are to be held in the account for 30 days or
less, or (B) long-term unsecured debt obligations are rated at least "AA-" (or
"A" (without regard to any plus or minus), if the short-term unsecured debt
obligations are rated at least "A-1") in the case of S&P and at least "A+" in
the case of Fitch, if the deposits are to be held in the account for more than
30 days.

                  "ELIGIBLE INVESTMENTS" means any one or more of the following
financial assets or other property:

                    (i) direct obligations of, and obligations fully guaranteed
as to timely payment of principal and interest by, the United States of America,
FNMA, FHLMC or any agency or instrumentality of the United States of America the
obligations of which are backed by the full faith and credit of the United
States of America; provided that any obligation of FNMA or FHLMC, other than an
unsecured senior debt obligation of FNMA or FHLMC, shall be an Eligible
Investment only if Rating Agency Confirmation is obtained with respect to such
investment;

                    (ii) demand or time deposits in, unsecured certificates of
deposit of, money market deposit accounts of, or bankers' acceptances issued by,
any depository institution or trust company (including the Trustee, the Master
Servicer, the Special Servicer, the Paying Agent or any Affiliate of the Master
Servicer, the Special Servicer, the Paying Agent or the Trustee, acting in its
commercial capacity) incorporated or organized under the laws of the United
States of America or any State thereof and subject to supervision and
examination by federal or state banking authorities, so long as the commercial
paper or other short-term debt obligations of such depository institution or
trust company are rated "F-1+" by Fitch and "A-1+" by S&P or the long-term
unsecured debt obligations of such depository institution or trust company have
been assigned a rating by each Rating Agency at least equal "AA" by Fitch and
"AA-" by S&P or its equivalent or, in each case, if not rated by a Rating
Agency, then such Rating Agency has issued a Rating Agency Confirmation;

                    (iii) repurchase agreements or obligations with respect to
any security described in clause (i) above where such security has a remaining
maturity of one year or less and where such repurchase obligation has been
entered into with a depository institution or trust company (acting as
principal) described in clause (ii) above and where such repurchase obligation
will mature prior to the Business Day preceding the next date upon which, as
described in this Agreement, such amounts are required to be withdrawn from the
Certificate Account and which meets the minimum rating requirement for such
entity described above (or for which Rating Agency Confirmation is obtained with
respect to such ratings);

                    (iv) debt obligations (other than stripped bonds or stripped
coupons) bearing interest or sold at a discount issued by any corporation
incorporated under the laws of the United States of America or any state
thereof, which securities are rated "AA-" or its equivalent by each Rating
Agency, unless otherwise specified in writing by the Rating Agency; provided

                                      -30-

<PAGE>

that securities issued by any particular corporation will not be Eligible
Investments to the extent that investment therein will cause the
then-outstanding principal amount of securities issued by such corporation and
held in the Certificate Account to exceed 5% of the sum of the aggregate
Certificate Principal Balance of the Principal Balance Certificates and the
aggregate principal amount of all Eligible Investments in the Certificate
Account;

                    (v) commercial paper (including both non-interest-bearing
discount obligations and interest-bearing obligations payable on demand or on a
specified date not more than one year after the date of issuance thereof) rated
"F-1+" by Fitch and "A-1+" by S&P (or for which Rating Agency Confirmation is
obtained with respect to such ratings);

                    (vi) units of investment funds (including money market
funds) that are rated in the highest long-term category by Fitch, or if not
rated by Fitch then Fitch has issued a Rating Agency Confirmation, and "AAAm" by
S&P;

                    (vii) guaranteed reinvestment agreements maturing within 365
days or less issued by any bank, insurance company or other corporation whose
long-term unsecured debt rating is not less than "AA" (or its equivalent) by
Fitch and "AA-" by S&P (if rated by Fitch or, if not rated by Fitch, by S&P and
another nationally recognized statistical rating organization), or for which
Rating Agency Confirmation is obtained with respect to such ratings;

                    (viii) any money market funds (including those managed or
advised by the Paying Agent or its affiliates) that maintain a constant asset
value and that are rated "AAAm" or "AAAm-G" (or its equivalent rating) by S&P
and "AAA" (or its equivalent) by Fitch (if so rated by Fitch), and any other
demand, money-market or time deposit, or any other obligation, security or
investment, with respect to which Rating Agency Confirmation has been obtained;
and

                    (ix) such other investments bearing interest or sold at a
discount, earning a return "in the nature of interest" within the meaning of
Treasury Regulation Section 1.860G-2(g)(1)(i) (as evidenced by an Opinion of
Counsel delivered to the Trustee and the Paying Agent by the Master Servicer at
the Master Servicer's expense), as are acceptable to the Rating Agencies (as
evidenced by Rating Agency Confirmation) and treated as "permitted investments"
that are "cash flow investments" under Code Section 860G(a)(5);

provided (A) such investment is held for a temporary period pursuant to Section
1.860G-2(g)(i) of the Treasury Regulations, (B) such investment is payable by
the obligor in U.S. dollars, and (C) that no such instrument shall be an
Eligible Investment (1) if such instrument evidences either (a) a right to
receive only interest payments or only principal payments with respect to the
obligations underlying such instrument or (b) a right to receive both principal
and interest payments derived from obligations underlying such instrument and
the principal and interest payments with respect to such instrument provide a
yield to maturity of greater than 120% of the yield to maturity at par of such
underlying obligations, or (2) if it may be redeemed at a price below the
purchase price or (3) if it is not treated as a "permitted investment" that is a
"cash flow investment" under Code Section 860G(a)(5); and provided, further,
that any such instrument shall have a maturity date no later than the date such
instrument is required to be used to satisfy the obligations under this
Agreement, and, in any event, shall not have a maturity in excess of one year;
any such instrument must have a predetermined fixed dollar of principal due at
maturity that cannot vary or change; if rated, the obligation must not have an
"r" highlighter affixed to its rating; interest on any variable rate instrument
shall be tied to a single interest rate

                                      -31-
<PAGE>

index plus a single fixed spread (if any) and move proportionally with that
index; and provided, further, that no amount beneficially owned by any REMIC
Pool (including any amounts collected by the Master Servicer but not yet
deposited in the Certificate Account) may be invested in investments treated as
equity interests for Federal income tax purposes. No Eligible Investments shall
be purchased at a price in excess of par. For the purpose of this definition,
units of investment funds (including money market funds) shall be deemed to
mature daily.

                  "ENVIRONMENTAL INSURANCE POLICY" shall mean, with respect to
any Mortgage Loan or the related 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 Mortgage
Loan, Mortgaged Property or REO Property, as the case may be, for the benefit
of, among others, the Trustee on behalf of the Certificateholders.

                  "ENVIRONMENTAL LAWS" means any and all federal, state and
local statutes, laws, regulations, ordinances, rules, judgments, orders,
decrees, permits, concessions, grants, franchises, licenses, agreements or other
governmental restrictions, now or hereafter in effect, relating to health or the
environment or to emissions, discharges or releases of chemical substances,
including, without limitation, any and all pollutants, contaminants, petroleum
or petroleum products, asbestos or asbestos-containing materials,
polychlorinated biphenyls, urea-formaldehyde insulation, radon, industrial,
toxic or hazardous substances or wastes, into the environment, including,
without limitation, ambient air, surface water, ground water or land, or
otherwise relating to the manufacture, processing, distribution, use, labeling,
registration, treatment, storage, disposal, transport or handling of any of the
foregoing substances or wastes or the clean-up or other remediation thereof.

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

                  "ESCROW ACCOUNT" means an account established by or on behalf
of the Master Servicer pursuant to Section 8.3(e).

                  "ESCROW AMOUNT" means any amount payable with respect to a
Mortgage Loan (including an A/B Mortgage Loan) for taxes, assessments, water
rates, Standard Hazard Insurance Policy premiums, ground lease payments,
reserves for capital improvements, deferred maintenance, repairs, tenant
improvements, leasing commissions, rental achievements, environmental matters
and other reserves or comparable items.

                  "EVENT OF DEFAULT" has the meaning set forth in Section
8.28(a).

                  "EXCESS INTEREST" means, with respect to an ARD Loan if an ARD
Loan is not prepaid in full on or before its Anticipated Repayment Date, the
excess, if any of (i) interest accrued at the rate of interest applicable to
such Mortgage Loan after such Anticipated Repayment Date (plus any interest on
such interest as may be provided for under the Mortgage Loan documents) over
(ii) interest accrued at the rate of interest applicable to such Mortgage Loan
before such Anticipated Repayment Date. Excess Interest on an ARD Loan is an
asset of the Trust, but shall not be an asset of any REMIC Pool formed
hereunder.

                                      -32-
<PAGE>

                  "EXCESS INTEREST SUB-ACCOUNT" means an administrative account
deemed to be a sub-account of the Distribution Account. The Excess Interest
Sub-account shall not be an asset of any REMIC Pool formed hereunder.

                  "EXCESS LIQUIDATION PROCEEDS" means, with respect to any
Mortgage Loan, the excess of (i) Liquidation Proceeds of a Mortgage Loan or
related REO Property, over (ii) the amount that would have been received if a
Principal Prepayment in full had been made with respect to such Mortgage Loan
(or, in the case of an REO Property related to an A/B Mortgage Loan, a Principal
Prepayment in full had been made with respect to both the related A Note and B
Note) on the date such proceeds were received.

                  "EXCESS SERVICING FEE" means, with respect to the Mortgage
Loans for which an "excess servicing fee rate" is designated on the Mortgage
Loan Schedule, the monthly fee payable to (a) Wells Fargo Bank, National
Association or its successors and assigns, and (b) JHREF, or its successors and
assigns, each as holder of excess servicing rights, which fee shall accrue on
the Scheduled Principal Balance of each such Mortgage Loan immediately prior to
the Due Date occurring in each month at the per annum rate (determined in the
same manner as the applicable Mortgage Rate for such Mortgage Loan is determined
for such month) specified on the Mortgage Loan Schedule (the "Excess Servicing
Fee Rate"). Each holder of excess servicing rights is entitled to Excess
Servicing Fees only with respect to the Mortgage Loans as indicated on Exhibit J
hereto.

                  "EXCHANGE ACT" has the meaning set forth in Section 8.26(a).

                  "EXCHANGE CERTIFICATION" means an Exchange Certification
substantially in the form set forth in Exhibit H hereto executed by a holder of
an interest in a Regulation S Global Certificate or a Rule 144A-IAI Global
Certificate, as applicable.

                  "EXEMPTION" means each of the individual prohibited
transaction exemptions granted by the United States Department of Labor to the
Underwriters, as amended.

                  "EXPENSE LOSS" means a loss realized upon payment by the Trust
of an Additional Trust Expense.

                  "EXTENSION" has the meaning set forth in Section 9.15(a).

                  "FDIC" means the Federal Deposit Insurance Corporation or any
successor thereto.

                  "FHLMC" means the Federal Home Loan Mortgage Corporation, or
any successor thereto.

                  "FHLMC AUDIT PROGRAM" has the meaning set forth in Section
8.13.

                  "FINAL CERTIFICATION" has the meaning set forth in Section
2.2.

                  "FINAL PROSPECTUS SUPPLEMENT" has the meaning set forth in the
Preliminary Statement hereto.

                                      -33-
<PAGE>

                  "FINAL RECOVERY DETERMINATION" means a determination with
respect to any Mortgage Loan, B Note or Specially Serviced Mortgage Loan by the
Master Servicer in consultation with the Special Servicer in respect of any
Defaulted Mortgage Loan (including a Mortgage Loan or B Note that became an REO
Property), in each case, in its good faith discretion, consistent with the
Servicing Standard, that all Insurance Proceeds, Condemnation Proceeds,
Liquidation Proceeds, Purchase Proceeds and other payments or recoveries which
the Master Servicer or the Special Servicer, as the case may be, expects to be
finally recoverable on such Mortgage Loan or B Note, without regard to any
obligation of the Master Servicer, the Trustee or the Fiscal Agent, as the case
may be, to make payments from its own funds pursuant to Article IV hereof, have
been recovered. The Special Servicer shall be required to provide the Master
Servicer with prompt written notice of any Final Recovery Determination with
respect to any Specially Serviced Mortgage Loan upon making such determination.
The Master Servicer shall notify the Trustee and the Paying Agent of such
determination and the Paying Agent shall deliver a copy of such notice to each
Rating Agency.

                  "FINAL SCHEDULED DISTRIBUTION DATE" means, for each Class of
rated Certificates, the Distribution Date on which such Class would be paid in
full if payments were made on the Mortgage Loans in accordance with their terms,
except that ARD Loans are assumed to be repaid on their Anticipated Repayment
Dates.

                  "FISCAL AGENT" means ABN AMRO Bank N.V., a banking association
organized under the laws of the Netherlands and its permitted successors and
assigns.

                  "FISCAL AGENT TERMINATION EVENT" has the meaning set forth in
Section 4.7.

                  "FITCH" means Fitch Ratings or its successor in interest.

                  "FNMA" means the Federal National Mortgage Association, or any
successor thereto.

                  "GLOBAL CERTIFICATE" means any Rule 144A-IAI Global
Certificate, Regulation S Temporary Global Certificate or Regulation S Permanent
Global Certificate.

                  "HOLDER" means the Person in whose name a Certificate is
registered on the Certificate Register.

                  "IAI DEFINITIVE CERTIFICATE" means, with respect to any Class
of Certificates sold to (i) Institutional Accredited Investors who are not
Qualified Institutional Buyers or (ii) Individual Accredited Investors, a
Certificate in definitive, fully registered certificated form without interest
coupons.

                  "INDEPENDENT" means, when used with respect to any
Accountants, a Person who is "independent" within the meaning of Rule 2-01(B) of
the Securities and Exchange Commission's Regulation S-X. Independent means, when
used with respect to any other Person, a Person who (A) is in fact independent
of another specified Person and any Affiliate of such other Person, (B) does not
have any material direct or indirect financial interest in such other Person or
any Affiliate of such other Person, (C) is not connected with such other Person
or any Affiliate of such other Person as an officer, employee, promoter,
underwriter, trustee, partner,

                                     -34-
<PAGE>

director or Person performing similar functions and (D) is not a member of the
immediate family of a Person defined in clause (B) or (C) above.

                  "INDEPENDENT CONTRACTOR" means, either (i) with respect to any
Mortgage Loan (A) that is not a Specially Serviced Mortgage Loan, any Person
designated by the Master Servicer (other than the Master Servicer, but which may
be an Affiliate of the Master Servicer), or (B) that is a Specially Serviced
Mortgage Loan, any Person designated by the Special Servicer that would be an
"independent contractor" with respect to a REMIC within the meaning of Section
856(d)(3) of the Code if such REMIC were a real estate investment trust (except
that the ownership test set forth in such Section shall be considered to be met
by any Person that owns, directly or indirectly, 35% or more of the Aggregate
Certificate Balance or Notional Amount, as the case may be, of any Class of the
Certificates (other than the Class R-III Certificates), a Percentage Interest of
35% or more in the Class R-III Certificates or such other interest in any Class
of the Certificates or of the applicable REMIC as is set forth in an Opinion of
Counsel, which shall be at no expense to the Trustee or the Trust) so long as
such REMIC does not receive or derive any income from such Person and provided
that the relationship between such Person and such REMIC is at arm's length, all
within the meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii) any
other Person (including the Master Servicer or the Special Servicer) upon
receipt by the Trustee of an Opinion of Counsel, which shall be at the expense
of the Person delivering such opinion to the Trustee, 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 (determined without regard to the exception applicable for purposes of
Section 860D(a) of the Code), or cause any income realized in respect of such
REO Property to fail to qualify as Rents from Real Property.

                  "INDIVIDUAL ACCREDITED INVESTOR" means an accredited investor
qualifying pursuant to Rule 501(a)(5) or (6) of Regulation D of the 1933 Act.

                   "INITIAL CERTIFICATION" has the meaning set forth in Section
2.2.

                  "INITIAL DEPOSIT" means the amount of all collections made on
the Mortgage Loans from the Cut-Off Date to and excluding the Closing Date.

                  "INSPECTION REPORT" means the report delivered by the Master
Servicer or the Special Servicer, as the case may be, substantially in the form
of Exhibit L hereto.

                  "INSTITUTIONAL ACCREDITED INVESTOR" means an institutional
accredited investor qualifying pursuant to Rule 501(a)(1), (2), (3) or (7) of
Regulation D of the 1933 Act.

                  "INSURED ENVIRONMENTAL EVENT" has the meaning set forth in
Section 9.1(f).

                  "INSURANCE POLICIES" means, collectively, any Standard Hazard
Insurance Policy, flood insurance policy, title insurance policy or
Environmental Insurance Policy relating to the Mortgage Loans or the Mortgaged
Properties in effect as of the Closing Date or thereafter during the term of
this Agreement.

                                      -35-
<PAGE>

                  "INSURANCE PROCEEDS" means amounts paid by the insurer under
any Insurance Policy, other than amounts required to be paid over to the
Mortgagor pursuant to law, the related Mortgage Loan, the related B Note or the
Servicing Standard and with respect to the Mortgaged Property securing the 2002-
IQ2 Mortgage Loan and the Pari Passu Loan, any portion of such amounts payable
to the holder of the Pari Passu Loan.

                  "INTERCREDITOR AGREEMENT" means, with respect to an A/B
Mortgage Loan, the related intercreditor agreement by and between the holder of
the related A Note and the holder of the related B Note relating to the relative
rights of such holders of the respective A Note and B Note, as the same may be
further amended from time to time in accordance with the terms thereof. There
are no Intercreditor Agreements in connection with A/B Mortgage Loans related to
the Trust.

                  "INTEREST" means a REMIC I Interest or a REMIC II Interest, as
applicable.

                  "INTEREST ACCRUAL PERIOD" means, for any Distribution Date,
with respect to all Classes of Certificates and Interests (other than the
Residual Certificates), the period beginning on the first day of the month
preceding the month in which such Distribution Date occurs and ending on the
last day of the month preceding the month in which such Distribution Date
occurs.

                  "INTEREST RESERVE ACCOUNT" means that Interest Reserve Account
maintained by the Master Servicer pursuant to Section 5.1(a), which account
shall be an Eligible Account.

                  "INTEREST RESERVE AMOUNT" has the meaning set forth in Section
5.1(d).

                  "INTEREST RESERVE LOANS" shall mean the Mortgage Loans which
bear interest other than on the basis of a 360-day year consisting of twelve
(12) 30-day months.

                  "INTERESTED PERSON" means, as of any date of determination,
the Master Servicer, the Special Servicer, the Depositor, the holder of any
related Junior Indebtedness (with respect to any particular Mortgage Loan), a
holder of 50% or more of the Controlling Class, the Operating Adviser, any
Independent Contractor engaged by the Master Servicer or the Special Servicer
pursuant to this Agreement, or any Person actually known to a Responsible
Officer of the Trustee to be an Affiliate of any of them.

                  "JHREF" has the meaning set forth in the Preliminary Statement
hereto.

                  "JHREF LOANS" means, collectively, those Mortgage Loans sold
to the Depositor pursuant to Mortgage Loan Purchase Agreement V and shown on
Schedule IV hereto.

                  "JUNIOR INDEBTEDNESS" means any indebtedness of any Mortgagor
that is secured by a lien that is junior in right of payment to the lien of the
Mortgage securing the related Mortgage Note.

                  "LATE COLLECTIONS" means, with respect to any Mortgage Loan or
B Note, all amounts received during any Collection Period, whether as late
payments or as Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds,
Purchase Proceeds or otherwise, that

                                      -36-
<PAGE>

represent payments or collections of Scheduled Payments due but delinquent for a
previous Collection Period and not previously recovered.

                  "LATE FEES" means a fee payable to the Master Servicer or the
Special Servicer, as the case may be, to the extent actually collected from the
Mortgagor as provided in the related Mortgage Loan or B Note in connection with
a late payment made by such Mortgagor.

                  "LIQUIDATION EXPENSES" means reasonable and direct expenses
incurred by the Special Servicer on behalf of the Trust in connection with the
enforcement and liquidation of any Specially Serviced Mortgage Loan or REO
Property acquired in respect thereof including, without limitation, reasonable
legal fees and expenses, appraisal fees, committee or referee fees, property
manager fees, and, if applicable, brokerage commissions and conveyance taxes for
such Specially Serviced Mortgage Loan. All Liquidation Expenses relating to
enforcement and disposition of the Specially Serviced Mortgage Loan shall be (i)
paid out of income from the related REO Property, to the extent available or
(ii) advanced by the Master Servicer, subject to Section 4.4 and Section 4.6(e)
hereof, as a Servicing Advance.

                  "LIQUIDATION FEE" means a fee equal to the product of (x) 1.0%
and (y) the Liquidation Proceeds received in connection with a final disposition
of a Specially Serviced Mortgage Loan or REO Property and any Condemnation
Proceeds received by the Trust (other than Liquidation Proceeds received in
connection with a Pari Passu Loan); provided, however, that (i) in the case of a
final disposition consisting of the repurchase of a Mortgage Loan or REO
Property by a Seller pursuant to Section 2.3, such fee will only be paid by such
Seller if repurchased after the date that is 180 days after the applicable
Seller receives notice of the breach or defect causing the repurchase and (ii)
in the case of an A/B Mortgage Loan, such fee will not be payable if the holder
of the related B Note, within 15 days after receipt of notice that a Servicing
Transfer Event has occurred with respect to the related A Note or the B Note,
exercises its option to purchase the A Note pursuant to the Intercreditor
Agreement; provided, that this clause (ii) shall not be applicable if the holder
of the related B Note has exercised its right to cure three consecutive monetary
defaults under the Intercreditor Agreement and a monetary default occurs in the
following month.

                  "LIQUIDATION PROCEEDS" means proceeds from the sale or
liquidation of a Mortgage Loan or B Note or related REO Property, net of
Liquidation Expenses and any related Advances and interest thereon (to the
extent not otherwise paid pursuant to Section 4.6(c)) and with respect to the
sale or liquidation of any REO Property related to the 2002- IQ2 Mortgage Loan
and the Pari Passu Loan, any portion of such amounts allocable to the applicable
Pari Passu Loan.

                  "LIQUIDATION REALIZED LOSS" means, with respect to each
Mortgage Loan or REO Property, as the case may be, as to which a Cash
Liquidation or REO Disposition has occurred, an amount equal to the sum, without
duplication, of (A) the Principal Balance of the Mortgage Loan (or deemed
Principal Balance, in the case of an REO Mortgage Loan) as of the date of the
Cash Liquidation or REO Disposition, plus (B) unpaid interest and interest
accrued thereon at the applicable Mortgage Rate, plus (C) any expenses incurred
in connection with such Mortgage Loan that are reimbursable to any Person, other
than amounts previously treated as Expense Losses or included in the definition
of Liquidation Expenses minus the sum of (i) REO

                                      -37-
<PAGE>

Income applied as recoveries of principal or interest on the related Mortgage
Loan or REO Property, and (ii) Liquidation Proceeds, Late Collections and all
other amounts recovered from the related Mortgagor and received during the
Collection Period in which such Cash Liquidation or REO Disposition occurred and
which are not required under any Intercreditor Agreement to be payable or
reimbursable to any holder of a B Note. REO Income and Liquidation Proceeds
shall be applied first against any Expense Losses (to the extent not included in
the definition of Liquidation Expenses) for such Mortgage Loan, the unpaid
interest on the Mortgage Loan, calculated as described in clause (B) above, and
then against the Principal Balance of such Mortgage Loan, calculated as
described in clause (A) above.

                  "LOAN-TO-VALUE RATIO" means, as of any date with respect to a
Mortgage Loan, the fraction, expressed as a percentage, the numerator of which
is the Principal Balance of such Mortgage Loan at the date of determination and
the denominator of which is the value of the Mortgaged Property as shown on the
most recent Appraisal or valuation of the Mortgaged Property which is available
as of such date or, in the case of a Pari Passu Loan, the allocable portion
thereof.

                  "LOCK-BOX ACCOUNT" has the meaning set forth in Section
8.3(g).

                  "LOCK-BOX AGREEMENT" means, with respect to any Mortgage Loan,
any lock-box agreement relating to such Mortgage Loan among the related
Mortgagor, a depositary institution and the Master Servicer (or a Primary
Servicer or Sub-Servicer on its behalf) pursuant to which a Lock-Box Account is
created.

                  "LOSSES" has the meaning set forth in Section 12.4.

                  "LUXEMBOURG PAYING AGENT" has the meaning set forth in Section
7.18.

                  "LUXEMBOURG TRANSFER AGENT" has the meaning set forth in
Section 7.18.

                  "MAI" means Member of the Appraisal Institute.

                  "MASTER SERVICER" means Wells Fargo Bank, National Association
and its permitted successors or assigns.

                  "MASTER SERVICER CONSENT MATTERS" has the meaning set forth in
Section 8.3(a).

                  "MASTER SERVICER REMITTANCE DATE" means, for each Distribution
Date, the Business Day immediately preceding such Distribution Date.

                  "MASTER SERVICER REMITTANCE REPORT" means a report prepared by
the Master Servicer and in such media as may be agreed upon by the Master
Servicer and the Paying Agent containing such information regarding the Mortgage
Loans as will permit the Paying Agent to calculate the amounts to be distributed
to the Certificateholders pursuant to this Agreement and to furnish the Monthly
Certificateholders Report to Certificateholders required to be delivered
hereunder and containing such additional information as the Master Servicer, the
Paying Agent and the Depositor may from time to time mutually agree.

                                      -38-
<PAGE>

                  "MASTER SERVICING FEE" means for each calendar month, as to
each Mortgage Loan and B Note (including REO Mortgage Loans and Defeasance
Loans) but not as to the Pari Passu Loan (as to which there is no Master
Servicing Fee payable to the Master Servicer), an amount equal to the Master
Servicing Fee Rate applicable to such month (determined in the same manner
(other than the rate of accrual) as the applicable Mortgage Rate is determined
for such Mortgage Loan or B Note for such month) multiplied by the Scheduled
Principal Balance of such Mortgage Loan or B Note immediately before the Due
Date occurring in such month, subject to reduction in respect of Compensating
Interest, as set forth in Section 8.10(c).

                  "MASTER SERVICING FEE RATE" means, with respect to each
Mortgage Loan (other than the Pari Passu Loan) and any B Note (including any
Mortgage Loan relating to an REO Property), the rate per annum specified as such
on the Mortgage Loan Schedule. With respect to the Pari Passu Loan, no Master
Servicing Fee Rate is charged by the Master Servicer, but the Pari Passu Loan
Servicing Fee Rate is charged pursuant to the 2002-IQ2 Pooling and Servicing
Agreement.

                  "MATERIAL BREACH" has the meaning set forth in Section 2.3(a).

                  "MATERIAL DOCUMENT DEFECT" has the meaning set forth in
Section 2.3(a).

                  "MATURITY DATE" means, with respect to any Mortgage Loan or B
Note as of any date of determination, the date on which the last payment of
principal is due and payable under the related Mortgage Loan or B Note, after
taking into account all Principal Prepayments received and any Deficient
Valuation, Debt Service Reduction Amount or modification of the Mortgage Loan or
B Note occurring prior to such date of determination, but without giving effect
to (i) any acceleration of the principal of such Mortgage Loan or B Note or (ii)
any grace period permitted by the related Mortgage Loan or B Note.

                  "MODIFICATION FEE" means a fee, if any, collected from a
Mortgagor by the Master Servicer in connection with a modification of any
Mortgage Loan or B Note other than a Specially Serviced Mortgage Loan or
collected in connection with a modification by the Special Servicer of a
Specially Serviced Mortgage Loan.

                  "MODIFICATION LOSS" means, with respect to each Mortgage Loan,
(i) a decrease in the Principal Balance of such Mortgage Loan as a result of a
modification thereof in accordance with the terms hereof, (ii) any expenses
connected with such modification, to the extent (x) reimbursable to the Trustee,
the Special Servicer or the Master Servicer and (y) not recovered from the
Mortgagor or (iii) in the case of a modification of such Mortgage Loan that
reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount
of interest that would have accrued at a rate equal to the original Mortgage
Rate, over interest that actually accrued on such Mortgage Loan during the
preceding Collection Period.

                  "MONEY TERM" means with respect to any Mortgage Loan or B
Note, the Maturity Date, Mortgage Rate, Principal Balance, amortization term or
payment frequency thereof or any provision thereof requiring the payment of a
prepayment premium, yield maintenance charge or percentage premium in connection
with a principal prepayment (and shall not include late fees or default interest
provisions).

                                      -39-
<PAGE>

                  "MONTHLY CERTIFICATEHOLDERS REPORT" means a report provided
pursuant to Section 5.4 by the Paying Agent monthly as of the related
Determination Date generally in the form and substance of Exhibit M, which sets
forth, to the extent applicable: (i) the amount, if any, of such distributions
to the holders of each Class of Principal Balance Certificates applied to reduce
the respective Certificate Balances thereof; (ii) the amount of such
distribution to holders of each Class of Certificates allocable to (A) interest
accrued at the respective Pass-Through Rates, less any Net Aggregate Prepayment
Interest Shortfalls and (B) Prepayment Premiums; (iii) the number of outstanding
Mortgage Loans and the aggregate Principal Balance and Scheduled Principal
Balance of the Mortgage Loans at the close of business on such Determination
Date; (iv) the number and aggregate Scheduled Principal Balance of Mortgage
Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 or
more days, (D) as to which foreclosure proceedings have been commenced, or (E)
as to which bankruptcy proceedings have been commenced; (v) with respect to any
REO Property included in the Trust, the Principal Balance of the related
Mortgage Loan as of the date of acquisition of the REO Property and the
Scheduled Principal Balance thereof; (vi) as of the related Determination Date
(A) as to any REO Property sold during the related Collection Period, the date
of the related determination by the Special Servicer that it has recovered all
payments which it expects to be finally recoverable and the amount of the
proceeds of such sale deposited into the Certificate Account, and (B) the
aggregate amount of other revenues collected by the Special Servicer with
respect to each REO Property during the related Collection Period and credited
to the Certificate Account, in each case identifying such REO Property by the
loan number of the related Mortgage Loan; (vii) the Aggregate Certificate
Balance or Notional Amount, as the case may be, of each Class of Certificates
before and after giving effect to the distribution made on such Distribution
Date; (viii) the aggregate amount of Principal Prepayments made during the
related Collection Period; (ix) the Pass-Through Rate applicable to each Class
of Certificates for such Distribution Date; (x) the aggregate amount of the
Master Servicing Fee, the Primary Servicing Fee, the Special Servicing Fee, the
Special Servicing Standy-by Fee, the Excess Servicing Fees and the fees paid to
the 2002-IQ2 Master Servicer and the 2002-IQ2 Special Servicer; (xi) the amount
of Unpaid Interest and Realized Losses, if any, incurred with respect to the
Mortgage Loans, including a breakout by type of such Realized Losses; (xii) the
aggregate amount of Servicing Advances and P&I Advances outstanding separately
stated that have been made by the Master Servicer, the Trustee and the Fiscal
Agent and the aggregate amount of Servicing Advances and P&I Advances made by
the 2002-IQ2 Master Servicer in respect of the Pari Passu Loan and the 2002-IQ2
Mortgage Loan and (xiii) the amount of any Appraisal Reductions effected during
the related Collection Period on a loan-by-loan basis and the total Appraisal
Reductions in effect as of such Distribution Date (and in the case of the Pari
Passu Loan, to the extent received from the 2002-IQ2 Master Servicer, the amount
of any appraisal reductions effected under the related pooling and servicing
agreement). In the case of information furnished pursuant to subclauses (i),
(ii) and (xi) above, the amounts shall be expressed in the aggregate and as a
dollar amount per $1,000 of original principal amount of the Certificates for
all Certificates of each applicable Class.

                  "MORTGAGE" means the mortgage, deed of trust or other
instrument securing a Mortgage Note.

                  "MORTGAGE FILE" means the mortgage documents listed below:

                                      -40-
<PAGE>

                  (i)     the original Mortgage Note bearing all intervening
endorsements, endorsed in blank or endorsed "Pay to the order of LaSalle Bank
National Association, as Trustee for Bear Stearns Commercial Mortgage Securities
Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-TOP8, without
recourse, representation or warranty" or if the original Mortgage Note is not
included therein, then a lost note affidavit with a copy of the Mortgage Note
attached thereto;

                  (ii)    the original Mortgage, with evidence of recording
thereon, and, if the Mortgage was executed pursuant to a power of attorney, a
certified true copy of the power of attorney certified by the public recorder's
office, with evidence of recording thereon (if recording is customary in the
jurisdiction in which such power of attorney was executed) or certified by a
title insurance company or escrow company to be a true copy thereof; provided
that if such original Mortgage cannot be delivered with evidence of recording
thereon on or prior to the 45th day following the Closing Date because of a
delay caused by the public recording office where such original Mortgage has
been delivered for recordation or because such original Mortgage has been lost,
the Depositor shall deliver or cause to be delivered to the Trustee a true and
correct copy of such Mortgage, together with (A) in the case of a delay caused
by the public recording office, an Officer's Certificate of the applicable
Seller stating that such original Mortgage has been sent to the appropriate
public recording official for recordation or (B) in the case of an original
Mortgage that has been lost after recordation, a certification by the
appropriate county recording office where such Mortgage is recorded that such
copy is a true and complete copy of the original recorded Mortgage;

                  (iii)   the originals of all agreements modifying a Money
Term or other material modification, consolidation and extension agreements, if
any, with evidence of recording thereon (which are reflected in the Mortgage
Loan Schedule), or if such original modification, consolidation and extension
agreements have been delivered to the appropriate recording office for
recordation and either have not yet been returned on or prior to the 45th day
following the Closing Date with evidence of recordation thereon or have been
lost after recordation, true copies of such modifications, consolidations and
extensions certified by the applicable Seller together with (A) in the case of a
delay caused by the public recording office, an Officer's Certificate of the
applicable Seller stating that such original modification, consolidation or
extension agreement has been dispatched or sent to the appropriate public
recording official for recordation or (B) in the case of an original
modification, consolidation or extension agreement that has been lost after
recordation, a certification by the appropriate county recording office where
such document is recorded that such copy is a true and complete copy of the
original recorded modification, consolidation or extension agreement, and the
originals of all assumption agreements, if any;

                  (iv)    an original Assignment of Mortgage for each Mortgage
Loan, in form and substance acceptable for recording, signed by the holder of
record in blank or in favor of "LaSalle Bank National Association, as Trustee
for Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8;"

                  (v)     originals of all intervening assignments of Mortgage,
if any, with evidence of recording thereon or, if such original assignments of
Mortgage have been delivered to the appropriate recorder's office for
recordation, certified true copies of such assignments of

                                      -41-
<PAGE>

Mortgage certified by the applicable Seller, or in the case of an original
blanket intervening assignment of Mortgage retained by the applicable Seller, a
copy thereof certified by the applicable Seller or, if any original intervening
assignment of Mortgage has not yet been returned on or prior to the 45th day
following the Closing Date from the applicable recording office or has been
lost, a true and correct copy thereof, together with (A) in the case of a delay
caused by the public recording office, an Officer's Certificate of the
applicable Seller stating that such original intervening assignment of Mortgage
has been sent to the appropriate public recording official for recordation or
(B) in the case of an original intervening assignment of Mortgage that has been
lost after recordation, a certification by the appropriate county recording
office where such assignment is recorded that such copy is a true and complete
copy of the original recorded intervening assignment of Mortgage;

                  (vi)    if the related Assignment of Leases is separate from
the Mortgage, the original of such Assignment of Leases with evidence of
recording thereon or, if such Assignment of Leases has not been returned on or
prior to the 45th day following the Closing Date from the applicable public
recording office, a copy of such Assignment of Leases certified by the
applicable Seller to be a true and complete copy of the original Assignment of
Leases submitted for recording, together with (A) an original of each assignment
of such Assignment of Leases with evidence of recording thereon and showing a
complete recorded chain of assignment from the named assignee to the holder of
record, and if any such assignment of such Assignment of Leases has not been
returned from the applicable public recording office, a copy of such assignment
certified by the applicable Seller to be a true and complete copy of the
original assignment submitted for recording, and (B) an original assignment of
such Assignment of Leases, in recordable form, signed by the holder of record in
favor of "LaSalle Bank National Association, as Trustee for Bear Stearns
Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8," which assignment may be effected in the related
Assignment of Mortgage;

                  (vii)   the  original of each guaranty, if any, constituting
additional security for the repayment of such Mortgage Loan;

                  (viii)  the original Title Insurance Policy or in the event
such original Title Insurance Policy has not been issued, an original binder or
actual title commitment or a copy thereof certified by the title company with
the original Title Insurance Policy to follow within 180 days of the Closing
Date or a preliminary title report with an original Title Insurance Policy to
follow within 180 days of the Closing Date;

                  (ix)    (A) UCC financing statements (together with all
assignments thereof) and (B) UCC-2 or UCC-3 financing statements to the Trustee
executed and delivered in connection with the Mortgage Loan;

                  (x)     copies of the related ground lease(s), if any,
related to any Mortgage Loan where the Mortgagor is the lessee under such ground
lease and there is a lien in favor of the mortgagee in such lease;

                  (xi)    copies of any loan agreements, lock-box agreements
and intercreditor agreements (including, without limitation, the Intercreditor
Agreement and the Pari Passu

                                      -42-
<PAGE>

Intercreditor Agreement, and a copy (that is, not the original) of the mortgage
note evidencing the related B Note), if any, related to any Mortgage Loan;

                  (xii)   either (A) the original of each letter of credit, if
any, constituting additional collateral for such Mortgage Loan, which shall be
assigned and delivered to the Trustee on behalf of the Trust with a copy to be
held by the applicable Primary Servicer (or the Master Servicer), and applied,
drawn, reduced or released in accordance with documents evidencing or securing
the applicable Mortgage Loan, this Agreement and the applicable Primary
Servicing Agreement or (B) the original of each letter of credit, if any,
constituting additional collateral for such Mortgage Loan, which shall be held
by the applicable Primary Servicer (or the Master Servicer) on behalf of the
Trustee, with a copy to be held by the Trustee, and applied, drawn, reduced or
released in accordance with documents evidencing or securing the applicable
Mortgage Loan, this Agreement and the applicable Primary Servicing Agreement (it
being understood that each Seller has agreed (a) that the proceeds of such
letter of credit belong to the Trust, (b) to notify, on or before the Closing
Date, the bank issuing the letter of credit that the letter of credit and the
proceeds thereof belong to the Trust, and to use reasonable efforts to obtain
within 30 days (but in any event to obtain within 90 days) following the Closing
Date, an acknowledgement thereof by the bank (with a copy of such
acknowledgement to be sent to the Trustee) and (c) to indemnify the Trust for
any liabilities, charges, costs, fees or other expenses accruing from the
failure of the Seller to assign the letter of credit hereunder). In the case of
clause (B) above, each Primary Servicer (and the Master Servicer) acknowledges
that any letter of credit held by it shall be held in its capacity as agent of
the Trust, and if a Primary Servicer (or Master Servicer) sells its rights to
service the applicable Mortgage Loan, the applicable Primary Servicer (or Master
Servicer) will assign the applicable letter of credit to the Trust or at the
direction of the Special Servicer to such party as the Special Servicer may
instruct, in each case, at the expense of the Primary Servicer (or Master
Servicer). The Primary Servicers (or Master Servicer) shall indemnify the Trust
for any loss caused by the ineffectiveness of such assignment;

                  (xiii)  the original environmental indemnity agreement, if
any, related to any Mortgage Loan;

                  (xiv)   third-party management agreements for hotels and
mortgaged properties securing Mortgage Loans with a Cut-Off Date Principal
Balance equal to or greater than $20,000,000;

                  (xv)    any Environmental Insurance Policy;

                  (xvi)   any affidavit and indemnification agreement; and

                  (xvii)  with respect to the Pari Passu Loan, a copy of the
2002-IQ2 Pooling and Servicing Agreement, as the case may be.

                  With respect to a Pari Passu Loan, the preceding document
delivery requirements will be met by the delivery by the Depositor of copies of
the documents specified above (other than the Mortgage Note (and all intervening
endorsements) evidencing such Pari Passu Loan,

                                      -43-
<PAGE>

with respect to which the originals shall be required), including a copy of the
related Pari Passu Mortgage.

                  "MORTGAGE LOAN" means a Mortgage Note secured by a Mortgage,
and all amendments and modifications thereof, identified on the Mortgage Loan
Schedule, as amended from time to time, and conveyed, transferred, sold,
assigned to or deposited with the Trustee pursuant to Section 2.1 or Section
2.3, and Mortgage Loan shall also include any Defeasance Loan and the Pari Passu
Loan (but shall not include the 2002- IQ2 Mortgage Loan) and with respect to any
A/B Mortgage Loan, shall include the A Note (but shall not include the related B
Note).

                  "MORTGAGE LOAN PURCHASE AGREEMENT" means Mortgage Loan
Purchase Agreement I, Mortgage Loan Purchase Agreement II, Mortgage Loan
Purchase Agreement III, Mortgage Loan Purchase Agreement IV or Mortgage Loan
Purchase Agreement V, as the case may be.

                  "MORTGAGE LOAN PURCHASE AGREEMENT I" means that certain
Mortgage Loan Purchase Agreement between BSCMI and the Depositor dated as of
September 27, 2002 with respect to the BSCMI Loans, a form of which is attached
hereto as Exhibit K-1.

                  "MORTGAGE LOAN PURCHASE AGREEMENT II" means that certain
Mortgage Loan Purchase Agreement between Wells Fargo and the Depositor dated as
of September 27, 2002 with respect to the Wells Fargo Loans, a form of which is
attached hereto as Exhibit K-2.

                  "MORTGAGE LOAN PURCHASE AGREEMENT III" means that certain
Mortgage Loan Purchase Agreement between Principal and the Depositor dated as of
September 27, 2002 with respect to the Principal Loans, a form of which is
attached hereto as Exhibit K-3.

                  "MORTGAGE LOAN PURCHASE AGREEMENT IV" means that certain
Mortgage Loan Purchase Agreement between MSDWMC and the Depositor dated as of
September 27, 2002 with respect to the MSDWMC Loans, a form of which is attached
hereto as Exhibit K-4.

                  "MORTGAGE LOAN PURCHASE AGREEMENT V" means that certain
Mortgage Loan Purchase Agreement between JHREF and the Depositor dated as of
September 27, 2002 with respect to the JHREF Loans, a form of which is attached
hereto as Exhibit K-5.

                  "MORTGAGE LOAN SCHEDULE" or "LOAN SCHEDULE" means collectively
the schedule attached hereto as Schedule I, which identifies each BSCMI Loan,
the schedule attached hereto as Schedule II, which identifies each Wells Fargo
Loan, the schedule attached hereto as Schedule III, which identifies each
Principal Loan, the schedule attached hereto as Schedule IV, which identifies
each JHREF Loan and the schedule attached hereto as Schedule V, which identifies
each MSDWMC Loan as such schedules may be amended from time to time pursuant to
Section 2.3.

                  "MORTGAGE NOTE" means the note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

                                      -44-
<PAGE>

                  "MORTGAGE RATE" means, for a given Mortgage Loan or B Note,
the per annum rate at which interest accrues on such Mortgage Loan or B Note.

                  "MORTGAGED PROPERTY" means the real property, together with
improvements thereto, securing the indebtedness of the Mortgagor under the
related Mortgage Loan and, in the case of an A/B Mortgage Loan, the related B
Note.

                  "MORTGAGEE" means, with respect to any Mortgage as of any date
of determination, the mortgagee named therein as of such date.

                  "MORTGAGOR" means the obligor on a Mortgage Note.

                  "MSDWMC" has the meaning set forth in the Preliminary
Statement hereto.

                  "MSDWMC LOANS" means, collectively, those Mortgage Loans sold
to the Depositor pursuant to the Mortgage Loan Purchase Agreement IV and shown
on Schedule V hereto.

                  "NET AGGREGATE PREPAYMENT INTEREST SHORTFALL" means for any
Distribution Date, with respect to all Mortgage Loans which are not Specially
Serviced Mortgage Loans, the excess, if any, of aggregate Prepayment Interest
Shortfalls for such Mortgage Loans over the sum of (A) the Compensating Interest
to be paid by the Master Servicer on such Distribution Date and (B) the
aggregate Prepayment Interest Excesses for such Collection Period for all
Mortgage Loans which are not Specially Serviced Mortgage Loans.

                  "NEW LEASE" means any lease of any REO Property entered into
on behalf of the Trust, including any lease renewed or extended on behalf of the
Trust if the Trust has the right to renegotiate the terms of such lease.

                  "1933 ACT" means the Securities Act of 1933, as amended.

                  "1934 ACT" means the Securities Exchange Act of 1934, as
amended.

                  "NONDISQUALIFICATION OPINION" means a written Opinion of
Counsel to the effect that a contemplated action will neither cause any REMIC
Pool to fail to qualify as a REMIC at any time that any Certificates are
outstanding nor cause a "prohibited transaction," "prohibited contribution" or
any other tax (other than a tax on "net income from foreclosure property"
permitted to be incurred under this Agreement) to be imposed on any REMIC Pool
or the Trust.

                  "NONECONOMIC RESIDUAL INTEREST" means a residual interest that
is a "noneconomic residual interest" within the meaning of Treasury Regulation
Section 1.860E-1(c).

                  "NON-INVESTMENT GRADE CERTIFICATES" means each Class of
Certificates that, at the time of transfer, is not rated in one of the four
highest generic rating categories by at least one of Fitch or S&P.

                  "NONRECOVERABLE ADVANCE" means any of the following (i) the
Pari Passu Loan Nonrecoverable P&I Advances (including interest accrued thereon
at the Advance Rate); (ii) the

                                      -45-
<PAGE>

Pari Passu Loan Nonrecoverable Servicing Advances (including interest accrued
thereon at the Advance Rate) and (iii) the portion of any Advance (including
interest accrued thereon at the Advance Rate) previously made or proposed to be
made by the Master Servicer, the Trustee or the Fiscal Agent that, in its
respective sole discretion, exercised in good faith and, with respect to the
Master Servicer, in accordance with the Servicing Standard, will not be or, in
the case of a current delinquency, would not be, ultimately recoverable, from
Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or Purchase
Proceeds (or from any other collections) with respect to the related Mortgage
Loan (in the case of P&I Advances and Servicing Advances) or B Note (in the case
of Servicing Advances) or REO Property (in the case of P&I Advances and
Servicing Advances), as evidenced by an Officer's Certificate delivered pursuant
to Section 4.4. Such Officer's Certificate shall be delivered to the Trustee
(upon which the Trustee may conclusively rely) or to the Depositor (if the
Trustee or the Fiscal Agent is delivering such Officer's Certificate) and (in
either case) to the Special Servicer and the Paying Agent in the time periods as
specified in Section 4.4 and shall include the information and reports set forth
in Section 4.4. In determining whether an Advance with respect to any Mortgage
Loan (in the case of P&I Advances and Servicing Advances) or B Note (in the case
of Servicing Advances) will be recoverable, the Master Servicer, the Trustee or
the Fiscal Agent, as applicable, shall take into account amounts that may be
realized on the related Mortgaged Property in its "as is" or then current
condition and occupancy. Absent bad faith, the Master Servicer's determination
as to the recoverability of any Advance shall be conclusive and binding on the
Certificateholders and, in the case of any B Note, the holder of the B Note and
may, in all cases, be relied on by the Trustee and the Fiscal Agent. Absent bad
faith or breach of the servicing standard under the 2002- IQ2 Pooling and
Servicing Agreement, the determination as to the recoverability of any advance
made with respect to the Pari Passu Loan pursuant to the 2002-IQ2 Pooling and
Servicing Agreement shall be conclusive and binding on the Certificateholders
and may, in all cases, be relied on by the Trustee, the Fiscal Agent and the
Master Servicer.

                  "NON-REGISTERED CERTIFICATE" means unless and until registered
under the Securities Act, any Class X, Class E, Class F, Class G, Class H, Class
J, Class K, Class L, Class M, Class N, Class O or Residual Certificate.

                  "NOTIONAL AMOUNT" means, as of any date of determination: (i)
with respect to all of the Class X-1 Certificates as a Class, the Class X-1
Notional Amount as of such date of determination; (ii) with respect to any Class
X-1 Certificate, the product of the Percentage Interest evidenced by such
Certificate and the Class X-1 Notional Amount as of such date of determination;
(iii) with respect to all of the Class X-2 Certificates as a Class, the Class
X-2 Notional Amount as of such date of determination and (iv) with respect to
any Class X-2 Certificate, the product of the Percentage Interest evidenced by
such Certificate and the Class X-2 Notional Amount as of such date of
determination.

                  "OFFICER'S CERTIFICATE" means (v) in the case of the
Depositor, a certificate signed by one or more of the Chairman of the Board, any
Vice Chairman, the President, or any Senior Vice President, Vice President or
Assistant Vice President, and by one or more of the Treasurer, any Assistant
Treasurer, the Secretary or any Assistant Secretary of the Depositor, or (w) in
the case of the Master Servicer and the Special Servicer, any of the officers
referred to above or an employee thereof designated as a Servicing Officer or
Special Servicing Officer pursuant to this

                                      -46-
<PAGE>

Agreement, (x) in the case of the Trustee or the Fiscal Agent, a certificate
signed by a Responsible Officer, (y) in the case of a Seller, a certificate
signed by one or more of the Chairman of the Board, any Vice Chairman, any
Managing Director or Director, the President, or any Executive Vice President,
any Senior Vice President, Vice President, Second Vice President or Assistant
Vice President and (z) in the case of the Paying Agent, a certificate signed by
a Responsible Officer, each with specific responsibilities for the matters
contemplated by this Agreement.

                  "ONE SEAPORT PLAZA LETTER AGREEMENT" means that certain letter
agreement dated June 27, 2002 by and among the 2002-IQ2 Master Servicer, the
2002-IQ2 Special Servicer, the 2002-IQ2 Trustee, the 2002-IQ2 Paying Agent, the
2002-IQ2 Fiscal Agent and Morgan Stanley Bank, a Utah industrial loan company,
as initial holder of the 2002-IQ2 Mortgage Loan, relating to certain servicing
matters with respect to the Pari Passu Loan and the 2002-IQ2 Mortgage Loan.

                  "OPERATING ADVISER" shall have the meaning specified in
Section 9.37(a).

                  "OPERATING STATEMENT ANALYSIS REPORT" means a report which is
one element of the MBA/CMSA Methodology for Analyzing and Reporting Property
Income Statements and which is substantially in the form of Exhibit N.

                  "OPINION OF COUNSEL" means a written opinion of counsel
addressed to the Trustee and the Paying Agent, reasonably acceptable in form and
substance to the Trustee and the Paying Agent, and who is not in-house counsel
to the party required to deliver such opinion but who, in the good faith
judgment of the Trustee and the Paying Agent, is Independent outside counsel
knowledgeable of the issues occurring in the practice of securitization with
respect to any such opinion of counsel concerning the taxation, or status as a
REMIC for tax purposes, of the Trust or any REMIC Pool.

                  "OWNERSHIP INTEREST" means, 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.

                  "P&I ADVANCE" shall mean, (i) with respect to any Mortgage
Loan or Specially Serviced Mortgage Loan as to which all or a portion of the
Scheduled Payment (other than a Balloon Payment) due during the related
Collection Period was not received by the Master Servicer as of the related
Determination Date (subject to Section 5.1(h)), the portion of such Scheduled
Payment not received; (ii) with respect to any Balloon Mortgage Loan (including
any REO Property as to which the related Mortgage Loan provided for a Balloon
Payment) as to which a Balloon Payment was due during or prior to the related
Collection Period but was delinquent, in whole or in part, as of the related
Determination Date, an amount equal to the excess, if any, of the Assumed
Scheduled Payment for such Balloon Mortgage Loan for the related Collection
Period, over any Late Collections received in respect of such Balloon Payment
during such Collection Period; and (iii) with respect to each REO Property, an
amount equal to the excess, if any, of the Assumed Scheduled Payment for the
Mortgage Loan to such REO Property during the related Collection Period, over
remittances of REO Income to the Master Servicer by the Special Servicer,
reduced by any amounts required to be paid as taxes on such

                                      -47-
<PAGE>

REO Income (including taxes imposed pursuant to Section 860G(c) of the Code);
provided, however, that the interest portion of any Scheduled Payment or Assumed
Scheduled Payment shall be advanced at a per annum rate equal to the sum of the
REMIC I Net Mortgage Rate relating to such Mortgage Loan or REO Mortgage Loan
and the Trustee Fee Rate, such that the Scheduled Payment or Assumed Scheduled
Payment to be advanced as a P&I Advance shall be net of the Master Servicing
Fee, the Excess Servicing Fee, the Special Servicing Stand-by Fee and the
Primary Servicing Fees; and provided, further, that the Scheduled Payment or
Assumed Scheduled Payment for any Mortgage Loan which has been modified shall be
calculated based on its terms as modified and provided, further, that the
interest component of any P&I Advance with respect to a Mortgage Loan as to
which there has been an Appraisal Reduction will be an amount equal to the
product of (i) the amount of interest required to be advanced without giving
effect to this proviso and (ii) a fraction, the numerator of which is the
Principal Balance of such Mortgage Loan as of the immediately preceding
Determination Date less any Appraisal Reduction applicable to such Mortgage Loan
and the denominator of which is the Principal Balance of such Mortgage Loan as
of such Determination Date. All P&I Advances for any Mortgage Loans that have
been modified shall be calculated on the basis of their terms as modified.

                  "P&I ADVANCE AMOUNT" means, with respect to any Mortgage Loan
or REO Property, the amount of the P&I Advance for each Mortgage Loan computed
for any Distribution Date.

                  "PARI PASSU INTERCREDITOR AGREEMENT" means, with respect to
Mortgage Loan No. 2, that certain intercreditor agreement, dated June 27, 2002,
by and between the holders of the Pari Passu Loan, the 2002-IQ2 Mortgage Loan
and any other note secured by the related Mortgaged Property on a pari passu
basis relating to the relative rights of such holders, as amended by the One
Seaport Plaza Letter Agreement, and as the same may be further amended from time
to time in accordance with the terms thereof.

                  "PARI PASSU LOAN" means the Mortgage Loan designated as
Mortgage Loan No. 2 on the Mortgage Loan Schedule and which is secured on a pari
passu basis with the 2002-IQ2 Mortgage Loan and any other note secured by the
related Mortgaged Property on a pari passu basis pursuant to the Pari Passu
Mortgage.

                  "PARI PASSU LOAN NONRECOVERABLE P&I ADVANCE" means any
"Nonrecoverable P&I Advance" (as defined in the 2002-IQ2 Pooling and Servicing
Agreement) made with respect to the Pari Passu Loan pursuant to and in
accordance with the 2002-IQ2 Pooling and Servicing Agreement.

                  "PARI PASSU LOAN NONRECOVERABLE SERVICING ADVANCE" means any
"Nonrecoverable Servicing Advance" (as defined in the 2002-IQ2 Pooling and
Servicing Agreement) made with respect to the Pari Passu Loan pursuant to and in
accordance with the 2002-IQ2 Pooling and Servicing Agreement; provided that if
the 2002-IQ2 Master Servicer shall have made a "Servicing Advance" (as defined
in the 2002-IQ2 Pooling and Servicing Agreement) in the nature of an expenditure
benefiting the related Mortgaged Property generally, the portion thereof
attributable to the Pari Passu Loan shall be determined based on the

                                      -48-
<PAGE>

outstanding balances of the Pari Passu Loan and the 2002-IQ2 Mortgage Loan on a
pari passu basis on the date such advance was made.

                  "PARI PASSU LOAN SERVICING FEE RATE" means the "Master
Servicing Fee Rate" and any other servicing fee rate (other than those payable
to the the 2002-IQ2 Master Servicer) applicable to the Pari Passu Loan as
defined in the 2002-IQ2 Pooling and Servicing Agreement.

                  "PARI PASSU MORTGAGE" means the Mortgage securing the 2002-IQ2
Mortgage Loan and the Pari Passu Loan.

                  "PARTICIPANT" means a broker, dealer, bank, other financial
institution or other Person for whom the Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

                  "PASS-THROUGH RATE" or "PASS-THROUGH RATES" means with respect
to any Class of REMIC I Regular Interests, REMIC II Regular Interests or REMIC
Regular Certificates, other than the Class X Certificates, for the first
Distribution Date, the rate set forth in the Preliminary Statement hereto. For
any Distribution Date occurring thereafter (and with respect to the Class X
Certificates, for each Distribution Date), the Pass-Through Rates for (i) the
REMIC I Regular Interests shall equal the REMIC I Net Mortgage Rate on the
related Mortgage Loan for such Distribution Date, (ii) the REMIC II Regular
Interests shall equal the Weighted Average REMIC I Net Mortgage Rate for such
Distribution Date, (iii) the Class A-1, Class A-2, Class B, Class C and Class D,
the fixed rate corresponding to such Class set forth in the Preliminary
Statement hereto, (iii) the Class E, Class F, Class G, Class H, Class J, Class
K, Class L, Class M, Class N and Class O Certificates shall equal the lesser of
(A) the fixed rate corresponding to such Class set forth in the Preliminary
Statement hereto and (B) the Weighted Average REMIC I Net Mortgage Rate for such
Distribution Date, (iv) the Class X-1 Certificates, the per annum rate equal to
the product of the Accrued Certificate Interest thereon for such Distribution
Date and 12, divided by the Class X-1 Notional Amount and (v) the Class X-2
Certificates, the per annum rate equal to the product of the Accrued Certificate
Interest thereon for such Distribution Date and 12, divided by the Class X-2
Notional Amount. The Pass-Through Rate for the Class A-1A Component, the Class
A-1B Component, the Class A-1C Component, the Class A-1D Component and the Class
A-1E Component shall equal the Pass-Through Rate of the Class A-1 Certificates.
The Pass-Through Rate for the Class A-2A Component, the Class A-2B Component,
the Class A-2C Component and the Class A-2D Component shall equal the
Pass-Through Rate of the Class A-2 Certificates. The Pass-Through Rate for the
Class B-1 Component and the Class B-2 Component shall equal the Pass-Through
Rate of the Class B Certificates. The Pass-Through Rate for the Class C-1
Component, the Class C-2 Component and the Class C-3 Component shall equal the
Pass-Through Rate of the Class C Certificates. The Pass-Through Rate for the
Class D-1 Component and the Class D-2 Component shall equal the Pass-Through
Rate of the Class D Certificates. The Pass-Through Rate for the Class E-1
Component and the Class E-2 Component shall equal the Pass-Through Rate of the
Class E Certificates. The Pass-Through Rate for the Class H-1 Component and the
Class H-2 Component shall equal the Pass-Through Rate of the Class H
Certificates.

                  "PAYING AGENT" means Wells Fargo Bank Minnesota, National
Association and any successor or assign, as provided herein. The Luxembourg
Paying Agent shall not be the

                                      -49-
<PAGE>

Paying Agent and the duties of the Luxembourg Paying Agent shall be distinct
from the duties of the Paying Agent.

                  "PAYING AGENT FEE" means the portion of the Trustee Fee
payable to the Paying Agent in an amount agreed to between the Trustee and the
Paying Agent.

                  "PERCENTAGE INTEREST" means with respect to each Class of
Certificates other than the Residual Certificates, the fraction of such Class
evidenced by such Certificate, expressed as a percentage (carried to four
decimal places and rounded, if necessary), the numerator of which is the
Certificate Balance or Notional Amount, as applicable, represented by such
Certificate determined as of the Closing Date (as stated on the face of such
Certificate) and the denominator of which is the Aggregate Certificate Balance
or Notional Amount, as applicable, of all of the Certificates of such Class
determined as of the Closing Date. With respect to each Residual Certificate,
the percentage interest in distributions (if any) to be made with respect to the
relevant Class, as stated on the face of such Certificate.

                  "PERFORMING PARTY" has the meaning set forth in Section
8.26(b).

                  "PERMITTED TRANSFEREE" means any Transferee other than a
Disqualified Organization.

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

                  "PHASE I ENVIRONMENTAL REPORT" means a report by an
Independent Person who regularly conducts environmental site assessments in
accordance with then current standards imposed by institutional commercial
mortgage lenders and who has a reasonable amount of experience conducting such
assessments.

                  "PLACEMENT  AGENT" means Bear,  Stearns & Co. Inc., Morgan
Stanley & Co. Incorporated, Goldman, Sachs & Co. and Wells Fargo Brokerage
Services, LLC or its respective successor in interest.

                  "PLAN" has the meaning set forth in Section 3.3(d).

                  "PLAN ASSET  REGULATIONS" means the Department of Labor
regulations set forth in 29 C.F.R. ss. 2510.3-101.

                  "PRELIMINARY PROSPECTUS SUPPLEMENT" has the meaning set forth
in the Preliminary Statement hereto.

                  "PREPAYMENT INTEREST EXCESS" means for any Distribution Date
and the related Collection Period, during which a full or partial Principal
Prepayment (including payment of a Balloon Payment other than in connection with
the foreclosure or liquidation of a Mortgage Loan) is made after the Due Date
for such Mortgage Loan through and including the last day of the Collection
Period, the amount of interest that accrues on the amount of such Principal
Prepayment from such Due Date to the date such payment was made, plus (if made)
any

                                      -50-
<PAGE>

payment by the Mortgagor of interest that would have accrued to the next
succeeding Due Date (net of the Master Servicing Fee, the Primary Servicing
Fees, the Excess Servicing Fees, the Special Servicing Fee, the Special
Servicing Stand-by Fee, the servicing fee and trustee fee payable in connection
with a Pari Passu Loan (in the case of a Pari Passu Loan) and the Trustee Fee),
to the extent collected.

                  "PREPAYMENT INTEREST SHORTFALL" means, with respect to any
Distribution Date, a shortfall in the collection of a full month's interest on
any Mortgage Loan, by reason of a full or partial Principal Prepayment
(including payment of a Balloon Payment other than in connection with the
foreclosure or liquidation of a Mortgage Loan) made during any Collection Period
prior to the Due Date for such Mortgage Loan in such Collection Period
(including any shortfall resulting from such a payment during the grace period
relating to such Due Date). The amount of any Prepayment Interest Shortfall
shall equal the excess of (A) the aggregate amount of interest which would have
accrued on the Scheduled Principal Balance of such Mortgage Loan if the Mortgage
Loan had paid on its Due Date and such Principal Prepayment or Balloon Payment
had not been made (net of the Master Servicing Fee, the Primary Servicing Fees,
the Excess Servicing Fees, the Special Servicing Fee, the Special Servicing
Stand-by Fee, the servicing fee and trustee fee payable in connection with a
Pari Passu Loan (in the case of a Pari Passu Loan) and the Trustee Fee) over (B)
the aggregate interest that did so accrue through the date such payment was made
(net of such fees).

                  "PREPAYMENT PREMIUM" means, with respect to any Mortgage Loan
or B Note for any Distribution Date, the prepayment premiums, yield maintenance
charges or percentage premiums, if any, received during the related Collection
Period in connection with Principal Prepayments on such Mortgage Loan or B Note.

                  "PRIMARY COLLATERAL" means the portion of the Mortgaged
Property securing the Repurchased Loan or Crossed-Mortgage Loan, as applicable,
that is encumbered by a first mortgage lien.

                  "PRIMARY SERVICERS" means Principal Global Investors, LLC,
formerly known as Principal Capital Management, LLC and JHREF and each of their
respective permitted successors and assigns.

                  "PRIMARY SERVICING AGREEMENT" means, with respect to each
Primary Servicer, the agreement between such Primary Servicer and the Master
Servicer, dated as of October 1, 2002, a form of which is attached hereto as
Exhibit G, under which such Primary Servicer services the Mortgage Loans set
forth on the schedule attached thereto.

                  "PRIMARY SERVICING FEE" means, for each calendar month, as to
each Mortgage Loan, the applicable Primary Servicing Fee Rate multiplied by the
Scheduled Principal Balance of such Mortgage Loan immediately before the Due
Date occurring in such month, but prorated for the number of days during the
calendar month for such Mortgage Loan for which interest actually accrues on
such Mortgage Loan and payable only from collections on such Mortgage Loan.

                                      -51-
<PAGE>

                  "PRIMARY SERVICING FEE RATE" means, the monthly fee payable to
the applicable Primary Servicer (or the Master Servicer, as applicable) based on
the per annum rate specified on the Mortgage Loan Schedule, as more specifically
described, in the case of the Primary Servicers, in the applicable Primary
Servicing Agreement (determined in the same manner (other than the rate of
accrual) as the applicable Mortgage Rate is determined for such Mortgage Loan
for such month).

                  "PRINCIPAL" has the meaning set forth in the Preliminary
Statement hereto.

                  "PRINCIPAL BALANCE" means, with respect to any Mortgage Loan,
B Note or REO Mortgage Loan, for purposes of performing calculations with
respect to any Distribution Date, the principal balance of such Mortgage Loan, B
Note or the related REO Mortgage Loan outstanding as of the Cut-Off Date after
taking into account all principal and interest payments made or due on or prior
to the Cut-Off Date (assuming, for any Mortgage Loan or B Note with a Due Date
in October 2002 that is not October 1, 2002, that principal and interest
payments for such month were paid on October 1, 2002), reduced (to not less than
zero) by (i) any payments or other collections of amounts allocable to principal
on such Mortgage Loan, B Note or related REO Mortgage Loan that have been
collected or received during any preceding Collection Period, other than any
Scheduled Payments due in any subsequent Collection Period, and (ii) the
principal portion of any Realized Loss incurred in respect of such Mortgage Loan
or related REO Mortgage Loan during any related Collection Period.

                  "PRINCIPAL BALANCE CERTIFICATES" means, collectively, the
Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G,
Class H, Class J, Class K, Class L, Class M, Class N and Class O Certificates.

                  "PRINCIPAL DISTRIBUTION AMOUNT" means, on any Distribution
Date, the sum of the following amounts: (i) the principal portion of all
Scheduled Payments (other than the principal portion of Balloon Payments) and
any Assumed Scheduled Payments, in each case, to the extent received or
advanced, as the case may be, in respect of the Mortgage Loans and any REO
Mortgage Loans (but not in respect of any B Note or its successor REO Mortgage
Loan) for their respective Due Dates occurring during the related Collection
Period; (ii) all payments (including Principal Prepayments and the principal
portion of Balloon Payments but not in respect of any B Note or its respective
successor REO Mortgage Loan) and any other collections (including Liquidation
Proceeds (other than the portion thereof, if any, constituting Excess
Liquidation Proceeds), Condemnation Proceeds, Insurance Proceeds, Purchase
Proceeds and REO Income) received on or in respect of the Mortgage Loans during
the related Collection Period and that were identified and applied by the Master
Servicer as recoveries of principal thereof.

                  "PRINCIPAL LOANS" means, collectively those Mortgage Loans
sold to the Depositor pursuant to Mortgage Loan Purchase Agreement III and shown
on Schedule III hereto.

                  "PRINCIPAL PREPAYMENT" means any voluntary or involuntary
payment or collection of principal on a Mortgage Loan or B Note which is
received or recovered in advance of its scheduled Due Date and applied to reduce
the Principal Balance of the Mortgage Loan or B Note in advance of its scheduled
Due Date, including, without limitation, all proceeds, to the

                                      -52-
<PAGE>

extent allocable to principal, received from the payment of cash in connection
with a substitution shortfall pursuant to Section 2.3; provided, that the pledge
by a Mortgagor of Defeasance Collateral with respect to a Defeasance Loan shall
not be deemed to be a Principal Prepayment.

                  "PRIVATE PLACEMENT MEMORANDUM" means the Private Placement
Memorandum dated September 27, 2002, pursuant to which the Class X-1, Class X-2,
Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N
and Class O Certificates will be offered for sale.

                  "PROSPECTUS" has the meaning set forth in the Preliminary
Statement hereto.

                  "PURCHASE PRICE" means, with respect to the purchase by the
Seller or liquidation by the Special Servicer of (i) a Mortgage Loan or an REO
Mortgage Loan pursuant to Article II of this Agreement, (ii) an REO Mortgage
Loan pursuant to Section 9.15 or (iii) a Mortgage Loan pursuant to Section 9.36
under the circumstances described therein, a price equal to the sum of (A) 100%
of the unpaid Principal Balance of such Mortgage Loan (or deemed Principal
Balance, in the case of an REO Mortgage Loan), plus (B) accrued but unpaid
interest thereon calculated at the Mortgage Rate to, but not including, the Due
Date in the Collection Period in which such purchase or liquidation occurs, plus
(C) the amount of any expenses related to such Mortgage Loan and/or (if
applicable) its related B Note or the related REO Property (including any
Servicing Advances and Advance Interest (which have not been paid by the
Mortgagor or out of Late Fees or default interest paid by the related Mortgagor
on the related Mortgage Loan and/or (if applicable) its related B Note) related
to such Mortgage Loan and/or (if applicable) its related B Note and all Special
Servicing Fees and Liquidation Fees paid with respect to the Mortgage Loan
and/or (if applicable) its related B Note) that are reimbursable or payable to
the Master Servicer, the Special Servicer, the Paying Agent, the Trustee, the
Fiscal Agent, the 2002-IQ2 Master Servicer or the 2002-IQ2 Special Servicer,
plus (D) if such Mortgage Loan or REO Mortgage Loan is being repurchased or
substituted for by a Seller pursuant to the related Mortgage Loan Purchase
Agreement, all expenses reasonably incurred or to be incurred by a Primary
Servicer, the Master Servicer, the Special Servicer, the Depositor, the Paying
Agent or the Trustee in respect of the Material Breach or Material Document
Defect giving rise to the repurchase or substitution obligation (and that are
not otherwise included in (C) above).

                  "PURCHASE PROCEEDS" means any cash amounts received by the
Master Servicer in connection with: (i) the repurchase of a Mortgage Loan or an
REO Mortgage Loan by a Seller pursuant to Section 2.3 or (ii) the purchase of
the Mortgage Loans and REO Properties by the Depositor, the Master Servicer, the
Special Servicer or the holders of the Class R-I Certificates pursuant to
Section 10.1(b).

                  "QUALIFIED BIDDER" means (A) as used in section 8.29(c), a
Person qualified to act as successor Master Servicer hereunder pursuant to
Section 8.22(b) (including the requirement set forth in Section 8.22(b) that
Rating Agency Confirmation shall have been obtained from each Rating Agency with
respect to such Person) and (B) as used in Section 9.31(c), any Person qualified
to act as successor Special Servicer hereunder pursuant to Section 9.21(b)
(including the requirement set forth in Section 9.21(b) that Rating Agency
Confirmation shall have been obtained form each Rating Agency with respect to
such Person).

                                      -53-
<PAGE>

                  "QUALIFIED INSTITUTIONAL BUYER" means a qualified
institutional buyer qualifying pursuant to Rule 144A.

                  "QUALIFIED INSURER" means, (i) with respect to any Mortgage
Loan or B Note, an insurance company duly qualified as such under the laws of
the state in which the related Mortgaged Property is located, duly authorized
and licensed in such state to transact the applicable insurance business and to
write the insurance, but in no event rated lower than "A" by Fitch, or if not so
rated, then Fitch has issued a Rating Agency Confirmation, and "A" by S&P if
rated by S&P or if not rated by S&P, then S&P has issued a Rating Agency
Confirmation, and (ii) with respect to the Servicer Errors and Omissions
Insurance Policy or Servicer Fidelity Bond an insurance company that has a claim
paying ability no lower than "A" by Fitch if rated by Fitch, or if not rated by
Fitch, then rated A:IX by A.M Best or Fitch has issued a Rating Agency
Confirmation, and "A" by S&P if rated by S&P or if not rated by S&P, then S&P
has issued a Rating Agency Confirmation, or (iii) in either case, a company not
satisfying clause (i) or (ii) but with respect to which Rating Agency
Confirmation is obtained. "Qualified Insurer" shall also mean any entity that
satisfies all of the criteria, other than the ratings criteria, set forth in one
of the foregoing clauses and whose obligations under the related insurance
policy are guaranteed or backed by an entity that satisfies the ratings criteria
set forth in such clause (construed as if such entity were an insurance company
referred to therein).

                  "QUALIFYING SUBSTITUTE MORTGAGE LOAN" means, in the case of a
Mortgage Loan substituted for a Deleted Mortgage Loan, a Mortgage Loan which, on
the date of substitution, (i) has an outstanding principal balance, after
deduction of the principal portion of the Scheduled Payment due in the month of
substitution, not in excess of the Principal Balance of the Deleted Mortgage
Loan; provided, however, that, to the extent that the principal balance of such
Mortgage Loan is less than the Principal Balance of the Deleted Mortgage Loan,
then such differential in principal amount, together with interest thereon at
the Mortgage Rate on the related Mortgage Loan from the date as to which
interest was last paid through the last day of the month in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Master Servicer for deposit into the Certificate Account, and shall be
treated as a Principal Prepayment hereunder; (ii) is accruing interest at a rate
of interest at least equal to that of the Deleted Mortgage Loan; (iii) has a
remaining term to stated maturity not greater than, and not more than two years
less than, that of the Deleted Mortgage Loan; (iv) has an original Loan-to-Value
Ratio not higher than that of the Deleted Mortgage Loan and a current
Loan-to-Value Ratio (equal to the outstanding principal balance on the date of
substitution divided by its current Appraised Value) not higher than the current
Loan-to-Value Ratio of the Deleted Mortgage Loan and has a current Debt Service
Coverage Ratio equal to or greater than the current Debt Service Coverage Ratio
of the Deleted Mortgage Loan; (v) will comply with all of the representations
and warranties relating to Mortgage Loans set forth herein, as of the date of
substitution; (vi) has a Phase I Environmental Report relating to the related
Mortgaged Property in its Mortgage Files and such Phase I Environmental Report
does not, in the good faith reasonable judgment of the Special Servicer,
consistent with the Servicing Standard raise material issues that have not been
adequately addressed; (vii) has an engineering report relating to the related
Mortgaged Property in its Mortgage Files and such engineering report does not,
in the good faith reasonable judgment of the Special Servicer, consistent with
the Servicing Standard raise material issues that have not been adequately
addressed; and (viii) as to which the Trustee and the Paying Agent have received
an Opinion of Counsel, at the related Seller's expense, that such Mortgage Loan
is a

                                      -54-
<PAGE>

"qualified replacement mortgage" within the meaning of Section 860G(a)(4) of the
Code; provided that no Mortgage Loan may have a Maturity Date after the date
three years prior to the Rated Final Distribution Date, and provided, further,
that no such Mortgage Loan shall be substituted for a Deleted Mortgage Loan
unless Rating Agency Confirmation is obtained, and provided, further that no
such Mortgage Loan shall be substituted for a Deleted Mortgage Loan unless the
Operating Adviser shall have approved of such substitution (provided, however,
that such approval of the Operating Adviser may not be unreasonably withheld).
In the event that either one mortgage loan is substituted for more than one
Deleted Mortgage Loan or more than one mortgage loan is substituted for one or
more Deleted Mortgage Loans, then (A) the Principal Balance referred to in
clause (i) above shall be determined on the basis of aggregate Principal
Balances and (B) the rates referred to in clause (ii) above and the remaining
term to stated maturity referred to in clause (iii) above shall be determined on
a weighted average basis. Whenever a Qualifying Substitute Mortgage Loan is
substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party
effecting such substitution shall certify that such Mortgage Loan meets all of
the requirements of this definition and shall send such certification to the
Paying Agent, which shall deliver a copy of such certification to the Special
Servicer, the Trustee and the Operating Adviser promptly, and in any event
within five Business Days following the Paying Agent's receipt of such
certification.

                  "RATED FINAL DISTRIBUTION DATE" means with respect to each
rated Class of Certificates, the Distribution Date in August 2038.

                  "RATING AGENCIES" means Fitch and S&P.

                  "RATING AGENCY CONFIRMATION" means, with respect to any
matter, confirmation in writing by each Rating Agency (or such Rating Agency as
is specified herein) that a proposed action, failure to act, or other event
specified herein will not in and of itself result in the withdrawal, downgrade,
or qualification, as applicable, of the then-current rating assigned by such
Rating Agency to any Class of Certificates then rated by such Rating Agency.

                  "REALIZED INTEREST LOSS" means, with respect to each Mortgage
Loan, (i) in the case of a Liquidation Realized Loss, the portion of any
Liquidation Realized Loss that exceeds the Realized Principal Loss on the
related Mortgage Loan, (ii) in the case of a Bankruptcy Loss, the portion of
such Realized Loss attributable to accrued interest on the related Mortgage
Loan, (iii) in the case of an Expense Loss, an Expense Loss resulting in any
period from the payment of the Special Servicing Fee and any Expense Losses set
forth in the last sentence of the definition of "Realized Principal Loss" or
(iv) in the case of a Modification Loss, a Modification Loss described in clause
(iii) of the definition thereof.

                  "REALIZED LOSS" means a Liquidation Realized Loss, a
Modification Loss, a Bankruptcy Loss or an Expense Loss with respect to a
Mortgage Loan. Realized Losses on a Mortgage Loan are allocated first to the
Principal Balance of, and then to interest on such Mortgage Loan.

                  "REALIZED PRINCIPAL LOSS" means, with respect to each Mortgage
Loan, (i) in the case of a Liquidation Realized Loss, the amount of such
Realized Loss, to the extent that it does not exceed the Principal Balance of
the Mortgage Loan (or deemed Principal Balance, in the case

                                      -55-
<PAGE>

of REO Property), (ii) in the case of a Modification Loss, the amount of such
Modification Loss described in clause (i) of the definition thereof, (iii) in
the case of a Bankruptcy Loss, the portion of such Realized Loss attributable to
the reduction in the Principal Balance of the related Mortgage Loan, and (iv) in
the case of an Expense Loss, the portion thereof not treated as a Realized
Interest Loss. Notwithstanding clause (iv) of the preceding sentence, to the
extent that Expense Losses (exclusive of Expense Losses resulting from payment
of the Special Servicing Fee) exceed amounts with respect to the Mortgage Loans
that were identified as allocable to principal, such excess shall be treated as
a Realized Interest Loss.

                  "RECORD DATE" means, for each Distribution Date and each Class
of Certificates, the close of business on the last Business Day of the month
immediately preceding the month in which such Distribution Date occurs.

                  "RECOVERIES" means, as of any Distribution Date, any amounts
recovered with respect to a Mortgage Loan, B Note or REO Property following the
period in which a Final Recovery Determination occurs plus other amounts defined
as "Recoveries" herein.

                  "REGULATION S" means Regulation S under the 1933 Act.

                  "REGULATION S CERTIFICATE" means a written certification
substantially in the form set forth in Exhibit F hereto certifying that a
beneficial owner of an interest in a Regulation S Temporary Global Certificate
is not a U.S. Person (as defined in Regulation S).

                  "REGULATION S GLOBAL CERTIFICATES" means the Regulation S
Permanent Global Certificates together with the Regulation S Temporary Global
Certificates.

                  "REGULATION S PERMANENT GLOBAL CERTIFICATE" means 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" means, with
respect to any Class of 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 coupons.

                  "REHABILITATED MORTGAGE LOAN" means any Specially Serviced
Mortgage Loan with respect to which (i) three consecutive Scheduled Payments
have been made (in the case of any such Mortgage Loan or B Note that was
modified, based on the modified terms), or a complete defeasance shall have
occurred, (ii) no other Servicing Transfer Event has occurred and is continuing
(or with respect to determining whether a Required Appraisal Loan is a
Rehabilitated Mortgage Loan for applying Appraisal Reductions, no other
Appraisal Event has occurred and is continuing) and (iii) the Trust has been
reimbursed for all costs incurred as a result of the occurrence of a Servicing
Transfer Event or such amounts have been forgiven. An A Note shall not
constitute a Rehabilitated Mortgage Loan unless its related B Note would
constitute a Rehabilitated Mortgage Loan. A B Note shall not constitute a
Rehabilitated Mortgage Loan unless its related A Note also would constitute a
Rehabilitated Mortgage Loan.

                  "RELEASE DATE" means the date 40 days after the later of (i)
the commencement of the offering of the Certificates and (ii) the Closing Date.

                                      -56-
<PAGE>

                  "REMIC" means a real estate mortgage investment conduit within
the meaning of Section 860D of the Code.

                  "REMIC I" means the segregated pool of assets consisting of
the Mortgage Loans (other than any Excess Interest payable thereon), such
amounts as shall from time to time be held in the Certificate Account and the
Distribution Account (other than the portion thereof constituting the Excess
Interest Sub-account), the Insurance Policies (other than the interests of the
holder of any B Note therein) and any REO Properties (other than the interests
of the holder of any B Note therein), for which a REMIC election has been made
pursuant to Section 12.1(a) hereof. Excess Interest on the Mortgage Loans and
the Excess Interest Sub-account shall constitute assets of the Trust but shall
not be a part of any REMIC Pool formed hereunder. The 2002-IQ2 Mortgage Loan and
any amounts payable thereon shall not constitute an asset of the Trust or any
REMIC Pool formed hereunder. No B Note or any amounts payable thereon shall
constitute an asset of the Trust or any REMIC Pool formed hereunder.

                  "REMIC I INTERESTS" means, collectively, the REMIC I Regular
Interests and the Class R-I Certificates.

                  "REMIC I NET MORTGAGE RATE" means, with respect to any
Distribution Date, as to any REMIC I Regular Interest, a rate per annum equal
(a) with respect to any Mortgage Loan that accrues interest on the basis of a
360-day year consisting of twelve (12) 30-day months ("30/360 basis"), (i) the
Mortgage Rate thereof (without taking into account any increase therein after
the Anticipated Repayment Date in respect of an ARD Loan or any default interest
rate) as of the Cut-Off Date and without regard to any modification, waiver or
amendment of the terms thereof following the Cut-Off Date, minus (ii) the
Administrative Cost Rate, and (b) with respect to any Mortgage Loan that accrues
interest on a basis other than a 30/360 basis, the annualized rate that, when
applied to the Principal Balance of the related Mortgage Loan (on the day prior
to the Due Date preceding such Distribution Date) on a 30/360 basis for the
related loan accrual period, yields the amount of net interest that would have
accrued during the related loan accrual period assuming a net interest rate
equal to the rate described in clause (a) above, and assuming an interest
accrual basis that is the same as the actual interest accrual basis of such
Mortgage Loan, provided that for purposes of this clause (b), (i) the REMIC I
Net Mortgage Rate for the loan accrual period relating to the Due Dates in both
January and February in any year that is not a leap year and in February in any
year that is a leap year, shall be determined net of any amounts transferred to
the Interest Reserve Account and (ii) the REMIC I Net Mortgage Rate for the loan
accrual period relating to the Due Date in March shall be determined taking into
account the addition of any amounts withdrawn from the Interest Reserve Account.

                  "REMIC I REGULAR INTERESTS" means, collectively, the
uncertificated interests designated as "regular interests" in REMIC I, which
shall consist of, with respect to each Mortgage Loan, an interest having an
initial Certificate Balance equal to the Cut-Off Date Scheduled Principal
Balance of such Mortgage Loan, and which has a Pass-Through Rate equal to the
REMIC I Net Mortgage Rate of such Mortgage Loan.

                  "REMIC II" means the segregated pool of assets consisting of
the REMIC I Regular Interests for which a REMIC election has been made pursuant
to Section 12.1(a) hereof.

                                      -57-
<PAGE>

                  "REMIC II INTERESTS" means, collectively, the REMIC II Regular
Interests and the Class R-II Certificates.

                  "REMIC II REGULAR INTEREST A-1A" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having initial Certificate Balance equal to $49,795,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST A-1B" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having initial Certificate Balance equal to $40,832,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST A-1C" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having initial Certificate Balance equal to $38,689,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST A-1D" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having initial Certificate Balance equal to $54,108,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST A-1E" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having initial Certificate Balance equal to $2,111,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                   "REMIC II REGULAR INTEREST A-2A" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $31,881,000, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                  "REMIC II REGULAR INTEREST A-2B" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $32,360,000, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                  "REMIC II REGULAR INTEREST A-2C" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $41,215,000, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                  "REMIC II REGULAR INTEREST A-2D" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $433,338,000, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                                      -58-
<PAGE>

                  "REMIC II REGULAR INTEREST B-1" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $4,283,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST B-2" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $20,984,000, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                  "REMIC II REGULAR INTEREST C-1" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $10,284,000, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                  "REMIC II REGULAR INTEREST C-2" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $11,681,000, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                  "REMIC II REGULAR INTEREST C-3" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $6,461,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST D-1" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $7,097,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST D-2" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $2,378,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST E-1" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $4,650,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST E-2" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $6,931,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST F" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance

                                      -59-
<PAGE>

equal to the Aggregate Certificate Balance of the Class F Certificates, and
which has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage
Rate.

                  "REMIC II REGULAR INTEREST G" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance equal to the Aggregate Certificate
Balance of the Class G Certificates, and which has a Pass-Through Rate equal to
the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST H-1" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $8,378,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST H-2" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having an initial Certificate Balance equal to $44,000, and which
has a Pass-Through Rate equal to the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST J" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance equal to the Aggregate Certificate
Balance of the Class J Certificates, and which has a Pass-Through Rate equal to
the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST K" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance equal to the Aggregate Certificate
Balance of the Class K Certificates, and which has a Pass-Through Rate equal to
the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST L" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance equal to the Aggregate Certificate
Balance of the Class L Certificates, and which has a Pass-Through Rate equal to
the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST M" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance equal to the Aggregate Certificate
Balance of the Class M Certificates, and which has a Pass-Through Rate equal to
the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST N" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance equal to the Aggregate Certificate
Balance of the Class N Certificates, and which has a Pass-Through Rate equal to
the Weighted Average REMIC I Net Mortgage Rate.

                  "REMIC II REGULAR INTEREST O" means the uncertificated
interest designated as a "regular interest" in REMIC II, which shall consist of
an interest having a Certificate Balance equal to the Aggregate Certificate
Balance of the Class O Certificates, and which has a Pass-Through Rate equal to
the Weighted Average REMIC I Net Mortgage Rate.

                                      -60-
<PAGE>

                  "REMIC II REGULAR INTERESTS" means, collectively, the REMIC II
Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest
A-1C, REMIC II Regular Interest A-1D, REMIC II Regular Interest A-1E, REMIC II
Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest B-1, REMIC II
Regular Interest B-2, REMIC II Regular Interest C-1, REMIC II Regular Interest
C-2, REMIC II Regular Interest C-3, REMIC II Regular Interest D-1, REMIC II
Regular Interest D-2, REMIC II Regular Interest E-1, REMIC II Regular Interest
E-2, REMIC II Regular Interest F, REMIC II Regular Interest G, REMIC II Regular
Interest H-1, REMIC II Regular Interest H-2, REMIC II Regular Interest J, REMIC
II Regular Interest K, REMIC II Regular Interest L, REMIC II Regular Interest M,
REMIC II Regular Interest N and REMIC II Regular Interest O.

                  "REMIC III" means the segregated pool of assets consisting of
the REMIC II Regular Interests for which a REMIC election has been made pursuant
to Section 12.1(a) hereof.

                  "REMIC III CERTIFICATES" has the meaning set forth in the
final paragraph of the Preliminary Statement hereto.

                  "REMIC III REGULAR INTERESTS" means, collectively, the Class
A-1 Certificates, Class A-2 Certificates, Class X-1 Certificates (each Class X-1
Certificate representing multiple "regular interests" in REMIC III), Class X-2
Certificates (each Class X-2 Certificate representing multiple "regular
interests" in REMIC III), Class B Certificates, Class C Certificates, Class D
Certificates, Class E Certificates, Class F Certificates, Class G Certificates,
Class H Certificates, Class J Certificates, Class K Certificates, Class L
Certificates, Class M Certificates, Class N Certificates and Class O
Certificates.

                  "REMIC POOL" means each of the three segregated pools of
assets designated as a REMIC pursuant to Section 12.1(a) hereof.

                  "REMIC PROVISIONS" means the provisions of the federal income
tax law relating to real estate mortgage investment conduits, which appear at
Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related
provisions, and final, temporary and proposed regulations and rulings
promulgated thereunder, as the foregoing may be in effect from time to time and
taking account, as appropriate, of any proposed legislation or regulations
which, as proposed, would have an effective date prior to enactment or
promulgation thereof.

                  "REMIC REGULAR CERTIFICATES" means, collectively, the Class A,
Class X-1, Class X-2, Class B, Class C, Class D, Class E, Class F, Class G,
Class H, Class J, Class K, Class L, Class M, Class N and Class O Certificates.

                  "RENT LOSS POLICY" or "RENT LOSS INSURANCE" means a policy of
insurance generally insuring against loss of income or rent resulting from
hazards or acts of God.

                  "RENTS FROM REAL PROPERTY" means, with respect to any REO
Property, income of the character described in Section 856(d) of the Code.

                  "REO ACCOUNT" shall have the meaning set forth in Section
9.14(a) hereof.

                                      -61-
<PAGE>

                  "REO DISPOSITION" means the receipt by the Master Servicer or
the Special Servicer of Liquidation Proceeds and other payments and recoveries
(including proceeds of a final sale) from the sale or other disposition of REO
Property.

                  "REO INCOME" means, with respect to any REO Property that had
not been security for an A/B Mortgage Loan for any Collection Period, all income
received in connection with such REO Property during such period less any
operating expenses, utilities, real estate taxes, management fees, insurance
premiums, expenses for maintenance and repairs and any other capital expenses
directly related to such REO Property paid during such period or, with respect
to an REO Property that had been security for an A/B Mortgage Loan, the portion
of the amounts described above received with respect to such REO Property and
allocable to the related A Note pursuant to the related Intercreditor Agreement.
With respect to the Pari Passu Loan (if the 2002-IQ2 Special Servicer has
foreclosed upon the Mortgaged Property secured by the Pari Passu Mortgage), the
REO Income shall comprise only such portion of the foregoing that is payable to
the holder of the Pari Passu Loan.

                  "REO MORTGAGE LOAN" means a Mortgage Loan or B Note as to
which the related Mortgaged Property is an REO Property.

                  "REO PROPERTY" means a Mortgaged Property (or an interest
therein, if the Mortgaged Property securing the Pari Passu Loan and the 2002-IQ2
Mortgage Loan or the Mortgaged Property securing an A/B Mortgage Loan has been
acquired by the Trust) acquired by the Trust through foreclosure, deed-in-lieu
of foreclosure, abandonment or reclamation from bankruptcy in connection with a
Defaulted Mortgage Loan or otherwise treated as foreclosure property under the
REMIC Provisions.

                  "REPORT DATE" means the third Business Day before the related
Distribution Date.

                  "REPURCHASED LOAN" has the meaning set forth in Section
2.3(a).

                  "REQUEST FOR RELEASE" means a request for release of certain
documents relating to the Mortgage Loans, a form of which is attached hereto as
Exhibit C.

                  "REQUIRED APPRAISAL LOAN" means any Mortgage Loan as to which
an Appraisal Event has occurred. A Mortgage Loan will cease to be a Required
Appraisal Loan at such time as it is a Rehabilitated Mortgage Loan.

                  "RESERVE ACCOUNT" shall mean the Reserve Account maintained by
the Paying Agent in accordance with the provisions of Section 5.3, which shall
be an Eligible Account.

                  "RESIDUAL CERTIFICATES" means, with respect to REMIC I, the
Class R-I Certificates, with respect to REMIC II, the Class R-II Certificates,
and with respect to REMIC III, the Class R-III Certificates.

                  "RESPONSIBLE OFFICER" means, when used with respect to the
initial Trustee or the Fiscal Agent, any officer assigned to the Asset-Backed
Securities Trust Services Group, or with respect to the Paying Agent, any
officer assigned to the Corporate Trust Services Group, each with specific
responsibilities for the matters contemplated by this Agreement and when used

                                      -62-
<PAGE>

with respect to any successor Trustee, Fiscal Agent or Paying Agent, any Vice
President, Assistant Vice President, corporate trust officer or any assistant
corporate trust officer or persons performing similar roles on behalf of the
Trustee, Fiscal Agent or Paying Agent.

                  "RESTRICTED SERVICER REPORTS" means the following reports in
CMSA format (as in effect on the date hereof or as such formats may be changed
from time to time by the CMSA) in, and containing substantially the information
contemplated by, the forms attached hereto as part of Exhibit W prepared by the
Master Servicer (combining reports in such forms prepared by the Master Servicer
and the Special Servicer (with respect to Specially Serviced Mortgage Loans and
REO Properties)): (i) a Comparative Financial Status Report; (ii) without
duplication with Section 8.14, an NOI Adjustment Worksheet; (iii) without
duplication with Section 8.14, an Operating Statement Analysis Report, (iv)
subject to Section 8.11(h), a Servicer Watch List, (v) a Property File and (vi)
without duplication with Section 8.14, a Financial File.

                  "REVERSE SEQUENTIAL ORDER" means sequentially to the Class O,
Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E,
Class D, Class C, Class B and finally to the Class X and Class A Certificates,
on a pro rata basis, as described herein.

                  "RULE 144A" means Rule 144A under the 1933 Act.

                  "RULE 144A-IAI GLOBAL CERTIFICATE" means, with respect to any
Class of Certificates offered and sold in reliance on Rule 144A or to certain
Institutional Accredited Investors, a single, permanent global Certificate, in
definitive, fully registered form without interest coupons.

                  "S&P" means Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc. or its successor in interest.

                  "SARBANES-OXLEY CERTIFICATION" has the meaning set forth in
Section 8.26(b).

                  "SCHEDULED PAYMENT" means each scheduled payment of principal
of, and/or interest on, a Mortgage Loan or B Note required to be paid on its Due
Date by the Mortgagor in accordance with the terms of the related Mortgage Note
or B Note (excluding all amounts of principal and interest which were due on or
before the Cut-Off Date, whenever received, and taking account of any
modifications thereof and the effects of any Debt Service Reduction Amounts and
Deficient Valuation Amounts). Notwithstanding the foregoing, the amount of the
Scheduled Payment for any A Note or B Note shall be calculated without regard to
the related Intercreditor Agreement.

                  "SCHEDULED PRINCIPAL BALANCE" means, with respect to any
Mortgage Loan, B Note or REO Mortgage Loan, for purposes of performing
calculations with respect to any Distribution Date, the Principal Balance
thereof minus the aggregate amount of any P&I Advances of principal previously
made with respect to such Mortgage Loan, B Note or REO Mortgage Loan.

                  "SELLER" means Principal, Wells Fargo, BSCMI, JHREF or MSDWMC
as the case may be.

                                      -63-
<PAGE>

                  "SENIOR CERTIFICATES" means the Class A and Class X
Certificates.

                  "SERVICER ERRORS AND OMISSIONS INSURANCE POLICY" or "ERRORS
AND OMISSIONS INSURANCE POLICY" means an errors and omissions insurance policy
maintained by the Master Servicer, the Special Servicer, the Trustee, the Fiscal
Agent or the Paying Agent, as the case may be, in accordance with Section 8.2,
Section 9.2 and Section 7.17, respectively.

                  "SERVICER FIDELITY BOND" or "FIDELITY BOND" means a bond or
insurance policy under which the insurer agrees to indemnify the Master
Servicer, the Special Servicer, the Trustee, the Fiscal Agent or the Paying
Agent, as the case may be, (subject to standard exclusions) for all losses (less
any deductible) sustained as a result of any theft, embezzlement, fraud or other
dishonest act on the part of the Master Servicer's, the Special Servicer's, the
Trustee's, the Fiscal Agent's or the Paying Agent's, as the case may be,
directors, officers or employees and is maintained in accordance with Section
8.2, Section 9.2 and Section 7.17, respectively.

                  "SERVICER MORTGAGE FILE" means copies of the mortgage
documents listed in the definition of Mortgage File relating to a Mortgage Loan
and shall also include, to the extent required to be (and actually) delivered to
the applicable Seller pursuant to the applicable Mortgage Loan documents, copies
of the following items: the Mortgage Note, any Mortgage, the Assignment of
Leases and the Assignment of Mortgage, any guaranty/indemnity agreement, any
loan agreement, any insurance policies or certificates (as applicable), any
property inspection reports, any financial statements on the property, any
escrow analysis, any tax bills, any Appraisal, any environmental report, any
engineering report, any asset summary, financial information on the
Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor
agreement and any Environmental Insurance Policies.

                  "SERVICING ADVANCE" means any cost or expense of the Master
Servicer, the Trustee or the Fiscal Agent, as the case may be, designated as a
Servicing Advance pursuant to this Agreement and any other costs and expenses
incurred by the Master Servicer, the Special Servicer, the Trustee or the Fiscal
Agent, as the case may be, to protect and preserve the security for such
Mortgage Loan and/or (if applicable) the related B Note.

                  "SERVICING OFFICER" means, any officer or employee of the
Master Servicer involved in, or responsible for, the administration and
servicing of the Mortgage Loans and any B Note whose name and specimen signature
appear on a list of servicing officers or employees furnished to the Trustee by
the Master Servicer and signed by an officer of the Master Servicer, as such
list may from time to time be amended.

                  "SERVICING STANDARD" means, with respect to the Master
Servicer or the Special Servicer, as the case may be, to service and administer
the Mortgage Loans (and any B Note) that it is obligated to service and
administer pursuant to this Agreement on behalf of the Trustee and in the best
interests of and for the benefit of the Certificateholders (and in the case of
any B Note, the related holder of the B Note) (as determined by the Master
Servicer or the Special Servicer, as the case may be, in its good faith and
reasonable judgment), in accordance with applicable law, the terms of this
Agreement and the terms of the respective Mortgage Loans and

                                      -64-
<PAGE>

any B Note (and, in the case of any A Note and B Note, the related Intercreditor
Agreement) and, to the extent consistent with the foregoing, further as follows:

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

                  (b)      with a view to the timely collection of all scheduled
payments of principal and interest under the Mortgage Loans and any B Note or,
if a Mortgage Loan or any B Note comes into and continues in default and if, in
the good faith and reasonable judgment of the Special Servicer, no satisfactory
arrangements can be made for the collection of the delinquent payments, the
maximization of the recovery on such Mortgage Loan to the Certificateholders (as
a collective whole) (or in the case of any A/B Mortgage Loan and its related B
Note, the maximization of recovery on such A/B Mortgage Loan to the
Certificateholders and the holder of the related B Note, all taken as a
collective whole) on a present value basis (the relevant discounting of
anticipated collections that will be distributable to Certificateholders to be
performed at the related REMIC I Net Mortgage Rate, in the case of the Mortgage
Loans (other than any A Note) or the weighted average of the mortgage rates on
the related A Note and B Note, in the case of any A/B Mortgage Loan); and
without regard to: (I) any other relationship that the Master Servicer or the
Special Servicer, as the case may be, or any Affiliate thereof may have with the
related Mortgagor; (II) the ownership of any Certificate by the Master Servicer
or the Special Servicer, as the case may be, or any Affiliate thereof; (III) the
Master Servicer's obligation to make Advances; and (IV) the right of the Master
Servicer (or any Affiliate thereof) or the Special Servicer (or any Affiliate
thereof), as the case may be, to receive reimbursement of costs, or the
sufficiency of any compensation payable to it, hereunder or with respect to any
particular transaction.

                  "SERVICING TRANSFER EVENT" means the occurrence of any of the
following events: (i) any Mortgage Loan or B Note as to which a Balloon Payment
is past due, and the Master Servicer has determined, in its good faith
reasonable judgment in accordance with the Servicing Standard, that payment is
unlikely to be made on or before the 60th day succeeding the date the Balloon
Payment was due, or any other payment is more than 60 days past due or has not
been made on or before the second Due Date following the Due Date such payment
was due; (ii) any Mortgage Loan or B Note as to which, to the Master Servicer's
knowledge, the Mortgagor has consented to the appointment of a receiver or
conservator in any insolvency or similar proceeding of, or relating to, such
Mortgagor or to all or substantially all of its property, or the Mortgagor has
become the subject of a decree or order issued under a bankruptcy, insolvency or
similar law and such decree or order shall have remained undischarged or
unstayed for a period of 30 days; (iii) any Mortgage Loan or B Note as to which
the Master Servicer shall have received notice of the foreclosure or proposed
foreclosure of any other lien on the Mortgaged Property; (iv) any Mortgage Loan
or B Note as to which the Master Servicer has knowledge of a default (other than
a failure by the related Mortgagor to pay principal or interest) which in the
good faith reasonable judgment of the Master Servicer materially and adversely
affects the interests of the Certificateholders or the holder of any related B
Note and which has occurred and remains unremedied for the applicable grace
period specified in such Mortgage Loan (or, if no grace period is specified, 60
days); (v) any Mortgage Loan or B Note as to which

                                      -65-
<PAGE>

the Mortgagor admits in writing its inability to pay its debts generally as they
become due, files a petition to take advantage of any applicable insolvency or
reorganization statute, makes an assignment for the benefit of its creditors or
voluntarily suspends payment of its obligations; (vi) any Mortgage Loan or B
Note as to which, in the good faith reasonable judgment of the Master Servicer,
(a) (other than with respect to any A/B Mortgage Loan) a payment default is
imminent or is likely to occur within 60 days, or (b) any other default is
imminent or is likely to occur within 60 days and such default, in the judgment
of the Master Servicer, is reasonably likely to materially and adversely affect
the interests of the Certificateholders or the holder of any related B Note (as
the case may be); and (vii) with respect to any A/B Mortgage Loan, if the holder
of the B Note chooses not to cure a monetary default that is permitted to be
cured under the related Intercreditor Agreement, the Business Day following the
expiration of the Cure Period (as defined below) of the holder of the B Note
that commences one month after such monetary default; provided, however, that
(1) if the holder of the B Note exercised its right to cure a monetary default
and a monetary default occurs in the following month due to the holder of the B
Note's failure to cure, then servicing of such Mortgage Loan shall be
transferred to the Special Servicer on the Business Day following the expiration
of the Cure Period (as defined in the Intercreditor Agreement) of the holder of
the B Note if the holder of the B Note does not cure the current monetary
default or (2) if the holder of the B Note has exercised its right to cure three
consecutive monetary defaults and a monetary default occurs in the following
month, then servicing of such Mortgage Loan shall be transferred to the Special
Servicer at the expiration of the Mortgagor's grace period for the current
monetary default. If a Servicing Transfer Event occurs with respect to an A
Note, it shall be deemed to have occurred also with respect to its related B
Note. If a Servicing Transfer Event occurs with respect to a B Note, it shall be
deemed to have occurred also with respect to its related A Note. However, if a
Servicing Transfer Event has not occurred with respect to an A Note solely due
to the holder of the related B Note exercising its cure rights under the related
Intercreditor Agreement, then a Servicing Transfer Event will not occur with
respect to such B Note. With respect to any A/B Mortgage Loan, "Cure Period"
means the ten days after the expiration of the applicable borrower's grace
period.

                  "SIMILAR LAWS" has the meaning set forth in Section 3.3(d).

                  "SINGLE-PURPOSE ENTITY" means a Person, other than an
individual, whose organizational documents provide substantially to the effect
that it is formed or organized solely for the purpose of owning and collecting
payments from Defeasance Collateral for the benefit of the Trust and which (i)
does not engage in any business unrelated thereto and the financing thereof;
(ii) does not have any assets other than those related to its interest in
Defeasance Collateral; (iii) maintains its own books, records and accounts, in
each case which are separate and apart from the books, records and accounts of
any other Person; (iv) conducts business in its own name and uses separate
stationery, invoices and checks; (v) does not guarantee or assume the debts or
obligations of any other Person; (vi) does not commingle its assets or funds
with those of any other Person; (vii) transacts business with affiliates on an
arm's length basis pursuant to written agreements; and (viii) holds itself out
as being a legal entity, separate and apart from any other Person, and otherwise
complies with the single-purpose requirements established by the Rating
Agencies. The entity's organizational documents also provide that any
dissolution and winding up or insolvency filing for such entity requires the
unanimous consent of all partners or members, as applicable, and that such
documents may not be amended with respect to the Single-Purpose Entity
requirements.

                                      -66-
<PAGE>

                  "SPECIAL SERVICER" means Wells Fargo Bank, National
Association, or any successor Special Servicer as herein provided.

                  "SPECIAL SERVICER COMPENSATION" means, with respect to any
applicable period, the sum of the Special Servicing Fees, the Special Servicing
Standy-by Fees, the Liquidation Fees and Work-Out Fees and any other amounts to
be paid to the Special Servicer pursuant to the terms of this Agreement.

                  "SPECIAL SERVICER REMITTANCE DATE" means the Business Day
preceding each Determination Date.

                  "SPECIAL SERVICING FEE" means, for each calendar month, as to
each Mortgage Loan (other than a Pari Passu Loan and a Balloon Payment on a
Balloon Mortgage Loan) or B Note that is a Specially Serviced Mortgage Loan
(including REO Mortgage Loans), the fraction or portion of the Special Servicing
Fee Rate applicable to such month (determined using the same interest accrual
methodology that is applied with respect to the Mortgage Rate for such Mortgage
Loan or B Note for such month) multiplied by the Scheduled Principal Balance of
such Specially Serviced Mortgage Loan immediately before the Due Date occurring
in such month, and provided, that in the first month in which such Special
Servicing Fee shall be payable, it shall be offset by the amount of any Special
Servicing Stand-by Fee paid to the Special Servicer with respect to such
Specially Serviced Mortgage Loan during the previous 12-month period.

                  "SPECIAL SERVICING FEE RATE" means 0.25% per annum.

                  "SPECIAL SERVICING OFFICER" means any officer or employee of
the Special Servicer involved in, or responsible for, the administration and
servicing of the Specially Serviced Mortgage Loans whose name and specimen
signature appear on a list of servicing officers or employees furnished to the
Trustee, the Paying Agent and the Master Servicer by the Special Servicer signed
by an officer of the Special Servicer, as such list may from time to time be
amended.

                  "SPECIAL SERVICING STAND-BY FEE" means, with respect to any
Distribution Date and each Mortgage Loan (other than the Mortgage Loans
identified as Mortgage Loan Nos. 1, 2, 3, 4, 6, 8, and 10 on the Mortgage Loan
Schedule), an amount equal to the interest accrued on the outstanding Scheduled
Principal Balance of such Mortgage Loan for such Distribution Date at the
Special Servicing Stand-by Fee Rate.

                  "SPECIAL SERVICING STAND-BY FEE RATE" means 0.003% per annum,
determined in the same manner as the applicable Mortgage Rate is determined for
each Mortgage Loan for such month.

                  "SPECIALLY SERVICED MORTGAGE LOAN" means, as of any date of
determination, any Mortgage Loan (other than a Pari Pasu Loan) or B Note with
respect to which the Master Servicer has notified the Special Servicer and the
Trustee that a Servicing Transfer Event has occurred (which notice shall be
effective upon receipt) and the Special Servicer has received all information,
documents and records relating to such Mortgage Loan or B Note as reasonably
requested by the Special Servicer to enable it to assume its duties with respect
to such Mortgage

                                      -67-
<PAGE>

Loan or B Note. A Specially Serviced Mortgage Loan shall cease to be a Specially
Serviced Mortgage Loan from and after the date on which the Special Servicer
notifies the Master Servicer, the Paying Agent and the Trustee, in accordance
with Section 8.1(b), that such Mortgage Loan (and the related B Note in the case
of an A/B Mortgage Loan) has become a Rehabilitated Mortgage Loan (and, in the
case of an A Note (or B Note) that is or was a Specially Serviced Mortgage Loan,
its related B Note (or A Note) has also become a Rehabilitated Mortgage Loan),
with respect to such Servicing Transfer Event, unless and until the Master
Servicer notifies the Special Servicer, the Paying Agent and the Trustee, in
accordance with Section 8.1(b) that another Servicing Transfer Event with
respect to such Mortgage Loan or B Note exists or occurs.

                  "STANDARD HAZARD INSURANCE POLICY" means a fire and casualty
extended coverage insurance policy in such amount and with such coverage as
required by this Agreement.

                  "SUB-SERVICER" has the meaning set forth in Section 8.4.

                  "SUBORDINATE CERTIFICATES" means, collectively, 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 and Class O Certificates.

                  "SUCCESSFUL BIDDER" has the meaning set forth in Section
8.29(d) or Section 9.31(d), as applicable.

                  "TAX MATTERS PERSON" means the person designated as the "tax
matters person" of each REMIC Pool pursuant to Treasury Regulations Section
1.860F-4(d) and temporary Treasury Regulations Section 301.6231(a)(7)-1T.

                  "TERMINATION PRICE" has the meaning set forth in Section
10.1(b).

                  "TITLE INSURANCE POLICY" means a title insurance policy
maintained with respect to a Mortgage Loan issued on the date of origination of
the related Mortgage Loan.

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

                  "TRANSFEREE" means any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.

                  "TRANSFEROR" means any Person who is disposing by Transfer any
Ownership Interest in a Certificate.

                  "TRUST" means the trust created pursuant to this Agreement,
the assets which consist of all the assets of REMIC I (including the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account, the Distribution Account, the Insurance Policies, any REO Properties
and other items referred to in Section 2.1(a) hereof), REMIC II and REMIC III
and the Excess Interest Sub-account and any Excess Interest on the Mortgage
Loans. The

                                      -68-
<PAGE>

Trust shall not include the 2002-IQ2 Mortgage Loan, any B Note, any interest of
the holders of a B Note or any A/B Loan Custodial Account.

                  "TRUSTEE" means LaSalle Bank National Association, as trustee,
or its successor-in-interest, or if any successor trustee, or any co-trustee
shall be appointed as herein provided, then "Trustee" shall also mean such
successor trustee (subject to Section 7.7 hereof) and such co-trustee (subject
to Section 7.9 hereof), as the case may be.

                  "TRUSTEE FEE" means for each calendar month, as to each
Mortgage Loan (other than the Pari Passu Loan) and B Note (including REO
Mortgage Loans and Defeasance Loans), the portion of the Trustee Fee Rate
applicable to such month (determined using the same interest accrual methodology
(other than the rate of accrual) that is applied with respect to the Mortgage
Rate for such Mortgage Loan or B Note for such month) multiplied by the
Scheduled Principal Balance of each such Mortgage Loan or B Note immediately
before the Due Date occurring in such month, provided that a portion of the
Trustee Fee agreed upon between the Trustee and the Paying Agent shall be
applied to pay the Paying Agent Fee.

                  "TRUSTEE FEE RATE" means 0.0031% per annum (which includes the
Paying Agent Fee).

                  "TRUSTEE MORTGAGE FILE" means the mortgage documents listed in
the definition of Mortgage File hereof pertaining to a particular Mortgage Loan
(and, if applicable, the related B Note) and any additional documents required
to be added to the Mortgage File pursuant to this Agreement; provided that
whenever the term "Trustee Mortgage File" is used to refer to documents actually
received by the Trustee or a Custodian on its behalf, such terms shall not be
deemed to include such documents required to be included therein unless they are
actually so received.

                  "2002-IQ2 DEPOSITOR" means the "depositor" under the 2002-IQ2
Pooling and Servicing Agreement, which as of the date hereof is Morgan Stanley
Dean Witter Capital I Inc.

                  "2002-IQ2 FISCAL AGENT" means the "fiscal agent" under the
2002-IQ2 Pooling and Servicing Agreement, which as of the date hereof is ABN
AMRO Bank N.V.

                  "2002-IQ2 MASTER SERVICER" means the "master servicer" under
the 2002-IQ2 Pooling and Servicing Agreement, which as of the date hereof is
ORIX Capital Markets, LLC.

                  "2002-IQ2 MORTGAGE LOAN" means the mortgage loan secured by
the Pari Passu Mortgage on a pari passu basis with the Pari Passu Loan. The
2002-IQ2 Mortgage Loan is not a Mortgage Loan. The 2002-IQ2 Mortgage Loan is
included in a trust fund created in connection with the issuance of the 2002-IQ2
Depositor's Commercial Mortgage Pass-Through Certificates, Series 2002-IQ2.

                  "2002-IQ2 PAYING AGENT" means the "paying agent" under the
2002-IQ2 Pooling and Servicing Agreement, which as of the date hereof is LaSalle
Bank National Association.

                  "2002-IQ2 POOLING AND SERVICING AGREEMENT" means the pooling
and servicing agreement dated as of June 1, 2002 by and between the 2002-IQ2
Depositor, the 2002-IQ2

                                      -69-
<PAGE>

Master Servicer, the 2002-IQ2 Special Servicer, the 2002-IQ2 Paying Agent, the
2002-IQ2 Trustee and the 2002-IQ2 Fiscal Agent, pursuant to which the 2002-IQ2
Depositor issued its Commercial Mortgage Pass-Through Certificates, Series
2002-IQ2.

                  "2002-IQ2 SPECIAL SERVICER" means the "special servicer" under
the 2002-IQ2 Pooling and Servicing Agreement, which as of the date hereof is
Lend Lease Asset Management, L.P.

                  "2002-IQ2 TRUSTEE" means the "trustee" under the 2002-IQ2
Pooling and Servicing Agreement, which as of the date hereof is LaSalle Bank
National Association.

                  "UNDERWRITER" means each of Bear, Stearns & Co. Inc., Morgan
Stanley & Co. Incorporated, Goldman, Sachs & Co. and Wells Fargo Brokerage
Services, LLC or its successors in interest.

                  "UNITED STATES 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 or any state thereof or the
District of Columbia, (iii) any estate of which an executor or administrator is
a United States Person (other than an estate governed by foreign law and of
which at least one executor or administrator is a non-United States Person who
has sole or shared investment discretion with respect to its assets), (iv) any
trust of which any trustee is a United States Person (other than a trust of
which at least one trustee is a non-United States Person and has sole or shared
investment discretion with respect to its assets), (v) any agency or branch of a
foreign entity located in the United States, (vi) any non-discretionary 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 Person, (vii) any
discretionary 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 such an account held for the benefit or account
of a non-United States Person), (viii) any partnership or corporation organized
or incorporated under the laws of a foreign jurisdiction and formed by a United
States Person principally for the purpose of investing in securities not
registered under the 1933 Act (unless it is organized or incorporated, and
owned, by accredited investors within the meaning of Rule 501(A) under the 1933
Act who are not natural persons, estates or trusts); provided, however, that the
term "United States Person" shall not include (A) a branch or agency of a United
States Person that is located and operating outside the United States for valid
business purposes as a locally regulated branch or agency engaged in the banking
or insurance business, (B) any employee benefit plan established and
administered in accordance with the law, customary practices and documentation
of a foreign country and (C) the international organizations set forth in
Section 902(o)(7) of Regulation S under the 1933 Act and any other similar
international organizations, and their agencies, affiliates and pension plans.

                  "UNITED STATES TAX PERSON" means any of (i) a citizen or
resident of the United States, (ii) corporation or partnership organized in or
under the laws of the United States or any political subdivision thereof, (iii)
an estate the income of which is includible in gross income for United States
tax purposes, regardless of its source or (iv) a trust if a court within the
United States is able to exercise primary supervision over the administration of
such trust, and one or more United States Tax Persons has the authority to
control all substantial decisions of such trust.

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<PAGE>

                  "UNPAID INTEREST" means, on any Distribution Date with respect
to any Class of Interests or Certificates (other than the Residual
Certificates), the portion of Distributable Certificate Interest for such Class
remaining unpaid as of the close of business on the preceding Distribution Date,
plus one month's interest thereon at the applicable Pass-Through Rate.

                  "UNRESTRICTED SERVICER REPORTS" means the following reports in
CMSA format (as in effect on the date hereof or as such formats may be changed
from time to time by the CMSA) in, and containing substantially the information
contemplated by, the forms attached hereto as part of Exhibit X prepared by the
Master Servicer (combining reports in such forms prepared by the Master Servicer
and the Special Servicer (with respect to Specially Serviced Mortgaged Loans and
REO Properties)): (a) the following electronic files; (i) a Loan Set-Up File
(with respect to the initial Distribution Date only); and (ii) a Loan Periodic
Update File; and (b) the following supplemental reports: (i) a Delinquent Loan
Status Report, (ii) an Historical Loan Modification Report, (iii) an Historical
Liquidation Report, and (iv) an REO Status Report.

                  "USAP" shall have the meaning set forth in Section 8.13.

                  "WEIGHTED AVERAGE REMIC I NET MORTGAGE RATE" means, with
respect to any Distribution Date, the weighted average of the REMIC I Net
Mortgage Rates for the REMIC I Regular Interests, weighted on the basis of their
respective Certificate Balances as of the close of business on the preceding
Distribution Date.

                  "WELLS FARGO" has the meaning set forth in the Preliminary
Statement hereto.

                  "WELLS FARGO LOANS" means, collectively, those Mortgage Loans
sold to the Depositor pursuant to Mortgage Loan Purchase Agreement II and shown
on Schedule II hereto.

                  "WORK-OUT FEE" means a fee payable with respect to any
Rehabilitated Mortgage Loan (other than a Pari Passu Loan), equal to the product
of (x) 1.0% and (y) the amount of each collection of interest (other than
default interest and any Excess Interest) and principal received (including any
Condemnation Proceeds received and applied as a collection of such interest and
principal) on such Mortgage Loan or B Note for so long as it remains a
Rehabilitated Mortgage Loan.

                  SECTION 1.2 CALCULATIONS RESPECTING MORTGAGE LOANS. (a)
Calculations required to be made by the Paying Agent pursuant to this Agreement
with respect to any Mortgage Loan or B Note shall be made based upon current
information as to the terms of the Mortgage Loans and B Note and reports of
payments received from the Master Servicer on such Mortgage Loans and B Note and
payments to be made to the Paying Agent as supplied to the Paying Agent by the
Master Servicer. The Paying Agent shall not be required to recompute, verify or
recalculate the information supplied to it by the Master Servicer and may
conclusively rely upon such information in making such calculations. If,
however, a Responsible Officer of the Paying Agent has actual knowledge of an
error in the calculations, the Paying Agent shall inform the Master Servicer of
such error.

                  (b)      Unless otherwise required by law or the applicable
Mortgage Loan or B Note documents (or the related Intercreditor Agreement), any
amounts (other than escrow and reserve deposits and reimbursements of lender
advances and expenses) received in respect of a

                                      -71-
<PAGE>

Mortgage Loan or B Note as to which a default has occurred and is continuing
shall be applied first to overdue interest due with respect to such Mortgage
Loan or B Note at the Mortgage Rate thereof, next to current interest due with
respect to such Mortgage Loan or B Note at the Mortgage Rate thereof, next to
the reduction of the Principal Balance of such Mortgage Loan or B Note to zero
if such Mortgage Loan or B Note has been accelerated and in respect of any
scheduled payments of principal then due to the extent that such Mortgage Loan
or B Note has not yet been accelerated, next to any default interest and other
amounts due on such Mortgage Loan or B Note and finally to Late Fees due with
respect to such Mortgage Loan or B Note.

                  SECTION 1.3 CALCULATIONS RESPECTING ACCRUED INTEREST.
Accrued interest on any Certificate shall be calculated based upon a 360-day
year consisting of twelve 30-day months and Pass-Through Rates shall be carried
out to eight decimal places, rounded if necessary. All dollar amounts calculated
hereunder shall be rounded to the nearest penny.

                  SECTION 1.4 INTERPRETATION.

                  (a) Whenever the Agreement refers to a Distribution Date and
a "related" Collection Period, Interest Accrual Period, Record Date, Due Date,
Report Date, Monthly Certificateholders Report, Special Servicer Remittance
Date, Master Servicer Remittance Date or Determination Date, such reference
shall be to the Collection Period, Interest Accrual Period, Record Date, Due
Date, Report Date, Special Servicer Remittance Date, Master Servicer Remittance
Date or Determination Date, as applicable, immediately preceding such
Distribution Date.

                  (b) As used herein and in any certificate or other document
made or delivered pursuant hereto or thereto, accounting terms not defined in
Section 1.1 shall have the respective meanings given to them under generally
accepted accounting principles or regulatory accounting principles, as
applicable.

                  (c) The words "hereof," "herein" and "hereunder," and words
of similar import, when used in this Agreement, shall refer to this agreement as
a whole and not to any particular provision of this Agreement, and references to
Sections, Schedules and Exhibits contained in this Agreement are references to
Sections, Schedules and Exhibits in or to this Agreement unless otherwise
specified.

                  (d) Whenever a term is defined herein, the definition
ascribed to such term shall be equally applicable to both the singular and
plural forms of such term and to masculine, feminine and neuter genders of such
term.

                  (e) This Agreement is the result of arm's-length
negotiations between the parties and has been reviewed by each party hereto and
its counsel. Each party agrees that any ambiguity in this Agreement shall not be
interpreted against the party drafting the particular clause which is in
question.

                  SECTION 1.5 ARD LOANS. Notwithstanding any provision of this
Agreement:

                  (a) For the ARD Loans, the Excess Interest accruing as a
result of the step-up in the Mortgage Rate upon failure of the related Mortgagor
to pay the principal on the

                                      -72-
<PAGE>

Anticipated Repayment Date as specifically provided for in the related Mortgage
Note shall not be taken into account for purposes of the definitions of
"Appraisal Reduction," "Assumed Scheduled Payment," "Mortgage Rate," "Purchase
Price" and "Realized Loss."

                  (b) Excess Interest shall constitute an asset of the Trust
but not an asset of any REMIC Pool.

                  (c) Neither the Master Servicer nor the Special Servicer
shall take any enforcement action with respect to the payment of Excess Interest
unless the taking of such action is consistent with the Servicing Standard and
all other amounts due under such Mortgage Loan have been paid, and, in the good
faith and reasonable judgment of the Master Servicer and the Special Servicer,
as the case may be, 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 thereon.

                  (d) Liquidation Fees shall not be deemed to be earned on
Excess Interest.

                  (e) With respect to an ARD Loan after its Anticipated
Repayment Date, the Master Servicer or the Special Servicer, as the case may be,
shall be permitted, in its discretion, to waive in accordance with Section 8.18
and Section 9.5 hereof, all or any accrued Excess Interest 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 by the Mortgage
Loan in connection with such prepayment except for all or a portion of accrued
Excess Interest, provided that the Master Servicer's or the Special Servicer's
determination to waive the right to such accrued Excess Interest is in
accordance with the Servicing Standard and with Section 8.18 and Section 9.5
hereof. The Master Servicer or the Special Servicer, as the case may be, will
have no liability to the Trust, the Certificateholders or any other person so
long as such determination is based on such criteria.

                  SECTION 1.6 CERTAIN MATTERS WITH RESPECT TO A/B MORTGAGE
LOANS.

                  (a) For the avoidance of doubt, the parties acknowledge that
the rights and duties of each of the Master Servicer and the Special Servicer
under Article VIII and Article IX and the obligation of the Master Servicer to
make Advances, insofar as such rights, duties and obligations relate to any A/B
Mortgage Loan (including both the related A Note and the related B Note), shall
terminate upon the earliest to occur of the following with respect to such A/B
Mortgage Loan: (i) any repurchase of or substitution for the related A Note by
the Seller of such A/B Mortgage Loan pursuant to Section 2.3, (ii) any purchase
of the related A Note by the owner of the related B Note pursuant to the terms
of the related Intercreditor Agreement and (iii) any payment in full of any and
all amounts due (or deemed due) under the related A Note (or its successor REO
Mortgage Loan) (including amounts to which the holder of such A Note is entitled
under the related Intercreditor Agreement); provided, however, that this
statement shall not limit (A) the duty of the Master Servicer or the Special
Servicer to deliver or make available the reports otherwise required of it
hereunder with respect to the Collection Period in which such event occurs or
(B) the rights of the Master Servicer or the Special Servicer that may otherwise
accrue or arise in connection with the performance of its duties hereunder with
respect to such

                                      -73-
<PAGE>

A/B Mortgage Loan prior to the date on which such event occurs. There are no A/B
Mortgage Loans in the Trust.

                  (b) In connection with any purchase described in clause (ii)
of subsection (a) or an event described in clause (iii) of subsection (a), the
Trustee, the Master Servicer and the Special Servicer shall each tender to (in
the case of a purchase under such clause (ii)) the related purchaser (provided
that the related purchaser shall have paid the full amount of the applicable
purchase price) or (in the case of such clause (iii)) to the holder of the
related B Note, upon delivery to them of a receipt executed by such purchaser or
holder, all portions of the Mortgage File and other documents pertaining to such
A/B 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 such purchaser or holder (or the designee of such purchaser or
holder) in the same manner, and pursuant to appropriate forms of assignment,
substantially similar to the manner and forms pursuant to which documents were
previously assigned to the Trustee by the related Seller, but in any event,
without recourse, representation or warranty; provided that such tender by the
Trustee shall be conditioned upon its receipt from the Master Servicer of a
Request for Release. The Master Servicer shall, and is also hereby authorized
and empowered by the Trustee to, convey to such purchaser or such holder any
deposits then held in an Escrow Account relating to the applicable A/B Mortgage
Loan. If an A Note and a B Note under the applicable Mortgage Loan are then REO
Mortgage Loans, then the Special Servicer shall, and is also hereby authorized
and empowered by the Trustee to, convey to such purchaser or such holder, in
each case, to the extent not needed to pay or reimburse the Master Servicer, the
Special Servicer, the Trustee or the Fiscal Agent in accordance with this
Agreement, deposits then held in the REO Account insofar as they relate to the
related REO Property.

                                   ARTICLE II

                              DECLARATION OF TRUST;
                            ISSUANCES OF CERTIFICATES

                  SECTION 2.1 CONVEYANCE OF MORTGAGE LOANS.

                  (a) Effective as of the Closing Date, the Depositor does
hereby assign in trust to the Trustee, 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 identified on the Mortgage Loan Schedule, (ii)
the Depositor's rights under each Mortgage Loan Purchase Agreement that are
permitted to be assigned to the Trustee pursuant to Section 14 thereof, (iii)
the Initial Deposit, (iv) the Depositor's rights under any Intercreditor
Agreement, the Pari Passu Intercreditor Agreement and the 2002-IQ2 Pooling and
Servicing Agreement with respect to the Pari Passu Loan and (v) all other assets
included or to be included in REMIC I for the benefit of REMIC II and REMIC III.
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. The transfer
of the Mortgage Loans and the related rights and property accomplished hereby is
absolute and is intended by the parties to constitute a sale. In connection with
the initial sale of the Certificates by the Depositor, the purchase price to be
paid includes a portion attributable to interest accruing on the Certificates
from and after the Cut-Off Date. The transfer and assignment of the Pari Passu
Loan to the Trustee and the right to service such Mortgage Loan are subject to
the terms and

                                      -74-
<PAGE>

conditions of the 2002-IQ2 Pooling and Servicing Agreement and the related Pari
Passu Intercreditor Agreement.

                  (b) In connection with the Depositor's assignment pursuant to
Section 2.1(a) above, the Depositor shall direct, and hereby represents and
warrants that it has directed, each Seller pursuant to the applicable Mortgage
Loan Purchase Agreement to deliver to and deposit with, or cause to be delivered
to and deposited with, the Trustee or a Custodian appointed hereunder, on or
before the Closing Date, the Mortgage Note for each Mortgage Loan so assigned,
endorsed to the Trustee as specified in clause (i) of the definition of
"Mortgage File." Each Seller is required, pursuant to the applicable Mortgage
Loan Purchase Agreement, to deliver to the Trustee the remaining documents
constituting the Mortgage File for each Mortgage Loan within the time period set
forth therein. None of the Trustee, the Fiscal Agent, the Paying Agent, any
Custodian, the Master Servicer or the Special Servicer shall be liable for any
failure by any Seller or the Depositor to comply with the document delivery
requirements of the Mortgage Loan Purchase Agreements and this Section 2.1(b).

                  (c) The applicable Seller shall, at the expense of such Seller
as to each of its respective Mortgage Loans, promptly (and in any event within
45 days following the receipt thereof) cause to be submitted for recording or
filing, as the case may be, in the appropriate public office for real property
records or UCC financing statements, as appropriate, each assignment to the
Trustee referred to in clauses (iv), (vi)(B) and (ix)(B) of the definition of
"Mortgage File". Each such assignment shall reflect that it should be returned
by the public recording office to the Trustee following recording or filing;
provided that in those instances where the public recording office retains the
original Assignment of Mortgage, assignment of Assignment of Leases or
assignment of UCC financing statements, the applicable Seller shall obtain
therefrom a certified copy of the recorded original. The applicable Seller shall
forward copies thereof to the Trustee and the Special Servicer. If any such
document or instrument is lost or returned unrecorded or unfiled, as the case
may be, because of a defect therein, the applicable Seller shall, pursuant to
the applicable Mortgage Loan Purchase Agreement, promptly prepare or cause to be
prepared a substitute therefor or cure such defect, as the case may be, and
thereafter the applicable Seller shall upon receipt thereof cause the same to be
duly recorded or filed, as appropriate.

                  The parties acknowledge the obligation of each Seller pursuant
to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to the
Trustee, on or before the fifth Business Day after the Closing Date, five
limited powers of attorney substantially in the form attached as Exhibit C to
the Primary Servicing Agreements in favor of the Trustee and the Special
Servicer to empower the Trustee and, in the event of the failure or incapacity
of the Trustee, the Special Servicer, to submit for recording, at the expense of
the applicable Seller, any mortgage loan documents required to be recorded as
described in the preceding paragraph and any intervening assignments with
evidence of recording thereon that are required to be included in the Mortgage
Files (so long as original counterparts have previously been delivered to the
Trustee). The Sellers agree to reasonably cooperate with the Trustee and the
Special Servicer in connection with any additional powers of attorney or
revisions thereto that are requested by such parties for purposes of such
recordation. The Trustee and each other party hereto agrees that no such power
of attorney shall be used with respect to any Mortgage Loan by or under
authorization by any party hereto except that to the extent that the absence of
a document

                                      -75-
<PAGE>

described in the second preceding sentence with respect to such Mortgage Loan
remains unremedied as of the earlier of (i) the date that is 180 days following
the delivery of notice of such absence to the related Seller, but in no event
earlier than 18 months from the Closing Date, and (ii) the date (if any) on
which such Mortgage Loan becomes a Specially Serviced Mortgage Loan. The Trustee
shall submit such documents for recording, at the related Seller's expense,
after the periods set forth above provided, however, the Trustee shall not
submit such assignments for recording if the applicable Seller produces evidence
that it has sent any such assignment for recording and certifies that it is
awaiting its return from the applicable recording office.

                  (d) All relevant servicing or loan documents and records in
the possession of the Depositor or the Sellers that relate to the Mortgage Loans
or B Note and that are not required to be a part of a Mortgage File in
accordance with the definition thereof shall be delivered to the Master Servicer
or the related Primary Servicer on its behalf, on or before the date that is 45
days following the Closing Date and shall be held by the Master Servicer or
related Primary Servicer on behalf of the Trustee in trust for the benefit of
the Certificateholders. To the extent delivered to the Master Servicer or the
related Primary Servicer by the related Seller, the Servicer Mortgage File, will
include, to the extent required to be (and actually) delivered to the applicable
Seller pursuant to the applicable Mortgage Loan documents, copies of the
following items: the Mortgage Note, any Mortgage, the Assignment of Leases and
the Assignment of Mortgage, any guaranty/indemnity agreement, any loan
agreement, the insurance policies or certificates (as applicable), the property
inspection reports, any financial statements on the property, any escrow
analysis, the tax bills, the Appraisal, the environmental report, the
engineering report, the asset summary, financial information on the
Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor
agreement and any Environmental Insurance Policies. Delivery of any of the
foregoing documents to the applicable Primary Servicer (or sub-servicer) shall
be deemed delivery to the Master Servicer and satisfy the Depositor's
obligations under this Section 2.1(d). None of the Master Servicer, the Special
Servicer or any Primary Servicer shall have any liability for the absence of any
of the foregoing items from the Servicing Mortgage File if such item was not
delivered by the related Seller.

                  (e) In connection with the Depositor's assignment pursuant to
Section 2.1(a) above, the Depositor shall deliver to the Trustee on or before
the Closing Date a copy of a fully executed counterpart of each Mortgage Loan
Purchase Agreement, as in full force and effect on the Closing Date, which
Mortgage Loan Purchase Agreements shall contain the representations and
warranties made by the Sellers with respect to each related Mortgage Loan as of
the Closing Date.

                  (f) In connection herewith, the Depositor has acquired the
Principal Loans from Principal, the Wells Fargo Loans from Wells Fargo, the
BSCMI Loans from BSCMI, the JHREF Loans from JHREF and the MSDWMC Loans from
MSDWMC. The Depositor will deliver the original Mortgage Notes (or lost note
affidavits with copies of the related Mortgage Notes, as described in the
definition of Mortgage File) relating to the Principal Loans to the Trustee,
endorsed as otherwise provided herein, to effect the transfer to the Trustee of
such Mortgage Notes and all related deeds of trust, mortgages and other loan
documents. The Depositor will deliver the original Mortgage Notes (or lost note
affidavits with copies of the related Mortgage Notes, as described in the
definition of Mortgage File) relating to the Wells

                                      -76-
<PAGE>

Fargo Loans to the Trustee, endorsed as otherwise provided herein, to effect the
transfer to the Trustee of such Mortgage Notes and all related deeds of trust,
mortgages and other loan documents. The Depositor will deliver the original
Mortgage Notes (or lost note affidavits with copies of the related Mortgage
Notes, as described in the definition of Mortgage File) relating to the BSCMI
Loans to the Trustee, endorsed as otherwise provided herein, to effect the
transfer to the Trustee of such Mortgage Notes and all related deeds of trust,
mortgages and other loan documents. The Depositor will deliver the original
Mortgage Notes (or lost note affidavits with copies of the related Mortgage
Notes, as described in the definition of Mortgage File) relating to the MSDWMC
Loans to the Trustee, endorsed as otherwise provided herein, to effect the
transfer to the Trustee of such Mortgage Notes and all related deeds of trust,
mortgages and other loan documents. The Depositor will deliver the original
Mortgage Notes (or lost note affidavits with copies of the related Mortgage
Notes, as described in the definition of Mortgage File) relating to the JHREF
Loans to the Trustee, endorsed as otherwise provided herein, to effect the
transfer to the Trustee of such Mortgage Notes and all related deeds of trust,
mortgages and other loan documents. To avoid the unnecessary expense and
administrative inconvenience associated with the execution and recording of
multiple assignment documents, Principal, Wells Fargo, BSCMI, JHREF and MSDWMC,
as applicable, are required under the Mortgage Loan Purchase Agreements to
deliver Assignments of Mortgages and assignments of Assignments of Leases and
assignments of UCC financing statements naming the Trustee, on behalf of the
Certificateholders, as assignee. Notwithstanding the fact that the assignments
shall name the Trustee, on behalf of the Certificateholders, as the assignee,
the parties hereto acknowledge and agree that for all purposes the Principal
Loans shall be deemed to have been transferred from Principal to the Depositor,
the Wells Fargo Loans shall be deemed to have been transferred from Wells Fargo
to the Depositor, the BSCMI Loans shall be deemed to have been transferred from
BSCMI to the Depositor, the JHREF Loans shall be deemed to have been transferred
from JHREF to the Depositor and the MSDWMC Loans shall be deemed to have been
transferred from MSDWMC to the Depositor, and all Mortgage Loans shall be deemed
to have been transferred from the Depositor to the Trustee on behalf of the
Certificateholders.

                  SECTION 2.2 ACCEPTANCE BY TRUSTEE. The Trustee will hold (i)
the documents constituting a part of the Mortgage Files delivered to it, (ii)
the REMIC I Regular Interests, and (iii) the REMIC II Regular Interests, in each
case, in trust for the use and benefit of all present and future
Certificateholders. To the extent that the contents of the Mortgage File for any
A Note relate to the corresponding B Note, the Trustee, or the Custodian on the
Trustee's behalf, will also hold such Mortgage File in trust for the benefit of
the holder of the related B Note.

                  On the Closing Date in respect of the Initial Certification,
and within 75 days after the Closing Date in respect of the Final Certification,
the Trustee shall examine the Mortgage Files in its possession, and shall
deliver to the Depositor, the Sellers, the Master Servicer, the Special Servicer
and the Operating Adviser a certification (the "Initial Certification" and the
"Final Certification", respectively, in the respective forms set forth as
Exhibit B-1 and Exhibit B-2 hereto), which may be in electronic format (i) in
the case of the Initial Certification, as to each Mortgage Loan listed in the
Mortgage Loan Schedule, except as may be specified in the schedule of exceptions
attached thereto, to the effect that: (A) all documents pursuant to clause (i)
of the definition of Mortgage File are in its possession, (B) such documents
have been reviewed by it and have not been materially mutilated, damaged,
defaced, torn or otherwise physically altered, and such documents relate to such
Mortgage Loan, and (C) each Mortgage Note has been

                                      -77-
<PAGE>

endorsed as provided in clause (i) of the definition of Mortgage File, and (ii)
in the case of the Final Certification, as to each Mortgage Loan listed in the
Mortgage Loan Schedule, except as may be specified in the schedule of exceptions
attached thereto, to the effect that: (A) all documents pursuant to clauses (i),
(ii), (iv), (v), (vi), (viii), (x) and (xii) of the definition of Mortgage File
required to be included in the Mortgage File (to the extent required to be
delivered pursuant to this Agreement and any applicable Primary Servicing
Agreement), and with respect to all documents specified in the other clauses of
the definition of Mortgage File to the extent known by a Responsible Officer of
the Trustee to be required pursuant to this Agreement, are in its possession,
(B) such documents have been reviewed by it and have not been materially
mutilated, damaged, defaced, torn or otherwise physically altered, and such
documents relate to such Mortgage Loan, (C) based on its examination and only as
to the Mortgage Note and Mortgage, the street address of the Mortgaged Property
set forth in the Mortgage Loan Schedule respecting such Mortgage Loan accurately
reflects the information contained in the documents in the Mortgage File, and
(D) each Mortgage Note has been endorsed. Notwithstanding the foregoing, the
delivery of a commitment to issue a Title Insurance Policy in lieu of the
delivery of the actual Title Insurance Policy shall not be considered a Material
Document Defect with respect to any Mortgage File if such actual Title Insurance
Policy is delivered to the Trustee or a Custodian on its behalf not later than
the 180th day following the Closing Date. The Trustee shall deliver to the
Master Servicer, the Special Servicer, the Operating Adviser and each Seller a
copy of such Final Certification, which may be in electronic format.

                  Within 360 days after the Cut-Off Date, the Trustee shall
provide a confirmation of receipt of recorded assignments of Mortgage (as
described in the definition of Mortgage File, with evidence of recording
thereon) or otherwise provide evidence of such recordation to the Master
Servicer, the Special Servicer, the Operating Advisor and each Seller, and if
any recorded assignment of Mortgage has not been received by the Trustee by such
time, the Trustee shall provide information in such confirmation on the status
of missing assignments. The Trustee agrees to use reasonable efforts to submit
for recording any unrecorded assignments of Mortgage that have been delivered to
it (including effecting such recordation process through or cooperating with the
applicable Seller) such recordation to be at the expense of the applicable
Seller; provided, however, that the Trustee shall not submit for recording any
such assignments if the applicable Seller produces evidence that it has sent any
such assignment for recording and is awaiting its return from the applicable
recording office. In giving the certifications required above, the Trustee shall
be under no obligation or duty to inspect, review or examine any such documents,
instruments, securities or other papers to determine whether they or the
signatures thereon are valid, legal, genuine, enforceable, in recordable form or
appropriate for their represented purposes, or that they are other than what
they purport to be on their face, or to determine whether any Mortgage File
should include any assumption agreement, modification agreement, consolidation
agreement, extension agreement, Assignment of Lease, ground lease, UCC financing
statement, guaranty, written assurance, substitution agreement, lock box
agreement, intercreditor agreement, management agreement or letter of credit.

                  If any exceptions are noted on a schedule of exceptions
attached to the Final Certification, including exceptions resulting from the
fact that the recordation and/or filing has not been completed (based solely on
the absence of receipt by the Custodian (or the Trustee) of the particular
documents showing evidence of the recordation and/or filing), then the Custodian
on behalf of the Trustee (or the Trustee) shall continuously update such
schedule of exceptions to

                                      -78-
<PAGE>

reflect receipt of any corrected documents, additional documents or instruments
or evidences of recordation and/or filing, as to each Mortgage Loan, until the
earliest of the following dates: (i) the date on which all such exceptions are
eliminated (any such elimination resulting from the fact that recordation and/or
filing has been completed shall be based solely on receipt by the Custodian or
the Trustee of the particular documents showing evidence of the recordation
and/or filing), (ii) the date on which all the affected Mortgage Loans are
removed from the Trust and (iii) the second anniversary of the Closing Date, and
shall provide such updated schedule of exceptions (which may be in electronic
format) to each of the Depositor, each Seller (as to its respective Mortgage
Loans only), the Master Servicer, the Special Servicer, the Operating Adviser
and the Paying Agent on or about the date that is 180 days after the Closing
Date and then again every 90 days thereafter (until the earliest date specified
above). Upon request, the Paying Agent shall promptly forward a copy thereof to
each Certificateholder in the Controlling Class and shall deliver or make
available a copy thereof to other Certificateholders pursuant to Section 5.4(d).
Promptly, and in any event within two Business Days, following any request
therefor by the Depositor, the Master Servicer, the Special Servicer or the
Operating Adviser that is made later than two years following the Closing Date,
the Custodian (or the Trustee) shall deliver an updated schedule of exceptions,
which may be in electronic format (to the extent the prior schedule showed
exceptions), to the requesting Person and the Paying Agent, which shall make
available a copy thereof pursuant to Section 5.4(d).

                  The Trustee or its authorized agents shall retain possession
and custody of each Trustee Mortgage File in accordance with and subject to the
terms and conditions set forth herein.

                  SECTION 2.3 SELLERS' REPURCHASE OF MORTGAGE LOANS FOR MATERIAL
DOCUMENT DEFECTS AND MATERIAL BREACHES OF REPRESENTATIONS AND WARRANTIES.

                  (a) If any party hereto discovers that any document or
documents constituting a part of a Mortgage File has not been delivered as and
when required, has not been properly executed, or is defective on its face or
discovers or receives notice of a breach of any of the representations and
warranties relating to the Mortgage Loans required to be made by a Seller
regarding the characteristics of the Mortgage Loans and/or related Mortgaged
Properties as set forth in the related Mortgage Loan Purchase Agreements, and in
either case such defect or breach either (i) materially and adversely affects
the interests of the holders of the Certificates in the related Mortgage Loan,
or (ii) both (A) the document defect or breach materially and adversely affects
the value of the Mortgage Loan and (B) the Mortgage Loan is a Specially Serviced
Mortgage Loan or Rehabilitated Mortgage Loan (such a document defect described
in the preceding clause (i) or (ii), a "Material Document Defect", and such a
breach described in the preceding clause (i) or (ii), a "Material Breach") such
party shall give prompt written notice to the other parties hereto and to each
Rating Agency subject to the terms of the applicable Mortgage Loan Purchase
Agreement. Promptly (but in any event within three Business Days) upon becoming
aware of any such Material Document Defect or Material Breach, the Master
Servicer shall, and the Special Servicer may, request that the related Seller,
not later than 90 days from such Seller's receipt of the notice of such Material
Document Defect or Material Breach, cure such Material Document Defect or
Material Breach, as the case may be, in all material respects; provided,
however, that if such Material Document Defect or Material Breach, as the case
may be, cannot be corrected or cured in all material respects within such 90-day
period, and

                                      -79-
<PAGE>

such Material Document Defect or Material Breach would not cause the Mortgage
Loan to be other than a "qualified mortgage" (as defined in the Code) but the
related Seller is diligently attempting to effect such correction or cure, as
certified by such Seller in an Officer's Certificate delivered to the Trustee,
then the cure period will be extended for an additional 90 days unless, solely
in the case of a Material Document Defect, (x) the Mortgage Loan is then a
Specially Serviced Mortgage Loan and a Servicing Transfer Event has occurred as
a result of a monetary default or as described in clause (ii) or clause (v) of
the definition of "Servicing Transfer Event" and (y) the Material Document
Defect was identified in a certification delivered to the Seller by the Trustee
pursuant to Section 2.2 not less than 90 days prior to the delivery of the
notice of such Material Document Defect. The parties acknowledge that neither
delivery of a certification or schedule of exceptions to a Seller pursuant to
Section 2.2 or otherwise nor possession of such certification or schedule by the
Seller shall, in and of itself, constitute delivery of notice of any Material
Document Defect or knowledge or awareness by the Seller of any Material Document
Defect listed therein.

                  If any such Material Document Defect or Material Breach cannot
be corrected or cured in all material respects within the above cure periods,
the related Seller will be obligated, not later than the last day of such
permitted cure period, to (i) repurchase the affected Mortgage Loan or REO
Mortgage Loan from the Trust at the applicable Purchase Price in accordance with
the related Mortgage Loan Purchase Agreement, or (ii) if within the three-month
period commencing on the Closing Date (or within the two-year period commencing
on the Closing Date if the related Mortgage Loan is a "defective obligation"
within the meaning of Section 860G(a)(4)(B)(ii) of the Code and Treasury
Regulation Section 1.860G-2(f)), at the related Seller's option, without
recourse (other than the representations and warranties made with respect
thereto), replace such Mortgage Loan or REO Mortgage Loan with a Qualifying
Substitute Mortgage Loan. If such Material Document Defect or Material Breach
would cause the Mortgage Loan to be other than a "qualified mortgage" (as
defined in the Code), then notwithstanding the previous sentence or the previous
paragraph, the repurchase must occur within 85 days from the date the related
Seller was notified of the defect and substitution must occur within the sooner
of (i) 85 days from the date the related Seller was notified of the defect or
(ii) two years from the Closing Date.

                  As to any Qualifying Substitute Mortgage Loan or Loans, the
Master Servicer shall not execute any instrument effecting the substitution
unless the related Seller has delivered to the Trustee for such Qualifying
Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage, the related
Assignment of Mortgage, and such other documents and agreements as are required
by Section 2.1, with the Mortgage Note endorsed as required by Section 2.1 and
the Master Servicer shall be entitled to rely on statements and certifications
from the Trustee for this purpose. No substitution may be made in any calendar
month after the Determination Date for such month. Monthly payments due with
respect to Qualifying Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust and will be retained by Master Servicer and
remitted by the Master Servicer to the related Seller on the next succeeding
Distribution Date. For the month of substitution, distributions to
Certificateholders will include the Scheduled Payment due on the related Deleted
Mortgage Loan for such month and thereafter the related Seller shall be entitled
to retain all amounts received in respect of such Deleted Mortgage Loan.

                                      -80-
<PAGE>

                  The Master Servicer shall amend or cause to be amended the
Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan and
the substitution of the Qualifying Substitute Mortgage Loan or Loans and upon
such amendment the Master Servicer shall deliver or cause to be delivered such
amended Mortgage Loan Schedule to the Trustee, the Paying Agent and the Special
Servicer. Upon such substitution, the Qualifying Substitute Mortgage Loan or
Loans shall be subject to the terms of this Agreement in all respects. Upon
receipt of the Trustee Mortgage File pertaining to any Qualifying Substitute
Mortgage Loans, the Trustee shall release the Trustee Mortgage File relating to
such Deleted Mortgage Loan to the related Seller, and the Trustee (and the
Depositor, if necessary) shall execute and deliver such instruments of transfer
or assignment in the form presented to it, in each case without recourse,
representation or warranty, as shall be necessary to vest title (to the extent
that such title was transferred to the Trustee or the Depositor) in the related
Seller or its designee to any Deleted Mortgage Loan (including any property
acquired in respect thereof or any insurance policy proceeds relating thereto)
substituted for pursuant to this Section 2.3.

                  If (x) a Mortgage Loan is to be repurchased or replaced as
contemplated above (a "Defective Mortgage Loan"), (y) such Defective Mortgage
Loan is cross-collateralized and cross-defaulted with one or more other Mortgage
Loans ("Crossed Mortgage Loans") and (z) the applicable document defect or
breach does not constitute a Material Document Defect or Material Breach, as the
case may be, as to such Crossed Mortgage Loans (without regard to this
paragraph), then the applicable document defect or breach (as the case may be)
shall be deemed to constitute a Material Document Defect or Material Breach (as
the case may be) as to each such Crossed Mortgage Loan for purposes of the above
provisions, and the related Seller shall be obligated to repurchase or replace
each such Crossed Mortgage Loan in accordance with the provisions above unless,
in the case of such breach or document defect, the Seller (A) provides a
Nondisqualification Opinion to the Trustee at the expense of the Seller and (B)
both of the following conditions would be satisfied if the related Seller were
to repurchase or replace only those Mortgage Loans as to which a Material Breach
or Material Document Defect had occurred without regard to this paragraph (the
"Affected Loan(s)"): (i) the Debt Service Coverage Ratio for all such other
Mortgage Loans (excluding the Affected Loan(s)) for the four calendar quarters
immediately preceding the repurchase or replacement is not less than the lesser
of (A) 0.10x below the debt service coverage ratio for all such other Mortgage
Loans (including the Affected Loan(s)) set forth in Appendix II to the Final
Prospectus Supplement and (B) the debt service coverage ratio for all such
Crossed Mortgage Loans (including the Affected Loan(s)) for the four preceding
calendar quarters preceding the repurchase or replacement, and (ii) the
Loan-to-Value Ratio for all such Crossed Mortgage Loans (excluding the Affected
Loan(s)) is not greater than the greater of (A) the loan-to-value ratio,
expressed as a whole number (taken to one decimal place), for all such Crossed
Mortgage Loans (including the Affected Loan(s)) set forth in Appendix II to the
Final Prospectus Supplement plus 10% and (B) the loan-to-value ratio for all
such Crossed Mortgage Loans (including the Affected Loan(s)), at the time of
repurchase or replacement. The determination of the Master Servicer as to
whether the conditions set forth above have been satisfied shall be conclusive
and binding in the absence of manifest error. The Master Servicer will be
entitled to cause to be delivered, or direct the related Seller to (in which
case the related Seller shall) cause to be delivered to the Master Servicer, an
Appraisal of any or all of the related Mortgaged Properties for purposes of
determining whether the condition set forth in clause (ii) above has been
satisfied, in each case at the expense of the related Seller if the

                                      -81-
<PAGE>

scope and cost of the Appraisal is approved by the related Seller (such approval
not to be unreasonably withheld).

                  With respect to any Defective Mortgage Loan, to the extent
that the applicable Seller is required to repurchase or substitute for such
Defective Mortgage Loan (each, a "Repurchased Loan") in the manner prescribed
above while the Trustee continues to hold any Crossed Mortgage Loan, the
applicable Seller and the Depositor have agreed in the related Mortgage Loan
Purchase Agreement to forbear from enforcing any remedies against the other's
Primary Collateral but each is permitted to exercise remedies against the
Primary Collateral securing its respective Mortgage Loans, including with
respect to the Trustee, the Primary Collateral securing Mortgage Loans still
held by the Trustee, so long as such exercise does not impair the ability of the
other party to exercise its remedies against its Primary Collateral. If the
exercise of remedies by one party would impair the ability of the other party to
exercise its remedies with respect to the Primary Collateral securing the
Mortgage Loan or Mortgage Loans held by such party, then both parties have
agreed to forbear from exercising such remedies until the loan documents
evidencing and securing the relevant Mortgage Loans can be modified in a manner
that complies with the applicable Mortgage Loan Purchase Agreement to remove the
threat of impairment as a result of the exercise of remedies. Any reserve or
other cash collateral or letters of credit securing the Crossed-Mortgage Loans
shall be allocated between such Mortgage Loans in accordance with the Mortgage
Loan documents, or otherwise on a pro rata basis based upon their outstanding
Principal Balances. All other terms of the Mortgage Loans shall remain in full
force and effect, without any modification thereof. The Mortgagors set forth on
Schedule VIII hereto are intended third-party beneficiaries of the provisions
set forth in this paragraph and the preceding paragraph. The provisions of this
paragraph and the preceding paragraph may not be modified with respect to any
Mortgage Loan without the related Mortgagor's consent.

                  Any of the following document defects shall be conclusively
presumed materially and adversely to affect the interests of Certificateholders
in a Mortgage Loan and be a Material Document Defect: (a) the absence from the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity that appears to be regular
on its face; (b) the absence from the Mortgage File of the original signed
Mortgage (or with respect to a Pari Passu Loan, a copy thereof) that appears to
be regular on its face, unless there is included in the Mortgage File a
certified copy of the Mortgage by the local authority with which the Mortgage
was recorded; or (c) the absence from the Mortgage File of the item called for
by paragraph (viii) of the definition of Mortgage File (or with respect to a
Pari Passu Loan, a copy thereof). If any of the foregoing Material Document
Defects is discovered by the Custodian (or the Trustee if there is no
Custodian), the Trustee (or as set forth in Section 2.3(a), the Master Servicer)
will take the steps described elsewhere in this section, including the giving of
notices to the Rating Agencies and the parties hereto and making demand upon the
related Seller for the cure of the document defect or repurchase or replacement
of the related Mortgage Loan.

                  If the related Seller disputes that a Material Document Defect
or Material Breach exists with respect to a Mortgage Loan or otherwise refuses
(i) to effect a correction or cure of such Material Document Defect or Material
Breach, (ii) to repurchase the affected Mortgage Loan from the Trust or (iii) to
replace such Mortgage Loan with a Qualifying Substitute

                                      -82-
<PAGE>

Mortgage Loan, each in accordance with the related Mortgage Loan Purchase
Agreement, then provided that (x) the period of time provided for the related
Seller to correct, repurchase or cure has expired and (y) the Mortgage Loan is
then in default and is then a Specially Serviced Mortgage Loan, the Special
Servicer may, subject to the Servicing Standard, modify, workout or foreclose,
sell or otherwise liquidate (or permit the liquidation of) the Mortgage Loan
pursuant to Section 9.5, Section 9.12, Section 9.15 and Section 9.36, as
applicable, hereof, while pursuing the repurchase claim. The related Seller has
acknowledged and agreed under the related Mortgage Loan Purchase Agreement that
any modification of the Mortgage Loan pursuant to a workout shall not constitute
a defense to any repurchase claim nor shall such modification and workout change
the Purchase Price due from the related Seller for any repurchase claim. In the
event of any such modification and workout, the related Seller has agreed under
the related Mortgage Loan Purchase Agreement to repurchase the Mortgage Loan as
modified and that the Purchase Price shall include any Work-Out Fee paid to the
Special Servicer up to the date of repurchase plus the present value (calculated
at a discount rate equal to the applicable Mortgage Rate) of the Work-Out Fee
that would have been payable to the Special Servicer in respect of such Mortgage
Loan if the Mortgage Loan performed in accordance with its terms to its Maturity
Date, provided that no amount shall be paid by the related Seller in respect of
any Work-Out Fee if a Liquidation Fee already comprises a portion of the
Purchase Price. The related Seller shall be notified promptly and in writing by
(i) the Trustee of any notice that it receives that an Option Holder intends to
exercise its Option to purchase the Mortgage Loan in accordance with and as
described in Section 9.36 hereof and (ii) the Special Servicer of any offer that
it receives to purchase the applicable REO Property, each in connection with
such liquidation. Upon the receipt of such notice by the related Seller, the
related Seller shall then have the right to purchase the related Mortgage Loan
or REO Property, as applicable, from the Trust at a purchase price equal to, in
the case of clause (i) of the immediately preceding sentence, the Option
Purchase Price or, in the case of clause (ii) of the immediately preceding
sentence, the amount of such offer. Notwithstanding anything to the contrary
contained herein or in the related Mortgage Loan Purchase Agreement, the right
of any Option Holder to purchase such Mortgage Loan shall be subject and
subordinate to the Seller's right to purchase such Mortgage Loan as described in
the immediately preceding sentence. The related Seller shall have five (5)
Business Days to notify the Trustee or the Special Servicer, as applicable, of
its intent to so purchase the Mortgage Loan or related REO Property from the
date that it was notified of such intention to exercise such Option or of such
offer. The Special Servicer shall be obligated to provide the related Seller
with any appraisal or other third party reports relating to the Mortgaged
Property within its possession to enable the related Seller to evaluate the
related Mortgage Loan or REO Property. Any sale of the related Mortgage Loan, or
foreclosure upon such Mortgage Loan and sale of the related REO Property, to a
Person other than the related Seller shall be without (i) recourse of any kind
(either expressed or implied) by such Person against the related Seller and (ii)
representation or warranty of any kind (either expressed or implied) by the
related Seller to or for the benefit of such Person.

                  The fact that a Material Document Defect or Material Breach is
not discovered until after foreclosure (but in all instances prior to the sale
of the related REO Property or Mortgage Loan) shall not prejudice any claim
against the Seller for repurchase of the REO Mortgage Loan or REO Property. In
such an event, the Master Servicer shall notify the related Seller of the
discovery of the Material Document Defect or Material Breach and the related
Seller shall have 90 days to correct or cure such Material Document Defect or
Material Breach or

                                      -83-
<PAGE>

purchase the REO Property at the Purchase Price. If the related Seller fails to
correct or cure the Material Document Defect or Material Breach or purchase the
REO Property, then the provisions above regarding notice of offers related to
such REO Property and the related Seller's right to purchase such REO Property
shall apply. If a court of competent jurisdiction issues a final order that the
related Seller is or was obligated to repurchase the related Mortgage Loan or
REO Mortgage Loan or the related Seller otherwise accepts liability, then, after
the expiration of any applicable appeal period, but in no event later than the
Termination of the Trust pursuant to Section 9.30 hereof, the related Seller
will be obligated to pay to the Trust the difference between any Liquidation
Proceeds received upon such liquidation (including those arising from any sale
to the related Seller) and the Purchase Price; provided that the prevailing
party in such action shall be entitled to recover all costs, fees and expenses
(including reasonable attorneys fees) related thereto.

                  In connection with any sale or other liquidation of a Mortgage
Loan or REO Property as described in this Section 2.3, the Special Servicer
shall not receive a Liquidation Fee in connection with such sale or other
liquidation until a final determination has been made, as set forth in the
preceding paragraph, as to whether the related Seller is or was obligated to
repurchase such Mortgage Loan or REO Property. Upon such determination, the
Special Servicer shall be entitled to collect a Liquidation Fee (i) with respect
to a determination that the related Seller is or was obligated to repurchase,
based upon the full Purchase Price of the related Mortgage Loan, including all
related expenses up to the date the remainder of such Purchase Price is actually
paid, with such Liquidation Fee payable by the related Seller or (ii) with
respect to a determination that the related Seller is not or was not obligated
to repurchase (or the Trust decides that it will no longer pursue a claim
against the related Seller for repurchase), based upon the Liquidation Proceeds
as received upon the actual sale or liquidation of such Mortgage Loan, with such
amount to be paid from amounts in the Collection Account.

                  In any month in which the related Seller substitutes one or
more Qualifying Substitute Mortgage Loans for one or more Deleted Mortgage
Loans, the Master Servicer will determine the amount (if any) by which the
aggregate Principal Balance of all such Qualified Substitute Mortgage Loans as
of the date of substitution is less than the aggregate Principal Balance of all
such Deleted Mortgage Loans (in each case after application of scheduled
principal portion of the monthly payments received in the month of
substitution). The Depositor shall cause the related Seller to deposit the
amount of such shortage into the Certificate Account in the month of
substitution, without any reimbursement thereof. In addition, the Depositor
shall cause the related Seller to deposit into the Certificate Account, together
with such shortage, if any, an amount equal to interest on the Deleted Mortgage
Loans at a rate equal to the sum of the applicable Mortgage Rate from the Due
Date as to which interest was last paid up to the Due Date next succeeding such
substitution together with the amount of unreimbursed Servicing Advances,
amounts required to be paid to the Special Servicer but remaining unpaid or
unreimbursed, and interest on unreimbursed Advances with respect to such Deleted
Mortgage Loans at the Advance Rate. The Depositor shall cause the related
Seller, in the case of the Mortgage Loans, to give notice in writing
(accompanied by an Officer's Certificate as to the calculation of such shortage)
to the Trustee, the Paying Agent and the Master Servicer of such event which
notice shall be accompanied by an Officer's Certificate as to the calculation of
such shortfall.

                                      -84-
<PAGE>

                  If the affected Mortgage Loan is to be repurchased, the Master
Servicer shall designate the Certificate Account as the account to which funds
in the amount of the Purchase Price are to be wired. Any such purchase of a
Mortgage Loan shall be on a whole loan, servicing released basis.

                  (b) In connection with any repurchase of or substitution for a
Mortgage Loan contemplated by this Section 2.3, the Trustee, the Master Servicer
and the Special Servicer shall each tender to the related Seller, upon delivery
to each of them of a receipt executed by such Seller, 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 related
Seller or its designee in the same manner, and pursuant to appropriate forms of
assignment, substantially similar to the manner and forms pursuant to which
documents were previously assigned to the Trustee, but in any event, without
recourse, representation or warranty; provided that such tender by the Trustee
shall be conditioned upon its receipt from the Master Servicer of a Request for
Release. 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 2.3, and the Trustee shall execute and
deliver any powers of attorney necessary to permit the Master Servicer to do so.
The Master Servicer shall, and is also hereby authorized and empowered by the
Trustee to, reconvey to the related Seller any deposits then held in an Escrow
Account relating to the Mortgage Loan being repurchased or substituted for. The
Master Servicer shall indemnify the Trustee for all costs, liabilities and
expenses (including attorneys' fees) incurred by the Trustee in connection with
any negligent or intentional misuse of any such powers of attorney by the Master
Servicer.

                  (c) The Mortgage Loan Purchase Agreements provide the sole
remedies available to the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Material Document Defect or Material Breach.
The parties hereunder understand that (i) Principal, as Seller under Mortgage
Loan Purchase Agreement III, will be providing the remedies with respect to the
Principal Loans, (ii) Wells Fargo, as Seller under Mortgage Loan Purchase
Agreement II, will be providing the remedies with respect to the Wells Fargo
Loans, (iii) BSCMI, as Seller under Mortgage Loan Purchase Agreement I, will be
providing the remedies with respect to the BSCMI Loans, (iv) JHREF, as Seller
under Mortgage Loan Purchase Agreement V, will be providing the remedies with
respect to the JHREF Loans and (v) MSDWMC, as Seller under Mortgage Loan
Purchase Agreement IV, will be providing the remedies with respect to the MSDWMC
Loans.

                  SECTION 2.4 REPRESENTATIONS AND WARRANTIES. The Depositor
hereby represents and warrants to the Master Servicer, the Special Servicer, the
Trustee (in its capacity as Trustee of the Trust), the Fiscal Agent and the
Paying Agent as of the Closing Date that:

                  (a) The Depositor is a corporation duly organized, validly
existing and in good standing under the laws governing its creation and
existence and has full corporate power and authority to own its property, to
carry on its business as presently conducted, to enter into and perform its
obligations under this Agreement, and to create the trust pursuant hereto;

                                      -85-
<PAGE>

                  (b) The execution and delivery by the Depositor of this
Agreement have been duly authorized by all necessary corporate action on the
part of the Depositor; neither the execution and delivery of this Agreement, nor
the consummation of the transactions herein contemplated, nor compliance with
the provisions hereof, will conflict with or result in a breach of, or
constitute a default under, (i) any of the provisions of any law, governmental
rule, regulation, judgment, decree or order binding on the Depositor or its
properties; (ii) the certificate of incorporation or bylaws of the Depositor; or
(iii) the terms of any indenture or other agreement or instrument to which the
Depositor is a party or by which it is bound; neither the Depositor nor any of
its Affiliates is a party to, bound by, or in breach of or violation of any
indenture or other agreement or instrument, or subject to or in violation of any
statute, order or regulation of any court, regulatory body, administrative
agency or governmental body having jurisdiction over it, which materially and
adversely affects or to the best knowledge of the Depositor may in the future
materially and adversely affect (i) the ability of the Depositor to perform its
obligations under this Agreement or (ii) the business, operations, financial
condition, properties or assets of the Depositor;

                  (c) The execution, delivery and performance by the Depositor
of this Agreement and the consummation of the transactions contemplated hereby
do not require the consent or approval of, the giving of notice to, the
registration with, or the taking of any other action in respect of, any state,
federal or other governmental authority or agency, except such as has been
obtained, given, effected or taken prior to the date hereof;

                  (d) This Agreement has been duly executed and delivered by the
Depositor and, assuming due authorization, execution and delivery by the
Trustee, constitutes a valid and binding obligation of the Depositor enforceable
against it in accordance with its terms;

                  (e) There are no actions, suits or proceedings pending or, to
the best of the Depositor's knowledge, threatened or likely to be asserted
against or affecting the Depositor, before or by any court, administrative
agency, arbitrator or governmental body (A) with respect to any of the
transactions contemplated by this Agreement or (B) with respect to any other
matter which in the judgment of the Depositor will be determined adversely to
the Depositor and will, if determined adversely to the Depositor, materially and
adversely affect it or its business, assets, operations or condition, financial
or otherwise, or adversely affect its ability to perform its obligations under
this Agreement; and

                  (f) Immediately prior to the consummation of the transactions
contemplated in this Agreement, the Depositor had good title to and was the sole
owner of each Mortgage Loan free and clear of any and all adverse claims,
charges or security interests (including liens arising under the federal tax
laws or the Employee Retirement Income Security Act of 1974, as amended).

                  SECTION 2.5 CONVEYANCE OF INTERESTS. Effective as of the
Closing Date, the Depositor does hereby transfer, assign, set over, deposit with
and otherwise convey to the Trustee, without recourse, in trust, all the right,
title and interest of the Depositor in and to (i) the REMIC I Regular Interests
in exchange for the REMIC II Interests and (ii) the REMIC II Regular Interests
in exchange for the REMIC III Certificates.

                                      -86-
<PAGE>

                                  ARTICLE III

                                THE CERTIFICATES

                  SECTION 3.1 THE CERTIFICATES.

                  (a) The Certificates shall be in substantially the forms set
forth in the Exhibits attached hereto, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Agreement or as may in the reasonable judgment of the Trustee or the
Depositor be necessary, appropriate or convenient to comply, or facilitate
compliance, with applicable laws, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may
be required to comply with the rules of any securities exchange on which any of
the Certificates may be listed, or as may, consistently herewith, be determined
by the officers executing such Certificates, as evidenced by their execution
thereof.

                  The Definitive Certificates shall be printed, typewritten,
lithographed or engraved or produced by any combination of these methods or may
be produced in any other manner permitted by the rules of any securities
exchange on which any of the Certificates may be listed, all as determined by
the officers executing such Certificates, as evidenced by their execution
thereof.

                  (b) The Class A Certificates will be issuable in denominations
of $25,000 initial Certificate Balance and in any whole dollar denomination in
excess thereof. The 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 and Class O Certificates
will be issuable in denominations of $100,000 initial Certificate Balance or
initial Notional Amount (as applicable) or in any whole dollar denomination in
excess thereof. The Class R-I, Class R-II and Class R-III Certificates will be
issued in minimum Percentage Interests of 10% and integral multiples of 10% in
excess thereof.

                  (c) Each Certificate shall, on original issue, be executed by
the Certificate Registrar and authenticated by the Authenticating Agent upon the
order of the Depositor. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein, executed by an authorized officer of the Authenticating Agent by
manual signature, and such certification 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. At any time and from time to time after the execution
and delivery of this Agreement, the Depositor may deliver Certificates to the
Authenticating Agent for authentication and the Authenticating Agent shall
authenticate and deliver such Certificates as in this Agreement provided and not
otherwise. In the event that additional Certificates need to be prepared at any
time subsequent to the Closing Date, the Depositor shall prepare, or cause to be
prepared, deliver, or cause to be delivered, at the Depositor's expense, any
such additional Certificates. With respect to the Class A, 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 and Class O Certificates that are issued in book-entry form, on
the Closing Date, the Authenticating Agent upon the order of the Depositor shall
authenticate Book-Entry Certificates

                                      -87-
<PAGE>

that are issued to a Clearing Agency or its nominee as provided in Section 3.7
against payment of the purchase price thereof. With respect to the Class G,
Class H, Class J, Class K, Class L, Class M, Class N and Class O Certificates
that are issued in definitive form, on the Closing Date, the Authenticating
Agent upon the order of the Depositor shall authenticate Definitive Certificates
that are issued to the registered holder thereof against payment of the purchase
price thereof.

                  SECTION 3.2 REGISTRATION. The Paying Agent shall be the
initial Certificate Registrar in respect of the Certificates and the Certificate
Registrar shall maintain books for the registration and for the transfer of
Certificates (the "Certificate Register"). The Certificate Registrar may resign
or be discharged or removed by the Paying Agent or the Certificateholders, and a
new successor may be appointed, in accordance with the procedures and
requirements set forth in Sections 7.6 and 7.7 hereof with respect to the
resignation, discharge or removal of the Paying Agent and the appointment of a
successor Paying Agent. The Certificate Registrar may appoint, by a written
instrument delivered to the Holders and the Trustee, any trust company to act as
co-registrar under such conditions as the Certificate Registrar may prescribe;
provided that the Certificate Registrar shall not be relieved of any of its
duties or responsibilities hereunder by reason of such appointment.

                  SECTION 3.3 TRANSFER AND EXCHANGE OF CERTIFICATES.

                  (a) A Certificate may be transferred by the Holder thereof
only upon presentation and surrender of such Certificate at the Corporate Trust
Office, duly endorsed or accompanied by a written instrument of transfer duly
executed by such Holder or such Holder's duly authorized attorney in such form
as shall be satisfactory to the Certificate Registrar. Upon the transfer of any
Certificate in accordance with the preceding sentence, and subject to the
restrictions set forth in the other subsections of this Section 3.3, the
Certificate Registrar shall execute, and the Authenticating Agent shall
authenticate and deliver to the transferee, one or more new Certificates of the
same Class and evidencing, in the aggregate, the same aggregate initial
Certificate Balance, initial Notional Amount or Percentage Interest, as the case
may be, as the Certificate being transferred. No service charge shall be made to
a Certificateholder for any registration of transfer of Certificates, but the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any registration
or transfer of Certificates. The Certificate Registrar may decline to accept any
request for a registration of transfer of any Certificate during the period
beginning five calendar days prior to any Distribution Date.

                  (b) A Certificate may be exchanged by the Holder thereof for
any number of new Certificates of the same Class, in authorized denominations,
representing in the aggregate the same initial Certificate Balance, initial
Notional Amount or Percentage Interest, as the case may be, as the Certificate
surrendered, upon surrender of the Certificate to be exchanged at the offices of
the Certificate Registrar duly endorsed or accompanied by a written instrument
of exchange duly executed by such Holder or such Holder's duly authorized
attorney in such form as is satisfactory to the Certificate Registrar.
Certificates delivered upon any such exchange will evidence the same
obligations, and will be entitled to the same rights and privileges, as the
Certificates surrendered. No service charge shall be made to a Certificateholder
for any exchange of Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any exchange of

                                      -88-
<PAGE>

Certificates. Whenever any Certificates are so surrendered for exchange, the
Certificate Registrar shall execute and the Authenticating Agent shall
authenticate, date and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive.

                  (c) No transfer, sale, pledge or other disposition of any
Non-Registered Certificate or interest therein shall be made unless such
transfer, sale, pledge or other disposition 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 Non-Registered Certificate held
as a Definitive 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 such Non-Registered Certificate by the Depositor
or one of its 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 D-1 hereto
and a certificate from such Certificateholder's prospective Transferee
substantially in the form attached either as Exhibit D-2A hereto or as Exhibit
D-2B hereto; or (ii) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that such transfer shall be made without registration
under the Securities Act, 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 (such Opinion of Counsel shall not be an
expense of the Trust or of the Depositor, the Master Servicer, the Special
Servicer, the Paying Agent, the Trustee or the Certificate Registrar in their
respective capacities as such). If a transfer of any interest in a
Non-Registered Certificate that constitutes a Book-Entry 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 any interest in
such Non-Registered Certificate by the Depositor or any of its 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 D-3A hereto or as
Exhibit D-3B hereto, or (ii) an Opinion of Counsel to the effect that such
transfer may be made without registration under the Securities Act. None of the
Depositor, the Fiscal Agent, the Paying Agent, the Trustee, the Master Servicer,
the Special Servicer 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 Certificate. Any Certificateholder or
Certificate Owner desiring to effect a transfer of Non-Registered Certificates
or interests therein shall, and does hereby agree to, indemnify the Depositor,
each Underwriter, the Trustee, the Fiscal Agent, the Master Servicer, the
Special Servicer, the Paying Agent and the Certificate Registrar against any
liability that may result if the transfer is not exempt from such registration
or qualification or is not made in accordance with such federal and state laws.

                  (d) No transfer of a Non-Investment Grade Certificate or
Residual 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,
without limitation, insurance company general accounts, that is subject to Title
I of ERISA or Section 4975 of the Code or any applicable federal, state or local
law ("Similar Laws") materially similar to the foregoing provisions of ERISA or
the Code (each, a

                                      -89-
<PAGE>

"Plan"), (B) in book-entry form to an Institutional Accredited Investor who is
not also a Qualified Institutional Buyer or to an Individual Accredited Investor
or (C) 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
"plan assets" of a Plan, unless: (i) in the case of a Non-Investment Grade
Certificate that constitutes a Book-Entry Certificate and is being sold to a
Qualified Institutional Buyer, the purchase and holding of such Certificate or
interest therein qualifies for the exemptive relief available under Sections I
and III of U.S. Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60; or (ii) in the case of a Non-Investment Grade Certificate held
as a Definitive Certificate, the prospective Transferee provides the Certificate
Registrar with a certification of facts and an Opinion of Counsel which
establish to the satisfaction of the Certificate Registrar that such transfer
will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or subject the Depositor, the
Trustee, the Fiscal Agent, the Paying Agent, the Master Servicer, the Special
Servicer or the Certificate Registrar to any obligation in addition to those
undertaken in this Agreement. Each Person who acquires any Non-Investment Grade
Certificate or Residual Certificate or interest therein (unless it shall have
acquired such Certificate or interest therein from the Depositor or an Affiliate
thereof or unless it shall have delivered to the Certificate Registrar the
certification of facts and Opinion of Counsel referred to in clause (ii) of the
preceding sentence) shall be required to deliver to the Certificate Registrar
(or, in the case of an interest in a Non-Investment Grade Certificate that
constitutes a Book-Entry Certificate, to the Certificate Owner that is
transferring such interest) a certification to the effect that: (i) it is
neither a Plan nor 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 "plan assets" of a Plan; or (ii) that, in the case of a
Non-Investment Grade Certificate, the purchase and holding of such Certificate
or interest therein by such person qualifies for the exemptive relief available
under Sections I and III of PTCE 95-60 or another exemption from the "prohibited
transactions" rules under ERISA by the U.S. Department of Labor or similar
exemption under Similar Laws.

                  (e) Each Person who has or who acquires any Ownership Interest
in a Residual 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 Paying Agent under clause (F) below to
deliver payments to a Person other than such Person and to have irrevocably
authorized the Certificate Registrar under clause (G) below to negotiate the
terms of any mandatory sale and to execute all instruments of Transfer and to do
all other things necessary in connection with any such sale. The rights of such
person acquiring any Ownership Interest in a Residual Certificate are expressly
subject to the following provisions:

                                    (A) (1) Each Person holding or acquiring any
                  Ownership Interest in a Residual Certificate shall be a
                  Permitted Transferee and a United States Tax Person and shall
                  promptly notify the Certificate Registrar of any change or
                  impending change in its status as a Permitted Transferee and
                  (2) each Person holding or acquiring any Ownership Interest in
                  a Residual Certificate shall be a Qualified Institutional
                  Buyer and shall promptly notify the Certificate Registrar of
                  any change or impending change in its status as a Qualified
                  Institutional Buyer.

                                    (B) In connection with any proposed Transfer
                  of any Ownership Interest in a Residual Certificate, the
                  Certificate Registrar shall require delivery to

                                      -90-
<PAGE>

                  it, and no Transfer of any Residual Certificate shall be
                  registered until the Certificate Registrar receives, an
                  affidavit and agreement substantially in the form attached
                  hereto as Exhibit E-1 (a "Transfer Affidavit and Agreement")
                  from the proposed Transferee, in form and substance
                  satisfactory to the Certificate Registrar, representing and
                  warranting, among other things, that such Transferee is a
                  Permitted Transferee, that it is a Qualified Institutional
                  Buyer, that it is not acquiring its Ownership Interest in the
                  Residual 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 Certificate, it will endeavor
                  to remain a Permitted Transferee, that it is a United States
                  Person, that it has historically paid its debts as they have
                  come due and will continue to do so in the future, that it
                  understands that its tax liability with respect to the
                  Residual Certificates may exceed cash flows thereon and it
                  intends to pay such taxes as they come due, that it will not
                  cause income with respect to the Residual Certificates to be
                  attributable to a foreign permanent establishment or fixed
                  base, within the meaning of any applicable income tax treaty,
                  of such proposed Transferee or any other United States Person,
                  that it will provide the Certificate Registrar with all
                  information necessary to determine that the applicable
                  paragraphs of Section 13 of such Transfer Affidavit and
                  Agreement are true or that Section 13 is not applicable, and
                  that it has reviewed the provisions of this Section 3.3(e) and
                  agrees to be bound by them.

                                    (C) Notwithstanding the delivery of a
                  Transfer Affidavit and Agreement by a proposed Transferee
                  under clause (B) above, if the Certificate Registrar has
                  actual knowledge that the proposed Transferee is not a
                  Permitted Transferee or is not a United States Person, no
                  Transfer of an Ownership Interest in a Residual Certificate to
                  such proposed Transferee shall be effected.

                                    (D) Each Person holding or acquiring an
                  Ownership Interest in a Residual 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 Certificate
                  and (2) not to transfer its Ownership Interest in such
                  Residual Certificate unless it provides to the Certificate
                  Registrar a certificate substantially in the form attached
                  hereto as Exhibit E-2 among other things stating that (x) it
                  has conducted a reasonable investigation of the financial
                  condition of the proposed Transferee and, as a result of the
                  investigation, the Transferor determines that the proposed
                  Transferee had historically paid its debts as they came due
                  and found no significant evidence that the proposed Transferee
                  will not continue to pay its debts as they come due in the
                  future and, (y) it has no actual knowledge that such
                  prospective Transferee is not a Permitted Transferee, is not a
                  United States Person or is a Person with respect to which
                  income on the Residual Certificate is attributable to a
                  foreign permanent establishment or fixed base, within the
                  meaning of any applicable income tax treaty.

                                    (E) Each Person holding or acquiring an
                  Ownership Interest in a Residual Certificate that is a
                  "pass-through interest holder" within the meaning of

                                      -91-
<PAGE>

                  temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A) or
                  is holding an Ownership Interest in a Residual Certificate on
                  behalf of a "pass-through interest holder", by purchasing an
                  Ownership Interest in such Certificate, agrees to give the
                  Certificate Registrar written notice of its status as such
                  immediately upon holding or acquiring such Ownership Interest
                  in a Residual Certificate.

                                    (F) If any purported Transferee shall become
                  a Holder of a Residual Certificate in violation of the
                  provisions of this Section 3.3(e) or if any Holder of a
                  Residual Certificate shall lose its status as a Permitted
                  Transferee or a United States Person, then the last preceding
                  Holder of such Residual Certificate that was in compliance
                  with the provisions of this Section 3.3(e) shall be restored,
                  to the extent permitted by law, to all rights and obligations
                  as Holder thereof retroactive to the date of registration of
                  such Transfer of such Residual Certificate. None of the
                  Trustee, the Fiscal Agent, the Master Servicer, the Special
                  Servicer, the Certificate Registrar or the Paying Agent shall
                  be under any liability to any Person for any registration of
                  Transfer of a Residual Certificate that is in fact not
                  permitted by this Section 3.3(e) 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.

                                    (G) If any purported Transferee shall become
                  a Holder of a Residual Certificate in violation of the
                  restrictions in this Section 3.3(e), or if any Holder of a
                  Residual Certificate shall lose its status as a Permitted
                  Transferee or a United States Person, and to the extent that
                  the retroactive restoration of the rights and obligations of
                  the prior Holder of such Residual Certificate as described in
                  clause (F) above shall be invalid, illegal or unenforceable,
                  then the Trustee shall have the right, without notice to the
                  Holder or any prior Holder of such Residual Certificate, but
                  not the obligation, to sell or cause to be sold such Residual
                  Certificate to a purchaser selected by the Trustee on such
                  terms as the Trustee may choose. Such noncomplying Holder
                  shall promptly endorse and deliver such Residual Certificate
                  in accordance with the instructions of the Certificate
                  Registrar. Such purchaser may be the Certificate Registrar
                  itself or any Affiliate of the Certificate Registrar. The
                  proceeds of such sale, net of the commissions (which may
                  include commissions payable to the Certificate Registrar or
                  its Affiliates), expenses and taxes due, if any, will be
                  remitted by the Certificate Registrar to such noncomplying
                  Holder. The terms and conditions of any sale under this clause
                  (G) shall be determined in the sole discretion of the
                  Certificate Registrar, and the Certificate Registrar shall not
                  be liable to any Person having an Ownership Interest in a
                  Residual Certificate as a result of its exercise of such
                  discretion.

The Master Servicer, on behalf of the Paying Agent, shall make available, upon
written request from the Paying Agent, to the Internal Revenue Service and those
Persons specified by the REMIC Provisions, all information necessary to compute
any tax imposed (A) as a result of the Transfer of an Ownership Interest in a
Residual Certificate to any Person who is not a Permitted Transferee, 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
Certificate and (B)

                                      -92-
<PAGE>

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
Certificate having as among its record holders at any time any Person which is
not a Permitted Transferee. The Person holding such Ownership Interest shall be
responsible for the reasonable compensation of the Master Servicer and the
Paying Agent for providing such information.

                  The provisions of this Section 3.3(e) may be modified, added
to or eliminated, provided that there shall have been delivered to the Trustee,
the Paying Agent, the Certificate Registrar, the Master Servicer, the Operating
Adviser and the Depositor 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 qualify, downgrade or withdraw its then current
                  rating of any Class of Certificates; and

                           (B) an Opinion of Counsel, in form and substance
                  satisfactory to the Trustee, the Certificate Registrar and the
                  Depositor, to the effect that such modification of, addition
                  to or elimination of such provisions will not cause any of
                  REMIC I, REMIC II or REMIC III to (x) cease to qualify as a
                  REMIC or (y) be subject to an entity-level tax caused by the
                  Transfer of any Residual Certificate to a Person which is not
                  a Permitted Transferee, or cause a Person other than the
                  prospective Transferee to be subject to a tax caused by the
                  Transfer of a Residual Certificate to a Person which is not a
                  Permitted Transferee.

                  (f) None of the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Paying Agent or the Certificate Registrar shall
have any liability to the Trust arising from a transfer of any Certificate in
reliance upon a certification, ruling or Opinion of Counsel described in this
Section 3.3; provided, however, that the Certificate Registrar shall not
register the transfer of a Residual Certificate if it has actual knowledge that
the proposed transferee does not meet the qualifications of a permitted Holder
of a Residual Certificate as set forth in Section 3.3(e); provided, further,
that the Certificate Registrar shall not register the transfer of a Noneconomic
Residual Interest if it shall have received notice that the Transferor has
determined, as a result of the investigation under Section 3.3(e)(D), that the
proposed Transferee has not paid its debts as they came due or that it will not
pay its debts as they come due in the future. The Certificate Registrar shall
have no obligation or duty to monitor, determine or inquire as to compliance
with any restriction on transfer or exchange of Certificates or any interest
therein imposed under this Article III or under applicable law other than to
require delivery of the certifications and/or opinions described in this Article
III; provided, however, that the Certificate Registrar shall not register the
transfer of a Residual Certificate if it has actual knowledge that the proposed
transferee does not meet the qualifications of a permitted Holder of a Residual
Certificate as set forth in Section 3.3(e). The Certificate Registrar shall have
no liability for transfers (including without limitation transfers made through
the book-entry facilities of the Depository or between or among Participants or
Certificate Owners) made in violation of applicable restrictions, provided that
the Certificate Registrar has satisfied its duties expressly set forth in
Sections 3.3(c), 3.3(d) and 3.3(e).

                                      -93-
<PAGE>

                  (g) All Certificates surrendered for transfer and exchange
shall be physically cancelled by the Certificate Registrar, and the Certificate
Registrar shall hold such cancelled Certificates in accordance with its standard
procedures.

                  (h) The Certificate Registrar shall provide the Master
Servicer, the Special Servicer and the Depositor, upon written request, with an
updated copy of the Certificate Register within a reasonable period of time
following receipt of such request.

                  (i)     .Unless and until it is exchanged in whole for the
individual Certificates represented thereby, a Global Certificate representing
all of the Certificates of a Class may not be transferred, except as a whole by
the Depository to a nominee of the Depository or by a nominee of the Depository
to the Depository or another nominee of the Depository or by the Depository or
any such nominee to a successor Clearing Agency or a nominee of such successor
Clearing Agency, and no such transfer to any such other Person may be
registered; provided that this subsection (i) shall not prohibit any transfer of
a Certificate of a Class that is issued in exchange for a Global Certificate of
the same Class pursuant to Section 3.9 below. Nothing in this subsection (i)
shall prohibit or render ineffective any transfer of a beneficial interest in a
Global Certificate effected in accordance with the other provisions of this
Section 3.3.

                  SECTION 3.4 MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES.
If (A) 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 (B) except in the case of a
mutilated Certificate so surrendered, there is delivered to the Certificate
Registrar such security or indemnity as may be required by it to save it
harmless, then, in the absence of notice to 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 like tenor and interest in the Trust.
In connection with the issuance of any new Certificate under this Section 3.4,
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 Certificate
Registrar) connected therewith. Any replacement Certificate issued pursuant to
this Section 3.4 shall constitute complete and indefeasible evidence of
ownership in the Trust, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

                  SECTION 3.5 PERSONS DEEMED OWNERS. Prior to presentation of a
Certificate for registration of transfer, the Master Servicer, the Special
Servicer, the Fiscal Agent, the Trustee, the Operating Adviser, the Paying Agent
and any agent of the Master Servicer, the Special Servicer, the Fiscal Agent,
the Paying Agent, the Trustee or the Operating Adviser may treat the Person in
whose name any Certificate is registered as of the related Record Date as the
owner of such Certificate for the purpose of receiving distributions as provided
in this Agreement and for all other purposes whatsoever, and neither the Master
Servicer, the Special Servicer, the Fiscal Agent, the Trustee, the Paying Agent,
the Operating Adviser nor any agent of the Master Servicer, the Special
Servicer, the Fiscal Agent, the Trustee, the Paying Agent or the Operating
Adviser shall be affected by any notice to the contrary.

                  SECTION 3.6 ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES.

                                      -94-
<PAGE>

                  If three or more Certificateholders, a Certificateholder
holding all the Certificates of any Class of Certificates, the Master Servicer,
the Special Servicer, the Paying Agent, the Trustee, the Operating Adviser or
the Depositor (A) request in writing from the Certificate Registrar a list of
the names and addresses of Certificateholders and (B) in the case of a request
by Certificateholders, state that such Certificateholders desire to communicate
with other Certificateholders with respect to their rights under this Agreement
or under the Certificates, then the Certificate Registrar shall, within ten
Business Days after the receipt of such request, afford such Certificateholders,
the Master Servicer, the Special Servicer, the Depositor, the Paying Agent, the
Trustee or the Operating Adviser, as applicable, access during normal business
hours to a current list of the Certificateholders. The expense of providing any
such information requested by such Person shall be borne by the party requesting
such information and shall not be borne by the Certificate Registrar or the
Trustee. Every Certificateholder, by receiving and holding a Certificate, agrees
that the Certificate Registrar and the Trustee shall not be held accountable by
reason of the disclosure of any such information as to the list of the
Certificateholders hereunder, regardless of the source from which such
information was derived.

                  SECTION 3.7 BOOK-ENTRY CERTIFICATES.

                  (a) The Class A-1, Class A-2, Class X-1, Class X-2, Class B,
Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L,
Class M, Class N and Class O Certificates, upon original issuance, each shall be
issued in the form of one or more Certificates representing the Book-Entry
Certificates, to be delivered to the Certificate Registrar, as custodian for The
Depository Trust Company (the "Depository"), the initial Clearing Agency, by, or
on behalf of, the Depositor, provided, that any Non-Investment Grade
Certificates sold to (i) Institutional Accredited Investors that are not
Qualified Institutional Buyers or (ii) Individual Accredited Investors will be
issued as Definitive Certificates. The Certificates shall initially be
registered on the Certificate Register in the name of Cede & Co., the nominee of
the Depository, as the initial Clearing Agency, and no Certificate Owner will
receive a definitive certificate representing such Certificate Owner's interest
in the Certificates, except as provided in Section 3.9. Unless and until
Definitive Certificates have been issued to the Certificate Owners pursuant to
Section 3.9:

                  (i) the provisions of this Section 3.7 shall be in full force
and effect with respect to each such Class;

                  (ii) the Depositor, the Master Servicer, the Paying Agent, the
Certificate Registrar and the Trustee may deal with the Clearing Agency for all
purposes (including the making of distributions on the Certificates) as the
authorized representative of the Certificate Owners;

                  (iii) to the extent that the provisions of this Section 3.7
conflict with any other provisions of this Agreement, the provisions of this
Section 3.7 shall control with respect to each such Class; and

                  (iv) the rights of the Certificate Owners of each such Class
shall be exercised only through the Clearing Agency and the applicable
Participants and shall be limited to those established by law and agreements
between such Certificate Owners and the Clearing

                                      -95-
<PAGE>

Agency and/or the Participants. Pursuant to the Depository Agreement, unless and
until Certificates are issued pursuant to Section 3.9, the initial Clearing
Agency will make book-entry transfers among the Participants and receive and
transmit distributions of principal and interest on the related Certificates to
such Participants.

                  (b) For purposes of any provision of this Agreement requiring
or permitting actions with the consent of, or at the direction of, Holders of
the Certificates evidencing a specified percentage of the aggregate unpaid
principal amount of Certificates, such direction or consent may be given by the
Clearing Agency at the direction of Certificate Owners owning Certificates
evidencing the requisite percentage of principal amount of Certificates. The
Clearing Agency may take conflicting actions with respect to the Certificates to
the extent that such actions are taken on behalf of the Certificate Owners.

                  (c) The Certificates of each Class (other than the Residual
Certificates) initially sold in reliance on Rule 144A or with respect to the
Class E, Class F and Class G Certificates sold to Institutional Accredited
Investors shall be represented by the Rule 144A-IAI Global Certificate for such
Class, which shall be deposited with the Certificate Registrar, as custodian for
the Depository and registered in the name of Cede & Co. as nominee of the
Depository. The Class H, Class J, Class K, Class L, Class M, Class N and Class O
Certificates initially sold to Institutional Accredited Investors that are not
Qualified Institutional Buyers or to Individual Accredited Investors shall be
represented by IAI Definitive Certificates for such Class. The Certificates
evidenced by any Rule 144A-IAI Global Certificate or IAI Definitive Certificate
shall be subject to certain restrictions on transfer as set forth in Section 3.3
hereof and shall bear legend(s) regarding such restrictions described herein.

                  (d) The Certificates of each Class (other than the Residual
Certificates) initially sold in offshore transactions in reliance on Regulation
S shall be represented by the Regulation S Temporary Global Certificate for such
Class, which shall be deposited with the Certificate Registrar, as custodian for
the Depository and registered in the name of Cede & Co. as nominee of the
Depository. Not earlier than the Release Date, beneficial interests in any
Regulation S Temporary Global Certificate shall 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; provided, however, that such
interests may be exchanged for interests in the Rule 144A-IAI Global Certificate
for such Class in accordance with the certification requirements described in
Section 3.7(f). The Regulation S Permanent Global Certificates shall be
deposited with the Certificate Registrar, as custodian for the Depository and
registered in the name of Cede & Co. as nominee of the Depository.

                  On or prior to the Release Date and on or prior to any
Distribution Date occurring prior to the Release Date, each Certificate Owner of
a Regulation S Temporary Global Certificate that holds a beneficial interest
therein on the Release Date or on any such Distribution Date, as the case may
be, must deliver to Euroclear or Clearstream (as applicable) a Regulation S
Certificate; provided, however, that any Certificate Owner that holds a
beneficial interest in a Regulation S Temporary Global Certificate on the
Release Date or on any such Distribution Date that has previously delivered a
Regulation S Certificate to Euroclear or Clearstream with respect to its
interest therein does not need to deliver any subsequent Regulation S
Certificate (unless the

                                      -96-
<PAGE>

certificate previously delivered is no longer true as of such subsequent date,
and such Certificate Owner must promptly notify Euroclear or Clearstream, as
applicable, thereof). Euroclear or Clearstream, as applicable, shall be required
to promptly deliver to the Certificate Registrar a certificate substantially in
the form of Exhibit I hereto to the effect that it has received the requisite
Regulation S Certificates for each such Class, and no Certificate Owner (or
transferee from any such Certificate Owner) shall be entitled to receive an
interest in the Regulation S Permanent Global Certificate for such Class or any
payment or principal or interest with respect to its interest in such Regulation
S Temporary Global Certificate prior to the Certificate Registrar receiving such
certification from Euroclear or Clearstream with respect to the portion of the
Regulation S Temporary Global Certificate owned by such Certificate Owner (and,
with respect to an interest in the applicable Regulation S Permanent Global
Certificate, prior to the Release Date). After the Release Date, distributions
due with respect to any beneficial interest in a Regulation S Temporary Global
Certificate shall not be made to the holders of such beneficial interests unless
exchange for a beneficial interest in the related Regulation S Permanent Global
Certificate is improperly withheld or refused. No interest in a Regulation S
Global Certificate may be held by or transferred to a U.S. Person (as defined in
Regulation S) except for exchanges for a beneficial interest in the Rule
144A-IAI Global Certificate for such Class as described in Section 3.7(f).

                  (e) Except in the limited circumstances described below in
Section 3.9, owners of beneficial interests in Global Certificates shall not be
entitled to receive physical delivery of Definitive Certificates. The
Certificates are not issuable in bearer form. Upon the issuance of each Global
Certificate, the Depository or its custodian shall credit, on its internal
system, the respective principal amount of the individual beneficial interests
represented by such Global Certificate to the accounts of Persons who have
accounts with such Depository. Such accounts initially shall be designated by or
on behalf of the Underwriters and Placement Agents. Ownership of beneficial
interests in a Global Certificate shall be limited to Customers or Persons who
hold interests directly or indirectly through Customers. Ownership of beneficial
interests in the Global Certificates shall be shown on, and the transfer of that
ownership shall be effected only through, records maintained by the Depository
or its nominee (with respect to interests of Customers) and the records of
Customers (with respect to interests of Persons other than Customers).

                  So long as the Depository, or its nominee, is the registered
holder of a Global Certificate, the Depository or such nominee, as the case may
be, shall be considered the sole owner and holder of the Certificates
represented by such Global Certificate for all purposes under this Agreement and
the Certificates, including, without limitation, obtaining consents and waivers
thereunder, and the Trustee, the Paying Agent and the Certificate Registrar
shall not be affected by any notice to the contrary. Except under the
circumstance described in Section 3.9, owners of beneficial interests in a
Global Certificate will not be entitled to have any portions of such Global
Certificate registered in their names, will not receive or be entitled to
receive physical delivery of Definitive Certificates in certificated form and
shall not be considered the owners or holders of the Global Certificate (or any
Certificates represented thereby) under this Agreement or the Certificates. In
addition, no Certificate Owner of an interest in a Global Certificate shall be
able to transfer that interest except in accordance with the Depository's
applicable procedures (in addition to those under this Agreement and, if
applicable, those of Euroclear and Clearstream).

                                      -97-
<PAGE>

                  (f) Any holder of an interest in a Regulation S Global
Certificate shall have the right, upon prior written notice to the Certificate
Registrar, Euroclear or Clearstream, as applicable, and the Depository, in the
form of an Exchange Certification (substantially in the form of Exhibit H
attached hereto), to exchange all or a portion of such interest (in authorized
denominations as set forth in Section 3.1(b)) for an equivalent interest in the
Rule 144A-IAI Global Certificate for such Class in connection with a transfer of
its interest therein to a transferee that is eligible to hold an interest in
such Rule 144A-IAI Global Certificate as described herein; provided, however,
that no Exchange Certification shall be required if any such exchange occurs
after the Release Date. Any holder of an interest in the Rule 144A-IAI Global
Certificate shall have the right, upon prior written notice to the Certificate
Registrar, the Depository and Euroclear or Clearstream, as applicable, in the
form of an Exchange Certification, to exchange all or a portion of such interest
(in authorized denominations as set forth in Section 3.1(b)) for an equivalent
interest in the Regulation S Global Certificate for such Class in connection
with a transfer of its interest therein to a transferee that is eligible to hold
an interest in such Regulation S Global Certificate as described herein;
provided, however, that if such exchange occurs prior to the Release Date, the
transferee shall acquire an interest in a Regulation S Temporary Global
Certificate only and shall be subject to all of the restrictions associated
therewith described in Section 3.7(d). Following receipt of any Exchange
Certification or request for transfer, as applicable, by the Certificate
Registrar: (i) the Certificate Registrar shall endorse the schedule to any
Global Certificate representing the Certificate or Certificates being exchanged
to reduce the stated principal amount of such Global Certificate by the
denominations of the Certificate or Certificates for which such exchange is to
be made, and (ii) the Certificate Registrar shall endorse the schedule to any
Global Certificate representing the Certificate or Certificates for which such
exchange is to be made to increase the stated principal amount of such Global
Certificate by the denominations of the Certificate or Certificates being
exchanged therefor. The form of the Exchange Certification shall be available
from the Certificate Registrar.

                  SECTION 3.8 NOTICES TO CLEARING AGENCY. Whenever notice or
other communication to the Certificateholders is required under this Agreement,
unless and until Definitive Certificates shall have been issued to the related
Certificateholders pursuant to Section 3.9, the Paying Agent shall give all such
notices and communications specified herein to be given to Holders of the
Book-Entry Certificates to the Clearing Agency which shall give such notices and
communications to the related Participants in accordance with its applicable
rules, regulations and procedures.

                  SECTION 3.9 DEFINITIVE CERTIFICATES.

                  (a) Definitive Certificates will be issued to the owners of
beneficial interests in a Global Certificate or their nominees if (i) the
Clearing Agency notifies the Depositor and the Certificate Registrar in writing
that the Clearing Agency is unwilling or unable to continue as depositary for
such Global Certificate and a qualifying successor depositary is not appointed
by the Depositor within 90 days thereof, (ii) the Trustee has instituted or
caused to be instituted or has been directed to institute any judicial
proceeding in a court to enforce the rights of the Certificateholders under this
Agreement and under such Global Certificate and the Trustee has been advised by
counsel that in connection with such proceeding it is necessary or advisable for
the Trustee or its custodian to obtain possession of such Global Certificate, or
(iii) after the

                                      -98-
<PAGE>

occurrence of an Event of Default, Certificate Owners representing a majority in
aggregate outstanding Certificate Balance of such Global Certificate advise the
Clearing Agency through the Participants in writing (and the Clearing Agency so
advises the Depositor, the Certificate Registrar and the Master Servicer in
writing) that the continuation in global form of the Certificates being
evidenced by such Global Certificate is no longer in their best interests;
provided, that under no circumstances will Definitive Certificates be issued to
Certificate Owners of the Regulation S Temporary Global Certificate. Upon notice
of the occurrence of any of the events described in the preceding sentence, the
Certificate Registrar shall notify the Clearing Agency and request the Clearing
Agency to notify all Certificate Owners, through the applicable Participants, of
the occurrence of the event and of the availability of Definitive Certificates
to such Certificate Owners requesting the same. Upon surrender to the
Certificate Registrar of the Global Certificates by the Clearing Agency,
accompanied by registration instructions from the Clearing Agency for
registration, the Certificate Registrar shall execute, and the Authenticating
Agent shall authenticate and deliver, the Definitive Certificates. None of the
Depositor, the Trustee, the Paying Agent, the Certificate Registrar or the
Fiscal Agent shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates, all references
herein to obligations imposed upon or to be performed by the Clearing Agency
shall be deemed to be imposed upon and performed by the Certificate Registrar,
to the extent applicable with respect to such Definitive Certificates, and the
Certificate Registrar and the Trustee and the Paying Agent shall recognize the
Holders of Definitive Certificates as Certificateholders hereunder.

                  (b) Distributions of principal and interest on the Definitive
Certificates shall be made by the Paying Agent directly to holders of Definitive
Certificates in accordance with the procedures set forth in this Agreement.

                                   ARTICLE IV

                                    ADVANCES

                  P&I Advances and Servicing Advances shall be made as provided
herein by the Master Servicer and, if the Master Servicer does not make such
Advances, by the Trustee, and if the Trustee does not make such Advances, by the
Fiscal Agent except to the extent that the Master Servicer, the Trustee or the
Fiscal Agent, as applicable, determines in accordance with Section 4.4 below,
that any such Advance would be a Nonrecoverable Advance.

                  SECTION 4.1 P&I ADVANCES BY MASTER SERVICER.

                  (a) On or prior to the Advance Report Date, the Master
Servicer shall notify the Trustee and the Paying Agent if the P&I Advance Amount
for such Distribution Date is greater than zero, and the Master Servicer shall
make a P&I Advance in respect of each Mortgage Loan of such amount no later than
the Master Servicer Remittance Date. It is understood that the obligation of the
Master Servicer to make such P&I Advances is mandatory and shall apply through
any court appointed stay period or similar payment delay resulting from any
insolvency of the Mortgagor or related bankruptcy, notwithstanding any other
provision of this Agreement. Notwithstanding the foregoing, the Master Servicer
shall not be required to

                                      -99-
<PAGE>

make such P&I Advance, if the Master Servicer determines, in accordance with
Section 4.4 below, that any such P&I Advance would be a Nonrecoverable Advance.
Such determination shall be conclusive and binding on the Trustee, the Fiscal
Agent and the Certificateholders. The Master Servicer, the Trustee and the
Fiscal Agent shall not make P&I Advances with respect to any B Note under this
Agreement. The Special Servicer shall not make P&I Advances under this
Agreement. If the Master Servicer fails to make a P&I Advance, it shall promptly
notify the Trustee and the Paying Agent of such failure.

                  (b) If the Master Servicer determines that there is a P&I
Advance Amount for a Distribution Date, the Master Servicer shall on the Master
Servicer Remittance Date either (A) deposit in the Certificate Account an amount
equal to the P&I Advance Amount or (B) utilize funds in the Certificate Account
being held for future distributions or withdrawals to make such Advance. Any
funds being held in the Certificate Account for future distribution or
withdrawal and so used shall be replaced by the Master Servicer from its own
funds by deposit in the Certificate Account on or before any future Master
Servicer Remittance Date to the extent that funds in the Certificate Account on
such Master Servicer Remittance Date shall be less than payments to the Paying
Agent or other Persons required to be made on such date.

                  SECTION 4.2 SERVICING ADVANCES. The Master Servicer and, if
the Master Servicer does not, the Trustee to the extent the Trustee receives
written notice from the Paying Agent that such Advance has not been made by the
Master Servicer, and if the Trustee does not, the Fiscal Agent (if the Fiscal
Agent has knowledge that such Advance is required to be made), shall make
Servicing Advances to the extent provided in this Agreement, except to the
extent that the Master Servicer, the Trustee or the Fiscal Agent, as applicable,
determines in accordance with Section 4.4 below, that any such Advance would be
a Nonrecoverable Advance. Such determination by the Master Servicer shall be
conclusive and binding on the Trustee, the Fiscal Agent and the
Certificateholders and, in the case of any B Note, the holder of the B Note. The
Special Servicer shall not be required to make Servicing Advances under this
Agreement. Promptly after discovering that the Master Servicer has failed to
make a Servicing Advance that the Master Servicer is required to make hereunder,
the Paying Agent shall promptly notify the Trustee in writing of the failure by
the Master Servicer to make such Servicing Advance.

                  SECTION 4.3 ADVANCES BY THE TRUSTEE AND THE FISCAL AGENT.

                  (a) To the extent that the Master Servicer fails to make a P&I
Advance by the Master Servicer Remittance Date (other than a P&I Advance that
the Master Servicer determines is a Nonrecoverable Advance), the Trustee shall
make such P&I Advance to the extent the Trustee receives written notice from the
Paying Agent not later than 10:00 a.m. (New York City time) on the Distribution
Date that such Advance has not been made by the Master Servicer on the Master
Servicer Remittance Date unless the Trustee determines that such P&I Advance, if
made, would be a Nonrecoverable Advance. To the extent that the Trustee fails to
make a P&I Advance required to be made by the Trustee hereunder on the
Distribution Date (other than a P&I Advance that the Master Servicer or the
Trustee determines is a Nonrecoverable Advance), the Fiscal Agent will advance
such P&I Advance unless the Fiscal Agent determines that any such P&I Advance,
if made, would be a Nonrecoverable Advance. To the extent that the Fiscal Agent
is required hereunder to make P&I Advances on the Mortgage Loans, it shall
deposit the amount thereof in the Distribution Account by 1:00 p.m. (New York
City time) on each such

                                     -100-
<PAGE>

Distribution Date. The Paying Agent shall notify the Trustee in writing as soon
as practicable, but not later than 10:00 a.m. (New York City time) on the
Distribution Date if the Master Servicer has failed to make a P&I Advance.

                  (b) To the extent that the Master Servicer fails to make a
Servicing Advance by the date such Servicing Advance is required to be made
(other than a Servicing Advance that the Master Servicer determines is a
Nonrecoverable Advance), and a Responsible Officer of the Trustee receives
notice thereof, the Trustee shall make such Servicing Advance promptly, but in
any event, not later than five Business Days after notice thereof in accordance
with Section 4.2, unless the Trustee determines that such Servicing Advance, if
made, would be a Nonrecoverable Advance.

                  (c) To the extent that the Trustee fails to make a Servicing
Advance required to be made by the Trustee hereunder by the later of (i) the
date such Servicing Advance is required to be made and (ii) five Business Days
after the date the Trustee has received notice pursuant to subsection (b) above,
that such Servicing Advance has not been made by the Master Servicer (other than
a Servicing Advance that the Master Servicer or the Trustee has determined to be
a Nonrecoverable Advance), the Fiscal Agent will advance such Servicing Advance,
unless the Fiscal Agent determines that such Servicing Advance, if made, would
be a Nonrecoverable Advance.

                  The initial Trustee's failure to make any Advance required to
be made by it hereunder shall not constitute a default by the initial Trustee
hereunder if the initial Fiscal Agent makes such Advance at or before the time
when the Trustee was required to make such Advance.

                  (d) Pursuant to the 2002-IQ2 Pooling and Servicing Agreement,
the 2002-IQ2 Master Servicer is obligated to make Advances with respect to the
Pari Passu Loan. Notwithstanding anything herein to the contrary, the Master
Servicer shall not be required to make any Advance with respect to the Pari
Passu Loan unless and until the Master Servicer has knowledge (or would have had
knowledge if it had acted in accordance with the Servicing Standard) of any
failure of the 2002-IQ2 Master Servicer, the 2002-IQ2 Trustee or the 2002-IQ2
Fiscal Agent to make an advance required under the 2002-IQ2 Pooling and
Servicing Agreement. Upon a determination that the 2002-IQ2 Master Servicer, the
2002-IQ2 Trustee or the 2002-IQ2 Fiscal Agent has failed to make an Advance with
respect to the Pari Passu Loan, the Master Servicer shall make such Advance with
respect to the Pari Passu Loan unless the Master Servicer determines that such
Advance, if made, would be a Nonrecoverable Advance. To the extent the Master
Servicer fails to make any Advance required under this Section 4.3(d), the
Trustee, pursuant to Section 4.3(b), or the Fiscal Agent, pursuant to Section
4.3(c), as applicable, shall make such Advance.

                  SECTION 4.4 EVIDENCE OF NONRECOVERABILITY.

                  (a) If the Master Servicer determines at any time, in its sole
discretion, exercised in good faith, that any Advance previously made or
proposed Advance, if made, would constitute a Nonrecoverable Advance, such
determination shall be evidenced by an Officer's Certificate delivered to the
Trustee, the Paying Agent, the Special Servicer, the Operating Adviser and the
Rating Agencies by the Business Day prior to the Distribution Date. Such

                                     -101-
<PAGE>

Officer's Certificate shall set forth the reasons for such determination of
nonrecoverability, together with, to the extent such information, report or
document is in the Master Servicer's possession, any related financial
information such as related income and expense statements, rent rolls, occupancy
status, property inspections and any Appraisals performed within the last 12
months on the Mortgaged Property, and, if such reports are used by the Master
Servicer to determine that any P&I Advance or Servicing Advance, as applicable,
would be a Nonrecoverable Advance, any engineers' reports, environmental
surveys, internal final valuations or other information relevant thereto which
support such determination. If the Trustee or the Fiscal Agent, as applicable,
determines at any time that any portion of an Advance previously made or a
portion of a proposed Advance that the Trustee or the Fiscal Agent, as
applicable, is required to make pursuant to this Agreement, if made, would
constitute a Nonrecoverable Advance, such determination shall be evidenced by an
Officer's Certificate of a Responsible Officer of the Trustee or the Fiscal
Agent, as applicable, delivered to the Depositor, the Master Servicer, the
Special Servicer, the Paying Agent and the Operating Adviser similar to the
Officer's Certificate of the Master Servicer described in the prior sentence.
The Trustee and the Fiscal Agent shall not be required to make an Advance that
the Master Servicer has previously determined to be a Nonrecoverable Advance.
Notwithstanding any other provision of this Agreement, none of the Master
Servicer, the Trustee or the Fiscal Agent shall be obligated to, nor shall it,
make any Advance or make any payment that is designated in this Agreement to be
an Advance, if it determines in its good faith judgment that such Advance or
such payment (including interest accrued thereon at the Advance Rate) would be a
Nonrecoverable Advance. The Master Servicer's determination in accordance with
the above provisions shall be conclusive and binding on the Trustee, the Fiscal
Agent, the Paying Agent and the Certificateholders.

                  (b) The 2002-IQ2 Master Servicer, the 2002-IQ2 Trustee or the
2002-IQ Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari
Passu Loan Nonrecoverable P&I Advances and Pari Passu Loan Nonrecoverable
Servicing Advances (with, in each case, any accrued and unpaid interest thereon
provided for under the 2002-IQ2 Pooling and Servicing Agreement) in the manner
set forth in Section 5.2.

                  SECTION 4.5 INTEREST ON ADVANCES; CALCULATION OF OUTSTANDING
ADVANCES WITH RESPECT TO A MORTGAGE LOAN. Any unreimbursed Advance funded from
the Master Servicer's, the Trustee's or the Fiscal Agent's own funds shall
accrue interest on a daily basis, at a per annum rate equal to the Advance Rate,
from and including the date such Advance was made to but not including the date
on which such Advance has been reimbursed; provided, however, that neither the
Master Servicer nor any other party shall be entitled to interest accrued on the
amount of any P&I Advance with respect to any Mortgage Loan for the period
commencing on the date of such P&I Advance and ending on the day on which the
grace period applicable to the related Mortgagor's obligation to make the
related Scheduled Payment expires pursuant to the related Mortgage Loan
documents. For purposes of determining whether a P&I Advance is outstanding,
amounts collected with respect to a particular Mortgage Loan or REO Property and
treated as collections of principal or interest shall be applied first to
reimburse the earliest P&I Advance and then each succeeding P&I Advance to the
extent not inconsistent with Section 4.6. The Master Servicer shall use efforts
consistent with the Servicing Standard to collect (but shall have no further
obligation to collect), with respect to the Mortgage Loans that are not
Specially Serviced Mortgage Loans, Late Fees and default interest from the
Mortgagor in

                                     -102-
<PAGE>

an amount sufficient to pay Advance Interest. The Master Servicer shall be
entitled to retain Late Fees and default interest paid by any Mortgagor during a
Collection Period with respect to any Mortgage Loan (other than the portion of
such Late Fee and default interest that relates to the period commencing after
the Servicing Transfer Event in respect of a Specially Serviced Mortgage Loan,
as to which the Special Servicer shall retain Late Fees and default interest
with respect to such Specially Serviced Mortgage Loan, subject to the offsets
set forth below) as additional servicing compensation only to the extent such
Late Fees and default interest exceed Advance Interest on a "pool basis" for all
Mortgage Loans other than Specially Serviced Mortgaged Loans. The Special
Servicer, with respect to any Specially Serviced Mortgage Loan, shall (i) pay
from any Late Fees and default interest collected from such Specially Serviced
Mortgage Loan (a) any outstanding and unpaid Advance Interest to the Master
Servicer, the Trustee or the Fiscal Agent, as applicable and (b) to the Trust,
any losses previously incurred by the Trust with respect to such Specially
Serviced Mortgage Loan and (ii) retain any remaining portion of such Late Fees
and default interest as additional Special Servicer Compensation.

                  SECTION 4.6 REIMBURSEMENT OF ADVANCES AND ADVANCE INTEREST.

                  (a) Advances made with respect to each Mortgage Loan or B Note
or Specially Serviced Mortgage Loan or REO Property (including Advances later
determined to be Nonrecoverable Advances) and Advance Interest thereon shall be
reimbursed to the extent of the amounts identified to be applied therefor in
Section 5.2. The aggregate of the amounts available to repay Advances and
Advance Interest thereon pursuant to Section 5.2 collected in any Collection
Period with respect to Mortgage Loans or any B Note or Specially Serviced
Mortgage Loans or REO Property shall be an "Available Advance Reimbursement
Amount."

                  (b) To the extent that Advances have been made on the Mortgage
Loans, any B Note, any Specially Serviced Mortgage Loans or any REO Mortgage
Loans, the Available Advance Reimbursement Amount with respect to any
Determination Date shall be applied to reimburse (i) the Fiscal Agent for any
Advances outstanding to the Fiscal Agent with respect to any of such Mortgage
Loans, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any
Advance Interest owed to the Fiscal Agent with respect to such Advances and then
(ii) the Trustee for any Advances outstanding to the Trustee with respect to any
of such Mortgage Loans, B Note, Specially Serviced Mortgage Loans or REO
Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to
such Advances and then (iii) the Master Servicer for any Advances outstanding to
the Master Servicer with respect to any of such Mortgage Loans, B Note,
Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance
Interest owed to the Master Servicer with respect to such Advances. To the
extent that any Advance Interest payable to the Master Servicer, the Trustee or
the Fiscal Agent with respect to a Specially Serviced Mortgage Loan or REO
Mortgage Loan cannot be recovered from the related Mortgagor, the amount of such
Advance Interest shall be payable to the Fiscal Agent, the Trustee or the Master
Servicer, as the case may be, from amounts on deposit in the Certificate Account
(or sub-account thereof) or the Distribution Account pursuant to Section 5.2(a)
or Section 5.3(b)(ii). The Master Servicer's, the Fiscal Agent's and the
Trustee's right of reimbursement under this Agreement for Advances shall be
prior to the rights of the Certificateholders to receive any amounts recovered
with respect to such Mortgage Loans or REO Mortgage Loans.

                                     -103-
<PAGE>

                  (c) Advance Interest will be paid to the Fiscal Agent, the
Trustee and/or the Master Servicer (in accordance with the priorities specified
in the preceding paragraph) first, from Late Fees and default interest collected
from the Mortgage Loans during the Collection Period during which the related
Advance is reimbursed, and then from Excess Liquidation Proceeds then available
prior to payment from any other amounts. Late Fees and default interest will be
applied on a "pool basis" for non-Specially Serviced Mortgage Loans and on a
"loan-by-loan basis" (under which Late Fees and default interest will be offset
against the Advance Interest arising only from that particular Specially
Serviced Mortgage Loan) for Specially Serviced Mortgage Loans, as the case may
be, to the payment of Advance Interest on all Advances on such non-Specially
Serviced Mortgage Loans or such Specially Serviced Mortgage Loans, as the case
may be, then being reimbursed.

                  (d) Amounts applied to reimburse Advances shall first be
applied to reduce Advance Interest thereon that was not paid from amounts
specified in the preceding paragraph (c) and then to reduce the outstanding
amount of such Advances.

                  (e) To the extent that the Special Servicer incurs
out-of-pocket expenses, in accordance with the Servicing Standard, in connection
with servicing Specially Serviced Mortgage Loans, the Master Servicer shall
reimburse the Special Servicer for such expenditures within 30 days after
receiving an invoice and a report from the Special Servicer, subject to Section
4.4. With respect to each Collection Period, the Special Servicer shall deliver
such invoice and report to the Master Servicer by the following Determination
Date. All such amounts reimbursed by the Master Servicer shall be a Servicing
Advance. In the event that the Master Servicer fails to reimburse the Special
Servicer hereunder or the Master Servicer determines that such Servicing Advance
was or, if made, would be a Nonrecoverable Advance and the Master Servicer does
not make such payment, the Special Servicer shall notify the Master Servicer and
the Paying Agent in writing of such nonpayment and the amount payable to the
Special Servicer and shall be entitled to receive reimbursement from the Trust
as an Additional Trust Expense. The Master Servicer, the Paying Agent and the
Trustee shall have no obligation to verify the amount payable to the Special
Servicer pursuant to this Section 4.6(e) and circumstances surrounding the
notice delivered by the Special Servicer pursuant to this Section 4.6(e).

                  SECTION 4.7 FISCAL AGENT TERMINATION EVENT. "Fiscal Agent
Termination Event," wherever used herein, means any one of the following events:

                  (i) Any failure by the Fiscal Agent to remit to the Paying
Agent when due any required Advances; or

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

                                     -104-
<PAGE>

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

                  (iv) The Fiscal Agent 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

                  (v) Fitch has indicated its intent to reduce, qualify or
withdraw, as applicable, the outstanding rating of any Class of Certificates
because the prospective financial condition or capacity to make Advances of the
Fiscal Agent is insufficient to maintain such rating;

                  (vi) The long-term unsecured debt of the Fiscal Agent is rated
below "AA-" by Fitch or "AA-" by S&P, unless such other rating shall be
acceptable to the Rating Agencies as evidenced by a Rating Agency Confirmation;
or

                  (vii) With respect to the initial Fiscal Agent, LaSalle Bank
National Association resigns or is removed pursuant to Section 7.6 hereof.

                  SECTION 4.8 PROCEDURE UPON TERMINATION EVENT.

                  (a) On the date specified in a written notice of termination
given to the Fiscal Agent pursuant to Section 7.6(c), all authority, power and
rights of the Fiscal Agent under this Agreement, whether with respect to the
Mortgage Loans or otherwise, shall terminate and a successor Fiscal Agent, if
necessary, shall be appointed by the Trustee, with the consent of the Depositor;
provided that the successor Fiscal Agent meets the eligibility requirements set
forth in Section 7.5. The Fiscal Agent agrees to cooperate with the Trustee in
effecting the termination of the Fiscal Agent's responsibilities and rights
hereunder as Fiscal Agent.

                  (b) Notwithstanding the termination of its activities as
Fiscal Agent, the terminated Fiscal Agent shall continue to be entitled to
reimbursement to the extent provided in Section 4.6 but only to the extent such
reimbursement relates to the period up to and including the date on which the
Fiscal Agent's termination is effective. The Fiscal Agent shall be reimbursed
for all amounts owed to it hereunder on or prior to the effective date of its
termination from amounts on deposit in the Certificate Account.

                  SECTION 4.9 MERGER OR CONSOLIDATION OF FISCAL AGENT. Any
Person into which the Fiscal Agent may be merged or consolidated, or any Person
resulting from any merger, conversion, other change in form or consolidation to
which the Fiscal Agent shall be a party, or any Person succeeding to the
business of the Fiscal Agent, shall be the successor of the Fiscal Agent
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 that (i) the successor to the Fiscal Agent or
resulting Person shall have a net worth of not less than $100,000,000, (ii) such
successor or resulting Person shall be satisfactory to the Trustee, (iii)

                                     -105-
<PAGE>

such successor or resulting Person shall execute and deliver to the Trustee an
agreement, in form and substance satisfactory to the Trustee, which contains an
assumption by such Person of the due and punctual performance and observance of
each covenant and condition to be performed or observed by the Fiscal Agent
under this Agreement from and after the date of such agreement, (iv) the
successor or surviving entity meets the eligibility requirements set forth in
Section 7.5, and (v) the Fiscal Agent shall deliver to the Trustee an Officer's
Certificate and an Opinion of Counsel acceptable to the Trustee (which opinion
shall be at the expense of the Fiscal Agent) stating that all conditions
precedent to such action under this Section 4.9 have been completed and such
action is permitted by and complies with the terms of this Section 4.9.

                  SECTION 4.10 LIMITATION ON LIABILITY OF THE FISCAL AGENT AND
OTHERS. Neither the Fiscal Agent nor any of the directors, officers, employees,
agents or Controlling Persons of the Fiscal Agent shall be under any liability
to the Certificateholders, the Depositor or the Trustee for any action taken or
for refraining from the taking of any action in good faith, and using reasonable
business judgment pursuant to this Agreement, or for errors in judgment;
provided that this provision shall not protect the Fiscal Agent or any such
Person against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or negligence in its performance of duties under
this Agreement. The Fiscal Agent and any director, officer, employee or agent of
the Fiscal Agent may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Fiscal Agent shall not be under any obligation to appear in,
prosecute or defend any legal action which is not incidental to its obligations
under this Agreement. In such event, all legal expenses and costs of such action
shall be expenses and costs of the Trust, and the Fiscal Agent shall be entitled
to be reimbursed therefor as Servicing Advances as provided by this Agreement.
The provisions of this Section 4.10 shall survive the resignation or removal of
the Fiscal Agent and the termination of this Agreement.

                  SECTION 4.11 INDEMNIFICATION OF FISCAL AGENT. The Fiscal Agent
and each of its directors, officers, employees, agents and Controlling Persons
shall be indemnified by the Trust and held harmless against any and all claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, liabilities, fees and expenses incurred in connection with
any legal action relating to this Agreement other than any loss, liability or
expense incurred by reason of the Fiscal Agent's willful misfeasance, bad faith
or negligence in the performance of its duties hereunder. The Depositor shall
indemnify and hold harmless the Fiscal Agent, its directors, officers,
employees, agents or Controlling Persons from and against any loss, claim,
damage or liability, joint or several, and any action in respect thereof, to
which the Fiscal Agent, its directors, officers, employees, agents or
Controlling Person may become subject under the 1933 Act, insofar as such loss,
claim, damage, liability or action arises out of, or is based upon any untrue
statement or alleged untrue statement of a material fact contained in the
Private Placement Memorandum, Preliminary Prospectus Supplement, Final
Prospectus Supplement or Prospectus or arises out of, or is based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein in light of the
circumstances under which they were made, not misleading and shall reimburse the
Fiscal Agent, its directors, officers, employees, agents or Controlling Person
for any legal and other expenses reasonably incurred by the Fiscal Agent or any
such director, officer, employee, agent or Controlling Person in investigating
or defending or preparing to defend against any such loss, claim, damage,
liability or action. The Fiscal Agent shall

                                     -106-
<PAGE>

immediately notify the Depositor, the Sellers, the Paying Agent, the Special
Servicer, the Master Servicer and the Trustee if a claim is made by a third
party with respect to this Section 4.11 entitling the Fiscal Agent, its
directors, officers, employees, agents or Controlling Person to indemnification
hereunder, whereupon the Depositor shall assume the defense of any such claim
(with counsel reasonably satisfactory to the Fiscal Agent) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in
respect of such claim. Any failure to so notify the Depositor shall not affect
any rights the Fiscal Agent, its directors, officers, employees, agents or
Controlling Person may have to indemnification under this Section 4.11, unless
the Depositor's defense of such claim is materially prejudiced thereby. The
indemnification provided herein shall survive the termination of this Agreement
and the resignation or removal of the Fiscal Agent.

                                   ARTICLE V

                           ADMINISTRATION OF THE TRUST

                  SECTION 5.1 COLLECTIONS.

                  (a) On or prior to the Closing Date, the Master Servicer shall
open, or cause to be opened, and shall thereafter maintain, or cause to be
maintained, a separate account or accounts, which accounts must be Eligible
Accounts, in the name of "Wells Fargo Bank, National Association, as Master
Servicer for LaSalle Bank National Association, as Trustee for the Holders of
Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8" (the "Certificate Account"). On or
prior to the Closing Date, the Master Servicer shall open, or cause to be
opened, and shall maintain, or cause to be maintained an additional separate
account or accounts in the name of "Wells Fargo Bank, National Association, as
Master Servicer for LaSalle Bank National Association, as Trustee for the
Holders of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8" (the "Interest Reserve Account").

                  (b) On or prior to the date the Master Servicer shall first
deposit funds in a Certificate Account or the Interest Reserve Account, as the
case may be, the Master Servicer shall give to the Paying Agent and the Trustee
prior written notice of the name and address of the depository institution(s) at
which such accounts are maintained and the account number of such accounts. The
Master Servicer shall take such actions as are necessary to cause the depository
institution holding the Certificate Account and the Interest Reserve Account to
hold such account in the name of the Master Servicer as provided in Section
5.1(a), subject to the Master Servicer's (or its Primary Servicer's or its
Sub-Servicer's) right to direct payments and investments and its rights of
withdrawal under this Agreement.

                  (c) The Master Servicer shall deposit, or cause to be
deposited, into the Certificate Account on the Business Day following receipt
(or, in the case of an inadvertent failure to make such deposit on the Business
Day following receipt, within 3 Business Days of discovery of such failure and
in the case of unscheduled remittances of principal or interest, on the Business
Day following identification of the proper application of such amounts), the
following amounts received by it (including amounts remitted to the Master
Servicer by the

                                     -107-
<PAGE>

Special Servicer from an REO Account pursuant to Section 9.14), other than in
respect of interest and principal on the Mortgage Loans or any B Note due on or
before the Cut-Off Date which shall be remitted to the Depositor (provided that
the Master Servicer (I) may retain amounts otherwise payable to the Master
Servicer as provided in Section 5.2(a) rather than deposit them into the
Certificate Account, (II) shall, rather than deposit them in the Certificate
Account, directly remit to the Primary Servicers the applicable Primary
Servicing Fees payable as provided in Section 5.2(a)(iv)(unless already retained
by the applicable Primary Servicer), and (III) shall, rather than deposit them
in the Certificate Account, directly remit the Excess Servicing Fees to the
holders thereof as provided in Section 5.2(a)(iv))(unless already retained by
the applicable holder of the excess servicing rights)):

                                    (A) Principal: all payments on account of
                  principal, including Principal Prepayments, the principal
                  component of Scheduled Payments, and any Late Collections in
                  respect thereof, on the Mortgage Loans and any B Note;

                                    (B) Interest: subject to subsection (d)
                  hereof, all payments on account of interest on the Mortgage
                  Loans and any B Note (minus any portion of any such payment
                  that is allocable to the period prior to the Cut-Off Date
                  which shall be remitted to the Depositor and excluding
                  Interest Reserve Amounts to be deposited in the Interest
                  Reserve Account pursuant to Section 5.1(d) below);

                                    (C) Liquidation Proceeds: all Liquidation
                  Proceeds with respect to the Mortgage Loans and any B Note;

                                    (D) Insurance Proceeds: all Insurance
                  Proceeds other than proceeds to be applied to the restoration
                  or repair of the property subject to the related Mortgage or
                  released to the related Mortgagor in accordance with the
                  Servicing Standard, which proceeds shall be deposited by the
                  Master Servicer into an Escrow Account and not deposited in
                  the Certificate Account;

                                    (E) Condemnation Proceeds: all Condemnation
                  Proceeds other than proceeds to be applied to the restoration
                  or repair of the property subject to the related Mortgage or
                  released to the related Mortgagor in accordance with the
                  Servicing Standard, which proceeds shall be deposited by the
                  Master Servicer into an Escrow Account and not deposited in
                  the Certificate Account;

                                    (F) REO Income: all REO Income received from
                  the Special Servicer;

                                    (G) Investment Losses: any amounts required
                  to be deposited by the Master Servicer pursuant to Section
                  5.1(e) in connection with losses realized on Eligible
                  Investments with respect to funds held in the Certificate
                  Account and amounts required to be deposited by the Special
                  Servicer pursuant to Section 9.14(b) in connection with losses
                  realized on Eligible Investments with respect to funds held in
                  the REO Account;

                                    (H) Advances: all P&I Advances unless made
                  directly to the Distribution Account; and

                                     -108-
<PAGE>

                                    (I) Other: all other amounts, including
                  Prepayment Premiums, required to deposited in the Certificate
                  Account pursuant to this Agreement, including Purchase
                  Proceeds of any Mortgage Loans repurchased by a Seller or
                  substitution shortfall amounts (as described in the fifth
                  paragraph of Section 2.3(a)) paid by a Seller in connection
                  with the substitution of any Qualifying Substitute Mortgage
                  Loans, and with respect to any B Note, all other amounts
                  received pursuant to the cure and purchase rights set forth in
                  the applicable Intercreditor Agreement.

                  With respect to any A/B Mortgage Loan, the Master Servicer
shall establish and maintain one or more sub-accounts of the Certificate Account
(each an "A/B Loan Custodial Account") into which the Master Servicer shall
deposit any amounts described above that are required to be paid to the holder
of the related B Note pursuant to the terms of the related Intercreditor
Agreement, in each case on the same day as the deposit thereof into the
Certificate Account. Any A/B Loan Custodial Account shall be held in trust for
the benefit of the holder of the related B Note and shall not be part of any
REMIC Pool.

                  Remittances from any REO Account to the Master Servicer for
deposit in the Certificate Account shall be made by the Special Servicer no
later than the Special Servicer Remittance Date.

                  (d) The Master Servicer, with respect to each Distribution
Date occurring in January (other than in any leap year) and February of each
year, shall deposit in the Interest Reserve Account in respect of each Interest
Reserve Loan, an amount equal to one day's interest at the related REMIC I Net
Mortgage Rate (without any conversion to a 30/360 basis as provided in the
definition thereof) on the Scheduled Principal Balance of such Mortgage Loan as
of the Due Date in the month in which such Distribution Date occurs, to the
extent a Scheduled Payment or P&I Advance is timely made in respect thereof for
such Due Date (all amounts so deposited in any consecutive January and February
in respect of each Interest Reserve Loan, the "Interest Reserve Amount"). For
purposes of determining amounts to be deposited into the Interest Reserve
Account, the REMIC I Net Mortgage Rate used in this calculation for those months
will be calculated without regard to any adjustment for Interest Reserve Amounts
or the interest accrual basis as described in the proviso to the definition of
"REMIC I Net Mortgage Rate."

                  (e) Funds in the Certificate Account (including any A/B Loan
Custodial Accounts) and Interest Reserve Account may be invested and, if
invested, shall be invested by, and at the risk of, the Master Servicer in
Eligible Investments selected by the Master Servicer which shall mature, unless
payable on demand, not later than the Business Day immediately preceding the
next Master Servicer Remittance Date, and any such Eligible Investment shall not
be sold or disposed of prior to its maturity unless payable on demand. All such
Eligible Investments shall be made in the name of "LaSalle Bank National
Association, as Trustee for the Holders of the Bear Stearns Commercial Mortgage
Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-TOP8
and the holder of any related B Note as their interests may appear." None of the
Depositor, the Mortgagors, the Paying Agent or the Trustee shall be liable for
any loss incurred on such Eligible Investments.

                                     -109-
<PAGE>

                  An amount equal to all income and gain realized from any such
investment shall be paid to the Master Servicer as additional servicing
compensation and shall be subject to its withdrawal at any time from time to
time. The amount of any losses incurred in respect of any such investments shall
be for the account of the Master Servicer which shall deposit the amount of such
loss (to the extent not offset by income from other investments) in the
Certificate Account (and, solely to the extent that the loss is of an amount
credited to an A/B Loan Custodial Account, deposit to the related A/B Loan
Custodial Account) or Interest Reserve Account, as the case may be, out of its
own funds immediately as realized. If the Master Servicer deposits in or
transfers to any Certificate Account, any A/B Loan Custodial Account or Interest
Reserve Account, as the case may be, any amount not required to be deposited
therein or transferred thereto, it may at any time withdraw such amount or
retransfer such amount from the Certificate Account, such A/B Loan Custodial
Account or Interest Reserve Account, as the case may be, any provision herein to
the contrary notwithstanding.

                  (f) Except as expressly provided otherwise in this Agreement,
if any default occurs in the making of a payment due under any Eligible
Investment, or if a default occurs in any other performance required under any
Eligible Investment, the Paying Agent on behalf of and at the direction of the
Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
proceedings; provided, however, that if the Master Servicer shall have deposited
in the Certificate Account, A/B Loan Custodial Account and Interest Reserve
Account an amount equal to all amounts due under any such Eligible Investment
(net of anticipated income or earnings thereon that would have been payable to
the Master Servicer as additional servicing compensation) the Master Servicer
shall have the sole right to enforce such payment or performance.

                  (g) Certain of the Mortgage Loans may provide for payment by
the Mortgagor to the Master Servicer of amounts to be used for payment of Escrow
Amounts for the account of the Mortgagor. The Master Servicer shall deal with
these amounts in accordance with the Servicing Standard, the terms of the
related Mortgage Loans and Section 8.3(e) hereof, and the Primary Servicers will
be entitled to hold any Escrow Accounts relating to the Mortgage Loans that they
service in accordance with the requirements set forth in Section 8.3(e). Within
20 days following the first anniversary of the Closing Date, the Master Servicer
shall deliver to the Trustee, the Paying Agent and the Operating Adviser, for
each Mortgage Loan set forth on Schedule VII hereto, a brief statement as to the
status of the work or project based on the most recent information provided by
the Mortgagor. Schedule VII sets forth those Mortgage Loans as to which an
upfront reserve was collected at closing in an amount in excess of $75,000 with
respect to specific immediate engineering work, completion of additional
construction, environmental remediation or similar one-time projects (but not
with respect to escrow accounts maintained for ongoing obligations, such as real
estate taxes, insurance premiums, ongoing property maintenance, replacements and
capital improvements or debt service). If the work or project is not complete in
accordance with the requirements of the escrow, the Master Servicer and the
Special Servicer (which shall itself consult with the Operating Adviser) will
consult with each other as to whether there exists a material default under the
underlying Mortgage Loan documents.

                  (h) In the case of the Mortgage Loans set forth on Schedule
XVII, as to which the Scheduled Payment is due in a calendar month on a Due Date
(including any grace period)

                                     -110-
<PAGE>

that may occur after the end of the Collection Period ending in such calendar
month, the Master Servicer shall, unless the Scheduled Payment is received
before the end of such Collection Period, make a P&I Advance by deposit to the
Certificate Account on the Master Servicer Remittance Date in an amount equal to
the Scheduled Payment or the Assumed Scheduled Payment, as applicable, and for
purposes of the definition of "Available Distribution Amount" and "Principal
Distribution Amount," such Scheduled Payment or Assumed Scheduled Payment, as
applicable, shall be deemed to have been received in such Collection Period.

                  SECTION 5.2 APPLICATION OF FUNDS IN THE CERTIFICATE ACCOUNT
AND INTEREST RESERVE ACCOUNT.

                  (a) The Master Servicer shall, from time to time, make
withdrawals from the Certificate Account and remit them by wire transfer prior
to 12:00 p.m., New York City time, on the related Master Servicer Remittance
Date in immediately available funds to the account specified in this Section or
otherwise (w) to such account as it shall determine from time to time of amounts
payable to the Master Servicer from the Certificate Account (and, insofar as
they relate to a B Note, from the related A/B Loan Custodial Account) pursuant
to clauses (i), (ii), (iii), (iv), (vi), (viii) and (ix) below; (x) to the
account specified in writing by the Paying Agent from time to time of amounts
payable to the Paying Agent and the Trustee from the Certificate Account (and,
insofar as they relate to a B Note, from the related A/B Loan Custodial Account)
pursuant to clauses (ii), (iii), (v), (vi), (xi), (xii) and (xiii) below; and
(y) to the Special Servicer from time to time of amounts payable to the Special
Servicer from such Certificate Account (and, insofar as they relate to a B Note,
from the related A/B Loan Custodial Account) pursuant to clauses (i), (iv),
(vi), (vii) and (ix) below of the following amounts, from the amounts specified
for the following purposes:

                  (i) Fees: the Master Servicer shall pay (A) to itself Late
Fees (in excess of amounts used to pay Advance Interest) relating to Mortgage
Loans or B Notes which are not Specially Serviced Mortgage Loans, Modification
Fees relating to Mortgage Loans or B Notes which are not Specially Serviced
Mortgage Loans as provided in Section 8.18, 50% of any assumption fees payable
under Section 8.7(a) or 8.7(b), 100% of any extension fees payable under Section
8.10 or other fees payable to the Master Servicer hereunder and (B) directly to
the Special Servicer, 50% of any assumption fees as provided in Section 8.7(a),
50% of any assumption fees as provided in Section 8.7(b), all assumption fees
relating to Specially Serviced Mortgage Loans and Late Fees (in excess of
Advance Interest which the Master Servicer shall retain), Modification Fees and
other fees collected on Specially Serviced Mortgage Loans, in each case to the
extent provided for herein from funds paid by the applicable Mortgagor, and Late
Fees collected on Specially Serviced Mortgage Loans to the extent the Special
Servicer is entitled to such Late Fees under Section 4.5 (provided that the fees
specified in this clause (i) shall not be payable with respect to a Pari Passu
Loan);

                  (ii) Servicing Advances (including amounts later determined to
be Nonrecoverable Advances): (A) in the case of all Mortgage Loans, subject to
clause (B) below, to reimburse or pay to the Master Servicer, the Trustee and
the Fiscal Agent, pursuant to Section 4.6, (x) prior to a Final Recovery
Determination or determination in accordance with Section 4.4 that any Advance
is a Nonrecoverable Advance, Servicing Advances on the related Mortgage Loan and
any B Note from payments made by the related Mortgagor of the amounts to which a

                                     -111-
<PAGE>

Servicing Advance relates or from REO Income from the related REO Property or
from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or Purchase
Proceeds and, to the extent that a Servicing Advance has been or is being
reimbursed, any related Advance Interest thereon first, from Late Fees and
default interest collected during the Collection Period during which such
Advance is reimbursed, and then from Excess Liquidation Proceeds then available
and then from any other amounts on deposit in the Certificate Account; provided
that, Late Fees and default interest will be applied on a "pool basis" for
non-Specially Serviced Mortgage Loans (and any B Note) and on a "loan-by-loan
basis" (under which Late Fees and default interest will be offset against the
Advance Interest arising only from the particular Specially Serviced Mortgage
Loan) for Specially Serviced Mortgage Loans, as the case may be, to the payment
of Advance Interest on all Advances on such non-Specially Serviced Mortgage
Loans (and any B Note) or such Specially Serviced Mortgage Loans, as the case
may be, then being reimbursed or (y) after a Final Recovery Determination or
determination that any Servicing Advance on the related Mortgage Loan or any B
Note is a Nonrecoverable Advance, any Servicing Advances made on the related
Mortgage Loan, B Note or REO Property from any funds on deposit in the
Certificate Account (regardless of whether such amount was recovered from the
applicable Mortgage Loan or REO Property) and pay Advance Interest thereon
first, from Late Fees and default interest collected during the Collection
Period during which such Advance is reimbursed (applying such Late Fees and
default interest on a "pool basis" for all non-Specially Serviced Mortgage Loans
(and any B Note) and on a "loan-by-loan basis", as described above, for all
Specially Serviced Mortgage Loans, as the case may be, to the payment of Advance
Interest on all Advances on such non-Specially Serviced Mortgage Loans (and any
B Note) or such Specially Serviced Mortgage Loans, as the case may be, then
being reimbursed), then from Excess Liquidation Proceeds then available and then
from any other amounts on deposit in the Certificate Account and (B) in the case
of the Pari Passu Loan and from any funds on deposit in the Certificate Account,
to reimburse the 2002-IQ2 Master Servicer, the 2002-IQ2 Trustee and the 2002-IQ2
Fiscal Agent for Pari Passu Loan Nonrecoverable Servicing Advances and any
accrued and unpaid interest thereon provided for under the 2002-IQ2 Pooling and
Servicing Agreement;

                  (iii) P&I Advances (including amounts later to be determined
to be Nonrecoverable Advances): (A) in the case of all Mortgage Loans, subject
to clause (B) below, to reimburse or pay to the Master Servicer, the Trustee and
the Fiscal Agent, pursuant to Section 4.6, (x) if prior to a Final Recovery
Determination or determination that any Advance is a Nonrecoverable Advance, any
P&I Advances from Late Collections made by the Mortgagor of the amounts to which
a P&I Advance relates, or REO Income from the related REO Property or from
Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or Purchase
Proceeds and, to the extent that a P&I Advance has been or is being reimbursed,
any related Advance Interest thereon, first, from Late Fees and default interest
collected during the Collection Period during which such Advance is reimbursed,
and then from Excess Liquidation Proceeds then available and then from any other
amounts on deposit in the Certificate Account; provided that, Late Fees and
default interest will be applied on a "pool basis" for non-Specially Serviced
Mortgage Loans and on a "loan-by-loan basis" (under which Late Fees and default
interest will be offset against the Advance Interest arising only from the
particular Specially Serviced Mortgage Loan) for Specially Serviced Mortgage
Loans or (y) if after a Final Recovery Determination or determination in
accordance with Section 4.4 that any P&I Advance on the related Mortgage Loan is
a Nonrecoverable Advance, for any Mortgage Loan, any P&I

                                     -112-
<PAGE>

Advances made on the related Mortgage Loan or REO Property from any funds on
deposit in the Certificate Account (regardless of whether such amount was
recovered from the applicable Mortgage Loan or REO Property) and any Advance
Interest thereon, first, from Late Fees and default interest collected during
the Collection Period during which such Advance is reimbursed (applying such
Late Fees and default interest on a "pool basis" for all non-Specially Serviced
Mortgage Loans and on a "loan-by-loan basis", as described above, for all
Specially Serviced Mortgage Loans, as the case may be, to the payment of Advance
Interest on all Advances on such non-Specially Serviced Mortgage Loans or such
Specially Serviced Mortgage Loans, as the case may be, then being reimbursed),
then from Excess Liquidation Proceeds then available and then from any other
amounts on deposit in the Certificate Account and (B) in the case of the Pari
Passu Loan and from any funds on deposit in the Certificate Account, to
reimburse the 2002-IQ2 Master Servicer, the 2002-IQ2 Trustee and the 2002-IQ2
Fiscal Agent for Pari Passu Loan Nonrecoverable P&I Advances and any accrued and
unpaid interest thereon provided for under the 2002-IQ2 Pooling and Servicing
Agreement;

                  (iv) Servicing Fees and Special Servicer Compensation: to pay
to itself the Master Servicing Fee, subject to reduction for any Compensating
Interest, to pay to the Special Servicer the Special Servicing Fee, the Special
Servicing Stand-by Fee and the Work-Out Fee, to pay to the Primary Servicers (or
the Master Servicer) the Primary Servicing Fees, and to pay to the parties
entitled thereto the Excess Servicing Fees (to the extent not previously
retained by any of such parties);

                  (v) Trustee Fee and Paying Agent Fee: to pay to the
Distribution Account for withdrawal by the Paying Agent, the Paying Agent Fee
and the Trustee Fee;

                  (vi) Expenses of Trust: to pay to the Person entitled thereto
any amounts specified herein to be Additional Trust Expenses (at the time set
forth herein or in the definition thereof), the payment of which is not more
specifically provided for in this Agreement; provided that the Depositor shall
not be entitled to receive reimbursement for performing its duties under this
Agreement;

                  (vii) Liquidation Fees: upon the occurrence of a Final
Recovery Determination to pay to the Special Servicer from the Certificate
Account, the amount certified by the Special Servicer equal to the Liquidation
Fee, to the extent provided in Section 9.11 hereof;

                  (viii) Investment Income: to pay to itself income and gain
realized on the investment of funds deposited in such Certificate Account
(including any A/B Loan Custodial Accounts);

                  (ix) Prepayment Interest Excesses: to pay to the Master
Servicer the amount of the aggregate Prepayment Interest Excesses relating to
Mortgage Loans which are not Specially Serviced Mortgage Loans (to the extent
not offset by Prepayment Interest Shortfalls relating to such Mortgage Loans);
and to pay to the Special Servicer the amount of the aggregate Prepayment
Interest Excesses relating to Specially Serviced Mortgage Loans which have
received voluntary Principal Prepayments (not from Liquidation Proceeds or from
modifications

                                     -113-
<PAGE>

to Specially Serviced Mortgage Loans), to the extent not offset by Prepayment
Interest Shortfalls relating to such Mortgage Loans.

                  (x) Correction of Errors: to withdraw funds deposited in the
Certificate Account in error;

                  (xi) Distribution Account: to make payment on each Master
Servicer Remittance Date of the remaining amounts in the Certificate Account
(including any Excess Interest) to the Distribution Account (or in the case of
any Excess Interest, deposit to the Excess Interest Sub-account under Section
5.3(b)) other than amounts held for payment in future periods or pursuant to
clause (xii) below;

                  (xii) Reserve Account: to make payment on each Master Servicer
Remittance Date to the Reserve Account, any Excess Liquidation Proceeds (subject
to Section 4.6(c)); and

                  (xiii) Clear and Terminate: to clear and terminate the
Certificate Account pursuant to Section 8.29;

provided, however, that in the case of any B Note:

                  (A) the Master Servicer shall be entitled to make transfers
                  from time to time, from the related A/B Loan Custodial Account
                  to the portion of the Certificate Account that does not
                  constitute the A/B Loan Custodial Account, of amounts
                  necessary for the payments or reimbursement of amounts
                  described in any one or more of clauses (i), (ii), (iii),
                  (iv), (v), (vi), (vii), (viii), (ix) and (xii) above, but only
                  insofar as the payment or reimbursement described therein
                  arises from or is related solely to such A/B Mortgage Loan and
                  is allocable to the A/B Mortgage Loan pursuant to this
                  Agreement or the Intercreditor Agreement, and the Master
                  Servicer shall also be entitled to make transfers from time to
                  time, from the related A/B Loan Custodial Account to the
                  portion of the Certificate Account that does not constitute
                  the A/B Loan Custodial Account, of amounts transferred to such
                  related A/B Loan Custodial Account in error, and amounts
                  necessary for the clearing and termination of the Certificate
                  Account pursuant to Section 8.29;

                  (B) the Master Servicer shall be entitled to make transfers
                  from time to time, from the related A/B Loan Custodial Account
                  to the portion of the Certificate Account that does not
                  constitute the A/B Loan Custodial Account, of amounts not
                  otherwise described in clause (A) above to which the holder of
                  an A Note is entitled under the A/B Mortgage Loan and the
                  related Intercreditor Agreement (including in respect of
                  interest, principal and Prepayment Premiums in respect of the
                  A Note (whether or not by operation of any provision of the
                  related Intercreditor Agreement that entitles the holder of
                  such A Note to receive remittances in amounts calculated
                  without regard to any modification, waiver or amendment of the
                  economic terms of such A Note)); and

                  (C) the Master Servicer shall on each Master Service
                  Remittance Date remit to the holder of the related B Note all
                  amounts on deposit in such A/B Loan

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                  Custodial Account (net of amounts permitted or required to be
                  transferred therefrom as described in clauses (A) and/or (B)
                  above), to the extent that the holder of such B Note is
                  entitled thereto under the related Intercreditor Agreement
                  (including by way of the operation of any provision of the
                  related Intercreditor Agreement that entitles the holder of
                  the B Note to reimbursement of cure payments made by it).

                  Expenses incurred with respect to an A/B Mortgage Loan shall
be allocated in accordance with the Intercreditor Agreement. The Master Servicer
shall keep and maintain a separate accounting for each Mortgage Loan and B Note
for the purpose of justifying any withdrawal or transfer from the Certificate
Account and any A/B Loan Custodial Account. The Master Servicer shall not be
permitted to withdraw any funds from the portion of the Certificate Account that
does not constitute the A/B Loan Custodial Account unless there are no remaining
funds in the related A/B Loan Custodial Account available and required to be
paid in accordance with the related Intercreditor Agreement.

                  (b) Scheduled Payments due in a Collection Period succeeding
the Collection Period relating to such Master Servicer Remittance Date,
Principal Prepayments received after the related Collection Period, or other
amounts not distributable on the related Distribution Date, shall be held in the
Certificate Account (or sub-account thereof) and shall be distributed on the
Master Servicer Remittance Date or Dates to which such succeeding Collection
Period or Periods relate, provided, however, that as to the Mortgage Loans set
forth on Schedule XVII, for which the Scheduled Payment due each month is due on
a Due Date (including any grace period) that may occur after the end of the
Collection Period in such month, sums received by the Master Servicer with
respect to such Scheduled Payment but after the end of such Collection Period
shall be applied by the Master Servicer to reimburse any related P&I Advance
made pursuant to Section 5.1(h), and the Master Servicer shall remit to the
Distribution Account on any Master Servicer Remittance Date for a Collection
Period any Principal Prepayments and Balloon Payments received after the end of
such Collection Period but no later than the second Business Day immediately
preceding such Master Servicer Remittance Date on the Mortgage Loans set forth
on Schedule XVII. For purposes of the definition of "Available Distribution
Amount" and "Principal Distribution Amount," the Scheduled Payments and
Principal Prepayments referred to in the preceding proviso shall be deemed to
have been collected in the prior Collection Period.

                  (c) On each Master Servicer Remittance Date in March of every
year commencing in March 2003, the Master Servicer shall withdraw all amounts
then in the Interest Reserve Account and deposit such amounts into the
Distribution Account.

                  SECTION 5.3 DISTRIBUTION ACCOUNT AND RESERVE ACCOUNT.

                  (a) The Paying Agent, on behalf of the Trustee shall establish
(with respect to clause (i), on or prior to the Closing Date, and with respect
to clause (ii), on or prior to the date the Paying Agent determines is
necessary) and maintain in its name, on behalf of the Trustee, (i) an account
(the "Distribution Account"), to be held in trust for the benefit of the Holders
until disbursed pursuant to the terms of this Agreement, titled: "Wells Fargo
Bank Minnesota, National Association, as Paying Agent on behalf of LaSalle Bank
National Association, as Trustee, in trust for the benefit of the Holders of
Bear Stearns Commercial Mortgage Securities

                                     -115-
<PAGE>

Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-TOP8,
Distribution Account" and (ii) an account (the "Reserve Account") to be held in
trust for the benefit of the holders of interests in the Trust until disbursed
pursuant to the terms of this Agreement, titled: "Wells Fargo Bank Minnesota,
National Association, as Paying Agent on behalf of LaSalle Bank National
Association, as Trustee, in trust for the benefit of the Holders of Bear Stearns
Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8, Reserve Account." The Distribution Account and
the Reserve Account shall be Eligible Accounts. Funds in the Reserve Account
shall not be invested. The Distribution Account and Reserve Account shall be
held separate and apart from and shall not be commingled with any other monies
including, without limitation, other monies of the Paying Agent held under this
Agreement.

                  Funds in the Distribution Account may be invested and, if
invested, shall be invested by, and at the risk of, the Paying Agent in Eligible
Investments selected by the Paying Agent which shall mature, unless payable on
demand, not later than such time on the Distribution Date which will allow the
Paying Agent to make withdrawals from the Distribution Account under Section
5.3(b), and any such Eligible Investment shall not be sold or disposed of prior
to its maturity unless payable on demand. All such Eligible Investments shall be
made in the name of "LaSalle Bank National Association, as Trustee for the
Holders of the Bear Stearns Commercial Mortgage Securities Inc., Commercial
Mortgage Pass-Through Certificates, Series 2002-TOP8 and the holder of any
related B Note as their interests may appear." None of the Depositor, the
Mortgagors, the Special Servicer, the Master Servicer, the Primary Servicers or
the Trustee shall be liable for any loss incurred on such Eligible Investments.

                  An amount equal to all income and gain realized from any such
investment shall be paid to the Paying Agent as additional compensation and
shall be subject to its withdrawal at any time from time to time. The amount of
any losses incurred in respect of any such investments shall be for the account
of the Paying Agent which shall deposit the amount of such loss (to the extent
not offset by income from other investments) in the Distribution Account, as the
case may be, out of its own funds immediately as realized. If the Paying Agent
deposits in or transfers to the Distribution Account, as the case may be, any
amount not required to be deposited therein or transferred thereto, it may at
any time withdraw such amount or retransfer such amount from the Distribution
Account, as the case may be, any provision herein to the contrary
notwithstanding.

                  (b) The Paying Agent shall deposit into the Distribution
Account or the Reserve Account, as applicable, on the Business Day received all
moneys remitted by the Master Servicer pursuant to this Agreement, including P&I
Advances made by the Master Servicer, the Trustee and the Fiscal Agent and all
Excess Liquidation Proceeds. The Paying Agent shall deposit amounts constituting
collections of Excess Interest on the Mortgage Loans into the Excess Interest
Sub-account. On any Master Servicer Remittance Date, the Master Servicer shall
have no duty to remit to the Distribution Account any amounts other than amounts
held in the Certificate Account and collected during the related Collection
Period as provided in clauses (v) and (xi) of Section 5.2(a) and the P&I Advance
Amount and, on the Master Servicer Remittance Date occurring in March of any
year, commencing in March 2003, amounts held in the Interest Reserve Account.
The Paying Agent shall make withdrawals from the Distribution Account

                                     -116-
<PAGE>

(including the Excess Interest Sub-account) and the Reserve Account only for the
following purposes:

                  (i) to withdraw amounts deposited in the Distribution Account
in error and pay such amounts to the Persons entitled thereto;

                  (ii) to pay any amounts payable to the Master Servicer, the
Primary Servicers, the Special Servicer, the Fiscal Agent and the Trustee
(including the Trustee's Fee (other than that portion thereof, that constitutes
the Paying Agent's Fee)) and the Paying Agent (including the Paying Agent Fee),
or other expenses or other amounts permitted to be paid hereunder and not
previously paid to such Persons pursuant to Section 5.2;

                  (iii) to make distributions to the Certificateholders pursuant
to Section 6.5; and

                  (iv) to clear and terminate the Distribution Account pursuant
to Section 10.2.

                  SECTION 5.4 PAYING AGENT REPORTS.

                  (a) On or prior to each Distribution Date, based on
information provided in monthly reports prepared by the Master Servicer and the
Special Servicer and delivered to the Paying Agent by the Master Servicer (no
later than 1:00 p.m., New York time on the Report Date), the Paying Agent shall
make available to any interested party via its internet website initially
located at "www.ctslink.com/cmbs" (the "Paying Agent's Website"), (i) the
Monthly Certificateholders Report (substantially in the form of Exhibit M), (ii)
a report containing information regarding the Mortgage Loans as of the end of
the related Collection Period, which report shall contain substantially the
categories of information regarding the Mortgage Loans set forth in Appendix I
to the Final Prospectus Supplement and shall be presented in tabular format
substantially similar to the format utilized in such Appendix I which report may
be included as part of the Monthly Certificateholders Report, (iii) the Loan
Periodic Update File, Loan Setup File, Bond Level File and the Collateral
Summary File, (iv) the supplemental reports set forth in paragraph (b) of the
definition of Unrestricted Servicer Reports and (v) as a convenience for
interested parties (and not in furtherance of the distribution thereof under the
securities laws), the Final Prospectus Supplement and this Agreement.

                  In addition, on or prior to each Distribution Date, based on
information provided in monthly reports prepared by the Master Servicer and the
Special Servicer and delivered to the Paying Agent in accordance herewith, the
Paying Agent shall make available via the Paying Agent's Website, on a
restricted basis, the Restricted Servicer Reports (including the Property File
on or prior to each Distribution Date, commencing in January 2003). The Paying
Agent shall provide access to the Restricted Servicer Reports, upon request, to
each Certificateholder, each of the parties to this Agreement, each of the
Rating Agencies, each of the Underwriters, the Operating Adviser, the Placement
Agents and any Certificate Owner upon receipt (which may be in electronic form)
from such person of an Investor Certificate in the form of Exhibit Y, and any
other person upon the direction of the Depositor, the Placement Agents or any
Underwriter. For

                                     -117-
<PAGE>

assistance with the above-mentioned Paying Agent services, Certificateholders or
any party hereto may initially call 301-815-6600.

                  The Paying Agent makes no representations or warranties as to
the accuracy or completeness of any report, document or other information made
available on the Paying Agent's Website and assumes no responsibility therefor.
The Paying Agent shall be entitled to conclusively rely on any information
provided to it by the Master Servicer or the Special Servicer and shall have no
obligation to verify such information and the Paying Agent may disclaim
responsibility for any information distributed by the Paying Agent for which it
is not the original source. In connection with providing access to the Paying
Agent's Website, the Paying Agent, may require registration and the acceptance
of a disclaimer. None of the Master Servicer, the Special Servicer, any Primary
Servicer or the Paying Agent shall be liable for the dissemination of
information in accordance with this Agreement; provided that this sentence shall
not in any way limit the liability the Paying Agent may otherwise have in the
performance of its duties hereunder.

                  (b) Subject to Section 8.15, upon advance written request, if
required by federal regulation, of any Certificateholder (or holder of a B Note)
that is a savings association, bank, or insurance company, the Paying Agent
shall provide (to the extent in its possession) to each such Certificateholder
(or such holder of a B Note) such reports and access to non-privileged
information and documentation regarding the Mortgage Loans and the Certificates
as such Certificateholder (or such holder of a B Note) may reasonably deem
necessary to comply with applicable regulations of the Office of Thrift
Supervision or successor or other regulatory authorities with respect to
investment in the Certificates; provided that the Paying Agent shall be entitled
to be reimbursed by such Certificateholder (or such holder of a B Note) for the
Paying Agent's actual expenses incurred in providing such reports and access.
The holder of a B Note shall be entitled to receive information and
documentation only with respect to its related A/B Mortgage Loan pursuant
hereto.

                  (c) Upon written request, the Paying Agent shall send to each
Person who at any time during the calendar year was a Certificateholder of
record, customary information as the Paying Agent deems may be necessary or
desirable for such Holders to prepare their federal income tax returns.

                  (d) Reserved

                  (e) The Paying Agent shall afford the Rating Agencies, the
Depositor, the Master Servicer, the Special Servicer, the Primary Servicers, the
Trustee, the Fiscal Agent, the Operating Adviser, any Certificateholder, the
Luxembourg Paying Agent, prospective Certificate Owner or any Person reasonably
designated by any Placement Agent, or any Underwriter upon reasonable notice and
during normal business hours, reasonable access to all relevant, non-attorney
privileged records and documentation regarding the applicable Mortgage Loans,
REO Property and all other relevant matters relating to this Agreement, and
access to Responsible Officers of the Paying Agent.

                  (f) Copies (or computer diskettes or other digital or
electronic formats of such information if reasonably available in lieu of paper
copies) of any and all of the foregoing items

                                     -118-
<PAGE>

of this Section 5.4 shall be made available by the Paying Agent upon request;
provided, however, that the Paying Agent shall be permitted to require payment
by the requesting party (other than the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Operating Adviser, any
Placement Agent or any Underwriter or any Rating Agency) of a sum sufficient to
cover the reasonable expenses actually incurred by the Paying Agent of providing
access or copies (including electronic or digital copies) of any such
information requested in accordance with the preceding sentence.

                  (g) The Paying Agent shall make available at its Corporate
Trust Office (either in physical or electronic form), during normal business
hours, upon reasonable advance written notice for review by any
Certificateholder, any Certificate Owner, any prospective Certificate Owner, the
Placement Agents, the Underwriters, each Rating Agency, the Special Servicer,
the Depositor, and solely as with respect to any A/B Mortgage Loan, the holder
of the B Note, originals or copies of, among other things, any Phase I
Environmental Report or engineering report prepared or appraisals performed in
respect of each Mortgaged Property provided, however, that the Paying Agent
shall be permitted to require payment by the requesting party (other than either
Rating Agency) of a sum sufficient to cover the reasonable expenses actually
incurred by the Paying Agent or the Trustee of providing access or copies
(including electronic or digital copies) of any such information reasonably
requested in accordance with the preceding sentence.

                  SECTION 5.5 PAYING AGENT TAX REPORTS. The Paying Agent shall
perform all reporting and other tax compliance duties that are the
responsibility of each REMIC Pool under the Code, REMIC Provisions, or other
compliance guidance issued by the Internal Revenue Service or any state or local
taxing authority. Consistent with this Pooling and Servicing Agreement, the
Paying Agent shall provide or cause to be provided (i) to the United States
Treasury or other Persons (including, but not limited to, the Transferor of a
Class R-I, Class R-II or Class R-III Certificate, to a Disqualified Organization
or to an agent that has acquired a Class R-I, Class R-II or Class R-III
Certificate on behalf of a Disqualified Organization) such information as is
necessary for the application of any tax relating to the transfer of a Class
R-I, Class R-II or Class R-III Certificate to any Disqualified Organization and
(ii) to the Certificateholders such information or reports as are required by
the Code or REMIC Provisions; in the case of (i), subject to reimbursement of
expenses relating thereto in accordance with Section 7.12. The Master Servicer
shall on a timely basis provide the Paying Agent with such information
concerning the Mortgage Loans as is necessary for the preparation of the tax or
information returns or receipts of each REMIC Pool as the Paying Agent may
reasonably request from time to time. The Special Servicer is required to
provide to the Master Servicer all information in its possession with respect to
the Specially Serviced Mortgage Loans in order for the Master Servicer to comply
with its obligations under this Section 5.5. The Paying Agent shall be entitled
to conclusively rely on any such information provided to it by the Master
Servicer or the Special Servicer and shall have no obligation to verify any such
information.

                                     -119-
<PAGE>

                                   ARTICLE VI

                                  DISTRIBUTIONS

                  SECTION 6.1 DISTRIBUTIONS GENERALLY. Subject to Section
10.2(a), respecting the final distribution on the Certificates, on each
Distribution Date, the Paying Agent shall (1) first, withdraw from the
Distribution Account and pay to the Fiscal Agent and Trustee any unpaid fees,
expenses and other amounts then required to be paid pursuant to this Agreement,
and then, to the Paying Agent, any unpaid fees, expenses and other amounts then
required to be paid pursuant to this Agreement, and then at the written
direction of the Master Servicer, withdraw from the Distribution Account and pay
to the Master Servicer, the Primary Servicers and Special Servicer any unpaid
servicing compensation or other amounts currently required to be paid pursuant
to this Agreement (to the extent not previously retained or withdrawn by the
Master Servicer from the Certificate Account), and (2) second, make
distributions in the manner and amounts set forth below.

                  Each distribution to Holders of Certificates shall be made by
check mailed to such Holder's address as it appears on the Certificate Register
of the Certificate Registrar or, upon written request to the Paying Agent on or
prior to the related Record Date (or upon standing instructions given to the
Paying Agent on the Closing Date prior to any Record Date, which instructions
may be revoked at any time thereafter upon written notice to the Paying Agent
five days prior to the related Record Date) made by a Certificateholder by wire
transfer in immediately available funds to an account specified in the request
of such Certificateholder; provided, that (i) remittances to the Paying Agent
shall be made by wire transfer of immediately available funds to the
Distribution Account and the Reserve Account; and (ii) the final distribution in
respect of any Certificate shall be made only upon presentation and surrender of
such Certificate at such location specified by the Paying Agent in a notice
delivered to Certificateholders pursuant to Section 10.2(a). If any payment
required to be made on the Certificates is to be made on a day that is not a
Business Day, then such payment will be made on the next succeeding Business Day
without compensation for such delay. All distributions or allocations made with
respect to Holders of Certificates of a Class on each Distribution Date shall be
made or allocated among the outstanding Interests in such Class in proportion to
their respective initial Certificate Balances or Percentage Interests for the
Class X Certificates.

                  SECTION 6.2 REMIC I.

                  (a) On each Distribution Date, the Paying Agent shall be
deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC
I Regular Interests, for the following purposes and in the following order of
priority:

                    (i) from the portion of the Available Distribution Amount
attributable to interest collected or deemed collected on or with respect to
each Mortgage Loan or REO Property, Distributable Certificate Interest to each
Corresponding REMIC I Regular Interest;

                    (ii) from the portion of the Available Distribution Amount
attributable to principal collected or deemed collected on or with respect to
each Mortgage Loan or REO

                                     -120-
<PAGE>

Property, principal to the Corresponding REMIC I Regular Interest, until the
Certificate Balance thereof is reduced to zero;

                    (iii) any remaining funds, to reimburse any Realized Losses
previously allocated to the REMIC I Regular Interests, plus interest on such
Realized Losses previously allocated thereto, at the applicable Pass-Through
Rates; and

                    (iv) thereafter, to the Class R-I Certificateholders at such
time as the Certificate Balance of all Classes of REMIC I Regular Interests have
been reduced to zero, and Realized Losses previously allocated thereto have been
reimbursed to the Holders of the REMIC I Regular Interests, any amounts
remaining.

                  SECTION 6.3 REMIC II.

                  (a) On each Distribution Date, the Paying Agent shall be
deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC
II Regular Interests, for the following purposes and in the following order of
priority:

                    (i) an amount equal to Distributable Certificate Interest
for the Class A-1 Certificates, Class A-2 Certificates, Class X-1 Certificates
and Class X-2 Certificates to REMIC II Regular Interest A-1A, REMIC II Regular
Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest A-1D,
REMIC II Regular Interest A-1E, REMIC II Regular Interest A-2A, REMIC II Regular
Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D,
REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular
Interest C-1, REMIC II Regular Interest C-2, REMIC II Regular Interest C-3,
REMIC II Regular Interest D-1, REMIC II Regular Interest D-2, REMIC II Regular
Interest E-1, REMIC II Regular Interest E-2, REMIC II Regular Interest F, REMIC
II Regular Interest G, REMIC II Regular Interest H-1, REMIC II Regular Interest
H-2, REMIC II Regular Interest J, REMIC II Regular Interest K, REMIC II Regular
Interest L, REMIC II Regular Interest M, REMIC II Regular Interest N and REMIC
II Regular Interest O, divided among such REMIC II Regular Interests in
proportion to (A) in the case of the REMIC II Regular Interest A-1A, REMIC II
Regular Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest
A-1D, REMIC II Regular Interest A-1E, REMIC II Regular Interest A-2A, REMIC II
Regular Interest A-2B, REMIC II Regular Interest A-2C and REMIC II Regular
Interest A-2D, the Accrued Certificate Interest for such Distribution Date and
(B) in the case of REMIC II Regular Interest B-1, REMIC II Regular Interest B-2,
REMIC II Regular Interest C-1, REMIC II Regular Interest C-2, REMIC II Regular
Interest C-3, REMIC II Regular Interest D-1, REMIC II Regular Interest D-2,
REMIC II Regular Interest E-1, REMIC II Regular Interest E-2, REMIC II Regular
Interest F, REMIC II Regular Interest G, REMIC II Regular Interest H-1, REMIC II
Regular Interest H-2, REMIC II Regular Interest J, REMIC II Regular Interest K,
REMIC II Regular Interest L, REMIC II Regular Interest M, REMIC II Regular
Interest N and REMIC II Regular Interest O, the product of (a) the Certificate
Balance of such Interest and (b) one-twelfth of the sum of the related Class X-1
Strip Rate and the related Class X-2 Strip Rate (if any);

                    (ii) to REMIC II Regular Interest A-1A, REMIC II Regular
Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest A-1D,
REMIC II Regular Interest A-1E, REMIC II Regular Interest A-2A, REMIC II Regular
Interest A-2B, REMIC II

                                     -121-
<PAGE>

Regular Interest A-2C and REMIC II Regular Interest A-2D, in reduction of the
Certificate Balances thereof, in an amount up to the Principal Distribution
Amount for such Distribution Date: (A) first, to the REMIC II Regular Interest
A-1A until the Certificate Balance of REMIC II Regular Interest A-1A is reduced
to zero, and upon payment in full of the Certificate Balance of the REMIC II
Regular Interest A-1A, to the REMIC II Regular Interest A-1B, the Principal
Distribution Amount for such Distribution Date (reduced by any portion thereof
deemed to be distributed to the REMIC II Regular Interest A-1A), until the
Certificate Balance of the REMIC II Regular Interest A-1B has been reduced to
zero, and upon payment in full of the Certificate Balance of the REMIC II
Regular Interest A-1B, to the REMIC II Regular Interest A-1C, the Principal
Distribution Amount for such Distribution Date (reduced by any portion thereof
deemed to be distributed to the REMIC II Regular Interest A-1A and A-1B), until
the Certificate Balance of the REMIC II Regular Interest A-1C has been reduced
to zero, and upon payment in full of the Certificate Balance of the REMIC II
Regular Interest A-1C, to the REMIC II Regular Interest A-1D, the Principal
Distribution Amount for such Distribution Date (reduced by any portion thereof
deemed to be distributed to the REMIC II Regular Interest A-1A, A-1B, and A-1C),
until the Certificate Balance of the REMIC II Regular Interest A-1D has been
reduced to zero, and upon payment in full of the Certificate Balance of the
REMIC II Regular Interest A-1D, to the REMIC II Regular Interest A-1E, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed to the REMIC II Regular Interest A-1A, A-1B,
A-1C and A-1D), until the Certificate Balance of the REMIC II Regular Interest
A-1E has been reduced to zero, and (B) second, to the REMIC II Regular Interest
A-2A, the Principal Distribution Amount for such Distribution Date (reduced by
any portion thereof deemed to be distributed to the REMIC II Regular Interest
A-1A, A-1B, A-1C, A-1D and A-1E), until the Certificate Balance of the REMIC II
Regular Interest A-2A has been reduced to zero, and upon payment in full of the
Certificate Balance of the REMIC II Regular Interest A-2A, to the REMIC II
Regular Interest A-2B, the Principal Distribution Amount for such Distribution
Date (reduced by any portion thereof deemed to be distributed to the REMIC II
Regular Interest A-1A, A-1B, A-1C, A-1D, A-1E and A-2A), until the Certificate
Balance of the REMIC II Regular Interest A-2B has been reduced to zero, and upon
payment in full of the Certificate Balance of the REMIC II Regular Interest
A-2B, to the REMIC II Regular Interest A-2C, the Principal Distribution Amount
for such Distribution Date (reduced by any portion thereof deemed to be
distributed to the REMIC II Regular Interest A-1A, A-1B, A-1C, A-1D, A-1E, A-2A
and A-2B), until the Certificate Balance of the REMIC II Regular Interest A-2C
has been reduced to zero, and upon payment in full of the Certificate Balance of
the REMIC II Regular Interest A-2C, to the REMIC II Regular Interest A-2D, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed to the REMIC II Regular Interest A-1A, A-1B,
A-1C, A-1D, A-1E, A-2A, A-2B and A-2C), until the Certificate Balance of the
REMIC II Regular Interest A-2D has been reduced to zero;

                    (iii) to REMIC II Regular Interest A-1A, REMIC II Regular
Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest A-1D,
REMIC II Regular Interest A-1E, REMIC II Regular Interest A-2A, REMIC II Regular
Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D,
REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular
Interest C-1, REMIC II Regular Interest C-2, REMIC II Regular Interest C-3,
REMIC II Regular Interest D-1, REMIC II Regular Interest D-2, REMIC II Regular
Interest E-1, REMIC II Regular Interest E-2, REMIC II Regular Interest F, REMIC
II Regular Interest G, REMIC II Regular Interest H-1, REMIC II Regular Interest
H-2,

                                     -122-
<PAGE>

REMIC Regular Interest J, REMIC II Regular Interest K, REMIC II Regular Interest
L, REMIC II Regular Interest M, REMIC II Regular Interest N and REMIC II Regular
Interest O, pro rata on the basis of their respective entitlements to
reimbursement described in this clause (iii), to reimburse any Realized Interest
Losses previously allocated to REMIC II Regular Interest A-1A, REMIC II Regular
Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest A-1D,
REMIC II Regular Interest A-1E, REMIC II Regular Interest A-2A, REMIC II Regular
Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D,
REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular
Interest C-1, REMIC II Regular Interest C-2, REMIC II Regular Interest C-3,
REMIC II Regular Interest D-1 REMIC II Regular Interest D-2, REMIC II Regular
Interest E-1, REMIC II Regular Interest E-2, REMIC II Regular Interest F, REMIC
II Regular Interest G, REMIC II Regular Interest H-1, REMIC II Regular Interest
H-2, REMIC II Regular Interest J, REMIC II Regular Interest K, REMIC II Regular
Interest L, REMIC II Regular Interest M, REMIC II Regular Interest N and REMIC
II Regular Interest O, in the case of all such Interests other than the REMIC II
Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest
A-1C, REMIC II Regular Interest A-1D, REMIC II Regular Interest A-1E, REMIC II
Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
A-2C and REMIC II Regular Interest A-2D, as a result of the allocation of
Realized Losses to the Class X Certificates and in the case of all such
Interests, inclusive of one month's interest at the applicable Pass-Through Rate
on such Realized Interest Losses;

                    (iv) to the REMIC II Regular Interest B-1 and REMIC II
Regular Interest B-2, the remainder of the Distributable Certificate Interest
for such Interest for such Distribution Date, divided among such REMIC II
Regular Interests in proportion to the Accrued Certificate Interest for such
Distribution Date, to the extent not distributed pursuant to clause (i) above;

                    (v) upon payment in full of the Certificate Balance of the
REMIC II Regular Interest A-2D, to the REMIC II Regular Interest B-1, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest B-1 has been
reduced to zero, and upon payment in full of the Certificate Balance of the
REMIC II Regular Interest B-1, to the REMIC II Regular Interest B-2, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest B-2 has been
reduced to zero;

                    (vi) to the REMIC II Regular Interest B-1 and REMIC II
Regular Interest B-2, to reimburse any unreimbursed Realized Losses previously
allocated thereto, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses, pro rata on the basis of their respective entitlements
to reimbursement;

                    (vii) to the REMIC II Regular Interest C-1, REMIC II Regular
Interest C-2 and REMIC II Regular Interest C-3, the remainder of the
Distributable Certificate Interest for such Interest for such Distribution Date,
divided among such REMIC II Regular Interests in proportion to the Accrued
Certificate Interest for such Distribution Date, to the extent not distributed
pursuant to clause (i) above;

                                     -123-
<PAGE>

                    (viii) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest B-2, to the REMIC II Regular Interest C-1, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest C-1 has been
reduced to zero, and upon payment in full of the Certificate Balance of the
REMIC II Regular Interest C-1, to the REMIC II Regular Interest C-2, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest C-2 has been
reduced to zero, and upon payment in full of the Certificate Balance of the
REMIC II Regular Interest C-2, to the REMIC II Regular Interest C-3, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest C-3 has been
reduced to zero;

                    (ix) to the REMIC II Regular Interest C-1, REMIC II Regular
Interest C-2 and REMIC II Regular Interest C-3, to reimburse any unreimbursed
Realized Losses previously allocated thereto, plus one month's interest at the
applicable Pass-Through Rate on such Realized Losses, pro rata on the basis of
their respective entitlements to reimbursement;

                    (x) to the REMIC II Regular Interest D-1 and REMIC II
Regular Interest D-2, the remainder of the Distributable Certificate Interest
for such Interests for such Distribution Date, divided among such REMIC II
Regular Interests in proportion to the Accrued Certificate Interest for such
Distribution Date, to the extent not distributed pursuant to clause (i) above;

                    (xi) upon payment in full of the Certificate Balance of the
REMIC II Regular Interest C-3, to the REMIC II Regular Interest D-1, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest D-1 has been
reduced to zero, and upon payment in full of the Certificate Balance of the
REMIC II Regular Interest D-1, to the REMIC II Regular Interest D-2, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest D-2 has been
reduced to zero;

                    (xii) to the REMIC II Regular Interest D-1 and REMIC II
Regular Interest D-2, to reimburse any unreimbursed Realized Losses previously
allocated thereto, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses, pro rata on the basis of their respective entitlements
to reimbursement;

                    (xiii) to the REMIC II Regular Interest E-1 and REMIC II
Regular Interest E-2, the remainder of the Distributable Certificate Interest
for such Interests for such Distribution Date, divided among such REMIC II
Regular Interests in proportion to the Accrued Certificate Interest for such
Distribution Date, to the extent not distributed pursuant to clause (i) above;

                                     -124-
<PAGE>

                    (xiv) upon payment in full of the Certificate Balance of the
REMIC II Regular Interest D-2, to the REMIC II Regular Interest E-1, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest E-1 has been
reduced to zero, and upon payment in full of the Certificate Balance of the
REMIC II Regular Interest E-1, to the REMIC II Regular Interest E-2, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest E-2 has been
reduced to zero;

                    (xv) to the REMIC II Regular Interest E-1 and REMIC II
Regular Interest E-2, to reimburse any unreimbursed Realized Losses previously
allocated thereto, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses, pro rata on the basis of their respective entitlements
to reimbursement;

                    (xvi) to the REMIC II Regular Interest F, the remainder of
the Distributable Certificate Interest for such Interest for such Distribution
Date to the extent not distributed pursuant to clause (i) above;

                    (xvii) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest E-2, to the REMIC II Regular Interest F, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest F has been
reduced to zero;

                    (xviii) to the REMIC II Regular Interest F, to reimburse any
unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xix) to the REMIC II Regular Interest G, the remainder of
the Distributable Certificate Interest for such Interest for such Distribution
Date to the extent not distributed pursuant to clause (i) above;

                    (xx) upon payment in full of the Certificate Balance of the
REMIC II Regular Interest F, to the REMIC II Regular Interest G, the Principal
Distribution Amount for such Distribution Date (reduced by any portion thereof
deemed to be distributed pursuant to the preceding provisions hereof), until the
Certificate Balance of the REMIC II Regular Interest G has been reduced to zero;

                    (xxi) to the REMIC II Regular Interest G, to reimburse any
unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xxii) to the REMIC II Regular Interest H-1 and REMIC II
Regular Interest H-2, the remainder of the Distributable Certificate Interest
for such Interests for such Distribution Date, divided among such REMIC II
Regular Interests in proportion to the Accrued Certificate Interest for such
Distribution Date, to the extent not distributed pursuant to clause (i) above;

                                     -125-
<PAGE>

                    (xxiii) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest G, to the REMIC II Regular Interest H-1, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest H-1 has been
reduced to zero, and upon payment in full of the Certificate Balance of the
REMIC II Regular Interest H-1, to the REMIC II Regular Interest H-2, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest H-2 has been
reduced to zero;

                    (xxiv) to the REMIC II Regular Interest H-1 and REMIC II
Regular Interest H-2, to reimburse any unreimbursed Realized Losses previously
allocated thereto, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses, pro rata on the basis of their respective entitlements
to reimbursement;

                    (xxv) to the REMIC II Regular Interest J, the remainder of
the Distributable Certificate Interest for such Interest for such Distribution
Date to the extent not distributed pursuant to clause (i) above;

                    (xxvi) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest H, to the REMIC II Regular Interest J, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest J has been
reduced to zero;

                    (xxvii) to the REMIC II Regular Interest J, to reimburse any
unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xxviii) to the REMIC II Regular Interest K, the remainder
of the Distributable Certificate Interest for such Interest for such
Distribution Date to the extent not distributed pursuant to clause (i) above;

                    (xxix) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest J, to the REMIC II Regular Interest K, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest K has been
reduced to zero;

                    (xxx) to the REMIC II Regular Interest K, to reimburse any
unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xxxi) to the REMIC II Regular Interest L, the remainder of
the Distributable Certificate Interest for such Interest for such Distribution
Date to the extent not distributed pursuant to clause (i) above;

                                     -126-
<PAGE>

                    (xxxii) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest K, to the REMIC II Regular Interest L, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest L has been
reduced to zero;

                    (xxxiii) to the REMIC II Regular Interest L, to reimburse
any unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xxxiv) to the REMIC II Regular Interest M, the remainder of
the Distributable Certificate Interest for such Interest for such Distribution
Date to the extent not distributed pursuant to clause (i) above;

                    (xxxv) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest L, to the REMIC II Regular Interest M, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest M has been
reduced to zero;

                    (xxxvi) to the REMIC II Regular Interest M, to reimburse any
unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xxxvii) to the REMIC II Regular Interest N, the remainder
of the Distributable Certificate Interest for such Interest for such
Distribution Date to the extent not distributed pursuant to clause (i) above;

                    (xxxviii) upon payment in full of the Certificate Balance of
the REMIC II Regular Interest M, to the REMIC II Regular Interest N, the
Principal Distribution Amount for such Distribution Date (reduced by any portion
thereof deemed to be distributed pursuant to the preceding provisions hereof),
until the Certificate Balance of the REMIC II Regular Interest N has been
reduced to zero;

                    (xxxix) to the REMIC II Regular Interest N, to reimburse any
unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xl) to the REMIC II Regular Interest O, the remainder of
the Distributable Certificate Interest for such Interest for such Distribution
Date to the extent not distributed pursuant to clause (i) above;

                    (xli) upon payment in full of the Certificate Balance of the
REMIC II Regular Interest N, to the REMIC II Regular Interest O, the Principal
Distribution Amount for such Distribution Date (reduced by any portion thereof
deemed to be distributed pursuant to the preceding provisions hereof), until the
Certificate Balance of the REMIC II Regular Interest O has been reduced to zero;

                                     -127-
<PAGE>

                    (xlii) to the REMIC II Regular Interest O, to reimburse any
unreimbursed Realized Losses previously allocated thereto, plus one month's
interest at the applicable Pass-Through Rate on such Realized Losses;

                    (xliii) thereafter, to the Class R-II Certificateholders at
such time as the Certificate Balances of all Classes of REMIC II Regular
Interests have been reduced to zero, and Realized Losses previously allocated
thereto have been reimbursed to the Holders of the REMIC II Regular Interests,
any amounts remaining.

                  SECTION 6.4 RESERVED.

                  SECTION 6.5 REMIC III.

                  (a)     On each Distribution Date, the Paying Agent shall
withdraw from the Distribution Account an amount equal to the Available
Distribution Amount and shall distribute such amount (other than the amount
attributable to any Excess Interest) and Excess Liquidation Proceeds in the
following amounts and order of priority:

                    (i) to the Holders of the Class A-1 Certificates, Class A-2
Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable
Certificate Interest for such Distribution Date, pro rata in proportion to the
Distributable Certificate Interest payable to each such Class;

                    (ii) to the Holders of the Class A-1 and Class A-2
Certificates, in reduction of the Certificate Balances thereof, in an amount up
to the Principal Distribution Amount for such Distribution Date: first, to the
Holders of the Class A-1 Certificates, the Principal Distribution Amount for
such Distribution Date until the Certificate Balance thereof is reduced to zero
and second, upon payment in full of the aggregate Certificate Balance of the
Class A-1 Certificates, to the holders of the Class A-2 Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder) until the aggregate Certificate Balance of the
Class A-2 Certificates has been reduced to zero;

                    (iii) to the Holders of the Class A Certificates, Class X-1
Certificates and Class X-2 Certificates, pro rata (treating principal and
interest losses separately), to reimburse any Realized Losses previously
allocated thereto and not previously fully reimbursed, plus one month's interest
at the applicable Pass-Through Rate on such Realized Losses;

                    (iv) to the Holders of the Class B Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (v) upon payment in full of the Certificate Balance of the
Class A-2 Certificates, to the Holders of the Class B Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class B
Certificates has been reduced to zero;

                    (vi) to the Holders of the Class B Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                                     -128-
<PAGE>

                    (vii) to the Holders of the Class C Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (viii) upon payment in full of the Certificate Balance of
the Class B Certificates, to the Holders of the Class C Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class C
Certificates has been reduced to zero;

                    (ix) to the Holders of the Class C Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (x) to the Holders of the Class D Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xi) upon payment in full of the Certificate Balance of the
Class C Certificates, to the Holders of the Class D Certificates, the Principal
Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class D
Certificates has been reduced to zero;

                    (xii) to the Holders of the Class D Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xiii) to the Holders of the Class E Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xiv) upon payment in full of the Certificate Balance of the
Class D Certificates, to the Holders of the Class E Certificates, the Principal
Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class E
Certificates has been reduced to zero;

                    (xv) to the Holders of the Class E Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xvi) to the Holders of the Class F Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xvii) upon payment in full of the Certificate Balance of
the Class E Certificates, to the Holders of the Class F Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class F
Certificates has been reduced to zero;

                    (xviii) to the Holders of the Class F Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                                     -129-
<PAGE>

                    (xix) to the Holders of the Class G Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xx) upon payment in full of the Certificate Balance of the
Class F Certificates, to the Holders of the Class G Certificates, the Principal
Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class G
Certificates has been reduced to zero;

                    (xxi) to the Holders of the Class G Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xxii) to the Holders of the Class H Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xxiii) upon payment in full of the Certificate Balance of
the Class G Certificates, to the Holders of the Class H Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class H
Certificates has been reduced to zero;

                    (xxiv) to the Holders of the Class H Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xxv) to the Holders of the Class J Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xxvi) upon payment in full of the Certificate Balance of
the Class H Certificates, to the Holders of the Class J Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class J
Certificates has been reduced to zero;

                    (xxvii) to the Holders of the Class J Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xxviii) to the Holders of the Class K Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xxix) upon payment in full of the Certificate Balance of
the Class J Certificates, to the Holders of the Class K Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class K
Certificates has been reduced to zero;

                    (xxx) to the Holders of the Class K Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                                     -130-
<PAGE>

                    (xxxi) to the Holders of the Class L Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xxxii) upon payment in full of the Certificate Balance of
the Class K Certificates, to the Holders of the Class L Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class L
Certificates has been reduced to zero;

                    (xxxiii) to the Holders of the Class L Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xxxiv) to the Holders of the Class M Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xxxv) upon payment in full of the Certificate Balance of
the Class L Certificates, to the Holders of the Class M Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class M
Certificates has been reduced to zero;

                    (xxxvi) to the Holders of the Class M Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xxxvii) to the Holders of the Class N Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xxxviii) upon payment in full of the Certificate Balance of
the Class M Certificates, to the Holders of the Class N Certificates, the
Principal Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class N
Certificates has been reduced to zero;

                    (xxxix) to the Holders of the Class N Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses;

                    (xl) to the Holders of the Class O Certificates,
Distributable Certificate Interest for such Distribution Date;

                    (xli) upon payment in full of the Certificate Balance of the
Class N Certificates, to the Holders of the Class O Certificates, the Principal
Distribution Amount for such Distribution Date (reduced by any prior
distributions thereof hereunder), until the Certificate Balance of the Class O
Certificates has been reduced to zero;

                    (xlii) to the Holders of the Class O Certificates, to
reimburse any Realized Losses previously allocated thereto and not previously
fully reimbursed, plus one month's interest at the applicable Pass-Through Rate
on such Realized Losses; and

                                     -131-
<PAGE>

                    (xliii) to the Holders of the Class R-III Certificates at
such time as the Certificate Balances of all Classes of REMIC Regular
Certificates have been reduced to zero, and Realized Losses previously allocated
to each Holder have been reimbursed to the Holders of the REMIC Regular
Certificates, any amounts remaining on deposit in the Distribution Account.

                  Notwithstanding the foregoing, on each Distribution Date
occurring on or after the earliest date, if any, upon which the Certificate
Balances of all the Classes of Subordinate Certificates have been reduced to
zero or the aggregate Appraisal Reduction in effect is greater than or equal to
Certificate Balances of all the Classes of Subordinate Certificates, the
Principal Distribution Amount will be distributed, first, to the Holders of the
Class A-1 and Class A-2 Certificates, pro rata, based on their respective
Certificate Balances, in reduction of their respective Certificate Balances,
until the Certificate Balance of each such Class is reduced to zero; and,
second, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata,
based on the respective amounts of unreimbursed Realized Losses previously
allocated to each such Class, plus one month's interest on such Realized Losses
at the applicable Pass-Through Rate. A similar rule shall apply to the
distribution of the Principal Distribution Amount to REMIC II Regular Interests
A-1A, A-1B, A-1C, A-1D, A-1E, A-2A, A-2B, A-2C and A-2D, in lieu of the
distributions described in Section 6.3(a)(ii).

                  (b) On each Distribution Date, the Paying Agent shall
withdraw amounts in the Reserve Account and shall pay the Certificateholders on
such Distribution Date such amounts in the following priority:

                    (i) first, to reimburse the Holders of the Principal Balance
Certificates (in order of alphabetical Class designation) for any, and to the
extent of, Realized Losses previously allocated to them; and

                    (ii) second, upon the reduction of the Aggregate Certificate
Balance of the Principal Balance Certificates to zero, to pay any amounts
remaining on deposit in such account to the Special Servicer as additional
Special Servicer Compensation.

                  This Section 6.5(b) shall apply mutatis mutandis to
reimbursement of Realized Losses previously allocated to the REMIC II Regular
Interests.

                  SECTION 6.6 ALLOCATION OF REALIZED LOSSES, EXPENSE LOSSES AND
SHORTFALLS DUE TO NONRECOVERABILITY.

                  (a) REMIC I. On each Distribution Date, except as provided in
subsection (b) below,

                    (i) Realized Principal Losses on each Mortgage Loan realized
during the related Collection Period shall reduce the Certificate Balance of the
Corresponding REMIC I Regular Interest;

                    (ii) Realized Interest Losses on each Mortgage Loan shall be
allocated to reduce first, Distributable Certificate Interest for such
Distribution Date, and then Unpaid Interest in each case owing on the
Corresponding REMIC I Regular Interest; and to the

                                     -132-
<PAGE>

extent that such Realized Interest Loss exceeds such amount, shall be treated as
an Expense Loss;

                    (iii) Expense Losses (not otherwise applied above) realized
during the related Collection Period shall be allocated among the REMIC I
Regular Interests in proportion to their Certificate Balances after making all
other allocations for such Distribution Date.

                  (b) In the event that the Master Servicer, the Trustee or the
Fiscal Agent, determines that an Advance previously made by it is a
Nonrecoverable Advance and the Master Servicer withdraws the amount of such
Advance from the Certificate Account pursuant to Section 5.2(a) hereof (which
amount shall be treated as an Available Advance Reimbursement Amount pursuant to
Section 4.6), it shall determine the portion of the amount so withdrawn that is
attributable to (w) interest on the related Mortgage Loan; (x) principal on the
related Mortgage Loan; (y) Servicing Advances; and (z) Advance Interest. The
portion of the amount so withdrawn from the Certificate Account that is
allocable to:

                    (i) amounts previously advanced as interest on the related
Mortgage Loan shall reduce the Available Distribution Amount for REMIC I and
shall be allocated to reduce the amount of interest paid on each REMIC I Regular
Interest on such Distribution Date in proportion to Distributable Certificate
Interest otherwise payable thereon, and shall result in Unpaid Interest on each
such REMIC I Regular Interest;

                    (ii) amounts previously advanced as principal on the related
Mortgage Loan shall reduce the Available Distribution Amount for REMIC I and
shall be allocated to reduce the principal paid on each REMIC I Regular Interest
on which principal would otherwise be paid on such Distribution Date, in
proportion to such principal payments; and

                    (iii) amounts previously advanced as Servicing Advances, as
well as Advance Interest owing to the Master Servicer, the Trustee or the Fiscal
Agent with respect to Advances shall be treated as Expense Losses and allocated
in accordance with Section 6.6(a)(iii) above.

                  (c) At such time as a Final Recovery Determination is made
with respect to any Mortgage Loan with respect to which the Master Servicer
previously had withdrawn amounts from the Certificate Account following a
determination that Advances previously made were Nonrecoverable Advances, or at
such other time as a Realized Loss shall occur with respect to any such Mortgage
Loan, the Master Servicer shall compute the Realized Loss with respect to such
Mortgage Loan and the Paying Agent shall allocate such Realized Loss as follows:

                    (i) to the extent that any Realized Principal Loss does not
exceed the Certificate Balance on the Corresponding REMIC I Regular Interest,
such Realized Principal Loss shall be allocated to such REMIC I Regular
Interest; and to the extent that any Realized Principal Loss exceeds the
Certificate Balance of the Corresponding REMIC I Regular Interest, such Realized
Principal Loss shall be allocated to the other Corresponding REMIC I Regular

                                     -133-
<PAGE>

Interests with respect to which distributions of principal were reduced pursuant
to Section 6.6(b)(ii) above, in proportion to the amount of such reductions;

                    (ii) any Realized Interest Loss shall be allocated to the
Corresponding REMIC I Interest to the extent of Unpaid Interest thereon and any
remaining portion of the Realized Interest Loss shall be allocated as a Realized
Interest Loss on each REMIC I Regular Interest with respect to which Unpaid
Interest was created pursuant to Section 6.6(b)(i) above in proportion to the
amount of Unpaid Interest resulting from the reduction in distributions of
interest on such REMIC I Regular Interest pursuant to Section 6.6(b)(i) above;

                    (iii) the portion of the amount recovered on the Mortgage
Loan with respect to which amounts were withdrawn from the Certificate Account
that are treated as Recoveries of principal on the Mortgage Loan shall be
applied first, to make payments of principal on the Corresponding REMIC I
Regular Interest until the Realized Principal Losses previously allocated
thereto are reduced to zero and thereafter to make payments of principal to the
Corresponding REMIC I Regular Interests with respect to which principal
distributions were reduced pursuant to Section 6.6(b)(i) above, in proportion to
the amount of such reductions;

                    (iv) the portion of the amount recovered on the Mortgage
Loan with respect to which amounts were withdrawn from the Certificate Account
that are treated as Recoveries of interest on the Mortgage Loan shall be applied
first, to make payments of Unpaid Interest on the Corresponding REMIC I Regular
Interest and thereafter to make payments of interest on each REMIC I Interest
with respect to which Unpaid Interest was created pursuant to Section 6.6(b)(ii)
above in proportion to the amount of Unpaid Interest resulting from the
reduction in distributions of interest on such REMIC I Regular Interest pursuant
to Section 6.6(b)(ii) above; and

                    (v) the portion of the amount recovered on the Mortgage Loan
with respect to which amounts were withdrawn from the Certificate Account that
is treated as a recovery of expenses on the Mortgage Loan shall be applied in
reimbursement of Expense Losses on each REMIC I Regular Interest with respect to
which an Expense Loss was created pursuant to Section 6.6(b)(iii) above in
proportion to the amount of the Expense Loss allocated thereto pursuant to
Section 6.6(b)(iii) above.

                  (d) REMIC II. On each Distribution Date, all Realized Losses
on the REMIC I Interests for such Distribution Date (or for prior Distribution
Dates, to the extent not previously allocated) shall be allocated to the
Corresponding REMIC II Regular Interests in the amounts and in the manner as
will be allocated to the REMIC Regular Certificates relating thereto pursuant to
Section 6.6(f); provided, however, that Realized Losses allocated to REMIC II
Regular Interests that have Components shall be allocated among the Components
of such REMIC II Regular Interests sequentially in alphabetical and numerical
order. Realized Losses allocated to the Class X Certificates shall reduce the
amount of interest payable on the REMIC II Regular Interest A-1A, REMIC II
Regular Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest
A-1D, REMIC II Regular Interest A-1E, REMIC II Regular Interest A-2A, REMIC II
Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest
A-2D, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II
Regular Interest C-1, REMIC II Regular Interest C-2, REMIC II Regular Interest
C-3, REMIC II

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Regular Interest D-1, REMIC II Regular Interest D-2, REMIC II Regular Interest
E-1, REMIC II Regular Interest E-2, REMIC II Regular Interest F, REMIC II
Regular Interest G, REMIC II Regular Interest H-1, REMIC II Regular Interest
H-2, REMIC II Regular Interest J, REMIC II Regular Interest K, REMIC II Regular
Interest L, REMIC II Regular Interest M, REMIC II Regular Interest N and REMIC
II Regular Interest O, which reduction shall be allocated pro rata based on the
product of the Certificate Balance of such REMIC II Regular Interest and the sum
of the Class X-1 Strip Rate and the Class X-2 Strip Rate (if any) applicable to
the Class of Certificates relating to such REMIC II Regular Interest.

                  (e) Reserved

                  (f) REMIC III. On each Distribution Date, all Realized
Losses on the REMIC II Regular Interests for such Distribution Date (or for
prior Distribution Dates, to the extent not previously allocated) shall be
allocated to the REMIC Regular Certificates in Reverse Sequential Order, in each
case reducing (A) the Certificate Balance of such Class until such Certificate
Balance is reduced to zero (in the case of the Principal Balance Certificates);
(B) Unpaid Interest owing to such Class to the extent thereof and (C)
Distributable Certificate Interest owing to such Class, provided, that such
reductions shall be allocated among the Class A-1 Certificates, Class A-2
Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata, based
upon their outstanding Certificate Balances or accrued interest, as the case may
be, and provided further, that Realized Losses shall not reduce the Aggregate
Certificate Balance of the REMIC III Certificates below the sum of the Aggregate
Certificate Balances of the REMIC II Regular Interests.

                    SECTION 6.7 NET AGGREGATE PREPAYMENT INTEREST SHORTFALLS. On
each Distribution Date, any Net Aggregate Prepayment Interest Shortfalls in
REMIC I, shall be allocated among the REMIC I Regular Interests, pro rata in
proportion to the Accrued Certificate Interest for each such REMIC I Regular
Interest for such Distribution Date and shall reduce Distributable Certificate
Interest for each such Interest. On each Distribution Date, any Net Aggregate
Prepayment Interest Shortfalls in REMIC II shall be allocated among the REMIC II
Regular Interests, pro rata in proportion to the Accrued Certificate Interest
for each such REMIC II Regular Interest for such Distribution Date and shall
reduce Distributable Certificate Interest for each such Interest. On each
Distribution Date, the amount of any Net Aggregate Prepayment Interest
Shortfalls on the REMIC III Regular Interests shall be allocated to each Class
of Certificates, pro rata, in proportion to the amount of Accrued Certificate
Interest payable to such Class of Certificates on such Distribution Date, in
each case reducing interest otherwise payable thereon. The amount of Net
Aggregate Prepayment Interest Shortfalls allocated to a Class of Certificates
pursuant to the preceding sentence shall reduce the Distributable Certificate
Interest for such Class for such Distribution Date. No Prepayment Interest
Shortfall with respect to a B Note shall be allocated to any Class of
Certificates.

                    SECTION 6.8 ADJUSTMENT OF SERVICING FEES. The Master
Servicing Fee payable to the Master Servicer shall be adjusted as provided in
Section 8.10(c) herein. Any amount retained by REMIC I as a result of a
reduction of the Master Servicing Fee shall be treated as interest collected
with respect to the prepaid Mortgage Loans with respect to which the Master
Servicing Fee adjustment occurs.

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                    SECTION 6.9 APPRAISAL REDUCTIONS. Not later than the date on
which an Appraisal Event occurs, the Special Servicer shall have obtained (A) an
Appraisal of the Mortgaged Property securing the related Mortgage Loan, if the
Principal Balance of such Mortgage Loan exceeds $2,000,000 or (B) at the option
of the Special Servicer, if such Principal Balance is less than or equal to
$2,000,000, either an internal valuation prepared by the Special Servicer in
accordance with MAI standards or an Appraisal which in all cases shall be
completed as of the date that such Mortgage Loan becomes a Required Appraisal
Loan; provided that if the Special Servicer had completed or obtained an
Appraisal or internal valuation within the immediately prior 12 months, the
Special Servicer may rely on such Appraisal or internal valuation and shall have
no duty to prepare a new Appraisal or internal valuation, unless such reliance
would not be in accordance with the Servicing Standard; provided, further, that
if the Special Servicer is required to obtain an Appraisal of a Mortgaged
Property after receipt of the notice described in clause (ii) of the definition
of Appraisal Event, such Appraisal will be obtained no later than 60 days after
receipt of such notice and an internal valuation will be obtained no later than
60 days after receipt of such notice. Notwithstanding the foregoing, an
Appraisal shall not be required so long as a guaranty or surety bond that is
rated at least "BBB-" (or its equivalent) by a nationally recognized statistical
rating organization, or debt service reserve or a letter of credit is available
and has the ability to pay off the then outstanding Principal Balance of the
Mortgage Loan in full, except to the extent that the Special Servicer, in
accordance with the Servicing Standard, determines that obtaining an Appraisal
is in the best interests of the Certificateholders. Such Appraisal or valuation
shall be conducted in accordance with the definition of "market value" as set
forth in 12 C.F.R. ss. 225.62 and shall be updated at least annually to the
extent such Mortgage Loan remains a Required Appraisal Loan. The cost of any
such Appraisal or valuation, if not performed by the Special Servicer, shall be
an expense of the Trust and may be paid from REO Income or, to the extent
collections from such related Mortgage Loan or Mortgaged Property does not cover
the expense, such unpaid expense shall be, subject to Section 4.4 hereof,
advanced by the Master Servicer at the request of the Special Servicer pursuant
to Section 4.6 in which event it shall be treated as a Servicing Advance. The
Master Servicer, based on the Appraisal or internal valuation provided to it by
the Special Servicer, shall calculate any Appraisal Reduction. The Master
Servicer shall calculate or recalculate the Appraisal Reduction for any Mortgage
Loan based on updated Appraisals or internal valuations provided from time to
time to it by the Special Servicer. Notwithstanding the foregoing, the terms of
this Section 6.9 shall not be applicable to the Pari Passu Loan if the 2002-IQ2
Special Servicer shall have performed such obligations with respect to such
Mortgage Loan pursuant to the terms of the 2002-IQ2 Pooling and Servicing
Agreement.

                    SECTION 6.10 COMPLIANCE WITH WITHHOLDING REQUIREMENTS.
Notwithstanding any other provision of this Agreement to the contrary, the
Paying Agent on behalf of the Trustee shall comply with all federal withholding
requirements with respect to payments to Certificateholders of interest,
original issue discount, or other amounts that the Paying Agent reasonably
believes are applicable under the Code. The consent of Certificateholders shall
not be required for any such withholding and any amount so withheld shall be
regarded as distributed to the related Certificateholders for purposes of this
Agreement. In the event the Paying Agent withholds any amount from payments made
to any Certificateholder pursuant to federal withholding requirements, the
Paying Agent shall indicate to such Certificateholder the amount withheld.

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                    SECTION 6.11 PREPAYMENT PREMIUMS. Any Prepayment Premium
collected with respect to a Mortgage Loan (but not a B Note, which Prepayment
Premium is payable to the holder of the B Note) during any particular Collection
Period will be deemed distributed to the Trustee by the Paying Agent on the
following Distribution Date as follows: (i) first, the Paying Agent shall be
deemed to distribute to the Trustee, as holder of the REMIC I Regular Interest
to which such Mortgage Loan relates, any Prepayment Premiums collected on or
with respect to such Mortgage Loan; and (ii) second, the Paying Agent shall be
deemed to distribute to the Trustee, as holder of the REMIC II Regular
Interests, any Prepayment Premiums deemed distributed to the REMIC I Regular
Interests, and shall be deemed to distribute such Prepayment Premiums to the
REMIC II Regular Interest then entitled to distributions of principal from the
Principal Distribution Amount (or, if more than one Class of REMIC II Regular
Interests is then entitled to distributions of principal from the Principal
Distribution Amount, such Prepayment Premiums shall be deemed distributed among
such Classes pro rata in accordance with the relevant amounts of entitlements to
distributions of principal). Following such deemed distributions, the Holders of
the respective Classes of Principal Balance Certificates, other than the Class
H, Class J, Class K, Class L, Class M, Class N and Class O Certificates, then
entitled to distributions of principal from the Principal Distribution Amount
for such Distribution Date, will be entitled to, and the Paying Agent on behalf
of the Trustee will pay to such Holder(s), an amount equal to, in the case of
each such Class, the product of (a) a fraction, the numerator of which is the
amount distributed as principal to the holders of that Class on that
Distribution Date, and the denominator of which is the total amount distributed
as principal to the holders of all Classes of Certificates on that Distribution
Date, (b) the Base Interest Fraction for the related Principal Prepayment and
that Class of Certificates and (c) the aggregate amount of Prepayment Premiums
collected during the related Collection Period. Any portion of such Prepayment
Premium that is not so distributed to the Holders of such Principal Balance
Certificates will be distributed to the Holders of the Class X Certificates. On
any Distribution Date on or before October 2006, 85% of the Prepayment Premium
that is not so distributed to the Holders of such Principal Balance Certificates
will be distributed to the Holders of the Class X-1 Certificates and 15% of the
Prepayment Premium that is not so distributed to the Holders of such Principal
Balance Certificates will be distributed to the Holders of the Class X-2
Certificates. After the Distribution Date in October 2006, any portion of such
Prepayment Premium that is not so distributed to the Holders of such Principal
Balance Certificates will be distributed to the Holders of the Class X-1
Certificates. The Trustee shall not be responsible for the Paying Agent's
failure to comply with any withholding requirements.

                                  ARTICLE VII

         CONCERNING THE TRUSTEE, THE FISCAL AGENT, THE PAYING AGENT AND
                          THE LUXEMBOURG PAYING AGENT

                  SECTION 7.1 DUTIES OF THE TRUSTEE, THE FISCAL AGENT AND THE
PAYING AGENT.

                  (a) The Trustee, the Fiscal Agent and the Paying Agent each
shall undertake to perform only those duties as are specifically set forth in
this Agreement and no implied covenants or obligations shall be read into this
Agreement against the Trustee, the Fiscal Agent or the Paying Agent. Any
permissive right of the Trustee, the Fiscal Agent or the Paying Agent

                                     -137-
<PAGE>

provided for in this Agreement shall not be construed as a duty of the Trustee,
the Fiscal Agent or the Paying Agent. The Trustee, the Fiscal Agent and the
Paying Agent each shall exercise such of the rights and powers vested in it by
this Agreement and following the occurrence and during the continuation of any
Event of Default hereunder, the Trustee and Fiscal Agent and the Paying Agent
each shall use the same degree of care and skill in its exercise as a prudent
Person would exercise or use under the circumstances in the conduct of such
Person's own affairs.

                  (b) The Trustee, the Fiscal Agent or the Paying Agent, as
applicable, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Trustee, the
Fiscal Agent or the Paying Agent , as the case may be, which are specifically
required to be furnished pursuant to any provision of this Agreement, shall
examine them to determine whether they on their face conform to the requirements
of this Agreement; provided that the Trustee, the Fiscal Agent or the Paying
Agent, as the case may be, shall not be responsible for the accuracy or content
of any such resolution, certificate, statement, opinion, report, document, order
or other instrument furnished by the Master Servicer or any other Person to it
pursuant to this Agreement. If any such instrument is found on its face not to
conform to the requirements of this Agreement, the Trustee or the Paying Agent
shall request the providing party to correct the instrument and if not so
corrected, the Trustee shall inform the Certificateholders.

                  (c) Neither the Trustee, the Fiscal Agent nor the Paying
Agent nor any of their respective directors, officers, employees, agents or
Controlling Persons shall have any liability to the Trust or the
Certificateholders arising out of or in connection with this Agreement, except
for their respective negligence or willful misconduct. No provision of this
Agreement shall be construed to relieve the Trustee, the Fiscal Agent, the
Paying Agent or any of their respective directors, officers, employees, agents
or Controlling Persons from liability for their own negligent action, their own
negligent failure to act or their own willful misconduct or bad faith; provided
that:

                    (i) neither the Trustee, the Fiscal Agent nor the Paying
Agent nor any of their respective directors, officers, employees, agents or
Controlling Persons shall be personally liable with respect to any action taken,
suffered or omitted to be taken by it in its reasonable business judgment in
accordance with this Agreement or at the direction of Holders of Certificates
evidencing not less than a majority of the outstanding Certificate Balance of
the Certificates;

                    (ii) no provision of this Agreement shall require either the
Trustee, the Fiscal Agent or the Paying Agent 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;

                    (iii) neither the Trustee, the Fiscal Agent nor the Paying
Agent nor any of their respective directors, officers, employees, agents or
Controlling Persons shall be responsible for any act or omission of the Master
Servicer, the Special Servicer, the Depositor or either Seller, or for the acts
or omissions of each other, including, without limitation, in connection with
actions taken pursuant to this Agreement;

                                     -138-
<PAGE>

                    (iv) the execution by the Trustee or the Paying Agent of any
forms or plans of liquidation in connection with any REMIC Pool shall not
constitute a representation by the Trustee or the Paying Agent as to the
adequacy of such form or plan of liquidation;

                    (v) none of the Trustee, the Fiscal Agent nor the Paying
Agent shall be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties as Trustee, the Fiscal Agent or the
Paying Agent, as applicable in accordance with this Agreement. In such event,
all legal expense and costs of such action shall be expenses and costs of the
Trust, and the Trustee, the Paying Agent and the Fiscal Agent shall be entitled
to be reimbursed therefor from the Certificate Account pursuant to Section
5.2(a)(vi); and

                    (vi) neither the Trustee, the Fiscal Agent nor the Paying
Agent shall be charged with knowledge of any failure by the Master Servicer or
the Special Servicer or by each other to comply with its obligations under this
Agreement or any act, failure, or breach of any Person upon the occurrence of
which the Trustee, the Fiscal Agent or the Paying Agent may be required to act,
unless a Responsible Officer of the Trustee, the Fiscal Agent or the Paying
Agent, as the case may be, obtains actual knowledge of such failure.

                  (d) For so long as the Certificates are listed on the
Luxembourg Stock Exchange, the Depositor shall cause the continuing obligations
under the listing rules for the Luxembourg Stock Exchange to be complied with in
respect of the Certificates. The Trustee, the Fiscal Agent and the Paying Agent
shall not be liable for a failure in compliance with such continuing obligations
under the listing rules of the Luxembourg Stock Exchange if such failure is
caused by the negligence or willful misconduct of the Luxembourg Paying Agent.

                    SECTION 7.2 CERTAIN MATTERS AFFECTING THE TRUSTEE, THE
FISCAL AGENT AND THE PAYING AGENT.

                    (a) Except as otherwise provided in Section 7.1:

                        (i) the Trustee, the Fiscal Agent and the Paying Agent
each may request, and may rely 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 believed by
it to be genuine and to have been signed or presented by the proper party or
parties;

                        (ii) the Trustee, the Fiscal Agent and the Paying Agent
each may consult with counsel and the advice of such counsel and 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 with such advice or Opinion of Counsel;

                        (iii) neither the Trustee nor the Fiscal Agent nor the
Paying Agent nor any of their respective directors, officers, employees, agents
or Controlling Persons shall be personally liable for any action taken, suffered
or omitted by such Person in its reasonable business judgment and reasonably
believed by it to be authorized or within the discretion or rights or powers
conferred upon it by this Agreement;

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<PAGE>

                    (iv) the Trustee and the Paying Agent shall not be under any
obligation to exercise any remedies after default as specified in this Agreement
or to institute, conduct or defend any litigation hereunder or relating hereto
or 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 (provided the same appears
regular on its face), unless requested in writing to do so by Holders of at
least 25% of the Aggregate Certificate Balance of the Certificates then
outstanding provided that, if the payment within a reasonable time to the
Trustee or the Paying Agent, as applicable, of the costs, expenses or
liabilities likely to be incurred by it in connection with the foregoing is, in
the opinion of such Person not reasonably assured to such Person by the security
afforded to it by the terms of this Agreement, such Person may require
reasonable indemnity against such expense or liability or payment of such
estimated expenses as a condition to proceeding. The reasonable expenses of the
Trustee or the Paying Agent, as applicable, shall be paid by the
Certificateholders requesting such examination;

                    (v) the Trustee, the Fiscal Agent and the Paying Agent each
may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys, which agents or
attorneys shall have any or all of the rights, powers, duties and obligations of
the Trustee, the Fiscal Agent and the Paying Agent conferred on them by such
appointment; provided that each of the Trustee, the Fiscal Agent and the Paying
Agent, as the case may be, shall continue to be responsible for its duties and
obligations hereunder and shall not be liable for the actions or omissions of
the Master Servicer, the Special Servicer, the Depositor or the actions or
omissions of each other;

                    (vi) neither the Trustee nor the Fiscal Agent nor the Paying
Agent shall be required to obtain a deficiency judgment against a Mortgagor;

                    (vii) neither the Trustee nor the Fiscal Agent nor the
Paying Agent shall be required to expend its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder if it
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such liability is not assured to it;

                    (viii) neither the Trustee nor the Fiscal Agent nor the
Paying Agent shall be liable for any loss on any investment of funds pursuant to
this Agreement;

                    (ix) unless otherwise specifically required by law, neither
the Trustee nor the Fiscal Agent nor the Paying Agent shall be required to post
any surety or bond of any kind in connection with the execution or performance
of its duties hereunder; and

                    (x) except as specifically provided hereunder in connection
with the performance of its specific duties, neither the Trustee nor the Fiscal
Agent nor the Paying Agent shall be responsible for any act or omission of the
Master Servicer, the Special Servicer, the Depositor or of each other.

                (b) Following the Closing Date, the Trustee shall not accept
any contribution of assets to the Trust not specifically contemplated by this
Agreement unless the Trustee shall

                                     -140-
<PAGE>

have received a Nondisqualification Opinion at the expense of the Person
desiring to contribute such assets with respect to such contribution.

                    (c) All rights of action under this Agreement or under any
of the Certificates, enforceable by the Trustee, may be enforced by it without
the possession of any of the Certificates, or the production thereof at the
trial or any proceeding relating thereto, and any such suit, action or
proceeding instituted by the Trustee shall be brought in its name for the
benefit of all the Holders of such Certificates, subject to the provisions of
this Agreement.

                    (d) The Trustee shall timely pay, from its own funds, the
amount of any and all federal, state and local taxes imposed on the Trust or its
assets or transactions including, without limitation, (A) "prohibited
transaction" penalty taxes as defined in Section 860F of the Code, if, when and
as the same shall be due and payable, (B) any tax on contributions to a REMIC
after the Closing Date imposed by Section 860G(d) of the Code and (C) any tax on
"net income from foreclosure property" as defined in Section 860G(c) of the
Code, but only if such taxes arise out of a breach by the Trustee of its
obligations hereunder, which breach constitutes negligence or willful misconduct
of the Trustee.

                    (e) The Paying Agent shall timely pay, from its own funds,
the amount of any and all federal, state and local taxes imposed on the Trust or
its assets or transactions including, without limitation, (A) "prohibited
transaction" penalty taxes as defined in Section 860F of the Code, if, when and
as the same shall be due and payable, (B) any tax on contributions to a REMIC
after the Closing Date imposed by Section 860G(d) of the Code and (C) any tax on
"net income from foreclosure property" as defined in Section 860G(c) of the
Code, but only if such taxes arise out of a breach by the Paying Agent of its
obligations hereunder, which breach constitutes negligence or willful misconduct
of the Paying Agent.

                    SECTION 7.3 THE TRUSTEE, THE FISCAL AGENT AND THE PAYING
AGENT NOT LIABLE FOR CERTIFICATES OR INTERESTS OR MORTGAGE LOANS. The Trustee,
the Fiscal Agent and the Paying Agent each makes no representations as to the
validity or sufficiency of this Agreement, the information contained in the
Private Placement Memorandum, the Preliminary Prospectus Supplement, the Final
Prospectus Supplement or Prospectus for the REMIC III Certificates or Residual
Certificates (other than the Certificate of Authentication on the Certificates
if the Paying Agent is the Authenticating Agent) or of any Mortgage Loan,
Assignment of Mortgage or related document save that (i) each of the Trustee,
the Fiscal Agent and the Paying Agent represents that, assuming due execution
and delivery by the other parties hereto, this Agreement has been duly
authorized, executed and delivered by it and constitutes its valid and binding
obligation, enforceable against it in accordance with its terms except that such
enforceability may be subject to (A) applicable bankruptcy and insolvency laws
and other similar laws affecting the enforcement of the rights of creditors
generally, and (B) general principles of equity regardless of whether such
enforcement is considered in a proceeding in equity or at law and (ii) the
Trustee represents that, assuming due execution and delivery by the other
parties hereto, this Agreement has been duly authorized, executed and delivered
by it and constitutes its valid and binding obligation, enforceable against it
in accordance with its terms except that such enforceability may be subject to
(A) applicable bankruptcy and insolvency laws and other similar laws affecting
the enforcement of the rights of creditors generally, and (B) general principles
of

                                     -141-
<PAGE>

equity regardless of whether such enforcement is considered in a proceeding in
equity or at law. None of the Trustee, the Fiscal Agent or the Paying Agent
shall be accountable for the use or application by the Depositor or the Master
Servicer or the Special Servicer or by each other of any of the Certificates or
any of the proceeds of such Certificates, or for the use or application by the
Depositor or the Master Servicer or the Special Servicer or by each other of
funds paid in consideration of the assignment of the Mortgage Loans to the Trust
or deposited into the Distribution Account or any other fund or account
maintained with respect to the Certificates or any account maintained pursuant
to this Agreement or for investment of any such amounts. No recourse shall be
had for any claim based on any provisions of this Agreement, the Private
Placement Memorandum, the Preliminary Prospectus Supplement, the Final
Prospectus Supplement, the Prospectus or the Certificates (except with respect
to the Trustee and Fiscal Agent to the extent of information furnished by the
Trustee and the Fiscal Agent under the caption entitled "DESCRIPTION OF THE
OFFERED CERTIFICATES-- The Trustee and the Fiscal Agent" and with respect to the
Paying Agent, to the extent of information furnished by the Paying Agent under
the caption "DESCRIPTION OF THE OFFERED CERTIFICATES-- Paying Agent, Certificate
Registrar and Authenticating Agent" each in the Preliminary Prospectus
Supplement and the Final Prospectus Supplement), the Mortgage Loans or the
assignment thereof against the Trustee, the Fiscal Agent or the Paying Agent in
such Person's individual capacity and any such claim shall be asserted solely
against the Trust or any indemnitor who shall furnish indemnity as provided
herein. Neither the Trustee nor the Fiscal Agent nor the Paying Agent shall be
liable for any action or failure of any action by the Depositor or the Master
Servicer or the Special Servicer or by each other hereunder. Neither the Trustee
nor the Fiscal Agent nor the Paying Agent shall at any time have any
responsibility or liability for or with respect to the legality, validity or
enforceability of the Mortgages or the Mortgage Loans, or the perfection and
priority of the Mortgages or the maintenance of any such perfection and
priority, or for or with respect to the efficacy of the Trust or its ability to
generate the payments to be distributed to Certificateholders under this
Agreement, including, without limitation, the existence, condition and ownership
of any Mortgaged Property; the existence and enforceability of any hazard
insurance thereon; the validity of the assignment of the Mortgage Loans to the
Trust or of any intervening assignment; the completeness of the Mortgage Loans;
the performance or enforcement of the Mortgage Loans (other than if the Trustee
shall assume the duties of the Master Servicer); the compliance by the
Depositor, each Seller, the Mortgagor or the Master Servicer or the Special
Servicer or by each other with any warranty or representation made under this
Agreement or in any related document or the accuracy of any such warranty or
representation made under this Agreement or in any related document prior to the
receipt by a Responsible Officer of the Trustee of notice or other discovery of
any non-compliance therewith or any breach thereof; any investment of monies by
or at the direction of the Master Servicer or the Special Servicer or any loss
resulting therefrom; the failure of the Master Servicer or any Sub-Servicer or
the Special Servicer to act or perform any duties required of it on behalf of
the Trustee hereunder; or any action by the Trustee taken at the instruction of
the Master Servicer or the Special Servicer.

                    SECTION 7.4 THE TRUSTEE, THE FISCAL AGENT AND THE PAYING
AGENT MAY OWN CERTIFICATES. Each of the Trustee, the Fiscal Agent and the Paying
Agent in its individual or any other capacity may become the owner or pledgee of
Certificates with the same rights it would have if it were not the Trustee, the
Fiscal Agent or the Paying Agent, as the case may be.

                                     -142-
<PAGE>

                    SECTION 7.5 ELIGIBILITY REQUIREMENTS FOR THE TRUSTEE, THE
FISCAL AGENT AND THE PAYING AGENT. The Trustee hereunder shall at all times be
(i) an institution insured by the FDIC, (ii) a corporation, national bank or
national banking association authorized to exercise corporate trust powers,
having a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by federal or state authority, and (iii) an
institution whose short-term debt obligations are at all times rated not less
than "A-1" by S&P and whose long-term senior unsecured debt, or that of its
Fiscal Agent, if applicable, is rated not less than "AA-" by Fitch (and, if the
Trustee is rated "AA-" by Fitch, a short-term rating of at least "F-1+" in the
case of Fitch) and "AA-" by S&P, provided, that if the Fiscal Agent is rated at
least "AA-" by Fitch (and, if the Fiscal Agent is rated "AA-" by Fitch, the
Fiscal Agent also has a short-term rating of at least "F-1+" from Fitch), and
"AA-" by S&P, then the Trustee must be rated not less than "A-" by Fitch and
"A-" by S&P, or otherwise acceptable to the Rating Agencies as evidenced by a
Rating Agency Confirmation. If such corporation, national bank or national
banking association 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 corporation, national bank or national banking association shall
be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Trustee shall cease to
be eligible in accordance with provisions of this Section, the Trustee or the
Fiscal Agent shall resign immediately in the manner and with the effect
specified in Section 7.6.

                  (b) The Paying Agent shall be either a bank or trust company
or otherwise authorized under law to exercise corporate trust powers and shall
be rated at least "A" by Fitch and "A" by S&P, unless and to the extent Rating
Agency Confirmation is obtained.

                  SECTION 7.6 RESIGNATION AND REMOVAL OF THE TRUSTEE, THE
FISCAL AGENT OR THE PAYING AGENT.

                  (a) The Trustee, the Fiscal Agent or the Paying Agent may at
any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Depositor, the Master Servicer and the Rating
Agencies; provided that such resignation shall not be effective until its
successor shall have accepted the appointment. Upon receiving such notice of
resignation, the Depositor will promptly appoint a successor trustee, fiscal
agent or paying agent, as the case may be, except in the case of the initial
Trustee or Fiscal Agent, in which case both shall be so replaced but may be
replaced under this paragraph sequentially, by written instrument, one copy of
which instrument shall be delivered to the resigning Trustee or the Fiscal
Agent, one copy to the successor trustee and one copy to each of the Master
Servicer, the Paying Agent and the Rating Agencies. If no successor trustee,
fiscal agent or paying agent shall have been so appointed, as the case may be,
and shall have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee, the Fiscal Agent or the Paying
Agent, as the case may be, may petition any court of competent jurisdiction for
the appointment of a successor trustee, fiscal agent or paying agent, as the
case may be. It shall be a condition to the appointment of a successor trustee
or fiscal agent that such entity satisfies the eligibility requirements set
forth in Section 7.5.

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                  (b) If at any time (i) the Trustee shall cease to be eligible
in accordance with the provisions of Section 7.5 and shall fail to resign after
written request therefor by the Depositor, (ii) the Trustee shall become
incapable of acting, or shall be adjudged a 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, (iii) a tax is
imposed or threatened with respect to the Trust or any REMIC Pool by any state
in which the Trustee or the Trust held by the Trustee is located solely because
of the location of the Trustee in such state; provided, however, that, if the
Trustee agrees to indemnify the Trust for such taxes, it shall not be removed
pursuant to this clause (iii), (iv) the continuation of the Trustee as such
would result in a downgrade, qualification or withdrawal of the rating by the
Rating Agencies of any Class of Certificates with a rating as evidenced in
writing by the Rating Agencies or (v) with respect with the initial Trustee, a
Fiscal Agent Termination Event has occurred unless the Trustee has satisfied the
ratings required by clause (iii) of Section 7.5, then the Depositor may remove
such Trustee and appoint a successor trustee by written instrument, one copy of
which instrument shall be delivered to the Trustee so removed, one copy to the
successor trustee and one copy to each of the Master Servicer and the Rating
Agencies. In the case of removal under clauses (i), (ii), (iii) and (iv) above,
the Trustee shall bear all such costs of transfer. Such succession shall take
effect after a successor trustee has been appointed. In the case of the removal
of the initial Trustee, the Depositor shall also remove the Fiscal Agent. In
this case, the procedures and liability for costs of such removal shall be the
same as they are stated in subsection (c) with respect to the Fiscal Agent.

                  (c) If at any time (i) the Fiscal Agent shall cease to be
eligible in accordance with the provisions of Section 7.5 and shall fail to
resign after written request therefor by the Depositor, or (ii) a Fiscal Agent
Termination Event has occurred, then the Depositor shall send a written notice
of termination to the Fiscal Agent (which notice shall specify the reason for
such termination) and remove such Fiscal Agent and appoint a successor Fiscal
Agent by written instrument, one copy of which instrument shall be delivered to
the Fiscal Agent so removed, one copy to the successor Fiscal Agent, and one
copy to each of the Trustee, the Master Servicer and the Rating Agencies. In all
such cases, the Fiscal Agent shall bear all costs of transfer to a successor
Fiscal Agent, such succession only to take effect after a successor Fiscal Agent
has been appointed. In the case of the initial Fiscal Agent, the Depositor may,
but is not required to, also remove the Trustee. In this case, the procedures
and liability for costs of such removal shall be the same as they are stated in
subsection (b) with respect to the Trustee.

                  (d) If at any time (i) the Paying Agent shall cease to be
eligible in accordance with the provisions of Section 7.5(b) and shall fail to
resign after written request therefor by the Depositor, (ii) the Paying Agent
shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
or a receiver of the Paying Agent or of its property shall be appointed, or any
public officer shall take charge or control of the Paying Agent or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, (iii) a tax is imposed or threatened with respect to the Trust or
any REMIC Pool by any state in which the Paying Agent is located solely because
of the location of the Paying Agent in such state; provided, however, that, if
the Paying Agent agrees to indemnify the Trust for such taxes, it shall not be
removed pursuant to this clause (iii), or (iv) the continuation of the Paying
Agent as such would result in a downgrade, qualification or withdrawal, as
applicable, of the rating by any Rating Agency of any Class of

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Certificates with a rating as evidenced in writing by the Rating Agencies, then
the Depositor or the Trustee shall send a written notice of termination to the
Paying Agent (which notice shall specify the reason for such termination) and
remove such Paying Agent and the Depositor shall appoint a successor Paying
Agent by written instrument, one copy of which instrument shall be delivered to
the Paying Agent so removed, one copy to the successor Paying Agent, and one
copy to each of the Trustee, the Master Servicer and the Rating Agencies. In all
such cases, the Paying Agent shall bear all costs of transfer to a successor
Paying Agent, such succession only to take effect after a successor Paying Agent
has been appointed.

                  (e) The Holders of more than 50% of the Aggregate Certificate
Balance of the Certificates then outstanding may for cause upon 30 days' written
notice to the Trustee, the Fiscal Agent or the Paying Agent, as the case may be,
and to the Depositor remove the Trustee, the Fiscal Agent or the Paying Agent,
as the case may be, by such written instrument, signed by such Holders or their
attorney-in-fact duly authorized, one copy of which instrument shall be
delivered to the Depositor and one copy to the Trustee, the Fiscal Agent or the
Paying Agent, as the case may be, so removed; the Depositor shall thereupon use
its best efforts to appoint a successor Trustee, Fiscal Agent or Paying Agent,
as the case may be, in accordance with this Section.

                  (f) Any resignation or removal of the Trustee, the Fiscal
Agent or the Paying Agent, as the case may be, and appointment of a successor
trustee, fiscal agent or paying agent pursuant to any of the provisions of this
Section shall become effective upon acceptance of appointment by the successor
trustee, fiscal agent or paying agent, as the case may be, as provided in
Section 7.7. Upon any succession of the Trustee, the Fiscal Agent or the Paying
Agent under this Agreement, the predecessor Trustee, Fiscal Agent or Paying
Agent, as the case may be, shall be entitled to the payment of compensation and
reimbursement agreed to under this Agreement for services rendered and expenses
incurred. The Trustee, the Fiscal Agent or the Paying Agent shall not be liable
for any action or omission of any successor Trustee, Fiscal Agent or Paying
Agent, as the case may be.

                  SECTION 7.7 SUCCESSOR TRUSTEE, FISCAL AGENT OR PAYING AGENT.

                  (a) Any successor Trustee, Fiscal Agent or Paying Agent
appointed as provided in Section 7.6 shall execute, acknowledge and deliver to
the Depositor and to its predecessor Trustee, Fiscal Agent or Paying Agent, as
the case may be, an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor Trustee, Fiscal Agent or
Paying Agent, as the case may be, shall become effective and such successor
Trustee, Fiscal Agent or Paying Agent, as the case may be, without any further
act, deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with like effect as if
originally named as Trustee, Fiscal Agent or Paying Agent herein. The
predecessor Trustee, Fiscal Agent or Paying Agent shall deliver (at such
predecessor's own expense) to the successor Trustee, Fiscal Agent or Paying
Agent all Mortgage Files and documents and statements related to the Mortgage
Files held by it hereunder, and the predecessor Trustee shall duly assign,
transfer, deliver and pay over (at such predecessor's own expense) to the
successor Trustee, the entire Trust, together with all instruments of transfer
and assignment or other documents properly executed necessary to effect such
transfer. The predecessor Trustee, Fiscal Agent or Paying Agent, as the case may
be, shall

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<PAGE>

also deliver all records or copies thereof maintained by the predecessor
Trustee, Fiscal Agent or Paying Agent in the administration hereof as may be
reasonably requested by the successor Trustee, Fiscal Agent or Paying Agent, as
applicable, and shall thereupon be discharged from all duties and
responsibilities under this Agreement. In addition, the Depositor and the
predecessor Trustee, Fiscal Agent or Paying Agent shall execute and deliver such
other instruments and do such other things as may reasonably be required to more
fully and certainly vest and confirm in the successor Trustee, Fiscal Agent or
Paying Agent, as the case may be, all such rights, powers, duties and
obligations. Anything herein to the contrary notwithstanding, in no event shall
the combined fees payable to a successor Trustee exceed the Trustee Fee.

                  (b) No successor Trustee, Fiscal Agent or Paying Agent shall
accept appointment as provided in this Section unless at the time of such
appointment such successor Trustee, Fiscal Agent or Paying Agent, as the case
may be, shall be eligible under the provisions of Section 7.5.

                  (c) Upon acceptance of appointment by a successor Trustee,
Fiscal Agent or Paying Agent as provided in this Section, the successor Trustee,
Fiscal Agent or Paying Agent shall mail notice of the succession of such
Trustee, Fiscal Agent or Paying Agent hereunder to all Holders of Certificates
at their addresses as shown in the Certificate Register and to the Rating
Agencies. The expenses of such mailing shall be borne by the successor Trustee,
Fiscal Agent or Paying Agent. If the successor Trustee, Fiscal Agent or Paying
Agent fails to mail such notice within 10 days after acceptance of appointment
by the successor Trustee, Fiscal Agent or Paying Agent, the Master Servicer
shall cause such notice to be mailed at the expense of the successor Trustee,
Fiscal Agent or Paying Agent, as applicable.

                  SECTION 7.8 MERGER OR CONSOLIDATION OF TRUSTEE, FISCAL AGENT
OR PAYING AGENT. Any Person into which the Trustee, Fiscal Agent or Paying 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 such Trustee,
Fiscal Agent or Paying Agent shall be a party, or any Persons succeeding to the
business of such Trustee, Fiscal Agent or Paying Agent, shall be the successor
of such Trustee, Fiscal Agent or Paying Agent, as the case may be, hereunder, as
applicable, provided that such Person shall be eligible under the provisions of
Section 7.5, 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 7.9 APPOINTMENT OF CO-TRUSTEE, SEPARATE TRUSTEE,
AGENTS OR CUSTODIAN.

                  (a) Notwithstanding any other provisions hereof, at any time,
the Trustee, the Depositor or, in the case of the Trust, the Certificateholders
evidencing more than 50% of the Aggregate Certificate Balance of the
Certificates then outstanding shall each have the power from time to time to
appoint one or more Persons to act either as co-trustees jointly with the
Trustee or as separate trustees, or as custodians, for the purpose of holding
title to, foreclosing or otherwise taking action with respect to any Mortgage
Loan outside the state where the Trustee has its principal place of business
where such separate trustee or co-trustee is necessary or advisable (or the
Trustee is advised by the Master Servicer or Special Servicer that such separate

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<PAGE>

trustee or co-trustee is necessary or advisable) under the laws of any state in
which a property securing a Mortgage Loan is located or for the purpose of
otherwise conforming to any legal requirement, restriction or condition in any
state in which a property securing a Mortgage Loan is located or in any state in
which any portion of the Trust is located. The separate trustees, co-trustees,
or custodians so appointed shall be trustees or custodians for the benefit of
all the Certificateholders, shall have such powers, rights and remedies as shall
be specified in the instrument of appointment and shall be deemed to have
accepted the provisions of this Agreement; provided that no such appointment
shall, or shall be deemed to, constitute the appointee an agent of the Trustee;
provided, further that the Trustee shall be liable for the actions of any
co-trustee or separate trustee appointed by it and shall have no liability for
the actions of any co-trustee or separate trustee appointed by the Depositor or
the Certificateholders pursuant to this paragraph.

                  (b) The Trustee or the Paying Agent, as the case may be, may
from time to time appoint one or more independent third-party agents to perform
all or any portion of its administrative duties hereunder (i.e., collection and
distribution of funds, preparation and dissemination of reports, monitoring
compliance, etc.). The Trustee or the Paying Agent, as the case may be, shall
supervise and oversee such agents appointed by it. The terms of any arrangement
or agreement between the Trustee or the Paying Agent, as the case may be, and
such agent, may be terminated, without cause and without the payment of any
termination fees in the event the Trustee or the Paying Agent, as the case may
be, is terminated in accordance with this Agreement. In addition, neither the
Trust nor the Certificateholders shall have any liability or direct obligation
to such agent. Notwithstanding the terms of any such agreement, the Trustee or
the Paying Agent, as the case may be, shall remain at all times obligated and
liable to the Trust and the Certificateholders for performing its duties
hereunder.

                  (c) Every separate trustee, co-trustee, and custodian shall,
to the extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                      (i) all powers, duties, obligations and rights conferred
upon the Trustee in respect of the receipt, custody and payment of moneys shall
be exercised solely by the Trustee;

                      (ii) all other 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, co-trustee, or
custodian 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 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 or any portion thereof in any such jurisdiction, shall be exercised and
performed by such separate trustee, co-trustee, or custodian;

                      (iii) no trustee or custodian hereunder shall be
personally liable by reason of any act or omission of any other trustee or
custodian hereunder; and

                      (iv) the Trustee or, in the case of the Trust, the
Certificateholders evidencing more than 50% of the Aggregate Principal Amount of
the Certificates then

                                     -147-
<PAGE>

outstanding may at any time accept the resignation of or
remove any separate trustee, co-trustee or custodian, so appointed by it or
them, if such resignation or removal does not violate the other terms of this
Agreement.

                  (d) 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, co-trustee or custodian shall refer to this
Agreement and the conditions of this Article VII. 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.

                  (e) Any separate trustee, co-trustee or custodian 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, co-trustee or custodian shall die, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Trustee, to the extent permitted by law, without
the appointment of a new or successor trustee.

                  (f) No separate trustee, co-trustee or custodian hereunder
shall be required to meet the terms of eligibility as a successor trustee under
Section 7.5 hereof and no notice to Certificateholders of the appointment of any
separate trustee, co-trustee or custodian hereunder shall be required.

                  (g) The Trustee agrees to instruct the co-trustees, if any, to
the extent necessary to fulfill the Trustee's obligations hereunder.

                  (h) The Trustee shall pay the reasonable compensation of the
co-trustees, separate trustees or custodians appointed by the Trustee pursuant
to this Section 7.9 to the extent, and in accordance with the standards,
specified in Section 7.12 hereof.

                  (i) Subject to the consent of the Depositor, which consent
shall not be unreasonably withheld, the Trustee, at its sole cost and expense,
may appoint at any time a successor Custodian. Until such time as the Trustee
appoints a successor Custodian, the Trustee shall be the Custodian hereunder.
Upon the appointment of a successor custodian, the Trustee and the Custodian
shall enter into a custodial agreement.

                  SECTION 7.10 AUTHENTICATING AGENTS.

                  (a) The Paying Agent shall serve as the initial Authenticating
Agent hereunder for the purpose of executing and authenticating Certificates.
Any successor Authenticating Agent must be acceptable to the Depositor and must
be a corporation or national bank organized and doing business under the laws of
the United States of America or of any state and having a principal office and
place of business in the Borough of Manhattan in the City and State of New York,
having a combined capital and surplus of at least $50,000,000, authorized

                                     -148-
<PAGE>

under such laws to do a trust business and subject to supervision or examination
by federal or state authorities.

                  (b) Any Person into which the 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 the
Authenticating Agent shall be a party, or any Person succeeding to the corporate
agency business of the 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) The Authenticating Agent may at any time resign by giving
at least 30 days' advance written notice of resignation to the Trustee and the
Depositor. The Trustee may at any time terminate the agency of the
Authenticating Agent by giving written notice of termination to the
Authenticating Agent and the Depositor; provided that the Trustee may not
terminate the Paying Agent as Authenticating Agent unless the Paying Agent shall
be removed as Paying Agent hereunder. Upon receiving a notice of resignation or
upon such a termination, or in case at any time the Authenticating Agent shall
cease to be eligible in accordance with the provisions of Section 7.10(a), the
Trustee may appoint a successor Authenticating Agent, shall give written notice
of such appointment to the Depositor and shall mail notice of such appointment
to all Holders of Certificates. 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. No such Authenticating
Agent shall be appointed unless eligible under the provisions of Section
7.10(a). No Authenticating Agent shall have responsibility or liability for any
action taken by it as such at the direction of the Trustee.

                  SECTION 7.11 INDEMNIFICATION OF TRUSTEE, THE FISCAL AGENT AND
THE PAYING AGENT.

                  (a) The Trustee, the Fiscal Agent, the Certificate Registrar
and the Paying Agent and each of its respective directors, officers, employees,
agents and Controlling Persons shall be entitled to indemnification from the
Trust for any and all claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments and any other costs, liabilities, fees and expenses
incurred in connection with any legal action incurred without negligence or
willful misconduct on their respective part, arising out of, or in connection
with this Agreement, the Certificates and the acceptance or administration of
the trusts or duties created hereunder (including, without limitation, any
unanticipated loss, liability or expense incurred in connection with any action
or inaction of the Master Servicer, the Special Servicer or the Depositor or of
each other such Person hereunder but only to the extent the Trustee, the Fiscal
Agent, the Certificate Registrar or the Paying Agent, as the case may be, is
unable to recover within a reasonable period of time such amount from such third
party pursuant to this Agreement) including the costs and expenses of defending
themselves against any claim in connection with the exercise or performance of
any of their powers or duties hereunder and the Trustee, the Fiscal Agent, the
Certificate Registrar and the Paying Agent and each of their respective
directors, officers, employees, agents and Controlling Persons shall be entitled
to indemnification from the Trust for any unanticipated loss, liability or
expense incurred in connection with the provision by

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<PAGE>

the Trustee, the Fiscal Agent, the Certificate Registrar and the Paying Agent of
the reports required to be provided by it pursuant to this Agreement; provided
that:

                    (i) with respect to any such claim, the Trustee, the Fiscal
Agent, the Certificate Registrar or the Paying Agent, as the case may be, shall
have given the Depositor, the Master Servicer, the Sellers, each other and the
Holders of the Certificates written notice thereof promptly after a Responsible
Officer of the Trustee, the Fiscal Agent, the Certificate Registrar or the
Paying Agent, as the case may be, shall have knowledge thereof; provided,
however, that failure to give such notice to the Depositor, Master Servicer, the
Sellers, each other and the Holders of Certificates shall not affect the
Trustee's, Fiscal Agent's, Certificate Registrar's or Paying Agent's, as the
case may be, rights to indemnification herein unless the Depositor's defense of
such claim on behalf of the Trust is materially prejudiced thereby;

                    (ii) while maintaining control over its own defense, the
Trustee, the Fiscal Agent, the Certificate Registrar or the Paying Agent, as the
case may be, shall cooperate and consult fully with the Depositor in preparing
such defense; and

                    (iii) notwithstanding anything to the contrary in this
Section 7.11, the Trust shall not be liable for settlement of any such claim by
the Trustee, the Fiscal Agent, the Certificate Registrar or the Paying Agent, as
the case may be, entered into without the prior consent of the Depositor, which
consent shall not be unreasonably withheld.

                  (b) The provisions of this Section 7.11 shall survive any
termination of this Agreement and the resignation or removal of the Trustee, the
Fiscal Agent, the Certificate Registrar or the Paying Agent, as the case may be.

                  (c) The Depositor shall indemnify and hold harmless the
Trustee, the Fiscal Agent, the Certificate Registrar or the Paying Agent, as the
case may be, their respective directors, officers, employees or agents and
Controlling Persons from and against any loss, claim, damage or liability, joint
or several, and any action in respect thereof, to which the Trustee, the Fiscal
Agent, the Certificate Registrar or the Paying Agent, as the case may be, their
respective directors, officers, employees or agents or Controlling Person may
become subject under the 1933 Act, insofar as such loss, claim, damage,
liability or action arises out of, or is based upon any untrue statement or
alleged untrue statement of a material fact contained in the Private Placement
Memorandum, the Preliminary Prospectus Supplement, the Final Prospectus
Supplement or the Prospectus, or arises out of, or is based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein in light of the circumstances under
which they were made, not misleading and shall reimburse the Trustee, the Fiscal
Agent, the Certificate Registrar or the Paying Agent, as the case may be, their
respective directors, officers, employees, agents or Controlling Person for any
legal and other expenses reasonably incurred by the Trustee, the Fiscal Agent,
the Certificate Registrar or the Paying Agent, as the case may be, or any such
director, officer, employee, agent or Controlling Person in investigating or
defending or preparing to defend against any such loss, claim, damage, liability
or action; provided, that the Depositor shall not be liable in any such case to
the extent that any such loss, claim, damage, liability or action arises out of,
or is based upon, any untrue statement or alleged untrue statement or omission
made in any such Private Placement Memorandum, Preliminary Prospectus
Supplement, Final Prospectus Supplement or

                                     -150-
<PAGE>

Prospectus in reliance upon and in conformity with written information
concerning the Trustee, the Fiscal Agent, the Certificate Registrar or the
Paying Agent, as the case may be, furnished to the Depositor by or on behalf of
such person specifically for inclusion therein. It is hereby expressly agreed
that the only written information provided by the Trustee, the Fiscal Agent, the
Certificate Registrar or the Paying Agent, as the case may be, for inclusion in
the Preliminary Prospectus Supplement and Final Prospectus Supplement is set
forth in the case of the Trustee in the second, fourth and fifth sentences and
in the case of the Fiscal Agent in the penultimate sentence under the caption
entitled "DESCRIPTION OF THE OFFERED CERTIFICATES--The Trustee and the Fiscal
Agent" and in the case of the Paying Agent, the third and fourth sentences under
the "DESCRIPTION OF THE OFFERED CERTIFICATES--The Paying Agent, Certificate
Registrar and the Authenticating Agent". The Trustee, the Fiscal Agent, the
Certificate Registrar or the Paying Agent, as the case may be, shall immediately
notify the Depositor and the Sellers if a claim is made by a third party with
respect to this Section 7.11(c) entitling such person, its directors, officers,
employees, agents or Controlling Person to indemnification hereunder, whereupon
the Depositor shall assume the defense of any such claim (with counsel
reasonably satisfactory to such person) and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any
judgment or decree which may be entered against it or them in respect of such
claim. Any failure to so notify the Depositor shall not affect any rights the
Trustee, the Fiscal Agent, the Certificate Registrar or the Paying Agent, as the
case may be, their respective directors, officers, employees, agents or
Controlling Person may have to indemnification under this Section 7.11(c),
unless the Depositor's defense of such claim is materially prejudiced thereby.
The indemnification provided herein shall survive the termination of this
Agreement and the resignation or removal of the Trustee, the Fiscal Agent or the
Paying Agent. The Depositor shall not be indemnified by the Trust for any
expenses incurred by the Depositor arising from any violation or alleged
violation of the 1933 Act or 1934 Act by the Depositor.

                  SECTION 7.12 FEES AND EXPENSES OF TRUSTEE, THE FISCAL AGENT
AND THE PAYING AGENT. The Trustee shall be entitled to receive the Trustee Fee
(other than the portion thereof constituting the Paying Agent Fee) and the
Paying Agent shall be entitled to receive the Paying Agent Fee, pursuant to
Section 5.3(b)(ii) (which shall not be limited by any provision of law with
respect to the compensation of a trustee of an express trust), for all services
rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties respectively, hereunder of the
Trustee and the Paying Agent. The Trustee, the Fiscal Agent and the Paying Agent
shall also be entitled to recover from the Trust all reasonable unanticipated
expenses and disbursements incurred or made by the Trustee, the Fiscal Agent and
the Paying Agent in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the reasonable expenses and
disbursements of its counsel and other Persons not regularly in its employ), not
including expenses incurred in the ordinary course of performing its duties as
Trustee, Fiscal Agent or Paying Agent, respectively hereunder, and except any
such expense, disbursement or advance as may arise from the negligence or bad
faith of such Person or which is the responsibility of the Holders of the
Certificates hereunder. The provisions of this Section 7.12 shall survive any
termination of this Agreement and the resignation or removal of the Trustee, the
Fiscal Agent or the Paying Agent.

                                     -151-
<PAGE>

                  SECTION 7.13 COLLECTION OF MONEYS. Except as otherwise
expressly provided in this Agreement, the Trustee and the Paying Agent may
demand payment or delivery of, and shall receive and collect, all money and
other property payable to or receivable by the Trustee or the Paying Agent, as
the case may be, pursuant to this Agreement. The Trustee or the Paying Agent, as
the case may be, shall hold all such money and property received by it as part
of the Trust and shall distribute it as provided in this Agreement. If the
Trustee or the Paying Agent, as the case may be, shall not have timely received
amounts to be remitted with respect to the Mortgage Loans from the Master
Servicer, the Trustee or the Paying Agent, as the case may be, shall request the
Master Servicer to make such distribution as promptly as practicable or legally
permitted. If the Trustee or the Paying Agent, as the case may be, shall
subsequently receive any such amount, it may withdraw such request.

                  SECTION 7.14 TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.

                  (a) On and after the time the Master Servicer is terminated
pursuant to this Agreement, the Trustee shall be the successor in all respects
to the Master Servicer in its capacity under this Agreement and the transactions
set forth or provided for therein and shall have all the rights and powers and
be subject to all the responsibilities, duties and liabilities relating thereto
and arising thereafter placed on the Master Servicer by the terms and provisions
of this Agreement; provided that, any failure to perform such duties or
responsibilities caused by the Master Servicer's failure to provide required
information shall not be considered a default by the Trustee hereunder. In
addition, the Trustee shall have no liability relating to (i) the
representations and warranties of the Master Servicer contained in this
Agreement or (ii) any obligation incurred by the Master Servicer prior to its
termination or resignation (including, without limitation, the Master Servicer's
obligation to repay losses resulting from the investment of funds in any account
established under this Agreement), except any ongoing obligations to a Primary
Servicer arising after the termination of the Master Servicer from their
servicing rights and obligations under the applicable Primary Servicing
Agreement. In the Trustee's capacity as such successor, the Trustee shall have
the same limitations on liability granted to the Master Servicer in this
Agreement. As compensation therefor, the Trustee shall be entitled to receive
all the compensation payable to the Master Servicer set forth in this Agreement,
including, without limitation, the Master Servicing Fee.

                  (b) Notwithstanding the above, the Trustee (A) may, if the
Trustee is unwilling to so act, or (B) shall, if it is unable to so act,
appoint, or petition a court of competent jurisdiction to appoint any
established commercial or multifamily mortgage finance institution, servicer or
special servicer or mortgage servicing institution having a net worth of not
less than $15,000,000, meeting such other standards for a successor servicer as
are set forth in this Agreement and with respect to which Rating Agency
Confirmation is obtained, as the successor to the Master Servicer hereunder in
the assumption of all of the responsibilities, duties or liabilities of a
servicer as Master Servicer hereunder. Pending any such appointment, the Trustee
shall act in such capacity as hereinabove provided. Any entity designated by the
Trustee as successor Master Servicer may be an Affiliate of the Trustee;
provided that, such Affiliate must meet the standards for the Master Servicer as
set forth herein. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage Loans as it and such successor shall agree subject to
Section 8.10. The Trustee and such successor shall take such actions, consistent
with this

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Agreement as shall be necessary to effectuate any such succession. The Master
Servicer shall cooperate with the Trustee and any successor servicer in
effecting the termination of the Master Servicer's responsibilities and rights
under this Agreement, including, without limitation, notifying Mortgagors of the
assignment of the servicing function and providing the Trustee and successor
servicer all documents and records in its possession in electronic or other form
reasonably requested by the successor servicer to enable the successor servicer
to assume the Master Servicer's functions hereunder and the transfer to the
Trustee or such successor servicer of all amounts which shall at the time be or
should have been deposited by the Master Servicer in the Certificate Account and
any other account or fund maintained with respect to the Certificates or
thereafter be received by the Master Servicer with respect to the Mortgage
Loans. Neither the Trustee nor any other successor servicer shall be deemed to
be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by (i) the
failure of the Master Servicer to deliver, or any delay in delivering, cash,
documents or records to it, or (ii) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer. The Trustee shall be
reimbursed for all of its out-of-pocket expenses incurred in connection with
obtaining such successor Master Servicer by the Trust within 30 days of the
Trustee's submission of an invoice with respect thereto, to the extent such
expenses have not been reimbursed by the Master Servicer as provided herein;
such expenses paid by the Trust shall be deemed to be an Additional Trust
Expense.

                  (c) On and after the time the Special Servicer is terminated
pursuant to this Agreement, in accordance with Section 9.30, the Trustee shall
be the successor in all respects to the Special Servicer in its capacity under
this Agreement and the transactions set forth or provided for therein and shall
have all the rights and powers and be subject to all the responsibilities,
duties and liabilities relating thereto and arising thereafter placed on the
Special Servicer by the terms and provisions of this Agreement; provided that,
any failure to perform such duties or responsibilities caused by the Special
Servicer's failure to provide required information shall not be considered a
default by the Trustee hereunder. In addition, the Trustee shall have no
liability relating to (i) the representations and warranties of the Special
Servicer contained in this Agreement or (ii) any obligation incurred by the
Special Servicer prior to its termination or resignation. In the Trustee's
capacity as such successor, the Trustee shall have the same limitations on
liability granted to the Special Servicer in this Agreement. As compensation
therefor, the Trustee shall be entitled to receive all the compensation payable
to the Special Servicer set forth in this Agreement, including, without
limitation the Special Servicer Compensation (other than any Work-Out Fee
payable pursuant to Section 9.11).

                  (d) Notwithstanding the above, the Trustee may, if the Trustee
shall be unwilling to so act, or shall, if it is unable to so act, appoint, or
petition a court of competent jurisdiction to appoint, any established
commercial or multifamily mortgage finance institution, special servicer or
mortgage servicing institution having a net worth of not less than $15,000,000,
and meeting such other standards for a successor Special Servicer as are set
forth in Section 9.21, and with respect to which Rating Agency Confirmation is
obtained, as the successor to the Special Servicer hereunder in the assumption
of all of the responsibilities, duties or liabilities of a special servicer as
Special Servicer hereunder. Pending any such appointment, the Trustee shall act
in such capacity as hereinabove provided. Any entity designated by the Trustee
as successor Special Servicer may be an Affiliate of the Trustee; provided that,
such Affiliate must meet the standards for a successor Special Servicer set
forth herein. In connection

                                     -153-
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with such appointment and assumption, the Trustee may make such arrangements for
the compensation of such successor out of payments on Mortgage Loans as it and
such successor shall agree; provided that no such compensation shall be in
excess of that permitted to the Special Servicer under this Agreement. The
Trustee and such successor shall take such actions, consistent with this
Agreement as shall be necessary to effectuate any such succession. The Special
Servicer shall cooperate with the Trustee and any successor Special Servicer in
effecting the termination of the Special Servicer's responsibilities and rights
under this Agreement, including, without limitation, notifying Mortgagors of
Specially Serviced Mortgage Loans of the assignment of the special servicing
function and providing the Trustee and successor Special Servicer all documents
and records in its possession in electronic or other form reasonably requested
by the successor Special Servicer to enable the successor Special Servicer to
assume the Special Servicer's functions hereunder and the transfer to the
Trustee or such successor Special Servicer of all amounts which shall at the
time be or should have been deposited by the Special Servicer in the Certificate
Account and any other account or fund maintained with respect to the
Certificates or thereafter be received by the Special Servicer with respect to
the Mortgage Loans. Neither the Trustee nor any other successor Special Servicer
shall be deemed to be in default hereunder by reason of any failure to make, or
any delay in making, any distribution hereunder or any portion thereof caused by
(i) the failure of the Special Servicer to deliver, or any delay in delivering,
cash, documents or records to it, or (ii) restrictions imposed by any regulatory
authority having jurisdiction over the Special Servicer. The Trustee shall be
reimbursed for all of its out-of-pocket expenses incurred in connection with
obtaining such successor Special Servicer by the Trust within 30 days of
submission of an invoice with respect thereto but only to the extent such
expenses have not been reimbursed by the Special Servicer as provided herein;
and such expenses paid by the Trust shall be deemed to be an Additional Trust
Expense. SECTION 7.15 NOTIFICATION TO HOLDERS. Upon termination of the Master
Servicer, the Paying Agent or the Special Servicer, or appointment of a
successor to the Master Servicer, the Paying Agent or the Special Servicer, the
Trustee shall promptly mail notice thereof by first class mail to the Rating
Agencies, the Operating Adviser, the Sellers and the Certificateholders at their
respective addresses appearing on the Certificate Register.

                  SECTION 7.16 REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE,
THE FISCAL AGENT AND THE PAYING AGENT.

                  (a) The Trustee hereby represents and warrants as of the date
hereof that:

                      (i) the Trustee is a national banking association, duly
organized, validly existing and in good standing under the laws governing its
creation and existence and has full power and authority to own its property, to
carry on its business as presently conducted, and to enter into and perform its
obligations under this Agreement;

                      (ii) the execution and delivery by the Trustee of this
Agreement have been duly authorized by all necessary action on the part of the
Trustee; neither the execution and delivery of this Agreement, nor the
consummation of the transactions contemplated in this Agreement, nor compliance
with the provisions of this Agreement, will

                                     -154-
<PAGE>

conflict with or result in a breach of, or constitute a default under, (i) any
of the provisions of any law, governmental rule, regulation, judgment, decree or
order binding on the Trustee or its properties that would materially and
adversely affect the Trustee's ability to perform its obligations under this
Agreement, (ii) the organizational documents of the Trustee, or (iii) the terms
of any material agreement or instrument to which the Trustee is a party or by
which it is bound; the Trustee is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state,
municipal or other governmental agency, which default would materially and
adversely affect its performance under this Agreement;

                      (iii) the execution, delivery and performance by the
Trustee of this Agreement and the consummation of the transactions contemplated
by this Agreement do not require the consent, approval, authorization or order
of, the giving of notice to or the registration with any state, federal or other
governmental authority or agency, except such as has been or will be obtained,
given, effected or taken in order for the Trustee to perform its obligations
under this Agreement;

                      (iv) this Agreement has been duly executed and delivered
by the Trustee and, assuming due authorization, execution and delivery by the
other parties hereto, constitutes a valid and binding obligation of the Trustee,
enforceable against the Trustee in accordance with its terms, subject, as to
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium and other similar laws affecting creditors' rights generally as from
time to time in effect, and to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law);
and

                      (v) no litigation is pending or, to the Trustee's
knowledge, threatened, against the Trustee that, either in one instance or in
the aggregate, would draw into question the validity of this Agreement, or which
would be likely to impair materially the ability of the Trustee to perform under
the terms of this Agreement.

                  (b) The Fiscal Agent hereby represents and warrants as of the
date hereof that:

                      (i) the Fiscal Agent is a foreign banking corporation duly
organized, validly existing and in good standing under the laws governing its
creation and existence and has full corporate power and authority to own its
property, to carry on its business as presently conducted, and to enter into and
perform its obligations under this Agreement;

                      (ii) the execution and delivery by the Fiscal Agent of
this Agreement have been duly authorized by all necessary corporate action on
the part of the Fiscal Agent; neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated in this
Agreement, nor compliance with the provisions of this Agreement, will conflict
with or result in a breach of, or constitute a default under, (i) any of the
provisions of any law, governmental rule, regulation, judgment, decree or order
binding on the Fiscal Agent or its properties that would materially and
adversely affect the Fiscal Agent's ability to perform its obligations under
this Agreement, (ii) the organizational documents of the Fiscal Agent, or (iii)
the terms of any material agreement or instrument to which the Fiscal Agent is a
party or by which it is bound; the Fiscal Agent is not in default with respect
to any order or decree of any court or any order, regulation or demand of any
federal, state, municipal or other

                                     -155-
<PAGE>

governmental agency, which default would materially and adversely affect its
performance under this Agreement;

                  (iii) the execution, delivery and performance by the Fiscal
Agent of this Agreement and the consummation of the transactions contemplated by
this Agreement do not require the consent, approval, authorization or order of,
the giving of notice to, or the registration with, any state, federal or other
governmental authority or agency, except such as has been obtained, given,
effected or taken prior to the date hereof;

                  (iv) this Agreement has been duly executed and delivered by
the Fiscal Agent and, assuming due authorization, execution and delivery by the
other parties hereto, constitutes a valid and binding obligation of the Fiscal
Agent, enforceable against the Fiscal Agent in accordance with its terms,
subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium and other similar laws affecting
creditors' rights generally as from time to time in effect, and to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law); and

                  (v) no litigation is pending or, to the Fiscal Agent's
knowledge, threatened, against the Fiscal Agent that, either in any one instance
or in the aggregate, would draw into question the validity of this Agreement, or
which would be likely to impair materially the ability of the Fiscal Agent to
perform under the terms of this Agreement.

              (c) The Paying Agent hereby represents and warrants as of the
date hereof that:

                  (i) the Paying Agent is a national banking association, duly
organized, validly existing and in good standing under the laws governing its
creation and existence and has full power and authority to own its property, to
carry on its business as presently conducted, and to enter into and perform its
obligations under this Agreement;

                  (ii) the execution and delivery by the Paying Agent of this
Agreement have been duly authorized by all necessary action on the part of the
Paying Agent; neither the execution and delivery of this Agreement, nor the
consummation of the transactions contemplated in this Agreement, nor compliance
with the provisions of this Agreement, will conflict with or result in a breach
of, or constitute a default under, (i) any of the provisions of any law,
governmental rule, regulation, judgment, decree or order binding on the Paying
Agent or its properties that would materially and adversely affect the Paying
Agent's ability to perform its obligations under this Agreement, (ii) the
organizational documents of the Paying Agent, or (iii) the terms of any material
agreement or instrument to which the Paying Agent is a party or by which it is
bound; the Paying Agent is not in default with respect to any order or decree of
any court or any order, regulation or demand of any federal, state, municipal or
other governmental agency, which default would materially and adversely affect
its performance under this Agreement;

                  (iii) the execution, delivery and performance by the Paying
Agent of this Agreement and the consummation of the transactions contemplated by
this Agreement do not require the consent, approval, authorization or order of,
the giving of notice to or the

                                     -156-
<PAGE>

registration with any state, federal or other governmental authority or agency,
except such as has been or will be obtained, given, effected or taken in order
for the Paying Agent to perform its obligations under this Agreement;

                      (iv) this Agreement has been duly executed and delivered
by the Paying Agent and, assuming due authorization, execution and delivery by
the other parties hereto, constitutes a valid and binding obligation of the
Paying Agent, enforceable against the Paying Agent in accordance with its terms,
subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium and other similar laws affecting
creditors' rights generally as from time to time in effect, and to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law); and

                      (v) there are no actions, suits or proceeding pending or,
to the best of the Paying Agent's knowledge, threatened, against the Paying
Agent that, either in one instance or in the aggregate, would draw into question
the validity of this Agreement, or which would be likely to impair materially
the ability of the Paying Agent to perform under the terms of this Agreement.

                  SECTION 7.17 FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE
POLICY MAINTAINED BY THE TRUSTEE, THE FISCAL AGENT AND THE PAYING AGENT. Each of
the Trustee, the Fiscal Agent and the Paying Agent, at its own respective
expense, shall maintain in effect a Fidelity Bond and a Errors and Omissions
Insurance Policy. The Errors and Omissions Insurance Policy and Fidelity Bond
shall be issued by a Qualified Insurer in form and in amount customary for
trustees, fiscal agents or paying agents in similar transactions (unless the
Trustee, the Fiscal Agent or the Paying Agent, as the case may be, self insures
as provided below). In the event that any such Errors and Omissions Insurance
Policy or Fidelity Bond ceases to be in effect, the Trustee, the Fiscal Agent or
the Paying Agent, as the case may be, shall obtain a comparable replacement
policy or bond from an insurer or issuer meeting the requirements set forth
above as of the date of such replacement. So long as the long-term debt rating
of the Trustee, the Fiscal Agent or the Paying Agent, as the case may be, is not
less than "A" as rated by Fitch, if rated by Fitch and "BBB" as rated by S&P, if
rated by S&P, respectively, the Trustee, the Fiscal Agent or the Paying Agent,
as the case may be, may self-insure for the Fidelity Bond and the Errors and
Omissions Insurance Policy.

                  SECTION 7.18 APPOINTMENT OF LUXEMBOURG PAYING AGENT;
NOTIFICATION TO CERTIFICATEHOLDERS.

                  (a) The Depositor shall maintain a paying agent in Luxembourg
(the "Luxembourg Paying Agent") for payments on the Certificates as well as a
transfer agent in Luxembourg (the "Luxembourg Transfer Agent") for so long as
such Certificates are listed on the Luxembourg Stock Exchange and the rules of
such exchange so require and the Depositor shall pay the reasonable fees of such
Luxembourg Paying Agent and Luxembourg Transfer Agent. The Depositor shall
appoint a successor Luxembourg Paying Agent if necessary. Except as set forth in
this Section 7.18(a), neither the Trustee nor the Paying Agent shall have any
responsibility for the actions or inactions of the Luxembourg Paying Agent,
including any failure of the Luxembourg Paying Agent to make timely
distributions to Certificateholders or beneficial

                                     -157-
<PAGE>

owners (other than any such failure resulting from the failure of the Paying
Agent to timely remit funds but only to the extent such failure is caused by the
Paying Agent's negligence or willful misconduct). The Certificate Registrar
shall not be responsible for transfers or exchanges requested at the office of
the Luxembourg Transfer Agent in Luxembourg until it receives written notice
from such transfer agent, together with the Certificates to be transferred or
exchanged. The Luxembourg Paying Agent shall each month download copies of all
information made available on the Paying Agent's internet website, print such
information and make it available to the Certificateholders upon request. The
Luxembourg Paying Agent shall not be the Paying Agent and the duties of the
Luxembourg Paying Agent hereunder shall be distinct from the duties of the
Paying Agent.

                  (b) For so long as the Certificates are listed on the
Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so
require, the Depositor undertakes to cause the Luxembourg Paying Agent to
publish all notices to Certificateholders in a daily newspaper of general
circulation in Luxembourg.

                  (c) For so long as any of the Certificates are listed on the
Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so
require, the Paying Agent shall make available or provide the following
information on the Paying Agent's internet website:

                      (i) to Clearstream, Euroclear and the Luxembourg Paying
Agent promptly upon determination, the Pass-Through Rates for the related
Interest Accrual Period, the amount of principal and interest distributable on
the related Distribution Date for each Class of Certificates, per $1,000 initial
Certificate Balance or Notional Amount and the date each distribution will be
made;

                      (ii) to the Luxembourg Paying Agent on each Distribution
Date, the Certificate Balance or Notional Amount of the Certificates;

                      (iii) to the Luxembourg Paying Agent promptly following
availability, each report, certificate or statement required to be delivered to
the Luxembourg Paying Agent pursuant to Section 5.4;

                      (iv) to the Luxembourg Paying Agent promptly following
receipt thereof, all notices and reports regarding any termination of the
Trustee or Paying Agent or appointment of a successor to the Trustee or Paying
Agent; and

                      (v) to the Luxembourg Paying Agent promptly following
receipt thereof, all notices and reports regarding any occurrence of an Event of
Default.

                  Information provided, as set forth above, by the Paying Agent
to the Luxembourg Paying Agent shall be supplied by the Luxembourg Paying Agent
to the Luxembourg Stock Exchange. Such information shall be made available to
the Certificateholders at the main office of the Luxembourg Paying Agent.

                  None of the Certificates will be listed on the Luxembourg
Stock Exchange or any other stock exchange.

                                     -158-
<PAGE>

                                  ARTICLE VIII

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

                  SECTION 8.1 SERVICING STANDARD; SERVICING DUTIES.

                  (a) Subject to the express provisions of this Agreement, for
and on behalf of the Trust and for the benefit of the Certificateholders as a
whole, and, solely as it relates to any A/B Mortgage Loan, for the benefit of
the holder of the related B Note, the Master Servicer shall service and
administer the Mortgage Loans and any B Note in accordance with the Servicing
Standard and the terms of this Agreement (subject to the servicing of the Pari
Passu Loan by the 2002-IQ2 Master Servicer and the 2002-IQ2 Special Servicer in
accordance with the 2002-IQ2 Pooling and Servicing Agreement). Certain of the
provisions of this Article VIII make explicit reference to their applicability
to Mortgage Loans and any B Note; notwithstanding such explicit references,
references to "Mortgage Loans" contained in this Article VIII, unless otherwise
specified, shall be construed to refer also to such B Note (but any other terms
that are defined in Article I and used in this Article VIII shall be construed
according to such definitions without regard to this sentence).

                  In connection with such servicing and administration, the
Master Servicer shall seek to maximize the timely recovery of principal and
interest on the Mortgage Notes in the best economic interests of the
Certificateholders as a whole (or, in the case of any A/B Mortgage Loan, the
Certificateholders and the holder of the related B Note, all taken as a
collective whole); provided, however, that nothing herein contained shall be
construed as an express or implied guarantee by the Master Servicer of the
collectability of payments on the Mortgage Loans or shall be construed as
impairing or adversely affecting any rights or benefits specifically provided by
this Agreement to the Master Servicer, including with respect to Master
Servicing Fees or the right to be reimbursed for Advances.

                  (b) The Master Servicer, in the case of an event specified in
clause (x) of this subclause (b), and the Special Servicer, in the case of an
event specified in clause (y) of this subclause (b), shall each send a written
notice to the other and to the Trustee and the Paying Agent, the Operating
Adviser, each Seller and, in the case of an A/B Mortgage Loan, the holder of the
related B Note, within two Business Days after becoming aware (x) that a
Servicing Transfer Event has occurred with respect to a Mortgage Loan or (y)
that a Mortgage Loan has become a Rehabilitated Mortgage Loan, which notice
shall identify the applicable Mortgage Loan and, in the case of an event
specified in clause (x) of this subclause (b) above, the Servicing Transfer
Event that occurred.

                  (c) With respect to each Mortgage Loan that is subject to an
Environmental Insurance Policy, for as long as it is not a Specially Serviced
Mortgage Loan, if the Master Servicer has actual knowledge of any event giving
rise to a claim under an Environmental Insurance Policy, the Master Servicer or
the applicable Primary Servicer shall notify the Special Servicer to such effect
and the Master Servicer shall take reasonable actions as are in accordance with
the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all
amounts to which the Trust is entitled thereunder. Any legal fees or other
out-of-pocket costs incurred in accordance with the

                                     -159-
<PAGE>

Servicing Standard in connection with any such claim shall be paid by, and
reimbursable to, the Master Servicer as a Servicing Advance.

                  (d) In connection with any extension of the Maturity Date of a
Mortgage Loan, the Master Servicer shall give prompt written notice of such
extension to the insurer under the Environmental Insurance Policy and shall
execute such documents as are reasonably required by such insurer to procure an
extension of such policy (if available).

                  SECTION 8.2 FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE
POLICY MAINTAINED BY THE MASTER SERVICER. The Master Servicer, at its expense,
shall maintain in effect a Servicer Fidelity Bond and a Servicer Errors and
Omissions Insurance Policy. The Servicer Errors and Omissions Insurance Policy
and Servicer Fidelity Bond shall be issued by a Qualified Insurer (unless the
Master Servicer self insures as provided below) and be in form and amount
consistent with the Servicing Standard. In the event that any such Servicer
Errors and Omissions Insurance Policy or Servicer Fidelity Bond ceases to be in
effect, the Master Servicer shall obtain a comparable replacement policy or bond
from an insurer or issuer meeting the requirements set forth above as of the
date of such replacement. So long as the long-term rating of the Master Servicer
is not in any event less than "A" as rated by Fitch and "BBB" as rated by S&P,
respectively, the Master Servicer may self-insure for the Servicer Fidelity Bond
and the Servicer Errors and Omissions Insurance Policy.

                  SECTION 8.3 MASTER SERVICER'S GENERAL POWER AND DUTIES.

                  (a) The Master Servicer shall service and administer the
Mortgage Loans and shall, subject to Sections 8.7, 8.18, 8.19, 8.27 and Article
XII hereof and as otherwise provided herein and by the Code, have full power and
authority to do any and all things which it may deem necessary or desirable in
connection with such servicing and administration in accordance with the
Servicing Standard. To the extent consistent with the foregoing and subject to
any express limitations and provisions set forth in this Agreement (and, in the
case of any A/B Mortgage Loan, subject to the Intercreditor Agreement and, in
the case of the Pari Passu Loan, subject to the servicing of the Pari Passu Loan
by the 2002-IQ2 Master Servicer and the 2002-IQ2 Special Servicer, as
applicable), such power and authority shall include, without limitation, the
right, subject to the terms hereof, (A) to execute and deliver, on behalf of the
Certificateholders (and in connection with any B Note, the holder of the B Note)
and the Trustee, customary consents or waivers and other instruments and
documents (including, without limitation, estoppel certificates, financing
statements, continuation statements, title endorsements and reports and other
documents and instruments necessary to preserve and maintain the lien on the
related Mortgaged Property and related collateral), (B) to consent to
assignments and assumptions or substitutions, and transfers of interest of any
Mortgagor, in each case subject to and in accordance with the terms of the
related Mortgage Loan and Section 8.7, (C) to collect any Insurance Proceeds,
(D) subject to Section 8.7, to consent to any subordinate financings to be
secured by any related Mortgaged Property to the extent that such consent is
required pursuant to the terms of the related Mortgage or which otherwise is
required, and, subject to Section 8.7, to consent to any mezzanine debt to the
extent such consent is required pursuant to the terms of the related Mortgage;
(E) to consent to the application of any proceeds of insurance policies or
condemnation awards to the restoration of the related Mortgaged Property or
otherwise and to administer and monitor the application of such proceeds and
awards in

                                     -160-
<PAGE>

accordance with the terms of the Mortgage Loan as the Master Servicer deems
reasonable under the circumstances, (F) to execute and deliver, on behalf of the
Certificateholders (and, if applicable, the holder of the B Note) and the
Trustee, documents relating to the management, operation, maintenance, repair,
leasing and marketing of the related Mortgaged Properties, including agreements
and requests by the Mortgagor with respect to modifications of the standards of
operation and management of the Mortgaged Properties or the replacement of asset
managers, (G) to consent to any operation or action under a Mortgage Loan that
is contemplated or permitted under a Mortgage or other documents evidencing or
securing the applicable Mortgage Loan (either as a matter of right or upon
satisfaction of specified conditions), (H) to obtain, release, waive or modify
any term other than a Money Term of a Mortgage Loan and related documents
subject to and to the extent permitted by Section 8.18, (I) to exercise all
rights, powers and privileges granted or provided to the holder of the Mortgage
Notes and any B Note under the terms of the Mortgage, including all rights of
consent or approval thereunder, (J) to enter into lease subordination
agreements, non-disturbance and attornment agreements or other leasing or rental
arrangements which may be requested by the Mortgagor or the Mortgagor's tenants,
(K) to join the Mortgagor in granting, modifying or releasing any easements,
covenants, conditions, restrictions, equitable servitudes, or land use or zoning
requirements with respect to the Mortgaged Properties to the extent such does
not adversely affect the value of the related Mortgage Loan or Mortgaged
Property, (L) to execute and deliver, on behalf of itself, the Trustee, the
Trust (and, if applicable, the holder of the B Note) or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge and all other comparable instruments, with respect to the Mortgage
Loans and with respect to the Mortgaged Properties, and (M) hold in accordance
with the terms of any Mortgage Loan and this Agreement, Defeasance Collateral.
The foregoing clauses (A) through (M) are referred to collectively as "Master
Servicer Consent Matters." Notwithstanding the above, the Master Servicer shall
have no power to (i) waive any Prepayment Premiums or (ii) consent to any
modification of a Money Term of a Mortgage Loan. Nothing contained in this
Agreement shall limit the ability of the Master Servicer to lend money to (to
the extent not secured, in whole or in part, by any Mortgaged Property), accept
deposits from and otherwise generally engage in any kind of business or dealings
with any Mortgagor as though the Master Servicer was not a party to this
Agreement or to the transactions contemplated hereby; provided, however, that
this sentence shall not modify the Servicing Standard.

                  (b) The Master Servicer shall not be obligated to service and
administer the Mortgage Loans which have become and continue to be Specially
Serviced Mortgage Loans, except as specifically provided herein. The Master
Servicer shall be required to make all calculations and prepare all reports
required hereunder with respect to such Specially Serviced Mortgage Loans (other
than calculations and reports expressly required to be made by the Special
Servicer hereunder) as if no Servicing Transfer Event had occurred and shall
continue to collect all Scheduled Payments, make Servicing Advances as set forth
herein, make P&I Advances (but not on any B Note) as set forth herein and render
such incidental services with respect to such Specially Serviced Mortgage Loans,
all as are specifically provided for herein, but shall have no other servicing
or other duties with respect to such Specially Serviced Mortgage Loans. The
Master Servicer shall give notice within three Business Days to the Special
Servicer of any collections it receives from any Specially Serviced Mortgage
Loans, subject to changes agreed upon from time to time by the Special Servicer
and the Master Servicer. The Special Servicer shall instruct within one Business
Day after receiving such notice

                                     -161-
<PAGE>

the Master Servicer on how to apply such funds. The Master Servicer within one
Business Day after receiving such instructions shall apply such funds in
accordance with the Special Servicer's instructions. Each Mortgage Loan that
becomes a Specially Serviced Mortgage Loan shall continue as such until such
Mortgage Loan becomes a Rehabilitated Mortgage Loan. The Master Servicer shall
not be required to initiate extraordinary collection procedures or legal
proceedings with respect to any Mortgage Loan or to undertake any
pre-foreclosure procedures.

                  (c) Concurrently with the execution of this Agreement, the
Trustee will sign the Power of Attorney attached hereto as Exhibit S-1. The
Master Servicer, shall promptly notify the Trustee of the execution and delivery
of any document on behalf of the Trustee under such Power-of-Attorney. From time
to time until the termination of the Trust, upon receipt of additional
unexecuted powers of attorney from the Master Servicer or the Special Servicer,
the Trustee shall execute and return to the Master Servicer, the Special
Servicer or any Primary Servicer any additional powers of attorney and other
documents necessary or appropriate to enable the Master Servicer and the Special
Servicer to service and administer the Mortgage Loans including, without
limitation, documents relating to the management, operation, maintenance,
repair, leasing or marketing of the Mortgaged Properties. The Master Servicer
shall indemnify the Trustee for any costs, liabilities and expenses (including
attorneys' fees) incurred by the Trustee in connection with the intentional or
negligent misuse of such power of attorney by the Master Servicer.
Notwithstanding anything contained herein to the contrary, neither the Master
Servicer nor the Special Servicer shall without the Trustee's written consent:
(i) 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) knowingly take any action that causes the
Trustee to be registered to do business in any state, provided, however, that
the preceding clause (i) shall not apply to the initiation of actions relating
to a Mortgage Loan that the Master Servicer or the Special Servicer, as the case
may be, is servicing pursuant to its respective duties herein (in which case the
Master Servicer or the Special Servicer, as the case may be, shall give three
(3) Business Days prior notice to the Trustee of the initiation of such action).
The limitations of the preceding clause shall not be construed to limit any duty
or obligation imposed on the Trustee under any other provision of this
Agreement.

                  (d) The Master Servicer shall make efforts consistent with the
Servicing Standard and the terms of this Agreement to collect all payments
called for under the terms and provisions of the applicable Mortgage Loans
(other than Specially Serviced Mortgage Loans or REO Properties).

                  (e) The Master Servicer (or any Primary Servicer on its
behalf) shall segregate and hold all funds collected and received pursuant to
any Mortgage Loan (other than a Pari Passu Loan) constituting Escrow Amounts
separate and apart from any of its own funds and general assets and shall
establish and maintain one or more segregated custodial accounts (each, an
"Escrow Account") into which all Escrow Amounts shall be deposited within one
(1) Business Day after receipt. Each Escrow Account shall be an Eligible
Account, except with respect to Mortgage Loans identified on Schedule VI for
which Escrow Accounts shall be transferred to Eligible Accounts at the earliest
date permitted under the related Mortgage Loan documents. The Master Servicer
shall also deposit into each Escrow Account any amounts representing losses on
Eligible Investments pursuant to the immediately succeeding paragraph and any
Insurance Proceeds or Liquidation Proceeds which are required to be applied to
the

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restoration or repair of any Mortgaged Property pursuant to the related
Mortgage Loan. Each Escrow Account shall be maintained in accordance with the
requirements of the related Mortgage Loan and in accordance with the Servicing
Standard. Withdrawals from an Escrow Account may be made only:

                  (i) to effect timely payments of items constituting Escrow
Amounts for the related Mortgage Loan;

                  (ii) to transfer funds to the Certificate Account (or any
sub-account thereof) to reimburse the Master Servicer for any Advance relating
to Escrow Amounts, but only from amounts received with respect to the related
Mortgage Loan which represent late collections of Escrow Amounts thereunder;

                  (iii) for application to the restoration or repair of the
related Mortgaged Property in accordance with the related Mortgage Loan and the
Servicing Standard;

                  (iv) to clear and terminate such Escrow Account upon the
termination of this Agreement or pay-off of the related Mortgage Loan;

                  (v) to pay from time to time to the related Mortgagor any
interest or investment income earned on funds deposited in the Escrow Account if
such income is required to be paid to the related Mortgagor under applicable law
or by the terms of the Mortgage Loan, or otherwise to the Master Servicer; and

                  (vi) to remove any funds deposited in a Escrow Account that
were not required to be deposited therein or to refund amounts to the Mortgagors
determined to be overages.

                  Subject to the immediately succeeding sentence, (i) the Master
Servicer may direct any depository institution or trust company in which the
Escrow Accounts are maintained to invest the funds held therein in one or more
Eligible Investments; provided, however, that such funds shall be either (x)
immediately available or (y) available in accordance with a schedule which will
permit the Master Servicer to meet the payment obligations for which the Escrow
Account was established; (ii) the Master Servicer shall be entitled to all
income and gain realized from any such investment of funds as additional
servicing compensation; and (iii) the Master Servicer shall deposit from its own
funds in the applicable Escrow Account the amount of any loss incurred in
respect of any such investment of funds immediately upon the realization of such
loss. The Master Servicer shall not direct the investment of funds held in any
Escrow Account and retain the income and gain realized therefrom if the terms of
the related Mortgage Loan or applicable law permit the Mortgagor to be entitled
to the income and gain realized from the investment of funds deposited therein,
and the Master Servicer shall not be required to invest amounts on deposit in
Escrow Accounts in Eligible Investments or Eligible Accounts to the extent that
the Master Servicer is required by either law or under the terms of any related
Mortgage Loan to deposit or invest (or the Mortgagor is entitled to direct the
deposit or investment of) such amounts in another type of investments or
accounts. In the event the Master Servicer is not entitled to direct the
investment of such funds, (1) the Master Servicer shall direct the depository
institution or trust company in which such Escrow Accounts are maintained to

                                     -163-
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invest the funds held therein in accordance with the Mortgagor's written
investment instructions, if the terms of the related Mortgage Loan or applicable
law require the Master Servicer to invest such funds in accordance with the
Mortgagor's directions; and (2) in the absence of appropriate written
instructions from the Mortgagor, the Master Servicer shall have no obligation
to, but may be entitled to, direct the investment of such funds; provided,
however, that in either event (i) such funds shall be either (y) immediately
available or (z) available in accordance with a schedule which will permit the
Master Servicer to meet the payment obligations for which the Escrow Account was
established, and (ii) the Master Servicer shall have no liability for any loss
in investments of such funds that are invested pursuant to written instructions
from the Mortgagor.

                  (f) The relationship of each of the Master Servicer and the
Special Servicer to the Trustee and the Paying Agent and to each other under
this Agreement is intended by the parties to be that of an independent
contractor and not of a joint venturer, partner or agent.

                  (g) With respect to each Mortgage Loan, if required by the
terms of the related Mortgage Loan, any Lock-Box Agreement or similar agreement,
the Master Servicer shall establish and maintain, in accordance with the
Servicing Standard, one or more lock-box, cash management or similar accounts
("Lock-Box Accounts") to be held outside the Trust and maintained by the Master
Servicer in accordance with the terms of the related Mortgage. No Lock-Box
Account is required to be an Eligible Account, unless otherwise required
pursuant to the related Mortgage Loan documents. The Master Servicer shall apply
the funds deposited in such accounts in accordance with terms of the related
Mortgage Loan documents, any Lock-Box Agreement and in accordance with the
Servicing Standard.

                  (h) The Master Servicer or any Primary Servicer on its behalf
shall process all defeasances of Mortgage Loans in accordance with the terms of
the Mortgage Loan documents, and shall be entitled to any fees paid relating
thereto. The Master Servicer shall not permit defeasance (or partial defeasance
if permitted under the Mortgage Loan) of any Mortgage Loan on or before the
second anniversary of the Closing Date unless such defeasance will not result in
an Adverse REMIC Event and the Master Servicer has received an opinion of
counsel to such effect and all items in the following sentence have been
satisfied. Subsequent to the second anniversary of the Closing Date, the Master
Servicer, in connection with the defeasance of a Mortgage Loan shall require (to
the extent it is not inconsistent with the Servicing Standard) that: (i) the
defeasance collateral consists of U.S. Treasury obligations, (ii) the Master
Servicer has determined that the defeasance will not result in an Adverse REMIC
Event, (iii) either (A) the related Mortgagor designates a Single-Purpose Entity
(if the Mortgagor no longer complies) to own the Defeasance Collateral (subject
to customary qualifications) or (B) the Master Servicer has established a
Single-Purpose Entity to hold all Defeasance Collateral relating to the
Defeasance Loans, (iv) the Master Servicer has requested and received from the
Mortgagor (A) an opinion of counsel that the Trustee will have a perfected,
first priority security interest in such Defeasance Collateral and (B) written
confirmation from a firm of independent accountants stating that payments made
on such Defeasance Collateral in accordance with the terms thereof will be
sufficient to pay the subject Mortgage Loan (or the defeased portion thereof in
connection with a partial defeasance) in full on or before its Maturity Date
(or, in the case of the ARD Loan, on or before its Anticipated Repayment Date)
and to timely pay each subsequent Scheduled Payment, (v) (A) a Rating Agency
Confirmation is received if the Mortgage Loan

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<PAGE>

(together with any other Mortgage Loan with which it is cross-collateralized)
has a Principal Balance greater than the lesser of $20,000,000 and 5% of the
Aggregate Certificate Balance (or such higher threshold as shall be published by
S&P), unless such Rating Agency has waived in writing such Rating Agency
Confirmation requirement or (B) if the Mortgage Loan is less than or equal to
both of the amounts set forth in clause (A), either a Notice and Certification
in the form attached hereto as Exhibit Z (or such less restrictive form as shall
be adopted by S&P) or a Rating Agency Confirmation is received from S&P and (vi)
a Rating Agency Confirmation is received if the Mortgage Loan is one of the ten
largest Mortgage Loans, by Principal Balance. Any customary and reasonable
out-of-pocket expense incurred by the Master Servicer pursuant to this Section
8.3(h) shall be paid by the Mortgagor of the Defeasance Loan pursuant to the
related Mortgage, Mortgage Note or other pertinent document, if so allowed by
the terms of such documents.

                  The parties hereto acknowledge that if the payments described
in paragraph 39 of Exhibit 2 to the Mortgage Loan Purchase Agreements regarding
the obligation of a Mortgagor to pay the reasonable costs and expenses
associated with a defeasance of the related Mortgage Loan are insufficient to
reimburse the Trust, including, but not limited to, rating agency fees, then the
sole obligation of the related Seller shall be to pay an amount equal to such
insufficiency or expense to the extent the related Mortgagor is not required to
pay such amount. Promptly upon receipt of notice of such insufficiency or unpaid
expense, the Master Servicer shall request the related Seller to make such
payment by deposit to the Certificate Account.

                  In the case of a Specially Serviced Mortgage Loan, the Master
Servicer shall process any defeasance of such Specially Serviced Mortgage Loan
in accordance with the original terms of the respective Mortgage Loan documents
following a request by the Special Servicer that the Master Servicer do so,
which request shall be accompanied by a waiver of any condition of defeasance
that an "event of default" under such Specially Serviced Mortgage Loan not have
occurred or be continuing, and the Master Servicer shall be entitled to any fees
paid relating to such defeasance. If such "event of default" is on account of an
uncured payment default, the Special Servicer will process the defeasance of
such Specially Serviced Mortgage Loan, and the Special Servicer shall be
entitled to any fees paid relating to such defeasance.

                  (i) The Master Servicer shall, as to each Mortgage Loan which
is secured by the interest of the related Mortgagor under a ground lease,
confirm whether or not on or prior to the date that is thirty (30) days after
the Closing Date, the Mortgage Loan Seller has notified the related ground
lessor of the transfer of such Mortgage Loan to the Trust pursuant to this
Agreement and informed such ground lessor that any notices of default under the
related Ground Lease should thereafter be forwarded to the Master Servicer (as
evidenced by delivery of a copy thereof to the Master Servicer). The Master
Servicer shall promptly notify the ground lessor if the Mortgage Loan Seller has
failed to do so by the thirtieth day after the Closing Date.

                  (j) Pursuant to an Intercreditor Agreement, the owner of any B
Note has agreed that the Master Servicer and the Special Servicer are authorized
and obligated to service and administer the B Note pursuant to this Agreement.
The Master Servicer shall be entitled, during any period when the A Note and B
Note under any A/B Mortgage Loan do not constitute Specially Serviced Mortgage
Loans, to exercise the rights and powers granted under the related Intercreditor
Agreement to the "Note A Holder" and/or the "Servicer" referred to therein. For

                                     -165-
<PAGE>

the avoidance of doubt, the parties acknowledge that neither the Master Servicer
nor the Special Servicer shall be entitled or required to exercise the rights
and powers granted to any "Note B Holder" as defined under any Intercreditor
Agreement.

                      (k) Pursuant to the Pari Passu Intercreditor Agreement,
the owner of the Pari Passu Loan has agreed that such owner's rights in, to and
under the Pari Passu Loan are subject to the servicing and all other rights of
the 2002-IQ2 Master Servicer and the 2002-IQ2 Special Servicer, and the 2002-IQ2
Master Servicer and the 2002-IQ2 Special Servicer are authorized and obligated
to service and administer the Pari Passu Loan pursuant to the 2002-IQ2 Pooling
and Servicing Agreement. Notwithstanding anything herein to the contrary, the
parties hereto acknowledge and agree that the Master Servicer's obligations and
responsibilities hereunder and the Master Servicer's authority with respect to
the Pari Passu Loan are limited by and subject to the terms of the Pari Passu
Intercreditor Agreement and the rights of the 2002-IQ2 Master Servicer and the
2002-IQ2 Special Servicer with respect thereto under the 2002-IQ2 Pooling and
Servicing Agreement. The Master Servicer shall use reasonable best efforts
consistent with the Servicing Standard to monitor the servicing of the Pari
Passu Loan by the 2002-IQ2 Master Servicer and the 2002-IQ2 Special Servicer
pursuant to the 2002-IQ2 Pooling and Servicing Agreement and shall enforce the
rights of the Trustee (as holder of the Pari Passu Loan) under the 2002-IQ2
Pooling and Servicing Agreement and the Pari Passu Intercreditor Agreement. The
Master Servicer shall take such actions as it shall deem reasonably necessary to
facilitate the servicing of the Pari Passu Loan by the 2002-IQ2 Master Servicer
and the 2002-IQ2 Special Servicer including, but not limited to, delivering
appropriate Requests for Release to the Trustee and Custodian (if any) in order
to deliver any portion of the related Mortgage File to the 2002-IQ2 Master
Servicer or 2002-IQ2 Special Servicer under the 2002-IQ2 Pooling and Servicing
Agreement.

                  SECTION 8.4 PRIMARY SERVICING AND SUB-SERVICING.

                  (a) The parties hereto (A) acknowledge that the Master
Servicer has delegated certain of its obligations and assigned certain of its
rights under this Agreement to each of the Primary Servicers pursuant to the
applicable Primary Servicing Agreements; and (B) agree: (1) in addition to those
obligations specifically delegated by the Master Servicer to each Primary
Servicer under the applicable Primary Servicing Agreement, each Primary Servicer
shall also perform the Master Servicer's obligations set forth in Section 2.1(d)
of this Agreement as such Section relates to the Mortgage Loans serviced by it;
(2) in addition to those rights specifically granted by the Master Servicer to
each Primary Servicer under the applicable Primary Servicing Agreement, those
rights set forth in Section 8.24 hereof accruing to the benefit of the Master
Servicer shall also accrue to the benefit of each Primary Servicer; (3) any
indemnification or release from liability set forth in this Agreement accruing
to the benefit of the Master Servicer shall also, to the extent applicable,
benefit each Primary Servicer; and (4) for each notice, certification, report,
schedule, statement or other type of writing that a party hereto is obligated to
deliver to the Master Servicer, such party shall deliver to each Primary
Servicer a copy of such notice, certification, report, schedule, statement or
other type of writing at the time and in the same manner that any of the
foregoing is required to be delivered to the Master Servicer. Notwithstanding
the provisions of any Primary Servicing Agreement or any other provisions of
this Agreement, the Master Servicer shall remain obligated and liable to the
Trustee, the Paying Agent, the Special Servicer, the Certificateholders and the
holder of any B Note for servicing and

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<PAGE>

administering of the Mortgage Loans in accordance with the provisions of this
Agreement to the same extent as if the Master Servicer was alone servicing and
administering the Mortgage Loans. The Master Servicer or applicable Primary
Servicer shall supervise, administer, monitor, enforce and oversee the servicing
of the applicable Mortgage Loans by any Sub-Servicer appointed by it. The terms
of any arrangement or agreement between the Master Servicer or applicable
Primary Servicer and a Sub-Servicer shall provide that such agreement or
arrangement may be terminated, without cause and without the payment of any
termination fees, by the Trustee in the event such Master Servicer or applicable
Primary Servicer is terminated in accordance with this Agreement or the
applicable Primary Servicing Agreement. In addition, none of the Trustee, the
Paying Agent, the Certificateholders or the holder of any B Note shall have any
direct obligation or liability (including, without limitation, indemnification
obligations) with respect to any Sub-Servicer. The Master Servicer or applicable
Primary Servicer shall pay the costs of enforcement against any of its
Sub-Servicers at its own expense, but shall be reimbursed therefor only (i) from
a general recovery resulting from such enforcement only to the extent that such
recovery exceeds all amounts due in respect of the related Mortgage Loans or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party against whom such enforcement is directed. Notwithstanding the provisions
of any primary servicing agreement or sub-servicing agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the
Master Servicer or applicable Primary Servicer or a Sub-Servicer, or reference
to actions taken through a Sub-Servicer or otherwise, the Master Servicer or
applicable Primary Servicer shall remain obligated and liable to the Trustee,
the Paying Agent, the Special Servicer and the Certificateholders for the
servicing and administering of the applicable Mortgage Loans in accordance with
(and subject to the limitations contained within) the provisions of this
Agreement or the applicable Primary Servicing Agreement without diminution of
such obligation or liability by virtue of indemnification from a Sub-Servicer
and to the same extent and under the same terms and conditions as if the Master
Servicer or applicable Primary Servicer alone were servicing and administering
the Mortgage Loans.

                  (b) Subject to the limitations of subsection (a), the Master
Servicer and either Primary Servicer may appoint one or more sub-servicers
(each, a "Sub-Servicer") to perform all or any portion of its duties hereunder
for the benefit of the Trustee and the Certificateholders, provided, however,
that any decision or recommendation involving the exercise of a Primary
Servicer's discretion as a "lender" under any loan document with respect to a
Mortgage Loan shall be exercised only by the Primary Servicer and may not be
delegated to a Sub-Servicer.

                  The Master Servicer shall enter into the Primary Servicing
Agreements with each of the Primary Servicers and shall not terminate such
agreements except in accordance with the terms thereof. To the extent consistent
with the rights of the Primary Servicers under this Agreement and the related
Primary Servicing Agreement, but not in limitation of any other rights granted
to the Primary Servicers in this Agreement and/or in each of the Primary
Servicing Agreements, the Primary Servicers shall have all of the rights and
obligations of a Sub-Servicer set forth herein.

                  Notwithstanding any other provision set forth in this
Agreement to the contrary, (i) each Primary Servicer's rights and obligations
under its respective Primary Servicing Agreement shall expressly survive a
termination of the Master Servicer's servicing rights under this Agreement;
provided that the applicable Primary Servicing Agreement has not been

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<PAGE>

terminated in accordance with its provisions; (ii) any successor Master
Servicer, including, without limitation, the Trustee (if it assumes the
servicing obligations of the Master Servicer) shall be deemed to automatically
assume and agree to each of the then current Primary Servicing Agreements
without further action upon becoming the successor Master Servicer and (iii)
this Agreement may not be modified in any manner which would increase the
obligations or limit the rights of a Primary Servicer hereunder and/or under the
applicable Primary Servicing Agreement, without the prior written consent of
such Primary Servicer (which consent shall not be unreasonably withheld).

                  If a task, right or obligation of Master Servicer is delegated
to a Primary Servicer under a Primary Servicing Agreement, and such task, right
or obligation involves or requires the consent of the Special Servicer, then the
Special Servicer shall accept the performance of such task, right or obligation
by such Primary Servicer in accordance with the terms of this Agreement
(including without limitation any time periods for consent or deemed consent to
be observed by the Special Servicer) as if Master Servicer were performing it.

                  Notwithstanding any provision of this Agreement, each of the
parties hereto acknowledges and agrees that the Special Servicer is neither a
party to any Primary Servicing Agreement, nor is it bound by any provision of
any Primary Servicing Agreement. The Special Servicer hereby acknowledges the
delegation of rights and duties hereunder by the Master Servicer pursuant to the
provisions of any Primary Servicing Agreement.

                  SECTION 8.5 SERVICERS MAY OWN CERTIFICATES. The Master
Servicer and any Primary Servicer and any agent of the Master Servicer or
Primary Servicer in its individual or any other capacity may become the owner or
pledgee of Certificates with the same rights it would have if it were not the
Master Servicer or such agent. Any such interest of the Master Servicer or any
Primary Servicer or such agent in the Certificates shall not be taken into
account when evaluating whether actions of the Master Servicer are consistent
with its obligations in accordance with the Servicing Standard regardless of
whether such actions may have the effect of benefiting the Class or Classes of
Certificates owned by the Master Servicer.

                  SECTION 8.6 MAINTENANCE OF HAZARD INSURANCE, OTHER INSURANCE,
TAXES AND OTHER. Subject to the limitations set forth below, the Master Servicer
shall use reasonable efforts consistent with the Servicing Standard to cause the
related Mortgagor to maintain for each Mortgage Loan (other than any REO
Mortgage Loan) (A) a Standard Hazard Insurance Policy which does not provide for
reduction due to depreciation in an amount that is at least equal to the lesser
of (i) the full replacement cost of improvements securing such Mortgage Loan or
(ii) the outstanding Principal Balance of such Mortgage Loan, but, in any event,
in an amount sufficient to avoid the application of any co-insurance clause and
(B) any other insurance coverage for a Mortgage Loan which the related Mortgagor
is required to maintain under the related Mortgage, provided the Master Servicer
shall not be required to maintain earthquake insurance on any Mortgaged Property
unless such insurance was required at origination and is available at
commercially reasonable rates; provided, however, that the Special Servicer
shall have the right, but not the duty, to obtain, at the Trust's expense,
earthquake insurance on any Mortgaged Property securing a Specially Serviced
Mortgage Loan or an REO Property so long as such insurance is available at
commercially reasonable rates. If the related Mortgagor does not

                                     -168-
<PAGE>

maintain the insurance set forth in clauses (A) and (B) above, then the Master
Servicer shall cause to be maintained such insurance with a Qualified Insurer.

                  Each Standard Hazard Insurance Policy maintained with respect
to any Mortgaged Property that is not an REO Property shall contain, or have an
accompanying endorsement that contains, a standard mortgagee clause. If the
improvements on the Mortgaged Property are located in a designated special flood
hazard area by the Federal Emergency Management Agency in the Federal Register,
as amended from time to time (to the extent permitted under the related Mortgage
Loan or as required by law), the Master Servicer (with respect to any Mortgaged
Property that is not an REO Property) shall cause flood insurance to be
maintained. Such flood insurance shall be in an amount equal to the lesser of
(i) the unpaid principal balance of the related Mortgage Loan or (ii) the
maximum amount of such insurance available for the related Mortgaged Property
under the national flood insurance program, if the area in which the
improvements on the Mortgaged Property are located is participating in such
program. Any amounts collected by the Master Servicer under any such policies
(other than amounts to be applied to the restoration or repair of the related
Mortgaged Property or property thus acquired or amounts released to the
Mortgagor in accordance with the terms of the applicable Mortgage Loan) shall be
deposited in the Certificate Account.

                  Any cost (such as insurance premiums and insurance broker fees
but not internal costs and expenses of obtaining such insurance) incurred by the
Master Servicer in maintaining any insurance pursuant to this Section 8.6 shall
not, for the purpose of calculating monthly distributions to the
Certificateholders or remittances to the Paying Agent for their benefit, be
added to the Principal Balance of the Mortgage Loan, notwithstanding that the
terms of the Mortgage Loan permit such cost to be added to the outstanding
Principal Balance thereof. Such costs shall be paid as a Servicing Advance by
the Master Servicer, subject to Section 4.4 hereof.

                  Notwithstanding the above, the Master Servicer shall have no
obligation beyond using its reasonable efforts consistent with the Servicing
Standard to enforce such insurance requirements. Furthermore, the Master
Servicer shall not be required in any event to cause the Mortgagor to maintain
or itself obtain insurance coverage beyond what is available on commercially
reasonable terms at a cost customarily acceptable (in each case, as determined
by the Master Servicer, which shall be entitled to rely, at its sole expense, on
insurance consultants in making such determination, consistent with the
Servicing Standard) and consistent with the Servicing Standard.

                  The Master Servicer shall conclusively be deemed to have
satisfied its obligations as set forth in this Section 8.6 either (i) if the
Master Servicer shall have obtained and maintained a master force placed or
blanket insurance policy insuring against hazard losses on all of the applicable
Mortgage Loans serviced by it, it being understood and agreed that such policy
may contain a deductible clause on terms substantially equivalent to those
commercially available and maintained by comparable servicers consistent with
the Servicing Standard, and provided that such policy is issued by a Qualified
Insurer or (ii) if the Master Servicer, provided that its long-term rating is
not less than "A" by Fitch and "A-" by S&P, self-insures for its obligations as
set forth in the first paragraph of this Section 8.6. In the event that the
Master Servicer shall cause any Mortgage Loan to be covered by such a master
force placed or blanket insurance policy, the incremental cost of such insurance
allocable to such Mortgage Loan (i.e., other than any

                                     -169-
<PAGE>

minimum or standby premium payable for such policy whether or not any Mortgage
Loan is then covered thereby), if not borne by the related Mortgagor, shall be
paid by the Master Servicer as a Servicing Advance. If such policy contains a
deductible clause, the Master Servicer shall, if there shall not have been
maintained on the related Mortgaged Property a policy complying with this
Section 8.6 and there shall have been a loss that would have been covered by
such policy, deposit in the Certificate Account the amount not otherwise payable
under such master force placed or blanket insurance policy because of such
deductible clause to the extent that such deductible exceeds (i) the deductible
under the related Mortgage Loan or (ii) if there is no deductible limitation
required under the Mortgage Loan, the deductible amount with respect to
insurance policies generally available on properties similar to the related
Mortgaged Property which is consistent with the Servicing Standard, and deliver
to the Trustee an Officer's Certificate describing the calculation of such
amount. In connection with its activities as administrator and servicer of the
Mortgage Loans, the Master Servicer agrees to present, on its behalf and on
behalf of the Trustee, claims under any such master force placed or blanket
insurance policy.

                  With respect to each Mortgage Loan, the Master Servicer shall
maintain accurate records with respect to each related Mortgaged Property
reflecting the status of taxes, assessments and other similar items that are or
may become a lien on the related Mortgaged Property and the status of insurance
premiums payable with respect thereto. From time to time, the Master Servicer
(other than with respect to REO Mortgage Loans) shall (i) obtain all bills for
the payment of such items (including renewal premiums), and (ii) except in the
case of Mortgage Loans under which Escrow Amounts are not held by the Master
Servicer, effect payment of all such bills, taxes and other assessments with
respect to such Mortgaged Properties prior to the applicable penalty or
termination date, in each case employing for such purpose Escrow Amounts as
allowed under the terms of the related Mortgage Loan. If a Mortgagor fails to
make any such payment on a timely basis or collections from the Mortgagor are
insufficient to pay any such item before the applicable penalty or termination
date, the Master Servicer in accordance with the Servicing Standard shall use
its reasonable efforts to pay as a Servicing Advance the amount necessary to
effect the payment of any such item prior to such penalty or termination date,
subject to Section 4.4 hereof. No costs incurred by the Master Servicer, the
Trustee or the Fiscal Agent as the case may be, in effecting the payment of
taxes and assessments on the Mortgaged Properties and related insurance premiums
and ground rents shall, for the purpose of calculating distributions to
Certificateholders, be added to the Principal Balance of the Mortgage Loans,
notwithstanding that the terms of such Mortgage Loans permit such costs to be
added to the outstanding Principal Balances of such Mortgage Loans.

                  SECTION 8.7 ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION
AGREEMENTS; DUE-ON-ENCUMBRANCE CLAUSE.

                  (a) In the event the Master Servicer receives a request from a
Mortgagor pursuant to the provisions of any Mortgage Loan (other than a
Specially Serviced Mortgage Loan) that expressly permits, subject to any
conditions set forth in the Mortgage Loan documents, the assignment of the
related Mortgaged Property to, and assumption of such Mortgage Loan by, another
Person, the Master Servicer shall obtain relevant information for purposes of
evaluating such request. For the purpose of the foregoing sentence, the term

                                     -170-
<PAGE>

'expressly permits' shall include outright permission to assign, permission to
assign upon satisfaction of certain conditions or prohibition against assignment
except upon the satisfaction of stated conditions. If the Master Servicer
recommends to approve such assignment, the Master Servicer shall provide to the
Special Servicer (and solely with respect to any A/B Mortgage Loan, the holder
of the B Note) a copy of such recommendation and the materials upon which such
recommendation is based (which information shall consist of the information to
be included in the Assignment and Assumption Submission to Special Servicer, in
the form attached hereto as Exhibit U) and (A) the Special Servicer shall have
the right hereunder to grant or withhold consent to any such request for such
assignment and assumption in accordance with the terms of the Mortgage Loan and
this Agreement, and the Special Servicer shall not unreasonably withhold such
consent and any such decision of the Special Servicer shall be in accordance
with the Servicing Standard, (B) failure of the Special Servicer to notify the
Master Servicer in writing, within five (5) Business Days following the Master
Servicer's delivery of the recommendation described above and the complete
Assignment and Assumption Submission to Special Servicer on which the
recommendation is based, of its determination to grant or withhold such consent
shall be deemed to constitute a grant of such consent and (C) the Master
Servicer shall not permit any such assignment or assumption unless it has
received the written consent of the Special Servicer or such consent has been
deemed to have been granted as described in the preceding sentence. The Special
Servicer hereby acknowledges the delegation of rights and duties hereunder by
the Master Servicer pursuant to the provisions of each Primary Servicing
Agreement. If the Special Servicer withholds consent pursuant to the provisions
of this Agreement, it shall provide the Master Servicer or any applicable
Primary Servicer with a written statement and a verbal explanation as to its
reasoning and analysis. Upon consent or deemed consent by the Special Servicer
to such proposed assignment and assumption, the Master Servicer shall process
such request of the related Mortgagor and shall be authorized to enter into an
assignment and assumption or substitution agreement with the Person 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 Mortgage 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 create any lien on a
Mortgaged Property that is senior to, or on parity with, the lien of the related
Mortgage. To the extent permitted by applicable law, the Master Servicer shall
not enter into such an assumption or substitution agreement unless the credit
status of the prospective new Mortgagor is in conformity to the terms of the
related Mortgage Loan documents. In making its recommendation, the Master
Servicer shall evaluate such conformity in accordance with the Servicing
Standard. The Master Servicer shall notify the Trustee, the Paying Agent and the
Special Servicer of any assignment and assumption or substitution agreement
executed pursuant to this Section 8.7(a). The Master Servicer shall be entitled
to (as additional servicing compensation) 50% of any assumption fee collected
from a Mortgagor in connection with an assignment and assumption or substitution
of a non-Specially Serviced Mortgage Loan executed pursuant to this Section
8.7(a) and the Special Servicer shall be entitled to (as additional special
servicing compensation) the other 50% of such fee.

                  Notwithstanding the foregoing, the Special Servicer
acknowledges that the Master Servicer has delegated certain tasks, rights and
obligations to the Primary Servicers with respect to Post Closing Requests (as
defined in the Primary Servicing Agreements) pursuant to Section

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8.4 of this Agreement. The Primary Servicing Agreements classify certain Post
Closing Requests as Category 1 Requests (as defined in the Primary Servicing
Agreements), in which each Primary Servicer has certain authority to evaluate
and process such requests in accordance with this Agreement, the applicable
Primary Servicing Agreement and applicable Mortgage Loan documents.

                  With respect to a Category 1 Request that involves a
condition, term or provision that requires, or specifies a standard of, consent
or approval of the applicable Mortgagee under the Mortgage Loan documents, the
Primary Servicing Agreements provide for the Master Servicer's determination of
materiality of such condition, term or provision requiring approval or consent
and the referral of such condition, term or provision to a Special Servicer for
consent in accordance with the terms of the Primary Servicing Agreements upon a
determination of materiality. The Special Servicer acknowledges such provisions.
Nothing in this Agreement, however, shall grant the Primary Servicers greater
authority, discretion or delegated rights over Post Closing Requests than are
set forth in the Primary Servicing Agreements.

                  Neither the Master Servicer nor the Special Servicer shall
have any liability, and shall be indemnified by the Trust for any liability to
the Mortgagor or the proposed assignee, for any delay in responding to requests
for assumption, if the same shall occur as a result of the failure of the Rating
Agencies, or any of them, to respond to such request in a reasonable period of
time.

                  (b) Other than with respect to the assignment and assumptions
referred to in subsection (a) above, if any Mortgage Loan that is not a
Specially Serviced Mortgage Loan contains a provision in the nature of a
"due-on-sale" clause, which by its terms (i) provides that such Mortgage Loan
shall (or may at the mortgagee's option) become due and payable upon the sale of
the related Mortgaged Property, or (ii) provides that such Mortgage Loan may not
be assumed without the consent of the related mortgagee in connection with any
such sale or other transfer, then, the Master Servicer shall review and make a
determination to either (i) enforce such due-on-sale clause or (ii) if in the
best economic interest of the Trust, waive the effect of such provision, such
waiver to be processed in the same manner as in Section 8.7(a); provided,
however, that if the Principal Balance of such Mortgage Loan (together with any
other Mortgage Loan with which it is cross-collateralized) at such time equals
or exceeds 5% of the Aggregate Certificate Balance or is one of the then current
top 10 loans (by Principal Balance) in the pool, then prior to waiving the
effect of such provision, the Master Servicer shall obtain Rating Agency
Confirmation regarding such waiver. In connection with the request for such
consent, the Master Servicer shall prepare and deliver to Fitch and S&P a
memorandum outlining its analysis and recommendation in accordance with the
Servicing Standard, together with copies of all relevant documentation. The
Master Servicer shall promptly forward copies of the assignment and assumption
documents relating to any Mortgage Loan to the Special Servicer, the Paying
Agent and the Trustee, and the Master Servicer shall promptly thereafter forward
such documents to the Rating Agencies. The Special Servicer and the Master
Servicer shall each be entitled to (as additional compensation) 50% of any fee
collected from a Mortgagor in connection with the granting or withholding such
consent (other than any such fee payable in connection with a Pari Passu Loan).

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<PAGE>

                  (c) The Master Servicer shall have the right to consent to any
transfers of an interest of a Mortgagor, to the extent such transfer is allowed
under the terms of the related Mortgage Loan, including any consent to transfer
to any subsidiary or affiliate of Mortgagor or to a person acquiring less than a
majority interest in the Mortgagor; provided, however, that if (i) the Principal
Balance of such Mortgage Loan (together with any other Mortgage Loan with which
it is cross-collateralized) at such time equals or exceeds 5% of the Aggregate
Certificate Balance or is one of the then current top 10 loans (by Principal
Balance) in the pool, and (ii) the transfer is of an interest in the Mortgagor
greater than 49%, then prior to consenting, the Master Servicer shall obtain a
Rating Agency Confirmation regarding such consent, the costs of which to be
payable by the related Mortgagor to the extent provided for in the Mortgage Loan
documents. The Master Servicer shall be entitled to collect and receive from
Mortgagors any customary fees in connection with such transfers of interest as
additional servicing compensation.

                  (d) The Trustee for the benefit of the Certificateholders and
the holder of any B Note shall execute any necessary instruments in the form
presented to it by the Master Servicer (pursuant to subsection (a)) or the
Special Servicer (pursuant to subsection (b)) for such assignments and
assumptions agreements. Upon the closing of the transactions contemplated by
such documents, the Master Servicer or the Special Servicer, as the case may be,
shall cause the originals of the assignment and assumption agreement, the
release (if any), or the modification or supplement to the Mortgage Loan to be
delivered to the Trustee except to the extent such documents have been submitted
to the recording office, in which event the Master Servicer shall promptly
deliver copies of such documents to the Trustee and the Special Servicer.

                  (e) If any Mortgage Loan (other than a Specially Serviced
Mortgage Loan) which contains a provision in the nature of a
"due-on-encumbrance" clause, which by its terms:

                           (i) provides that such Mortgage Loan shall (or may at
         the mortgagee's option) become due and payable upon the creation of any
         additional lien or other encumbrance on the related Mortgaged Property
         or a lien on the ownership interest in the Mortgagor; or

                           (ii)     requires the consent of the  Mortgagee  to
         the creation of any such additional lien or other encumbrance on the
         related Mortgaged Property,

then, as long as such Mortgage Loan is included in the Trust, the Master
Servicer, on behalf of the Trustee as the Mortgagee of record, shall exercise
(or, subject to Section 8.18, waive its right to exercise) any right it may have
with respect to such Mortgage Loan (x) to accelerate the payments thereon, or
(y) to withhold its consent to the creation of any such additional lien or other
encumbrance, in a manner consistent with the Servicing Standard, the following
paragraph and Section 8.18 hereof. The Master Servicer shall not waive the
effect of such provision without first obtaining Rating Agency Confirmation
regarding such waiver and complying with the provisions of the next succeeding
paragraph; provided, however, that such Rating Agency Confirmation shall only be
required if the applicable Mortgage Loan (x) represents 2% or more of the
Principal Balance of all of the Mortgage Loans held by the Trust or is one of
the 10 largest Mortgage Loans based on Principal Balance and (y) such Mortgage
Loan has a Loan-to-Value Ratio (which includes Junior Indebtedness, if any) that
is greater than or equal to 85% and a Debt

                                     -173-
<PAGE>

Service Coverage Ratio (which includes debt service on Junior Indebtedness, if
any) that is less than 1.2x.

                  Without limiting the generality of the preceding paragraph, in
the event that the Master Servicer receives a request for a waiver of any
"due-on-encumbrance" clause, the Master Servicer shall obtain relevant
information for purposes of evaluating such request for a waiver. If the Master
Servicer recommends to waive such clause, the Master Servicer shall provide to
the Special Servicer a copy of such recommendation and the materials upon which
such recommendation is based (which information shall consist of the information
to be included in the Additional Lien, Monetary Encumbrance and Mezzanine
Financing Submission Package to the Special Servicer, in the form attached
hereto as Exhibit V) and (A) the Special Servicer shall have the right hereunder
to grant or withhold consent to any such request in accordance with the terms of
the Mortgage Loan and this Agreement, and the Special Servicer shall not
unreasonably withhold such consent and any such decision of the Special Servicer
shall be in accordance with the Servicing Standard, (B) failure of the Special
Servicer to notify the Master Servicer in writing, within five (5) Business Days
following the Master Servicer's delivery of the recommendation described above
and the complete Additional Lien, Monetary Encumbrance and Mezzanine Financing
Submission Package to the Special Servicer on which the recommendation is based,
of its determination to grant or withhold such consent shall be deemed to
constitute a grant of such consent and (C) the Master Servicer shall not permit
any such waiver unless it has received the written consent of the Special
Servicer or such consent has been deemed to have been granted as described in
the preceding sentence. If the Special Servicer withholds consent pursuant to
the foregoing provisions, it shall provide the Master Servicer with a written
statement and a verbal explanation as to its reasoning and analysis. Upon
consent or deemed consent by the Special Servicer to such proposed waiver, the
Master Servicer shall process such request of the related Mortgagor subject to
the other requirements set forth above.

                  The parties hereto acknowledge that, if the payments described
in paragraph 39 of Exhibit 2 to the Mortgage Loan Purchase Agreements regarding
the obligation of a Mortgagor to pay the reasonable costs and expenses of
obtaining any Rating Agency Confirmation in connection with an assumption of the
related Mortgage Loan are insufficient to reimburse the Trust, then it shall be
the sole obligation of the related Seller to pay an amount equal to such
insufficiency to the extent the related Mortgagor is not required to pay them.
Promptly upon receipt of notice of such insufficiency, the Master Servicer or
the Special Servicer, as applicable, shall request the related Seller to make
such payment by deposit to the Certificate Account. The Master Servicer may not
waive such payment by the Mortgagor and shall use its reasonable efforts to
collect such amounts from the Mortgagor to the extent the related mortgage loan
documents require the related Mortgagor to pay such amounts.

                  SECTION 8.8 TRUSTEE TO COOPERATE; RELEASE OF TRUSTEE MORTGAGE
FILES. Upon the payment in full of any Mortgage Loan, the complete defeasance of
a Mortgage Loan, satisfaction or discharge in full of any Specially Serviced
Mortgage Loan, the purchase of an A Note by the holder of a B Note pursuant to
the related Intercreditor Agreement, or the receipt by the Master Servicer of a
notification that payment in full (or such payment, if any, in connection with
the satisfaction and discharge in full of any Specially Serviced Mortgage Loan)
will be escrowed in a manner customary for such purposes, and upon notification
by the Master Servicer in the form of a certification (which certification shall
include a statement to the effect that all

                                     -174-
<PAGE>

amounts received or to be received in connection with such payment which are
required to be deposited in the Certificate Account have been or will be so
deposited) of a Servicing Officer and a request for release of the Trustee
Mortgage File in the form of Exhibit C hereto the Trustee shall promptly release
the related Trustee Mortgage File to the Master Servicer and the Trustee shall
execute and deliver to the Master Servicer the deed of reconveyance or release,
satisfaction or assignment of mortgage or such instrument releasing the lien of
the Mortgage, as directed by the Master Servicer together with the Mortgage Note
with written evidence of cancellation thereon. The provisions of the immediately
preceding sentence shall not, in any manner, limit or impair the right of the
Master Servicer to execute and deliver, on behalf of the Trustee, the
Certificateholders, the holder of any B Note or any of them, any and all
instruments of satisfaction, cancellation or assignment without recourse,
representation or warranty, or of partial or full release or discharge and all
other comparable instruments, with respect to the Mortgage Loans or any B Note,
and with respect to the Mortgaged Properties held for the benefit of the
Certificateholders and the holder of any B Note. No expenses incurred in
connection with any instrument of satisfaction or deed of reconveyance shall be
chargeable to the Distribution Account but shall be paid by the Master Servicer
except to the extent that such expenses are paid by the related Mortgagor in a
manner consistent with the terms of the related Mortgage and applicable law.
From time to time and as shall be appropriate for the servicing of any Mortgage
Loan, including for such purpose, collection under any policy of flood
insurance, any Servicer Fidelity Bond or Errors and Omissions Policy, or for the
purposes of effecting a partial or total release of any Mortgaged Property from
the lien of the Mortgage or the making of any corrections to the Mortgage Note
or the Mortgage or any of the other documents included in the Trustee Mortgage
File, the Trustee shall, upon request of the Master Servicer and the delivery to
the Trustee of a Request for Release signed by a Servicing Officer, in the form
of Exhibit C hereto, release the Trustee Mortgage File to the Master Servicer or
the Special Servicer, as the case may be.

                  SECTION 8.9 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF
MASTER SERVICER TO BE HELD FOR THE TRUSTEE FOR THE BENEFIT OF THE
CERTIFICATEHOLDERS.

                  Notwithstanding any other provisions of this Agreement, the
Master Servicer shall transmit to the Trustee, to the extent required by this
Agreement, all documents and instruments coming into the possession of the
Master Servicer from time to time and shall account fully to the Trustee and the
Paying Agent for any funds received or otherwise collected thereby, including
Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan. All
Servicer Mortgage Files and funds collected or held by, or under the control of,
the Master Servicer in respect of any Mortgage Loans (or any B Note), whether
from the collection of principal and interest payments or from Liquidation
Proceeds or Insurance Proceeds, including any funds on deposit in the
Certificate Account (or any A/B Loan Custodial Account), shall be held by the
Master Servicer for and on behalf of the Trustee and the Certificateholders (or
the holder of any B Note, as applicable) and shall be and remain the sole and
exclusive property of the Trustee, subject to the applicable provisions of this
Agreement. The Master Servicer agrees that it shall not create, incur or subject
any Servicer Mortgage Files or Trustee Mortgage File or any funds that are
deposited in the Certificate Account or any Escrow Account, or any funds that
otherwise are or may become due or payable to the Trustee or the Paying Agent,
to any claim, lien, security interest, judgment, levy, writ of attachment or
other encumbrance, or assert by legal action or otherwise any claim or right of
setoff against any Servicer Mortgage Files or Trustee

                                     -175-
<PAGE>

Mortgage File or any funds collected on, or in connection with, a Mortgage Loan,
except, however, that the Master Servicer shall be entitled to receive from any
such funds any amounts that are properly due and payable to the Master Servicer
under this Agreement.

                  SECTION 8.10 SERVICING COMPENSATION.

                  (a) As compensation for its activities hereunder, the Master
Servicer shall be entitled to the Master Servicing Fee, which shall be payable
by the Trust from amounts held in the Certificate Account (and from the related
A/B Loan Custodial Account to the extent related solely to a B Note) or
otherwise collected from the Mortgage Loans as provided in Section 5.2. The
Master Servicer shall be required to pay to each Primary Servicer its related
Primary Servicing Fees, which shall be payable by the Trust from amounts as
provided in Section 5.1(c), unless retained by the Primary Servicers from
amounts transferred to the Master Servicer in accordance with the terms of the
Primary Servicing Agreements. The Master Servicer shall be required to pay to
the holders of the rights to the Excess Servicing Fees, the Excess Servicing
Fees, which shall be payable by the Trust as provided in Section 5.1(c), unless
otherwise retained by the holders of such rights. Notwithstanding anything
herein to the contrary, if any of the holders of the right to receive Excess
Servicing Fees resigns or is no longer Master Servicer or Primary Servicer, as
applicable, for any reason, it will continue to have the right to receive its
portion of the Excess Servicing Fee, and any of the holders of the right to
receive Excess Servicing Fees shall have the right to assign its portion of the
Excess Servicing Fee, whether or not it is then acting as Master Servicer or
Primary Servicer hereunder. The Master Servicer shall also be entitled to the
Primary Servicing Fee, which shall be payable by the Trust from amounts held in
the Certificate Account (or a sub-account thereof) or otherwise collected from
the Mortgage Loans as provided in Section 5.2, provided that the Primary
Servicing Fee payable to the Master Servicer shall only be collected from the
Mortgage Loans set forth on Schedule II, Schedule IV and Schedule V, except as
provided in Section 8.28(c).

                  (b) Additional servicing compensation in the form of
assumption fees, extension fees, servicing fees, default interest (excluding
default interest allocable to any B Note if the holder of the B Note has cured
the related default pursuant to the terms of the Intercreditor Agreement)
payable at a rate above the Mortgage Rate (net of any amount used to pay Advance
Interest), Modification Fees, forbearance fees, Late Fees (net of Advance
Interest) (excluding Late Fees allocable to any B Note if the holder of the B
Note has cured the related default pursuant to the terms of the Intercreditor
Agreement) or other usual and customary charges and fees actually received from
Mortgagors shall be retained by the Master Servicer, provided that the Master
Servicer shall be entitled to (i) receive 50% of assumption fees collected on
Mortgage Loans as provided in Section 8.7(a), (ii) Modification Fees as provided
in Section 8.18 hereof, and (iii) 100% of any extension fees collected from the
related Mortgagor in connection with the extension of the Maturity Date of any
Mortgage Loan as provided in Section 8.18; provided, however, that the Master
Servicer shall not be entitled to any such fees in connection with any Specially
Serviced Mortgage Loans or a Pari Passu Loan. If the Master Servicer collects
any amount payable to the Special Servicer hereunder in connection with an REO
Mortgage Loan or Specially Serviced Mortgage Loan, the Master Servicer shall
promptly remit such amount to the Special Servicer as provided in Section 5.2.
The Master Servicer shall be required to pay all applicable expenses incurred by
it in connection with its servicing activities hereunder.

                                     -176-
<PAGE>

                  (c) Notwithstanding any other provision herein, the Master
Servicing Fee for each monthly period relating to each Determination Date shall
be reduced by an amount equal to the Compensating Interest (if any) relating to
Mortgage Loans which are not Specially Serviced Mortgage Loans for such
Determination Date.

                  (d) The Master Servicer shall also be entitled to additional
servicing compensation of (i) an amount equal to the excess, if any, of the
aggregate Prepayment Interest Excess relating to Mortgage Loans which are not
Specially Serviced Mortgage Loans for each Distribution Date over the aggregate
Prepayment Interest Shortfalls for such Mortgage Loans for such Distribution
Date, (ii) interest or other income earned on deposits in the Certificate
Account and the Distribution Account (but only to the extent of the net
investment earnings, if any, with respect to each such account), 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 Escrow Accounts.

                  SECTION 8.11 MASTER SERVICER REPORTS; ACCOUNT STATEMENTS.

                  (a) For each Distribution Date, (i) the Master Servicer shall
deliver to the Paying Agent, no later than 1:00 p.m., New York City time, on the
related Report Date, the Master Servicer Remittance Report with respect to such
Distribution Date including any information regarding prepayments made pursuant
to Section 5.2(b) and (ii) the Master Servicer shall report to the Paying Agent
on the related Advance Report Date, the amount of P&I Advance to be made by the
Master Servicer on the related Master Servicer Remittance Date. The Special
Servicer is required to provide all applicable information relating to Specially
Serviced Mortgage Loans in order for the Master Servicer to satisfy its duties
in this Section 8.11. The Master Servicer Remittance Report shall be updated
(and delivered to the Paying Agent as updated) no later than 2 p.m. on the
second Business Day prior to the Distribution Date to reflect any payment on a
Mortgage Loan for which the Scheduled Payment is paid on a Due Date (or within
its grace period) that occurs after the end of the related Collection Period.

                  (b) The Master Servicer shall deliver to the Trustee, the
Paying Agent and the Special Servicer within 30 days following each Distribution
Date a statement setting forth the status of the Certificate Account as of the
close of business on such Distribution Date showing, for the period covered by
such statement, the aggregate of deposits in or withdrawals from the Certificate
Account, and shall deliver to each holder of a B Note within 30 days following
each Distribution Date a statement setting forth the status of the related A/B
Loan Custodial Account as of the close of business on such Distribution Date
showing, for the period covered by such statement, the aggregate of transfers in
and transfers from or deposits in or withdrawals from such A/B Loan Custodial
Account.

                  (c) The Master Servicer shall promptly inform the Special
Servicer of the name, account number, location and other necessary information
concerning the Certificate Account in order to permit the Special Servicer to
make deposits therein.

                  (d) Reserved

                  (e) The Master Servicer shall deliver a copy of any reports or
information delivered to the Trustee or the Paying Agent pursuant to subsection
(a) or subsection (b) of this

                                     -177-
<PAGE>

Section 8.11 to the Depositor, the Special Servicer, the Operating Adviser and
each Rating Agency, in each case upon request by such Person and only to the
extent such reports and information are not otherwise required to be delivered
to such Person under any provision of this Agreement.

                  (f) Notwithstanding any provision of this Agreement to the
contrary, the Master Servicer shall not have any obligation (other than to the
Special Servicer) to deliver any statement, notice or report that is then made
available on the Master Servicer's or the Paying Agent's internet website,
provided that it has notified all parties entitled to delivery of such reports,
by electronic mail or other notice provided in this Agreement, to the effect
that such statements, notices or reports shall thereafter be made available on
such website from time to time.

                  (g) The Master Servicer shall deliver or cause to be delivered
to the Paying Agent the following CMSA Reports with respect to the Mortgage
Loans (and, if applicable, the related REO Properties and, to the extent
received from the 2002-IQ2 Master Servicer, the Pari Passu Loan) providing the
required information as of the related Determination Date upon the following
schedule: (i) a Comparative Financial Status Report not later than each Report
Date, commencing in December 2002; (ii) an Operating Statement Analysis Report,
the Financial File and an NOI Adjustment Worksheet in accordance with Section
8.14 of this Agreement; (iii) a Servicer Watch List in accordance with and
subject to the terms of Section 8.11(h) on each Report Date, commencing in
December 2002; (iv) a Loan Set-Up File (with respect to the initial Distribution
Date only) not later than the Report Date in November 2002; (v) a Loan Periodic
Update File not later than each Report Date commencing in November 2002; (vi) a
Property File not later than each Report Date, commencing in January 2003; (vii)
a Delinquent Loan Status Report on each Report Date, commencing in December
2002; (viii) an Historical Loan Modification Report not later than each Report
Date, commencing in December 2002, (ix) an Historical Liquidation Report not
later than each Report Date, commencing in December 2002; and (x) an REO Status
Report on each Report Date, commencing in December 2002. The information that
pertains to Specially Serviced Mortgage Loans and REO Properties reflected in
such reports shall be based solely upon the reports delivered by the Special
Servicer to the Master Servicer in writing and on a computer readable medium
reasonably acceptable to the Master Servicer and the Special Servicer on the
Determination Date prior to the related Master Servicer Remittance Date in the
form required under Section 9.32. The Master Servicer's responsibilities under
this Section 8.11(g) with respect to REO Loans and Specially Serviced Mortgage
Loans shall be subject to the satisfaction of the Special Servicer's obligations
under Section 9.32. The reporting obligations of the Master Servicer in
connection with any A/B Mortgage Loan shall be construed to refer only to such
information regarding the A/B Mortgage Loan (and its related Mortgaged Property)
and by reference to the related A Note only, but whenever the Master Servicer
remits funds to the holder of the related B Note, it shall thereupon deliver to
such holder a remittance report identifying the amounts in such remittance.

                  (h) For each Distribution Date, the Master Servicer shall
deliver to the Paying Agent (and solely with respect to any A/B Mortgage Loan,
the holder of the related B Note), not later than the related Report Date, a
Servicer Watch List. To the extent the Master Servicer has knowledge thereof,
the Master Servicer shall list any Mortgage Loan on the Servicer Watch List as
to which any of the following events have occurred following the Cut-Off Date:
(i) Mortgage

                                     -178-
<PAGE>

Loans having a current Debt Service Coverage Ratio that is 88% or less of the
Debt Service Coverage Ratio listed for such Mortgage Loan on Annex A to the
Final Prospectus Supplement or having a Debt Service Coverage Ratio that is less
than 1.10x, (ii) Mortgage Loans as to which any required inspection of the
related Mortgaged Property conducted by the Master Servicer indicates a problem
that the Master Servicer determines can reasonably be expected to materially
adversely affect the cash flow generated by such Mortgaged Property, (iii)
Mortgage Loans which have come to the Master Servicer's attention in the
performance of its duties under this Agreement, in respect of which (A) the
occupancy of the related Mortgaged Property is under 80%, (B) any tenant
occupying 25% or more of the space in the related Mortgaged Property vacates the
Mortgaged Property (without being replaced by one or more comparable tenants and
leases) or is the subject of bankruptcy or similar proceedings if the Master
Servicer has received written notice of such proceedings or such proceedings
have become general public knowledge, (C) with respect to Mortgaged Properties
operated as a hotel, the occupancy thereof is more than 10% less than the
occupancy as of the Cut-Off Date as set forth in Appendix I to the Prospectus
Supplement or (D) any Mortgagor or an affiliate thereof has been the subject of
bankruptcy or similar proceedings if the Master Servicer has received written
notice of such proceedings or such proceedings have become general public
knowledge, (iv) Mortgage Loans that are at least 30 days delinquent in payment,
(v) Mortgage Loans that are within 90 days of maturity, (vi) Mortgage Loans that
are delinquent in respect of real estate taxes, (vii) Mortgage Loans for which
any outstanding advances exist, (viii) Mortgage Loans that are late after the
expiration of any grace period in making monthly payments three or more times in
the preceding 12 months (commencing with the first anniversary of the Closing
Date) and (ix) any Rehabilitated Mortgage Loan until the Mortgagor has made
three (3) consecutive payments. As soon as reasonably practicable after the
implementation date recommended by the CMSA in conjunction with the publication
of the CMSA Watch List for industry use, the Master Servicer shall use such
report instead of the Servicer Watch List described above, but in any event,
agrees to use such report within 3 months after such recommended implementation
date.

                  (i) If the Master Servicer delivers a notice of drawing to
effect a drawing on any letter of credit or debt service reserve account under
which the Trust has rights as the holder of any Mortgage Loan for purposes other
than payment or reimbursement of amounts contemplated in and by a reserve or
escrow agreement (other than after a default under an applicable Mortgage Loan),
the Master Servicer shall, within five (5) Business Days following its receipt
of the proceeds of such drawing, deliver notice thereof to the Special Servicer,
the Operating Adviser and the Paying Agent, which notice shall set forth (i) the
unpaid Principal Balance of such Mortgage Loan immediately before and
immediately after the drawing, and (ii) a brief description of the circumstances
that in the Master Servicer's good faith and reasonable judgment entitled the
Master Servicer to make such drawing.

                  SECTION 8.12 ANNUAL STATEMENT AS TO COMPLIANCE. The Master
Servicer shall deliver to the Depositor, the Paying Agent, the Luxembourg Paying
Agent and the Trustee on or before March 15 of each year, commencing in March
2003, an Officer's Certificate stating, as to the signer thereof, that (A) a
review of the activities of the Master Servicer during the preceding calendar
year or portion thereof and of the performance of the Master Servicer under this
Agreement has been made under such officer's supervision and (B) to the best of
such officer's knowledge, based on such review, the Master Servicer has
fulfilled all its obligations under this Agreement in all material respects
throughout such year, or, if there has been a default in the

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fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof. The Master Servicer shall forward a
copy of each such statement to the Rating Agencies and the Operating Adviser.
Promptly after receipt of such Officer's Certificate, the Depositor shall review
the Officer's Certificate and, if applicable, consult with the Master Servicer
as to the nature of any defaults by the Master Servicer in the fulfillment of
any of the Master Servicer's obligations hereunder.

                  SECTION 8.13 ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING
REPORT. On or before noon (Eastern Time) on March 15 of each year (or March 14
if a leap year), commencing in March 2003, the Master Servicer at its expense
shall cause a firm of nationally recognized independent public accountants
(which may also render other services to the Master Servicer) and that is a
member of the American Institute of Certified Public Accountants to furnish a
statement to the Trustee, the Paying Agent, the Luxembourg Paying Agent and the
Depositor, with a copy to the Rating Agencies, to the effect that (i) it has
obtained a letter of representation regarding certain matters from the
management of the Master Servicer, which includes an assertion that the Master
Servicer 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 Primary
Servicers or Sub-Servicers, upon comparable reports of firms of independent
certified public accountants rendered on the basis of examinations conducted in
accordance with the same standards (rendered within one year of such report)
with respect to those Primary Servicers or Sub-Servicers. Promptly after receipt
of such report, the Depositor shall review the report and, if applicable,
consult with the Master Servicer as to the nature of any defaults by the Master
Servicer in the fulfillment of any of the Master Servicer's obligations
hereunder.

                  SECTION 8.14 OPERATING STATEMENT ANALYSIS REPORTS REGARDING
THE MORTGAGED PROPERTIES. Within 105 calendar days after the end of each of the
first three calendar quarters (in each year) for the trailing or quarterly
information received, commencing in the quarter ending on March 31, 2003, the
Master Servicer (in the case of Mortgage Loans that are not Specially Serviced
Mortgage Loans) or the Special Servicer (in the case of Specially Serviced
Mortgage Loans) shall deliver to the Paying Agent an Operating Statement
Analysis Report and a CMSA Financial File for each Mortgaged Property (in
electronic format), prepared using the non-normalized quarterly and year-end
operating statements and rent rolls received from the related Mortgagor. Not
later than the Report Date occurring in July of each year, beginning in 2003,
the Master Servicer (in the case of Mortgage Loans that are not Specially
Serviced Mortgage Loans) or the Special Servicer (in the case of Specially
Serviced Mortgage Loans) shall deliver to the Paying Agent an Operating
Statement Analysis Report, a CMSA Financial File and an NOI Adjustment Worksheet
for each Mortgage Loan (in electronic format), based on the most recently
available year-end financial statements and most recently available

                                     -180-
<PAGE>

rent rolls of each applicable Mortgagor (to the extent provided to the Master
Servicer by or on behalf of each Mortgagor, or, in the case of Specially
Serviced Mortgaged Loans, as provided to the Special Servicer, which Special
Servicer shall forward such information to the Master Servicer on or before May
31 of each such year), containing such information and analyses for each
Mortgage Loan provided for in the respective forms of Operating Statement
Analysis Report, CMSA Financial File and an NOI Adjustment Worksheet as would
customarily be included in accordance with the Servicing Standard including,
without limitation, Debt Service Coverage Ratios and income, subject in the case
of the Pari Passu Loan, to the receipt of such report from the 2002-IQ2 Master
Servicer or the 2002-IQ2 Special Servicer. The Master Servicer shall make
reasonable efforts, consistent with the Servicing Standard, to obtain such
reports from the 2002-IQ2 Master Servicer or the 2002-IQ2 Special Servicer. In
addition, the Master Servicer shall deliver to the Operating Adviser, and upon
request the Master Servicer shall make available to the Rating Agencies, the
Special Servicer, the Paying Agent and the Trustee, within 30 days following
receipt thereof by the Master Servicer, copies of any annual, monthly or
quarterly financial statements and rent rolls collected with respect to the
Mortgaged Properties. As and to the extent reasonably requested by the Special
Servicer, the Master Servicer shall make inquiry of any Mortgagor with respect
to such information or as regards the performance of the related Mortgaged
Property in general. The Paying Agent shall provide or make available
electronically at no cost to the Certificateholders or Certificate Owners, the
Rating Agencies, the Operating Adviser, the Depositor, the Placement Agents, the
Underwriters, and solely as it relates to any A/B Mortgage Loan, to the holder
of the related B Note, the Operating Statement Analysis Reports, CMSA Financial
Files and NOI Adjustment Worksheets described above pursuant to Section 5.4(a).

                  SECTION 8.15 OTHER AVAILABLE INFORMATION AND CERTAIN RIGHTS OF
THE MASTER SERVICER.

                  (a) Subject to paragraphs (b), (c) and (d) below, the Paying
Agent shall make available at its Corporate Trust Office, during normal business
hours, upon reasonable advance written notice for review by any
Certificateholder, any Certificate Owner, any Seller, any Primary Servicer, any
Placement Agent, any Underwriter, each Rating Agency, the Paying Agent or the
Depositor (and the holder of a B Note, if it relates to a B Note), originals or
copies of, among other things, the following items: (i) this Agreement and any
amendments thereto, (ii) all final and released Operating Statement Analysis
Reports and the Master Servicer Remittance Reports, (iii) all Officer's
Certificates (including Officer's Certificates evidencing any determination of
Nonrecoverable Advances) delivered to the Trustee and the Paying Agent since the
Closing Date, (iv) all accountants' reports delivered to the Trustee and the
Paying Agent since the Closing Date, (v) any and all modifications, waivers and
amendments of the terms of a Mortgage Loan entered into by the Master Servicer
and/or the Special Servicer and (vi) any and all Officers' Certificates (and
attachments thereto) delivered to the Trustee and the Paying Agent to support
the Master Servicer's determination that any Advance was not or, if made, would
not be, recoverable. The Trustee and the Paying Agent will be permitted to
require payment of a sum to be paid by the requesting party (other than the
Rating Agencies, the Trustee, the Paying Agent, any Placement Agent or any
Underwriter) sufficient to cover the reasonable costs and expenses of making
such information available.

                                     -181-
<PAGE>

                  (b) Subject to the restrictions described below, the Master
Servicer shall afford the Rating Agencies, the Depositor, the Trustee, the
Paying Agent, the Special Servicer, the Primary Servicers, the Sellers, the
Placement Agents, the Underwriters, the Operating Adviser, any
Certificateholder, any holder of a B Note or Certificate Owner, upon reasonable
notice and during normal business hours, reasonable access to all information
referred to in Section 8.15(a) and any additional relevant,
non-attorney-client-privileged records and documentation regarding the
applicable Mortgage Loans, REO Property and all accounts, insurance policies and
other relevant matters relating to this Agreement (which access may occur by
means of the availability of information on the Master Servicer's or the Paying
Agent's internet website), and access to Servicing Officers of the Master
Servicer responsible for its obligations hereunder. Copies of information or
access will be provided to Certificateholders and each Certificate Owner
providing satisfactory evidence of ownership of Certificates or beneficial
ownership of a Certificate, as the case may be, which may include a
certification. Copies (or computer diskettes or other digital or electronic
copies of such information if reasonably available in lieu of paper copies) of
any and all of the foregoing items shall be made available by the Master
Servicer upon request; provided, however, that the Master Servicer shall be
permitted to require payment by the requesting party (other than the Depositor,
the Trustee, the Paying Agent, the Special Servicer, any Placement Agent, any
Underwriter, or any Rating Agency) of a sum sufficient to cover the reasonable
expenses actually incurred by the Master Servicer of providing access or copies
(including electronic or digital copies) of any such information requested in
accordance with the preceding sentence.

                  (c) Nothing herein shall be deemed to require the Master
Servicer to confirm, represent or warrant the accuracy of (or to be liable or
responsible for) any other Person's information or report. Notwithstanding the
above, the Master Servicer shall not have any liability to the Depositor, the
Trustee, the Fiscal Agent, the Paying Agent, the Special Servicer, the 2002-IQ2
Master Servicer, the 2002-IQ2 Special Servicer, any Certificateholder, any
Certificate Owner, any holder of a B Note, any Placement Agent, any Underwriter,
any Rating Agency or any other Person to whom it delivers information pursuant
to this Section 8.15 or any other provision of this Agreement for federal, state
or other applicable securities law violations relating to the disclosure of such
information. In the event any Person brings any claims relating to or arising
from the foregoing against the Master Servicer (or any employee, attorney,
officer, director or agent thereof), the Trust (from amounts held in any account
or otherwise) shall hold harmless and indemnify the Master Servicer from any
loss or expense (including attorney fees) relating to or arising from such
claims.

                  (d) The Master Servicer shall produce the reports required of
it under this Agreement; provided, however, that the Master Servicer shall not
be required to produce any ad hoc non-standard written reports with respect to
such Mortgage Loans. In the event the Master Servicer elects to provide such
non-standard reports, it may require the Person requesting such report (other
than a Rating Agency) to pay a reasonable fee to cover the costs of the
preparation thereof. Notwithstanding anything to the contrary herein, as a
condition to the Master Servicer making any report or information available upon
request to any Person other than the parties hereto, the Master Servicer may
require that the recipient of such information acknowledge that the Master
Servicer may contemporaneously provide such information to the Depositor, the
Trustee, the Fiscal Agent, the Paying Agent, the Special Servicer, the Primary
Servicers, the Sellers, any Placement Agent, any Underwriter, any Rating Agency
and/or the

                                     -182-
<PAGE>

Certificateholders, the holder of a B Note or Certificate Owners. Any
transmittal of information by the Master Servicer to any Person other than the
Trustee, the Paying Agent, the Master Servicer, the Special Servicer, the Rating
Agencies, the Operating Adviser or the Depositor may be accompanied by a letter
from the Master Servicer containing the following provision:

                  "By receiving the information set forth herein, you hereby
         acknowledge and agree that the United States securities laws restrict
         any person who possesses material, non-public information regarding the
         Trust which issued Bear Stearns Commercial Mortgage Securities Inc.,
         Commercial Mortgage Pass-Through Certificates, Series 2002-TOP8 from
         purchasing or selling such Certificates in circumstances where the
         other party to the transaction is not also in possession of such
         information. You also acknowledge and agree that such information is
         being provided to you for the purpose of, and such information may be
         used only in connection with, evaluation by you or another
         Certificateholder, Certificate Owner or prospective purchaser of such
         Certificates or beneficial interest therein."

                  (e) The Master Servicer may, at its discretion, make available
by electronic media and bulletin board service certain information and may make
available by electronic media or bulletin board service (in addition to making
such information available as provided herein) any reports or information
required by this Agreement that the Master Servicer is required to provide to
any of the Rating Agencies, the Depositor and anyone the Depositor reasonably
designates.

                  (f) The Master Servicer shall cooperate in providing the
Rating Agencies with such other pertinent information relating to the Mortgage
Loans as is or should be in their respective possession as the Rating Agencies
may reasonably request.

                  SECTION 8.16 RULE 144A INFORMATION. For as long as any of the
Certificates are "restricted securities" within the meaning of Rule 144A under
the Securities Act, the Master Servicer agrees to provide to the Paying Agent or
the Luxembourg Paying Agent, as applicable, for delivery to any Holder thereof,
any Certificate Owner therein and to any prospective purchaser of the
Certificates or beneficial interest therein reasonably designated by the Paying
Agent or the Luxembourg Paying Agent, as applicable, upon the request of such
Certificateholder, such Certificate Owner, the Paying Agent or the Luxembourg
Paying Agent, as applicable, subject to this Section 8.16 and the provisions of
Sections 5.4 and 8.15, any information prepared by the Master Servicer that is
required to be provided to such holder or prospective purchaser to satisfy the
condition set forth in Rule 144A(d)(4) under the Securities Act, including,
without limitation, copies of the reports and information described in Sections
8.15(a) and (b).

                  Any recipient of information provided pursuant to this Section
8.16 shall agree that such information shall not be disclosed or used for any
purpose other than the evaluation of the Certificates by such Person and the
Master Servicer shall be permitted to use the letter referred to in Section
8.15(d). Unless the Master Servicer chooses to deliver the information directly,
the Depositor, the Placement Agents, the Underwriters, the Paying Agent or the
Luxembourg Paying Agent shall be responsible for the physical delivery of the
information

                                     -183-
<PAGE>

requested pursuant to this Section 8.16. As a condition to the Master Servicer
making any report or information available upon request to any Person other than
the parties hereto, the Master Servicer may require that the recipient of such
information acknowledge that the Master Servicer may contemporaneously provide
such information to the Depositor, the Trustee, the Paying Agent, the Luxembourg
Paying Agent, the Placement Agents, the Underwriters, any Rating Agency and/or
the Certificateholders and Certificate Owners. The Master Servicer will be
permitted to require payment of a sum to be paid by the requesting party (other
than the Rating Agencies, the Trustee, the Paying Agent, the Placement Agents or
the Underwriters) sufficient to cover the reasonable costs and expenses of
making such information available.

                  SECTION 8.17 INSPECTIONS. The Master Servicer shall, at its
own expense, inspect or cause to be inspected each Mortgaged Property other than
Mortgaged Properties related to Specially Serviced Mortgage Loans and the Pari
Passu Loan, every calendar year beginning in 2003, or every second calendar year
beginning in 2003 if the Principal Balance of the related Mortgage Loan is under
$2 million; provided that the Master Servicer shall, at the expense of the
Trust, inspect or cause to be inspected each Mortgaged Property related to a
Mortgage Loan that has a Debt Service Coverage Ratio that falls below 1.0x. The
Master Servicer shall prepare an Inspection Report relating to each inspection.
The Master Servicer shall promptly forward the applicable Inspection Report to
the Rating Agencies, the Placement Agents, the Underwriters, the Depositor, the
Trustee, the Paying Agent, the Operating Adviser, the Special Servicer and
solely as it relates to any A/B Mortgage Loan, to the holder of the related B
Note, and upon request, to any Certificateholder, any Certificate Owner, any
Seller and any Primary Servicer. The Special Servicer shall have the right to
inspect or cause to be inspected (at its own expense) every calendar year any
Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced
Mortgage Loan, provided that the Special Servicer notifies the Master Servicer
prior to such inspection.

                  SECTION 8.18 MODIFICATIONS, WAIVERS, AMENDMENTS, EXTENSIONS
AND CONSENTS.

                  Subject to the limitations of Section 12.3 hereof, the Master
Servicer shall have the following powers:

                  (a) (i) The Master Servicer in accordance with the Servicing
Standard may agree to any modification, waiver, amendment or consent of or
relating to any term (including, without limitation, Master Servicer Consent
Matters set forth in Section 8.3(a) hereof) other than a Money Term of a
Mortgage Loan that is not a Specially Serviced Mortgage Loan, provided that such
amendment would not result in an Adverse REMIC Event; and provided, further that
if any consent relates to a release of a letter of credit relating to any
Mortgage Loan (other than letters of credit or portions thereof released upon
satisfaction of conditions specified in the related agreements), then (i) the
Master Servicer shall notify the Special Servicer of any Mortgagor's request to
release such letter of credit which the Master Servicer recommends to release,
and (ii) if the terms of the related Mortgage Loan do not require the Master
Servicer to approve such release, then the Special Servicer shall within five
Business Days provide notice to the Master Servicer on whether the Master
Servicer should approve the release (and the failure of the Special Servicer to
give the Master Servicer such notice shall automatically be deemed to be an
approval by the Special Servicer that the Master Servicer

                                     -184-
<PAGE>

should grant such release). Notwithstanding the preceding sentence, if the
Master Servicer recommends to approve such modification, waiver, amendment or
consent which is not a Master Servicer Consent Matter (including, without
limitation, any waiver of any requirement that the Mortgagor post additional
reserves or a letter of credit upon the failure of the Mortgagor to satisfy
conditions specified in the Mortgage Loan documents), the Master Servicer shall
provide to the Special Servicer a copy of the Master Servicer's recommendation
and the relevant information obtained or prepared by the Master Servicer in
connection therewith; provided, that (A) the Special Servicer shall have the
right hereunder to grant or withhold consent to any such proposed modification,
waiver, amendment or consent, and such consent of the Special Servicer shall not
be unreasonably withheld, consistent with the Servicing Standard, (B) failure of
the Special Servicer to notify the Master Servicer, within five Business Days
following the Master Servicer's delivery of the recommendation described above,
of its determination to grant or withhold such consent shall be deemed to
constitute a grant of such consent and (C) the Master Servicer shall not enter
into any such proposed modification, waiver, amendment or consent unless it has
received the written consent of the Special Servicer or such consent has been
deemed to have been granted as described above. Notwithstanding anything in this
Agreement to the contrary, the Master Servicer shall not be required to obtain
or request the consent of the Special Servicer in connection with any
modification, waiver or amendment, or granting its consent to transactions,
under one or more of the Mortgage Loans that in each case the Master Servicer
has determined (in accordance with the Servicing Standard) is immaterial. In any
event, the Master Servicer shall promptly notify the Special Servicer of any
material modification, waiver, amendment or consent executed by the Master
Servicer pursuant to this Section 8.18(a)(i) and provide to the Special Servicer
a copy thereof. Notwithstanding the foregoing provisions of this Section 8.18,
if the Mortgage Loan documents require a Mortgagor to pay a fee for an
assumption, modification, waiver, amendment or consent that would be due or
partially due to the Special Servicer, then the Master Servicer shall not waive
the portion of such fee due to the Special Servicer without the Special
Servicer's approval.

                  Notwithstanding the foregoing, the Special Servicer
acknowledges that the Master Servicer has delegated certain tasks, rights and
obligations to the Primary Servicers with respects to Post Closing Requests (as
defined in the Primary Servicing Agreements) pursuant to Section 8.4 of this
Agreement. The Primary Servicing Agreements classify certain Post Closing
Requests as Category 1 Requests (as defined in the Primary Servicing
Agreements), in which each Primary Servicer has certain authority to evaluate
and process such requests in accordance with this Agreement, the applicable
Primary Servicing Agreement and applicable Mortgage Loan documents.

                           With respect to a Category 1 Request that involves a
condition, term or provision that requires, or specifies a standard of, consent
or approval of the applicable Mortgagee under the Mortgage Loan documents, the
Primary Servicing Agreements provide for Master Servicer's determination of
materiality of such condition, term or provision requiring approval or consent
and the referral of such condition, term or provision to the Special Servicer
for consent in accordance with the terms of the Primary Servicing Agreements
upon a determination of materiality. The Special Servicer acknowledges such
provisions. Nothing in this Agreement, however, shall grant the Primary
Servicers greater authority, discretion or delegated rights over Post Closing
Requests than are set forth in the Primary Servicing Agreements.

                                     -185-
<PAGE>

                           (ii)    The Master Servicer may,  without the consent
of the Special Servicer, extend the maturity date of any Balloon Mortgage Loan
that is not a Specially Serviced Mortgage Loan to a date that is not more than
60 days following the original Maturity Date, if in the Master Servicer's sole
judgment exercised in good faith (and evidenced by an Officer's Certificate), a
default in the payment of the Balloon Payment is reasonably foreseeable and such
extension is reasonably likely to produce a greater recovery to the Holders on a
net present value basis than liquidation of such Mortgage Loan and the Mortgagor
has obtained an executed written commitment (subject only to satisfaction of
conditions set forth therein) for refinancing of the Mortgage Loan or purchase
of the related Mortgaged Property. The Master Servicer shall process all such
extensions and shall be entitled to (as additional servicing compensation) 100%
of any extension fees collected from a Mortgagor with respect to any such
extension.

                  (b) The Master Servicer may require, in its discretion (unless
prohibited or otherwise provided in the Mortgage Loan documents), as a condition
to granting any request by a Mortgagor for any consent, modification, waiver or
amendment, that such Mortgagor pay to the Master Servicer a reasonable and
customary modification fee to the extent permitted by law; provided that the
collection of such fee shall not be permitted if collection of such fee would
cause a "significant modification" (within the meaning of Treasury Regulation
Section 1.860G-2(b) of the Mortgage Loan). The Master Servicer shall be entitled
to (as additional servicing compensation) 100% of any Modification Fees
collected from a Mortgagor in connection with a consent, waiver, modification or
amendment of a non-Specially Serviced Mortgage Loan executed or granted pursuant
to Section 8.3 or this Section 8.18. The Master Servicer may charge the
Mortgagor for any costs and expenses (including attorneys' fees and rating
agency fees) incurred by the Master Servicer or the Special Servicer (which
amounts shall be reimbursed to the Special Servicer) in connection with any
request for a modification, waiver or amendment. The Master Servicer agrees to
use its best reasonable efforts in accordance with the Servicing Standard to
collect such costs, expenses and fees from the Mortgagor, provided that the
failure or inability of the Mortgagor to pay any such costs and expenses shall
not impair the right of the Master Servicer to cause such costs and expenses
(but not including any modification fee), and interest thereon at the Advance
Rate, to be paid or reimbursed by the Trust as a Servicing Advance (to the
extent not paid by the Mortgagor). If the Master Servicer believes that the
costs and expenses (including attorneys' fees) to be incurred by the Master
Servicer in connection with any request for a modification, waiver or amendment
will result in a payment or reimbursement by the Trust, then the Master Servicer
shall notify the Special Servicer.

                  (c) The Master Servicer shall notify the Trustee, the Paying
Agent and the Special Servicer of any modification, waiver or amendment of any
term of any Mortgage Loan permitted by it under this Section and the date
thereof, and shall deliver to the Trustee for deposit in the related Mortgage
File, an original counterpart of the agreement relating to such modification,
waiver or amendment, promptly following the execution thereof except to the
extent such documents have been submitted to the applicable recording office, in
which event the Master Servicer shall promptly deliver copies of such documents
to the Trustee. The Master Servicer shall not agree to any modification, waiver,
or amendment of any Money Term of a Mortgage Loan or any term of a Specially
Serviced Mortgage Loan. The Master Servicer shall notify the holder of the B
Note of any modification of the monthly payments of an A/B Mortgage Loan and
such monthly payments shall be allocated in accordance with the related
Intercreditor Agreement.

                                     -186-
<PAGE>

                  (d) If the Mortgage Loan documents relating to a Mortgage Loan
provide for certain conditions to be satisfied prior to the Master Servicer
releasing additional collateral for the Mortgage Loan (e.g., the release,
reduction or termination of reserves or letters of credit or the establishment
of reserves), then the Master Servicer shall be permitted to waive any such
condition without obtaining the consent of the Special Servicer, provided that
(1) the aggregate amount of the related releases or establishments is no greater
than the smaller of 10% of the outstanding unpaid Principal Balance or $75,000
or (2) the condition to be waived is deemed to be non-material in accordance
with the Servicing Standard. Notwithstanding the foregoing, without the Special
Servicer's consent or except as provided in the specific Mortgage Loan
documents, the Master Servicer shall not waive: (1) a requirement for any such
additional collateral to exist, or (2) a lock box requirement.

                  (e) Neither the Master Servicer nor any Primary Servicer will
be required to obtain a Rating Agency Confirmation in connection with this
Agreement unless the terms of this Agreement specifically requires the Master
Servicer to do so, and if so required by the terms of this Agreement, the Master
Servicer and any Primary Servicer shall not be permitted to waive (i) the Rating
Agency Confirmation requirement or (ii) the obligation of a Mortgagor to pay all
or any portion of any fee payable in connection with obtaining the Rating Agency
Confirmation.

                  SECTION 8.19 SPECIALLY SERVICED MORTGAGE LOANS.

                  (a) The Master Servicer shall send a written notice to the
Special Servicer, the Rating Agencies, the Paying Agent, the Trustee and solely
as it relates to any A/B Mortgage Loan, to the holder of the related B Note,
within two Business Days after becoming aware of a Servicing Transfer Event with
respect to a Mortgage Loan, which notice shall identify the related Mortgage
Loan and set forth in reasonable detail the nature and relevant facts of such
Servicing Transfer Event and whether such Mortgage Loan is covered by an
Environmental Insurance Policy (and for purposes of stating whether such
Mortgage Loan is covered by an Environmental Insurance Policy the Master
Servicer may rely on Schedule XVI attached hereto) and, except for the Rating
Agencies, the Paying Agent and the Trustee, shall be accompanied by a copy of
the Servicer Mortgage File. The Special Servicer shall not be liable for its
failure to deliver the notice set forth in Section 9.36(a) if such failure is
caused by its failure to receive the written notice set forth above.

                  (b) Prior to the transfer of the servicing of any Specially
Serviced Mortgage Loan to the Special Servicer, the Master Servicer shall notify
the related Mortgagor of such transfer in accordance with the Servicing Standard
(the form and substance of such notice shall be reasonably satisfactory to the
Special Servicer).

                  (c) Any calculations or reports prepared by the Master
Servicer to the extent they relate to Specially Serviced Mortgage Loans shall be
based on information supplied to the Master Servicer in writing by the Special
Servicer as provided hereby. The Master Servicer shall have no duty to
investigate or confirm the accuracy of any information provided to it by the
Special Servicer and shall have no liability for the inaccuracy of any of its
reports due to the inaccuracy of the information provided by the Special
Servicer.

                                     -187-
<PAGE>

                  (d) On or prior to each Distribution Date, the Master Servicer
shall provide to the Special Servicer, in order for the Special Servicer to
comply with its obligations under this Agreement, such information (and in the
form and medium) as the Special Servicer may reasonably request in writing from
time to time, provided that (i) the Master Servicer shall not be required to
produce any ad hoc reports or incur any unusual expense or effort in connection
therewith and (ii) if the Master Servicer elects to provide such ad hoc reports,
it may require the Special Servicer to pay a reasonable fee to cover the costs
of the preparation thereof.

     SECTION 8.20   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE MASTER
                    SERVICER.

     (a) The Master Servicer hereby represents and warrants to and covenants
with the Trustee and the Paying Agent, as of the date hereof:

         (i) the Master Servicer is duly organized, validly existing and in good
standing as a national banking association under the laws of the United States,
and shall be and thereafter remain, 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, except where the failure to so qualify or
comply would not adversely affect the Master Servicer's ability to perform its
obligations hereunder in accordance with the terms of this Agreement;

         (ii) the Master Servicer has the full power and authority to execute,
deliver, perform, and to enter into and consummate all transactions and
obligations contemplated by this Agreement. The Master Servicer has duly and
validly authorized the execution, delivery and performance of this Agreement and
this Agreement has been duly executed and delivered by the Master Servicer; and
this Agreement, assuming the due authorization, execution and delivery thereof
by the Depositor, the Trustee, the Fiscal Agent, the Paying Agent and the
Special Servicer, evidences the valid and binding obligation of the Master
Servicer enforceable against the Master Servicer in accordance with its terms
subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium, receivership and other similar laws
affecting creditors' rights generally as from time to time in effect, and to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law);

         (iii) the execution and delivery of this Agreement, the consummation of
the transactions contemplated hereby, and the fulfillment of or compliance with
the terms and conditions of this Agreement will not (1) result in a breach of
any term or provision of its charter or by-laws or (2) conflict with, result in
a breach, violation or acceleration of, or result in a default under, the terms
of any other material agreement or instrument to which it is a party or by which
it may be bound, or any law, governmental rule, regulation, or judgment, decree
or order applicable to it of any court, regulatory body, administrative agency
or governmental body having jurisdiction over it, which materially and adversely
affects its ability to perform its obligations under this Agreement;

         (iv) no litigation is pending or, to the Master Servicer's knowledge,
threatened, against it, that would materially and adversely affect the
execution, delivery or

                                     -188-
<PAGE>

enforceability of this Agreement or its ability to service the Mortgage Loans or
to perform any of its other obligations hereunder in accordance with the terms
hereof;

         (v) no consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and
performance by it of, or compliance by it with, this Agreement, or the
consummation of the transactions contemplated hereby, or if any such consent,
approval, authorization or order is required, it has obtained the same or will
obtain the same prior to the time necessary to perform its obligations under
this Agreement, and, except to the extent in the case of performance, that its
failure to be qualified as a foreign corporation or licensed in one or more
states is not necessary for the performance by it of its obligations hereunder;
and

         (vi) the performance of the services by the Master Servicer
contemplated by this Agreement are in the ordinary course of business of the
Master Servicer and the Master Servicer possesses all licenses, permits and
other authorizations necessary to perform its duties hereunder.

     (b) It is understood that the representations and warranties set forth in
this Section 8.20 shall survive the execution and delivery of this Agreement.

     (c) Any cause of action against the Master Servicer arising out of the
breach of any representations and warranties made in this Section shall accrue
upon the giving of written notice to the Master Servicer by any of the Trustee
or the Master Servicer. The Master Servicer shall give prompt notice to the
Trustee, the Depositor, the Primary Servicers and the Special Servicer of the
occurrence, or the failure to occur, of any event that, with notice or the
passage of time or both, would cause any representation or warranty in this
Section to be untrue or inaccurate in any respect.

     SECTION 8.21 MERGER OR CONSOLIDATION. Any Person into which the Master
Servicer may be merged or consolidated, or any Person resulting from any merger,
conversion, other change in form or consolidation to which the Master Servicer
shall be a party, or any Person succeeding to the business of the Master
Servicer, shall be the successor of the Master Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto; provided, however, that each of the Rating Agencies provides a
Rating Agency Confirmation. If the conditions to the provisions in the foregoing
sentence are not met, the Trustee may terminate the Master Servicer's servicing
of the Mortgage Loans pursuant hereto, such termination to be effected in the
manner set forth in Sections 8.28 and 8.29.

     SECTION 8.22 RESIGNATION OF MASTER SERVICER.

     (a) Except as otherwise provided in Section 8.22(b) hereof, the Master
Servicer shall not resign from the obligations and duties hereby imposed on it
unless it determines that the Master Servicer's duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it. Any such
determination permitting the resignation of the Master Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until a successor servicer designated by
the Trustee, with the

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consent of the Depositor and the Paying Agent, shall have assumed the Master
Servicer's responsibilities and obligations under this Agreement and Rating
Agency Confirmation shall have been obtained. Notice of such resignation shall
be given promptly by the Master Servicer to the Trustee.

     (b) The Master Servicer may resign from the obligations and duties imposed
on it, upon 30 days notice to the Trustee and the Paying Agent, provided that
(i) a successor servicer (w) is available, (x) has assets of at least
$15,000,000, (y) is willing to assume the obligations, responsibilities, and
covenants to be performed hereunder by the Master Servicer on substantially the
same terms and conditions, and for not more than equivalent compensation to that
herein provided and (z) assumes all obligations under the Primary Servicing
Agreements; (ii) the Master Servicer bears all costs associated with its
resignation and the transfer of servicing; and (iii) Rating Agency Confirmation
is obtained with respect to such servicing transfer, as evidenced by a letter
delivered to the Trustee by each Rating Agency.

     SECTION 8.23 ASSIGNMENT OR DELEGATION OF DUTIES BY MASTER SERVICER. The
Master Servicer shall have the right without the prior written consent of the
Trustee to (A) delegate or subcontract with or authorize or appoint anyone, or
delegate certain duties to other professionals such as attorneys and appraisers,
as an agent of the Master Servicer (as provided in Section 8.4) to perform and
carry out any duties, covenants or obligations to be performed and carried out
by the Master Servicer hereunder or (B) assign and delegate all of its duties
hereunder; provided, however, that with respect to clause (B), (i) the Master
Servicer gives the Depositor, the Special Servicer, the Primary Servicers, the
holder of the B Note (only if such assignment/delegation relates to the related
A/B Mortgage Loan) and the Trustee notice of such assignment and delegation;
(ii) such purchaser or transferee accepting such assignment and delegation
executes and delivers to the Depositor and the Trustee an agreement accepting
such assignment, which contains an assumption by such Person of the rights,
powers, duties, responsibilities, obligations and liabilities of the Master
Servicer, with like effect as if originally named as a party to this Agreement
and the Primary Servicing Agreements; (iii) the purchaser or transferee has
assets in excess of $15,000,000; (iv) such assignment and delegation is the
subject of a Rating Agency Confirmation; and (v) the Depositor consents to such
assignment and delegation, such consent not be unreasonably withheld. In the
case of any such assignment and delegation in accordance with the requirements
of subclause (B) of this Section, the Master Servicer shall be released from its
obligations under this Agreement, except that the Master Servicer shall remain
liable for all liabilities and obligations incurred by it as the Master Servicer
hereunder prior to the satisfaction of the conditions to such assignment set
forth in the preceding sentence. Notwithstanding the above, the Master Servicer
may appoint the Primary Servicers and Sub-Servicers in accordance with Section
8.4 hereof.

     SECTION 8.24 LIMITATION ON LIABILITY OF THE MASTER SERVICER AND OTHERS.

     (a) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
holders of the Certificates, the Depositor, the Trustee, the Fiscal Agent, the
Paying Agent, the Placement Agents, the Underwriters, the holder of any B Note
or the Special Servicer for any action taken or for refraining from the taking
of any action in good faith, or using reasonable business judgment, consistent
with the Servicing Standard; provided that this provision shall not protect the
Master

                                     -190-
<PAGE>

Servicer or any such person against any breach of a representation or warranty
contained herein or any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or negligence in its performance of duties under
the Agreement or by reason of negligent disregard of obligations and duties
hereunder. The Master Servicer and any director, officer, employee or agent of
the Master Servicer may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person (including, without
limitation, the Special Servicer) respecting any matters arising hereunder. The
Master Servicer shall not be under any obligation to appear in, prosecute or
defend any legal action which is not incidental to its duties to service the
Mortgage Loans in accordance with this Agreement; provided that the Master
Servicer may in its sole discretion undertake any such action which it may
reasonably deem necessary or desirable in order to protect the interests of the
Certificateholders and the Trustee in the Mortgage Loans, or the interests of
the holder of any B Note (subject to the Special Servicer's servicing of
Specially Serviced Mortgage Loans as contemplated herein), or shall undertake
any such action if instructed to do so by the Trustee. In such event, all legal
expenses and costs of such action shall be expenses and costs of the Trust, and
the Master Servicer shall be entitled to be reimbursed therefor as Servicing
Advances as provided by Section 5.2, subject to the provisions of Section 4.4
hereof.

     (b) In addition, the Master Servicer shall have no liability with respect
to, and shall be entitled to conclusively rely on as to the truth of the
statements and the correctness of the opinions expressed in any certificates or
opinions furnished to the Master Servicer and conforming to the requirements of
this Agreement. Subject to the Servicing Standard, the Master Servicer shall
have the right to rely on information provided to it by the Special Servicer and
Mortgagors, and will have no duty to investigate or verify the accuracy thereof.
Neither the Master Servicer, nor any director, officer, employee, agent or
Affiliate, shall be personally liable for any error of judgment made in good
faith by any officer, unless it shall be proved that the Master Servicer or such
officer was negligent in ascertaining the pertinent facts. Neither the Master
Servicer nor any director, officer, employee, agent or Affiliate, shall be
personally liable for any action taken, suffered or omitted by it in good faith
and believed by it to be authorized or within the discretion, rights or powers
conferred upon it by this Agreement.

     (c) The Master Servicer shall not be obligated to incur any liabilities,
costs, charges, fees or other expenses which relate to or arise from any breach
of any representation, warranty or covenant made by the Depositor, the Special
Servicer, the Paying Agent, Trustee or the Fiscal Agent in this Agreement. The
Trust shall indemnify and hold harmless the Master Servicer from any and all
claims, liabilities, costs, charges, fees or other expenses which relate to or
arise from any such breach of representation, warranty or covenant to the extent
the Master Servicer is unable to recover such amounts from the Person in breach.

     (d) Except as otherwise specifically provided herein:

         (i) the Master Servicer may rely, 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, financial statement, agreement, appraisal, bond
or other document (in electronic or paper format) reasonably believed or in good
faith believed by it to be genuine and to have been signed or presented by the
proper party or parties;

                                     -191-
<PAGE>

         (ii) the Master Servicer may consult with counsel, and any written
advice or Opinion of Counsel shall be full and complete authorization and
protection with respect to any action taken or suffered or omitted by it
hereunder in good faith and in accordance with such advice or Opinion of
Counsel;

         (iii) the Master Servicer shall not be personally liable for any action
taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion, rights or powers conferred upon it by this
Agreement; and

         (iv) the Master Servicer, in preparing any reports hereunder, may rely,
and shall be protected in acting or refraining from acting upon any information
(financial or other), statement, certificate, document, agreement, covenant,
notice, request or other paper reasonably believed by it to be genuine and
provided by any Mortgagor or manager of a Mortgaged Property.

     (e) The Master Servicer and any director, officer, employee or agent of the
Master Servicer shall be indemnified by the Trustee, the Fiscal Agent, the
Paying Agent and the Special Servicer, as the case may be, and held harmless
against any loss, liability or expense including reasonable attorneys' fees
incurred in connection with any legal action relating to the Trustee's, Fiscal
Agent's, the Paying Agent's or the Special Servicer's, as the case may be,
respective willful misfeasance, bad faith or negligence in the performance of
its respective duties hereunder or by reason of negligent disregard of its
respective duties hereunder, other than any loss, liability or expense incurred
by reason of willful misfeasance, bad faith or negligence in the performance of
any of the Master Servicer's duties hereunder or by reason of negligent
disregard of the Master Servicer's obligations and duties hereunder. The Master
Servicer shall immediately notify the Trustee, the Paying Agent and the Special
Servicer if a claim is made by a third party with respect to this Agreement or
the Mortgage Loans entitling the Master Servicer to indemnification hereunder,
whereupon the Trustee, the Paying Agent, or the Special Servicer, in each case,
to the extent the claim is related to its respective willful misfeasance, bad
faith or negligence, may assume the defense of any such claim (with counsel
reasonably satisfactory to the Master Servicer) and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in
respect of such claim. Any failure to so notify the Trustee, the Paying Agent
and the Special Servicer shall not affect any rights that the Master Servicer
may have to indemnification under this Agreement or otherwise, unless the
Trustee's, the Paying Agent's or the Special Servicer's defense of such claim is
materially prejudiced thereby. Such indemnity shall survive the termination of
this Agreement or the resignation or removal of the Master Servicer hereunder.
Any payment hereunder made by the Trustee, the Paying Agent, the Fiscal Agent or
the Special Servicer pursuant to this paragraph to the Master Servicer shall be
paid from the Trustee's, the Paying Agent's, Fiscal Agent's or Special
Servicer's own funds, without reimbursement from the Trust therefor except to
the extent achieved through subrogation as provided in this Agreement. Any
expenses incurred or indemnification payments made by the Trustee, the Paying
Agent, the Fiscal Agent or the Special Servicer shall be reimbursed by the party
so paid, if a court of competent jurisdiction makes a final judgment that the
conduct of the Trustee, the Paying Agent, the Fiscal Agent or the Special
Servicer, as the case may be, was (x) not culpable or (y) found to not have
acted with willful misfeasance, bad faith or negligence.

                                     -192-
<PAGE>

     SECTION 8.25 INDEMNIFICATION; THIRD-PARTY CLAIMS.

     (a) The Master Servicer and any director, officer, employee or agent of the
Master Servicer shall be indemnified by the Trust and held harmless against any
and all claims, losses, penalties, fines, forfeitures, legal fees and related
costs, judgments and any other costs, liabilities, fees and expenses incurred in
connection with any legal action relating to this Agreement, any Mortgage Loans,
any REO Property or the Certificates or any exercise of any right under this
Agreement reasonably requiring the use of counsel or the incurring of expenses
other than any loss, liability or expense incurred by reason of the Master
Servicer's willful misfeasance, bad faith or negligence in the performance of
duties hereunder. The Master Servicer shall assume the defense of any such claim
(with counsel reasonably satisfactory to the Master Servicer) and out of the
Trust pay all expenses in connection therewith, including counsel fees, and out
of the Trust promptly pay, discharge and satisfy any judgment or decree which
may be entered against it or them in respect of such claim. The indemnification
provided herein shall survive the termination of this Agreement. The Trustee,
the Paying Agent or the Master Servicer shall promptly make from the Certificate
Account any payments certified by the Master Servicer to the Trustee and the
Paying Agent as required to be made to the Master Servicer pursuant to this
Section 8.25.

     (b) The Master Servicer agrees to indemnify the Trustee, the Fiscal Agent,
the Special Servicer, the Trust, the Depositor, the Paying Agent, and any
director, officer, employee, agent or Controlling Person thereof, and hold them
harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that the Trustee, the Fiscal Agent, the Special Servicer, the
Depositor, the Paying Agent and the Trust may sustain arising from or as a
result of the willful misfeasance, bad faith or negligence in the performance of
any of the Master Servicer's duties hereunder or by reason of negligent
disregard of the Master Servicer's obligations and duties hereunder (including a
breach of such obligations a substantial motive of which is to obtain an
economic advantage from being released from such obligations), and if in any
such situation the Master Servicer is replaced, the parties hereto agree that
the amount of such claims, losses, penalties, fines, legal fees and related
costs, judgments, and other costs, liabilities, fees and expenses shall at least
equal the incremental costs, if any, of retaining a successor servicer. The
Trustee, the Fiscal Agent, the Special Servicer, the Paying Agent or the
Depositor, as applicable, shall immediately notify the Master Servicer if a
claim is made by any Person with respect to this Agreement or the Mortgage Loans
entitling the Trustee, the Fiscal Agent, the Depositor, the Special Servicer,
the Paying Agent or the Trust to indemnification under this Section 8.25(b),
whereupon the Master Servicer shall assume the defense of any such claim (with
counsel reasonably satisfactory to the Trustee, the Fiscal Agent, the Special
Servicer, the Paying Agent or the Depositor, as applicable) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in
respect of such claim. Any failure to so notify the Master Servicer shall not
affect any rights the Trustee, the Fiscal Agent, the Special Servicer, the
Depositor, the Paying Agent or the Trust may have to indemnification under this
Agreement or otherwise, unless the Master Servicer's defense of such claim is
materially prejudiced thereby. The indemnification provided herein shall survive
the termination of this Agreement and the resignation or termination of the
Master Servicer, the Fiscal Agent, the Special Servicer, the Paying Agent and
the Trustee. Any expenses incurred or indemnification payments made by the
Master Servicer

                                     -193-
<PAGE>

shall be reimbursed by the party so paid, if a court of competent jurisdiction
makes a final, non-appealable judgment that the conduct of the Master Servicer
was not culpable or that the Master Servicer did not act with willful
misfeasance, bad faith or negligence.

     (c) Each Primary Servicer and any director, officer, employee or agent
thereof shall be indemnified by the Trust and held harmless against any and all
claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses incurred in
connection with any legal action relating to this Agreement, its related Primary
Servicing Agreement (but only if, and to the extent that, the Master Servicer
would have been entitled to indemnification therefor under this Agreement if it
were directly servicing the Mortgage Loan), any Mortgage Loans, any REO Property
or the Certificates or any exercise of any right under this Agreement or its
related Primary Servicing Agreement (limited as set forth above) reasonably
requiring the use of counsel or the incurring of expenses other than any loss,
liability or expense incurred by reason of a Primary Servicer's willful
misfeasance, bad faith or negligence in the performance of duties thereunder.
The applicable Primary Servicer shall assume the defense of any such claim (with
counsel reasonably satisfactory to the applicable Primary Servicer) and out of
the Trust pay all expenses in connection therewith, including counsel fees, and
out of the Trust promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. The
indemnification provided herein shall survive the termination of this Agreement
and the related Primary Servicing Agreement. The Trustee, the Paying Agent or
the Master Servicer shall promptly make from the Certificate Account any
payments certified by a Primary Servicer to the Trustee and the Paying Agent as
required to be made to such Primary Servicer pursuant to this Section 8.25.

     (d) Each Primary Servicer agrees to indemnify the Trustee, the Fiscal
Agent, the Special Servicer, the Trust, the Depositor, the Paying Agent, and any
director, officer, employee, agent or Controlling Person thereof, and hold them
harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that the Trustee, the Fiscal Agent, the Special Servicer, the
Depositor, the Paying Agent and the Trust may sustain arising from or as a
result of the willful misfeasance, bad faith or negligence in the performance of
any of the applicable Primary Servicer's duties under this Agreement, its
related Primary Servicing Agreement or by reason of negligent disregard of the
applicable Primary Servicer's obligations and duties thereunder (including a
breach of such obligations a substantial motive of which is to obtain an
economic advantage from being released from such obligations), and if in any
such situation the applicable Primary Servicer is replaced, the parties hereto
agree that the amount of such claims, losses, penalties, fines, legal fees and
related costs, judgments, and other costs, liabilities, fees and expenses shall
at least equal the incremental costs, if any, of retaining a successor primary
servicer. The Trustee, the Fiscal Agent, the Special Servicer, the Paying Agent
or the Depositor, as applicable, shall immediately notify the applicable Primary
Servicer if a claim is made by any Person with respect to this Agreement, the
related Primary Servicing Agreement or the Mortgage Loans entitling the Trustee,
the Fiscal Agent, the Depositor, the Special Servicer, the Paying Agent or the
Trust to indemnification under this Section 8.25(d), whereupon the applicable
Primary Servicer shall assume the defense of any such claim (with counsel
reasonably satisfactory to the Trustee, the Fiscal Agent, the Special Servicer,
the Paying Agent or the Depositor, as applicable) and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it

                                     -194-
<PAGE>

or them in respect of such claim. Any failure to so notify the applicable
Primary Servicer shall not affect any rights the Trustee, the Fiscal Agent, the
Special Servicer, the Depositor, the Paying Agent or the Trust may have to
indemnification under this Agreement, the related Primary Servicing Agreement or
otherwise, unless the Primary Servicer's defense of such claim is materially
prejudiced thereby. The indemnification provided herein shall survive the
termination of this Agreement and the Primary Servicing Agreement and the
resignation or termination of the Master Servicer, the Fiscal Agent, the Special
Servicer, the Paying Agent and the Trustee. Any expenses incurred or
indemnification payments made by a Primary Servicer shall be reimbursed by the
party so paid, if a court of competent jurisdiction makes a final,
non-appealable judgment that the conduct of such Primary Servicer was not
culpable or that such Primary Servicer did not act with willful misfeasance, bad
faith or negligence.

     (e) The 2002-IQ2 Master Servicer and any director, officer, employee or
agent of the 2002-IQ2 Master Servicer shall be indemnified by the Trust and held
harmless against the Trust's pro rata share of any and all claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with any
legal action relating to the 2002-IQ2 Pooling and Servicing Agreement and this
Agreement, and relating to the Pari Passu Loan (but excluding any such losses
allocable to the 2002-IQ2 Mortgage Loan), reasonably requiring the use of
counsel or the incurring of expenses other than any losses incurred by reason of
the 2002-IQ2 Master Servicer's willful misfeasance, bad faith or negligence in
the performance of its duties under the 2002-IQ2 Pooling and Servicing
Agreement.

     SECTION 8.26 EXCHANGE ACT REPORTING. The Master Servicer, the Special
Servicer, the Paying Agent, the Trustee and the Fiscal Agent shall reasonably
cooperate with the Depositor in connection with the Trust's satisfaction of its
reporting requirements under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). Within 15 days after each Distribution Date, the Paying
Agent shall prepare, execute and file on behalf of the Trust any Forms 8-K
customary for similar securities as required by the Exchange Act and the rules
and regulations of the Securities and Exchange Commission (the "Commission")
thereunder; provided that the Depositor shall file the initial Form 8-K in
connection with the issuance of the Certificates. The Paying Agent shall file
each Form 8-K with a copy of the related Monthly Certificateholders Report
attached thereto. If the Depositor directs that any other attachments are to be
filed with any Form 8-K, such attachments shall be delivered to the Paying Agent
in Edgar-compatible form or as otherwise agreed upon by the Paying Agent and the
Depositor, at the Depositor's expense, and any necessary conversion to
EDGAR-compatible format will be at the Depositor's expense. Prior to March 30th
of each year (or such earlier date as may be required by the Exchange Act and
the rules and regulations of the Commission), the Paying Agent shall prepare and
file a Form 10-K, in substance as required by applicable law or applicable
interpretations thereof of the staff of the Commission. Such Form 10-K shall
include as exhibits each annual statement of compliance described under Sections
8.12 and 9.18 and each accountant's report described under Sections 8.13 and
9.19, in each case to the extent they have been timely delivered to the Paying
Agent. If they are not so timely delivered, the Paying Agent shall file an
amended Form 10-K including such documents as exhibits reasonably promptly after
they are delivered to the Paying Agent. Each Form 10-K shall also include any
Sarbanes-Oxley Certification required to be included therewith, as described in
paragraph (b) of this Section 8.26. The Paying Agent shall have no liability
with respect to any failure to properly

                                     -195-
<PAGE>

prepare or file such periodic reports resulting from the Paying Agent's
inability or failure to obtain any information not resulting from its own
negligence, bad faith or willful misconduct. Prior to January 30 of the first
year in which the Paying Agent is able to do so under applicable law, the Paying
Agent shall file a Form 15 relating to the automatic suspension of reporting in
respect of the Trust under the Exchange Act.

     (b) The Form 10-K shall include any certification (the "Sarbanes-Oxley
Certification") required to be included therewith pursuant to the Sarbanes-Oxley
Act of 2002, and the rules and regulations of the Commission promulgated
thereunder (including any interpretations thereof by the Commission's staff) and
a copy of such Sarbanes-Oxley Certification shall be provided to the Rating
Agencies. The Master Servicer, the Special Servicer, each Primary Servicer and
the Paying Agent (each, a "Performing Party") shall provide to the Person who
signs the Sarbanes-Oxley Certification (the "Certifying Person") a certification
(each, a "Performance Certification"), in form and substance reasonably
satisfactory to the Depositor and the Certifying Person, on which the Certifying
Person, the entity for which the Certifying Person acts as an officer (if the
Certifying Person is an individual), and such entity's officers, directors and
Affiliates (collectively with the Certifying Person, "Certification Parties")
can rely, relating to the accuracy and completeness of the information and
reports provided under this Agreement by such Performing Party. Notwithstanding
the foregoing, nothing in this paragraph shall require any Performing Party to
(i) certify or verify the accurateness or completeness of any information
provided to such Performing Party by third parties, (ii) to certify information
other than to such Performing Party's knowledge or (iii) with respect to
completeness of information and reports, to certify anything other than that all
fields of information called for in written reports prepared by such Performing
Party have been completed except as they have been left blank on their face. In
addition, if the Performing Party is the Master Servicer or Special Servicer,
such Performing Party shall execute a reasonable reliance certificate to enable
the Certification Parties to rely upon each annual statement of compliance
provided pursuant to Sections 8.12 and 9.18, and shall include a certification
that each such annual statement of compliance discloses any deficiencies or
defaults described to the certified public accountants of such Performing Party
to enable such accountants to render the certificate provided for in Sections
8.13 and 9.19. If directed by the Depositor, such Performing Party shall provide
an identical certification to Depositor's certified public accountants that such
Performing Party provided to its own certified public accountants to the extent
such certification relates to the performance of such Performing Party's duties
pursuant to this Agreement or a modified certificate limiting the certification
therein to the performance of such Performing Party's duties pursuant to this
Agreement. In the event any Performing Party is terminated or resigns pursuant
to the terms of this Agreement, such Performing Party shall provide a
Performance Certification to the Depositor pursuant to this Section 8.26(b) with
respect to the period of time it was subject to this Agreement.

     (c) Each Performing Party shall indemnify and hold harmless each
Certification Party from and against any losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments
and other costs and expenses incurred by such Certification Party arising out of
(i) an actual breach by the applicable Performing Party of its obligations under
this Section 8.26 or (ii) negligence, bad faith or willful misconduct on the
part of the Performing Party in the performance of such obligations.

                                     -196-
<PAGE>

     (d) Nothing contained in this Section 8.26 shall be construed to require
any party to this Agreement, or any of such party's officers, to execute any
Form 10-K or any Sarbanes-Oxley Certification. The failure of any party to this
Agreement, or any of such party's officers, to execute any Form 10-K or any
Sarbanes-Oxley Certification shall not be regarded as a breach by such party of
any of its obligations under this Agreement. The Depositor, each Performing
Party and the Paying Agent hereby agree to negotiate in good faith with respect
to compliance with any further guidance from the Commission or its staff
relating to the execution of any Form 10-K and any Sarbanes-Oxley Certification.
In the event such parties agree on such matters, this Agreement shall be amended
to reflect such agreement pursuant to Section 13.3, which amendment shall not
require any Opinions of Counsel, Officer's Certificates, Rating Agency
Confirmations or the consent of any Certificateholder, notwithstanding anything
to the contrary contained in this Agreement.

     SECTION 8.27 COMPLIANCE WITH REMIC PROVISIONS. The Master Servicer shall
act in accordance with this Agreement and the REMIC Provisions and related
provisions of the Code in order to create or maintain the status of the REMICs
created hereby as REMICs under the Code. The Master Servicer shall take no
action or cause any REMIC Pool to take any action that could (i) endanger the
status of any REMIC Pool as a REMIC under the Code or (ii) result in the
imposition of a tax upon any REMIC Pool (including, but not limited to, the tax
on prohibited transactions as defined in Code Section 860F(a)(2) or on
prohibited contributions pursuant to Section 860G(d)) unless the Trustee shall
have received a Nondisqualification Opinion (at the expense of the party seeking
to take such action) to the effect that the contemplated action will not
endanger such status or result in the imposition of such tax. The Master
Servicer shall comply with the provisions of Article XII hereof.

     SECTION 8.28 TERMINATION. The obligations and responsibilities of the
Master Servicer created hereby (other than the obligation of the Master Servicer
to make payments to the Paying Agent as set forth in Section 8.29 and the
obligations of the Master Servicer to the Trustee, the Paying Agent, the Fiscal
Agent, the Special Servicer and the Trust) shall terminate (i) on the date which
is the later of (A) the final payment or other liquidation of the last Mortgage
Loan remaining outstanding (and final distribution to the Certificateholders) or
(B) the disposition of all REO Property (and final distribution to the
Certificateholders), (ii) if an Event of Default described in clauses
8.28(a)(iii), (iv), (v), (vi) or (x) has occurred, 60 days following the date on
which the Trustee or Depositor gives written notice to the Master Servicer that
the Master Servicer is terminated or (iii) if an Event of Default described in
clauses 8.28(a)(i), (ii), (vii), (viii) or (ix) has occurred, immediately upon
the date on which the Trustee or the Depositor gives written notice to the
Master Servicer that the Master Servicer is terminated. After any Event of
Default, the Trustee (i) may elect to terminate the Master Servicer by providing
such notice, and (ii) shall provide such notice if holders of Certificates
representing more than 25% of the Aggregate Certificate Balance of all
Certificates so direct the Trustee.

     (a) "Event of Default," wherever used herein, means any one of the
following events:

         (i) any failure by the Master Servicer to remit to the Paying Agent or
otherwise make any payment required to be remitted by the Master Servicer under
the terms of this Agreement, including any required Advances; or

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         (ii) any failure by the Master Servicer to make a required deposit to
the Certificate Account which continues unremedied for one Business Day
following the date on which such deposit was first required to be made; or

         (iii) any failure on the part of the Master Servicer duly to observe or
perform in any material respect any other of the duties, covenants or agreements
on the part of the Master Servicer contained in this Agreement which continues
unremedied for a period of 30 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Master Servicer by the Depositor or the Trustee; provided, however, that if the
Master Servicer certifies to the Trustee and the Depositor that the Master
Servicer is in good faith attempting to remedy such failure, such cure period
will be extended to the extent necessary to permit the Master Servicer to cure
such failure; provided, further that such cure period may not exceed 90 days; or

         (iv) any breach of the representations and warranties contained in
Section 8.20 hereof that materially and adversely affects the interest of any
holder of any Class of Certificates and that continues unremedied for a period
of 30 days after the date on which notice of such breach, requiring the same to
be remedied, shall have been given to the Master Servicer by the Depositor or
the Trustee, provided, however, that if the Master Servicer certifies to the
Trustee and the Depositor that the Master Servicer is in good faith attempting
to remedy such breach, such cure period will be extended to the extent necessary
to permit the Master Servicer to cure such breach; provided, further that such
cure period may not exceed 90 days; or

         (v) the Trustee shall receive notice from Fitch to the effect that the
continuation of the Master Servicer in such capacity would result in the
downgrade, qualification or withdrawal of any rating then assigned by Fitch to
any Class of Certificates; or

         (vi) the Master Servicer has been downgraded to a servicer rating level
below "CMS3" (or its equivalent) by Fitch; 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, marshalling 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 and such decree or
order shall have remained in force undischarged or unstayed for a period of 60
days; or

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

         (ix) the Master 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

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<PAGE>

creditors, voluntarily suspend payment of its obligations, or take any corporate
action in furtherance of the foregoing; or

         (x) the Master Servicer is removed from S&P's approved master servicer
list and the ratings then assigned by S&P to any Classes of Certificates are
downgraded, qualified or withdrawn (including, without limitation, being placed
on "negative credit watch") in connection with such removal.

     (b) Notwithstanding the foregoing, if the Event of Default of the Master
Servicer occurs primarily by reason of the occurrence of a "Primary Servicing
Default" (as hereinafter defined) (that is, it would not have occurred but for
(a) the occurrence of such Primary Servicing Default and (b) the Master Servicer
failure to cause the cure of such event) and the Trustee (or the Trustee at the
direction of the Certificateholders pursuant to Section 8.28 hereof) elects to
terminate the Master Servicer, then Wells Fargo Bank, National Association shall
have the right to elect that the successor Master Servicer, upon its succession,
enter into a primary servicing agreement with Wells Fargo Bank, National
Association with respect to all Mortgage Loans as to which that Primary
Servicing Default occurred, so long as the initial Master Servicer is on the
approved list of commercial mortgage loan servicers maintained by S&P and the
initial Master Servicer has a commercial loan master servicer rating of at least
"CMS3" (or its equivalent) by Fitch or a commercial loan primary servicer rating
of at least "CPS3" (or its equivalent) by Fitch, and such agreement shall be
substantially in the form of Exhibit G-1 hereto (but as if Wells Fargo Bank,
National Association were the Primary Servicer or Sub-Servicer thereunder and
with applicable servicing fees and excess fees as specified on the Mortgage Loan
Schedule); and, in the case of an agreement in the form of Exhibit G-1,
thereupon Wells Fargo Bank, National Association shall be deemed to have been
granted the rights and deemed to have assumed the obligations granted to or
imposed on "Primary Servicers" hereunder as to such Mortgage Loans (and under
such Primary Servicing Agreement). For purposes of the preceding sentence, a
"Primary Servicing Default" means an "event of default" of the related Primary
Servicer under the related Primary Servicing Agreement of either Principal
Global Investors, LLC, formerly known as Principal Capital Management, LLC or
JHREF or of the related sub-servicer under the related sub-servicing agreement
(in effect as of the date hereof) of GMAC Commercial Mortgage Corporation only
in its capacity as Sub-Servicer under the related sub-servicing agreement. If
the Master Servicer is terminated based upon an Event of Default set forth in
clause (i) (as to the obligation to make P&I Advances), (v) or (x) of Section
8.28(a), then the Master Servicer shall have the right to enter into a primary
servicing agreement with the successor Master Servicer with respect to all
Mortgage Loans that are not then subject to a Primary Servicing Agreement, so
long as the terminated Master Servicer is on the approved list of commercial
mortgage loan servicers maintained by Fitch and S&P.

     SECTION 8.29 PROCEDURE UPON TERMINATION.

     (a) Notice of any termination pursuant to clause (i) of Section 8.28(a),
specifying the Master Servicer Remittance Date upon which the final transfer by
the Master Servicer to the Paying Agent shall be made, shall be given promptly
in writing by the Master Servicer to the Paying Agent no later than the later of
(i) five Business Days after the final payment or other liquidation of the last
Mortgage Loan or (ii) the sixth day of the month of such final distribution.
Upon any such termination, the duties of the Master Servicer (other than the

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obligation of the Master Servicer to pay to the Paying Agent the amounts
remaining in the Certificate Account as set forth below and the obligations of
the Master Servicer to the Trustee and the Trust and the Fiscal Agent as
provided herein) shall terminate and the Master Servicer shall transfer to the
Paying Agent the amounts remaining in the Certificate Account (and any
sub-account) after making the withdrawals permitted to be made pursuant to
Section 5.2 and shall thereafter terminate the Certificate Account and any other
account or fund maintained with respect to the Mortgage Loans.

     (b) On the date specified in a written notice of termination given to the
Master Servicer pursuant to clause (ii) of Section 8.28(a), or on the date on
which a written notice of termination is given to the Master Servicer pursuant
to clause (iii) of Section 8.28(a) all authority, power and rights of the Master
Servicer under this Agreement, whether with respect to the Mortgage Loans or
otherwise, shall terminate (except for any rights relating to unpaid servicing
compensation or unreimbursed Advances or, if the terminated Master Servicer is
Wells Fargo Bank, National Association, its rights to the Excess Servicing Fee);
provided that in no event shall the termination of the Master Servicer be
effective until a successor servicer shall have succeeded the Master Servicer as
successor servicer, subject to approval by the Rating Agencies, notified the
Master Servicer of such designation and such successor servicer shall have
assumed the Master Servicer's obligations and responsibilities hereunder and
under the Primary Servicing Agreements, as set forth in an agreement
substantially in the form hereof, with respect to the Mortgage Loans and, in the
circumstances set forth in the last sentence of Section 8.28(c), entered into a
new primary servicing agreement with the predecessor Master Servicer in
substantially the same form as Exhibit AA attached hereto. Except as provided in
the next sentence, the Trustee may not succeed the Master Servicer as servicer
until and unless it has satisfied the provisions that would apply to a Person
succeeding to the business of the Master Servicer pursuant to Section 8.22(b)
hereof. Notwithstanding the foregoing sentence, in the event that the Master
Servicer is terminated as a result of an event described in Section
8.28(a)(vii), 8.28(a)(viii) or 8.28(a)(ix), the Trustee shall act as successor
servicer immediately upon delivery of a notice of termination to the Master
Servicer and shall use commercially reasonable efforts within 90 days of
assuming the duties of the Master Servicer, either to satisfy the conditions of
Section 8.22(b) hereof or to transfer the duties of the Master Servicer to a
successor servicer who has satisfied such conditions. The Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the Master
Servicer, 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 Mortgage Loans and
related documents or otherwise. The Master Servicer agrees to cooperate with the
Trustee, the Paying Agent and the Fiscal Agent in effecting the termination of
the Master Servicer's responsibilities and rights hereunder as Master Servicer
including, without limitation, notifying Mortgagors of the assignment of the
servicing function and providing the Trustee all documents and records in
electronic or other form reasonably requested by it to enable the successor
servicer designated by the Trustee to assume the Master Servicer's functions
hereunder and to effect the transfer to such successor for administration by it
of all amounts which shall at the time be or should have been deposited by the
Master Servicer in the Certificate Account and any other account or fund
maintained or thereafter received with respect to the Mortgage Loans.

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     (c) If the Master Servicer receives a written notice of termination
pursuant to clause (ii) of Section 8.28(a) relating solely to an Event of
Default set forth in clause (v) or (x) of Section 8.28(a), and if the Master
Servicer provides the Trustee with the appropriate "request for proposal"
materials within five Business Days after receipt of such written notice of
termination, then the Trustee shall promptly thereafter (using such "request for
proposal" materials provided by the Master Servicer) solicit good faith bids for
the rights to service the Mortgage Loans under this Agreement from at least
three but no more than five Qualified Bidders or, if three Qualified Bidders
cannot be located, then from as many persons as the Trustee can determine are
Qualified Bidders. At the Trustee's request, the Master Servicer shall supply
the Trustee with the names of Persons from whom to solicit such bids. In no
event shall the Trustee be responsible if less than three Qualified Bidders
submit bids for the right to service the Mortgage Loans under this Agreement.

     (d) Each bid proposal shall require any Successful Bidder, as a condition
of its bid, to enter into this Agreement as successor Master Servicer, and to
agree to be bound by the terms hereof and the terms of the Primary Servicing
Agreements, not later than 30 days after termination of the Master Servicer
hereunder. The Trustee shall select the Qualified Bidder with the highest cash
bid (or such other Qualified Bidder as the Master Servicer may direct) (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 in connection therewith to
deliver the amount of the Successful Bidder's cash bid to the Trustee by wire
transfer of immediately available funds to an account specified by the Trustee
no later than 10:00 a.m. New York City time on the date specified for the
assignment and assumption of the servicing rights hereunder.

     (e) Upon the assignment and acceptance of the servicing rights hereunder to
and by the Successful Bidder and receipt of such cash bid, the Trustee shall
remit or cause to be remitted to the terminated Master Servicer the amount of
such cash bid received from the Successful Bidder (net of all out-of-pocket
expenses incurred in connection with obtaining such bid and transferring
servicing) by wire transfer of immediately available funds to an account
specified by the terminated Master Servicer no later than 1:00 p.m. New York
City time on the date specified for the assignment and assumption of the
servicing rights hereunder.

     (f) If the Successful Bidder has not entered into this Agreement as
successor Master Servicer within 30 days after the termination of the Master
Servicer hereunder or no Successful Bidder was identified within such 30-day
period, the Trustee shall have no further obligations under Section 8.29(c) and
may act or may select another successor to act as Master Servicer hereunder in
accordance with Section 8.29(b).

     (g) Notwithstanding anything to the contrary in this Section 8.29, the
successor master servicer must assume all of the obligations of the terminated
Master Servicer under the Primary Servicing Agreements (and the subservicing
agreement (in effect as of the date hereof) of GMAC Commercial Mortgage
Corporation) as a condition precedent to its becoming Master Servicer hereunder.

     For purposes of the foregoing provisions of Section 8.29(c), the phrase
"rights to service" shall be construed to exclude those servicing rights and
duties as to which Wells Fargo

                                     -201-
<PAGE>

Bank, National Association has made an election for the execution of a primary
servicing agreement as contemplated by Section 8.28(c).

     SECTION 8.30 CERTAIN MATTERS RELATING TO CERTAIN MORTGAGE LOANS.

     With respect to Mortgage Loan No. 118, if the related Mortgagor thereunder
fails to exercise, or explicitly declares its intention not to exercise, any
option to renew or extend the term of any Existing Ground Lease and/or any
Future Ground Lease (as such terms are defined in the related Mortgage), the
Master Servicer or Special Servicer, as the case may be, shall timely exercise
the option of lender under Sections 25.4 and/or 26.4 of the Mortgage, as
applicable, to renew or extend the term of the Existing Ground Leases and/or
Future Ground Leases.

                                   ARTICLE IX

           ADMINISTRATION AND SERVICING OF SPECIALLY SERVICED MORTGAGE
                            LOANS BY SPECIAL SERVICER

     SECTION 9.1 DUTIES OF SPECIAL SERVICER.

     (a) Subject to the express provisions of this Agreement, for and on behalf
of the Trust and for the benefit of the Certificateholders as a whole, and,
solely as it relates to any A/B Mortgage Loan, for the benefit of the holder of
the related B Note, the Special Servicer shall service the Specially Serviced
Mortgage Loans and manage the related REO Properties in accordance with the
provisions of this Agreement and the Servicing Standard (subject to the
servicing of the Pari Passu Loan by the 2002-IQ2 Master Servicer and the
2002-IQ2 Special Servicer in accordance with the 2002-IQ2 Pooling and Servicing
Agreement). Certain of the provisions of this Article IX make explicit reference
to their applicability to Mortgage Loans and any B Note; notwithstanding such
explicit references, references in this Article IX to "Mortgage Loans" shall be
construed, unless otherwise specified, to refer also to such B Note (but any
other terms that are defined in Article I and used in this Article IX shall be
construed according to such definitions without regard to this sentence).

     (b) The Special Servicer shall cooperate with the Master Servicer and
provide the Master Servicer with the information reasonably requested by the
Master Servicer, in writing, to the extent required to allow the Master Servicer
to perform its servicing obligations with respect to the Specially Serviced
Mortgage Loans hereunder; provided, however, that (i) the Special Servicer shall
not be required to produce any ad hoc reports or incur any unusual expense or
effort in connection therewith and (ii) if the Special Servicer elects to
provide such ad hoc reports, the Special Servicer may require the Master
Servicer to pay a reasonable fee to cover the costs of the preparation thereof.
The Special Servicer's obligations with respect to the servicing of any
Specially Serviced Mortgage Loan and any related REO Properties shall terminate
when such Specially Serviced Mortgage Loan has become a Rehabilitated Mortgage
Loan, unless and until another Servicing Transfer Event with respect to such
Rehabilitated Mortgage Loan occurs.

     (c) The Special Servicer shall send a written notice to the Master Servicer
and the Paying Agent within two Business Days after becoming aware that a
Mortgage Loan has

                                     -202-
<PAGE>

become a Rehabilitated Mortgage Loan, which notice shall identify the applicable
Mortgage Loan. Upon the receipt of such notice by the Master Servicer and the
Paying Agent, such Mortgage Loan shall become a Rehabilitated Mortgage Loan and
will be serviced by the Master Servicer.

     (d) Upon the occurrence of a Servicing Transfer Event with respect to a
Mortgage Loan and upon the reasonable request of the Special Servicer, the
Master Servicer shall mark its records for such Mortgage Loan to cause any
monthly statements for amounts due on such Mortgage Loan to be sent thereafter
to the Special Servicer rather than the related Mortgagor. Upon receipt of any
such monthly statement, the Special Servicer shall, within two Business Days,
advise the Master Servicer of any changes to be made, and return the monthly
statement to the Master Servicer. The Master Servicer shall thereafter promptly
send the corrected monthly statement to the Mortgagor. If a Mortgage Loan
becomes a Rehabilitated Mortgage Loan, the Master Servicer shall send the
monthly statement to the Mortgagor as it did before such Mortgage Loan became a
Specially Serviced Mortgage Loan.

     (e) All amounts collected by the Master Servicer with respect to a
Specially Serviced Mortgage Loan (other than a Mortgage Loan that has become an
REO Mortgage Loan and a Specially Serviced Mortgage Loan that is a B Note) shall
be deposited in the Certificate Account, and all amounts collected by the Master
Servicer with respect to a Specially Serviced Mortgage Loan that is a B Note
shall be deposited in the related A/B Loan Custodial Account. The Master
Servicer shall within three Business Days after receipt of any such payment,
notify the Special Servicer of the receipt of such payment and the amount
thereof. The Special Servicer shall, within one Business Day thereafter,
instruct the Master Servicer in writing how to apply such payment (with the
application of such payments to be made in accordance with the related Mortgage
Loan documents (including the related Intercreditor Agreement, if any) or in
accordance with this Agreement, as applicable).

     (f) After the occurrence of any Servicing Transfer Event with respect to
any one or more Mortgage Loans that are the subject of any Environmental
Insurance Policy, (i) the Special Servicer shall monitor the dates by which any
claim must be made or action must be taken under such Environmental Insurance
Policy to achieve the payment of all amounts thereunder to which the Trust is
entitled in the event the Special Servicer has actual knowledge of any event
giving rise to a claim under such Environmental Insurance Policy (an "Insured
Environmental Event") and (ii) if the Special Servicer has actual knowledge of
an Insured Environmental Event with respect to such Mortgage Loan, the Special
Servicer shall take reasonable actions as are in accordance with the Servicing
Standard and the terms and conditions of the related Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to
which the Trust is entitled thereunder. Any legal fees or other out-of-pocket
costs incurred in accordance with the Servicing Standard in connection with any
such claim shall be paid by, and reimbursable to, the Master Servicer as a
Servicing Advance. All extraordinary expenses (but not ordinary and routine or
anticipated expenses) incurred by the Special Servicer in fulfilling its
obligations under this Section 9.1 shall be paid by the Trust.

     SECTION 9.2 FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE POLICY OF
SPECIAL SERVICER. The Special Servicer, at its expense, shall maintain in effect
a Servicer

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<PAGE>

Fidelity Bond and a Servicer Errors and Omissions Insurance Policy. The Servicer
Errors and Omissions Insurance Policy and Servicer Fidelity Bond shall be issued
by a Qualified Insurer (unless the Special Servicer self insures as provided
below) and be in form and amount consistent with the Servicing Standard. In the
event that any such Servicer Errors and Omissions Insurance Policy or Servicer
Fidelity Bond ceases to be in effect, the Special Servicer shall obtain a
comparable replacement policy or bond from an insurer or issuer meeting the
requirements set forth above as of the date of such replacement. So long as the
long-term rating of the Special Servicer is not less than two rating categories
(ignoring pluses or minuses) lower than the highest rating of the Certificates,
but in any event not less than "A" as rated by Fitch and "BBB" as rated by S&P,
the Special Servicer may self-insure for the Servicer Fidelity Bond and the
Servicer Error and Omissions Insurance Policy.

     SECTION 9.3 SUB-SERVICERS. The Special Servicer shall have the right to use
a Sub-Servicer on the same terms and conditions as those set forth in Section
8.4 for a Sub-Servicer of the Master Servicer. The Special Servicer shall notify
the Master Servicer, Trustee and solely as it relates to any A/B Mortgage Loan,
to the holder of the related B Note, of the appointment of any Sub-Servicer of
the Special Servicer. With respect to any successor special servicer (and not
the initial Special Servicer), such successor special servicer shall not use a
Sub-Servicer unless it shall have received a Rating Agency Confirmation from
Fitch that such appointment will not in and of itself result in the withdrawal,
downgrade, or qualification, as applicable, of the then current rating assigned
by such Rating Agency to any Class of Certificates then rated by such Rating
Agency, provided that this requirement shall not prevent any special servicer
from hiring an Independent Contractor or an agent to assist it in the
performance of its duties hereunder.

     SECTION 9.4 SPECIAL SERVICER GENERAL POWERS AND DUTIES.

     (a) Subject to the other terms and provisions of this Agreement (and, in
the case of the Pari Passu Loan, subject to the servicing of the Pari Passu Loan
by the 2002-IQ2 Master Servicer and the 2002-IQ2 Special Servicer, as
applicable), the Special Servicer is hereby authorized and empowered when the
Special Servicer believes it appropriate in accordance with the Servicing
Standard, to take any and all the actions with respect to Specially Serviced
Mortgage Loans which the Master Servicer may perform as set forth in Section
8.3(a), including (i) to execute and deliver, on behalf of itself or the Trust
(or holder of a B Note, as applicable), any and all instruments of satisfaction
or cancellation, or of partial or full release or discharge and all other
comparable instruments, with respect to the Specially Serviced Mortgage Loans
and with respect to the related REO Properties and (ii) to effectuate
foreclosure or other conversion of the ownership of any REO Property securing a
Mortgage Loan. The Trustee shall execute on the Closing Date a Power of Attorney
in the form of Exhibit S-2 hereto and shall furnish the Special Servicer from
time to time, upon request, with any additional powers of attorney of the Trust,
empowering the Special Servicer to take such actions as it determines to be
reasonably necessary to comply with its servicing, administrative and management
duties hereunder, and the Trustee shall execute and deliver or cause to be
executed and delivered such other documents as a Special Servicing Officer may
request, that are necessary or appropriate to enable the Special Servicer to
service, administer and manage the Specially Serviced Mortgage Loans and carry
out its duties hereunder, in each case as the Special Servicer determines is in
accordance with the Servicing Standard and the terms of this Agreement;
provided, that, prior to initiating any

                                     -204-
<PAGE>

proceedings in any court of law or equity (but not defending any proceedings in
any court of law or equity) or instituting any proceeding to foreclose on any
Mortgaged Property in the name of the Trust in any state, the Special Servicer
shall notify the Trustee in writing and not institute or initiate any such
proceedings for a period of five Business Days from the date of its delivery of
such notice to the Trustee, unless the Special Servicer reasonably believes that
such action should be taken in less than five Business Days to preserve the
property of the Trust for the benefit of Certificateholders, and the Trustee may
within five Business Days of its receipt of such notice advise the Special
Servicer that it has received an Opinion of Counsel (the cost of which shall be
an expense of the Trust) from an attorney duly licensed to practice law in the
state where the related Mortgaged Property or REO Property is located, that it
is likely that the laws of the state in which said action is to be taken either
prohibit such action if taken in the name of the Trust or that the Trust would
be adversely affected under the "doing business" or tax laws of such state if
such action is taken in its name; provided, further, that the Special Servicer
shall not be liable to the extent that it relies on the advice provided in such
Opinion of Counsel. Upon receipt of any such advice from the Trustee, the
Special Servicer shall take such action in the name of such Person or Persons,
in trust for the Trust (or holder of a B Note, if applicable), as shall be
consistent with the Opinion of Counsel obtained by the Trustee. Such Person or
Persons shall acknowledge in writing that such action is being taken by the
Special Servicer in the name of the Trust (or holder of a B Note, if
applicable). In the performance of its duties hereunder, the Special Servicer
shall be an independent contractor and shall not, except in those instances
where it is, after notice to the Trustee as provided above, taking action in the
name of the Trust (or holder of a B Note, if applicable), be deemed to be the
agent of the Trust (or holder of a B Note, as applicable). The Special Servicer
shall indemnify the Trustee for any loss, liability or reasonable expense
(including attorneys' fees) incurred by the Trustee or any director, officer,
employee, agent or Controlling Person of it or its affiliates in connection with
any negligent or intentional misuse of the foregoing powers of attorney
furnished to the Special Servicer by the Trustee. Such indemnification shall
survive the resignation or termination of the Special Servicer hereunder, the
resignation or termination of the Trustee and the termination of this Agreement.
The Special Servicer shall not have any responsibility or liability for any act
or omission of the Trustee, the Master Servicer or the Depositor that is not
attributable to the failure of the Special Servicer to perform its obligations
hereunder. The Special Servicer may conclusively rely on any advice of counsel
rendered in a Nondisqualification Opinion.

     (b) In servicing and administering the Specially Serviced Mortgage Loans
and managing any related REO Properties, the Special Servicer shall employ
procedures consistent with the Servicing Standard. The Special Servicer shall
conduct, or cause to be conducted, inspections, at its own expense, of the
Mortgaged Properties relating to Specially Serviced Mortgage Loans at such times
and in such manner as shall be consistent with the Servicing Standard; provided,
that the Special Servicer shall conduct, or cause to be conducted, inspections
of the Mortgaged Properties relating to Specially Serviced Mortgage Loans at
least once during each twelve-month period that ends on June 30 of any calendar
year (commencing with the twelve-month period ending June 30, 2003); provided
further that the Special Servicer shall, at the expense of the Trust, inspect or
cause to be inspected each Mortgaged Property related to a Mortgage Loan that is
delinquent for sixty (60) days in the payment of any amounts due under such
Mortgage Loan. The Special Servicer shall provide to the Master Servicer (who
shall provide, solely as it relates to any A/B Mortgage Loan, to the holder of
the related B Note) and

                                     -205-
<PAGE>

the Operating Adviser copies of the Inspection Reports relating to such
inspections as soon as practicable after the completion of any inspection.

     (c) Pursuant to the Pari Passu Intercreditor Agreement, the owner of the
Pari Passu Loan has agreed that such owner's rights in, to and under the Pari
Passu Loan are subject to the servicing and all other rights of the 2002-IQ2
Master Servicer and the 2002-IQ2 Special Servicer and the 2002-IQ2 Master
Servicer and the 2002-IQ2 Special Servicer are authorized and obligated to
service and administer the Pari Passu Loan pursuant to the 2002-IQ2 Pooling and
Servicing Agreement. Notwithstanding anything herein to the contrary, the
parties hereto acknowledge and agree that the Special Servicer's obligations and
responsibilities hereunder and the Special Servicer's authority with respect to
the Pari Passu Loan are limited by and subject to the terms of the Pari Passu
Intercreditor Agreement and the rights of the 2002-IQ2 Master Servicer and the
2002-IQ2 Special Servicer with respect thereto under the 2002-IQ2 Pooling and
Servicing Agreement. The Special Servicer shall take such actions as it shall
deem reasonably necessary to facilitate the servicing of the Pari Passu Loan by
the 2002-IQ2 Master Servicer and the 2002-IQ2 Special Servicer including, but
not limited to, delivering appropriate Requests for Release to the Trustee and
Custodian (if any) in order to deliver any portion of the related Mortgage File
to the 2002-IQ2 Master Servicer or 2002-IQ2 Special Servicer under the 2002-IQ2
Pooling and Servicing Agreement.

     SECTION 9.5 "DUE-ON-SALE" CLAUSES; ASSIGNMENT AND ASSUMPTION AGREEMENTS;
MODIFICATIONS OF SPECIALLY SERVICED MORTGAGE LOANS; DUE-ON-ENCUMBRANCE CLAUSES.

     Subject to the limitations of Section 12.3, the Special Servicer shall have
the following duties and rights:

     (a) If any Specially Serviced Mortgage Loan contains a provision in the
nature of a "due-on-sale" clause, which by its terms:

          (i) provides that such Specially Serviced Mortgage Loan shall (or may
at the Mortgagee's option) become due and payable upon the sale or other
transfer of an interest in the related Mortgaged Property, or

          (ii) provides that such Specially Serviced Mortgage Loan may not be
assumed without the consent of the related mortgagee in connection with any such
sale or other transfer,

then, the Special Servicer, on behalf of the Trust, shall, after consultation
with the Operating Adviser and in accordance with the REMIC Provisions, take
such actions as it deems to be in the best economic interest of the Trust in
accordance with the Servicing Standard, and may waive or enforce any due-on-sale
clause contained in the related Mortgage Note or Mortgage; provided, however,
that if the Principal Balance of such Mortgage Loan at such time equals or
exceeds 5% of the Aggregate Certificate Balance or is one of the then current
top 10 loans (by Principal Balance) in the pool, then prior to waiving the
effect of such provision, the Special Servicer shall obtain Rating Agency
Confirmation regarding such waiver. In connection with the request for such
consent, the Special Servicer shall prepare and deliver to Fitch and S&P a
memorandum

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outlining its analysis and recommendation in accordance with the Servicing
Standard, together with copies of all relevant documentation. The Special
Servicer shall also prepare and provide Fitch and S&P with such memorandum and
documentation for all transfer, assumption and encumbrance consents granted for
Mortgage Loans below the threshold set forth above, but for which the Special
Servicer's decision will be sufficient and a Rating Agency Confirmation is not
required. As to any Mortgage Loan that is not a Specially Serviced Mortgage Loan
and contains a provision in the nature of a "due-on-sale" clause, the Special
Servicer shall have the rights and duties set forth in Section 8.7(b). The
Special Servicer shall be entitled to 100% of all assumption fees in connection
with Specially Serviced Mortgage Loans.

     After notice to the Operating Adviser, the Special Servicer is also
authorized to take or enter into an assignment and assumption agreement from or
with the Person to whom such property has been or is about to be conveyed,
and/or to release the original Mortgagor from liability upon the Specially
Serviced Mortgage Loan and substitute the new Mortgagor as obligor thereon;
provided, that except as otherwise permitted by Section 9.5(c), any such
assignment and assumption or substitution agreement shall contain no terms that
could result in an Adverse REMIC Event. To the extent permitted by law, the
Special Servicer shall enter into an assumption or substitution agreement that
is required under the related Mortgage Loan documents (either as a matter of
right or upon satisfaction of specified conditions) and shall otherwise enter
into any assumption or substitution agreement only if the credit status of the
prospective new mortgagor and the underwriting of the new mortgagor is in
compliance with the Special Servicer's regular commercial mortgage origination
or servicing standards and criteria. The Special Servicer shall notify the
Master Servicer of any such assignment and assumption or substitution agreement
and the Special Servicer shall forward to the Trustee the original of such
agreement, which original shall be added by the Trustee to the related Mortgage
File and shall, for all purposes, be considered a part of such Mortgage File to
the same extent as all other documents and instruments constituting a part
thereof.

     (b) In connection with any assignment and assumption of a Specially
Serviced Mortgage Loan, in no event shall the Special Servicer consent to the
creation of any lien on a Mortgaged Property that is senior to, or on a parity
with, the lien of the related Mortgage. Nothing in this Section 9.5 shall
constitute a waiver of the Trustee's right, as the mortgagee of record, to
receive notice of any assignment and assumption of a Specially Serviced Mortgage
Loan, any sale or other transfer of the related Mortgaged Property or the
creation of any lien or other encumbrance with respect to such Mortgaged
Property.

     (c) Subject to the Servicing Standard and Sections 9.39 and 9.40, and the
rights and duties of the Master Servicer under Section 8.18, the Special
Servicer may enter into any modification, waiver or amendment (including,
without limitation, the substitution or release of collateral or the pledge of
additional collateral) of the terms of any Specially Serviced Mortgage Loan,
including any modification, waiver or amendment to (i) reduce the amounts owing
under any Specially Serviced Mortgage Loan by forgiving principal, accrued
interest and/or any Prepayment Premium, (ii) reduce the amount of the Scheduled
Payment on any Specially Serviced Mortgage 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 or Mortgage relating to a Specially Serviced
Mortgage Loan, (iv) extend the Maturity Date of any Specially Serviced Mortgage
Loan and/or (v) accept a principal prepayment on any Specially Serviced

                                     -207-
<PAGE>

Mortgage Loan during any period during which voluntary Principal Prepayments are
prohibited, provided, in the case of any such modification, waiver or amendment,
that (A) the related Mortgagor is in default with respect to the Specially
Serviced Mortgage Loan or, in the reasonable judgment of the Special Servicer,
such default is reasonably foreseeable, (B) in the reasonable judgment of the
Special Servicer, such modification, waiver or amendment would increase the
recovery on the Specially Serviced Mortgage Loan to Certificateholders on a net
present value basis (the relevant discounting of amounts that will be
distributable to Certificateholders to be performed at related Mortgage Rate),
(C) such modification, waiver or amendment would not cause an Adverse REMIC
Event to occur, and (D) if notice to the Operating Adviser of such modification,
waiver or amendment is required pursuant to Section 9.39, the Special Servicer
has made such notice. The Special Servicer, with respect to any B Note that is a
Specially Serviced Mortgage Loan, shall notify the holder of the B Note of any
modification of the monthly payments of an A/B Mortgage Loan and such monthly
payments shall be allocated in accordance with the related Intercreditor
Agreement.

     In no event, however, shall the Special Servicer (i) extend the Maturity
Date of a Specially Serviced Mortgage Loan beyond a date that is two years prior
to the Rated Final Distribution Date or (ii) if the Specially Serviced Mortgage
Loan is secured by a ground lease, extend the Maturity Date of such Specially
Serviced Mortgage Loan unless the Special Servicer gives due consideration to
the remaining term of such ground lease. The Special Servicer shall not extend
the Maturity Date of any Mortgage Loan secured by a Mortgaged Property covered
by a group secured creditor impaired property environmental insurance policy for
more than five years beyond such Mortgage Loan's Maturity Date unless a new
Phase I Environmental Report indicates that there is no environmental condition
or the Mortgagor obtains, at its expense, an extension of such policy on the
same terms and conditions to cover the period through five years past the
extended Maturity Date, provided that, (i) if such Mortgage Loan is secured by a
ground lease, the Special Servicer shall give due consideration to the remaining
term of the ground lease and (ii) in no case shall the Maturity Date of any such
Mortgage Loan be extended past a date that is two years prior to the Rated Final
Distribution Date.

     The determination of the Special Servicer contemplated by clause (B) of the
proviso to the first paragraph of this Section 9.5(c) shall be evidenced by an
Officer's Certificate certifying the information in the proviso to the first
paragraph under this subsection (c).

     (d) In the event the Special Servicer intends to permit a Mortgagor to
substitute collateral for all or any portion of a Mortgaged Property pursuant to
Section 9.5(c) or pledge additional collateral for the Mortgage Loan pursuant to
Section 9.5(c), if the security interest of the Trust or the holder of any B
Note in such collateral would be perfected by possession, or if such collateral
requires special care or protection, then prior to agreeing to such substitution
or addition of collateral, the Special Servicer shall make arrangements for such
possession, care or protection, and prior to agreeing to such substitution or
addition of collateral (or such arrangement for possession, care or protection)
shall obtain the prior written consent of the Trustee with respect thereto
(which consent shall not be unreasonably withheld, delayed or conditioned);
provided, however, that the Trustee shall not be required (but has the option)
to consent to any substitution or addition of collateral or to hold any such
collateral which will require the Trustee to undertake any additional duties or
obligations or incur any additional expense. Notwithstanding the foregoing, the
Special Servicer will not permit a Mortgagor to

                                     -208-
<PAGE>

substitute collateral for any portion of the Mortgaged Property pursuant to
Section 9.5(c) unless it shall have received a Rating Agency Confirmation in
connection therewith, the costs of which to be payable by the related Mortgagor
to the extent provided for in the Mortgage Loan documents. If the Mortgagor is
not required to pay for the Rating Agency Confirmation, then such expense will
be paid by the Trust. The parties hereto acknowledge that if the Trust incurs
any Additional Trust Expense associated solely with the release of collateral
that is not required to be paid by a Mortgagor pursuant to the related Mortgage
Loan documents (and such Additional Trust Expense is not paid by the Mortgagor),
including, but not limited to, rating agency fees, then the sole obligation of
the related Seller shall be to pay an amount equal to such expense to the extent
the related Mortgagor is not required to pay them. Promptly upon receipt of
notice of such unpaid expense, regarding a Specially Serviced Mortgage Loan, the
Special Servicer shall request the related Seller to make such payment by
deposit to the Certificate Account.

     (e) The Special Servicer will promptly deliver to the Master Servicer, the
Operating Adviser, the Trustee, the Paying Agent and the Rating Agencies a
notice, specifying any such assignments and assumptions, modifications, waivers
or amendments, such notice identifying the affected Specially Serviced Mortgage
Loan. Such notice shall set forth the reasons for such waiver, modification, or
amendment (including, but not limited to, information such as related income and
expense statements, rent rolls, occupancy status, property inspections, and an
internal or external appraisal performed in accordance with MAI standards and
methodologies (and, if done externally, the cost of such appraisal shall be
recoverable as a Servicing Advance subject to the provisions of Section 4.4
hereof)). The Special Servicer shall also deliver to the Trustee (or the
Custodian), for deposit in the related Mortgage File, an original counterpart of
the agreement relating to such modification, waiver or amendment promptly
following the execution thereof.

     (f) No fee described in this Section shall be collected by the Special
Servicer from the Mortgagor (or on behalf of the Mortgagor) in conjunction with
any consent or any modification, waiver or amendment of the Mortgage Loan if the
collection of such fee would cause such consent, modification, waiver or
amendment to be a "significant modification" of the Mortgage Note within the
meaning of Treasury Regulation ss. 1.860G-2(b). Subject to the foregoing, the
Special Servicer shall use its reasonable efforts, in accordance with the
Servicing Standard, to collect any modification fees and other expenses
connected with a permitted modification of a Mortgage Loan from the Mortgagor.
The inability of the Mortgagor to pay any costs and expenses of a proposed
modification shall not impair the right of the Special Servicer, the Master
Servicer or the Trustee to be reimbursed by the Trust for such expenses
(including any cost and expense associated with the Opinion of Counsel referred
to in this Section).

     (g) The Special Servicer shall cooperate with the Master Servicer (as
provided in Section 8.7) in connection with assignments and assumptions of
Mortgage Loans that are not Specially Serviced Mortgage Loans, and shall be
entitled to receive 50% of any assumption fee paid by the related Mortgagor in
connection with an assignment and assumption executed pursuant to Section 8.7(a)
and 50% of any assumption fee paid by the related Mortgagor in connection with
an assignment and assumption executed pursuant to Section 8.7(b). The Special
Servicer shall be entitled to 100% of any assumption fee received in connection
with a Specially Serviced Mortgage Loan.

                                     -209-
<PAGE>

     (h) Notwithstanding anything herein to the contrary, (i) the Special
Servicer shall not have any right or obligation to consult with or to seek
and/or obtain consent or approval from the Operating Adviser prior to acting,
and provisions of this Agreement requiring such shall be of no effect, if the
Operating Adviser resigns or is removed, during the period following such
resignation or removal until a replacement is elected and (ii) no advice,
direction or objection from or by the Operating Adviser, as contemplated by this
Agreement, 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) (A) require or cause
the Special Servicer to violate applicable law, the terms of any Mortgage Loan,
any provision of this Agreement or the REMIC Provisions, including the Special
Servicer's obligation to act in accordance with the Servicing Standard, (B)
result in an Adverse REMIC Event with respect to any REMIC Pool, (C) expose the
Trust, the Depositor, the Master Servicer, the Special Servicer, the Fiscal
Agent, the Paying Agent or the Trustee, or any of their respective Affiliates,
officers, directors, employees or agents, to any material claim, suit or
liability, or (D) materially expand the scope of the Special Servicer's
responsibilities under this Agreement.

     (i) If any Specially Serviced Mortgage Loan which contains a provision in
the nature of a "due-on-encumbrance" clause, which by its terms:

          (i) provides that such Mortgage Loan shall (or may at the mortgagee's
     option) become due and payable upon the creation of any additional lien or
     other encumbrance on the related Mortgaged Property; or

          (ii) requires the consent of the mortgagee to the creation of any such
     additional lien or other encumbrance on the related Mortgaged Property,

then, for so long as such Mortgage Loan is included in the Trust, the Special
Servicer, on behalf of the Trustee as the mortgagee of record, shall exercise
(or, subject to Section 9.5, waive its right to exercise) any right it may have
with respect to such Mortgage Loan (x) to accelerate the payments thereon, or
(y) to withhold its consent to the creation of any such additional lien or other
encumbrance, in a manner consistent with the Servicing Standard. Prior to
waiving the effect of such provision with respect to a Mortgage Loan, the
Special Servicer shall obtain Rating Agency Confirmation regarding such waiver;
provided, however, that such Rating Agency Confirmation shall only be required
if the applicable Mortgage Loan (x) represents 2% or more of the Principal
Balance of all of the Mortgage Loans held by the Trust or is one of the 10
largest Mortgage Loans based on Principal Balance and (y) such Mortgage Loan has
a Loan-to-Value Ratio (which includes Junior Indebtedness, if any) that is
greater than or equal to 85% and a Debt Service Coverage Ratio (which includes
debt service on Junior Indebtedness, if any) that is less than 1.2x.

     SECTION 9.6 RELEASE OF MORTGAGE FILES.

     (a) Upon becoming aware of the payment in full of any Specially Serviced
Mortgage Loan, or the receipt by the Special Servicer of a notification that
payment in full will be escrowed in a manner customary for such purposes, or the
complete defeasance of a Mortgage Loan, the Special Servicer will immediately
notify the Master Servicer. The Special Servicer shall determine, in accordance
with the Servicing Standard, whether an instrument of satisfaction shall be
delivered and, if the Special Servicer determines that such instrument should be

                                     -210-
<PAGE>

delivered, the Special Servicer shall deliver written approval of such delivery
to the Master Servicer.

     (b) From time to time and as appropriate for the servicing or foreclosure
of any Specially Serviced Mortgage Loan or the management of the related REO
Property and in accordance with the Servicing Standard, the Trustee shall
execute or cause to be executed such documents as shall be prepared and
furnished to the Trustee by a Special Servicing Officer (in form reasonably
acceptable to the Trustee) and as are necessary for such purposes. The Trustee
or Custodian shall, upon request of the Special Servicer and delivery to the
Trustee or Custodian of a request for release signed by a Special Servicing
Officer substantially in the form of Exhibit C, release the related Mortgage
File to the Special Servicer. After the transfer of servicing with respect to
any Specially Serviced Mortgage Loan to the Special Servicer, in accordance with
the Servicing Standard, the Master Servicer shall notify, in writing, the
Mortgagor under each Specially Serviced Mortgage Loan transferred to the Special
Servicer, of such transfer.

     (c) The Special Servicer shall send notification in writing, to the Master
Servicer to request any documents and instruments in the possession of the
Master Servicer related to any Specially Serviced Mortgage Loan.

     (d) The Special Servicer shall, with respect to any Rehabilitated Mortgage
Loan, release to the Master Servicer all documents and instruments in the
possession of the Special Servicer related to such Rehabilitated Mortgage Loan.
Prior to the transfer of servicing with respect to any Rehabilitated Mortgage
Loan to the Master Servicer in accordance with the Servicing Standard, the
Special Servicer shall notify, in writing, each Mortgagor under each
Rehabilitated Mortgage Loan of such transfer.

     SECTION 9.7 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF SPECIAL SERVICER
TO BE HELD FOR THE TRUSTEE.

     (a) The Special Servicer shall transmit to the Trustee or Custodian such
documents and instruments coming into the possession of the Special Servicer as
from time to time are required by the terms hereof to be delivered to the
Trustee. Any funds received by the Special Servicer in respect of any Specially
Serviced Mortgage Loan or any REO Property or which otherwise are collected by
the Special Servicer as Liquidation Proceeds, Condemnation Proceeds or Insurance
Proceeds in respect of any Specially Serviced Mortgage Loan or any REO Property
shall be transmitted to the Master Servicer within one Business Day of receipt
to the Certificate Account, except that if such amounts relate to REO Income,
they shall be deposited in the REO Account. The Special Servicer shall provide
access to information and documentation regarding the Specially Serviced
Mortgage Loans to the Trustee, the Master Servicer, the Fiscal Agent, the Paying
Agent, the Operating Adviser and their respective agents and accountants at any
time upon reasonable written request and during normal business hours, provided
that the Special Servicer shall not be required to take any action or provide
any information that the Special Servicer determines will result in any material
cost or expense to which it is not entitled to reimbursement hereunder or will
result in any material liability for which it is not indemnified hereunder;
provided further that the Trustee and the Paying Agent shall be entitled to
receive from the Special Servicer all such information as the Trustee and the
Paying Agent shall

                                     -211-
<PAGE>

reasonably require to perform their respective duties hereunder. In fulfilling
such a request, the Special Servicer shall not be responsible for determining
whether such information is sufficient for the Trustee's, the Master Servicer's,
the Fiscal Agent's, the Paying Agent's or the Operating Adviser's purposes.

     (b) The Special Servicer hereby acknowledges that the Trust (and/or the
holder of the related B Note, if an A/B Mortgage Loan is involved) owns the
Specially Serviced Mortgage Loans and all Mortgage Files representing such
Specially Serviced Mortgage Loans and all funds now or hereafter held by, or
under the control of, the Special Servicer that are collected by the Special
Servicer in connection with the Specially Serviced Mortgage Loans (but excluding
any Special Servicer Compensation and all other amounts to which the Special
Servicer is entitled hereunder); and the Special Servicer agrees that all
documents or instruments constituting part of the Mortgage Files, and such funds
relating to the Specially Serviced Mortgage Loans which come into the possession
or custody of, or which are subject to the control of, the Special Servicer,
shall be held by the Special Servicer for and on behalf of the Trust (or the
holder of the related B Note, if an A/B Mortgage Loan is involved).

     (c) The Special Servicer also agrees that it shall not create, incur or
subject any Specially Serviced Mortgage Loans, or any funds that are required to
be deposited in any REO Account to any claim, lien, security interest, judgment,
levy, writ of attachment or other encumbrance, nor assert by legal action or
otherwise any claim or right of setoff against any Specially Serviced Mortgage
Loan or any funds, collected on, or in connection with, a Specially Serviced
Mortgage Loan.

     SECTION 9.8 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SPECIAL
SERVICER.

     (a) The Special Servicer hereby represents and warrants to and covenants
with the Trustee, as of the Closing Date:

          (i) the Special Servicer is duly organized, validly existing and in
good standing as a corporation under the laws of the State of California, and
shall be in compliance with the laws of each State in which any Mortgaged
Property (including any REO Property) which is, or is related to a Specially
Serviced Mortgage Loan is located to the extent necessary to perform its
obligations under this Agreement, except where the failure to so qualify or
comply would not adversely affect the Special Servicer's ability to perform its
obligations hereunder in accordance with the terms of this Agreement;

          (ii) the Special Servicer has the full power and authority to execute,
deliver, perform, and to enter into and consummate all transactions and
obligations contemplated by this Agreement. The Special Servicer has duly and
validly authorized the execution, delivery and performance of this Agreement and
this Agreement has been duly executed and delivered by the Special Servicer; and
this Agreement, assuming the due authorization, execution and delivery thereof
by the Depositor, the Trustee, the Fiscal Agent, the Paying Agent and the Master
Servicer, evidences the valid and binding obligation of the Special Servicer
enforceable against the Special Servicer in accordance with its terms subject,
as to enforcement of remedies, to

                                     -212-
<PAGE>

applicable bankruptcy, reorganization, insolvency, moratorium, receivership and
other similar laws affecting creditors' rights generally as from time to time in
effect, and to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law);

          (iii) the execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of or compliance
with the terms and conditions of this Agreement will not (1) result in a breach
of any term or provision of its charter or by-laws or (2) conflict with, result
in a breach, violation or acceleration of, or result in a default under, the
terms of any other material agreement or instrument to which it is a party or by
which it may be bound, or any law, governmental rule, regulation, or judgment,
decree or order applicable to it of any court, regulatory body, administrative
agency or governmental body having jurisdiction over it, which materially and
adversely affects its ability to perform its obligations under this Agreement;

          (iv) no litigation is pending or, to the best of the Special
Servicer's knowledge, threatened, against it, the outcome of which, in the
Special Servicer's reasonable judgment, could reasonably be expected to
materially and adversely affect the execution, delivery or enforceability of
this Agreement or its ability to service the Mortgage Loans or to perform any of
its other obligations hereunder in accordance with the terms hereof; and

          (v) no consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and
performance by it of, or compliance by it with, this Agreement, or the
consummation of the transactions contemplated hereby, or if any such consent,
approval, authorization or order is required, it has obtained the same or will
obtain the same prior to the time necessary to perform its obligations under
this Agreement, and, except to the extent in the case of performance, that its
failure to be qualified as a foreign corporation or licensed in one or more
states is not necessary for the performance by it of its obligations hereunder.

     (b) It is understood that the representations and warranties set forth in
this Section 9.8 shall survive the execution and delivery of this Agreement.

     (c) Any cause of action against the Special Servicer arising out of the
breach of any representations and warranties made in this Section shall accrue
upon the giving of written notice to the Special Servicer by any of the Trustee,
the Master Servicer, the Paying Agent or the Fiscal Agent. The Special Servicer
shall give prompt notice to the Trustee, the Fiscal Agent, the Paying Agent, the
Depositor, the Operating Adviser and the Master Servicer of the occurrence, or
the failure to occur, of any event that, with notice, or the passage of time or
both, would cause any representation or warranty in this Section to be untrue or
inaccurate in any respect.

     SECTION 9.9 STANDARD HAZARD, FLOOD AND COMPREHENSIVE GENERAL LIABILITY
INSURANCE POLICIES.

     (a) For all REO Property, the Special Servicer shall use reasonable
efforts, consistent with the Servicing Standard, to maintain with a Qualified
Insurer a Standard Hazard

                                     -213-
<PAGE>

Insurance Policy which does not provide for reduction due to depreciation in an
amount which is not less than the full replacement cost of the improvements of
such REO Property or in an amount not less than the unpaid Principal Balance
plus all unpaid interest and the cumulative amount of Servicing Advances (plus
Advance Interest) made with respect to such Mortgage Loan, whichever is less,
but, in any event, in an amount sufficient to avoid the application of any
co-insurance clause. If the improvements to the Mortgaged Property are in an
area identified in the Federal Register by the Federal Emergency Management
Agency as having special flood hazards (and such flood insurance has been made
available), the Special Servicer shall maintain a flood insurance policy meeting
the requirements of the current guidelines of the Federal Insurance
Administration in an amount representing coverage equal to the lesser of the
then outstanding Principal Balance of the Specially Serviced Mortgage Loan and
unpaid Advances (plus Advance Interest) and the maximum insurance coverage
required under such current guidelines. It is understood and agreed that the
Special Servicer has no obligation to obtain earthquake or other additional
insurance on REO Property, except as required by law and, nevertheless, at its
sole option and at the Trust's expense, it (if required at origination and is
available at commercially reasonable rates) may obtain such earthquake
insurance. The Special Servicer shall use its reasonable efforts, consistent
with the Servicing Standard, to obtain a comprehensive general liability
insurance policy for all REO Properties. The Special Servicer shall, to the
extent available at commercially reasonable rates (as determined by the Special
Servicer in accordance with the Servicing Standard) and to the extent consistent
with the Servicing Standard, use its reasonable efforts to maintain a Rent Loss
Policy covering revenues for a period of at least twelve months and a
comprehensive general liability policy with coverage comparable to prudent
lending requirements in an amount not less than $1 million per occurrence. All
applicable policies required to be maintained by the Special Servicer pursuant
to this Section 9.9(a) shall name the Trustee as loss payee and be endorsed with
a standard mortgagee clause. The costs of such insurance shall be a Servicing
Advance, subject to the provisions of Section 4.4 hereof.

     (b) Any amounts collected by the Special Servicer under any insurance
policies maintained pursuant to this Section 9.9 (other than amounts to be
applied to the restoration or repair of the REO Property) shall be deposited
into the applicable REO Account. Any cost incurred in maintaining the insurance
required hereby for any REO Property shall be a Servicing Advance, subject to
the provisions of Section 4.4 hereof.

     (c) Notwithstanding the above, the Special Servicer shall not be required
in any event to maintain or obtain insurance coverage beyond what is reasonably
available at a cost customarily acceptable and consistent with the Servicing
Standard. The Special Servicer shall notify the Trustee of any such
determination.

     The Special Servicer shall conclusively be deemed to have satisfied its
obligations as set forth in this Section 9.9 either (i) if the Special Servicer
shall have obtained and maintained a master force placed or blanket insurance
policy insuring against hazard losses on all of the applicable Mortgage Loans
serviced by it, it being understood and agreed that such policy may contain a
deductible clause on terms substantially equivalent to those commercially
available and maintained by comparable servicers consistent with the Servicing
Standard, and provided that such policy is issued by a Qualified Insurer with a
minimum claims paying ability rating of at least "A" by Fitch and "A-" by S&P or
otherwise approved by the Rating Agencies

                                     -214-
<PAGE>

or (ii) if the Special Servicer, provided that the rating of such Person's
long-term debt is not less than "A" by Fitch and "A-" by S&P self-insures for
its obligations as set forth in the first paragraph of this Section 9.9. In the
event that the Special Servicer shall cause any Mortgage Loan to be covered by
such a master force placed or blanket insurance policy, the incremental cost of
such insurance allocable to such Mortgage Loan (i.e., other than any minimum or
standby premium payable for such policy whether or not any Mortgage Loan is then
covered thereby), if not borne by the related Mortgagor, shall be paid by the
Special Servicer as a Servicing Advance, subject to the provisions of Section
4.4 hereof. If such policy contains a deductible clause, the Special Servicer
shall, if there shall not have been maintained on the related Mortgaged Property
a policy complying with this Section 9.9 and there shall have been a loss that
would have been covered by such policy, deposit in the Certificate Account the
amount not otherwise payable under such master force placed or blanket insurance
policy because of such deductible clause to the extent that such deductible
exceeds (i) the deductible under the related Mortgage Loan or (ii) if there is
no deductible limitation required under the Mortgage Loan, the deductible amount
with respect to insurance policies generally available on properties similar to
the related Mortgaged Property which is consistent with the Servicing Standard,
and deliver to the Trustee an Officer's Certificate describing the calculation
of such amount. In connection with its activities as administrator and servicer
of the Mortgage Loans, the Special Servicer agrees to present, on its behalf and
on behalf of the Trustee, claims under any such master force placed or blanket
insurance policy.

     SECTION 9.10 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS. The Special
Servicer will prepare and present or cause to be prepared and presented on
behalf of the Trustee all claims under the Insurance Policies with respect to
REO Property, and take such actions (including the negotiation, settlement,
compromise or enforcement of the insured's claim) as shall be necessary to
recover under such policies. Any proceeds disbursed to the Special Servicer in
respect of such policies shall be promptly remitted to the Certificate Account,
upon receipt, except for any amounts realized that are to be applied to the
repair or restoration of the applicable REO Property in accordance with the
Servicing Standard. Any extraordinary expenses (but not ordinary and routine or
anticipated expenses) incurred by the Special Servicer in fulfilling its
obligations under this Section 9.10 shall be paid by the Trust.

     SECTION 9.11 COMPENSATION TO THE SPECIAL SERVICER.

     (a) As compensation for its activities hereunder, the Special Servicer
shall be entitled to (i) the Special Servicing Fee, (ii) the Liquidation Fee,
(iii) the Work-Out Fee and (iv) the Special Servicing Stand-by Fee. Such
amounts, if any, collected by the Special Servicer from the related Mortgagor
shall be transferred by the Special Servicer to the Master Servicer within one
Business Day of receipt thereof, and deposited by the Master Servicer in the
Certificate Account. The Special Servicer shall be entitled to receive a
Liquidation Fee from the Liquidation Proceeds received in connection with a
final disposition of a Specially Serviced Mortgage Loan or REO Property (whether
arising pursuant to a sale, condemnation or otherwise). With respect to each REO
Mortgage Loan that is a successor to a Mortgage Loan secured by two or more
Mortgaged Properties, the reference to "REO Property" in the preceding sentence
shall be construed on a property-by-property basis to refer separately to the
acquired real property that is a successor to each of such Mortgaged Properties,
thereby entitling the Special Servicer to a Liquidation Fee from the Liquidation
Proceeds received in connection with

                                     -215-
<PAGE>

a final disposition of, and Condemnation Proceeds received in connection with,
each such acquired property as the Liquidation Proceeds related to that property
are received. The Special Servicer shall also be entitled to additional special
servicing compensation of an amount equal to the excess, if any, of the
aggregate Prepayment Interest Excess relating to Mortgage Loans which are
Specially Serviced Mortgage Loans which have received voluntary Principal
Prepayments not from Liquidation Proceeds or from modifications of Specially
Serviced Mortgage Loans for each Distribution Date over the aggregate Prepayment
Interest Shortfalls for such Mortgage Loans for such Distribution Date. If the
Special Servicer resigns or is terminated for any reason, it shall retain the
right to receive any Work-Out Fees payable on Mortgage Loans that became
Rehabilitated Mortgage Loans while it acted as Special Servicer and remained
Rehabilitated Mortgage Loans at the time of such resignation or termination for
so long as such Mortgage Loan remains a Rehabilitated Mortgage Loan.

     (b) The Special Servicer shall be entitled to cause the Master Servicer to
withdraw (i) from the Certificate Account, the Special Servicer Compensation in
respect of each Mortgage Loan (but not a B Note) and (ii) from any A/B Loan
Custodial Account, the Special Servicer Compensation to the extent related
solely to the related B Note, in the time and manner set forth in Section 5.2 of
this Agreement. The Special Servicer shall be required to pay all expenses
incurred by it in connection with its servicing activities hereunder and shall
not be entitled to reimbursement therefor except as expressly provided in this
Agreement.

     (c) Additional Special Servicer Compensation in the form of net interest or
income on any REO Account, assumption fees, extension fees, servicing fees,
Modification Fees, forbearance fees, Late Fees and default interest (net of
amounts used to pay Advance Interest) or other usual and customary charges and
fees actually received from the Mortgagor in connection with any Specially
Serviced Mortgage Loan shall be retained by the Special Servicer, to the extent
not required to be deposited in the Certificate Account pursuant to the terms of
this Agreement (other than any such fees payable in connection with a Pari Passu
Loan). The Special Servicer shall also be permitted to receive 50% of all
assumption fees collected with respect to Mortgage Loans that are not Specially
Serviced Mortgage Loans as provided in Section 8.7(a) and 100% of all assumption
fees collected with respect to Mortgage Loans that are Specially Serviced
Mortgage Loans as provided in Section 9.5(a) (other than any such fees payable
in connection with a Pari Passu Loan). To the extent any component of Special
Servicer Compensation is in respect of amounts usually and customarily paid by
Mortgagors, the Special Servicer shall use reasonable good faith efforts to
collect such amounts from the related Mortgagor, and to the extent so collected,
in full or in part, the Special Servicer shall not be entitled to compensation
for the portion so collected therefor hereunder out of the Trust.

     SECTION 9.12 REALIZATION UPON DEFAULTED MORTGAGE LOANS.

     (a) The Special Servicer, in accordance with the Servicing Standard and
subject to Section 9.4(a) and Section 9.36, shall use its reasonable efforts to
foreclose upon, repossess or otherwise comparably convert the ownership of
Mortgaged Properties securing such of the Specially Serviced Mortgage Loans as
come into and continue in default and as to which no satisfactory arrangements
can be made for collection of delinquent payments of such Mortgage Loan, the
sale of such Mortgage Loan in accordance with this Agreement or the modification
of such Mortgage Loan in accordance with this Agreement. In connection with

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such foreclosure or other conversion of ownership, the Special Servicer shall
follow the Servicing Standard. The foregoing is subject to the proviso that the
Special Servicer shall not request that the Master Servicer make a Servicing
Advance for Liquidation Expenses unless the Special Servicer shall determine,
consistent with the Servicing Standard, (i) that such foreclosure will increase
on a net present value basis the Liquidation Proceeds of the Specially Serviced
Mortgage Loan to the Trust (and the holder of the related B Note if in
connection with an A/B Mortgage Loan, taken as a collective whole) and (ii) that
such Liquidation Expenses will be recoverable from Liquidation Proceeds, and any
such Servicing Advance by the Master Servicer or the Trustee or the Fiscal Agent
shall be subject to the determination(s) of recoverability contemplated by
Section 4.4.

     (b) The Special Servicer shall not acquire any personal property relating
to any Specially Serviced Mortgage Loan pursuant hereto unless either:

          (i) such personal property is incidental 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 received a Nondisqualification
Opinion (the cost of which shall be reimbursed by the Trust) to the effect that
the holding of such personal property by any REMIC Pool will not cause the
imposition of a tax on any REMIC Pool under the Code or cause any REMIC Pool to
fail to qualify as a REMIC.

     (c) Notwithstanding anything to the contrary in this Agreement, the Special
Servicer shall not, on behalf of the Trust, obtain title to a Mortgaged Property
as a result of or in lieu of foreclosure or otherwise, and shall not otherwise
acquire possession of, or take any other action with respect to, any Mortgaged
Property, if, as a result of any such action the Trust would 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
applicable comparable federal, state or local law, or a "discharger" or
"responsible party" thereunder, unless the Special Servicer has also previously
determined in accordance with the Servicing Standard, based on a Phase I
Environmental Report prepared by a Person (who may be an employee or affiliate
of the Master Servicer or the Special Servicer) who regularly conducts
environmental site assessments in accordance with the standards of FNMA in the
case of multi-family mortgage loans and customary servicing practices in the
case of commercial loans for environmental assessments, which report shall be
delivered to the Trustee, that:

          (i) such Mortgaged Property is in compliance with applicable
Environmental Laws or, if not, after consultation with an environmental expert
that taking such actions as are necessary to bring the Mortgaged Property in
compliance therewith is reasonably likely to produce a greater recovery on a net
present value basis than not taking such actions;

          (ii) taking such actions as are necessary to bring the Mortgaged
Property in compliance with applicable Environmental Laws is reasonably likely
to produce a greater recovery on a net present value basis than pursuing a claim
under the Environmental Insurance Policy; and

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<PAGE>

          (iii) there are no circumstances or conditions present or threatened
at such Mortgaged Property relating to the use, management, disposal or release
of any hazardous substances, hazardous materials, hazardous wastes, or
petroleum-based materials for which investigation, testing, monitoring, removal,
clean-up or remediation could be required under any federal, state or local law
or regulation, or that, if any such materials are present for which such action
could be required, after consultation with an environmental expert taking such
actions with respect to the affected Mortgaged Property is reasonably likely to
produce a greater recovery on a net present value basis than not taking such
actions (after taking into account the projected costs of such actions);
provided, however, that such compliance pursuant to clause (i) and (ii) above or
the taking of such action pursuant to this clause (iii) shall only be required
to the extent that the cost thereof is a Servicing Advance of the Master
Servicer pursuant to this Agreement, subject to the provisions of Section 4.4
hereof.

     (d) The cost of the Phase I Environmental Report contemplated by Section
9.12(c) may be treated as a Liquidation Expense, or in the event the related
Specially Serviced Mortgage Loan is not liquidated and a Final Recovery
Determination has been made with respect to such Specially Serviced Mortgage
Loan, the Master Servicer shall treat such cost as a Servicing Advance subject
to the provisions of Section 4.4 hereof; provided that, in the latter event, the
Special Servicer shall use its good faith reasonable business efforts to recover
such cost from the Mortgagor in connection with the curing of the default under
the Specially Serviced Mortgage Loan.

     (e) If the Special Servicer determines, pursuant to Section 9.12(c), that
taking such actions as are necessary to bring any Mortgaged Property into
compliance with applicable Environmental Laws, or taking such actions with
respect to the containment, removal, clean-up or remediation of hazardous
substances, hazardous materials, hazardous wastes, or petroleum-based materials
affecting any such Mortgaged Property, is not reasonably likely to produce a
greater recovery on a net present value basis than not taking such actions
(after taking into account the projected costs of such actions) or than not
pursuing a claim under the Environmental Insurance Policy, then the Special
Servicer shall take such action as it deems to be in the best economic interest
of the Trust (and the holder of the related B Note if in connection with an A/B
Mortgage Loan, taken as a collective whole), including, without limitation,
releasing the lien of the related Mortgage. If the Special Servicer determines
that a material possibility exists that Liquidation Expenses with respect to
Mortgaged Property (taking into account the cost of bringing it into compliance
with applicable Environmental Laws) would exceed the Principal Balance of the
related Mortgage Loan, the Special Servicer shall not attempt to bring such
Mortgaged Property into compliance and shall not acquire title to such Mortgaged
Property unless it has received the written consent of the Trustee to such
action.

     (f) The Special Servicer shall have the right to determine, in accordance
with the Servicing Standard, the advisability of maintaining any action with
respect to any Specially Serviced Mortgage Loan, including, without limitation,
any action to obtain a deficiency judgment with respect to any Specially
Serviced Mortgage Loan.

     SECTION 9.13 FORECLOSURE. In the event that the Trust obtains, through
foreclosure on a Mortgage or otherwise, the right to receive title to a
Mortgaged Property, the

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Special Servicer, as its agent, shall direct the appropriate party to deliver
title to the REO Property to the Trustee or its nominee.

     The Special Servicer may consult with counsel to determine when an
Acquisition Date shall be deemed to occur under the REMIC Provisions with
respect to the Mortgaged Property, the expense of such consultation being
treated as a Servicing Advance related to the foreclosure, subject to the
provisions of Section 4.4 hereof. The Special Servicer, on behalf of the Trust
(and the holder of the related B Note if in connection with an A/B Mortgage
Loan), shall sell the REO Property expeditiously, but in any event within the
time period, and subject to the conditions, set forth in Section 9.15. Subject
to Section 9.15, the Special Servicer shall manage, conserve, protect and
operate the REO Property for the holders of beneficial interests in the Trust
(and the holder of the related B Note if in connection with an A/B Mortgage
Loan) solely for the purpose of its prompt disposition and sale.

     SECTION 9.14 OPERATION OF REO PROPERTY

     (a) The Special Servicer shall segregate and hold all funds collected and
received in connection with the operation of each REO Property separate and
apart from its own funds and general assets and shall establish and maintain
with respect to each REO Property one or more accounts held in trust for the
benefit of the Certificateholders (and the holder of the related B Note if in
connection with an A/B Mortgage Loan) in the name of "LaSalle Bank National
Association, as Trustee for the Holders of Bear Stearns Commercial Mortgage
Securities Inc. Commercial Mortgage Securities Inc. Commercial Mortgage
Pass-Through Certificates Series 2002-TOP8 and the holder of any B Note as their
interests may appear [name of Property Account]" (each, an "REO Account"), which
shall be an Eligible Account. Amounts in any REO Account shall be invested in
Eligible Investments. The Special Servicer shall deposit all funds received with
respect to an REO Property in the applicable REO Account within two days of
receipt. The Special Servicer shall account separately for funds received or
expended with respect to each REO Property. All funds in each REO Account may be
invested only in Eligible Investments. The Special Servicer shall notify the
Trustee and the Master Servicer in writing of the location and account number of
each REO Account and shall notify the Trustee prior to any subsequent change
thereof.

     (b) On or before each Special Servicer Remittance Date, the Special
Servicer shall withdraw from each REO Account and deposit in the Certificate
Account, the REO Income received or collected during the Collection Period
immediately preceding such Special Servicer Remittance Date on or with respect
to the related REO Properties and reinvestment income thereon; provided,
however, that (i) the Special Servicer may retain in such REO Account such
portion of such proceeds and collections as may be necessary to maintain in the
REO Account sufficient funds for the proper operation, management and
maintenance of the related REO Property, including, without limitation, the
creation of reasonable reserves for repairs, replacements, and necessary capital
improvements and other related expenses. The Special Servicer shall notify the
Master Servicer of all such deposits (and the REO Properties to which the
deposits relate) made into the Certificate Account and (ii) the Special Servicer
shall be entitled to withdraw from the REO Account and pay itself as additional
Special Servicing Compensation any interest or net reinvestment income earned on
funds deposited in the REO Account. The amount of any losses incurred in respect
of any such investments shall be for the

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<PAGE>

account of the Special Servicer which shall deposit the amount of such loss (to
the extent not offset by income from other investments) in the REO Account, out
of its own funds immediately as realized. If the Special Servicer deposits in
any REO Account any amount not required to be deposited therein, it may at any
time withdraw such amount from the REO Account, any provision herein to the
contrary notwithstanding.

     (c) If the Trust acquires the Mortgaged Property, the Special Servicer
shall have full power and authority, in consultation with the Operating Adviser,
and subject to the specific requirements and prohibitions of this Agreement and
any applicable consultation rights of the holder of the related B Note relating
to an A/B Mortgage Loan, to do any and all things in connection therewith as are
consistent with the Servicing Standard, subject to the REMIC Provisions, and in
such manner as the Special Servicer deems to be in the best interest of the
Trust (and in the case of any A/B Mortgage Loan, the holder of the related B
Note and the Trust as a collective whole), and, consistent therewith, may
advance from its own funds to pay for the following items (which amounts shall
be reimbursed by the Master Servicer or the Trust subject to Sections 4.4 in
accordance with Section 4.6(e)), to the extent such amounts cannot be paid from
REO Income:

          (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 could result or have resulted in the imposition of a lien thereon;
and

          (iii) all costs and expenses necessary to maintain, operate, lease and
sell such REO Property (other than capital expenditures).

     (d) The Special Servicer may, and to the extent necessary to (i) preserve
the status of the REO Property as "foreclosure property" under the REMIC
Provisions or (ii) avoid the imposition of a tax on "income from nonpermitted
assets" within the meaning of the REMIC Provisions, shall contract with any
Independent Contractor for the operation and management of the REO Property,
provided that:

          (i) the terms and conditions of any such contract shall not be
inconsistent herewith;

          (ii) the terms of such contract shall be consistent with the
provisions of Section 856 of the Code and Treasury Regulation Section
1.856-4(b)(5);

          (iii) only to the extent consistent with (ii) above, any such contract
shall require, or shall be administered to require, that the Independent
Contractor (A) pay all costs and expenses incurred in connection with the
operation and management of such Mortgaged Property underlying the REO Property
and (B) deposit on a daily basis all amounts payable to the Trust in accordance
with the contract between the Trust and the Independent Contractor in an
Eligible Account;

          (iv) none of the provisions of this Section 9.14 relating to any such
contract or to actions taken through any such Independent Contractor shall be
deemed to relieve

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<PAGE>

the Special Servicer of any of its duties and obligations to the Trustee with
respect to the operation and management of any such REO Property;

          (v) if the Independent Contractor is an Affiliate of the Special
Servicer, the consent of the Operating Adviser and a Nondisqualification Opinion
must be obtained; and

          (vi) 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 the Trust (and, if applicable,
the holder of a B Note) pursuant to this subsection (d) for indemnification of
the Special Servicer by such Independent Contractor, and nothing in this
Agreement shall be deemed to limit or modify such indemnification. All fees of
the Independent Contractor (other than fees paid for performing services within
the ordinary duties of a Special Servicer which shall be paid by the Special
Servicer) shall be paid from the income derived from the REO Property. To the
extent that the income from the REO Property is insufficient, such fees shall be
advanced by the Master Servicer as a Servicing Advance, subject to the
provisions of Section 4.4 and Section 4.6(e) hereof.

     (e) Notwithstanding any other provision of this Agreement, the Special
Servicer shall not rent, lease, or otherwise earn income on behalf of the Trust
or the beneficial owners thereof with respect to REO Property which might cause
the REO Property to fail to qualify as "foreclosure property" within the meaning
of Section 860G(a)(8) of the Code (without giving effect to the final sentence
thereof) or result in the receipt by any REMIC of any "income from nonpermitted
assets" within the meaning of Section 860F(a)(2) of the Code or any "net income
from foreclosure property" which is subject to tax under the REMIC Provisions
unless (i) the Trustee and the Special Servicer have received an Opinion of
Counsel (at the Trust's sole expense) to the effect that, under the REMIC
Provisions and any relevant proposed legislation, any income generated for REMIC
I by the REO Property would not result in the imposition of a tax upon REMIC I
or (ii) in accordance with the Servicing Standard, the Special Servicer
determines the income or earnings with respect to such REO Property will offset
any tax under the REMIC Provisions relating to such income or earnings and will
maximize the net recovery from the REO Property to the Certificateholders. The
Special Servicer shall notify the Trustee, the Paying Agent and the Master
Servicer of any election by it to incur such tax, and the Special Servicer (i)
shall hold in escrow in an Eligible Account an amount equal to the tax payable
thereby from revenues collected from the related REO Property, (ii) provide the
Paying Agent with all information for the Paying Agent to file the necessary tax
returns in connection therewith and (iii) upon request from the Paying Agent,
pay from such account to the Paying Agent the amount of the applicable tax. The
Paying Agent shall file the applicable tax returns based on the information
supplied by the Special Servicer and pay the applicable tax from the amounts
collected by the Special Servicer.

     Subject to, and without limiting the generality of the foregoing, the
Special Servicer, on behalf of the Trust, shall not:

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<PAGE>

          (i) permit the Trust to enter into, renew or extend any New Lease with
respect to the REO Property, if the New Lease by its terms will 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 the REO Property, other
than the completion of a building or other improvement thereon, and then only if
more than ten percent of the construction of such building or other improvement
was completed before default on the Mortgage Loan became imminent, all within
the meaning of Section 856(e)(4)(B) of the Code; or

          (iv) Directly Operate, other than through an Independent Contractor,
or allow any other Person to Directly Operate, other than through an Independent
Contractor, the REO Property on any date more than 90 days after the Acquisition
Date; unless, in any such case, the Special Servicer has requested and received
an Opinion of Counsel at the Trust's sole expense to the effect that such action
will not cause such REO Property to fail to qualify as "foreclosure property"
within the meaning of Section 860G(a)(8) of the Code (without giving effect to
the final sentence thereof) at any time that it is held by the applicable REMIC
Pool, in which case the Special Servicer may take such actions as are specified
in such Opinion of Counsel.

     SECTION 9.15 SALE OF REO PROPERTY.

     (a) In the event that title to any REO Property is acquired by the Trust in
respect of any Specially Serviced Mortgage Loan, the deed or certificate of sale
shall be issued to the Trust, the Trustee or to its nominees. The Special
Servicer, after notice to the Operating Adviser, shall use its reasonable best
efforts to sell any REO Property as soon as practicable consistent with the
objective of maximizing proceeds for all Certificateholders, but in no event
later than the end of the third calendar year following the end of the year of
its acquisition, and in any event prior to the Rated Final Distribution Date,
unless (i) the Trustee, on behalf of the applicable REMIC Pool, has been granted
an extension of time (an "Extension") (which extension shall be applied for at
least 60 days prior to the expiration of the period specified above) by the
Internal Revenue Service to sell such REO Property (a copy of which shall be
delivered to the Paying Agent upon request), in which case the Special Servicer
shall continue to attempt to sell the REO Property for its fair market value for
such period longer than the period specified above as such Extension permits or
(ii) the Special Servicer seeks and subsequently receives, at the expense of the
Trust, a Nondisqualification Opinion, addressed to the Trustee and the Special
Servicer, to the effect that the holding by the Trust of such REO Property
subsequent to the period specified above after its acquisition will not result
in the imposition of taxes on "prohibited transactions" of a REMIC, as defined
in Section 860F(a)(2) of the Code, or cause any REMIC to fail to qualify as a
REMIC at any time that any Certificates are outstanding. If the Trustee has not
received an Extension or such Opinion of Counsel and the Special Servicer is not
able to sell such REO Property within the period specified above, or if an
Extension has been granted and the Special Servicer is unable to sell such REO
Property within the extended time period, the Special Servicer shall, after
consultation with the Operating Adviser, before the end

                                     -222-
<PAGE>

of such period or extended period, as the case may be, auction the REO Property
to the highest bidder (which may be the Special Servicer) in accordance with the
Servicing Standard; provided, however, that no Interested Person shall be
permitted to purchase the REO Property at a price less than the Purchase Price;
and provided, further that if the Special Servicer intends to bid on any REO
Property, (i) the Special Servicer shall notify the Trustee of such intent, (ii)
the Trustee shall promptly obtain, at the expense of the Trust an Appraisal of
such REO Property (or internal valuation in accordance with the procedures
specified in Section 6.9) and (iii) the Special Servicer shall not bid less than
the fair market value set forth in such Appraisal. Neither any Seller nor the
Depositor may purchase REO Property at a price in excess of the fair market
value thereof.

     (b) Within 30 days of the sale of the REO Property, the Special Servicer
shall provide to the Trustee, the Paying Agent and the Master Servicer (and the
holder of the related B Note, if any, if in connection with an A/B Mortgage
Loan) a statement of accounting for such REO Property, including without
limitation, (i) the Acquisition Date for the REO Property, (ii) the date of
disposition of the REO Property, (iii) the sale price and related selling and
other expenses, (iv) accrued interest (including interest deemed to have
accrued) on the Specially Serviced Mortgage Loan to which the REO Property
related, calculated from the Acquisition Date to the disposition date, (v) final
property operating statements, and (vi) such other information as the Trustee or
the Paying Agent (and the holder of the related B Note if in connection with an
A/B Mortgage Loan) may reasonably request in writing.

     (c) The Liquidation Proceeds from the final disposition of the REO Property
shall be deposited in the Certificate Account within one Business Day of
receipt.

     (d) The Special Servicer shall provide the necessary information to the
Master Servicer and the Paying Agent to allow the Master Servicer to prepare,
deliver and file reports of foreclosure and abandonment in accordance with
Section 6050J and Section 6050P, if required, of the Code with respect to such
REO Property and shall deliver such information with respect thereto as the
Master Servicer or the Paying Agent may request in writing.

     SECTION 9.16 REALIZATION ON COLLATERAL SECURITY. In connection with the
enforcement of the rights of the Trust to any property securing any Specially
Serviced Mortgage Loan other than the related Mortgaged Property, the Special
Servicer shall consult with counsel to determine how best to enforce such rights
in a manner consistent with the REMIC Provisions and shall not, based on a
Nondisqualification Opinion addressed to the Special Servicer and the Trustee
(the cost of which shall be an expense of the Trust) take any action that could
result in the failure of any REMIC Pool to qualify as a REMIC while any
Certificates are outstanding, unless such action has been approved by a vote of
100% of each Class of Certificateholders (including the Class R-I, Class R-II
and Class R-III Certificateholders).

     SECTION 9.17 RESERVED

     SECTION 9.18 ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE. The Special
Servicer shall deliver to the Paying Agent on or before noon (Eastern Time) on
March 15 of each calendar year (or March 14 if a leap year), commencing in March
2003, an Officer's Certificate stating, as to the signer thereof, that (A) a
review of the activities of the Special Servicer during

                                     -223-
<PAGE>

the preceding calendar year or portion thereof and of the performance of the
Special Servicer under this Agreement has been made under such officer's
supervision and (B) to the best of such officer's knowledge, based on such
review, the Special Servicer has fulfilled all its obligations under this
Agreement in all material respects throughout such year, 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. The Special Servicer
shall deliver such Officer's Certificate to the Master Servicer, the Depositor
and the Trustee by April 7 of each calendar year. The Special Servicer shall
forward a copy of each such statement to the Rating Agencies. The Paying Agent
shall forward a copy of each such statement to the Luxembourg Paying Agent.
Promptly after receipt of such Officer's Certificate, the Depositor shall review
the Officer's Certificate and, if applicable, consult with the Special Servicer
as to the nature of any defaults by the Special Servicer in the fulfillment of
any of the Special Servicer's obligations hereunder.

     SECTION 9.19 ANNUAL INDEPENDENT ACCOUNTANTS' SERVICING REPORT. On or before
noon (Eastern Time) on March 15 of each calendar year (or March 14 if a leap
year), beginning with March 2003, the Special Servicer at its expense shall
cause a nationally recognized firm of Independent public accountants (who may
also render other services to the Special Servicer, as applicable) to furnish to
the Paying Agent (in electronic format) a statement to the effect that (a) such
firm has examined certain documents and records relating to the servicing of the
Mortgage Loans under this Agreement or the servicing of mortgage loans similar
to the Mortgage Loans under substantially similar agreements for the preceding
calendar year and (b) the assertion by management of the Special Servicer, that
it maintained an effective internal control system over the servicing of such
mortgage loans is fairly stated in all material respects, based upon established
criteria, which statement meets the standards applicable to accountant's reports
intended for general distribution; provided that each of the Master Servicer and
the Special Servicer shall not be required to cause the delivery of such
statement until April 15 in any given year so long as it has received written
confirmation from the Depositor that a Report on Form 10-K is not required to be
filed in respect of the Trust Fund for the preceding calendar year. The Special
Servicer shall deliver such statement to the Depositor, each Rating Agency, the
Trustee and, upon request, the Operating Adviser by April 7 of each calendar
year (or by April 30 of each calendar year if the statement is not required to
be delivered until April 15). The Paying Agent shall promptly deliver such
statement to the Luxembourg Paying Agent. Promptly after receipt of such report,
the Depositor shall review the report and, if applicable, consult with the
Special Servicer as to the nature of any defaults by the Special Servicer in the
fulfillment of any of the Special Servicer's obligations hereunder.

     SECTION 9.20 MERGER OR CONSOLIDATION. Any Person into which the Special
Servicer may be merged or consolidated, or any Person resulting from any merger,
conversion, other change in form or consolidation to which the Special Servicer
shall be a party, or any Person succeeding to the business of the Special
Servicer, shall be the successor of the Special Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto; provided, however, that each of the Rating Agencies provides a
Rating Agency Confirmation. If the conditions to the proviso in the foregoing
sentence are not met, the Trustee may terminate the Special Servicer's servicing
of the Specially Serviced Mortgage Loans pursuant hereto, such termination to be
effected in the manner set forth in Section 9.31.

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<PAGE>

     SECTION 9.21 RESIGNATION OF SPECIAL SERVICER.

     (a) Except as otherwise provided in this Section 9.21, the Special Servicer
shall not resign from the obligations and duties hereby imposed on it unless it
determines that the Special Servicer's duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it. Any such
determination permitting the resignation of the Special Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Master
Servicer, the Operating Adviser, and the Trustee. No such resignation shall
become effective until a successor servicer designated by the Operating Adviser
and the Trustee shall have (i) satisfied the requirements that would apply
pursuant to Section 9.20 hereof if a merger of the Special Servicer had
occurred, (ii) assumed the Special Servicer's responsibilities and obligations
under this Agreement and (iii) Rating Agency Confirmation shall have been
obtained. Notice of such resignation shall be given promptly by the Special
Servicer to the Master Servicer and the Trustee.

     (b) The Special Servicer may resign from the obligations and duties hereby
imposed on it, upon reasonable notice to the Trustee, provided that (i) a
successor Special Servicer is (x) available, (y) reasonably acceptable to the
Operating Adviser, the Depositor, and the Trustee, and (z) willing to assume the
obligations, responsibilities and covenants to be performed hereunder by the
Special Servicer on substantially the same terms and conditions, and for not
more than equivalent compensation as that herein provided, (ii) the successor
Special Servicer has assets of at least $15,000,000 and (iii) Rating Agency
Confirmation is obtained with respect to such resignation, as evidenced by a
letter from each Rating Agency delivered to the Trustee. Any costs of such
resignation and of obtaining a replacement Special Servicer shall be borne by
the Special Servicer and shall not be an expense of the Trust.

     (c) No such resignation under paragraph (b) above shall become effective
unless and until such successor Special Servicer enters into a servicing
agreement with the Trustee assuming the obligations and responsibilities of the
Special Servicer hereunder in form and substance reasonably satisfactory to the
Trustee.

     (d) Upon any resignation of the Special Servicer, it shall retain the right
to receive any and all Work-Out Fees payable in respect of Mortgage Loans and
any B Note that became Rehabilitated Mortgage Loans during the period that it
acted as Special Servicer and that were still Rehabilitated Mortgage Loans at
the time of such resignation (and the successor Special Servicer shall not be
entitled to any portion of such Work-Out Fees), in each case until such time (if
any) as such Mortgage Loan or B Note again becomes a Specially Serviced Mortgage
Loan or are no longer included in the Trust.

     SECTION 9.22 ASSIGNMENT OR DELEGATION OF DUTIES BY SPECIAL SERVICER. The
Special Servicer shall have the right without the prior written consent of the
Trustee to (A) delegate or subcontract with or authorize or appoint anyone, or
delegate certain duties to other professionals such as attorneys and appraisers,
as an agent of the Special Servicer or Sub-Servicers (as provided in Section
9.3) to perform and carry out any duties, covenants or obligations to be
performed and carried out by the Special Servicer hereunder or (B) assign and
delegate all of its duties hereunder. In the case of any such assignment and
delegation in accordance with the requirements of clause (A) of this Section,
the Special Servicer shall not be

                                     -225-
<PAGE>

released from its obligations under this Agreement. In the case of any such
assignment and delegation in accordance with the requirements of clause (B) of
this Section, the Special Servicer shall be released from its obligations under
this Agreement, except that the Special Servicer shall remain liable for all
liabilities and obligations incurred by it as the Special Servicer hereunder
prior to the satisfaction of the following conditions: (i) the Special Servicer
gives the Depositor, the Master Servicer, the Primary Servicers and the Trustee
notice of such assignment and delegation; (ii) such purchaser or transferee
accepting such assignment and delegation executes and delivers to the Depositor
and the Trustee an agreement accepting such assignment, which contains an
assumption by such Person of the rights, powers, duties, responsibilities,
obligations and liabilities of the Special Servicer, with like effect as if
originally named as a party to this Agreement; (iii) the purchaser or transferee
has assets in excess of $15,000,000; (iv) such assignment and delegation is the
subject of a Rating Agency Confirmation; and (v) the Depositor consents to such
assignment and delegation, such consent not be unreasonably withheld.
Notwithstanding the above, the Special Servicer may appoint Sub-Servicers in
accordance with Section 9.3 hereof.

     SECTION 9.23 LIMITATION ON LIABILITY OF THE SPECIAL SERVICER AND OTHERS.

     (a) Neither the Special Servicer nor any of the directors, officers,
employees or agents of the Special Servicer shall be under any liability to the
Certificateholders, the holder of any B Note or the Trustee for any action taken
or for refraining from the taking of any action in good faith and using
reasonable business judgment; provided that this provision shall not protect the
Special Servicer or any such person against any breach of a representation or
warranty contained herein or any liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or negligence in its performance of
duties hereunder or by reason of negligent disregard of obligations and duties
hereunder. The Special Servicer and any director, officer, employee or agent of
the Special Servicer may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person (including, without
limitation, the information and reports delivered by or at the direction of the
Master Servicer or any director, officer, employee or agent of the Master
Servicer) respecting any matters arising hereunder. The Special Servicer shall
not be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its duties to service the Specially Serviced Mortgage
Loans in accordance with this Agreement; provided that the Special Servicer may
in its sole discretion undertake any such action which it may reasonably deem
necessary or desirable in order to protect the interests of the
Certificateholders, the holder of any B Note and the Trustee in the Specially
Serviced Mortgage Loans, or shall undertake any such action if instructed to do
so by the Trustee. In such event, all legal expenses and costs of such action
(other than those that are connected with the routine performance by the Special
Servicer of its duties hereunder) shall be expenses and costs of the Trust, and
the Special Servicer shall be entitled to be reimbursed therefor as provided by
Section 5.2 hereof. Notwithstanding any term in this Agreement, the Special
Servicer shall not be relieved from liability to, or entitled to indemnification
from, the Trust for any action taken by it at the direction of the Operating
Adviser which is in conflict with the Servicing Standard.

     (b) In addition, the Special Servicer shall have no liability with respect
to, and shall be entitled to conclusively rely on as to the truth of the
statements and the correctness of the opinions expressed in any certificates or
opinions furnished to the Special Servicer and

                                     -226-
<PAGE>

conforming to the requirements of this Agreement. Neither the Special Servicer,
nor any director, officer, employee, agent or Affiliate, shall be personally
liable for any error of judgment made in good faith by any officer, unless it
shall be proved that the Special Servicer or such officer was negligent in
ascertaining the pertinent facts. Neither the Special Servicer, nor any
director, officer, employee, agent or Affiliate, shall be personally liable for
any action taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion, rights or powers conferred upon it by
this Agreement. The Special Servicer shall be entitled to rely on reports and
information supplied to it by the Master Servicer and the related Mortgagors and
shall have no duty to investigate or confirm the accuracy of any such report or
information.

     (c) The Special Servicer shall not be obligated to incur any liabilities,
costs, charges, fees or other expenses which relate to or arise from any breach
of any representation, warranty or covenant made by the Depositor, the Master
Servicer, the Fiscal Agent or the Trustee in this Agreement. The Trust shall
indemnify and hold harmless the Special Servicer from any and all claims,
liabilities, costs, charges, fees or other expenses which relate to or arise
from any such breach of representation, warranty or covenant to the extent such
amounts are not recoverable from the party committing such breach.

     (d) Except as otherwise specifically provided herein:

          (i) the Special Servicer may rely, 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
believed or in good faith believed by it to be genuine and to have been signed
or presented by the proper party or parties;

          (ii) the Special Servicer may consult with counsel, and any written
advice or Opinion of Counsel shall be full and complete authorization and
protection with respect to any action taken or suffered or omitted by it
hereunder in good faith and in accordance with such advice or Opinion of
Counsel;

          (iii) the Special Servicer shall not be personally liable for any
action taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion, rights or powers conferred upon it by this
Agreement; and

          (iv) the Special Servicer, in preparing any reports hereunder, may
rely, and shall be protected in acting or refraining from acting upon any
information (financial or other), statement, certificate, document, agreement,
covenant, notice, request or other paper reasonably believed or in good faith
believed by it to be genuine.

     (e) The Special Servicer and any director, officer, employee or agent of
the Special Servicer shall be indemnified by the Master Servicer, the Trustee,
the Paying Agent and the Fiscal Agent, as the case may be, and held harmless
against any loss, liability or expense including reasonable attorneys' fees
incurred in connection with any legal action relating to the Master Servicer's,
the Trustee's, the Paying Agent's or the Fiscal Agent's, as the case may be,
respective willful misfeasance, bad faith or negligence in the performance of
its respective duties hereunder or by reason of negligent disregard by such
Person of its respective duties hereunder,

                                     -227-
<PAGE>

other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of any of the Special
Servicer's duties hereunder or by reason of negligent disregard of the Special
Servicer's obligations and duties hereunder. The Special Servicer shall promptly
notify the Master Servicer, the Trustee, the Paying Agent and the Fiscal Agent
if a claim is made by a third party entitling the Special Servicer to
indemnification hereunder, whereupon the Master Servicer, the Trustee or the
Paying Agent, in each case, to the extent the claim was made in connection with
its willful misfeasance, bad faith or negligence, shall assume the defense of
any such claim (with counsel reasonably satisfactory to the Special Servicer).
Any failure to so notify the Master Servicer, the Trustee or the Paying Agent
shall not affect any rights the Special Servicer may have to indemnification
hereunder or otherwise, unless the interest of the Master Servicer, the Trustee
or the Paying Agent is materially prejudiced thereby. The indemnification
provided herein shall survive the termination of this Agreement and the
termination or resignation of the Special Servicer. Such indemnity shall survive
the termination of this Agreement or the resignation or removal of the Special
Servicer hereunder. Any payment hereunder made by the Master Servicer, the
Trustee, the Fiscal Agent or the Paying Agent, as the case may be, pursuant to
this paragraph to the Special Servicer shall be paid from the Master Servicer's,
the Trustee's, Fiscal Agent's or the Paying Agent's, as the case may be, own
funds, without reimbursement from the Trust therefor, except achieved through
subrogation as provided in this Agreement. Any expenses incurred or
indemnification payments made by the Trustee, the Paying Agent, the Fiscal Agent
or the Master Servicer shall be reimbursed by the party so paid, if a court of
competent jurisdiction makes a final judgment that the conduct of the Trustee,
the Paying Agent, the Fiscal Agent or the Master Servicer, as the case may be,
was (x) not culpable or (y) found to not have acted with willful misfeasance,
bad faith or negligence.

     SECTION 9.24 INDEMNIFICATION; THIRD-PARTY CLAIMS.

     (a) The Special Servicer and any director, officer, employee or agent of
the Special Servicer shall be indemnified by the Trust, and held harmless
against any and all claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments and any other costs, liabilities, fees and expenses
incurred in connection with any legal action relating to (i) this Agreement, and
(ii) any action taken by the Special Servicer in accordance with the instruction
delivered in writing to the Special Servicer by the Trustee or the Master
Servicer pursuant to any provision of this Agreement in each case and the
Special Servicer and each of its directors, officers, employees and agents shall
be entitled to indemnification from the Trust for any loss, liability or expense
(including attorneys' fees) incurred in connection with the provision by the
Special Servicer of any information included by the Special Servicer in the
report required to be provided by the Special Servicer pursuant to this
Agreement, other than any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of duties
hereunder or by reason of negligent disregard of obligations and duties
hereunder. The Special Servicer shall assume the defense of any such claim (with
counsel reasonably satisfactory to the Special Servicer) and the Trust shall
pay, from amounts on deposit in the Certificate Account pursuant to Section 5.2,
all expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or
them in respect of such claim. The indemnification provided herein shall survive
the termination of this Agreement and the termination or resignation of the
Special Servicer. Any expenses incurred or indemnification payments made by the
Trust shall be

                                     -228-
<PAGE>

reimbursed by the Special Servicer, if a court of competent jurisdiction makes a
final, non-appealable judgment that the Special Servicer was found to have acted
with willful misfeasance, bad faith or negligence.

     (b) The Special Servicer agrees to indemnify the Trust, and the Trustee,
the Fiscal Agent, the Depositor, the Master Servicer, the Paying Agent and any
director, officer, employee or agent or Controlling Person of the Trustee, the
Fiscal Agent, the Depositor and the Master Servicer, and hold them harmless
against any and all claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments, and any other costs, liabilities, fees and
expenses that the Trust or the Trustee, the Fiscal Agent, the Depositor, the
Paying Agent or the Master Servicer may sustain arising from or as a result of
the willful misfeasance, bad faith or negligence in the performance of duties
hereunder or by reason of negligent disregard of obligations and duties
hereunder by the Special Servicer. The Trustee, the Fiscal Agent, the Depositor,
the Paying Agent or the Master Servicer shall immediately notify the Special
Servicer if a claim is made by a third party with respect to this Agreement or
the Specially Serviced Mortgage Loans entitling the Trust or the Trustee, the
Fiscal Agent, the Depositor, the Paying Agent or the Master Servicer, as the
case may be, to indemnification hereunder, whereupon the Special Servicer shall
assume the defense of any such claim (with counsel reasonably satisfactory to
the Trustee, the Fiscal Agent, the Depositor, the Paying Agent or the Master
Servicer, as the case may be) and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or
decree which may be entered against it or them in respect of such claim. Any
failure to so notify the Special Servicer shall not affect any rights the Trust
or the Trustee, the Fiscal Agent, the Depositor, the Paying Agent or the Master
Servicer may have to indemnification under this Agreement or otherwise, unless
the Special Servicer's defense of such claim is materially prejudiced thereby.
The indemnification provided herein shall survive the termination of this
Agreement and the termination or resignation of the Special Servicer, the Paying
Agent or the Trustee or Fiscal Agent. Any expenses incurred or indemnification
payments made by the Special Servicer shall be reimbursed by the party so paid,
if a court of competent jurisdiction makes a final, non-appealable judgment that
the conduct of the Special Servicer was not culpable or found to have acted with
willful misfeasance, bad faith or negligence.

     (c) The initial Special Servicer and the Depositor expressly agree that the
only information furnished by or on behalf of the Special Servicer for inclusion
in the Preliminary Prospectus Supplement and the Final Prospectus Supplement is
the information set forth in the paragraph under the caption "SERVICING OF THE
MORTGAGE LOANS - The Master Servicer and Special Servicer--Special Servicer" of
the Preliminary Prospectus Supplement and Final Prospectus Supplement.

     (d) The 2002-IQ2 Special Servicer and any director, officer, employee or
agent of the 2002-IQ2 Special Servicer shall be indemnified by the Trust and
held harmless against the Trust's pro rata share of any and all claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with any
legal action relating to the 2002-IQ2 Pooling and Servicing Agreement and this
Agreement, and relating to the Pari Passu Loan (but excluding any such losses
allocable to the 2002-IQ2 Mortgage Loan), reasonably requiring the use of
counsel or the incurring of expenses other than any losses incurred by reason of
the 2002-IQ2 Special Servicer's willful

                                     -229-
<PAGE>

misfeasance, bad faith or negligence in the performance of its duties under the
2002-IQ2 Pooling and Servicing Agreement.

     SECTION 9.25 RESERVED

     SECTION 9.26 SPECIAL SERVICER MAY OWN CERTIFICATES. The Special Servicer or
any agent of the Special Servicer in its individual capacity or in any other
capacity may become the owner or pledgee of Certificates with the same rights as
it would have if they were not the Special Servicer or such agent. Any such
interest of the Special Servicer or such agent in the Certificates shall not be
taken into account when evaluating whether actions of the Special Servicer are
consistent with its obligations in accordance with the Servicing Standard
regardless of whether such actions may have the effect of benefiting the Class
or Classes of Certificates owned by the Special Servicer.

     SECTION 9.27 TAX REPORTING. The Special Servicer shall provide the
necessary information to the Master Servicer to allow the Master Servicer to
comply with the Mortgagor tax reporting requirements imposed by Sections 6050H,
6050J and 6050P of the Code with respect to any Specially Serviced Mortgage
Loan. The Special Servicer shall provide to the Master Servicer copies of any
such reports. The Master Servicer shall forward such reports to the Trustee and
the Paying Agent.

     SECTION 9.28 APPLICATION OF FUNDS RECEIVED. It is anticipated that the
Master Servicer will be collecting all payments with respect to the Mortgage
Loans (other than payments with respect to REO Income). If, however, the Special
Servicer should receive any payments with respect to any Mortgage Loan (other
than REO Income) it shall, within one Business Day of receipt from the Mortgagor
or otherwise of any amounts attributable to payments with respect to or the sale
of any Mortgage Loan or any Specially Serviced Mortgage Loan, if any, (but not
including REO Income, which shall be deposited in the applicable REO Account as
provided in Section 9.14 hereof), either, (i) forward such payment (endorsed, if
applicable, to the order of the Master Servicer), to the Master Servicer, or
(ii) deposit such amounts, or cause such amounts to be deposited, in the
Certificate Account. The Special Servicer shall notify the Master Servicer of
each such amount received on or before the date required for the making of such
deposit or transfer, as the case may be, indicating the Mortgage Loan or
Specially Serviced Mortgage Loan to which the amount is to be applied and the
type of payment made by or on behalf of the related Mortgagor.

     SECTION 9.29 COMPLIANCE WITH REMIC PROVISIONS. The Special Servicer shall
act in accordance with this Agreement and the provisions of the Code relating to
REMICs in order to create or maintain the status of any REMIC Pool as a REMIC
under the Code or, as appropriate, adopt a plan of complete liquidation. The
Special Servicer shall not take any action or cause any REMIC Pool to take any
action that would (i) endanger the status of any REMIC as a REMIC under the Code
or (ii) subject to Section 9.14(e), result in the imposition of a tax upon any
REMIC Pool (including, but not limited to, the tax on prohibited transactions as
defined in Code Section 860F(a)(2) or on prohibited contributions pursuant to
Section 860G(d)) unless the Master Servicer and the Trustee have received a
Nondisqualification Opinion (at the expense of the party seeking to take such
action) to the effect that the contemplated action will not endanger

                                     -230-
<PAGE>

such status or result in the imposition of such tax. The Special Servicer shall
comply with the provisions of Article XII hereof.

     SECTION 9.30 TERMINATION.

     (a) The obligations and responsibilities of the Special Servicer created
hereby (other than the obligation of the Special Servicer to make payments to
the Master Servicer as set forth in Section 9.28 and the obligations of the
Special Servicer pursuant to Sections 9.8 and 9.24 hereof) shall terminate on
the date which is the earliest of (i) the later of (A) the final payment or
other liquidation of the last Mortgage Loan remaining outstanding (and final
distribution to the Certificateholders) or, (B) the disposition of all REO
Property in respect of any Specially Serviced Mortgage Loan (and final
distribution to the Certificateholders), (ii) 60 days following the date on
which the Trustee or the Operating Adviser has given written notice to the
Special Servicer that this Agreement is terminated pursuant to Section 9.30(b)
or 9.30(c), respectively, and (iii) the effective date of any resignation of the
Special Servicer effected pursuant to and in accordance with Section 9.21.

     (b) The Trustee may terminate the Special Servicer in the event that (i)
the Special Servicer has failed to remit any amount required to be remitted to
the Trustee, the Master Servicer, the Fiscal Agent, the Paying Agent or the
Depositor within one (1) Business Day following the date such amount was
required to have been remitted under the terms of this Agreement, (ii) the
Special Servicer has failed to deposit into any account any amount required to
be so deposited or remitted under the terms of this Agreement which failure
continues unremedied for one Business Day following the date on which such
deposit or remittance was first required to be made; (iii) the Special Servicer
has failed to duly observe or perform in any material respect any of the other
covenants or agreements of the Special Servicer set forth in this Agreement, and
the Special Servicer has failed to remedy such failure within thirty (30) days
after written notice of such failure, requiring the same to be remedied, shall
have been given to the Special Servicer by the Depositor or the Trustee,
provided, however, that if the Special Servicer certifies to the Trustee and the
Depositor that the Special Servicer is in good faith attempting to remedy such
failure, and the Certificateholders would not be affected thereby, such cure
period will be extended to the extent necessary to permit the Special Servicer
to cure such failure; provided, however, that such cure period may not exceed 90
days; (iv) the Special Servicer has made one or more false or misleading
representations or warranties herein that materially and adversely affects the
interest of any Class of Certificates, and has failed to cure such breach within
thirty (30) days after notice of such breach, requiring the same to be remedied,
shall have been given to the Special Servicer by the Depositor or the Trustee,
provided, however, that if the Special Servicer certifies to the Trustee and the
Depositor that the Special Servicer is in good faith attempting to remedy such
failure, such cure period may be extended to the extent necessary to permit the
Special Servicer to cure such failure; provided, however, that such cure period
may not exceed 90 days; (v) the Trustee shall receive notice from Fitch to the
effect that the continuation of the Special Servicer in such capacity would
result in the downgrade, qualification or withdrawal of any rating then assigned
by Fitch to any Class of Certificates; (vi) a decree or order of a court or
agency or supervisory authority having jurisdiction in the premises in an
involuntary case under any present or future federal or state bankruptcy,
insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency,
readjustment of debt, marshalling of

                                     -231-
<PAGE>

assets and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Special Servicer
and such decree or order shall have remained in force undischarged or unstayed
for a period of 60 days; (vii) the Special Servicer shall consent to the
appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings relating to the Special Servicer or of or
relating to all or substantially all of its property; or (viii) the Special
Servicer thereof 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 (ix) the Special
Servicer is removed from S&P's approved special servicer list and the ratings
then assigned by S&P to any Classes of Certificates are downgraded, qualified or
withdrawn (including, without limitation, being placed on "negative credit
watch") in connection with such removal. Such termination shall be effective on
the date after the date of any of the above events that the Trustee specifies in
a written notice to the Special Servicer specifying the reason for such
termination. The Operating Adviser shall have the right to appoint a successor
if the Trustee terminates the Special Servicer.

     (c) The Operating Adviser shall have the right to direct the Trustee to
terminate the Special Servicer, provided that the Operating Adviser shall
appoint a successor Special Servicer who will (i) be reasonably satisfactory to
the Trustee and to the Depositor, and (ii) execute and deliver to the Trustee an
agreement, in form and substance reasonably satisfactory to the Trustee, whereby
the successor Special Servicer agrees to assume and perform punctually the
duties of the Special Servicer specified in this Agreement; and provided,
further, that the Trustee shall have received Rating Agency Confirmation from
each Rating Agency prior to the termination of the Special Servicer. The Special
Servicer shall not be terminated pursuant to this subsection (c) until a
successor Special Servicer shall have been appointed. The Operating Adviser
shall pay any costs and expenses incurred by the Trust in connection with the
removal and appointment of a Special Servicer (unless such removal is based on
any of the events or circumstances set forth in Section 9.30(b)).

     SECTION 9.31 PROCEDURE UPON TERMINATION.

     (a) Notice of any termination pursuant to clause (i) of Section 9.30(a),
specifying the Distribution Date upon which the final distribution shall be
made, shall be given promptly by the Special Servicer to the Trustee and the
Paying Agent no later than the later of (i) five Business Days after the final
payment or other liquidation of the last Mortgage Loan or (ii) the sixth day of
the month in which the final Distribution Date will occur. Upon any such
termination, the rights and duties of the Special Servicer (other than the
rights and duties of the Special Servicer pursuant to Sections 9.8, 9.21, 9.23
and 9.24 hereof) shall terminate and the Special Servicer shall transfer to the
Master Servicer the amounts remaining in each REO Account and shall thereafter
terminate each REO Account and any other account or fund maintained with respect
to the Specially Serviced Mortgage Loans.

     (b) On the date specified in a written notice of termination given to the
Special Servicer pursuant to clause (ii) of Section 9.30(a), all authority,
power and rights of the Special Servicer under this Agreement, whether with
respect to the Specially Serviced Mortgage

                                     -232-
<PAGE>

Loans or otherwise, shall terminate; provided, that in no event shall the
termination of the Special Servicer be effective until the Trustee or other
successor Special Servicer shall have succeeded the Special Servicer as
successor Special Servicer, notified the Special Servicer of such designation,
and such successor Special Servicer shall have assumed the Special Servicer's
obligations and responsibilities, as set forth in an agreement substantially in
the form hereof, with respect to the Specially Serviced Mortgage Loans. The
Trustee or other successor Special Servicer may not succeed the Special Servicer
as Special Servicer until and unless it has satisfied the provisions that would
apply to a Person succeeding to the business of the Special Servicer pursuant to
Section 9.20 hereof. The Trustee is hereby authorized and empowered to execute
and deliver, on behalf of the Special Servicer, 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. The Special Servicer agrees to cooperate with the Trustee
and the Fiscal Agent in effecting the termination of the Special Servicer's
responsibilities and rights hereunder as Special Servicer including, without
limitation, providing the Trustee all documents and records in electronic or
other form reasonably requested by it to enable the successor Special Servicer
designated by the Trustee to assume the Special Servicer's functions hereunder
and to effect the transfer to such successor for administration by it of all
amounts which shall at the time be or should have been deposited by the Special
Servicer in any REO Account and any other account or fund maintained or
thereafter received with respect to the Specially Serviced Mortgage Loans.

     (c) If the Special Servicer receives a written notice of termination
pursuant to clause (ii) of Section 9.30(a) relating solely to an event set forth
in Section 9.30(b)(v) or (ix), and if the Special Servicer provides the Trustee
with the appropriate "request for proposal" materials within five Business Days
after receipt of such written notice of termination, then the Trustee shall
promptly thereafter (using such "request for proposal" materials provided by the
Special Servicer) solicit good faith bids for the rights to be appointed as
Special Servicer under this Agreement from at least three but no more than five
Qualified Bidders or, if three Qualified Bidders cannot be located, then from as
many persons as the Trustee can determine are Qualified Bidders. At the
Trustee's request, the Special Servicer shall supply the Trustee with the names
of Persons from whom to solicit such bids. In no event shall the Trustee be
responsible if less than three Qualified Bidders submit bids for the right to
service the Mortgage Loans under this Agreement.

     (d) Each bid proposal shall require any Successful Bidder, as a condition
of its bid, to enter into this Agreement as successor Special Servicer, and to
agree to be bound by the terms hereof, not later than 30 days after termination
of the Special Servicer hereunder. The Trustee shall select the Qualified Bidder
with the highest cash bid (or such other Qualified Bidder as the Master Servicer
may direct) that is also acceptable to the Operating Adviser (the "Successful
Bidder") to act as successor Special Servicer hereunder. If no bidder is
acceptable to the Operating Adviser, the Operating Adviser shall appoint the
successor Special Servicer after consultation with the Controlling Class,
provided that the successor Special Servicer so appointed must be bound by the
terms of this Agreement and there must be delivered a Rating Agency Confirmation
in connection with such appointment. The Trustee shall direct the Successful
Bidder to enter into this Agreement as successor Special Servicer pursuant to
the terms hereof not later than 30 days after the termination of the Special
Servicer hereunder, and in connection therewith to deliver the amount of the
Successful Bidder's cash bid to the Trustee by

                                     -233-
<PAGE>

wire transfer of immediately available funds to an account specified by the
Trustee no later than 10:00 a.m. New York City time on the date specified for
the assignment and assumption of the servicing rights hereunder.

     (e) Upon the assignment and acceptance of the servicing right hereunder to
and by the Successful Bidder and receipt of such cash bid, the Trustee shall
remit or cause to be remitted to the terminated Special 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) by
wire transfer of immediately available funds to an account specified by the
terminated Special Servicer no later than 1:00 p.m. New York City time on the
date specified for the assignment and assumption of the servicing rights
hereunder.

     (f) If the Successful Bidder has not entered into this Agreement as
successor Special within 30 days after the termination of the Special Servicer
hereunder or no Successful Bidder was identified within such 30-day period, the
Trustee shall have no further obligations under Section 9.31(c) and may act or
may select another successor to act as Special Servicer hereunder in accordance
with Section 9.31(b).

     SECTION 9.32 CERTAIN SPECIAL SERVICER REPORTS.

     (a) The Special Servicer, for each Specially Serviced Mortgage Loan, shall
provide to the Master Servicer and the Paying Agent on or prior to the
Determination Date for each month, the CMSA Reports in such electronic format as
is mutually acceptable to the Master Servicer and the Special Servicer and in
CMSA format. The Master Servicer and the Paying Agent may use such reports or
information contained therein to prepare its reports and the Master Servicer
may, at its option, forward such reports directly to the Depositor and the
Rating Agencies.

     (b) The Special Servicer shall maintain accurate records, prepared by a
Servicing Officer, of each Final Recovery Determination with respect to any
Mortgage Loan or REO Property and the basis thereof. Each Final Recovery
Determination shall be evidenced by an Officer's Certificate delivered to the
Trustee, the Operating Adviser, the Paying Agent and the Master Servicer no
later than the ten Business Day following such Final Recovery Determination.

     (c) The Special Servicer shall provide to the Master Servicer or the Paying
Agent at the reasonable request in writing of the Master Servicer or the Paying
Agent, any information in its possession with respect to the Specially Serviced
Mortgage Loans which the Master Servicer or Paying Agent, as the case may be,
shall require in order for the Master Servicer or the Paying Agent to comply
with its obligations under this Agreement; provided that the Special Servicer
shall not be required to take any action or provide any information that the
Special Servicer determines will result in any material cost or expense to which
it is not entitled to reimbursement hereunder or will result in any material
liability for which it is not indemnified hereunder. The Master Servicer will
provide the Special Servicer at the request of the Special Servicer any
information in its possession with respect to the Mortgage Loans which the
Master Servicer shall require in order for the Special Servicer to comply with
its obligations under this Agreement.

                                     -234-
<PAGE>

     (d) Not later than 20 days after each Special Servicer Remittance Date, the
Special Servicer shall forward to the Master Servicer a statement setting forth
the status of each REO Account as of the close of business on such Special
Servicer Remittance Date, stating that all remittances required to be made by it
as required by this Agreement to be made by the Special Servicer have been made
(or, if any required distribution has not been made by the Special Servicer,
specifying the nature and status thereof) and showing, for the period from the
day following the preceding Special Servicer Remittance Date to such Special
Servicer Remittance Date, the aggregate of deposits into and withdrawals from
each REO Account for each category of deposit specified in Section 5.1 of this
Agreement and each category of withdrawal specified in Section 5.2 of this
Agreement.

     (e) The Special Servicer shall use reasonable efforts to obtain and, to the
extent obtained, to deliver to the Master Servicer, the Paying Agent, the Rating
Agencies and the Operating Adviser, on or before April 15 of each year,
commencing with April 15, 2003, (i) copies of the prior year operating
statements and quarterly statements, if available, for each Mortgaged Property
underlying a Specially Serviced Mortgage Loan or REO Property as of its fiscal
year end, provided that either the related Mortgage Note or Mortgage requires
the Mortgagor to provide such information, or if the related Mortgage Loan has
become an REO Property, (ii) a copy of the most recent rent roll available for
each Mortgaged Property, and (iii) a table, setting forth the Debt Service
Coverage Ratio and occupancy with respect to each Mortgaged Property covered by
the operating statements delivered above; provided, that, with respect to any
Mortgage Loan that becomes a Specially Serviced Mortgage Loan prior to April 15,
2003 and for which the items in clause (i) and (ii) above have not been
delivered, the Special Servicer shall use reasonable efforts to obtain and, to
the extent obtained, deliver such items to the Master Servicer, the Paying
Agent, the Rating Agencies and the Operating Adviser as soon as possible after
receipt of such items.

     (f) The Special Servicer shall deliver to the Master Servicer, the
Depositor, the Paying Agent and the Trustee all such other information with
respect to the Specially Serviced Mortgage Loans at such times and to such
extent as the Master Servicer, the Trustee, the Paying Agent or Depositor may
from time to time reasonably request; provided, however, that the Special
Servicer shall not be required to produce any ad hoc non-standard written
reports with respect to such Mortgage Loans except if any Person (other than the
Paying Agent or the Trustee) requesting such report pays a reasonable fee to be
determined by the Special Servicer.

     (g) The Special Servicer shall deliver a written Inspection Report of each
Specially Serviced Mortgage Loan in accordance with Section 9.4(b) to the
Operating Adviser.

     (h) The Special Servicer shall provide, as soon as practicable after a
Mortgage Loan becomes a Specially Serviced Mortgage Loan, to the Master Servicer
its estimate of the net recoverable amount to the Certificateholders (and the
holder of the B Note if in connection with an A/B Mortgage Loan) and anticipated
expenses in connection therewith (and a general description of the plan to
achieve such recovery) of such Specially Serviced Mortgage Loan and other
information reasonably requested by the Master Servicer. The Special Servicer
shall update such information on a quarterly basis.

                                     -235-
<PAGE>

     SECTION 9.33 SPECIAL SERVICER TO COOPERATE WITH THE MASTER SERVICER AND
PAYING AGENT.

     (a) The Special Servicer shall furnish on a timely basis such reports,
certifications, and information as are reasonably requested by the Master
Servicer, the Trustee, the Paying Agent or any Primary Servicer to enable it to
perform its duties under this Agreement or the Primary Servicing Agreement, as
applicable; provided that no such request shall (i) require or cause the Special
Servicer to violate the Code, any provision of this Agreement, including the
Special Servicer's obligation to act in accordance with the servicing standards
set forth in this Agreement and to maintain the REMIC status of any REMIC Pool
or (ii) expose the Special Servicer, the Trust, the Fiscal Agent, the Paying
Agent or the Trustee to liability or materially expand the scope of the Special
Servicer's responsibilities under this Agreement. In addition, the Special
Servicer shall notify the Master Servicer of all expenditures incurred by it
with respect to the Specially Serviced Mortgage Loans which are required to be
made by the Master Servicer as Servicing Advances as provided herein, subject to
the provisions of Section 4.4 hereof. The Special Servicer shall also remit all
invoices relating to Servicing Advances promptly upon receipt of such invoices.

     (b) The Special Servicer shall from time to time make reports,
recommendations and analyses to the Operating Adviser with respect to the
following matters, the expense of which shall be charged to the Operating
Adviser, but in no event shall such costs be an expense of the Trust:

          (i) whether the foreclosure of a Mortgaged Property relating to a
Specially Serviced Mortgage Loan would be in the best economic interest of the
Trust;

          (ii) if the Special Servicer elects to proceed with a foreclosure,
whether a deficiency judgment should or should not be sought because the likely
recovery will or will not be sufficient to warrant the cost, time and exposure
of pursuing such judgment;

          (iii) whether the waiver or enforcement of any "due-on-sale" clause or
"due-on-encumbrance" clause contained in a Mortgage Loan or a Specially Serviced
Mortgage Loan is in the best economic interest of the Trust;

          (iv) in connection with entering into an assumption agreement from or
with a person to whom a Mortgaged Property securing a Specially Serviced
Mortgage Loan has been or is about to be conveyed, or to release the original
Mortgagor from liability upon a Specially Serviced Mortgage Loan and substitute
a new Mortgagor, and whether the credit status of the prospective new Mortgagor
is in compliance with the Special Servicer's regular commercial mortgage
origination or servicing standard;

          (v) in connection with the foreclosure on a Specially Serviced
Mortgage Loan secured by a Mortgaged Property which is not in compliance with
CERCLA, or any comparable environmental law, whether it is in the best economic
interest of the Trust to bring the Mortgaged Property into compliance therewith
and an estimate of the cost to do so; and

                                     -236-
<PAGE>

          (vi) with respect to any proposed modification (which shall include
any proposed release, substitution or addition of collateral), extension,
waiver, amendment, discounted payoff or sale of a Mortgage Loan, prepare a
summary of such proposed action and an analysis of whether or not such action is
reasonably likely to produce a greater recovery on a present value basis than
liquidation of such Mortgage Loan; such analysis shall specify the basis on
which the Special Servicer made such determination, including the status of any
existing material default or the grounds for concluding that a payment default
is imminent.

     SECTION 9.34 RESERVED

     SECTION 9.35 RESERVED

     SECTION 9.36 SALE OF DEFAULTED MORTGAGE LOANS

     (a) The holder of Certificates evidencing the greatest percentage interest
in the Controlling Class, the Special Servicer and each Seller (other than Wells
Fargo Bank, National Association) as to those Mortgage Loans sold to the
Depositor by such Seller only (in such capacity, together with any assignee, the
"Option Holder") shall, in that order, have the right, at its option (the
"Option"), to purchase a Mortgage Loan from the Trust at a price equal to the
Option Purchase Price upon receipt of notice from the Special Servicer that such
Mortgage Loan has become at least 60 days delinquent as to any monthly debt
service payment (or is delinquent as to its Balloon Payment); provided, however,
that for so long as Wells Fargo Bank, National Association is the Special
Servicer hereunder, it may not exercise such Option with respect to any Wells
Fargo Loan; and provided, further, that with respect to an A Note, the Option
Holder's rights under this Section 9.36 are subject to the rights of the holder
of the related B Note to purchase the A Note pursuant to the terms of the
Intercreditor Agreement. The Option is exercisable, subject to Section 2.3, from
that date until terminated pursuant to clause (e) below, and during that period
the Option shall be exercisable in any month only during the period from the
10th calendar day of such month through the 25th calendar day, inclusive, of
such month. The Trustee on behalf of the Trust shall be obligated to sell such
Mortgage Loan upon the exercise of the Option (whether exercised by the original
holder thereof or by a holder that acquired such Option by assignment), but
shall have no authority to sell such Mortgage Loan other than in connection with
the exercise of an Option (or in connection with a repurchase of a Mortgage Loan
under Article II, an optional termination pursuant to Section 10.1 or a
qualified liquidation of the REMIC) or if such Mortgage Loan is an A Note, to
the holder of the related B Note pursuant to the terms of the Intercreditor
Agreement. Any Option Holder that exercises the Option shall be required to
purchase the applicable Mortgage Loan on the 4th Business Day after such
exercise. If any Option Holder desires to waive its right to exercise the
Option, then it shall so notify the Trustee in writing, and the Trustee shall
promptly notify the next party eligible to hold the Option set forth above of
its rights hereunder. Any of the parties eligible to hold the Option set forth
above may at any time notify the Trustee in writing of its desire to exercise
the Option, and the Trustee shall promptly notify (i) the current Option Holder
(and the other parties eligible to hold the Option) and (ii) solely with respect
to an Option to purchase an A Note, the holder of the related B Note, of such
party's desire to exercise the Option; provided that none of the Trustee, the
Master Servicer or the Special Servicer shall disclose the Option Purchase Price
to the holder of such related B Note. If the Option Holder neither (i) exercises
the Option nor (ii) surrenders its right to exercise the Option within 3
Business Days of its receipt of that notice,

                                     -237-
<PAGE>

then the Option Holder's right to exercise the Option shall lapse, and the
Trustee shall promptly notify the next party eligible to hold the Option (and
the other parties eligible to hold the Option) of its rights thereunder.

     (b) The Option Purchase Price shall be an amount equal to the fair value of
the related Mortgage Loan, as determined by the Special Servicer. Prior to the
Special Servicer's determination of fair value referred to above, the fair value
of a Mortgage Loan shall be deemed to be an amount equal to the Purchase Price
plus (i) any prepayment penalty or yield maintenance charge then payable upon
the prepayment of such Mortgage Loan and (ii) the reasonable fees and expenses
of the Special Servicer, the Master Servicer and the Trustee incurred in
connection with the sale of the Mortgage Loan. The Special Servicer shall
determine the fair value of a Mortgage Loan on the later of (A) as soon as
reasonably practical upon the Mortgage Loan becoming 60 days delinquent or upon
the Balloon Payment becoming delinquent and (B) the date that is 75 days after
the Special Servicer's receipt of the Servicer Mortgage File relating to such
Mortgage Loan, and the Special Servicer shall promptly notify the Option Holder
(and the Trustee and each of the other parties set forth above that could become
the Option Holder) of (i) the Option Purchase Price and (ii) if such Mortgage
Loan is the A Note, that the A Note is subject to the terms of the Intercreditor
Agreement and that any purchaser of the A Note will be subject to such
Intercreditor Agreement. The Special Servicer is required to recalculate the
fair value of the Mortgage Loan if there has been a material change in
circumstances or the Special Servicer has received new information (including,
without limitation, any cash bids received from the holder of the related B Note
in connection with an A Note), either of which has a material effect on the fair
value, provided that the Special Servicer shall be required to recalculate the
fair value of the Mortgage Loan if the time between the date of last
determination of the fair value of the Mortgage Loan and the date of the
exercise of the Option has exceeded 60 days. Upon any recalculation, the Special
Servicer shall be required to promptly notify in writing each Option Holder (and
the Trustee and each of the other parties set forth above that could become the
Option Holder) of the revised Option Purchase Price. Any such recalculation of
the fair value of the Mortgage Loan shall be deemed to renew the Option in its
original priority at the recalculated price with respect to any party as to
which the Option had previously expired or been waived, unless the Option has
previously been exercised by an Option Holder at a higher Option Purchase Price.
In determining fair value, the Special Servicer shall take into account, among
other factors, 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; any views on fair value expressed by Independent investors
in mortgage loans comparable to the Mortgage Loan (provided that the Special
Servicer shall not be obligated to solicit such views); the period and amount of
any delinquency on the affected Mortgage Loan; whether to the Special Servicer's
actual knowledge, the Mortgage Loan is in default to avoid a prepayment
restriction; the physical condition of the related Mortgaged Property; the state
of the local economy; the expected recoveries from the Mortgage Loan if the
Special Servicer were to pursue a workout or foreclosure strategy instead of the
Option being exercised; and the Trust's obligation to dispose of any REO
Property as soon as practicable consistent with the objective of maximizing
proceeds for all Certificateholders, but in no event later than the three-year
period (or such extended period) specified in Section 9.15. Pursuant to the
2002-IQ2 Pooling and Servicing Agreement, if the holder of the option thereunder
repurchases the 2002-IQ2 Mortgage Loan in connection with its exercise of such
option, then the holder of the option shall also be required to purchase the
Pari Passu Loan.

                                     -238-
<PAGE>

     (c) Any Option relating to a Mortgage Loan shall be assignable to a third
party (including, without limitation, in connection with an A Note, the holder
of the related B Note) by the Option Holder at its discretion at any time after
its receipt of notice from the Special Servicer that an Option is exercisable
with respect to a specified Mortgage Loan, and upon such assignment such third
party shall have all of the rights granted to the Option Holder hereunder in
respect of the Option. Such assignment shall only be effective upon written
notice (together with a copy of the executed assignment and assumption
agreement) being delivered to the Trustee, the Master Servicer and the Special
Servicer, and none of such parties shall be obligated to recognize any entity as
an Option Holder absent such notice.

     (d) If the Special Servicer, the holder of Certificates representing the
greatest percentage interest in the Controlling Class or an Affiliate of either
thereof elects to exercise the Option, the Trustee shall be required to
determine whether the Option Purchase Price constitutes a fair price for the
Mortgage Loan. Upon request of the Special Servicer to make such a
determination, the Trustee will do so within a reasonable period of time (but in
no event more than 15 Business Days). In doing so, the Trustee may rely on the
opinion of an Appraisal or other expert in real estate matters retained by the
Trustee at the expense of the party exercising the Option. The Trustee may also
rely on the most recent Appraisal of the related Mortgaged Property that was
prepared in accordance with this Agreement. If the Trustee were to determine
that the Option Purchase Price does not constitute a fair price, then the
Special Servicer shall redetermine the fair value taking into account the
objections of the Trustee.

     (e) The Option shall terminate, and shall not be exercisable as set forth
in clause (a) above (or if exercised, but the purchase of the related Mortgage
Loan has not yet occurred, shall terminate and be of no further force or effect)
if the Mortgage Loan to which it relates is no longer delinquent as set forth
above because the Mortgage Loan has (i) become a Rehabilitated Mortgage Loan,
(ii) been subject to a workout arrangement, (iii) been foreclosed upon or
otherwise resolved (including by a full or discounted pay-off) or (iv) been
purchased by the related Seller pursuant to Section 2.3. In addition, the Option
with respect to an A Note shall terminate upon the purchase of the A Note by the
holder of the related B Note pursuant to the related Intercreditor Agreement.

     (f) Unless and until an Option Holder exercises an Option, the Special
Servicer shall continue to service and administer the related Mortgage Loan in
accordance with the Servicing Standard and this Agreement, and shall pursue such
other resolution or recovery strategies, including workout or foreclosure, as is
consistent with this Agreement and the Servicing Standard.

     SECTION 9.37 OPERATING ADVISER; ELECTIONS.

     (a) In accordance with Section 9.37(c), the Certificateholders representing
more than 50% of the Certificate Balance of the Certificates of the then
Controlling Class may elect the operating adviser (the "Operating Adviser"). The
Operating Adviser shall be elected for the purpose of receiving reports and
information from the Special Servicer in respect of the Specially Serviced
Mortgage Loans.

                                     -239-
<PAGE>

     (b) The initial Operating Adviser is Insignia Financial Services, Inc. The
Controlling Class shall give written notice to the Trustee, the Paying Agent and
the Master Servicer of the appointment of any subsequent Operating Adviser (in
order to receive notices hereunder). If a subsequent Operating Adviser is not so
appointed, an election of an Operating Adviser also shall be held. Notice of the
meeting of the Holders of the Controlling Class shall be mailed or delivered to
each Holder by the Paying Agent, not less than 10 nor more than 60 days prior to
the meeting. The notice shall state the place and the time of the meeting, which
may be held by telephone. A majority of Certificate Balance of the Certificates
of the then Controlling Class, present in person or represented by proxy, shall
constitute a quorum for the nomination of an Operating Adviser. At the meeting,
each Holder shall be entitled to nominate one Person to act as Operating
Adviser. The Paying Agent shall cause the election of the Operating Adviser to
be held as soon thereafter as is reasonably practicable.

     (c) Each Holder of the Certificates of the Controlling Class shall be
entitled to vote in each election of the Operating Adviser. The voting in each
election of the Operating Adviser shall be in writing mailed, telecopied,
delivered or sent by courier and actually received by the Paying Agent on or
prior to the date of such election. Immediately upon receipt by the Paying Agent
of votes (which have not been rescinded) from the Holders of Certificates
representing more than 50% of the Certificate Balance of the Certificates of the
then Controlling Class which are cast for a single Person, such Person shall be,
upon such Person's acceptance, the Operating Adviser. The Paying Agent shall
promptly notify the Trustee of the identity of the Operating Adviser. Until an
Operating Adviser is elected by Holders of Certificates representing more than
50% of the Certificate Balance of the Certificates of the then Controlling Class
or in the event that an Operating Adviser shall have resigned or been removed
and a successor Operating Adviser shall not have been elected, there shall be no
Operating Adviser.

     (d) The Operating Adviser may be removed at any time by the written vote,
copies of which must be delivered to the Paying Agent, of more than 50% of the
Certificate Balance of the Holders of the Certificates of the then Controlling
Class.

     (e) The Paying Agent shall act as judge of each election and, absent
manifest error, the determination of the results of any election by the Paying
Agent shall be conclusive. Notwithstanding any other provisions of this Section
9.37, the Paying Agent may make such reasonable regulations as it may deem
advisable for any election.

     (f) Notwithstanding any provision of this Section 9.37 or any other
provision of this Agreement to the contrary, at any time that the Special
Servicer has been elected as Operating Adviser or no Operating Adviser has been
elected, (i) the Special Servicer shall not be required to deliver notices or
information to, or obtain the consent or approval of, the Operating Adviser and
(ii) to the extent any Person other than the Special Servicer is otherwise
required hereunder to provide notices or information to, or obtain the consent
or approval of, the Operating Adviser, such Person shall be required to provide
such notices or information to, or obtain the consent or approval of, the
Special Servicer.

     SECTION 9.38 LIMITATION ON LIABILITY OF OPERATING ADVISER. The Operating
Adviser shall have no liability to the Trust, the holder of any B Note or the
Certificateholders for any action taken, or for refraining from the taking of
any action, in good faith and using

                                     -240-
<PAGE>

reasonable business judgment pursuant to this Agreement, or using reasonable
business judgment. By its acceptance of a Certificate, each Certificateholder
(and Certificate Owner) confirms its understanding that the Operating Adviser
may take actions that favor the interests of one or more Classes of the
Certificates over other Classes of the Certificates and that the Operating
Adviser may have special relationships and interests that conflict with those of
Holders of some Classes of the Certificates and each holder of a B Note (if any)
and each Certificateholder (and Certificate Owner) agrees to take no action
against the Operating Adviser based upon such special relationship or conflict.

     SECTION 9.39 DUTIES OF OPERATING ADVISER. The Operating Adviser may advise,
and receive notice from, the Special Servicer, but is not required to do so on
any of the following actions:

          (i) any foreclosure upon or comparable conversion (which may include
acquisition 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 of a Money Term of a Mortgage Loan other than a
modification consisting of the extension of the original Maturity Date of a
Mortgage Loan for two years or less;

          (iii) any proposed sale of a Defaulted Mortgage Loan (other than upon
termination of the Trust pursuant to Article X);

          (iv) any determination to bring an REO Property into compliance with
Environmental Laws;

          (v) any acceptance of substitute or additional collateral for a
Mortgage Loan that is not otherwise expressly provided for under the Mortgage
Loan documents;

          (vi) any acceptance of a discounted payoff;

          (vii) any waiver of a "due-on-sale" or "due-on-encumbrance" clause;

          (viii) any acceptance of an assumption agreement releasing a Mortgagor
from liability under a Mortgage Loan; and

          (ix) 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).

     With respect to items (vii), (viii) and (ix), the Operating Adviser shall
be subject to the same time periods for advising the Special Servicer with
respect to any such matters as are afforded to the Special Servicer pursuant to
Section 8.7, which periods shall be co-terminous with those of Special Servicer.
In addition, the Operating Adviser may direct the Trustee to remove the Special
Servicer at any time upon the appointment and acceptance of such appointment by
a successor to the Special Servicer; provided that, prior to the effectiveness
of any such appointment, the Trustee and the Paying Agent shall have received
Rating Agency

                                     -241-
<PAGE>

Confirmation from each Rating Agency. The Operating Adviser shall pay any costs
and expenses incurred by the Trust in connection with the removal and
appointment of a Special Servicer (unless such removal is based on any of the
events or circumstances set forth in Section 9.30(b)). The Trustee shall notify
the Paying Agent promptly upon its receipt of the direction set forth above.
Notwithstanding any other provision in this Agreement, the Operating Advsier
shall have the right to appoint a sub-operating adviser with respect to Mortgage
Loan No. 11 ("Veterans Square"). Such sub-operating adviser shall have the
right, subject to Rating Agency Confirmation, to appoint, or serve as, the
special servicer with respect to such Mortgage Loan. All references in this
Agreement to the "Operating Adviser" and the "Special Servicer" shall refer to
the sub-operating adviser or the special servicer appointed by the sub-operating
adviser, as applicable; provided, however, that neither such special servicer
nor Wells Fargo Bank, National Association shall have any advancing obligations
with respect to such Mortgage Loans.

     SECTION 9.40 RIGHTS OF THE HOLDER OF A B NOTE. With respect to each A/B
Mortgage Loan (if any), pursuant to the related Intercreditor Agreement, either
the Master Servicer (with respect to Mortgage Loans that are not Specially
Serviced Mortgage Loans) or the Special Servicer (with respect to Specially
Serviced Mortgage Loans), as applicable, shall consult with the holder of the
related B Note (or an operating advisor appointed by the holder of the B Note to
act on its behalf at the expense of the holder of the B Note) regarding its
views, and shall provide the holder of the related B Note with any proposals and
back-up materials that are used by either the Master Servicer or the Special
Servicer, as applicable, in developing such proposals (as reasonably determined
by either the Master Servicer or the Special Servicer, as applicable), including
but not limited to (and only if previously obtained by either the Master
Servicer or the Special Servicer, as applicable, and not previously delivered to
such holder of the B Note) property inspection reports, credit reports, the
Mortgagor financial and/or operating statements, appraisals, engineering
reports, soil reports, environmental assessment reports, seismic reports,
architect's certificates, insurance premium receipts and insurance claim files,
with respect to the following actions at least five (5) Business Days prior to
any such action being taken:

     (a) any foreclosure upon or comparable conversion (which may include
acquisitions of an REO Property) of the ownership of the Mortgaged Property;

     (b) any modification of a Money Term of the Mortgage Loan or the related B
Note other than a modification consisting of the extension of the original
Maturity Date of a Mortgage Loan for two years or less;

     (c) any proposed sale of such Mortgage Loan if it is a Defaulted Mortgaged
Loan or REO Property (other than upon termination of the Trust pursuant to
Article X);

     (d) any acceptance of a discounted payoff on the related Mortgage Loan or
the related B Note;

     (e) any determination to bring the related Mortgaged Property or the
related REO Property into compliance with Environmental Laws;

                                     -242-
<PAGE>

     (f) any release of collateral for the related Mortgage Loan or related B
Note (other than in accordance with the terms of, or upon satisfaction of, such
Mortgage Loan and the related B Note);

     (g) any acceptance of substitute or additional collateral for the related
Mortgage Loan and the related B Note that is not otherwise expressly provided
for under the terms of such Mortgage Loan and the related B Note;

     (h) any waiver of a "due-on-sale" or "due-on-encumbrance" clause;

     (i) any acceptance of an assumption agreement releasing such Mortgage Loan
borrower from liability under such Mortgage Loan or the related B Note;

     The holder of the B Note, if any, has agreed pursuant to the related
Intercreditor Agreement that it will provide the Master Servicer or the Special
Servicer, as applicable, with its response within five (5) Business Days after
its receipt of any such proposal and any back-up materials and shall be deemed
not to have responded if no response is received within such five (5) Business
Days.

     There are no A/B Mortgage Loans in the Trust.

                                   ARTICLE X

                      PURCHASE AND TERMINATION OF THE TRUST

     SECTION 10.1 TERMINATION OF TRUST UPON REPURCHASE OR LIQUIDATION OF ALL
MORTGAGE LOANS.

     (a) The obligations and responsibilities of the Trustee and the Paying
Agent created hereby (other than the obligation of the Paying Agent, to make
payments to the Class R-I Certificateholders, the Class R-II Certificateholders
and REMIC III Certificateholders as set forth in Section 10.2 and other than the
obligations in the nature of information or tax reporting) shall terminate on
the earliest of (i) the later of (A) the final payment or other liquidation of
the last Mortgage Loan remaining in the Trust (and final distribution to the
Certificateholders) and (B) the disposition of all REO Property (and final
distribution to the Certificateholders) or (ii) the sale of the property held by
the Trust in accordance with Section 10.1(b) or (iii) the termination of the
Trust pursuant to Section 10.1(c) below; provided 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.

     (b) The Master Servicer shall give the Trustee, the Luxembourg Paying Agent
and the Paying Agent notice of the date when the Aggregate Principal Balance of
the Mortgage Loans is less than or equal to two percent (2%) of the initial
Aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date. The
Paying Agent shall promptly forward such notice to the Trustee, the Depositor,
the Holder of a majority of the Controlling Class, the Master

                                     -243-
<PAGE>

Servicer, the Special Servicer and the Holders of the Class R-I Certificates;
and the Holder of a majority of the Controlling Class, the Master Servicer and
the Holders of the Class R-I Certificates, in such priority (and in the case of
the Class R-I Certificateholders, a majority of the Class R-I
Certificateholders), may purchase, in whole only, the Mortgage Loans and any
other property, if any, remaining in the Trust. If any party desires to exercise
such option, it will notify the Trustee who will notify any party with a prior
right to exercise such option. If any party that has been provided notice by the
Trustee (excluding the Depositor) notifies the Trustee within ten Business Days
after receiving notice of the proposed purchase that it wishes to purchase the
assets of the Trust, then such party (or, in the event that more than one of
such parties notifies the Trustee that it wishes to purchase the assets of the
Trust, the party with the first right to purchase the assets of the Trust) may
purchase the assets of the Trust in accordance with this Agreement. Upon the
Paying Agent's receipt of the Termination Price set forth below, the Trustee
shall promptly release or cause to be released to the Master Servicer for the
benefit of the Holder of the majority of the Class R-I Certificates, the Special
Servicer or the Master Servicer, as the case may be, the Mortgage Files
pertaining to the Mortgage Loans. The "Termination Price" shall equal 100% of
the aggregate Principal Balances of the Mortgage Loans (other than Mortgage
Loans as to which a Final Recovery Determination has been made) on the day of
such purchase plus accrued and unpaid interest thereon at the applicable
Mortgage Rates (or Mortgage Rates less the Master Servicing Fee Rate if the
Master Servicer is the purchaser), with respect to the Mortgage Loans to the Due
Date for each Mortgage Loan ending in the Collection Period with respect to
which such purchase occurs, plus unreimbursed Advances and interest on such
unreimbursed Advances at the Advance Rate, and the fair market value of any
other property remaining in REMIC I. The Trustee shall consult with the
Placement Agents and the Underwriters or their respective successors, as
advisers, in order for the Trustee to determine whether the fair market value of
the property constituting the Trust has been offered; provided that, if any
Placement Agent or any Underwriter or an Affiliate of the Placement Agent or the
Underwriters is exercising its right to purchase the Trust assets, the Trustee
shall consult with the Operating Adviser in order for the Trustee to determine
the fair market value, provided that the Operating Adviser is not an Affiliate
of the Class R-I Holder, the Special Servicer or the Master Servicer, or the
Trustee (the fees and expenses of which shall be paid for by buyer of the
property). As a condition to the purchase of the Trust pursuant to this Section
10.1(b), the Holder of the majority of the Class R-I Certificates, the Special
Servicer or the Master Servicer, as the case may be, must deliver to the Trustee
an Opinion of Counsel, which shall be at the expense of such Holders, the
Special Servicer or the Master Servicer, as the case may be, stating that such
termination will be a "qualified liquidation" under section 860F(a)(4) of the
Code. Such purchase shall be made in accordance with Section 10.3.

     (c) If at any time the Holders of the Class R-I Certificates own 100% of
the REMIC III Certificates such Holders may terminate REMIC I (which will in
turn result in the termination of REMIC II and REMIC III) upon (i) the delivery
to the Trustee and the Depositor of an Opinion of Counsel (which opinion shall
be at the expense of such Holders) stating that such termination will be a
"qualified liquidation" of each REMIC under Section 860F of the Code, and (ii)
the payment of any and all costs associated with such termination. Such
termination shall be made in accordance with Section 10.3.

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     (d) Upon the sale of the A Note relating to an A/B Mortgage Loan by the
Trust or the payment in full of such A Note, the related B Note shall no longer
be subject to this Agreement and shall no longer be serviced by the Master
Servicer or the Special Servicer.

     SECTION 10.2 PROCEDURE UPON TERMINATION OF TRUST.

     (a) Notice of any termination pursuant to the provisions of Section 10.1,
specifying the Distribution Date upon which the final distribution shall be
made, shall be given promptly by the Trustee by first class mail to the Paying
Agent, the Rating Agencies, the Class R-I, Class R-II and REMIC III
Certificateholders mailed no later than ten days prior to the date of such
termination. Such notice shall specify (A) the Distribution Date upon which
final distribution on the Class R-I, Class R-II and REMIC III Certificates will
be made, and upon presentation and surrender of the Class R-I, Class R-II and
REMIC III Certificates at the office or agency of the Certificate Registrar
therein specified, and (B) that the Record Date otherwise applicable to such
Distribution Date is not applicable, distribution being made only upon
presentation and surrender of the Class R-I, Class R-II and REMIC III
Certificates at the office or agency of the Certificate Registrar therein
specified. The Trustee shall give such notice to the Depositor and the
Certificate Registrar at the time such notice is given to Holders of the Class
R-I, Class R-II and REMIC III Certificates. Upon any such termination, the
duties of the Certificate Registrar with respect to the Class R-I, Class R-II
and REMIC III Certificates shall terminate and the Trustee shall terminate, or
request the Master Servicer and the Paying Agent to terminate, the Certificate
Account and the Distribution Account and any other account or fund maintained
with respect to the Certificates, subject to the Paying Agent's obligation
hereunder to hold all amounts payable to the Class R-I, Class R-II and REMIC III
Certificateholders in trust without interest pending such payment.

     (b) In the event that all of the Holders do not surrender their
certificates evidencing the Class R-I, Class R-II and REMIC III Certificates for
cancellation within three months after the time specified in the above-mentioned
written notice, the Certificate Registrar shall give a second written notice to
the remaining Class R-I, Class R-II and REMIC III Certificateholders to
surrender their certificates evidencing the Class R-I, Class R-II and REMIC III
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice any Class R-I, Class R-II
and REMIC III Certificates shall not have been surrendered for cancellation, the
Certificate Registrar may take appropriate steps to contact the remaining Class
R-I, Class R-II and REMIC III Certificateholders concerning surrender of such
certificates, and the cost thereof shall be paid out of the amounts
distributable to such Holders. If within two years after the second notice any
such Class R-I, Class R-II and REMIC III Certificates shall not have been
surrendered for cancellation, the Paying Agent shall, subject to applicable
state law relating to escheatment, hold all amounts distributable to such
Holders for the benefit of such Holders. No interest shall accrue on any amount
held by the Trustee and not distributed to a Class R-I, Class R-II or REMIC III
Certificateholder due to such Certificateholder's failure to surrender its
Certificate(s) for payment of the final distribution thereon in accordance with
this Section. Any money held by the Paying Agent pending distribution under this
Section 10.2 after 90 days after the adoption of a plan of complete liquidation
shall be deemed for tax purposes to have been distributed from the REMIC Pools
and shall be beneficially owned by the related Holder.

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     SECTION 10.3 ADDITIONAL TRUST TERMINATION REQUIREMENTS.

     (a) The Trust and each REMIC shall be terminated in accordance with the
following additional requirements, unless at the request of the Master Servicer
or the Class R-I Certificateholders, as the case may be, the Trustee seeks, and
the Paying Agent subsequently receives an Opinion of Counsel (at the expense of
the Master Servicer or the Class R-I Certificateholders, as the case may be),
addressed to the Depositor, the Trustee and the Paying Agent to the effect that
the failure of the Trust to comply with the requirements of this Section 10.3
will not (i) result in the imposition of taxes on "prohibited transactions" on
any REMIC Pool under the REMIC Provisions or (ii) cause any REMIC Pool to fail
to qualify as a REMIC at any time that any Certificates are outstanding:

          (i) Within 89 days prior to the time of the making of the final
payment on the REMIC III Certificates, the Master Servicer shall prepare and the
Trustee (on behalf of REMIC I, REMIC II or REMIC III) shall adopt a plan of
complete liquidation of the REMIC I Pool, meeting the requirements of a
qualified liquidation under the REMIC Provisions, which plan need not be in any
special form and the date of which, in general, shall be the date of the notice
specified in Section 10.2(a) and shall be specified in a statement attached to
the federal income tax return of each REMIC Pool;

          (ii) At or after the date of adoption of such a plan of complete
liquidation and at or prior to the time of making of the final payment on the
REMIC III Certificates, the Trustee shall sell all of the assets of the Trust
for cash at the Termination Price; provided that if the Holders of the Class R-I
Certificates are purchasing the assets of the Trust, the amount to be paid by
such Holders may be paid net of the amount to be paid to such Holders as final
distributions on any Certificates held by such Holders;

          (iii) At the time of the making of the final payment on the
Certificates, the Paying Agent shall distribute or credit, or cause to be
distributed or credited, (A) to the Holders of the Class R-I Certificates all
assets of REMIC I remaining after such final payment of the REMIC I Regular
Interests, (B) to the Holders of the Class R-II Certificates all remaining
assets of REMIC II after such final payment of the REMIC II Regular Interests
and (C) to the Holders of the Class R-III Certificates all remaining assets of
REMIC III (in each case other than cash retained to meet claims), and the Trust
shall terminate at that time; and

          (iv) In no event may the final payment on the REMIC I Regular
Interests, REMIC II Regular Interests or REMIC Regular Certificates or the final
distribution or credit to the Holders of the Residual Certificates,
respectively, be made after the 89th day from the date on which the plan of
complete liquidation is adopted.

     (b) By their acceptance of the Class R-I, Class R-II or R-III Certificates,
respectively, the Holders thereof hereby (i) authorize the Trustee to take such
action as may be necessary to adopt a plan of complete liquidation of the REMIC
Pool and (ii) agree to take such other action as may be necessary to adopt a
plan of complete liquidation of the Trust upon the written request of the
Depositor, which authorization shall be binding upon all successor Class R-I,
Class R-II and Class R-III Certificateholders, respectively.

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<PAGE>

                                   ARTICLE XI

                          RIGHTS OF CERTIFICATEHOLDERS

     SECTION 11.1 LIMITATION ON RIGHTS OF HOLDERS.

     (a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust, nor entitle such Certificateholder's
legal representatives or heirs to claim an accounting or take any action or
proceeding in any court for a partition or winding up of the Trust, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

     (b) Except as otherwise expressly provided herein, no Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to
vote or in any manner otherwise control the Master Servicer or operation and
management of the Trust, 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 from time to time as
partners or members of an association, nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

     (c) No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing 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 unless the
Holders of Certificates evidencing not less than 50% of the Aggregate Principal
Amount of the Certificates then outstanding 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 cost, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for sixty 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 and no direction inconsistent
with such written request has been given the Trustee during such sixty-day
period by such Certificateholders; it being understood and intended, and being
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 whatever by virtue or by availing of any
provision of this Agreement 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, or to enforce any right
under this Agreement, except in the manner herein provided and for the 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 11.2 ACCESS TO LIST OF HOLDERS.

     (a) If the Paying Agent is not acting as Certificate Registrar, the
Certificate Registrar will furnish or cause to be furnished to the Trustee and
the Paying Agent, within fifteen days after receipt by the Certificate Registrar
of a request by the Trustee or the Paying Agent, as the case may be, in writing,
a list, in such form as the Trustee or the Paying Agent, as

                                     -247-
<PAGE>

the case may be, may reasonably require, of the names and addresses of the
Certificateholders of each Class as of the most recent Record Date.

     (b) If the Depositor, the Operating Adviser, the Special Servicer, the
Master Servicer, the Trustee or three or more Holders (hereinafter referred to
as "applicants," with a single Person which (together with its Affiliates) is
the Holder of more than one Class of Certificates being viewed as a single
"applicant" for these purposes) apply in writing to the Paying Agent and such
application states that the applicants 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 applicants propose to
transmit, then the Paying Agent shall, within five Business Days after the
receipt of such application, send, at such Person's expense, the written
communication proffered by the applicants to all Certificateholders at their
addresses as they appear in the Certificate Register.

     (c) Every Holder, by receiving and holding a Certificate, agrees with the
Depositor, the Certificate Registrar, the Paying Agent, the Master Servicer and
the Trustee that neither the Depositor, the Certificate Registrar, the Paying
Agent, the Master Servicer nor the Trustee shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
Certificateholders hereunder, regardless of the source from which such
information was derived.

     SECTION 11.3 ACTS OF HOLDERS OF CERTIFICATES.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where it is hereby expressly required, to the Depositor and the Paying Agent.
Such instrument or instruments (as the action embodies therein and evidenced
thereby) are herein sometimes referred to as an "Act" of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agents shall be sufficient for any purpose of this
Agreement and conclusive in favor of the Trustee, the Depositor and the Paying
Agent, if made in the manner provided in this Section. The Trustee agrees to
promptly notify the Depositor of any such instrument or instruments received by
it, and to promptly forward copies of the same.

     (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by
the certificate of any notary public or other officer authorized by law to take
acknowledgments or deeds, certifying that the individual signing such instrument
or writing acknowledged to such notary public or other officer the execution
thereof. Whenever such execution is by an officer of a corporation or a member
of a partnership on behalf of such corporation or partnership, such certificate
or affidavit shall also constitute sufficient proof of such officer's or
member's authority. The fact and date of the execution of any such instrument or
writing, or the authority of the individual executing the same, may also be
proved in any other manner which the Trustee deems sufficient.

                                     -248-
<PAGE>

     (c) The ownership of Certificates (notwithstanding any notation of
ownership or other writing thereon made by anyone other than the Trustee) shall
be proved by the Certificate Register, and neither the Trustee nor the Depositor
nor the Paying Agent shall be affected by any notice to the contrary.

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Certificate shall bind every future Holder
of the same Certificate and the Holder of every Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof, in
respect of anything done, omitted or suffered to be done by the Trustee, the
Paying Agent or the Depositor in reliance thereon, whether or not notation of
such action is made upon such Certificate.

                                  ARTICLE XII

                              REMIC ADMINISTRATION

     The provisions of this Article XII shall apply to each REMIC Pool.

     SECTION 12.1 REMIC ADMINISTRATION.

     (a) An election will be made by the Paying Agent on behalf of the Trustee
to treat the segregated pool of assets consisting of the Mortgage Loans, such
amounts as shall from time to time be held in the Certificate Account and the
Distribution Account, the Insurance Policies and any REO Properties as a REMIC
("REMIC I") under the Code, other than any portion of the foregoing amounts
allocable to a B Note. Such elections will be made on Form 1066 or other
appropriate federal tax or information return or any appropriate state return
for the taxable year ending on the last day of the calendar year in which the
REMIC I Interests are issued. For purposes of such election, the REMIC I Regular
Interests shall each be designated as a separate Class of "regular interests" in
REMIC I and the Class R-I Certificates shall be designated as the sole Class of
"residual interests" in REMIC I. The Trustee and the Paying Agent shall not
permit the creation of any "interests" (within the meaning of Section 860G of
the Code) in any of the REMICs other than the REMIC I Regular Interests, the
REMIC II Regular Interests, the REMIC III Regular Interests and the Residual
Certificates.

     An election will be made by the Paying Agent to treat the segregated pool
of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II")
under the Code. Such election will be made on Form 1066 or other appropriate
federal tax or information return or any appropriate state return for the
taxable year ending on the last day of the calendar year in which the REMIC II
Interests are issued. For the purposes of such election, the REMIC II Regular
Interests shall be designated as the "regular interests" in REMIC II and the
Class R-II Certificates shall be designated as the sole Class of the "residual
interests" in REMIC II.

     An election will be made by the Paying Agent to treat the segregated pool
of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III")
under the Code. Such election will be made on Form 1066 or other appropriate
federal tax or information return or any appropriate state return for the
taxable year ending on the last day of the calendar year in which the REMIC III
Certificates are issued. For purposes of such election, the Class A-1, Class

                                     -249-
<PAGE>

A-2, Class X-1 (each Class X-1 Certificate representing multiple "regular
interests" in REMIC III, as set forth in the Preliminary Statement), Class X-2
(each Class X-2 Certificate representing multiple "regular interests" in REMIC
III, as set forth in the Preliminary Statement), Class B, Class C, Class D,
Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N
and Class O Certificates shall be designated as the "regular interests" in REMIC
III and the Class R-III Certificates shall be designated as the sole Class of
"residual interests" in REMIC III.

     (b) 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.

     (c) The Paying Agent shall pay all routine tax related expenses (not
including any taxes, however denominated, including any additions to tax,
penalties and interest) of each REMIC Pool, excluding any professional fees or
extraordinary expenses related to audits or any administrative or judicial
proceedings with respect to each REMIC Pool that involve the Internal Revenue
Service or state tax authorities.

     (d) The Paying Agent shall cause to be prepared, signed, and timely filed
with the Internal Revenue Service, on behalf of each REMIC Pool, an application
for a taxpayer identification number for such REMIC Pool on Internal Revenue
Service Form SS-4. The Paying Agent, upon receipt from the Internal Revenue
Service of the Notice of Taxpayer Identification Number Assigned, shall promptly
forward a copy of such notice to the Depositor and the Master Servicer. The
Paying Agent shall prepare and file Form 8811 on behalf of each REMIC Pool and
shall designate an appropriate Person to respond to inquiries by or on behalf of
Certificateholders for original issue discount and related information in
accordance with applicable provisions of the Code.

     (e) The Paying Agent shall prepare and file all of each REMIC Pool's
federal and state income or franchise tax and information returns as such REMIC
Pool direct representative; the expenses of preparing and filing such returns
shall be borne by the Paying Agent, except that if additional state tax returns
are required to be filed in more than three states, the Paying Agent shall be
entitled, with respect to any such additional filings, to (i) be paid a
reasonable fee and (ii) receive its reasonable costs and expenses, both as
amounts reimbursable pursuant to Section 5.2(a)(vi) hereof. The Depositor, the
Master Servicer and the Special Servicer shall provide on a timely basis to the
Paying Agent or its designee such information with respect to the Trust or any
REMIC Pool as is in its possession, which the Depositor or the Master Servicer
and the Special Servicer has received or prepared by virtue of its role as
Depositor or Master Servicer and the Special Servicer hereunder and reasonably
requested by the Paying Agent to enable it to perform its obligations under this
subsection, and the Paying Agent shall be entitled to conclusively rely on such
information in the performance of its obligations hereunder. The Depositor shall
indemnify the Trust, the Trustee, the Paying Agent and the Fiscal Agent for any
liability or assessment against any of them or cost or expense (including
attorneys' fees) incurred by them resulting from any error resulting from bad
faith, negligence, or willful malfeasance of the Depositor in providing any
information for which the Depositor is responsible for preparing. The Master
Servicer and the Special Servicer shall indemnify the Trustee, the Fiscal Agent,
the Paying Agent and the Depositor for any liability or assessment against the
Trustee, the Fiscal Agent, the Depositor, the Paying Agent or any REMIC Pool and
any expenses incurred in connection with such liability or assessment (including
attorneys' fees)

                                     -250-
<PAGE>

resulting from any error in any of such tax or information returns resulting
from errors in the information provided by the Master Servicer or the Special
Servicer, as the case may, be or caused by the negligence, willful misconduct or
bad faith of the Master Servicer or the Special Servicer, as the case may be.
The Paying Agent shall indemnify the Master Servicer, the Depositor or any REMIC
Pool for any expense incurred by the Master Servicer, the Depositor and any
REMIC Pool resulting from any error in any of such tax or information returns
resulting from errors in the preparation of such returns caused by the
negligence, willful misconduct or bad faith of the Paying Agent. Each
indemnified party shall immediately notify the indemnifying party or parties of
the existence of a claim for indemnification under this Section 12.1(e), and
provide the indemnifying party or parties, at the expense of such indemnifying
party or parties, an opportunity to contest the tax or assessment or expense
giving rise to such claim, provided that the failure to give such notification
rights shall not affect the indemnification rights in favor of any REMIC Pool
under this Section 12.1(e). Any such indemnification shall survive the
resignation or termination of the Master Servicer, the Paying Agent or the
Special Servicer, or the termination of this Agreement.

     (f) The Paying Agent shall perform on behalf of each REMIC all reporting
and other tax compliance duties that are the responsibility of such REMIC Pool
under the Code, REMIC Provisions, or other compliance guidance issued by the
Internal Revenue Service or any state or local taxing authority. Among its other
duties, the Paying Agent shall provide (i) to the Internal Revenue Service or
other Persons (including, but not limited to, the Transferor of a Residual
Certificate, to a Disqualified Organization or to an agent that has acquired a
Residual Certificate on behalf of a Disqualified Organization) such information
as is necessary for the application of any tax relating to the transfer of a
Residual Certificate to any Disqualified Organization and (ii) to the
Certificateholders such information or reports as are required by the Code or
REMIC Provisions.

     (g) The Paying Agent shall forward to the Depositor copies of quarterly and
annual REMIC tax returns and Internal Revenue Service Form 1099 information
returns and such other information within the control of the Paying Agent as the
Depositor may reasonably request in writing. Moreover, the Paying Agent shall
forward to each Certificateholder such forms and furnish such information within
its control as are required by the Code to be furnished to them, shall prepare
and file with the appropriate state authorities as may to the actual knowledge
of a Responsible Officer of the Paying Agent be required by applicable law and
shall prepare and disseminate to Certificateholders Internal Revenue Service
Forms 1099 (or otherwise furnish information within the control of the Paying
Agent) to the extent required by applicable law. The Paying Agent will make
available to any Certificateholder any tax related information required to be
made available to Certificateholders pursuant to the Code and any regulations
thereunder.

     (h) The Holder of more than 50% of the Percentage Interests in Class R-I,
Class R-II and Class R-III Certificates, respectively (or of the greatest
percentage of such Class R-I, Class R-II and Class R-III Certificates if no
Holder holds more than 50% thereof), shall be the applicable REMIC's Tax Matters
Person. The duties of the Tax Matters Person for each of the REMIC Pools are
hereby delegated to the Paying Agent and each Residual Certificateholder, by
acceptance of its Residual Certificate, agrees, on behalf of itself and all
successor holders of such Residual Certificate, to such delegation to the Paying
Agent as their agent and attorney in

                                     -251-
<PAGE>

fact. If the Code or applicable regulations prohibits the Paying Agent from
signing any applicable Internal Revenue Service, court or other administrative
documents or from acting as Tax Matters Person (as an agent or otherwise), the
Paying Agent shall take whatever action is necessary for the signing of such
documents and designation of a Tax Matters Person, including the designation of
such Residual Certificateholder. The Paying Agent shall not be required to
expend or risk its own funds or otherwise incur any other financial liability in
the performance of its duties hereunder or in the exercise of any of its rights
or powers (except to the extent of the ordinary expenses of performing its
duties under this Agreement), 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.

     (i) The Trustee, the Paying Agent, the Holders of the Residual
Certificates, the Master Servicer and the Special Servicer shall each exercise
reasonable care, to the extent within its control, and with respect to each of
the Trustee, Paying Agent, the Master Servicer and the Special Servicer, within
the scope of its express duties, and shall each act in accordance with this
Agreement and the REMIC Provisions in order to create and maintain the status of
each REMIC Pool as a REMIC or, as appropriate, adopt a plan of complete
liquidation with respect to each REMIC Pool.

     (j) The Trustee, the Paying Agent, the Master Servicer, the Special
Servicer, the Fiscal Agent and the Holders of Residual Certificates shall not
take any action or fail to take any action or cause any REMIC Pool to take any
action or fail to take any action if any of such persons knows or could, upon
the exercise of reasonable diligence, know, that, under the REMIC Provisions
such action or failure, as the case may be, could (i) endanger the status of any
REMIC Pool as a REMIC or (ii) result in the imposition of a tax upon any REMIC
Pool (including but not limited to the tax on prohibited transactions as defined
in Code Section 860F(a)(2)) unless the Trustee and the Paying Agent have
received an Opinion of Counsel (at the expense of the party seeking to take such
action) to the effect that the contemplated action will not endanger such status
or result in the imposition of such a tax. Any action required under this
section which would result in an unusual or unexpected expense shall be
undertaken at the expense of the party seeking the Trustee, the Paying Agent or
the Holders of the Residual Certificates to undertake such action.

     (k) In the event that any tax is imposed on any REMIC created hereunder,
including, without limitation, "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 created hereunder 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 9.14(e)), such tax, together with all
incidental costs and expenses (including, without limitation, penalties and
reasonable attorneys' fees), shall be charged to and paid by: (i) the Paying
Agent, if such tax arises out of or results from a breach of any of its
obligations under this Agreement; (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 this Agreement; (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 this Agreement; (iv) the Fiscal Agent, if such tax arises out of or
results from a breach by the Fiscal Agent of any of its obligations under this
Agreement; and (v)

                                     -252-
<PAGE>

the Trust in all other instances. Any tax permitted to be incurred by the
Special Servicer pursuant to Section 9.14(e) shall be charged to and paid by the
Trust from the net income generated on the related REO Property. Any such
amounts payable by the Trust in respect of taxes shall be paid by the Paying
Agent out of amounts on deposit in the Distribution Account.

     (l) The Paying Agent and, to the extent that records are maintained by the
Master Servicer or the Special Servicer in the normal course of its business,
the Master Servicer and the Special Servicer 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. Notwithstanding anything to the contrary
contained herein, except to the extent provided otherwise in the Mortgage Loans
or in the Mortgages, all amounts collected on the Mortgage Loans shall, for
federal income tax purposes, be allocated first to interest due and payable on
the Mortgage Loans (including interest on overdue interest, other than
additional interest at a penalty rate payable following a default). The books
and records must be sufficient concerning the nature and amount of each REMIC
Pool's investments to show that such REMIC Pool has complied with the REMIC
Provisions.

     (m) Neither the Trustee, the Paying Agent, the Master Servicer nor the
Special Servicer shall enter into any arrangement by which any REMIC Pool will
receive a fee or other compensation for services.

     (n) In order to enable the Paying Agent to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Paying
Agent within ten (10) days after the Closing Date all information or data that
the Paying Agent reasonably determines to be relevant for tax purposes on the
valuations and offering prices of the Certificates, including, without
limitation, the yield, prepayment assumption, issue prices and projected cash
flows of the Certificates, as applicable, and the projected cash flows of the
Mortgage Loans. Thereafter, the Depositor shall provide to the Paying Agent or
its designee, promptly upon request therefor, any such additional information or
data within the Depositor's possession or knowledge that the Paying Agent may,
from time to time, reasonably request in order to enable the Paying Agent to
perform its duties as set forth herein. The Paying Agent is hereby directed to
use any and all such information or data provided by the Depositor in the
preparation of all federal and state income or franchise tax and information
returns and reports for each REMIC Pool to Certificateholders as required
herein. The Depositor hereby indemnifies the Trustee, the Paying Agent, the
Fiscal Agent, and each REMIC Pool for any losses, liabilities, damages, claims,
expenses (including attorneys' fees) or assessments against the Trustee, the
Paying Agent, the Fiscal Agent and each REMIC Pool arising from any errors or
miscalculations of the Paying Agent pursuant to this Section that result from
any failure of the Depositor to provide, or to cause to be provided, accurate
information or data to the Paying Agent (but not resulting from the methodology
employed by the Paying Agent) on a timely basis and such indemnification shall
survive the termination of this Agreement and the termination or resignation of
the Paying Agent and the Fiscal Agent.

     The Paying Agent agrees that all such information or data so obtained by it
are to be regarded as confidential information and agrees that it shall use its
reasonable best efforts to retain in confidence, and shall ensure that its
officers, employees and representatives retain in confidence, and shall not
disclose, without the prior written consent of the Depositor, any or all

                                     -253-
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of such information or data, or make any use whatsoever (other than for the
purposes contemplated by this Agreement) of any such information or data without
the prior written consent of the Depositor, unless such information is generally
available to the public (other than as a result of a breach of this Section
12.1(n)) or is required by law or applicable regulations to be disclosed or is
disclosed (i) to independent auditors and accountants, counsel and other
professional advisers of the Paying Agent and its parent, or (ii) in connection
with its rights and obligations under this Agreement.

     (o) At all times as may be required by the Code, the Master Servicer will
to the extent within its control and the scope of its duties more specifically
set forth herein, maintain substantially all of the assets of REMIC I as
"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.

     (p) For the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
Regulations, the "latest possible maturity date" for each Class of Certificates
representing a regular interest in REMIC III, for each Class of REMIC I Regular
Interests and for each Class of REMIC II Regular Interests is the Rated Final
Distribution Date; provided that the "latest possible maturity date" for the
Class X-2 Certificates is the Distribution Date in October 2010.

     SECTION 12.2 PROHIBITED TRANSACTIONS AND ACTIVITIES. Neither the Trustee,
the Paying Agent, the Master Servicer nor the Special Servicer shall permit the
sale, disposition or substitution of any of the Mortgage Loans (except in a
disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii)
the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any
REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the
Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any
assets for the Trust, except as provided in Article II hereof, nor sell or
dispose of any investments in the Certificate Account or Distribution Account
for gain, nor accept any contributions to any REMIC Pool (other than a cash
contribution during the 3-month period beginning on the Startup Day), unless it
has received an Opinion of Counsel (at the expense of the Person requesting such
action) to the effect that such disposition, acquisition, substitution, or
acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC
or of the REMIC Certificates, other than the Residual Certificates, as the
regular interests therein, (B) affect the distribution of interest or principal
on the Certificates, (C) result in the encumbrance of the assets transferred or
assigned to any REMIC Pool (except pursuant to the provisions of this Agreement)
or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions"
or "prohibited contributions" or other tax pursuant to the REMIC Provisions.

     SECTION 12.3 MODIFICATIONS OF MORTGAGE LOANS. Notwithstanding anything to
the contrary in this Agreement, neither the Trustee, the Paying Agent, the
Master Servicer nor the Special Servicer shall permit any modification of a
Money Term of a Mortgage Loan or a Specially Serviced Mortgage Loan unless (i)
the Trustee, the Special Servicer, Paying Agent and the Master Servicer have
received a Nondisqualification Opinion or a ruling from the Internal Revenue
Service (at the expense of the party making the request that the Master Servicer
or the Special Servicer modify the Mortgage Loan or a Specially Serviced
Mortgage Loan) to the effect that such modification would not be treated as an
exchange pursuant to Section 1001 of the Code (or, if it would be so treated,
would not be treated as a "significant modification" for purposes of

                                     -254-
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Section 1.860G-2(B) of the Treasury Regulations) or (ii) such modification meets
the requirements set forth in Sections 8.18 or 9.5.

     SECTION 12.4 LIABILITY WITH RESPECT TO CERTAIN TAXES AND LOSS OF REMIC
STATUS. In the event that any REMIC Pool fails to qualify as a REMIC, loses its
status as a REMIC, or incurs state or local taxes, or tax as a result of a
prohibited transaction or prohibited contribution subject to taxation under the
REMIC Provisions due to the negligent performance by either the Trustee or the
Paying Agent of its respective duties and obligations set forth herein, the
Trustee or the Paying Agent, as the case may be, shall be liable to the REMIC
Pools and the Holders of the Residual Certificates for any and all losses,
claims, damages, liabilities or expenses ("Losses") resulting from such
negligence and relating to the Residual Certificates; provided, however, that
the Trustee, or the Paying Agent, as applicable, shall not be liable for any
such Losses attributable to the action or inaction of the Master Servicer, the
Special Servicer, the Trustee (with respect to the Paying Agent), the Paying
Agent (with respect to the Trustee), the Depositor or the Holders of such
Residual Certificates nor for any such Losses resulting from any actions or
failure to act based upon reliance on an Opinion of Counsel or from
misinformation provided by the Master Servicer, the Special Servicer, the
Trustee (with respect to the Paying Agent), the Paying Agent (with respect to
the Trustee), the Depositor or such Holders of the Residual Certificates on
which the Trustee or the Paying Agent, as the case may be, has relied. The
foregoing shall not be deemed to limit or restrict the rights and remedies of
the Holders of the Residual Certificates now or hereafter existing at law or in
equity. The Trustee or the Paying Agent shall be entitled to intervene in any
litigation in connection with the foregoing and to maintain control over its
defense.

     SECTION 12.5 RESERVED.

                                  ARTICLE XIII

                            MISCELLANEOUS PROVISIONS

     SECTION 13.1 BINDING NATURE OF AGREEMENT. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns.

     SECTION 13.2 ENTIRE AGREEMENT. This Agreement contains the entire agreement
and understanding between the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance or usage of the trade
inconsistent with any of the terms hereof.

     SECTION 13.3 AMENDMENT.

     (a) This Agreement may be amended from time to time by the parties hereto,
without notice to or the consent of any of the Holders, (i) to cure any
ambiguity, (ii) to cause the provisions herein to conform to or be consistent
with or in furtherance of the statements made with respect to the Certificates,
the Trust or this Agreement in the Private Placement Memorandum, the Preliminary
Prospectus Supplement, the Final Prospectus Supplement or the

                                     -255-
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Prospectus, or to correct or supplement any provision herein which may be
inconsistent with any other provisions herein, (iii) to amend any provision
hereof to the extent necessary or desirable to maintain the status of each REMIC
Pool as a REMIC for the purposes of federal income tax law (or comparable
provisions of state income tax law), (iv) to make any other provisions with
respect to matters or questions arising under or with respect to this Agreement
not inconsistent with the provisions hereof, (v) to modify, add to or eliminate
the provisions of Article III relating to transfers of Residual Certificates,
(vi) to amend any provision herein to the extent necessary or desirable to list
the Certificates on a stock exchange, including, without limitation, the
appointment of one or more sub-paying agents and the requirement that certain
information be delivered to such sub-paying agents or (vii) to make any other
amendment which does not adversely affect in any material respect the interests
of any Certificateholder (unless such Certificateholder consents). No such
amendment effected pursuant to clause (i), (ii) or (iv) of the preceding
sentence shall (A) adversely affect in any material respect the interests of any
Holder not consenting thereto without the consent of 100% of the
Certificateholders or (B) adversely affect the status of any REMIC Pool as a
REMIC. Prior to entering into any amendment without the consent of Holders
pursuant to this paragraph, the Trustee may require an Opinion of Counsel and a
Nondisqualification Opinion (in the case of clauses (i), (ii) and (iii), at the
expense of the Depositor, and otherwise at the expense of the party requesting
such amendment, except that if the Trustee requests such amendment, such
amendment shall be at the expense of the Depositor, if the Depositor consents),
to the effect that such amendment is permitted under this paragraph. Any such
amendment shall be deemed not to adversely affect in any material economic
respect any Holder if the Trustee receives a Rating Agency Confirmation from
each Rating Agency (and any Opinion of Counsel requested by the Trustee in
connection with any such amendment may rely expressly on such confirmation as
the basis therefor).

     (b) This Agreement may also be amended from time to time by the agreement
of the parties hereto (without the consent of the Certificateholders) and with
the written confirmation of the Rating Agencies that such amendment would not
cause the ratings on any Class of Certificates to be qualified, withdrawn or
downgraded; provided, however, that such amendment may not effect any of the
items set forth in clauses (i) through (iv) of the proviso in paragraph (c) of
this Section 13.3. The Trustee may request, at its option, to receive a
Nondisqualification Opinion and an Opinion of Counsel that any amendment
pursuant to this Section 13.3(b) is permitted by this Agreement at the expense
of the party requesting the amendment.

     (c) This Agreement may also be amended from time to time by the parties
with the consent of the Holders of not less than 51% of the Aggregate
Certificate Balance of the Certificates then outstanding, 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; provided that no such amendment may (i) reduce in any manner the amount
of, or delay the timing of the distributions required to be made on any
Certificate without the consent of the Holder of such Certificate, (ii) reduce
the aforesaid percentages of Aggregate Certificate Percentage or Certificate
Balance, the Holders of which are required to consent to any such amendment
without the consent of all the Holders of each Class of Certificates affected
thereby, (iii) no such amendment shall eliminate the Master Servicer's, the
Trustee's or the Fiscal Agent's obligation to Advance or alter the Servicing
Standard except as may be necessary or desirable to comply with the REMIC
Provisions or (iv) adversely affect the status of any

                                      -256-
<PAGE>

REMIC Pool as a REMIC for federal income tax purposes (as evidenced by a
Nondisqualification Opinion) without the consent of 100% of the
Certificateholders (including the Class R-I, Class R-II and Class R-III
Certificateholders); provided that no such amendment may modify Section 8.18 of
this Agreement without Rating Agency Confirmation. The Trustee may request, at
its option, to receive a Nondisqualification Opinion and an Opinion of Counsel
that any amendment pursuant to this Section 13.3(c) is permitted by this
Agreement at the expense of the party requesting the amendment.

     (d) The costs and expenses associated with any such amendment shall be
borne by the Depositor in the case the Trustee is the party requesting such
amendment or if pursuant to clauses (i), (ii) and (iii) of Section 13.3(a). In
all other cases, the costs and expenses shall be borne by the party requesting
the amendment.

     (e) Promptly after the execution of any such amendment, the Trustee shall
furnish written notification of the substance of such amendment to each Holder,
the Depositor and to the Rating Agencies.

     (f) It shall not be necessary for the consent of Holders under this Section
13.3 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 Holders shall be in the affirmative and in writing and shall be
subject to such reasonable regulations as the Trustee may prescribe.

     (g) Notwithstanding anything to the contrary contained in this Section
13.3, the parties hereto agree that this Agreement may not be amended in any
manner that is reasonably likely to have an adverse effect on any Primary
Servicer without first obtaining the written consent of such Primary Servicer.

     (h) Notwithstanding the fact that the provisions in Section 13.3(c) would
otherwise apply, with respect to any amendment that significantly modifies the
permitted activities of the Trust, the Trustee, any Primary Servicer, the Master
Servicer or the Special Servicer, any Certificate beneficially owned by a Seller
or any of its Affiliates shall be deemed not to be outstanding (and shall not be
considered when determining the percentage of Certificateholders consenting or
when calculating the total number of Certificates entitled to consent) for
purposes of determining if the requisite consents of Certificateholders under
this Section 13.3 have been obtained.

     (i) Notwithstanding anything to the contrary contained in this Section
13.3, the parties hereto agree that this Agreement may be amended pursuant to
Section 8.26(d) herein without any notice to or consent of any of the
Certificateholders, Opinions of Counsel, Officer's Certificates or Rating Agency
Confirmation.

     SECTION 13.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH

                                     -257-
<PAGE>

LAWS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

     SECTION 13.5 NOTICES. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given when received by
(A) in the case of the Depositor, Bear Stearns Commercial Mortgage Securities
Inc., 383 Madison Avenue, New York, New York 10179, Attention: J. Christopher
Hoeffel, Senior Managing Director, Commercial Mortgage Department, with copies
to the attention of Joseph T. Jurkowski, Jr., Managing Director, Legal
Department; (B) in the case of the Trustee and the Fiscal Agent at the Corporate
Trust Office; (C) in the case of the Master Servicer or the Special Servicer,
Wells Fargo Bank, National Association, 45 Fremont Street, 2nd Floor, San
Francisco, California 94105, Attention: Commercial Mortgage Servicing, with a
copy to Robert F. Darling, Esq., Wells Fargo Bank, National Association, 633
Folsom Street, 7th Floor, San Francisco, California 94111; (D) in the case of
Principal, Principal Global Investors, LLC, formerly known as Principal Capital
Management, LLC, 801 Grand Avenue, Des Moines Iowa 50392, Attention: Patrick
Halter, with a copy to Karen Pearston, Esq.; (E) in the case of BSCMI, Bear
Stearns Commercial Mortgage Inc., 383 Madison Avenue, New York, New York 10179,
Attention: J. Christopher Hoeffel, Senior Managing Director, Commercial Mortgage
Department, with copies to the attention of Joseph T. Jurkowski, Jr., Managing
Director, Legal Department; (F) in the case of MSDWMC, Morgan Stanley Dean
Witter Mortgage Capital Inc., 1585 Broadway, New York, New York 10036,
Attention: Cecilia Tarrant, with a copy to: General Counsel; (G) in the case of
JHREF, John Hancock Real Estate Finance, Inc., 200 Clarendon Street, Boston,
Massachusetts 02117, Attention: Barry S. Nectow, Senior Vice President, with
copies to the attention of Michael M. Epstein, Esq. and Nathaniel I. Margolis,
Esq.; (H) in the case of the initial Operating Adviser, Insignia Financial
Services, Inc., 91 East Elm Street, Greenwich, Connecticut, Attention: Brenda J.
Mixson; with a copy to Insignia Financial Services, Inc., 200 Park Avenue, New
York, New York 10166, Attention: Jeffrey Cohen; and a copy to Insignia Financial
Group, Inc., 15 South Main Street, Suite 900, Greenville, South Carolina 29601,
Attention: Tara Currin; and (I) in the case of the Paying Agent, Wells Fargo
Bank Minnesota, National Association, 9062 Old Annapolis Road, Columbia,
Maryland 21045, Attention: Corporate Trust Services (CMBS) Bear Stearns
Commercial Mortgage Securities Inc., Series 2002-TOP8, or as to each party such
other address as may hereafter be furnished by such party to the other parties
in writing. Any notice required or permitted to be mailed to a Holder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice.

     SECTION 13.6 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 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 13.7 INDULGENCES; NO WAIVERS. Neither the failure nor any delay on
the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or

                                     -258-
<PAGE>

privilege preclude any other or further exercise of the same or of any other
right, remedy, power or privilege, nor shall any waiver of any right, remedy,
power or privilege with respect to any occurrence be construed as a waiver of
such right, remedy, power or privilege with respect to any other occurrence. No
waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

     SECTION 13.8 HEADINGS NOT TO AFFECT INTERPRETATION. The headings contained
in this Agreement are for convenience of reference only, and shall not be used
in the interpretation hereof.

     SECTION 13.9 BENEFITS OF AGREEMENT. Nothing in this Agreement or in the
Certificates, express or implied, shall give to any Person, other than the
parties to this Agreement (including any Primary Servicer to the extent
applicable to such Primary Servicer) and their successors hereunder and the
Holders of the Certificates, any benefit or any legal or equitable right, power,
remedy or claim under this Agreement; provided, however, that the Mortgagors set
forth on Schedule VIII hereto are intended third-party beneficiaries of the
fifth and sixth paragraph of Section 2.3(a) and the holder of each B Note, if
any, is an intended third-party beneficiary in respect of the rights afforded it
hereunder.

     SECTION 13.10 SPECIAL NOTICES TO THE RATING AGENCIES.

     (a) The Trustee shall give prompt notice to the Rating Agencies, Special
Servicer and the Operating Adviser of the occurrence of any of the following
events of which it has notice:

          (i) any amendment to this Agreement pursuant to Section 13.3 hereof;

          (ii) the Interim Certification and the Final Certification required
pursuant to Section 2.2 hereof;

          (iii) notice of the repurchase of any Mortgage Loan or REO Mortgage
Loan pursuant to Section 2.3(a) hereof;

          (iv) any resignation of the Master Servicer, Special Servicer, the
Paying Agent, the Operating Adviser or the Trustee pursuant to this Agreement;

          (v) the appointment of any successor to the Master Servicer, the
Fiscal Agent, the Trustee, the Paying Agent, the Operating Adviser or the
Special Servicer pursuant to Section 7.7, 7.14 or 9.37 hereof;

          (vi) waiver of a due-on-sale clause as provided in Section 8.7;

          (vii) waiver of a prohibition on subordinate liens on the Mortgaged
Properties;

          (viii) the making of a final payment pursuant to Section 10.3 hereof;

                                     -259-
<PAGE>

          (ix) a Servicing Transfer Event; and

          (x) an Event of Default.

     (b) All notices to the Rating Agencies shall be in writing and sent by
first class mail, telecopy or overnight courier, as follows:

     If to S&P, to:

     Standard & Poor's Ratings Services
     55 Water Street
     New York, NY 10041
     Fax: (212) 438-2662
     Attention: Commercial Mortgage Surveillance Manager

     If to Fitch, to:

     Fitch Ratings
     One State Street Plaza
     New York, NY 10004
     Fax: (212) 635-0294
     Attention: Commercial Mortgage Surveillance

     or at such address as shall be provided in writing to the Depositor by such
Rating Agency.

     (c) The Trustee, or in the case of clauses (i) and (ii), the successor
trustee shall give prompt notice to the Rating Agencies of the occurrence of any
of the following events:

          (i) the resignation or removal of the Trustee pursuant to Section 7.6;
or

          (ii) the appointment of a successor trustee pursuant to Section 7.7;
or

          (iii) the appointment of a successor Operating Adviser pursuant to
Section 9.37.

     (d) The Master Servicer shall deliver to the Rating Agencies and the
Depositor any other information as reasonably requested by the Rating Agencies
and the Depositor, and shall deliver to the Primary Servicers and the Special
Servicer each of the reports required to be delivered by the Master Servicer to
the Primary Servicers and the Special Servicer pursuant to the terms of this
Agreement. The Trustee, the Paying Agent and the Special Servicer shall deliver
to the Rating Agencies and the Depositor any information as reasonably requested
by the Rating Agencies and Depositor, as the case may be.

     (e) Any notice or other document required to be delivered or mailed by the
Depositor, Master Servicer, Paying Agent or Trustee shall be given by such
parties, respectively,

                                     -260-
<PAGE>

on a best efforts basis and only as a matter of courtesy and accommodation to
the Rating Agencies, unless otherwise specifically required herein, and such
parties, respectively, shall have no liability for failure to deliver any such
notice or document to the Rating Agencies.

     SECTION 13.11 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute one and the same instrument.

     SECTION 13.12 INTENTION OF PARTIES. It is the express intent of the parties
hereto that the conveyance of the Mortgage Loans and related rights and property
to the Trustee, for the benefit of the Certificateholders, by the Depositor as
provided in Section 2.1 be, and be construed as, an absolute sale of the
Mortgage Loans and related property. It is, further, not the intention of the
parties that such conveyance be deemed a pledge of the Mortgage Loans and
related property by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor. However, in the event that, notwithstanding the
intent of the parties, the Mortgage Loans or any related property is held to be
the property of the Depositor, or if for any other reason this Agreement is held
or deemed to create a security interest in the Mortgage Loans or any related
property, then this Agreement shall be deemed to be a security agreement; and
the conveyance provided for in Section 2.1 shall be deemed to be a grant by the
Depositor to the Trustee, for the benefit of the Certificateholders, of a
security interest in all of the Depositor's right, title, and interest, whether
now owned or hereafter acquired, in and to:

          (i) All accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods, letters of
credit, advices of credit and investment property consisting of, arising from or
relating to any of the property described in clauses (1)-(4) below: (1) the
Mortgage Loans, including the related Mortgage Notes, Mortgages, security
agreements, and title, hazard and other insurance policies identified on the
Mortgage Loan Schedule, including all Qualified Substitute Mortgage Loans, all
distributions with respect thereto payable on and after the Cut-Off Date, and
the Mortgage Files; (2) the Distribution Account, all REO Accounts, and the
Certificate Account, including all property therein and all income from the
investment of funds therein (including any accrued discount realized on
liquidation of any investment purchased at a discount); (3) the REMIC I Regular
Interests and the REMIC II Regular Interests; and (4) the Mortgage Loan Purchase
Agreements;

          (ii) All accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods, letters of
credit, advices of credit, investment property, and other rights arising from or
by virtue of the disposition of, or collections with respect to, or insurance
proceeds payable with respect to, or claims against other Persons with respect
to, all or any part of the collateral described in clause (i) above (including
any accrued discount realized on liquidation of any investment purchased at a
discount); and

     All cash and non-cash proceeds of the collateral described in clauses (i)
and (ii) above.

     The possession by the Trustee of the Mortgage Notes, the Mortgages and such
other goods, letters of credit, advices of credit, instruments, money,
documents, chattel paper or

                                     -261-
<PAGE>

certificated securities shall be deemed to be possession by the secured party or
possession by a purchaser for purposes of perfecting the security interest
pursuant to the Uniform Commercial Code (including, without limitation, Sections
9-115 and 9-305 thereof) as in force in the relevant jurisdiction.

     Notifications to Persons holding such property, and acknowledgments,
receipts or confirmations from Persons holding such property, shall be deemed to
be notifications to, or acknowledgments, receipts or confirmations from,
securities intermediaries, bailees or agents of, or persons holding for, the
Trustee, as applicable, for the purpose of perfecting such security interest
under applicable law.

     The Depositor and, at the Depositor's direction, the Master Servicer and
the Trustee, shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the property described above, such
security interest would be deemed to be a perfected security interest of first
priority under applicable law and will be maintained as such throughout the term
of the Agreement. The Master Servicer shall file, at the expense of the Trust as
an Additional Trust Expense all filings necessary to maintain the effectiveness
of any original filings necessary under the Uniform Commercial Code as in effect
in any jurisdiction to perfect the Trustee's security interest in such property,
including without limitation (i) continuation statements, and (ii) such other
statements as may be occasioned by any transfer of any interest of the Master
Servicer or the Depositor in such property. In connection herewith, the Trustee
shall have all of the rights and remedies of a secured party and creditor under
the Uniform Commercial Code as in force in the relevant jurisdiction.

     SECTION 13.13 RECORDATION OF AGREEMENT. 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 in any other appropriate
public recording office or elsewhere. Such recordation, if any, shall be
effected by the Master Servicer at the expense of the Trust as an Additional
Trust Expense, but only upon direction of the Depositor accompanied by an
Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders of the Trust.

     SECTION 13.14 RATING AGENCY MONITORING FEES. The parties hereto acknowledge
that on the Closing Date the Sellers will pay the ongoing monitoring fees of the
Rating Agencies relating to the rating of the Certificates and that no
monitoring fees are payable subsequent to the Closing Date in respect of the
rating of the Certificates. The Master Servicer shall not be required to pay any
such fees or any fees charged for any Rating Agency Confirmation (except any
confirmation required under Section 8.22, Section 8.23 or in connection with a
termination and replacement of the Master Servicer following an Event of Default
of the Master Servicer).

     SECTION 13.15 ACKNOWLEDGEMENT BY PRIMARY SERVICERS. The Primary Servicers
agree, to the extent applicable to such Primary Servicer and the Mortgage Loans
serviced by such Primary Servicer, to be bound by the terms of Sections 5.1(g),
8.3, 8.4, 8.7, 8.10, 8.18, 8.25(d) and 8.26 of this Agreement.

                                     -262-

<PAGE>

     IN WITNESS WHEREOF, the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the
Authenticating Agent and the Fiscal Agent have caused their names to be signed
hereto by their respective officers thereunto duly authorized as of the day and
year first above written.

                                  BEAR STEARNS COMMERCIAL MORTGAGE
                                  SECURITIES INC.,
                                  as Depositor

                                  By: /s/ Michael Forastiere
                                     ---------------------------------
                                      Name:  Michael Forastiere
                                      Title: Vice President

                                  WELLS FARGO BANK, NATIONAL
                                  ASSOCIATION, as Master Servicer

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

                                  WELLS FARGO BANK, NATIONAL
                                  ASSOCIATION, as Special Servicer

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

                                  LASALLE BANK NATIONAL ASSOCIATION,
                                  as Trustee

                                  By: /s/ Ann M. Kelly
                                     ---------------------------------
                                      Name:  Ann M. Kelly
                                      Title: Assistant Vice President

                                     -263-
<PAGE>

                                  ABN AMRO BANK N.V., as Fiscal Agent

                                  By: /s/ Cynthia Reis
                                     ---------------------------------
                                      Name:  Cynthia Reis
                                      Title: First Vice President

                                  By: /s/ Brian D. Ames
                                     ---------------------------------
                                      Name:  Brian D. Ames
                                      Title: Vice President

                                  WELLS FARGO BANK MINNESOTA,
                                  NATIONAL ASSOCIATION, as Paying Agent and
                                  Certificate Registrar

                                  By: /s/ Deborah Daniels
                                     ---------------------------------
                                      Name:  Deborah Daniels
                                      Title: Vice President

                                  PRINCIPAL GLOBAL INVESTORS, LLC,
                                  formerly known as Principal Capital
                                  Management, LLC, acting solely in its capacity
                                  as Primary Servicer with respect to the
                                  sections referred to in Section 13.15 of
                                  the Agreement

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

                                  By: /s/ Leanne M. Valentine
                                     ---------------------------------
                                      Name:  Leanne M. Valentine
                                      Title: Counsel

                                  JOHN HANCOCK REAL ESTATE FINANCE, INC., acting
                                  solely in its capacity as Primary Servicer
                                  with respect to the sections referred to in
                                  Section 13.15 of the Agreement

                                  By: /s/ Barry S. Nectow
                                     ---------------------------------
                                      Name:  Barry S. Nectow
                                      Title: Senior Vice President

                                     -264-
<PAGE>

STATE OF NEW YORK                   )
                                    )  ss.:
COUNTY OF NEW YORK                  )

                  On this __ day of October 2002, before me, a notary public in
and for said State, personally appeared _____________, personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person who
executed the within instrument as Vice President on behalf of Bear Stearns
Commercial Mortgage Securities Inc., and acknowledged to me that such
corporation executed the within instrument pursuant to its by-laws or a
resolution of its Board of Directors.

                  IN WITNESS WHEREOF, I have hereunder set my hand and affixed
my official seal the day and year in this certificate first above written.

                                  ----------------------------------------
                                              Notary Public

<PAGE>

STATE OF CALIFORNIA                         )
                                            )  ss.:
COUNTY OF SAN FRANCISCO                     )

                  On this ___ day of October 2002, before me, a notary public in
and for said State, personally appeared ____________, personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person who
executed the within instrument as Vice President of ___________________, and
acknowledged to me that such corporation executed the within instrument pursuant
to its by-laws or a resolution of its Board of Directors.

                  IN WITNESS WHEREOF, I have hereunder set my hand and affixed
my official seal the day and year in this certificate first above written.

                                  ----------------------------------------
                                              Notary Public

                                       -2-

<PAGE>

STATE OF                            )
                                    )  ss.:
COUNTY OF                           )

                  On the ______ day of October 2002, before me, a notary public
in and for said State, personally appeared ___________________ known to me to be
a of _______________, one of the entities that executed the within instrument,
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

                                      -3-

<PAGE>

STATE OF NEW YORK                   )
                                    )  ss.:
COUNTY OF NEW YORK                  )

                  On this ___ day of October 2002, before me, a notary public in
and for said State, personally appeared __________________, personally known to
me (or proved to me on the basis of satisfactory evidence) to be the person who
executed the within instrument as Vice President on behalf of ____________, and
acknowledged to me that such nationally chartered bank executed the within
instrument pursuant to its by-laws or a resolution of its Board of Directors.

                  IN WITNESS WHEREOF, I have hereunder set my hand and affixed
my official seal the day and year in this certificate first above written.

                                  ----------------------------------------
                                              Notary Public

                                      -4-

<PAGE>

STATE OF NEW YORK                   )
                                    )  ss.:
COUNTY OF NEW YORK                  )

                  On this ___ day of October 2002, before me, a notary public in
and for said State, personally appeared __________________, personally known to
me (or proved to me on the basis of satisfactory evidence) to be the person who
executed the within instrument as Vice President on behalf of _______________,
and acknowledged to me that such nationally chartered bank executed the within
instrument pursuant to its by-laws or a resolution of its Board of Directors.

                  IN WITNESS WHEREOF, I have hereunder set my hand and affixed
my official seal the day and year in this certificate first above written.

                                  ----------------------------------------
                                              Notary Public

                                      -5-

<PAGE>

STATE OF NEW YORK                   )
                                    )  ss.:
COUNTY OF NEW YORK                  )

                  On this ___ day of October 2002, before me, a notary public in
and for said State, personally appeared __________________, personally known to
me (or proved to me on the basis of satisfactory evidence) to be the person who
executed the within instrument as Vice President on behalf of ________________
and acknowledged to me that such nationally chartered bank executed the within
instrument pursuant to its by-laws or a resolution of its Board of Directors.

                  IN WITNESS WHEREOF, I have hereunder set my hand and affixed
my official seal the day and year in this certificate first above written.

                                  ----------------------------------------
                                              Notary Public

                                      -6-

<PAGE>

STATE OF NEW YORK                   )
                                    )  ss.:
COUNTY OF NEW YORK                  )

                  On this ___ day of October 2002, before me, a notary public in
and for said State, personally appeared __________________, personally known to
me (or proved to me on the basis of satisfactory evidence) to be the person who
executed the within instrument as Vice President on behalf of
___________________ and acknowledged to me that such nationally chartered bank
executed the within instrument pursuant to its by-laws or a resolution of its
Board of Directors.

                  IN WITNESS WHEREOF, I have hereunder set my hand and affixed
my official seal the day and year in this certificate first above written.

<PAGE>

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

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.,
                                  AS DEPOSITOR,

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                   AS MASTER SERVICER AND AS SPECIAL SERVICER,

                 LASALLE BANK NATIONAL ASSOCIATION, AS TRUSTEE,

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION
                    AS PAYING AGENT AND CERTIFICATE REGISTRAR

                                       AND

                               ABN AMRO BANK N.V.,
                                 AS FISCAL AGENT

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

                            EXHIBITS AND SCHEDULES TO
                         POOLING AND SERVICING AGREEMENT

                           DATED AS OF OCTOBER 1, 2002

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

                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 2002-TOP8

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

<PAGE>

                                   EXHIBIT A-1

                         [FORM OF CLASS A-1 CERTIFICATE]

THIS CLASS A-1 CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST
IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE FISCAL AGENT,
THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL
NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS A-1 CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 4.06%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS A-1 CERTIFICATES AS OF THE CLOSING     TRUSTEE: LASALLE BANK NATIONAL
DATE:  $185,535,000                          ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS A-1        FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$185,535,000                                 CUSIP NO. 07383FPV4

No.  A-1-1

                              CLASS A-1 CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class A-1 Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class A-1 Certificates. The Certificates are designated as the
Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes
specified in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                        WELLS FARGO BANK MINNESOTA,
                                        NATIONAL ASSOCIATION, as Certificate
                                        Registrar

                                        By:
                                           -------------------------------------
                                                  AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS A-1 CERTIFICATES REFERRED TO IN THE
WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

                                        WELLS FARGO BANK MINNESOTA,
                                        NATIONAL ASSOCIATION,
                                        AUTHENTICATING AGENT

                                        By:
                                           -------------------------------------
                                                  AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common          UNIF GIFT MIN ACT...............Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with                 Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in                   Act.....................
          common                                           (State)

    Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
                     IDENTIFYING NUMBER OF ASSIGNEE
--------------------

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      ----------------------               -------------------------------------
                                           NOTICE: The signature to this
                                           assignment must correspond with the
                                           name as written upon the face of this
                                           Certificate in every particular
                                           without alteration or enlargement or
                                           any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                                   EXHIBIT A-2

                         [FORM OF CLASS A-2 CERTIFICATE]

THIS CLASS A-2 CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST
IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE FISCAL AGENT,
THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL
NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS A-3 CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 4.83%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS A-2 CERTIFICATES AS OF THE CLOSING     TRUSTEE: LASALLE BANK NATIONAL
DATE: $538,794,000                           ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS A-2        FISCAL AGENT:  ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING
DATE: $538,794,000                           CUSIP NO. 07383FPW2

No. A-2-1

                              CLASS A-2 CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class A-2 Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class A-2 Certificates. The Certificates are designated as the
Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes
specified in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                        WELLS FARGO BANK MINNESOTA,
                                        NATIONAL ASSOCIATION, as Certificate
                                        Registrar

                                        By:
                                           -------------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS A-2 CERTIFICATES REFERRED TO IN THE
WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

                                        WELLS FARGO BANK MINNESOTA,
                                        NATIONAL ASSOCIATION,
                                        AUTHENTICATING AGENT

                                        By:
                                           -------------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -  as tenant in common       UNIF GIFT MIN ACT.................Custodian
TEN ENT -  as tenants by the                                (Cust)
           entireties
JT TEN  -  as joint tenants with             Under Uniform Gifts to Minors
           rights of survivorship
           and not as tenants in                Act.......................
           common                                          (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------           --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                                   EXHIBIT A-3

                                   [RESERVED]

<PAGE>

                                   EXHIBIT A4

                                   [RESERVED]

<PAGE>

                                   EXHIBIT A-5

                          [FORM OF CLASS B CERTIFICATE]

THIS CLASS B CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE FISCAL AGENT, THE
CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL
NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THIS CLASS B CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS B CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE 4.94%              MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS B CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $25,267,000                            ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS B          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$25,267,000                                  CUSIP NO. 07383FPX0

No.  B-1

                               CLASS B CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class B Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class B Certificates. The Certificates are designated as the Bear
Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8 and are issued in the Classes specified in the
Pooling and Servicing Agreement. The Certificates will evidence in the aggregate
100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION, as Certificate
                                           Registrar

                                           By:
                                              ----------------------------------
                                                    AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS B CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION,
                                           AUTHENTICATING AGENT

                                           By:
                                              ----------------------------------
                                                    AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common          UNIF GIFT MIN ACT...............Custodian
TEN ENT - as tenants by the                                  (Cust)
          entireties
JT TEN  - as joint tenants with              Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in                Act.......................
          common                                         (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------                ---------------------------------
                                               NOTICE: The signature to this
                                               assignment must correspond with
                                               the name as written upon the face
                                               of this Certificate in every
                                               particular without alteration or
                                               enlargement or any change
                                               whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                                   EXHIBIT A-6

                          [FORM OF CLASS C CERTIFICATE]

THIS CLASS C CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE FISCAL AGENT, THE
CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL
NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THIS CLASS C CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS C CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 5.22%            MASTER SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                       SPECIAL SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                            PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002               MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002  PRIMARY SERVICER: PRINCIPAL CAPITAL
                                            MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS C  CERTIFICATES AS OF THE CLOSING     TRUSTEE: LASALLE BANK NATIONAL
DATE:  $28,426,000                          ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS C         FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$28,426,000                                 CUSIP NO.  07383FPY8

No. C-1

                               CLASS C CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class C Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class C Certificates. The Certificates are designated as the Bear
Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8 and are issued in the Classes specified in the
Pooling and Servicing Agreement. The Certificates will evidence in the aggregate
100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION, as Certificate
                                           Registrar

                                           By:
                                              ----------------------------------
                                                   AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS C CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION,
                                           AUTHENTICATING AGENT

                                           By:
                                              ----------------------------------
                                                   AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common             UNIF GIFT MIN ACT............Custodian
TEN ENT - as tenants by the entireties                       (Cust)
JT TEN  - as joint tenants with                Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in                  Act.......................
          common                                        (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      ----------------------              --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                                   EXHIBIT A-7

                          [FORM OF CLASS D CERTIFICATE]

THIS CLASS D CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE FISCAL AGENT, THE
CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL
NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THIS CLASS D CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS D CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 5.42%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS D CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $9,475,000                             ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS D          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$9,475,000                                   CUSIP NO. 07383FNV6

No. D-1

                               CLASS D CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class D Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class D Certificates. The Certificates are designated as the Bear
Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8 and are issued in the Classes specified in the
Pooling and Servicing Agreement. The Certificates will evidence in the aggregate
100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION, as Certificate
                                           Registrar

                                           By:
                                              ----------------------------------
                                                      AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS D CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION,
                                           AUTHENTICATING AGENT

                                           By:
                                              ----------------------------------
                                                      AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common             UNIF GIFT MIN ACT............Custodian
TEN ENT - as tenants by the entireties                        (Cust)
JT TEN  - as joint tenants with                Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in                  Act.......................
          common                                           (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------- IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      --------------------------          --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                                   EXHIBIT A-8

                          [FORM OF CLASS E CERTIFICATE]

THIS CLASS E CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS E CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS E CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 5.91%            MASTER SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                       SPECIAL SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                            PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002               MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002  PRIMARY SERVICER: PRINCIPAL CAPITAL
                                            MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS E CERTIFICATES AS OF THE CLOSING      TRUSTEE: LASALLE BANK NATIONAL
DATE: $11,581,000                           ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS E         FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$11,581,000 (SUBJECT TO SCHEDULE OF         CUSIP NO. 07383FNW4
EXCHANGES ATTACHED)

No.  E-1

                               CLASS E CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class E Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the

<PAGE>

quotient expressed as a percentage obtained by dividing the Certificate Balance
of this Certificate specified on the face hereof by the aggregate initial
Certificate Balance of the Class E Certificates. The Certificates are designated
as the Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes
specified in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

<PAGE>

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but the Certificate Registrar

<PAGE>

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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION, as Certificate
                                           Registrar

                                           By:
                                              ----------------------------------
                                                      AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS E CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION,
                                           AUTHENTICATING AGENT

                                           By:
                                              ----------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common             UNIF GIFT MIN ACT............Custodian
TEN ENT - as tenants by the entireties                        (Cust)
JT TEN  - as joint tenants with              Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in                 Act.......................
          common                                          (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      ------------------------             -------------------------------------
                                           NOTICE: The signature to this
                                           assignment must correspond with the
                                           name as written upon the face of this
                                           Certificate in every particular
                                           without alteration or enlargement or
                                           any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                   EXHIBIT A-9

                          [FORM OF CLASS F CERTIFICATE]

THIS CLASS F CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS F CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS F CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.11%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS F CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $6,317,000                             ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS F          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$6,317,000 (SUBJECT TO SCHEDULE OF           CUSIP NO. 07383FNX2
EXCHANGES ATTACHED)

No. F-1

                               CLASS F CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class F Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the

<PAGE>

quotient expressed as a percentage obtained by dividing the Certificate Balance
of this Certificate specified on the face hereof by the aggregate initial
Certificate Balance of the Class F Certificates. The Certificates are designated
as the Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes
specified in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

<PAGE>

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but the Certificate Registrar

<PAGE>

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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                      AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS F CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                      AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common        UNIF GIFT MIN ACT.................Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with             Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in                Act.......................
          common                                         (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------           --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-10

                          [FORM OF CLASS G CERTIFICATE]

THIS CLASS G CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS G CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS G CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.45%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS G CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $4,211,000                             ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS G          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$4,211,000 (SUBJECT TO SCHEDULE OF           CUSIP NO. 07383FNY0
EXCHANGES ATTACHED)

No. G-1

                               CLASS G CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class G Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the

<PAGE>

quotient expressed as a percentage obtained by dividing the Certificate Balance
of this Certificate specified on the face hereof by the aggregate initial
Certificate Balance of the Class G Certificates. The Certificates are designated
as the Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes
specified in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

<PAGE>

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but the Certificate Registrar

<PAGE>

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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS G CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common      UNIF GIFT MIN ACT...................Custodian
TEN ENT - as tenants by the                               (Cust)
          entireties
JT TEN  - as joint tenants with           Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in              Act.......................
          common                                      (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                      PLEASE INSERT SOCIAL SECURITY OR OTHER
--------------------- IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------              -----------------------------------
                                             NOTICE: The signature to this
                                             assignment must correspond with the
                                             name as written upon the face of
                                             this Certificate in every
                                             particular without alteration or
                                             enlargement or any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-11

                          [FORM OF CLASS H CERTIFICATE]

THIS CLASS H CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS H CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS H CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.00%            MASTER SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                       SPECIAL SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                            PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002               MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002  PRIMARY SERVICER: PRINCIPAL CAPITAL
                                            MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS H CERTIFICATES AS OF THE CLOSING      TRUSTEE: LASALLE BANK NATIONAL
DATE: $8,422,000                            ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS H         FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$8,422,000 (SUBJECT TO SCHEDULE OF          CUSIP NO.
EXCHANGES ATTACHED)

No. H-1

                               CLASS H CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class H Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the

<PAGE>

quotient expressed as a percentage obtained by dividing the Certificate Balance
of this Certificate specified on the face hereof by the aggregate initial
Certificate Balance of the Class H Certificates. The Certificates are designated
as the Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes as
specifically set forth in the Pooling and Servicing Agreement. The Certificates
will evidence in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

<PAGE>

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but the Certificate Registrar

<PAGE>

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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS H CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common        UNIF GIFT MIN ACT.................Custodian
TEN ENT - as tenants by the                                (Cust)
          entireties
JT TEN  - as joint tenants with             Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in               Act.......................
          common                                        (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

--------------------------------------------------------------------------------
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------               ----------------------------------
                                              NOTICE: The signature to this
                                              assignment must correspond with
                                              the name as written upon the face
                                              of this Certificate in every
                                              particular without alteration or
                                              enlargement or any change
                                              whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of______________________________
___________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-12

                          [FORM OF CLASS J CERTIFICATE]

THIS CLASS J CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS J CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS J CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.00%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS J CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $3,159,000                             ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS J          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$3,159,000 (SUBJECT TO SCHEDULE OF           CUSIP NO.
EXCHANGES ATTACHED)

No. J-1

                               CLASS J CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class J Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class J Certificates. The Certificates are designated as the Bear
Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8 and are issued in the Classes as specifically set
forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS J CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common       UNIF GIFT MIN ACT..................Custodian
TEN ENT - as tenants by the                               (Cust)
          entireties
JT TEN  - as joint tenants with           Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in             Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------           --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-13

                          [FORM OF CLASS K CERTIFICATE]

THIS CLASS K CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS K CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS K CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.00%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS K CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $4,211,000                             ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS K          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$4,211,000 (SUBJECT TO SCHEDULE OF           CUSIP NO.
EXCHANGES ATTACHED)

No.  K-1

                               CLASS K CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class K Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this Certificate
specified on the face hereof by the aggregate initial Certificate Balance of the
Class K

<PAGE>

Certificates. The Certificates are designated as the Bear Stearns Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series
2002-TOP8 and are issued in the Classes as specifically set forth in the Pooling
and Servicing Agreement. The Certificates will evidence in the aggregate 100% of
the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from

<PAGE>

the Certificate Account shall be made from time to time for purposes other than
distributions to Certificateholders, such purposes including reimbursement of
certain expenses incurred with respect to the servicing of the Mortgage Loans
and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                                 WELLS FARGO BANK MINNESOTA,
                                                 NATIONAL ASSOCIATION, as
                                                 Certificate Registrar

                                                 By:
                                                    ----------------------------
                                                        AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS K CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                                 WELLS FARGO BANK MINNESOTA,
                                                 NATIONAL ASSOCIATION,
                                                 AUTHENTICATING AGENT

                                                 By:
                                                    ----------------------------
                                                        AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common       UNIF GIFT MIN ACT..................Custodian
TEN ENT - as tenants by the                               (Cust)
          entireties
JT TEN  - as joint tenants with           Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in             Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------             ------------------------------------
                                            NOTICE: The signature to this
                                            assignment must correspond with the
                                            name as written upon the face of
                                            this Certificate in every particular
                                            without alteration or enlargement or
                                            any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-14

                          [FORM OF CLASS L CERTIFICATE]

THIS CLASS L CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS L CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS L CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.00%            MASTER SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                       SPECIAL SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                            PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002               MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002  PRIMARY SERVICER: PRINCIPAL CAPITAL
                                            MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS L CERTIFICATES AS OF THE CLOSING      TRUSTEE: LASALLE BANK NATIONAL
DATE: $3,158,000                            ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS L         FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$3,158,000 (SUBJECT TO SCHEDULE OF          CUSIP NO.
EXCHANGES ATTACHED)

No. L-1

                               CLASS L CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class L Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this Certificate
specified on the face hereof by the aggregate initial Certificate Balance of the
Class L

<PAGE>

Certificates. The Certificates are designated as the Bear Stearns Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series
2002-TOP8 and are issued in the Classes as specifically set forth in the Pooling
and Servicing Agreement. The Certificates will evidence in the aggregate 100% of
the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from

<PAGE>

the Certificate Account shall be made from time to time for purposes other than
distributions to Certificateholders, such purposes including reimbursement of
certain expenses incurred with respect to the servicing of the Mortgage Loans
and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                      AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS L CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                      AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common      UNIF GIFT MIN ACT...................Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with           Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in                Act.......................
          common                                         (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------             ------------------------------------
                                            NOTICE: The signature to this
                                            assignment must correspond with the
                                            name as written upon the face of
                                            this Certificate in every particular
                                            without alteration or enlargement or
                                            any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-15

                          [FORM OF CLASS M CERTIFICATE]

THIS CLASS M CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS M CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS M CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.00%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS M CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $3,159,000                             ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS M          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$3,159,000 (SUBJECT TO SCHEDULE OF           CUSIP NO.
EXCHANGES ATTACHED)

No. M-1

                               CLASS M CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class M Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), Bear Stearns Commercial Mortgage Securities
Inc. (hereinafter called the "Depositor", which term includes any successor
entity under the Pooling and Servicing Agreement), the Trustee, the Fiscal
Agent, the Paying Agent, the Certificate Registrar, the Master Servicer and the
Special Servicer, a summary of certain of the pertinent provisions of which is
set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Certificate Account and
Distribution Account, the Insurance Policies and any REO Properties. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class M Certificates. The Certificates are designated as the Bear
Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8 and are issued in the Classes as specifically set
forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION, as Certificate
                                           Registrar

                                           By:
                                              ----------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS M CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION,
                                           AUTHENTICATING AGENT

                                           By:
                                              ----------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common        UNIF GIFT MIN ACT.................Custodian
TEN ENT - as tenants by the                                (Cust)
          entireties
JT TEN  - as joint tenants with            Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in               Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------           --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-16

                          [FORM OF CLASS N CERTIFICATE]

THIS CLASS N CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS N CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS N CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.00%            MASTER SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                       SPECIAL SERVICER: WELLS FARGO BANK,
                                            NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                            PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002               MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002  PRIMARY SERVICER: PRINCIPAL CAPITAL
                                            MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS N CERTIFICATES AS OF THE CLOSING      TRUSTEE: LASALLE BANK NATIONAL
DATE: $2,105,000                            ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS N         FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:         PV6
$2,105,000 (SUBJECT TO SCHEDULE OF
EXCHANGES ATTACHED)

No. N-1

                               CLASS N CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class N Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class N Certificates. The Certificates are designated as the Bear
Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8 and are issued in the Classes as specifically set
forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS N CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common        UNIF GIFT MIN ACT.................Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with           Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in             Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------           --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-17

                          [FORM OF CLASS O CERTIFICATE]

THIS CLASS O CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR
INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THIS CLASS O CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER
CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS,
REALIZED LOSSES AND CERTAIN EXPENSE LOSSES ON THE CERTIFICATES ALLOCABLE TO THIS
CLASS O CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE PAYING AGENT.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED

<PAGE>

FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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
HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 6.00%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        SPECIAL SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PAYING AGENT: WELLS FARGO BANK
CLOSING DATE: OCTOBER 8, 2002                MINNESOTA, NATIONAL ASSOCIATION

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
AGGREGATE CERTIFICATE BALANCE OF THE
CLASS O CERTIFICATES AS OF THE CLOSING       TRUSTEE: LASALLE BANK NATIONAL
DATE: $8,423,398                             ASSOCIATION

CERTIFICATE BALANCE OF THIS CLASS O          FISCAL AGENT: ABN AMRO BANK N.V.
CERTIFICATE AS OF THE CLOSING DATE:
$8,423,398 (SUBJECT TO SCHEDULE OF           CUSIP NO.
EXCHANGES ATTACHED)

No. N-1

                               CLASS O CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class O Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor", which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the quotient expressed as a
percentage obtained by dividing the Certificate Balance of this

<PAGE>

Certificate specified on the face hereof by the aggregate initial Certificate
Balance of the Class O Certificates. The Certificates are designated as the Bear
Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2002-TOP8 and are issued in the Classes as specifically set
forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of principal of and interest on this Certificate will be made
out of the Available Distribution Amount, to the extent and subject to the
limitations set forth in the Pooling and Servicing Agreement, on the 15th day of
each month or, if such 15th day is not a Business Day, the next succeeding
Business Day (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 (the "Record Date"). All sums
distributable on this Certificate are payable in the coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate on
the Certificate Balance of this Certificate immediately prior to each
Distribution Date. Principal and interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and

<PAGE>

Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Certificate Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including
reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the
Certificates are issuable in fully registered form only, without coupons, in
minimum denominations specified in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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.

<PAGE>

     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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                       WELLS FARGO BANK MINNESOTA,
                                       NATIONAL ASSOCIATION, as Certificate
                                       Registrar

                                       By:
                                          --------------------------------------
                                                  AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS O CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED
POOLING AND SERVICING AGREEMENT.

                                       WELLS FARGO BANK MINNESOTA,
                                       NATIONAL ASSOCIATION,
                                       AUTHENTICATING AGENT

                                       By:
                                          --------------------------------------
                                                  AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common     UNIF GIFT MIN ACT...................Custodian
TEN ENT - as tenants by the                               (Cust)
          entireties
JT TEN  - as joint tenants with          Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in            Act.......................
          common                                      (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------          ---------------------------------------
                                         NOTICE: The signature to this
                                         assignment must correspond with the
                                         name as written upon the face of this
                                         Certificate in every particular without
                                         alteration or enlargement or any change
                                         whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
____ ___________________________________. Statements should be mailed to _______
_____________. This information is provided by assignee named above, or ________
_______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-18

                         [FORM OF CLASS R-I CERTIFICATE]

THIS CLASS R-I CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST
IN THE SELLERS, THE DEPOSITOR, THE PLACEMENT AGENT, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE
"RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"). THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A
NON-UNITED STATES PERSON.

THIS CERTIFICATE MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO
"DISQUALIFIED ORGANIZATIONS" WITHIN THE MEANING OF THE CODE.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE
REGISTERED EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

A SALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R-I CERTIFICATE MAY BE MADE
ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER

<PAGE>

AFFIDAVIT TO THE CERTIFICATE REGISTRAR TO THE EFFECT THAT (1) SUCH TRANSFEREE
AGREES TO BE BOUND BY THE TERMS OF THE POOLING AND SERVICING AGREEMENT AND ALL
RESTRICTIONS SET FORTH ON THE FACE HEREOF, (2) SUCH TRANSFEREE IS NOT (A) THE
UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, OR ANY AGENCY OR
INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY WHICH IS
A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND, EXCEPT FOR FHLMC,
A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY ANY SUCH GOVERNMENTAL
UNIT), (B) AN ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES 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 ON UNRELATED BUSINESS TAXABLE INCOME), (C) A RURAL ELECTRIC OR
TELEPHONE COOPERATIVE DESCRIBED IN SECTION 1381 OF THE CODE (ANY SUCH PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED TO
AS A "DISQUALIFIED ORGANIZATION"), (D) A PERSON THAT IS NOT A CITIZEN OF 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 OR TRUST 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
TRADE OR BUSINESS IN THE UNITED STATES (ANY SUCH PERSON BEING HEREINAFTER
REFERRED TO AS A "UNITED STATES PERSON") OR (E) AN AGENT OF A DISQUALIFIED
ORGANIZATION OR A NON-UNITED STATES PERSON, AND (3) NO PURPOSE OF SUCH TRANSFER
IS TO ENABLE THE TRANSFEROR TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX.
NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CLASS R-I CERTIFICATE TO A DISQUALIFIED
ORGANIZATION OR A NON-UNITED STATES PERSON OR AN AGENT OF A DISQUALIFIED
ORGANIZATION OR A NON-UNITED STATES PERSON, OR TO ANY OTHER PROHIBITED
TRANSFEREE AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT, 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,
INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.
EACH HOLDER OF A CLASS R-I CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL
BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

PERCENTAGE INTEREST OF THIS CLASS R-I        SPECIAL SERVICER: WELLS FARGO BANK,
CERTIFICATE: 100%                            NATIONAL ASSOCIATION

DATE OF POOLING AND SERVICING AGREEMENT:     PAYING AGENT: WELLS FARGO BANK
AS OF OCTOBER 1, 2002                        MINNESOTA, NATIONAL ASSOCIATION

CUT-OFF DATE: OCTOBER 1, 2002                PRIMARY SERVICER: PRINCIPAL CAPITAL
                                             MANAGEMENT, LLC
CLOSING DATE: OCTOBER 8, 2002
                                             TRUSTEE: LASALLE BANK NATIONAL
FIRST DISTRIBUTION DATE: NOVEMBER 15,        ASSOCIATION
2002
                                             FISCAL AGENT: ABN AMRO BANK N.V.
MASTER SERVICER: WELLS FARGO BANK,
NATIONAL ASSOCIATION                         NO. R-I-1

                              CLASS R-I CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT Morgan Stanley & Co. Incorporated is the registered owner of
the interest evidenced by this Certificate in the Class R-I Certificates issued
by the Trust created pursuant to the Pooling and Servicing Agreement, dated as
specified above (the "Pooling and Servicing Agreement"), among Bear Stearns
Commercial Mortgage Securities Inc. (hereinafter called the "Depositor", which
term includes any successor entity under the Pooling and Servicing Agreement),
the Trustee, the Fiscal Agent, the Paying Agent, the Master Servicer and the
Special Servicer, a summary of certain of the pertinent provisions of which is
set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Certificate Account and
Distribution Account, the Insurance Policies and any REO Properties. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing the Percentage Interest in the Class
R-I Certificates specified on the face hereof. The Certificates are designated
as Bear Stearns Commercial Mortgage Securities Inc.Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes as
specifically set forth in the Pooling and Servicing Agreement. The Certificates
will evidence in the aggregate 100% of the beneficial ownership of the Trust.

<PAGE>

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     The Holder of this Certificate shall be entitled to receive only certain
amounts set forth in the Pooling and Servicing Agreement, including a
distribution upon termination of the Pooling and Servicing Agreement and the
related REMIC created thereby of the amounts which remain on deposit in the
Distribution Account after payment to the holders of all other Certificates of
all amounts set forth in the Pooling and Servicing Agreement. Distributions on
this Certificate will be made out of the Available Distribution Amount, to the
extent and subject to the limitations set forth in the Pooling and Servicing
Agreement, on the 15th day of each month or, if such 15th day is not a Business
Day, the next succeeding Business Day (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 (the "Record
Date"). All sums distributable on this Certificate are payable in the coin or
currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor,

<PAGE>

if such Certificateholder will have provided the Paying Agent with wiring
instructions on or prior to the related Record Date or otherwise by check mailed
to such Certificateholder. Notwithstanding the above, the final distribution on
any Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     The Residual Certificates will be issued in fully registered, certificated
form in minimum percentage interests of 10% and in multiples of 10% in excess
thereof.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the

<PAGE>

later of (A) the final payment or other liquidation of the last Mortgage Loan
remaining in the Trust and (B) the disposition of all REO Property or (ii) the
sale of the property held by the Trust in accordance with Section 10.1(b) of the
Pooling and Servicing Agreement or (iii) the termination of the Trust pursuant
to Section 10.1(c) of the Pooling and Servicing Agreement; provided that in no
event shall the Trust 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. The parties designated in the Pooling and Servicing Agreement may
exercise their option to purchase the Mortgage Loans and any other property
remaining in the Trust and cause the termination of the Trust in accordance with
the requirements set forth in the Pooling and Servicing Agreement. Upon
termination of the Trust and payment of the Certificates and of all
administrative expenses associated with the Trust, any remaining assets of the
Trust shall be distributed to the holders of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                            WELLS FARGO BANK MINNESOTA,
                                            NATIONAL ASSOCIATION, as Certificate
                                            Registrar

                                            By:
                                               ---------------------------------
                                                      AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS R-I CERTIFICATES REFERRED TO IN THE
WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

                                            WELLS FARGO BANK MINNESOTA,
                                            NATIONAL ASSOCIATION,
                                            AUTHENTICATING AGENT

                                            By:
                                               ---------------------------------
                                                      AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common        UNIF GIFT MIN ACT.................Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with           Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in             Act.......................
          common                                     (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------             ------------------------------------
                                            NOTICE: The signature to this
                                            assignment must correspond with the
                                            name as written upon the face of
                                            this Certificate in every particular
                                            without alteration or enlargement or
                                            any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
______________________________________. Statements should be mailed to _________
___________. This information is provided by assignee named above, or __________
_____________, as its agent.

<PAGE>

                                  EXHIBIT A-19

                        [FORM OF CLASS R-II CERTIFICATE]

THIS CLASS R-II CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST
IN THE SELLERS, THE DEPOSITOR, THE PLACEMENT AGENT, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE
"RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"). THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A
NON-UNITED STATES PERSON.

THIS CERTIFICATE MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO
"DISQUALIFIED ORGANIZATIONS" WITHIN THE MEANING OF THE CODE.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE
REGISTERED EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

<PAGE>

A SALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R-II CERTIFICATE MAY BE MADE
ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE CERTIFICATE
REGISTRAR TO THE EFFECT THAT (1) SUCH TRANSFEREE AGREES TO BE BOUND BY THE TERMS
OF THE POOLING AND SERVICING AGREEMENT AND ALL RESTRICTIONS SET FORTH ON THE
FACE HEREOF, (2) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR
POLITICAL SUBDIVISION THEREOF, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
FOREGOING (OTHER THAN AN INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS
ACTIVITIES ARE SUBJECT TO TAX AND, EXCEPT FOR FHLMC, A MAJORITY OF ITS BOARD OF
DIRECTORS IS NOT SELECTED BY ANY SUCH GOVERNMENTAL UNIT), (B) AN ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES 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 ON
UNRELATED BUSINESS TAXABLE INCOME), (C) A RURAL ELECTRIC OR TELEPHONE
COOPERATIVE DESCRIBED IN SECTION 1381 OF THE CODE (ANY SUCH PERSON DESCRIBED IN
THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED TO AS A
"DISQUALIFIED ORGANIZATION"), (D) A PERSON THAT IS NOT A CITIZEN OF 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 OR TRUST 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 TRADE OR BUSINESS IN
THE UNITED STATES (ANY SUCH PERSON BEING HEREINAFTER REFERRED TO AS A "UNITED
STATES PERSON") OR (E) AN AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED
STATES PERSON, AND (3) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFEROR
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. NOTWITHSTANDING THE REGISTRATION
IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CLASS R-I CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES
PERSON OR AN AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON,
OR TO ANY OTHER PROHIBITED TRANSFEREE AS PROVIDED IN THE POOLING AND SERVICING
AGREEMENT, 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, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS
ON THIS CERTIFICATE. EACH HOLDER OF A CLASS R-I CERTIFICATE BY ACCEPTANCE OF
THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

PERCENTAGE INTEREST OF THIS CLASS R-II      SPECIAL SERVICER: WELLS FARGO BANK,
CERTIFICATE: 100%                           NATIONAL ASSOCIATION

DATE OF POOLING AND SERVICING AGREEMENT:    PAYING AGENT: WELLS FARGO BANK
AS OF OCTOBER 1, 2002                       MINNESOTA, NATIONAL ASSOCIATION

CUT-OFF DATE: OCTOBER 1, 2002               PRIMARY SERVICER: PRINCIPAL CAPITAL
                                            MANAGEMENT, LLC
CLOSING DATE: OCTOBER 8, 2002
                                            TRUSTEE: LASALLE BANK NATIONAL
FIRST DISTRIBUTION DATE: NOVEMBER 15,       ASSOCIATION
2002
                                            FISCAL AGENT: ABN AMRO BANK N.V.
MASTER SERVICER: WELLS FARGO BANK,
NATIONAL ASSOCIATION                        NO. R-II-1

                             CLASS R-II CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT Morgan Stanley & Co. Incorporated is the registered owner of
the interest evidenced by this Certificate in the Class R-II Certificates issued
by the Trust created pursuant to the Pooling and Servicing Agreement, dated as
specified above (the "Pooling and Servicing Agreement"), among Bear Stearns
Commercial Mortgage Securities Inc. (hereinafter called the "Depositor", which
term includes any successor entity under the Pooling and Servicing Agreement),
the Trustee, the Fiscal Agent, the Paying Agent, the Master Servicer and the
Special Servicer, a summary of certain of the pertinent provisions of which is
set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Certificate Account and
Distribution Account, the Insurance Policies and any REO Properties. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing the Percentage Interest in the Class
R-II Certificates specified on the face hereof. The Certificates are designated
as the Bear Stearns Commercial Mortgage Securities Inc.Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the

<PAGE>

Classes as specifically set forth in the Pooling and Servicing Agreement. The
Certificates will evidence in the aggregate 100% of the beneficial ownership of
the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     The Holder of this Certificate shall be entitled to receive only certain
amounts set forth in the Pooling and Servicing Agreement, including a
distribution upon termination of the Pooling and Servicing Agreement and the
related REMIC created thereby of the amounts which remain on deposit in the
Distribution Account after payment to the holders of all other Certificates of
all amounts set forth in the Pooling and Servicing Agreement. Distributions on
this Certificate will be made out of the Available Distribution Amount, to the
extent and subject to the limitations set forth in the Pooling and Servicing
Agreement, on the 15th day of each month or, if such 15th day is not a Business
Day, the next succeeding Business Day (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 (the "Record
Date"). All sums distributable on this Certificate are payable in the coin or
currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such

<PAGE>

Certificateholder. All distributions under the Pooling and Servicing Agreement
to Certificateholders will be made by wire transfer in immediately available
funds to the account specified by the Certificateholder, at a bank or other
entity having appropriate facilities therefor, if such Certificateholder will
have provided the Paying Agent with wiring instructions on or prior to the
related Record Date or otherwise by check mailed to such Certificateholder.
Notwithstanding the above, the final distribution on any Certificate will be
made only upon presentation and surrender of such Certificate at the location
that will be specified in a notice of the pendency of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     The Residual Certificates will be issued in fully registered, certificated
form in minimum percentage interests of 10% and in multiples of 10% in excess
thereof.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

<PAGE>

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                            WELLS FARGO BANK MINNESOTA,
                                            NATIONAL ASSOCIATION, as Certificate
                                            Registrar

                                            By:
                                               ---------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS R-II CERTIFICATES REFERRED TO IN THE
WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

                                            WELLS FARGO BANK MINNESOTA,
                                            NATIONAL ASSOCIATION,
                                            AUTHENTICATING AGENT

                                            By:
                                               ---------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common       UNIF GIFT MIN ACT.................Custodian
TEN ENT - as tenants by the                                (Cust)
          entireties
JT TEN  - as joint tenants with            Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in              Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------              -----------------------------------
                                             NOTICE: The signature to this
                                             assignment must correspond with the
                                             name as written upon the face of
                                             this Certificate in every
                                             particular without alteration or
                                             enlargement or any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
______________________________________. Statements should be mailed to _________
___________. This information is provided by assignee named above, or __________
_____________, as its agent.

<PAGE>

                                  EXHIBIT A-20

                        [FORM OF CLASS R-III CERTIFICATE]

THIS CLASS R-III CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST
IN THE SELLERS, THE DEPOSITOR, THE PLACEMENT AGENT, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE
"RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"). THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A
NON-UNITED STATES PERSON.

THIS CERTIFICATE MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO
"DISQUALIFIED ORGANIZATIONS" WITHIN THE MEANING OF THE CODE.

NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW
("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE
REGISTERED EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

A SALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R-III CERTIFICATE MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE

<PAGE>

PROVIDES A TRANSFER AFFIDAVIT TO THE CERTIFICATE REGISTRAR TO THE EFFECT THAT
(1) SUCH TRANSFEREE AGREES TO BE BOUND BY THE TERMS OF THE POOLING AND SERVICING
AGREEMENT AND ALL RESTRICTIONS SET FORTH ON THE FACE HEREOF, (2) SUCH TRANSFEREE
IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND, EXCEPT
FOR FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY ANY SUCH
GOVERNMENTAL UNIT), (B) AN ORGANIZATION (OTHER THAN CERTAIN FARMERS'
COOPERATIVES 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 ON UNRELATED BUSINESS TAXABLE INCOME), (C) A
RURAL ELECTRIC OR TELEPHONE COOPERATIVE DESCRIBED IN SECTION 1381 OF THE CODE
(ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING
HEREINAFTER REFERRED TO AS A "DISQUALIFIED ORGANIZATION"), (D) A PERSON THAT IS
NOT A CITIZEN OF 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 OR TRUST 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 TRADE OR BUSINESS IN THE UNITED STATES (ANY SUCH PERSON BEING HEREINAFTER
REFERRED TO AS A "UNITED STATES PERSON") OR (E) AN AGENT OF A DISQUALIFIED
ORGANIZATION OR A NON-UNITED STATES PERSON, AND (3) NO PURPOSE OF SUCH TRANSFER
IS TO ENABLE THE TRANSFEROR TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX.
NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CLASS R-III CERTIFICATE TO A DISQUALIFIED
ORGANIZATION OR A NON-UNITED STATES PERSON OR AN AGENT OF A DISQUALIFIED
ORGANIZATION OR A NON-UNITED STATES PERSON, OR TO ANY OTHER PROHIBITED
TRANSFEREE AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT, 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,
INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.
EACH HOLDER OF A CLASS R-III CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL
BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

PERCENTAGE INTEREST OF THIS CLASS R-III     SPECIAL SERVICER: WELLS FARGO BANK,
CERTIFICATE: 100%                           NATIONAL ASSOCIATION

DATE OF POOLING AND SERVICING AGREEMENT:    PAYING AGENT: WELLS FARGO BANK
AS OF OCTOBER 1, 2002                       MINNESOTA, NATIONAL ASSOCIATION

CUT-OFF DATE: OCTOBER 1, 2002               PRIMARY SERVICER: PRINCIPAL CAPITAL
                                            MANAGEMENT, LLC
CLOSING DATE: OCTOBER 8, 2002
                                            TRUSTEE: LASALLE BANK NATIONAL
FIRST DISTRIBUTION DATE: NOVEMBER 15,       ASSOCIATION
2002
                                            FISCAL AGENT: ABN AMRO BANK N.V.
MASTER SERVICER: WELLS FARGO BANK,
NATIONAL ASSOCIATION                        NO. R-III-1

                             CLASS R-III CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT Morgan Stanley & Co. Incorporated is the registered owner of
the interest evidenced by this Certificate in the Class R-III Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement,
dated as specified above (the "Pooling and Servicing Agreement"), among Bear
Stearns Commercial Mortgage Securities Inc. (hereinafter called the "Depositor",
which term includes any successor entity under the Pooling and Servicing
Agreement), the Trustee, the Fiscal Agent, the Paying Agent, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing the Percentage Interest in the Class
R-III Certificates specified on the face hereof. The Certificates are designated
as the Bear Stearns Commercial Mortgage Securities Inc.Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the

<PAGE>

Classes as specifically set forth in the Pooling and Servicing Agreement. The
Certificates will evidence in the aggregate 100% of the beneficial ownership of
the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     The Holder of this Certificate shall be entitled to receive only certain
amounts set forth in the Pooling and Servicing Agreement, including a
distribution upon termination of the Pooling and Servicing Agreement and the
related REMIC created thereby of the amounts which remain on deposit in the
Distribution Account after payment to the holders of all other Certificates of
all amounts set forth in the Pooling and Servicing Agreement. Distributions on
this Certificate will be made out of the Available Distribution Amount, to the
extent and subject to the limitations set forth in the Pooling and Servicing
Agreement, on the 15th day of each month or, if such 15th day is not a Business
Day, the next succeeding Business Day (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 (the "Record
Date"). All sums distributable on this Certificate are payable in the coin or
currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses, Expense Losses and interest shortfalls on the Mortgage
Loans shall be allocated on the applicable Distribution Date to
Certificateholders in the manner set forth in the Pooling and Servicing
Agreement. All Realized Losses, Expense Losses and interest shortfalls on the
Mortgage Loans allocated to any Class of Certificates will be allocated pro rata
among the outstanding Certificates of such Class.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such

<PAGE>

Certificateholder. All distributions under the Pooling and Servicing Agreement
to Certificateholders will be made by wire transfer in immediately available
funds to the account specified by the Certificateholder, at a bank or other
entity having appropriate facilities therefor, if such Certificateholder will
have provided the Paying Agent with wiring instructions on or prior to the
related Record Date or otherwise by check mailed to such Certificateholder.
Notwithstanding the above, the final distribution on any Certificate will be
made only upon presentation and surrender of such Certificate at the location
that will be specified in a notice of the pendency of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     The Residual Certificates will be issued in fully registered, certificated
form in minimum percentage interests of 10% and in multiples of 10% in excess
thereof.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but 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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

<PAGE>

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                        WELLS FARGO BANK MINNESOTA,
                                        NATIONAL ASSOCIATION, as Certificate
                                        Registrar

                                        By:
                                           -------------------------------------
                                                   AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS R-III CERTIFICATES REFERRED TO IN THE
WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

                                        WELLS FARGO BANK MINNESOTA,
                                        NATIONAL ASSOCIATION,
                                        AUTHENTICATING AGENT

                                        By:
                                           -------------------------------------
                                                   AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common       UNIF GIFT MIN ACT..................Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with           Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in              Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------           --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
______________________________________. Statements should be mailed to _________
___________. This information is provided by assignee named above, or __________
_____________, as its agent.

<PAGE>

                                  EXHIBIT A-21

                         [FORM OF CLASS X-1 CERTIFICATE]

THIS CLASS X-1 CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST
IN THE SELLERS, THE DEPOSITOR, THE PLACEMENT AGENT, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THE INITIAL NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED
AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THE PORTION OF THE NOTIONAL AMOUNT OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL PAYMENTS, REALIZED
LOSSES AND CERTAIN EXPENSE LOSSES ON THE MORTGAGE LOANS ALLOCABLE TO THE
NOTIONAL AMOUNT OF THIS CLASS X-1 CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT
OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS
CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE PAYING
AGENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN

<PAGE>

SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 0.23%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
INITIAL NOTIONAL AMOUNT OF THIS CLASS X-1
CERTIFICATE: $842,243,398                    SPECIAL SERVICER: WELL FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        PAYING AGENT: WELLS FARGO BANK
                                             MINNESOTA, NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PRIMARY SERVICER: PRINCIPAL CAPITAL
CLOSING DATE: OCTOBER 8, 2002                MANAGEMENT, LLC

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   TRUSTEE: LASALLE BANK NATIONAL
                                             ASSOCIATION
AGGREGATE NOTIONAL AMOUNT OF THE CLASS
X-1 CERTIFICATES AS OF THE CLOSING DATE:     FISCAL AGENT: ABN AMRO BANK N.V.
$842,243,398 (SUBJECT TO SCHEDULE OF
EXCHANGES ATTACHED)                          CUSIP NO.

No. X-1-1

                              CLASS X-1 CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class X-1 Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor," which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the

<PAGE>

quotient expressed as a percentage obtained by dividing the Notional Amount of
this Certificate specified on the face hereof by the initial aggregate Notional
Amount of the Class X-1 Certificates. The Certificates are designated as the
Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes
specified in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of interest on this Certificate will be made out of the
Available Distribution Amount, to the extent and subject to the limitations set
forth in the Pooling and Servicing Agreement, on the 15th day of each month or,
if such 15th day is not a Business Day, the next succeeding Business Day (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 (the "Record Date"). All sums distributable on this
Certificate are payable in the coin or currency of the United States of America
as at the time of payment is legal tender for the payment of public and private
debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate
specified above on the Notional Amount of this Certificate immediately prior to
each Distribution Date. Interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses and interest shortfalls on the Mortgage Loans shall be
allocated on the applicable Distribution Date to Certificateholders in the
manner set forth in the Pooling and Servicing Agreement. All Realized Losses and
interest shortfalls on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

<PAGE>

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the Class X-1
Certificates will be issued in denominations of $100,000 initial Notional Amount
and in any whole dollar denomination in excess thereof.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but the Certificate Registrar

<PAGE>

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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                    AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS X-1 CERTIFICATES REFERRED TO IN THE
WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                    AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common        UNIF GIFT MIN ACT.................Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with            Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in              Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      -------------------------        -----------------------------------------
                                       NOTICE: The signature to this assignment
                                       must correspond with the name as written
                                       upon the face of this Certificate in
                                       every particular without alteration or
                                       enlargement or any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
_______________________________________. Statements should be mailed to ________
____________. This information is provided by assignee named above, or _________
______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                  EXHIBIT A-22

                         [FORM OF CLASS X-2 CERTIFICATE]

THIS CLASS X-2 CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST
IN THE SELLERS, THE DEPOSITOR, THE PLACEMENT AGENT, THE TRUSTEE, THE FISCAL
AGENT, THE CERTIFICATE REGISTRAR, THE PAYING AGENT, THE MASTER SERVICER, THE
SPECIAL SERVICER, THE PRIMARY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES,
AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL
AGENCY.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, 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 WHICH IS IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST
BE AN ACCREDITED INVESTOR.

THE INITIAL NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED
AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.

THE PORTION OF THE NOTIONAL AMOUNT OF THE CERTIFICATES EVIDENCED BY THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL PAYMENTS, REALIZED
LOSSES AND CERTAIN EXPENSE LOSSES ON THE MORTGAGE LOANS ALLOCABLE TO THE
NOTIONAL AMOUNT OF THIS CLASS X-2 CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT
OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS
CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE PAYING
AGENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN

<PAGE>

SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT HEREON 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.

<PAGE>

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2002-TOP8

INITIAL PASS-THROUGH RATE: 2.34%             MASTER SERVICER: WELLS FARGO BANK,
                                             NATIONAL ASSOCIATION
INITIAL NOTIONAL AMOUNT OF THIS CLASS X-2
CERTIFICATE: $775,603,000                    SPECIAL SERVICER: WELL FARGO BANK,
                                             NATIONAL ASSOCIATION
DATE OF POOLING AND SERVICING AGREEMENT:
AS OF OCTOBER 1, 2002                        PAYING AGENT: WELLS FARGO BANK
                                             MINNESOTA, NATIONAL ASSOCIATION
CUT-OFF DATE: OCTOBER 1, 2002
                                             PRIMARY SERVICER: PRINCIPAL CAPITAL
CLOSING DATE: OCTOBER 8, 2002                MANAGEMENT, LLC

FIRST DISTRIBUTION DATE: NOVEMBER 15, 2002   TRUSTEE: LASALLE BANK NATIONAL
                                             ASSOCIATION
AGGREGATE NOTIONAL AMOUNT OF THE CLASS
X-2 CERTIFICATES AS OF THE CLOSING DATE:     FISCAL AGENT: ABN AMRO BANK N.V.
$775,603,000 (SUBJECT TO SCHEDULE OF
EXCHANGES ATTACHED)                          CUSIP NO:

No. X-2-1

                              CLASS X-2 CERTIFICATE

evidencing a beneficial ownership interest in a Trust, consisting primarily of a
pool of commercial and multifamily mortgage loans (the "Mortgage Loans") and
certain other property, formed and sold by

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced
by this Certificate in the Class X-2 Certificates issued by the Trust created
pursuant to the Pooling and Servicing Agreement, dated as specified above (the
"Pooling and Servicing Agreement"), among Bear Stearns Commercial Mortgage
Securities Inc. (hereinafter called the "Depositor," which term includes any
successor entity under the Pooling and Servicing Agreement), the Trustee, the
Fiscal Agent, the Paying Agent, the Certificate Registrar, the Master Servicer
and the Special Servicer, a summary of certain of the pertinent provisions of
which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Certificate
Account and Distribution Account, the Insurance Policies and any REO Properties.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Certificates of the series specified on the face hereof (herein
called the "Certificates") and representing an interest in the Class of
Certificates specified on the face hereof equal to the

<PAGE>

quotient expressed as a percentage obtained by dividing the Notional Amount of
this Certificate specified on the face hereof by the initial aggregate Notional
Amount of the Class X-2 Certificates. The Certificates are designated as the
Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-TOP8 and are issued in the Classes
specified in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

     This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to that Agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee and the Paying
Agent. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement, as amended from time to time, the Certificateholder by
virtue of the acceptance hereof assents and by which the Certificateholder is
bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Pooling and Servicing Agreement, the terms of the
Pooling and Servicing Agreement shall govern.

     Distributions of interest on this Certificate will be made out of the
Available Distribution Amount, to the extent and subject to the limitations set
forth in the Pooling and Servicing Agreement, on the 15th day of each month or,
if such 15th day is not a Business Day, the next succeeding Business Day (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 (the "Record Date"). All sums distributable on this
Certificate are payable in the coin or currency of the United States of America
as at the time of payment is legal tender for the payment of public and private
debts.

     Interest on this Certificate will accrue (computed as if each year
consisted of 360 days and each month consisted of 30 days) during the Interest
Accrual Period relating to such Distribution Date at the Pass-Through Rate
specified above on the Notional Amount of this Certificate immediately prior to
each Distribution Date. Interest allocated to this Certificate on any
Distribution Date will be in an amount due to this Certificate's pro rata share
of the amount to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this
Certificate as set forth in the Pooling and Servicing Agreement.

     Unless the certificate of authentication hereon has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement or be valid
for any purpose.

     Realized Losses and interest shortfalls on the Mortgage Loans shall be
allocated on the applicable Distribution Date to Certificateholders in the
manner set forth in the Pooling and Servicing Agreement. All Realized Losses and
interest shortfalls on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

<PAGE>

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth in
the Pooling and Servicing Agreement. As provided in the Pooling and Servicing
Agreement, withdrawals from the Certificate Account shall be made from time to
time for purposes other than distributions to Certificateholders, such purposes
including reimbursement of certain expenses incurred with respect to the
servicing of the Mortgage Loans and administration of the Trust.

     All distributions under the Pooling and Servicing Agreement to a nominee of
The Depository Trust Company ("DTC") will be made by or on behalf of the Paying
Agent by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. All distributions under the Pooling and
Servicing Agreement to Certificateholders will be made by wire transfer in
immediately available funds to the account specified by the Certificateholder,
at a bank or other entity having appropriate facilities therefor, if such
Certificateholder will have provided the Paying Agent with wiring instructions
on or prior to the related Record Date or otherwise by check mailed to such
Certificateholder. Notwithstanding the above, the final distribution on any
Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

     The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Certificateholders under the Pooling and Servicing Agreement
at any time by the parties thereto with the consent of the Holders of not less
than 51% of the Aggregate Certificate Balance of the Certificates then
outstanding, as specified in the Pooling and Servicing Agreement. 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 the Certificate. The
Pooling and Servicing Agreement also permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Pooling and Servicing 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 Corporate Trust Office of the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations will be issued to the designated transferee or
transferees.

     Subject to the terms of the Pooling and Servicing Agreement, the Class X-2
Certificates will be issued in denominations of $100,000 initial Notional Amount
and in any whole dollar denomination in excess thereof.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations as requested by the
Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but the Certificate Registrar

<PAGE>

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 Depositor, the Trustee, the Fiscal Agent, the Paying Agent, the Master
Servicer, the Special Servicer and the Certificate Registrar and any of their
agents may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, the
Fiscal Agent, the Paying Agent, the Master Servicer, the Special Servicer, the
Certificate Registrar nor any such agents shall be affected by notice to the
contrary.

     The obligations and responsibilities of the Trustee and the Paying Agent
created hereby (other than the obligation of the Paying Agent to make payments
to the Certificateholders as set forth in Section 10.2 of the Pooling and
Servicing Agreement and other than the obligations in the nature of information
or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the
Trust and (B) the disposition of all REO Property or (ii) the sale of the
property held by the Trust in accordance with Section 10.1(b) of the Pooling and
Servicing Agreement or (iii) the termination of the Trust pursuant to Section
10.1(c) of the Pooling and Servicing Agreement; provided that in no event shall
the Trust 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. The parties
designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and
payment of the Certificates and of all administrative expenses associated with
the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Residual Certificates.

     The Certificate Registrar has executed this Certificate under the Pooling
and Servicing Agreement.

     THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate
to be duly executed under this official seal.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Certificate
                                          Registrar

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

Dated: October 8, 2002

                          CERTIFICATE OF AUTHENTICATION

     THIS IS ONE OF THE CLASS X-2 CERTIFICATES REFERRED TO IN THE
WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

                                          WELLS FARGO BANK MINNESOTA,
                                          NATIONAL ASSOCIATION,
                                          AUTHENTICATING AGENT

                                          By:
                                             -----------------------------------
                                                     AUTHORIZED SIGNATORY

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenant in common      UNIF GIFT MIN ACT...................Custodian
TEN ENT - as tenants by the                                 (Cust)
          entireties
JT TEN  - as joint tenants with          Under Uniform Gifts to Minors
          rights of survivorship
          and not as tenants in             Act.......................
          common                                       (State)

     Additional abbreviations may also be used though not in the above list.
                                FORM OF TRANSFER

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                     PLEASE INSERT SOCIAL SECURITY OR OTHER
-------------------  IDENTIFYING NUMBER OF ASSIGNEE

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

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

--------------------------------------------------------------------------------
             Please print or typewrite name and address of assignee

--------------------------------------------------------------------------------
the within Certificate and does hereby or irrevocably constitute and appoint

--------------------------------------------------------------------------------
to transfer the said Certificate in the Certificate Register of the within-named
Trust, with full power of substitution in the premises.

Dated:
      --------------------------          --------------------------------------
                                          NOTICE: The signature to this
                                          assignment must correspond with the
                                          name as written upon the face of this
                                          Certificate in every particular
                                          without alteration or enlargement or
                                          any change whatever.

-------------------------------
SIGNATURE GUARANTEED
The signature must be guaranteed by a commercial bank or trust company or by a
member firm of the New York Stock Exchange or another national securities
exchange. Notarized or witnessed signatures are not acceptable.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to_____________ for the account of _____________________________
____________________ account number ______________ or, if mailed by check, to
_______________________________________. Statements should be mailed to ________
____________. This information is provided by assignee named above, or _________
______________, as its agent.

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

                  SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

  The following exchanges of a part of this Global Certificate have been made:

<PAGE>

                                   EXHIBIT B-1

                    FORM OF INITIAL CERTIFICATION OF TRUSTEE

                                October __, 2002

Bear Stearns Commercial Mortgage Securities Inc.
383 Madison Avenue
New York, New York  10179

Principal Global Investors, LLC
801 Grand Avenue
Des Moines, Iowa  50392

Wells Fargo Bank, National Association
555 Montgomery Street, 17th Floor
San Francisco, California  94111

Bear Stearns Commercial Mortgage, Inc.
383 Madison Avenue
New York, New York  10179

John Hancock Real Estate Finance, Inc.
John Hancock Place
200 Clarendon Street, T-52
Post Office Box 111
Boston, Massachusetts  02117

Morgan Stanley Dean Witter Mortgage Capital Inc.
1585 Broadway
New York, New York  10036

    Re:  Pooling and Servicing Agreement ("Pooling and Servicing Agreement")
         relating to Bear Stearns Commercial Mortgage Securities Inc.,
         Commercial Mortgage Pass-Through Certificates, Series 2002-TOP8

Ladies and Gentlemen:

         In accordance with the provisions of Section 2.2 of the Pooling and
Servicing Agreement, the undersigned hereby certifies that, with respect to each
Mortgage Loan listed in the Mortgage Loan Schedule and subject to the exceptions
noted in the schedule of exceptions attached hereto, that: (a) all documents
specified in clause (i) of the definition of "Mortgage File" are in its
possession, (b) such documents have been reviewed by it and have not been
materially mutilated, damaged, defaced, torn or otherwise physically altered,
and such documents relate to such Mortgage Loan and (c) each Mortgage Note has
been endorsed as

<PAGE>

provided in clause (i) of the definition of "Mortgage File" of the Pooling and
Servicing Agreement. The Trustee makes no representations as to: (i) the
validity, legality, sufficiency, enforceability or genuineness of any such
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule, or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

         The Trustee acknowledges receipt of notice that the Depositor has
granted to the Trustee for the benefit of the Certificateholders a security
interest in all of the Depositor's right, title and interest in and to the
Mortgage Loans, the REMIC I Regular Interests, and the REMIC II Regular
Interests.

         Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Pooling and
Servicing Agreement. This Certificate is subject in all respects to the terms of
said Pooling and Servicing Agreement.

                                              LASALLE BANK NATIONAL ASSOCIATION,
                                              as Trustee

                                              By: ______________________________
                                                  Name:
                                                  Title:

<PAGE>

                             SCHEDULE OF EXCEPTIONS

<PAGE>

                                   EXHIBIT B-2

                     FORM OF FINAL CERTIFICATION OF TRUSTEE

                                __________, 2002

Bear Stearns Commercial Mortgage Securities Inc.
383 Madison Avenue
New York, New York  10179

Principal Global Investors, LLC
801 Grand Avenue
Des Moines, Iowa  50392

Wells Fargo Bank, National Association
555 Montgomery Street, 17th Floor
San Francisco, California  94111

Bear Stearns Commercial Mortgage, Inc.
383 Madison Avenue
New York, New York  10179

John Hancock Real Estate Finance, Inc.
John Hancock Place
200 Clarendon Street, T-52
Post Office Box 111
Boston, Massachusetts  02117

Morgan Stanley Dean Witter Mortgage Capital Inc.
1585 Broadway
New York, New York  10036

    Re:  Pooling and Servicing Agreement ("Pooling and Servicing Agreement")
         relating to Bear Stearns Commercial Mortgage Securities Inc.,
         Commercial Mortgage Pass-Through Certificates, Series 2002-TOP8

Ladies and Gentlemen:

         In accordance with the provisions of Section 2.2 of the Pooling and
Servicing Agreement, the undersigned hereby certifies that, with respect to each
Mortgage Loan listed in the Mortgage Loan Schedule and subject to the exceptions
noted in the schedule of exceptions attached hereto, that: (a) all documents
required to be included in the Mortgage File pursuant to clauses (i), (ii),
(iv), (v), (vi) and (viii) of the definition of

<PAGE>

"Mortgage File," and any documents required to be included in the Mortgage File
pursuant to all other clauses of the definition of "Mortgage File," to the
extent known by a Responsible Officer of the Trustee to be required pursuant to
the Pooling and Servicing Agreement, are in its possession, (b) such documents
have been reviewed by it and have not been materially mutilated, damaged,
defaced, torn or otherwise physically altered, and such documents relate to such
Mortgage Loan, (c) based on its examination and only as to the Mortgage Note and
the Mortgage, the street address of the Mortgaged Property and the name of the
Mortgagor set forth in the Mortgage Loan Schedule accurately reflects the
information contained in the documents in the Mortgage File, and (d) each
Mortgage Note has been endorsed. The Trustee makes no representations as to: (i)
the validity, legality, sufficiency, enforceability or genuineness of any of the
documents contained in each Mortgage File or any of the Trustee Mortgage Loans
identified in the Mortgage Loan Schedule, or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

         The Trustee acknowledges receipt of notice that the Depositor has
granted to the Trustee for the benefit of the Certificateholders a security
interest in all of the Depositor's right, title and interest in and to the
Mortgage Loans, the REMIC I Regular Interests, and the REMIC II Regular
Interests.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement. This
Certificate is qualified in all respects by the terms of said Pooling and
Servicing Agreement including but not limited to Section 2.2.

                                              LASALLE BANK NATIONAL ASSOCIATION,
                                                                      as Trustee

                                              By: ______________________________
                                                  Name:
                                                  Title:

<PAGE>

                             SCHEDULE OF EXCEPTIONS

<PAGE>

                                    EXHIBIT C

                           FORM OF REQUEST FOR RELEASE

To: Lasalle Bank National Association, as Trustee
    135 South LaSalle Street, Suite 1625
    Chicago, Illinois 60603

    Attn: Asset-Backed Securities Trust Services Group Bear Stearns Commercial
          Mortgage Securities Inc. Commercial Mortgage Pass-Through
          Certificates, Series 2002-TOP8

    Re:   Bear Stearns Commercial Mortgage Securities Inc. Commercial Mortgage
          Pass-Through Certificates, Series 2002-TOP8

                                 DATE:__________

         In connection with the administration of the Mortgage Loans held by you
as Trustee under the Pooling and Servicing Agreement dated as of October 1, 2002
by and among Bear Stearns Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer and as Special
Servicer, Lasalle Bank National Association, as Trustee, Wells Fargo Bank
Minnesota, National Association, as Paying Agent and Certificate Registrar and
ABN AMRO Bank N.V., as Fiscal Agent (the "Pooling and Servicing Agreement"), the
undersigned hereby requests a release of the Trustee Mortgage File held by you
as Trustee with respect to the following described Mortgage Loan for the reason
indicated below.

         Mortgagor's Name:

         Address:

         Loan No.:

         Reason for requesting file:

_____    1.        Mortgage Loan paid in full.
                   (The [Master] [Special] Servicer hereby certifies that all
                   amounts received in connection with the Mortgage Loan have
                   been or will be, following the [Master] [Special] Servicer's
                   release of the Trustee Mortgage File, credited to the
                   Certificate Account or the Distribution Account pursuant to
                   the Pooling and Servicing Agreement.)

_____    2.        Mortgage Loan repurchased.
                   (The [Master] [Special] Servicer hereby certifies that the
                   Purchase Price has been credited to the Distribution Account
                   pursuant to the Pooling and Servicing Agreement.)

<PAGE>

_____    3.        Mortgage Loan Defeased.

_____    4.        Mortgage Loan substituted.
                   (The [Master] [Special] Servicer hereby certifies that a
                   Qualifying Substitute Mortgage Loan has been assigned and
                   delivered to you along with the related Trustee Mortgage File
                   pursuant to the Pooling and Servicing Agreement.)

_____    5.        The Mortgage Loan is being foreclosed.

_____    6.        Other.  (Describe)

         The undersigned acknowledges that the above Trustee Mortgage File will
be held by the undersigned in accordance with the provisions of the Pooling and
Servicing Agreement and will be returned to you, except if the Mortgage Loan has
been paid in full, repurchased or substituted for by a Qualifying Substitute
Mortgage Loan (in which case the Trustee Mortgage File will be retained by us
permanently), when no longer required by us for such purpose).

         Capitalized terms used herein shall have the meanings ascribed to them
in the Pooling and Servicing Agreement.

                                           [Name of [Master] [Special] Servicer]

                                           By: _________________________________
                                               Name:
                                               Title:

<PAGE>

                                  EXHIBIT D-1

                       FORM OF TRANSFEROR CERTIFICATE FOR
             TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

                                     [Date]

Wells Fargo Bank Minnesota, National Association,
  as Certificate Registrar
Wells Fargo Center
Sixth Street and Marquette Avenue
MAC #N9303-121
Minneapolis, Minnesota 55479-0113

Attention:        Corporate Trust Services (CMBS)

         Re:      Bear Stearns Commercial Mortgage Securities Inc., Commercial
                  Mortgage Pass-Through Certificates, Series 2002-TOP8
                 (the "Certificates")

Dear Sirs:

         This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
a Certificate (the "Transferred Certificate") having an initial Certificate
Balance or Notional Amount as of October 8, 2002 (the "Settlement Date") of
$__________. The Certificates were issued pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of October 1, 2002,
among Bear Stearns Commercial Mortgage Securities Inc., as depositor (the
"Depositor"), Wells Fargo Bank, National Association, as master servicer, Wells
Fargo Bank, National Association, as special servicer, LaSalle Bank National
Association, as trustee, ABN AMRO Bank N.V., as fiscal agent and Wells Fargo
Bank Minnesota, National Association, as paying agent (in such capacity, the
"Paying Agent"). All terms used herein and not otherwise defined shall have the
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
         Certificate with the full right to transfer such Certificate 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
         Certificate, any interest in any 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 Certificate, any
         interest in any Certificate or any other similar security from any
         person in any manner, (c) otherwise approached or negotiated with
         respect to any Certificate, any interest in any 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

<PAGE>

         any other action, which (in the case of any of the acts described in
         clauses (a) through (e) hereof) would constitute a distribution of any
         Certificate under the Securities Act of 1933, as amended (the
         "Securities Act"), or would render the disposition of any Certificate a
         violation of Section 5 of the Securities Act or any state securities
         laws, or would require registration or qualification of any Certificate
         pursuant to the Securities Act or any state securities laws.

              3. With respect to any transfer to a Transferee that is an
         "accredited investor" as defined in any of paragraphs (5) or (6) of
         Rule 501(a) under the Securities Act, the offer and sale of such
         Certificate to such Transferee was made within the State of New York.

                                    Very truly yours,

                                    ____________________________________________
                                    (Transferor)

                                    By: ________________________________________

                                    Name: ______________________________________

                                    Title: _____________________________________

<PAGE>

                                  EXHIBIT D-2A

                        FORM I OF TRANSFEREE CERTIFICATE
                           FOR TRANSFERS OF DEFINITIVE
                         PRIVATELY OFFERED CERTIFICATES

                                     [DATE]

Wells Fargo Bank Minnesota, National Association,
  as Certificate Registrar
Wells Fargo Center
Sixth Street and Marquette Avenue
MAC #N9303-121
Minneapolis, Minnesota 55479-0113

Attention:        Corporate Trust Services (CMBS)

         Re:      Bear Stearns Commercial Mortgage Securities Inc., Commercial
                  Mortgage Pass-Through Certificates, Series 2002-TOP8
                  (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 Certificate Balance or Notional
Amount as of October 8, 2002 (the "Settlement Date") of $__________ (the
"Transferred Certificates"). The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated
as of October 1, 2002 (the "Pooling and Servicing Agreement"), among Bear
Stearns Commercial Mortgage Securities Inc., as depositor (the "Depositor"),
Wells Fargo Bank, National Association, as master servicer, Wells Fargo Bank,
National Association, as special servicer, LaSalle Bank National Association, as
trustee, ABN AMRO Bank N.V., as fiscal agent and Wells Fargo Bank Minnesota,
National Association, as paying agent (in such capacity, the "Paying 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, 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 Transferred Certificates is being
         made in reliance on Rule 144A. The Transferee is acquiring the
         Transferred Certificates for its own account or for the account of a
         Qualified Institutional Buyer, and understands that such Transferred
         Certificates may be resold, pledged or transferred only (i) to a person
         reasonably believed to be a Qualified Institutional Buyer that
         purchases for its own account or for the account of a Qualified
         Institutional Buyer to whom notice is given that the resale, pledge or

<PAGE>

         transfer is being made in reliance on Rule 144A, or (ii) 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, (e) any credit
         enhancement mechanism associated with the Transferred Certificates and
         (f) all related matters that it has requested.

              3. Check one of the following:

              ___ The Transferee is a "U.S. Person" and has attached hereto an
         Internal Revenue Service ("IRS") Form W-9 (or successor form).

              ___ The Transferee is not a "U.S. Person" and under applicable law
         in effect on the date hereof, no taxes will be required to be withheld
         by the Certificate Registrar (or its agent) with respect to
         distributions to be made on the Transferred Certificates. The
         Transferee has attached hereto either (i) a duly executed IRS Form
         W-8BEN (or successor form), which identifies the Transferee as the
         beneficial owner of the Transferred Certificates and states that the
         Transferee is not a U.S. Person or (ii) two duly executed copies of IRS
         Form W-8ECI (or successor form), which identify the Transferee as the
         beneficial owner of the Transferred Certificates and states that
         interest and original issue discount on the Transferred Certificates
         is, or is expected to be, effectively connected with a U.S. trade or
         business. The Transferee agrees to provide to the Certificate Registrar
         (or its agent) updated IRS Form W-8BEN or IRS Form W-8ECI, as the case
         may be, any applicable successor IRS forms, or such other
         certifications as the Certificate Registrar (or its agent) may
         reasonably request, on or before the date that any such IRS form or
         certification expires or becomes obsolete, or promptly after the
         occurrence of any event requiring a change in the most recent IRS form
         of certification furnished by it to the Certificate Registrar (or its
         agent).

              For this purpose, "U.S. Person" means a citizen or resident of the
         United States for U.S. federal income tax purposes, a corporation or
         partnership (except to the extent provided in applicable Treasury
         Regulations) created or organized in or under the laws of the United
         States, any state or the District of Columbia, including any entity
         treated as a corporation or partnership for federal income tax
         purposes, an estate the income of which is subject to U.S. federal
         income taxation regardless of its source, or a trust if a court within
         the United States is able to exercise primary supervision over the
         administration of such trust, and one or more United States fiduciaries
         have the authority to control all substantial decisions of such trust
         (or, to the extent provided in applicable Treasury Regulations, certain
         trusts in existence on August 20, 1996 which are eligible to elect to
         be treated as U.S. Persons).

              The [Depositor and the Trustee] are entitled to rely upon this
         letter and are irrevocably authorized to produce this letter or a copy
         hereof to any interested party in any administrative or legal
         proceedings or official inquiry with respect to the matters covered
         hereby.

<PAGE>

                                    Very truly yours,

                                    ____________________________________________
                                    (Transferor)

                                    By: ________________________________________

                                    Name: ______________________________________

                                    Title: _____________________________________

<PAGE>

                             ANNEX 1 TO EXHIBIT D-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 commercial mortgage pass-through certificate
being transferred (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 Certificate (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 owned and/or invested on a discretionary basis
$______________________(1) 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) 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, as amended.

                  ___      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 Certificate in the case of a U.S. bank,
                           and not more than 18 months preceding such date of
                           sale for a foreign bank or equivalent institution.

-------------
         (1) Transferee must own and/or invest on a discretionary basis at least
     $100,000,000 in securities unless Transferee is a dealer, and, in that
     case, Transferee must own and/or invest on a discretionary basis at least
     $10,000,000 in securities.
<PAGE>

                  ___      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 Certificate in the case of a U.S. savings
                           and loan association, and not more than 18 months
                           preceding such date of sale for 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, as amended.

                  ___      Investment Advisor. The Transferee is an investment
                           advisor registered under the Investment Advisers Act
                           of 1940, as amended.

                  ___      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. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee, (ii) securities
that are part of an unsold allotment to or subscription by the Transferee, if
the Transferee 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.

<PAGE>

For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Transferee, the Transferee did not
include any of the securities referred to in this paragraph.

                  4. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Transferee, the
Transferee used the cost of such securities to the Transferee, unless the
Transferee 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 the Transferee, but only if
such subsidiaries are consolidated with the Transferee in its financial
statements prepared in accordance with generally accepted accounting principles
and if the investments of such subsidiaries are managed under the Transferee's
direction. However, such securities were not included if the Transferee is a
majority-owned, consolidated subsidiary of another enterprise and the Transferee
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.

         ___      ___      Will the Transferee be purchasing the Transferred
         Yes      No       Certificate 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.

                                          ______________________________________
                                          Print Name of Transferee

                                          By:___________________________________

                                          Name:_________________________________

                                          Title:________________________________

                                          Date:_________________________________

<PAGE>

                             ANNEX 2 TO EXHIBIT D-2A

            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 [name of Certificate Registrar], as Certificate
Registrar, with respect to the mortgage pass-through certificate being
transferred (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).

<PAGE>

         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 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
parties to which this certification is being made 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.

         ___   ___   Will the Transferee be purchasing the Transferred
                     Certificates only for the Transferee's own account
         Yes   No

         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.

                                       _________________________________________
                                       Print Name of Transferee or Adviser

                                       By:______________________________________
                                       Name:
                                       Title:

                                       IF AN ADVISER:

                                       _________________________________________
                                       Print Name of Transferee

                                       Date:____________________________________

<PAGE>

                                  EXHIBIT D-2B

                        FORM II OF TRANSFEREE CERTIFICATE
                           FOR TRANSFERS OF DEFINITIVE
                         PRIVATELY OFFERED CERTIFICATES

                                     [Date]

Wells Fargo Bank Minnesota, National Association,
  as Certificate Registrar
Wells Fargo Center
Sixth Street and Marquette Avenue
MAC #N9303-121
Minneapolis, Minnesota 55479-0113

Attention:    Corporate Trust Services (CMBS)

         Re:  Bear Stearns Commercial Mortgage Securities Inc., Commercial
              Mortgage Pass-Through Certificates, Series 2002-TOP8
              (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 Certificate
Balance or Notional Amount as of October 8, 2002 (the "Settlement Date") 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 October 1, 2002,
among Bear Stearns Commercial Mortgage Securities Inc., as depositor (the
"Depositor"), Wells Fargo Bank, National Association, as master servicer, Wells
Fargo Bank, National Association, as special servicer, LaSalle Bank National
Association, as trustee, ABN AMRO Bank N.V., as fiscal agent and Wells Fargo
Bank Minnesota, National Association, as paying agent (the "Paying 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, that:

         1. The 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. The Transferee understands that (a) the Class of Certificates to
which the Transferred Certificates belong has 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 Class of
Certificates to which the Transferred Certificates belong, and (c) no
Transferred Certificate may be resold or transferred unless it is (i) registered
pursuant to the Securities Act and registered or qualified pursuant any
applicable state securities laws or (ii) sold or transferred in transactions

<PAGE>

which are exempt from such registration and qualification and the Certificate
Registrar has received either: (A) a certificate from the Certificateholder
desiring to effect such transfer substantially in the form attached as Exhibit
D-1 to the Pooling and Servicing Agreement and a certificate from such
Certificateholder's prospective transferee substantially in the form attached
either as Exhibit D-2A or as Exhibit D-2B to the Pooling and Servicing
Agreement; or (C) an opinion of counsel satisfactory to the Certificate
Registrar with respect to the availability of such exemption from registration
under the Securities Act, together with copies of the written certification(s)
from the transferor and/or transferee setting forth the facts surrounding the
transfer upon which such opinion is based.

         3. The Transferee understands that it may not sell or otherwise
transfer any Transferred Certificate except in compliance with the provisions of
Section 3.3 of the Pooling and Servicing Agreement, which provisions it has
carefully reviewed.

         4. Transferee understands that each Transferred Certificate will bear
the following legends:

         THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR
         THE SECURITIES LAWS OF ANY STATE. ANY RESALE, 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 3.3 OF THE POOLING AND
         SERVICING AGREEMENT REFERRED TO HEREIN.

         5. With respect to any Transferred Certificate that is a Privately
Offered Certificate (other than Class X-1, Class X-2, Class E, Class F or Class
G Certificates), the Transferee understands that each Transferred Certificate
will bear the following legend:

         NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE
         BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE
         RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
         SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
         "CODE"), OR APPLICABLE FEDERAL, STATE OR LOCAL LAW ("SIMILAR LAW")
         MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR
         TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE
         ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF
         ANY SUCH RETIREMENT PLAN OR OTHER

<PAGE>

         EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, WILL BE REGISTERED EXCEPT IN
         COMPLIANCE WITH THE PROVISIONS OF SECTION 3.3 OF THE POOLING AND
         SERVICING AGREEMENT REFERRED TO HEREIN.

         6. Neither the Transferee nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) solicited any offer to buy or accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) otherwise approached or
negotiated with respect to any Certificate, any interest in any 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 with respect to any Certificate, any interest in any
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 or will it authorize any person to act, in
any manner set forth in the foregoing sentence with respect to any Certificate,
any interest in any Certificate or any other similar security.

         7. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto,
(d) the nature, performance and servicing of the Mortgage Loans, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

         8. The Transferee is an "accredited investor" as defined in any of
paragraphs (1), (2), (3), (5), (6) 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 Certificate; 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. With respect to a
Transferee that is an "accredited investor" as defined in any of paragraphs (5)
or (6) of Rule 501(a) under the Securities Act, such Transferee is a director,
officer or employee of one of the Initial Purchasers and is involved in the
organization or operation of the Trust Fund.

         9. Check one of the following:

         ___ The Transferee is a "U.S. Person" and has attached hereto an
Internal Revenue Service ("IRS") Form W-9 (or successor form).

         ___ The Transferee is not a "U.S. Person" and under applicable law in
effect on the date hereof, no taxes will be required to be withheld by the
Certificate Registrar (or its

<PAGE>

agent) with respect to distributions to be made on the Transferred Certificates.
The Transferee has attached hereto either (i) a duly executed IRS Form W-8BEN
(or successor form), which identifies the Transferee as the beneficial owner of
the Transferred Certificates and states that the Transferee is not a U.S. Person
or (ii) two duly executed copies of IRS Form W-8ECI (or successor form), which
identify the Transferee as the beneficial owner of the Transferred Certificates
and states that interest and original issue discount on the Transferred
Certificates is, or is expected to be, effectively connected with a U.S. trade
or business. The Transferee agrees to provide to the Certificate Registrar (or
its agent) updated IRS Form W-8BEN or IRS Form W-8ECI, as the case may be, any
applicable successor IRS forms, or such other certifications as the Certificate
Registrar (or its agent) may reasonably request, on or before the date that any
such IRS form or certification expires or becomes obsolete, or promptly after
the occurrence of any event requiring a change in the most recent IRS form of
certification furnished by it to the Certificate Registrar (or its agent).

         For this purpose, "U.S. Person" means a citizen or resident of the
United States for U.S. federal income tax purposes, a corporation or partnership
(except to the extent provided in applicable Treasury Regulations) created or
organized in or under the laws of the United States, any state or the District
of Columbia, including any entity treated as a corporation or partnership for
federal income tax purposes, an estate the income of which is subject to U.S.
federal income taxation regardless of its source, or a trust if a court within
the United States is able to exercise primary supervision over the
administration of such trust, and one or more United States fiduciaries have the
authority to control all substantial decisions of such trust (or, to the extent
provided in applicable Treasury Regulations, certain trusts in existence on
August 20, 1996 which are eligible to elect to be treated as U.S. Persons).

         The [Depositor and the Trustee] are entitled to rely upon this letter
and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                                        Very truly yours,

                                        ________________________________________
                                        (Transferee)

                                        By:_____________________________________

                                        Name:___________________________________

                                        Title:__________________________________

<PAGE>

                                  EXHIBIT D-3A

                        FORM I OF TRANSFEREE CERTIFICATE
                          FOR TRANSFERS OF INTERESTS IN
                    BOOK-ENTRY PRIVATELY OFFERED CERTIFICATES

                                     [Date]

[TRANSFEROR]

    Re:  Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
         Pass-Through Certificates, Series 2002-TOP8 (the "Certificates")

Dear Sirs:

         This letter is delivered to you in connection with the transfer by
_____________________ (the "Transferor") to ______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
Certificate Balance or Notional Amount as of October 8, 2002 (the "Settlement
Date") of $__________. The Certificates were issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of October
1, 2002, among Bear Steanrs Commercial Mortgage Securities Inc., as depositor
(the "Depositor"), Wells Fargo Bank, National Association, as master servicer,
Wells Fargo Bank, National Association, as special servicer, LaSalle Bank
National Association, as trustee, ABN AMRO Bank N.V., as fiscal agent and Wells
Fargo Bank Minnesota, National Association, as paying agent (in such capacity,
the "Paying Agent"). All terms used herein and not otherwise defined shall have
the meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, and for the benefit of the
Depositor and the Trustee, that:

         1. The Transferee is acquiring the Transferred Certificate 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 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
Certificates and (c) no interest in the Certificates may be sold 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 transactions which are exempt from such registration and
qualification and the Certificate Owner desiring to effect such transfer has
received either (A) a certification from such Certificate Owner's prospective
transferee (substantially in the form attached to the Pooling and Servicing
Agreement) setting forth the facts surrounding the transfer or (B) an opinion of
counsel satisfactory to the Certificate Registrar with respect to the
availability of such exemption, together with copies of the certification(s)
from the transferor and/or transferee setting forth the facts surrounding the
transfer upon which such opinion is based.

<PAGE>

         3. The Transferee understands that it may not sell or otherwise
transfer any portion of its interest in the Transferred Certificate except in
compliance with the provisions of Section 3.3 of the Pooling and Servicing
Agreement, which provisions it has carefully reviewed.

         4. Transferee understands that each Transferred Certificate will bear
the following legend:

         THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS
CERTIFICATE OR ANY INTEREST THEREIN 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 3.3 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

         5. With respect to any Transferred Certificate that is a Privately
Offered Certificate (other than Class X-1, Class X-2, Class E, Class F and Class
G Certificates), the Transferee understands that each Transferred Certificate
will bear the following legend:

         NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE
FEDERAL, STATE OR LOCAL LAW ("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY
PURCHASING THIS CERTIFICATE ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF,
OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF
SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

         6. Neither the Transferee nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) solicited any offer to buy or accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) otherwise approached or
negotiated with respect to any Certificate, any interest in any 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 any
Certificate under the Securities Act, would render the disposition of any
Certificate a violation of Section 5 of the Securities Act or any state
securities law or would require registration or qualification of any Certificate
pursuant thereto. The Transferee will not act, nor has it authorized or will it
authorize

<PAGE>

any person to act, in any manner set forth in the foregoing sentence with
respect to any Certificate, any interest in any Certificate or any other
similar security.

         7. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto,
(d) the nature, performance and servicing of the Mortgage Loans, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

         8. The Transferee is an institutional "accredited investor" as defined
in Rule 501(a) (1), (2), (3) or (7) under the Securities Act 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 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.

         9. Check one of the following:

         ___ The Transferee is a "U.S. Person" and has attached hereto an
Internal Revenue Service ("IRS") Form W-9 (or successor form).

         ___ The Transferee is not a "U.S. Person" and under applicable law in
effect on the date hereof, no taxes will be required to be withheld by the
Certificate Registrar (or its agent) with respect to distributions to be made on
the Transferred Certificates. The Transferee has attached hereto either (i) a
duly executed IRS Form W-8BEN (or successor form), which identifies the
Transferee as the beneficial owner of the Transferred Certificates and states
that the Transferee is not a U.S. Person or (ii) two duly executed copies of IRS
Form W-8ECI (or successor form), which identify the Transferee as the beneficial
owner of the Transferred Certificates and states that interest and original
issue discount on the Transferred Certificates is, or is expected to be,
effectively connected with a U.S. trade or business. The Transferee agrees to
provide to the Certificate Registrar (or its agent) updated IRS Form W-8BEN or
IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such
other certifications as the Certificate Registrar (or its agent) may reasonably
request, on or before the date that any such IRS form or certification expires
or becomes obsolete, or promptly after the occurrence of any event requiring a
change in the most recent IRS form of certification furnished by it to the
Certificate Registrar (or its agent).

         For this purpose, "U.S. Person" means a citizen or resident of the
United States for U.S. federal income tax purposes, a corporation or partnership
(except to the extent provided in applicable Treasury Regulations) created or
organized in or under the laws of the United States, any state or the District
of Columbia, including any entity treated as a corporation or partnership for
federal income tax purposes, an estate the income of which is subject to U.S.
federal income taxation regardless of its source, or a trust if a court within
the United States is able to exercise primary supervision over the
administration of such trust, and one or more United States fiduciaries have the
authority to control all substantial decisions of such trust (or,

<PAGE>

to the extent provided in applicable Treasury Regulations, certain trusts in
existence on August 20, 1996 which are eligible to elect to be treated as U.S.
Persons).

         The [Depositor and the Trustee] are entitled to rely upon this letter
and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                                      Very truly yours,

                                      _________________________________________
                                      (Transferee)

                                      By:______________________________________

                                      Name:____________________________________

                                      Title:___________________________________

<PAGE>

                                  EXHIBIT D-3B

                        FORM II OF TRANSFEREE CERTIFICATE
                          FOR TRANSFERS OF INTERESTS IN
                    BOOK-ENTRY PRIVATELY OFFERED CERTIFICATES

                                     [Date]

[TRANSFEROR]

    Re:  Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
         Pass-Through Certificates, Series 2002-TOP8 (the "Certificates")

Dear Sirs:

         This letter is delivered to you in connection with the transfer by
_____________________ (the "Transferor") to ______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
Certificate Balance or Notional Amount as of October 8, 2002 (the "Settlement
Date") of $__________. The Certificates were issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of October
1, 2002, among Bear Stearns Commercial Mortgage Securities Inc., as depositor
(the "Depositor"), Wells Fargo Bank, National Association, as master servicer,
Wells Fargo Bank, National Association, as special servicer, LaSalle Bank
National Association, as trustee, ABN AMRO Bank N.V., as fiscal agent and Wells
Fargo Bank Minnesota, National Association, as paying agent (in such capacity,
the "Paying Agent"). All terms used herein and not otherwise defined shall have
the meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, and for the benefit of the
Depositor and the Trustee, that:

         1. 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
(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 Certificate for its own account or for the account of
a qualified institutional buyer, and understands that such Certificate or any
interest therein may be resold, pledged or transferred only (i) to a person
reasonably believed to be a qualified institutional buyer that purchases for its
own account or for the account of a qualified institutional buyer to whom notice
is given that the resale, pledge or transfer is being made in reliance on Rule
144A, or (ii) pursuant to another exemption from registration under the
Securities Act.

         2. The Transferee understands that (a) the Class of Certificates to
which the Transferred Certificate belongs 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 Certificates
and (c) no interest in the Certificates may be sold or transferred unless it is
(i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or

<PAGE>

(ii) sold or transferred in transactions which are exempt from such registration
and qualification and the Certificate Owner desiring to effect such transfer has
received either (A) a certification from such Certificate Owner's prospective
transferee (substantially in the form attached to the Pooling and Servicing
Agreement) setting forth the facts surrounding the transfer or (B) an opinion of
counsel with respect to the availability of such exemption, together with copies
of the certification(s) from the transferor and/or transferee setting forth the
facts surrounding the transfer upon which such opinion is based.

         3. The Transferee understands that it may not sell or otherwise
transfer any portion of its interest in the Transferred Certificate except in
compliance with the provisions of Section 3.3 of the Pooling and Servicing
Agreement, which provisions it has carefully reviewed.

         4. Transferee understands that each Transferred Certificate will bear
the following legend:

         THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS
CERTIFICATE OR ANY INTEREST THEREIN 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 3.3 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

         5. With respect to any Transferred Certificate that is a Privately
Offered Certificate (other than Class X-1, Class X-2, Class E, Class F and Class
G Certificates), the Transferee understands that each Transferred Certificate
will bear the following legend:

         NO TRANSFER OF THIS CERTIFICATE TO A RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR APPLICABLE FEDERAL,
STATE OR LOCAL LAW ("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY
PURCHASING THIS CERTIFICATE ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF,
OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF
SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

         6. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto,
(d) the nature, performance and servicing of the Mortgage Loans, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

<PAGE>

         7. Check one of the following:

         ___ The Transferee is a "U.S. Person" and has attached hereto an
Internal Revenue Service ("IRS") Form W-9 (or successor form).

         ___ The Transferee is not a "U.S. Person" and under applicable law in
effect on the date hereof, no taxes will be required to be withheld by the
Certificate Registrar (or its agent) with respect to distributions to be made on
the Transferred Certificates. The Transferee has attached hereto either (i) a
duly executed IRS Form W-8BEN (or successor form), which identifies the
Transferee as the beneficial owner of the Transferred Certificates and states
that the Transferee is not a U.S. Person or (ii) two duly executed copies of IRS
Form W-8ECI (or successor form), which identify the Transferee as the beneficial
owner of the Transferred Certificates and states that interest and original
issue discount on the Transferred Certificates is, or is expected to be,
effectively connected with a U.S. trade or business. The Transferee agrees to
provide to the Certificate Registrar (or its agent) updated IRS Form W-8BEN or
IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such
other certifications as the Certificate Registrar (or its agent) may reasonably
request, on or before the date that any such IRS form or certification expires
or becomes obsolete, or promptly after the occurrence of any event requiring a
change in the most recent IRS form of certification furnished by it to the
Certificate Registrar (or its agent).

         For this purpose, "U.S. Person" means a citizen or resident of the
United States for U.S. federal income tax purposes, a corporation or partnership
(except to the extent provided in applicable Treasury Regulations) created or
organized in or under the laws of the United States, any state or the District
of Columbia, including any entity treated as a corporation or partnership for
federal income tax purposes, an estate the income of which is subject to U.S.
federal income taxation regardless of its source, or a trust if a court within
the United States is able to exercise primary supervision over the
administration of such trust, and one or more United States fiduciaries have the
authority to control all substantial decisions of such trust (or, to the extent
provided in applicable Treasury Regulations, certain trusts in existence on
August 20, 1996 which are eligible to elect to be treated as U.S. Persons).

         The [Depositor and the Trustee] are entitled to rely upon this letter
and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                                      Very truly yours,

                                      _________________________________________
                                      (Transferee)

                                      By:______________________________________

                                      Name:____________________________________

                                      Title:___________________________________

<PAGE>

                             ANNEX 1 TO EXHIBIT D-3B
                             -----------------------

            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 the Depositor, the Trustee and the
Certificate Registrar, with respect to the commercial mortgage pass-through
certificate being transferred (the "Transferred Certificate") 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 Certificate (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 owned and/or invested on a discretionary basis
$______________________(2) 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) 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, as amended.

         ___  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
              Certificate in the case of a U.S. bank, and not more than 18
              months preceding such date of sale for a foreign bank or
              equivalent institution.

-------------
          (2) Transferee must own and/or invest on a discretionary basis at
     least $100,000,000 in securities unless Transferee is a dealer, and, in
     that case, Transferee must own and/or invest on a discretionary basis at
     least $10,000,000 in securities.

<PAGE>

         ___  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
              Certificate in the case of a U.S. savings and loan association,
              and not more than 18 months preceding such date of sale for 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, as amended.

         ___  Investment Advisor. The Transferee is an investment advisor
              registered under the Investment Advisers Act of 1940, as amended.

         ___  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. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Transferee, (ii) securities that are
part of an unsold allotment to or subscription by the Transferee, if the
Transferee 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.

<PAGE>

For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Transferee, the Transferee did not
include any of the securities referred to in this paragraph.

         4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Transferee, the Transferee used
the cost of such securities to the Transferee, unless the Transferee 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 the Transferee, but only if such
subsidiaries are consolidated with the Transferee in its financial statements
prepared in accordance with generally accepted accounting principles and if the
investments of such subsidiaries are managed under the Transferee's direction.
However, such securities were not included if the Transferee is a
majority-owned, consolidated subsidiary of another enterprise and the Transferee
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
Certificate 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.

   ___  ___       Will the Transferee be purchasing the Transferred Certificate
   Yes  No        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
Certificate 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.

                                          ______________________________________
                                          Print Name of Transferee

                                          By:___________________________________

                                          Name:_________________________________

                                          Title:________________________________

                                          Date:_________________________________

<PAGE>

                             ANNEX 2 TO EXHIBIT D-3B
                             -----------------------

            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 the Depositor, the Trustee and the
Certificate Registrar, with respect to the commercial mortgage pass-through
certificate being transferred (the "Transferred Certificate") 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 Certificate (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 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 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
parties to which this certification is being made 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.

 ___  ___   Will the Transferee be purchasing the Transferred Certificate
 Yes  No    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 Certificate will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.

                                          ______________________________________
                                          Print Name of Transferee or Adviser

                                          By:___________________________________

                                          Name:_________________________________

                                          Title:________________________________

                                          IF AN ADVISER:

                                          ______________________________________
                                          Print Name of Transferee

                                          Date:_________________________________

<PAGE>

                                   EXHIBIT E-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
                  FOR TRANSFERS OF REMIC RESIDUAL CERTIFICATES

STATE OF                                         )
                                                 ) ss:
COUNTY OF                                        )

         ____________________, being first duly sworn, deposes and says that:

         1. He/She is the ____________________ of ____________________ (the
prospective transferee (the "Transferee") of Bear Stearns Commercial Mortgage
Securities Inc., Commercial Mortgage Pass-Through Certificates, Series
2002-TOP8, Class [R-I] [R-II] [R-III], evidencing a ____% Percentage Interest in
such Class (the "Residual Certificates")), a ________________ duly organized and
validly existing under the laws of ____________________, on behalf of which
he/she makes this affidavit. All capitalized terms used but not otherwise
defined herein shall have the respective meanings set forth in the Pooling and
Servicing Agreement as amended and restated pursuant to which the Residual
Certificates were issued (the "Pooling and Servicing Agreement").

         2. The Transferee (i) is, and as of the date of transfer will be, a
"Permitted Transferee" and will endeavor to remain a "Permitted Transferee" for
so long as it holds the Residual Certificates, and (ii) is acquiring the
Residual Certificates for its own account or for the account of another
prospective transferee from which it has received an affidavit in substantially
the same form as this affidavit. A "Permitted Transferee" is any Person other
than a "disqualified organization" or a possession of the United States. (For
this purpose, a "disqualified organization" means the United States, any state
or political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality, all of the activities of which are
subject to tax and, except for the Federal Home Loan Mortgage Corporation, a
majority of whose board of directors is not selected by any such governmental
entity) or any foreign government, international organization or any agency or
instrumentality of such foreign government or organization, any rural electric
or telephone cooperative, or any organization (other than certain farmers'
cooperatives) that is generally exempt from federal income tax unless such
organization is subject to the tax on unrelated business taxable income.

         3. The Transferee (i) is, and as of the date of transfer will be, a
"Qualified Institutional Buyer" and will endeavor to remain a "Qualified
Institutional Buyer" for so long as it holds the Residual Certificates, and (ii)
is acquiring the Residual Certificates for its own account or for the account of
another prospective transferee from which it has received an affidavit in
substantially the same form as this affidavit. A "Qualified Institutional Buyer"
is a qualified institutional buyer qualifying pursuant to Rule 144A under the
Securities Act of 1933, as amended.

         4. The Transferee is aware (i) of the tax that would be imposed on
transfers of the Residual Certificates to "disqualified organizations" under the
Code that applies to all transfers of the Residual Certificates; (ii) that such
tax would be on the transferor or, if such

<PAGE>

transfer is through an agent (which Person includes a broker, nominee or
middleman) for a non-Permitted Transferee, on the agent; (iii) that the Person
otherwise liable for the tax shall be relieved of liability for the tax if the
transferee furnishes to such Person an affidavit that the transferee is a
Permitted Transferee and, at the time of transfer, such Person does not have
actual knowledge that the affidavit is false; and (iv) that the Residual
Certificates may be a "noneconomic residual interest" within the meaning of
Treasury regulation Section 1.860E-1(c) and that the transferor of a
"noneconomic residual interest" will remain liable for any taxes due with
respect to the income on such residual interest, unless no significant purpose
of the transfer is to enable the transferor to impede the assessment or
collection of tax.

         5. The Transferee is aware of the tax imposed on a "pass-through
entity" holding the Residual Certificates if at any time during the taxable year
of the pass-through entity a non-Permitted Transferee is the record holder of an
interest in such entity. (For this purpose, a "pass-through entity" includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

         6. The Transferee is aware that the Certificate Registrar will not
register any transfer of the Residual Certificates by the Transferee unless the
Transferee's transferee, or such transferee's agent, delivers to the Certificate
Registrar, among other things, an affidavit and agreement in substantially the
same form as this affidavit and agreement. The Transferee expressly agrees that
it will not consummate any such transfer if it knows or believes that any
representation contained in such affidavit and agreement is false.

         7. The Transferee consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Residual Certificate will only be
owned, directly or indirectly, by a Permitted Transferee.

         8. The Transferee's taxpayer identification number is
_________________.

         9. The Transferee has reviewed the provisions of Section 3.3(e) of the
Pooling and Servicing Agreement, a description of which provisions is set forth
in the Residual Certificates (in particular, clause (ii)(F) of Section 3.3(e)
which authorizes the Paying Agent or the Trustee to deliver payments on the
Residual Certificate to a Person other than the Transferee and clause (ii)(G) of
Section 3.3(e) which authorizes the Trustee to negotiate a mandatory sale of the
Residual Certificates, in either case, in the event that the Transferee holds
such Residual Certificates in violation of Section 3.3(e)); and the Transferee
expressly agrees to be bound by and to comply with such provisions.

         10. No purpose of the Transferee relating to its purchase or any sale
of the Residual Certificates is or will be to impede the assessment or
collection of any tax.

         11. The Transferee hereby represents to and for the benefit of the
transferor that the Transferee intends to pay any taxes associated with holding
the Residual Certificates as they become due, fully understanding that it may
incur tax liabilities in excess of any cash flows generated by the Residual
Certificates.

<PAGE>

         12. The Transferee will not cause income with respect to the Residual
Certificates to be attributable to a foreign permanent establishment or fixed
base, within the meaning of any applicable income tax treaty, of such proposed
Transferee or any other United States Person.

         13. The Transferee will, in connection with any transfer that it makes
of the Residual Certificates, deliver to the Certificate Registrar a
representation letter substantially in the form of Exhibit E-2 to the Pooling
and Servicing Agreement in which it will represent and warrant, among other
things, that it is not transferring the Residual Certificates to impede the
assessment or collection of any tax and that it has at the time of such transfer
conducted a reasonable investigation of the financial condition of the proposed
transferee as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and
has satisfied the requirements of such provision.

         14. The Transferee is a citizen or resident of the United States, a
corporation, a partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust 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.

         15. [Select a, b, or c, if applicable] [a] The Transferee has computed
any consideration paid to it to acquire the Class R Certificate in accordance
with proposed U.S. Treasury Regulations Sections 1.860E-1(c)(4)(iii) and
1.860E-1(c)(5) (or, after they have been finalized, the final regulations) by
computing present values using a discount rate equal to the applicable Federal
rate prescribed by Section 1274(d) of the Code, compounded semi-annually.

         [b] The Transferee has computed any consideration paid to it to acquire
the Class R Certificate in accordance with proposed U.S. Treasury Regulations
Sections 1.860E-1(c)(4)(iii) and 1.860E-1(c)(5) (or, after they have been
finalized, the final regulations) by computing present values using a discount
rate at least equal to the rate at which the Transferee regularly borrows, in
the ordinary course of its trade or business, substantial funds from unrelated
parties. The Transferee has provided all information necessary to demonstrate to
the transferor that it regularly borrows at such rate.

         [c] The transfer of the Class R Certificate complies with Section 6 of
Revenue Procedure 2002-12 (the "Revenue Procedure"), 2002-3 I.R.B. 335 (January
16, 2002) (or comparable provisions of applicable final U.S. Treasury
Regulations) and, accordingly,

         (i) the Transferee is an "eligible corporation," as defined in Section
860L(a)(2) of the Code, as to which income from the Class R Certificate will
only be taxed in the United States;

         (ii) at the time of the transfer, and at the close of the Transferee's
two fiscal years preceding the year of the transfer, the Transferee had gross
assets for financial reporting purposes (excluding any obligation of a person
related to the Investor within the meaning of Section 860L(g) of the Code and
excluding any other asset if a principal purpose for holding or

<PAGE>

acquiring that asset is to permit the Transferee to satisfy this Section 13(ii))
in excess of $100 million and net assets in excess of $10 million;

         (iii) the Transferee will transfer the Class R Certificate only to
another "eligible corporation," as defined in Section 860(a)(2) of the Code, in
a transaction that satisfies the requirements of Section 4 of the Revenue
Procedure and the transfer is not to a foreign branch of such eligible
corporation or any other arrangement by which the Class R Certificate will be at
any time subject to net tax by a foreign country or possession of the United
States; and

         (iv) the Transferee determined the consideration paid to it to acquire
the Class R Certificate based on reasonable market assumptions (including, but
not limited to, borrowing and investment rates, prepayment and loss assumptions,
expense and reinvestment assumptions, tax rates and other factors specific to
the Transferee) that it has determined in good faith.

<PAGE>

         IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its ____________________ and its corporate seal to be hereunto attached this day
of ___________, ____.

                                          [NAME OF TRANSFEREE]

                                          By:______________________________
                                             [Name of Officer]
                                             [Title of Officer]

<PAGE>

                                   EXHIBIT E-2

                 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF
                           REMIC RESIDUAL CERTIFICATES

                                                           _______________, 20__

Wells Fargo Bank Minnesota, National Association,
  as Certificate Registrar
Wells Fargo Center
6th and Marquette
Minneapolis, MN  55479

Attention:   Corporate Trust Services
             (CMBS) MAC #N9309-121

    Re:  Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
         Pass-Through Certificates, Series 2002-TOP8 (the "Certificates")

Dear Sirs:

         This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
[Class R-I] [Class R-II] [Class R-III] Certificates evidencing a ____%
Percentage Interest in such Class (the "Residual Certificates"). The
Certificates, including the Residual Certificates, were issued pursuant to the
Pooling and Servicing Agreement, dated as of October 1, 2002 (the "Pooling and
Servicing Agreement"), among Bear Stearns Commercial Mortgage Securities Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer and as
special servicer, Lasalle Bank National Association, as trustee, Wells Fargo
Bank Minnesota, National Association, as paying agent and certificate registrar
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 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. The Transferor does not know or believe that any
representation contained therein is false.

         3. The Transferor has at the time of this transfer conducted a
reasonable investigation of the financial condition of the Transferee 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

<PAGE>

the future. The Transferor understands that the transfer of the Residual
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.

         4. The Transferor does not know and has no reason to know that the
Transferee is not a Permitted Transferee, a United States Person or a Person
with respect to which income on the Residual Certificate is attributable to a
foreign permanent establishment or fixed base, within the meaning of any
applicable income tax treaty.

         5. The Transferor does not know and has no reason to know that the
Transferee will not honor the restrictions on subsequent transfers by the
Transferee under the Transfer Affidavit and Agreement, delivered in connection
with this transfer.

                                  Very truly yours,

                                  _____________________________________
                                  (Transferor)

                                  By:__________________________________

                                  Name:________________________________

                                  Title:_______________________________

<PAGE>

                                    EXHIBIT F

                        FORM OF REGULATION S CERTIFICATE

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                  SERIES 2002-TOP8, CLASS (THE "CERTIFICATES")

TO:      Euroclear System
              or
         CEDEL, S.A.

         This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Certificates held by you or on your behalf for our
account are beneficially owned by (a) non -U.S person(s) or (b) U.S. person(s)
who purchased the Certificates in transactions which did not require
registration under the United States Securities Act of 1933, as amended (the
"Securities Act"). As used in this paragraph, the term "U.S. person" has the
meaning given to it by Regulation S under the Securities Act. To the extent that
we hold an interest in any of the Certificates on behalf of person(s) other than
ourselves, we have received certifications from such person(s) substantially
identical to the certifications set forth herein.

         We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the
Certificates held by you or on your behalf for our account in accordance with
your operating procedures if any applicable statement herein is not correct on
such date, and in the absence of any such notification it may be assumed that
this certification applies as of such date.

         This certification excepts and does not relate to $__________ of such
beneficial interest in the above Certificates in respect of which we are not
able to certify and as to which we understand the exercise of any rights to
payments thereon and the exchange for definitive Certificates or for an interest
in definitive Certificates in global form cannot be made until we do so certify.

         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:  __________, 2002

                                   By: ________________________________________
                                   As, or as agent for, the beneficial owner(s)
                                   of the Certificates to which this certificate
                                   relates.

<PAGE>

                                   EXHIBIT G-1

                       FORM OF PRIMARY SERVICING AGREEMENT
                                   (PRINCIPAL)

                            [Available Upon Request]

<PAGE>

                                   EXHIBIT G-2
                       FORM OF PRIMARY SERVICING AREEMENT
                                     (JHREF)

                            [Available Upon Request]

<PAGE>

                                    EXHIBIT H

                         FORM OF EXCHANGE CERTIFICATION

                               __________ __, 200_

TO:      The Depository Trust Company

         CEDEL BANK, S. A. or
         Morgan Guaranty Trust Company
                  of New York, Brussels Office
                  Euroclear Operation Center

         Wells Fargo Bank, National Association, as Master Servicer

         Wells Fargo Bank Minnesota, National Association,
             as Certificate Registrar

         LaSalle Bank National Association,
             as Trustee

         This is to notify you as to the transfer of the beneficial interest in
$_______________ of Bear Stearns Commercial Mortgage Securities Inc. Commercial
Mortgage Pass-Through Certificates, Series 2002-TOP8, Class __(the
"Certificates").

         The undersigned is the owner of a beneficial interest in the Class __
[Rule 144A-IAI Global Certificate] [Regulation S Global Certificate] and
requests that on [INSERT DATE], (i) [Euroclear] [CEDEL] [DTC] debit account
#__________, with respect to $__________ principal denomination of the Class __
[Rule 144A-IAI Global Certificate] [Regulation S Global Certificate] and (ii)
[DTC] [Euroclear] [CEDEL] credit the beneficial interest of the below-named
purchaser, account #__________, in the Class __ [Rule 144A-IAI Global
Certificate] [Regulation S Global Certificate] in the same principal
denomination as follows:

         Name:
         Address:
         Taxpayer I D. No.:

         The undersigned hereby represents that this transfer is being made in
accordance with an exemption from the provisions of Section 5 of the United
States Securities Act of 1933, as amended (the "Securities Act"), which
representation is based upon the reasonable belief that the purchaser is [not a
U.S. Person as defined in Regulation S under the Securities Act][a "qualified
institutional buyer," as defined in Rule 144A under the Securities Act, and that
such purchaser has acquired the Certificates in a transaction effected in
accordance with the exemption from the registration requirements of the
Securities Act provided by Rule 144A and, if the purchaser has purchased the
Certificates for one or more accounts for which it is acting as fiduciary or
agent, each such account is a qualified institutional buyer or an institutional

<PAGE>

"accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D of the 1933 Act][an institutional "accredited investor" within the
meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D of the 1933 Act and
in accordance with any applicable securities laws of any state of the United
States and, if the purchaser has purchased the Certificates for one or more
accounts for which it is acting as fiduciary or agent, each such account is a
qualified institutional buyer or an institutional "accredited investor" within
the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D of the 1933 Act]
and that the purchaser is acquiring beneficial interests in the applicable
Certificate(3) for its own account or for one or more institutional accounts for
which it is acting as fiduciary or agent in a minimum amount equivalent to not
less than U.S.[$25,000] [$100,000] and integral multiples of U.S. $1 in excess
thereof for each such account.

                                            Very truly yours,

                                            [NAME OF HOLDER OF CERTIFICATE]

                                            By: ________________________________
                                                [Name], [Chief Financial
                                                or other Executive Officer]

-------------
(3) [NOTE: INFORMATION PROVIDED ABOVE WITH RESPECT TO PURCHASER AND THE
    FOREGOING REPRESENTATION MUST BE PROVIDED TO THE CERTIFICATE REGISTRAR UPON
    ANY TRANSFER OF CERTIFICATES IF THE CERTIFICATES ARE NO LONGER HELD IN
    GLOBAL FORM.]

<PAGE>

                                    EXHIBIT I

                     FORM OF EUROCLEAR OR CEDEL CERTIFICATE

                BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                  SERIES 2002-TOP8, CLASS (THE "CERTIFICATES")

TO:   Wells Fargo Bank Minnesota, National Association, as Certificate Registrar
      Attn:  Corporate Trust Services (CMBS) MAC #N9309-121

      LaSalle Bank National Association, as Trustee
      Attn: Asset Backed Securities Trust Services Group
            Bear Stearns Commercial Mortgage Securities Inc.
            Commercial Mortgage Pass-Through Certificates,
            Series 2002-TOP8

         This is to certify that, based solely on certifications we have
received in writing, by tested telex or by electronic transmission from member
organizations appearing in our records as persons being entitled to a portion of
the principal amount of the Certificates set forth below (our "Member
Organizations") substantially to the effect set forth in the Pooling and
Servicing Agreement dated as of October 1, 2002 (the "Pooling and Servicing
Agreement") among both of you, Bear Stearns Commercial Mortgage Securities Inc.,
ABN AMRO Bank N.V. and Wells Fargo Bank, National Association, U.S. $__________
principal amount of the above-captioned Certificates held by us or on our behalf
are beneficially owned by (a) non-U.S. person(s) or (b) U.S. person(s) who
purchased the Certificates in transactions that did not require registration
under the United States Securities Act of 1933, as amended (the "Securities
Act"). As used in this paragraph, the term "U.S. person" has the meaning given
to it by Regulation S under the Securities Act.

         We further certify that as of the date hereof we have not received any
notification from any of our Member Organizations to the effect that the
statements made by such Member Organizations with respect to any interest in the
Certificates identified above are no longer true and cannot be relied upon as of
the date hereof.

         [On Release Date: We hereby acknowledge that no portion of the Class __
Regulation S Temporary Global Certificate shall be exchanged for an interest in
the Class __ Regulation S Permanent Global Certificate (as each such term is
defined in the Pooling and Servicing Agreement) with respect to the portion
thereof for which we have not received the applicable certifications from our
Member Organizations.]

         [Upon any payments under the Regulation S Temporary Global Certificate:
We hereby agree to hold (and return to the Trustee upon request) any payments
received by us on the Class __ Regulation S Temporary Global Certificate (as
defined in the Pooling and Servicing Agreement) with respect to the portion
thereof for which we have not received the applicable certifications from our
Member Organizations.]

<PAGE>

         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:

                                       [MORGAN GUARANTY TRUST COMPANY
                                       OF NEW YORK, Brussels office,
                                       as operator of the Euroclear
                                       System]

                                                     or

                                       [CEDEL BANK, S.A.]

                                       By: _____________________________________

<PAGE>

                                   EXHIBIT J
            LIST OF LOANS AS TO WHICH EXCESS SERVICING FEES ARE PAID

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
    LOAN     MORTGAGE                                                                            CUT-OFF
    POOL       LOAN              LOAN                                                             DATE          MASTER      PRIMARY
    NO.       SELLER           NUMBER                             PROPERTY NAME                  BALANCE          FEE         FEE
-------------------------------------------------------------------------------------------------------------------------
<S>        <C>           <C>             <C>                                                   <C>              <C>          <C>
       1     PCF               753185     80 Park Plaza                                        64,776,182           2           1
       2     MSDW                   1     One Seaport Plaza                                    63,840,080           2           0
       3     WFB            310900896     Dulles Town Crossing                                 49,449,581           2           1
       4     PCF               753188     Flushing Plaza                                       30,926,752           2           1
       5     BSCMI              34524     Little Falls Office Center                           24,364,267           2           1
       6     MSDW            02-11214     Princeton Shopping Center                            19,967,372           2           1
       7     JHREF            3212855     Sunset Towers                                        16,986,765           2           1
       8     WFB            310900801     Skyway Terrace Apartments                            16,942,510           2           1
       9     JHREF            3212846     Cox Communications                                   14,150,000           2           1
      10     WFB            310900808     TriQuest Business Center                             13,979,273           2           1
      11     PCF               752667     Veterans Square                                      13,842,196           2           1
      12     WFB            310900792     Sunrise Festival I & II                              13,772,430           2           1
      13     MSDW            01-08446     7650 West Latham Street                              13,164,354           2           1
      14     BSCMI              29120     Ralph's Conejo Valley Plaza                          12,981,168           2           4
      15     PCF               753179     St. Andrews Apartments - Phase II                    11,964,330           2           1
      16     WFB            310900708     Peppertree Industrial Park                           11,906,700           2           1
      17     BSCMI              34994     Commerce Center Office                               11,733,687           2           4
      18     JHREF            3212856     Wal-Mart Plaza                                       11,482,004           2           1
      19     PCF               753180     St. Andrews Apartments - Phase I                     11,460,333           2           1
      20     WFB            310900817     Cabazon Outlets                                       9,987,239           2           1
      21     BSCMI              34897     Bells Gardens Marketplace                             9,984,980           2           1
      22     MSDW            01-08748     Macy's - Sacramento, CA                               9,543,779           2           1
      23     PCF               753167     Hedgemore Plaza                                       9,461,526           2           1
      24     MSDW            02-10667     Boulders VIII Office Building                         9,373,054           2           1
      25     BSCMI              35034     27 West 20th Street                                   8,918,355           2           4
      29     JHREF            3212847     Warner Center Office                                  8,200,000           2           1
      30     MSDW            02-10972     2474 Forest Avenue                                    8,106,780           2           1
      31     WFB            310900831     Crossroads Corporate Center                           7,987,100           2           1
      32     WFB            310900732     Charter Square Shopping Center                        7,965,967           2           1
      33     MSDW            01-11596     The Centre on Plum Creek                              7,493,047           2           1
      34     PCF               753209     500 Kennedy Drive                                     7,483,208           2           1
      35     BSCMI              35052     150 West 28th Street                                  7,183,914           2           4
      36     PCF               753194     North Academy III                                     7,126,581           2           1
      37     WFB            310900826     IntegraColor                                          7,069,669           2           1
      38     JHREF            3212833     Stimson Industrial Park                               7,000,000           2           1
      39     WFB            310900827     Norman Industrial Metals                              6,983,292           2           1
      40     PCF               753176     Highland Orchard Apartments                           6,980,610           2           1
      41     PCF               753136     577 Winters Avenue                                    6,962,682           2           1
      42     PCF               753160     Hunters Ridge Apartment Complex                       6,958,529           2           1
      53     PCF               753181     The Ashton at West Hills Apartments                   6,686,380           2           1
      54     JHREF            3212853     Tustin Village Apartments                             6,488,863           2           1
      55     WFB            310900447     Polycom Office Buildng                                6,320,436           2           1
      56     PCF               753186     Shores Shopping Center                                5,986,548           2           1
      26     MSDW            02-10814     3099 Finger Mill Road                                 5,830,482           2           1
      57     PCF               753162     16250 W. Glendale Drive                               5,523,127           2           1
      58     PCF               753111     West Tower Plaza                                      5,384,448           2           1
      59     WFB            310900710     Morton Village Shopping Center                        5,000,000           2           1
      60     WFB            310900833     Encino Valley Shopping Center                         5,000,000           2           1
      61     WFB            310900632     Redondo Hermosa Mini Storage                          4,987,118           2           1
      62     JHREF            3212827     Village Shopping Center                               4,986,030           2           1
      63     PCF               753172     Shadow Hill II Apartments                             4,685,827           2           1
      64     MSDW            02-11573     Coral Plaza                                           4,592,496           2           1
      65     MSDW            01-11322     Hartwick Building                                     4,493,560           2           1
      66     PCF               753174     Woodland Heights Apartments                           4,491,044           2           1
      67     WFB            310900810     Tharco Industrial Building                            4,409,879           2           1
      68     PCF               753196     Ulster Terrace                                        4,343,274           2           1
      69     BSCMI              34999     EZ Storage  Chatsworth                                4,339,617           2           1
      70     BSCMI              35095     Shoppes of Bethesda                                   4,339,617           2           1
      71     WFB            310900868     Dartford Square Townhomes                             4,296,405           2           1
      72     WFB            310900853     Spice Island Drive                                    4,290,720           2           1
      73     PCF               753157     CVS/Pharmacy and Starbucks                            4,188,566           2           1
      74     PCF               753159     Baypointe at the Argyle Commerce Center               4,110,989           2           1
      75     PCF               753197     3375 Mitchell Lane                                    3,992,207           2           1
      76     JHREF            3212832     Murphy Canyon Office Building                         3,940,105           2           1
      77     PCF               753191     39300 Country Club Drive                              3,736,740           2           1
      78     MSDW            02-10928     1000 Franklin Avenue                                  3,590,725           2           1
      79     MSDW            99-06097     498 South Boulder Highway                             3,590,285           2           1
      80     MSDW            02-10655     Twin Fountains Plaza                                  3,578,892           2           1
      81     JHREF            3212844     Orange T&C-Mens Wearhouse                             3,545,318           2           1
      82     WFB            310900832     Harding Plaza Shopping Center                         3,492,379           2           1
      83     WFB            310900797     Hillcrest Mobile Estates                              3,489,721           2           1
      84     BSCMI              35073     Walgreens Wichita                                     3,323,799           2           5
      85     PCF               753213     Lock-N-Key Ministorage                                3,195,737           2           1
      86     JHREF            3212834     lliff Plaza Shopping Center                           3,192,874           2           1
      87     PCF               753163     6975 South Congress Avenue                            3,140,659           2           1
      88     BSCMI              35261     Walgreens El Paso                                     3,095,509           2          10
      89     PCF               753189     Annapolis Extra Storage                               2,994,077           2           1
      90     MSDW            02-10621     1300 Iroquois Drive                                   2,847,710           2           1
      91     MSDW            02-11154     162  Kings Highway                                    2,845,719           2           1
      92     WFB            310900789     Happy Valley Mobile Home Park                         2,834,066           2           1
      93     BSCMI              34832     Eckerd - Fort Worth                                   2,819,537           2           1
      94     JHREF            3212860     Bedford Place Apartments                              2,795,342           2           1
      95     MSDW            02-11069     Park Plaza Medical                                    2,794,172           2           1
      96     WFB            310900820     North Ranch Business Park                             2,673,962           2           1
      97     WFB            310900785     Garden Square Apartments                              2,659,357           2           1
      98     WFB            310900779     Broadway Fox Bldg.                                    2,486,467           2           1
      99     BSCMI              34833     Eckerd - St. Joseph                                   2,330,295           2           1
     100     MSDW            02-11087     Witchduck One/BB&T Office                             2,296,867           2          10
     101     MSDW            01-08942     Oak Brook Shopping Center                             2,291,523           2           1
     102     BSCMI              34634     539-541 Burnside Avenue                               2,239,786           2           1
     103     WFB            310900768     South Valley Medical Pavilion                         2,141,283           2           1
     104     WFB            310900781     York Avenue Ground Lease                              2,134,513           2           5
     105     BSCMI              34921     High Ridge Road SC                                    2,047,344           2           1
      43     BSCMI              35185     290 McClellan Highway                                 2,018,628           2           1
     106     BSCMI              34830     Eckerd - Midlothian                                   1,994,152           2           1
     107     BSCMI              34732     Arlington Square Shopping Center                      1,895,506           2           1
      44     BSCMI              35185     230-240 McClellan Highway                             1,848,214           2           1
      27     MSDW            02-10813     4301 Wilkinson Boulevard                              1,843,828           2           1
      45     BSCMI              35185     370 McClellan Highway                                 1,807,474           2           1
     108     WFB            310900812     Willamette Valley Industrial Park                     1,795,586           2           1
     109     WFB            310900821     Slauson Avenue                                        1,794,308           2           1
     110     WFB            310900680     Stardust Villa Apartments                             1,787,731           2           1
     111     WFB            310900852     New Seasons Market                                    1,696,360           2           1
     112     MSDW            02-10687     1 Elm Street                                          1,693,151           2           1
     113     BSCMI              34505     Eckerd - Yukon                                        1,692,666           2           1
     114     WFB            310900795     White Bear Manor Apartments                           1,692,368           2           1
      47     MSDW            02-11084     Brandywine-80 Skyline Drive                           1,583,617           2           1
      48     MSDW            02-11085     Brandywine-120 Express Street                         1,583,617           2           1
     115     MSDW            02-11021     USA Storage                                           1,536,040           2           1
     116     WFB            310900803     Broadway Royale Apartments                            1,290,820           2           1
      46     BSCMI              35185     310 McClellan Highway                                 1,281,329           2           1
     117     WFB            310900811     Harvey Street                                         1,197,238           2           1
     120     WFB            310900758     Cinema Drive                                          1,094,726           2           1
      49     MSDW            02-11082     Brandywine-10 Skyline Drive                           1,055,744           2           1
      28     MSDW            02-10812     712 North Main Street                                 1,046,497           2           1
     121     WFB            310900807     CVS Pharmacy                                            998,052           2           1
     122     WFB            310900787     Martin Center                                           995,282           2           1
     123     WFB            310900759     Barney Ford Plaza                                       995,157           2           1
     124     WFB            310900800     Stratford Manor Apartments                              947,136           2           1
      50     MSDW            02-11083     Brandywine-11 Commercial Street                         904,924           2           1
     125     WFB            310900804     Villa Quixote Apartments                                897,095           2           1
      51     MSDW            02-10986     Brandywine-111 Ames Court                               829,514           2           1
      52     MSDW            02-11086     Brandywine-2 Engineers Lane/180 Central Avenue          829,514           2           1
     126     WFB            310900813     Timber Ridge Apartments                                 786,879           2           1
     127     WFB            310900744     Coves Plaza                                             737,981           2           1
     118     MSDW            01-08755     Devon Portfolio - 5435 Blanding Boulevard               641,829           2           1
     128     WFB            310900669     Bridgeford Apartments                                   572,074           2           1
     119     MSDW            01-08770     Devon Portfolio - 600 Fee Street                        547,243           2           1
     129     WFB            310900676     Oasis Apartments                                        521,422           2           1
     130     WFB            310900673     Northview Apartments                                    437,001           2           1

                                                                                              842,243,398
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                       MASTER         PRIMARY       STANDBY
    LOAN               EXCESS         EXCESS        SPECIAL
    POOL             SERVICING      SERVICING      SERVICING                       TRUSTEE        ADMINISTRATIVE
    NO.                 FEE            FEE            FEE          DEAL FEES*        FEE            COST RATE
----------------------------------------------------------------------------------------------------------------
    <S>                   <C>           <C>            <C>             <C>           <C>               <C>
     1                                                0.0               3            0.31              3.31
     2                     3                          0.0               2            0.27              5.27
     3                                                0.0               3            0.31              3.31
     4                                                0.0               3            0.31              3.31
     5                   1.0                          0.3               3            0.31              4.61
     6                                                0.0               3            0.31              3.31
     7                                 5.4            0.3               3            0.31              9.01
     8                                                0.0               3            0.31              3.31
     9                                 5.8            0.3               3            0.31              9.41
    10                                                0.0               3            0.31              3.31
    11                                                0.3               3            0.31              3.61
    12                                                0.3               3            0.31              3.61
    13                                                0.3               3            0.31              3.61
    14                   1.0                          0.3               6            0.31              7.61
    15                                                0.3               3            0.31              3.61
    16                                                0.3               3            0.31              3.61
    17                   1.0                          0.3               6            0.31              7.61
    18                                 6.5            0.3               3            0.31             10.11
    19                                                0.3               3            0.31              3.61
    20                                                0.3               3            0.31              3.61
    21                                                0.3               3            0.31              3.61
    22                                                0.3               3            0.31              3.61
    23                                                0.3               3            0.31              3.61
    24                                                0.3               3            0.31              3.61
    25                   1.0                          0.3               6            0.31              7.61
    29                                 7.2            0.3               3            0.31             10.81
    30                                                0.3               3            0.31              3.61
    31                                                0.3               3            0.31              3.61
    32                                                0.3               3            0.31              3.61
    33                                                0.3               3            0.31              3.61
    34                                                0.3               3            0.31              3.61
    35                   1.0                          0.3               6            0.31              7.61
    36                                                0.3               3            0.31              3.61
    37                                                0.3               3            0.31              3.61
    38                                 7.4            0.3               3            0.31             11.01
    39                                                0.3               3            0.31              3.61
    40                                                0.3               3            0.31              3.61
    41                                                0.3               3            0.31              3.61
    42                                                0.3               3            0.31              3.61
    53                                                0.3               3            0.31              3.61
    54                                 7.5            0.3               3            0.31             11.11
    55                                                0.3               3            0.31              3.61
    56                                                0.3               3            0.31              3.61
    26                                                0.3               3            0.31              3.61
    57                                                0.3               3            0.31              3.61
    58                                                0.3               3            0.31              3.61
    59                                                0.3               3            0.31              3.61
    60                     2                          0.3               3            0.31              5.61
    61                                                0.3               3            0.31              3.61
    62                                 8.0            0.3               3            0.31             11.61
    63                                                0.3               3            0.31              3.61
    64                                                0.3               3            0.31              3.61
    65                                                0.3               3            0.31              3.61
    66                                                0.3               3            0.31              3.61
    67                     2                          0.3               3            0.31              5.61
    68                                                0.3               3            0.31              3.61
    69                                                0.3               3            0.31              3.61
    70                                                0.3               3            0.31              3.61
    71                     2                          0.3               3            0.31              5.61
    72                     2                          0.3               3            0.31              5.61
    73                                                0.3               3            0.31              3.61
    74                                                0.3               3            0.31              3.61
    75                                                0.3               3            0.31              3.61
    76                                 8.5            0.3               3            0.31             12.11
    77                                                0.3               3            0.31              3.61
    78                                                0.3               3            0.31              3.61
    79                                                0.3               3            0.31              3.61
    80                                                0.3               3            0.31              3.61
    81                                 8.8            0.3               3            0.31             12.41
    82                     2                          0.3               3            0.31              5.61
    83                     4                          0.3               3            0.31              7.61
    84                     1                          0.3               7            0.31              8.61
    85                                                0.3               3            0.31              3.61
    86                                 9.1            0.3               3            0.31             12.71
    87                                                0.3               3            0.31              3.61
    88                     1                          0.3              12            0.31             13.61
    89                                                0.3               3            0.31              3.61
    90                                                0.3               3            0.31              3.61
    91                                                0.3               3            0.31              3.61
    92                     4                          0.3               3            0.31              7.61
    93                                                0.3               3            0.31              3.61
    94                                 9.6            0.3               3            0.31             13.21
    95                                                0.3               3            0.31              3.61
    96                     4                          0.3               3            0.31              7.61
    97                     4                          0.3               3            0.31              7.61
    98                     7                          0.3               3            0.31             10.61
    99                                                0.3               3            0.31              3.61
   100                     1                          0.3              12            0.31             13.61
   101                                                0.3               3            0.31              3.61
   102                                                0.3               3            0.31              3.61
   103                     7                          0.3               3            0.31             10.61
   104                     3                          0.3               7            0.31             10.61
   105                                                0.3               3            0.31              3.61
    43                                                0.3               3            0.31              3.61
   106                                                0.3               3            0.31              3.61
   107                                                0.3               3            0.31              3.61
    44                                                0.3               3            0.31              3.61
    27                                                0.3               3            0.31              3.61
    45                                                0.3               3            0.31              3.61
   108                     7                          0.3               3            0.31             10.61
   109                     7                          0.3               3            0.31             10.61
   110                     7                          0.3               3            0.31             10.61
   111                     7                          0.3               3            0.31             10.61
   112                                                0.3               3            0.31              3.61
   113                                                0.3               3            0.31              3.61
   114                     7                          0.3               3            0.31             10.61
    47                                                0.3               3            0.31              3.61
    48                                                0.3               3            0.31              3.61
   115                                                0.3               3            0.31              3.61
   116                    12                          0.3               3            0.31             15.61
    46                                                0.3               3            0.31              3.61
   117                    12                          0.3               3            0.31             15.61
   120                    12                          0.3               3            0.31             15.61
    49                                                0.3               3            0.31              3.61
    28                                                0.3               3            0.31              3.61
   121                    17                          0.3               3            0.31             20.61
   122                    17                          0.3               3            0.31             20.61
   123                    17                          0.3               3            0.31             20.61
   124                    17                          0.3               3            0.31             20.61
    50                                                0.3               3            0.31              3.61
   125                    17                          0.3               3            0.31             20.61
    51                                                0.3               3            0.31              3.61
    52                                                0.3               3            0.31              3.61
   126                    22                          0.3               3            0.31             25.61
   127                    22                          0.3               3            0.31             25.61
   118                                                0.3               3            0.31              3.61
   128                    22                          0.3               3            0.31             25.61
   119                                                0.3               3            0.31              3.61
   129                    22                          0.3               3            0.31             25.61
   130                    22                          0.3               3            0.31             25.61
</TABLE>

*Deal Fees are equal to the Master Fee + Primary Fee

Loan shaded in orange is the One Seaport Plaza Pari Passu Loan, which is
governed by the 2002-IQ2 Pooling and Servicing Agreement.

The Master Fee and Master Excess Servicing Fee are payable to the the master
servicer under the 2002-IQ2 Pooling and Servicing Agreement.

Loans shaded in yellow have sub-servicers

Loans shaded in blue are investment grade and, per terms of Insignia bid letter,
do not require standby special servicing fee.

<PAGE>

                                   EXHIBIT K-1
                          FORM OF PURCHASE AGREEMENT I
                            [Available Upon Request]

<PAGE>

                                   EXHIBIT K-2

                          FORM OF PURCHASE AGREEMENT II

                            [Available Upon Request]

<PAGE>

                                   EXHIBIT K-3

                         FORM OF PURCHASE AGREEMENT III

                            [Available Upon Request]

<PAGE>

                                   EXHIBIT K-4

                   FORM OF MORTGAGE LOAN PURCHASE AGREEMENT IV

                            [Available Upon Request]

<PAGE>

                                   EXHIBIT K-5

                   FORM OF MORTGAGE LOAN PURCHASE AGREEMENT V

                            [Available Upon Request]

<PAGE>

                                    EXHIBIT L

                            FORM OF INSPECTION REPORT

                        [Available from Master Servicer]

<PAGE>

                                    EXHIBIT M

                    FORM OF MONTHLY CERTIFICATEHOLDER REPORT

                    SUBSTANTIALLY SIMILAR TO THE INFORMATION

                      REPEATED IN THE FORM OF STATEMENT TO

                            CERTIFICATEHOLDERS IN THE

                              PROSPECTUS SUPPLEMENT

<PAGE>

                                    EXHIBIT N

                   FORM OF OPERATING STATEMENT ANALYSIS REPORT

             [Available At CMSA Website version 2.0 dated 11/15/99]

<PAGE>

                                    EXHIBIT O

                                    RESERVED

<PAGE>

                                    EXHIBIT P

                                    RESERVED

<PAGE>

                                    EXHIBIT Q

                                    RESERVED

<PAGE>

                                    EXHIBIT R

                                    RESERVED

<PAGE>

                                  EXHIBIT S-1

                  FORM OF POWER OF ATTORNEY FOR MASTER SERVICER

RECORDING REQUESTED BY:
WELLS FARGO BANK, N.A.

AND WHEN RECORDED MAIL TO:

WELLS FARGO BANK, N.A.
555 Montgomery Street, 17th Floor
San Francisco, CA  94111
Attention:Commercial Mortgage Pass-
   Through Certificates Series 2002-TOP8

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

                            LIMITED POWER OF ATTORNEY
                                    (SPECIAL)

         KNOW ALL MEN BY THESE PRESENTS, that LASALLE BANK NATIONAL ASSOCIATION,
as trustee for Bear Stearns Commercial Mortgage Securities Inc., Commercial
Mortgage Pass-Through Certificates, Series 2002-TOP8 ("Trustee"), under that
certain Pooling and Servicing Agreement dated as of October 1, 2002 (the
"Pooling and Servicing Agreement"), does hereby nominate, constitute and appoint
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Master Servicer under the Pooling and
Servicing Agreement ("Wells Fargo Bank"), as its true and lawful
attorney-in-fact for it and in its name, place, stead and for its use and
benefit:

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

         IN WITNESS WHEREOF, the undersigned has caused this limited power of
attorney to be executed as of this ___ day of , 2002.

                                 LASALLE BANK NATIONAL ASSOCIATION,
                                 as trustee for Bear Stearns Commercial Mortgage
                                 Securities Inc., Commercial Mortgage
                                 Pass-Through Certificates, Series 2002-TOP8

                                 By: ___________________________________________

                                 Name:__________________________________________

                                 Title: ________________________________________

<PAGE>

                          ALL-PURPOSE ACKNOWLEDGEMENT

                                    )
                                    )
                                    )

   On ___________________ before me, _______________________________________
            Date                     Name and Title of Officer (i.e., Your Name,
                                     Notary Public)

   personally appeared _________________________________________________________
                                      Name(s) of Document Signer(s)

   _____________________________________________________________________________
   personally known to me (or proved to me on the basis of satisfactory
   evidence) to be the person(s) whose name(s) is/are subscribed to the within
   instrument and acknowledged to me that he/she/they executed the same in
   his/her/their authorized capacity(ies), and that by his/her/their
   signature(s) on the instrument the person(s), or the entity upon behalf of
   which the person(s) acted, executed the instrument.

         WITNESS my hand and official seal.

         _________________________________
               Signature of Notary

                                           (Affix seal in the above blank space)

<PAGE>

                                   EXHIBIT S-2

                 FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER

RECORDING REQUESTED BY:
WELLS FARGO BANK, N.A.

AND WHEN RECORDED MAIL TO:

WELLS FARGO BANK, N.A.
555 Montgomery Street, 17th Floor
San Francisco, CA  94111
Attention:Commercial Mortgage Pass-
   Through Certificates Series 2002-TOP8

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

                            LIMITED POWER OF ATTORNEY
                                    (SPECIAL)

         KNOW ALL MEN BY THESE PRESENTS, that LASALLE BANK NATIONAL ASSOCIATION,
as trustee for Bear Stearns Commercial Mortgage Securities Inc., Commercial
Mortgage Pass-Through Certificates, Series 2002-TOP8 ("Trustee"), under that
certain Pooling and Servicing Agreement dated as of October 1, 2002 (the
"Pooling and Servicing Agreement"), does hereby nominate, constitute and appoint
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Special Servicer under the Pooling
and Servicing Agreement ("WELLS"), as its true and lawful attorney-in-fact for
it and in its name, place, stead and for its use and benefit:

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

                                      S-2-1
<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this limited power of
attorney to be executed as of this ___ day of __________, 2002.

                                   LASALLE BANK NATIONAL ASSOCIATION,
                                   as trustee for Bear Stearns Commercial
                                   Mortgage Securities Inc., Commercial Mortgage
                                   Pass-Through Certificates, Series 2002-TOP8

                                   By: _________________________________________

                                   Name:________________________________________

                                   Title: ______________________________________

                                     S-2-2
<PAGE>

                           ALL-PURPOSE ACKNOWLEDGEMENT

                                   )
                                   )
                                   )

   On __________________ before me, ____________________________________________
              Date                  Name and Title of Officer (i.e., Your Name,
                                    Notary Public)

   personally appeared _________________________________________________________
                                        Name(s) of Document Signer(s)

   _____________________________________________________________________________
   personally known to me (or proved to me on the basis of satisfactory
   evidence) to be the person(s) whose name(s) is/are subscribed to the within
   instrument and acknowledged to me that he/she/they executed the same in
   his/her/their authorized capacity(ies), and that by his/her/their
   signature(s) on the instrument the person(s), or the entity upon behalf of
   which the person(s) acted, executed the instrument.

         WITNESS my hand and official seal.

         _________________________________
                Signature of Notary

                                           (Affix seal in the above blank space)

                                      S-2-3
<PAGE>

                                    EXHIBIT T

                 FORM OF DEBT SERVICE COVERAGE RATIO PROCEDURES

         "Debt Service Coverage Ratios" generally means the ratio of
"Underwritable Cash Flow" estimated to be produced by the related Mortgaged
Property to the annualized amount of debt service payable under that Mortgage
Loan. "Underwritable Cash Flow" in each case is an estimate of stabilized cash
flow available for debt service. In general, it is the estimated stabilized
revenue derived from the use and operation of a Mortgaged Property (consisting
primarily of rental income) less the sum of (a) estimated stabilized operating
expenses (such as utilities, administrative expenses, repairs and maintenance,
management fees and advertising), (b) fixed expenses (such as insurance, real
estate taxes and, if applicable, ground lease payments) and (c) capital
expenditures and reserves for capital expenditures, including tenant improvement
costs and leasing commissions. Underwritable Cash Flow generally does not
reflect interest expenses and non-cash items such as depreciation and
amortization. In determining Underwritable Cash Flow for a Mortgaged Property,
the Master Servicer may rely on rent rolls and other generally unaudited
financial information provided by the respective borrowers and may estimate cash
flow taking into account historical financial statements, material changes in
the operating position of the Mortgaged Property, and estimated capital
expenditures, leasing commissions and tenant improvement reserves. The Master
Servicer may make certain changes to operating statements and operating
information obtained from the respective borrowers.

<PAGE>

                                    EXHIBIT U

       [Form of Assignment and Assumption Submission to Special Servicer]

                         See Primary Servicing Agreement

<PAGE>

                                    EXHIBIT V

     [Form of Additional Lien, Monetary Encumbrance and Mezzanine Financing
                  Submission Package to the Special Services]

                         See Primary Servicing Agreement

<PAGE>

                                    EXHIBIT W

                           RESTRICTED SERVICER REPORTS

             [Available at CMSA Website version 2.0 dated 11/15/99]

<PAGE>

                                    EXHIBIT X

                          UNRESTRICTED SERVICER REPORTS

             [Available at CMSA Website version 2.0 dated 11/15/99]

<PAGE>

                                    EXHIBIT Y

                             [Investor Certificate]

                             INVESTOR CERTIFICATION
                                                                      Date:

Wells Fargo Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, Maryland 21703
Tel: 301-815-6600
Fax: 301-815-6125

Attention:    Bear Stearns Commercial Mortgage Securities Inc., Commercial
              Mortgage Pass-Through Certificates, Series 2002-TOP8

              In accordance with the Pooling and Servicing Agreement, dated as
         of October 1, 2002 (the "Agreement"), by and among Bear Stearns
         Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
         National Association, as Master Servicer, Wells Fargo Bank, National
         Association as Special Servicer, ABN AMRO Bank N.V., as Fiscal Agent,
         LaSalle Bank National Association, as Trustee, and Wells Fargo Bank
         Minnesota, N.A. as Paying Agent and Certificate Registrar (the "Paying
         Agent"), with respect to the above referenced certificates (the
         "Certificates"), the undersigned hereby certifies and agrees as
         follows:

1.  The undersigned is a beneficial owner or prospective purchaser of the Class
    __ Certificates.
2.  The undersigned is requesting access to the Paying Agent's internet website
    containing certain information (the "Information") and/or is requesting the
    information identified on the schedule attached hereto (also, the
    "Information") pursuant to the provisions of the Agreement.
3.  In consideration of the Paying Agent's disclosure to the undersigned of the
    Information, or access thereto, the undersigned will keep the Information
    confidential (except from such outside persons as are assisting it in making
    an evaluation in connection with purchasing the related Certificates, from
    its accountants and attorneys, and otherwise from such governmental or
    banking authorities or agencies to which the undersigned is subject), and
    such Information will not, without the prior written consent of the Paying
    Agent, be otherwise 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.
5.  The undersigned shall be fully liable for any breach of this agreement by
    itself or any of its Representatives and shall indemnify the Depositor, the
    Paying Agent and the Trust Fund for any loss, liability or expense incurred
    thereby with respect to any such breach by the undersigned or any of its
    Representatives.
6.  Capitalized terms used but not defined herein shall have the respective
    meanings assigned thereto in the Agreement.
<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 or Prospective Purchaser

                                    By: ________________________________________

                                    Title: _____________________________________

                                    Company: ___________________________________

                                    Phone: _____________________________________

<PAGE>

                                    EXHIBIT Z

                        Form of Notice and Certification

<PAGE>

                                     FORM OF

                            NOTICE AND CERTIFICATION
                      REGARDING DEFEASANCE OF MORTGAGE LOAN

  FOR LOANS HAVING BALANCE OF (A) $20,000,000 OR LESS, OR (B) LESS THAN 5% OF
                  OUTSTANDING POOL BALANCE, WHICHEVER IS LESS

         To:      [Address]
         Attn:

From:    _____________________________________, in its capacity
         as Servicer (the "Servicer") under the Pooling and Servicing Agreement
         dated as of __________________ (the "Pooling and Servicing Agreement"),
         among the Servicer, __________________as Trustee, and others.

Date:    _________, 20___

Re:      _______________________________________.
         Commercial Mortgage Pass-Through Certificates
         Series ___________

         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. [NOTE: ALL TERMS IN THIS
CERTIFICATION MUST BE CONFORMED TO TERMS USED IN THE POOLING AND SERVICING
AGREEMENT]

         As 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 Principal Balance of the Mortgage Loan;
                   or

              ____ a partial defeasance of the payments scheduled to be due in
                   respect of a portion of the Principal Balance of the

<PAGE>

                   Mortgage Loan that represents ___% of the entire Principal
                   Balance of the Mortgage Loan and, under the Mortgage, has an
                   allocated loan amount of $____________ or _______% of the
                   entire Principal Balance;

         2.        CERTIFY THAT EACH OF THE FOLLOWING IS TRUE, SUBJECT TO THOSE
              EXCEPTIONS SET FORTH WITH EXPLANATORY NOTES ON EXHIBIT A HERETO,
              WHICH EXCEPTIONS THE SERVICER HAS DETERMINED, CONSISTENT WITH THE
              SERVICING STANDARD, WILL HAVE NO MATERIAL ADVERSE EFFECT ON THE
              MORTGAGE LOAN OR THE DEFEASANCE TRANSACTION:

              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, THE PRINCIPAL DUE AT MATURITY 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
                    ------------------------------------

<PAGE>

              D.        THE SERVICER RECEIVED AN OPINION OF COUNSEL (FROM
                   COUNSEL APPROVED BY SERVICER IN ACCORDANCE WITH THE SERVICING
                   STANDARD) THAT THE DEFEASANCE WILL NOT RESULT IN AN ADVERSE
                   REMIC EVENT.

              E.        THE 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 Loans 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 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.

<PAGE>

              F.        THE 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, TRUSTEE IS OBLIGATED TO
                   MAKE THE SCHEDULED PAYMENTS ON THE MORTGAGE LOAN FROM THE
                   PROCEEDS OF THE DEFEASANCE COLLATERAL DIRECTLY TO THE
                   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 DEFEASANCE PREMIUM SPECIFIED IN THE MORTGAGE
                   LOAN DOCUMENTS (THE "SCHEDULED PAYMENTS").

<PAGE>

              H.        THE SERVICER RECEIVED FROM THE MORTGAGOR WRITTEN
                   CONFIRMATION FROM A FIRM OF INDEPENDENT CERTIFIED PUBLIC
                   ACCOUNTANTS, WHO WERE APPROVED BY 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 SERVICER RECEIVED OPINIONS FROM COUNSEL, WHO WERE
                   APPROVED BY 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.

<PAGE>

              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 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 CERTIFICATE BALANCE OF
                   THE CERTIFICATES AS OF THE DATE OF THE MOST RECENT PAYING
                   AGENT'S MONTHLY CERTIFICATEHOLDER REPORT 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
                   CERTIFICATE BALANCE OF THE CERTIFICATES AS OF THE DATE OF THE
                   CURRENT REPORT.

         3.        CERTIFY THAT, IN ADDITION TO THE FOREGOING, SERVICER HAS
              IMPOSED SUCH ADDITIONAL CONDITIONS TO THE DEFEASANCE, SUBJECT
              TO THE LIMITATIONS IMPOSED BY THE MORTGAGE LOAN DOCUMENTS, AS
              ARE CONSISTENT WITH THE SERVICING STANDARD.

<PAGE>

         4.        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 MORTGAGE FILE, ARE
              IN THE POSSESSION OF THE SERVICER AS PART OF THE SERVICER'S
              MORTGAGE FILE.

         5.        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.

         6.        CERTIFY THAT THE INDIVIDUAL UNDER WHOSE HAND THE SERVICER HAS
              CAUSED THIS NOTICE AND CERTIFICATION TO BE EXECUTED DID CONSTITUTE
              A SERVICING OFFICER AS OF THE DATE OF THE DEFEASANCE DESCRIBED
              ABOVE.

         7.        AGREE TO PROVIDE COPIES OF ALL ITEMS LISTED IN EXHIBIT B TO
              YOU UPON REQUEST.

         IN WITNESS WHEREOF, the Servicer has caused this Notice and
Certification to be executed as of the date captioned above.

                                      SERVICER:_________________________________

                                      By:_______________________________________
                                         Name:
                                         Title:

<PAGE>

                                   EXHIBIT AA

                       Form of Primary Servicing Agreement
                                  (Wells Fargo)

                            [Available Upon Request]

<PAGE>
<TABLE>
<CAPTION>
                                                                                                                          SCHEDULE I
BSCMSI 2002 TOP8 MORTGAGE LOAN SCHEDULE
BSCMI

                                                                            AGGREGATE
LOAN                                                                         CUT-OFF         MORTGAGE      MONTHLY       NOTE
NO.   SELLER  PROPERTY NAME                                               DATE BALANCE         RATE        PAYMENT       DATE
---------------------------------------------------------------------------------------------------------------------------------
<S>  <C>      <C>                                                         <C>               <C>         <C>            <C>
 5    BSCMI   Little Falls Office Center                                     $24,364,267       6.955%   $161,597.07    08/01/2002
 14   BSCMI   Ralph's Conejo Valley Plaza                                    $12,981,168       7.000%    $86,489.32    07/03/2002
 17   BSCMI   Commerce Center Office                                         $11,733,687       6.250%    $77,511.15    08/31/2002
 21   BSCMI   Bells Gardens Marketplace                                       $9,984,980       6.850%    $65,525.92    07/02/2002
 25   BSCMI   27 West 20th Street                                             $8,918,355       7.065%    $81,221.96    06/24/2002
 35   BSCMI   150 West 28th Street                                            $7,183,914       7.015%    $65,225.86    06/24/2002
 43   BSCMI   McClellan Industrial Portfolio - 290 McClellan Highway          $2,018,628       6.650%    $17,864.49    07/16/2002
 44   BSCMI   McClellan Industrial Portfolio - 230-240 McClellan Highway      $1,848,214       6.650%    $16,356.37    07/16/2002
 45   BSCMI   McClellan Industrial Portfolio - 370 McClellan Highway          $1,807,474       6.650%    $15,995.82    07/16/2002
 46   BSCMI   McClellan Industrial Portfolio - 310 McClellan Highway          $1,281,329       6.650%    $11,339.54    07/16/2002
 69   BSCMI   EZ Storage Chatsworth                                           $4,339,617       6.750%    $30,054.65    07/15/2002
 70   BSCMI   Shoppes of Bethesda                                             $4,339,617       6.750%    $30,054.65    07/26/2002
 84   BSCMI   Walgreens Wichita                                               $3,323,799       6.960%    $23,486.05    06/11/2002
 88   BSCMI   Walgreens El Paso                                               $3,095,509       7.000%    $20,624.38    07/09/2002
 93   BSCMI   Eckerd - Fort Worth                                             $2,819,537       7.050%    $21,111.19    07/30/2002
 99   BSCMI   Eckerd - St. Joseph                                             $2,330,295       7.420%    $18,006.23    06/27/2002
102   BSCMI   539-541 Burnside Avenue                                         $2,239,786       7.060%    $15,988.76    05/17/2002
105   BSCMI   High Ridge Road SC                                              $2,047,344       7.450%    $14,263.78    07/24/2002
106   BSCMI   Eckerd - Midlothian                                             $1,994,152       7.200%    $15,115.75    07/23/2002
107   BSCMI   Arlington Square Shopping Center                                $1,895,506       6.800%    $13,187.37    07/03/2002
113   BSCMI   Eckerd - Yukon                                                  $1,692,666       7.335%    $12,380.97    05/22/2002

              TOTAL:                                                        $112,239,846

<CAPTION>
                                                                                                             ORIG.
LOAN                                                                           ORIG. TERM      REM. TERM     AMORT.
NO.   SELLER  PROPERTY NAME                                                      (MOS)           (MOS)       (MOS)      SEASONING
---------------------------------------------------------------------------------------------------------------------------------
<S>  <C>      <C>                                                              <C>             <C>          <C>         <C>
 5    BSCMI   Little Falls Office Center                                          120             118         360           2
 14   BSCMI   Ralph's Conejo Valley Plaza                                         120             118         360           2
 17   BSCMI   Commerce Center Office                                              120             119         300           1
 21   BSCMI   Bells Gardens Marketplace                                           120             118         360           2
 25   BSCMI   27 West 20th Street                                                 180             177         180           3
 35   BSCMI   150 West 28th Street                                                180             177         180           3
 43   BSCMI   McClellan Industrial Portfolio - 290 McClellan Highway              180             178         180           2
 44   BSCMI   McClellan Industrial Portfolio - 230-240 McClellan Highway          180             178         180           2
 45   BSCMI   McClellan Industrial Portfolio - 370 McClellan Highway              180             178         180           2
 46   BSCMI   McClellan Industrial Portfolio - 310 McClellan Highway              180             178         180           2
 69   BSCMI   EZ Storage Chatsworth                                               120             118         300           2
 70   BSCMI   Shoppes of Bethesda                                                 180             178         300           2
 84   BSCMI   Walgreens Wichita                                                   120             117         300           3
 88   BSCMI   Walgreens El Paso                                                   120             118         360           2
 93   BSCMI   Eckerd - Fort Worth                                                 120             118         264           2
 99   BSCMI   Eckerd - St. Joseph                                                 120             117         264           3
102   BSCMI   539-541 Burnside Avenue                                             120             116         300           4
105   BSCMI   High Ridge Road SC                                                  120             118         360           2
106   BSCMI   Eckerd - Midlothian                                                 120             118         264           2
107   BSCMI   Arlington Square Shopping Center                                    120             118         300           2
113   BSCMI   Eckerd - Yukon                                                      120             116         300           4

<CAPTION>
                                                                                     PREPAYMENT DESCRIPTION
LOAN                                                                    LOCKOUT                                    YM    ADMIN. COST
NO.   SELLER  PROPERTY NAME                                             PERIOD   DEF  DEF/YM1  DEF/YM  YM1 OPEN  FORMULA  RATE (BPS)
------------------------------------------------------------------------------------------------------------------------------------
<S>  <C>      <C>                                                       <C>     <C>   <C>      <C>    <C>   <C>   <C>      <C>
 5    BSCMI   Little Falls Office Center                                  48     69      0       0      0    3                4.61
 14   BSCMI   Ralph's Conejo Valley Plaza                                 26     93      0       0      0    1                7.61
 17   BSCMI   Commerce Center Office                                      47     72      0       0      0    1                7.61
 21   BSCMI   Bells Gardens Marketplace                                   47     72      0       0      0    1                3.61
 25   BSCMI   27 West 20th Street                                         35     144     0       0      0    1                7.61
 35   BSCMI   150 West 28th Street                                        35     144     0       0      0    1                7.61
 43   BSCMI   McClellan Industrial Portfolio - 290 McClellan Highway      47      0      0      132     0    1       C        3.61
 44   BSCMI   McClellan Industrial Portfolio - 230-240 McClellan Highway  47      0      0      132     0    1       C        3.61
 45   BSCMI   McClellan Industrial Portfolio - 370 McClellan Highway      47      0      0      132     0    1       C        3.61
 46   BSCMI   McClellan Industrial Portfolio - 310 McClellan Highway      47      0      0      132     0    1       C        3.61
 69   BSCMI   EZ Storage Chatsworth                                       47     71      0       0      0    2                3.61
 70   BSCMI   Shoppes of Bethesda                                         47     132     0       0      0    1                3.61
 84   BSCMI   Walgreens Wichita                                           47     72      0       0      0    1                8.61
 88   BSCMI   Walgreens El Paso                                           47     72      0       0      0    1                13.61
 93   BSCMI   Eckerd - Fort Worth                                         47     72      0       0      0    1                3.61
 99   BSCMI   Eckerd - St. Joseph                                         47     72      0       0      0    1                3.61
102   BSCMI   539-541 Burnside Avenue                                     47     72      0       0      0    1                3.61
105   BSCMI   High Ridge Road SC                                          47     72      0       0      0    1                3.61
106   BSCMI   Eckerd - Midlothian                                         47     72      0       0      0    1                3.61
107   BSCMI   Arlington Square Shopping Center                            47     72      0       0      0    1                3.61
113   BSCMI   Eckerd - Yukon                                              47     72      0       0      0    1                3.61

<CAPTION>
                                                                                  MASTER           PRIMARY        MASTER EXCESS
LOAN                                                                            SERV. FEE         SERV. FEE        SERV. FEE
NO.   SELLER  PROPERTY NAME                                                     RATE (BPS)        RATE (BPS)       RATE (BPS)
---------------------------------------------------------------------------------------------------------------------------------
<S>  <C>      <C>                                                               <C>               <C>             <C>
 5    BSCMI   Little Falls Office Center                                           2.00              1.00             1.00
 14   BSCMI   Ralph's Conejo Valley Plaza                                          2.00              4.00             1.00
 17   BSCMI   Commerce Center Office                                               2.00              4.00             1.00
 21   BSCMI   Bells Gardens Marketplace                                            2.00              1.00
 25   BSCMI   27 West 20th Street                                                  2.00              4.00             1.00
 35   BSCMI   150 West 28th Street                                                 2.00              4.00             1.00
 43   BSCMI   McClellan Industrial Portfolio - 290 McClellan Highway               2.00              1.00
 44   BSCMI   McClellan Industrial Portfolio - 230-240 McClellan Highway           2.00              1.00
 45   BSCMI   McClellan Industrial Portfolio - 370 McClellan Highway               2.00              1.00
 46   BSCMI   McClellan Industrial Portfolio - 310 McClellan Highway               2.00              1.00
 69   BSCMI   EZ Storage Chatsworth                                                2.00              1.00
 70   BSCMI   Shoppes of Bethesda                                                  2.00              1.00
 84   BSCMI   Walgreens Wichita                                                    2.00              5.00             1.00
 88   BSCMI   Walgreens El Paso                                                    2.00             10.00             1.00
 93   BSCMI   Eckerd - Fort Worth                                                  2.00              1.00
 99   BSCMI   Eckerd - St. Joseph                                                  2.00              1.00
102   BSCMI   539-541 Burnside Avenue                                              2.00              1.00
105   BSCMI   High Ridge Road SC                                                   2.00              1.00
106   BSCMI   Eckerd - Midlothian                                                  2.00              1.00
107   BSCMI   Arlington Square Shopping Center                                     2.00              1.00
113   BSCMI   Eckerd - Yukon                                                       2.00              1.00

<CAPTION>
                                                                              PRIMARY EXCESS    STANDBY SPECIAL     TRUSTEE
LOAN                                                                            SERV. FEE          SERV. FEE          FEE
NO.   SELLER  PROPERTY NAME                                                     RATE (BPS)         RATE (BPS)      RATE (BPS)
-----------------------------------------------------------------------------------------------------------------------------
<S>  <C>      <C>                                                             <C>               <C>                 <C>
 5    BSCMI   Little Falls Office Center                                                             0.30            0.31
 14   BSCMI   Ralph's Conejo Valley Plaza                                                            0.30            0.31
 17   BSCMI   Commerce Center Office                                                                 0.30            0.31
 21   BSCMI   Bells Gardens Marketplace                                                              0.30            0.31
 25   BSCMI   27 West 20th Street                                                                    0.30            0.31
 35   BSCMI   150 West 28th Street                                                                   0.30            0.31
 43   BSCMI   McClellan Industrial Portfolio - 290 McClellan Highway                                 0.30            0.31
 44   BSCMI   McClellan Industrial Portfolio - 230-240 McClellan Highway                             0.30            0.31
 45   BSCMI   McClellan Industrial Portfolio - 370 McClellan Highway                                 0.30            0.31
 46   BSCMI   McClellan Industrial Portfolio - 310 McClellan Highway                                 0.30            0.31
 69   BSCMI   EZ Storage Chatsworth                                                                  0.30            0.31
 70   BSCMI   Shoppes of Bethesda                                                                    0.30            0.31
 84   BSCMI   Walgreens Wichita                                                                      0.30            0.31
 88   BSCMI   Walgreens El Paso                                                                      0.30            0.31
 93   BSCMI   Eckerd - Fort Worth                                                                    0.30            0.31
 99   BSCMI   Eckerd - St. Joseph                                                                    0.30            0.31
102   BSCMI   539-541 Burnside Avenue                                                                0.30            0.31
105   BSCMI   High Ridge Road SC                                                                     0.30            0.31
106   BSCMI   Eckerd - Midlothian                                                                    0.30            0.31
107   BSCMI   Arlington Square Shopping Center                                                       0.30            0.31
113   BSCMI   Eckerd - Yukon                                                                         0.30            0.31
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                                                                         SCHEDULE II
BSCMSI 2002 TOP8 MORTGAGE LOAN SCHEDULE
WFB

LOAN                                                                  CUT-OFF         MORTGAGE       MONTHLY           NOTE
NO.   SELLER  PROPERTY NAME                                         DATE BALANCE        RATE         PAYMENT           DATE
-------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                  <C>                <C>          <C>              <C>
 3    WFB     Dulles Town Crossing                                   $49,449,581       5.880%      $292,969.41      08/29/2002
 8    WFB     Skyway Terrace Apartments                              $16,942,510       6.370%      $106,002.29      05/15/2002
 10   WFB     TriQuest Business Center                               $13,979,273       6.910%       $92,297.67      06/05/2002
 12   WFB     Sunrise Festival I & II                                $13,772,430       6.670%      $104,274.88      07/24/2002
 16   WFB     Peppertree Industrial Park                             $11,906,700       6.000%       $71,946.06      01/22/2002
 20   WFB     Cabazon Outlets                                         $9,987,239       6.790%       $69,343.94      08/01/2002
 31   WFB     Crossroads Corporate Center                             $7,987,100       6.550%       $50,828.79      07/22/2002
 32   WFB     Charter Square Shopping Center                          $7,965,967       7.410%       $58,651.76      05/15/2002
 37   WFB     IntegraColor                                            $7,069,669       6.970%       $46,960.85      07/08/2002
 39   WFB     Norman Industrial Metals                                $6,983,292       6.750%       $48,363.81      07/02/2002
 55   WFB     Polycom Office Buildng                                  $6,320,436       7.640%       $44,833.24      07/15/2002
 59   WFB     Morton Village Shopping Center                          $5,000,000       6.910%       $29,191.55      04/10/2002
 60   WFB     Encino Valley Shopping Center                           $5,000,000       6.750%       $44,245.48      07/17/2002
 61   WFB     Redondo Hermosa Mini Storage                            $4,987,118       7.500%       $34,960.73      05/01/2002
 67   WFB     Tharco Industrial Building                              $4,409,879       6.870%       $30,908.97      06/18/2002
 71   WFB     Dartford Square Townhomes                               $4,296,405       6.900%       $28,319.80      08/05/2002
 72   WFB     Spice Island Drive                                      $4,290,720       6.860%       $28,204.86      06/25/2002
 82   WFB     Harding Plaza Shopping Center                           $3,492,379       7.250%       $25,298.24      07/25/2002
 83   WFB     Hillcrest Mobile Estates                                $3,489,721       6.970%       $23,215.11      05/21/2002
 92   WFB     Happy Valley Mobile Home Park                           $2,834,066       7.060%       $20,252.42      04/18/2002
 96   WFB     North Ranch Business Park                               $2,673,962       6.850%       $24,042.50      06/14/2002
 97   WFB     Garden Square Apartments                                $2,659,357       6.820%       $18,600.29      04/25/2002
 98   WFB     Broadway Fox Bldg.                                      $2,486,467       7.230%       $18,037.97      04/01/2002
103   WFB     South Valley Medical Pavilion                           $2,141,283       6.910%       $19,440.24      04/02/2002
104   WFB     York Avenue Ground Lease                                $2,134,513       6.324%       $24,784.00      04/10/2002
108   WFB     Willamette Valley Industrial Park                       $1,795,586       6.600%       $12,266.44      06/13/2002
109   WFB     Slauson Avenue                                          $1,794,308       7.270%       $13,033.73      06/10/2002
110   WFB     Stardust Villa Apartments                               $1,787,731       7.088%       $12,823.25      03/18/2002
111   WFB     New Seasons Market                                      $1,696,360       7.340%       $12,386.46      07/05/2002
114   WFB     White Bear Manor Apartments                             $1,692,368       7.120%       $12,145.70      05/01/2002
116   WFB     Broadway Royale Apartments                              $1,290,820       7.165%        $9,289.55      05/07/2002
117   WFB     Harvey Street                                           $1,197,238       6.950%        $8,443.11      06/25/2002
120   WFB     Cinema Drive                                            $1,094,726       7.850%        $8,380.97      04/10/2002
121   WFB     CVS Pharmacy                                              $998,052       7.250%        $6,821.76      05/23/2002
122   WFB     Martin Center                                             $995,282       7.930%        $7,671.85      04/08/2002
123   WFB     Barney Ford Plaza                                         $995,157       7.800%        $7,586.14      03/29/2002
124   WFB     Stratford Manor Apartments                                $947,136       7.510%        $7,026.60      05/24/2002
125   WFB     Villa Quixote Apartments                                  $897,095       7.165%        $6,456.06      05/03/2002
126   WFB     Timber Ridge Apartments                                   $786,879       7.800%        $5,993.05      05/01/2002
127   WFB     Coves Plaza                                               $737,981       8.590%        $7,425.17      03/04/2002
128   WFB     Bridgeford Apartments                                     $572,074       7.088%        $4,103.44      03/18/2002
129   WFB     Oasis Apartments                                          $521,422       7.088%        $3,740.12      03/18/2002
130   WFB     Northview Apartments                                      $437,001       7.088%        $3,134.57      03/18/2002

              TOTAL:                                                $222,497,284

<CAPTION>
                                                                                                       ORIG.
LOAN                                                                   ORIG. TERM     REM. TERM       AMORT.
NO.   SELLER  PROPERTY NAME                                              (MOS)          (MOS)          (MOS)         SEASONING
------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                      <C>            <C>            <C>             <C>
 3    WFB     Dulles Town Crossing                                        120            119            360              1
 8    WFB     Skyway Terrace Apartments                                   120            116            360              4
 10   WFB     TriQuest Business Center                                    120            118            360              2
 12   WFB     Sunrise Festival I & II                                     240            239            240              1
 16   WFB     Peppertree Industrial Park                                  120            112            360              8
 20   WFB     Cabazon Outlets                                             120            119            300              1
 31   WFB     Crossroads Corporate Center                                 120            118            360              2
 32   WFB     Charter Square Shopping Center                              120            116            300              4
 37   WFB     IntegraColor                                                120            118            360              2
 39   WFB     Norman Industrial Metals                                    120            118            300              2
 55   WFB     Polycom Office Buildng                                      120            119            360              1
 59   WFB     Morton Village Shopping Center                              120            115            IO               5
 60   WFB     Encino Valley Shopping Center                               180            180            180              0
 61   WFB     Redondo Hermosa Mini Storage                                120            116            360              4
 67   WFB     Tharco Industrial Building                                  120            117            300              3
 71   WFB     Dartford Square Townhomes                                   120            119            360              1
 72   WFB     Spice Island Drive                                          120            117            360              3
 82   WFB     Harding Plaza Shopping Center                               120            118            300              2
 83   WFB     Hillcrest Mobile Estates                                    120            116            360              4
 92   WFB     Happy Valley Mobile Home Park                               120            115            300              5
 96   WFB     North Ranch Business Park                                   120            117            180              3
 97   WFB     Garden Square Apartments                                    120            115            300              5
 98   WFB     Broadway Fox Bldg.                                          120            115            300              5
103   WFB     South Valley Medical Pavilion                               120            115            180              5
104   WFB     York Avenue Ground Lease                                    120            115            120              5
108   WFB     Willamette Valley Industrial Park                           120            118            300              2
109   WFB     Slauson Avenue                                              120            117            300              3
110   WFB     Stardust Villa Apartments                                   120            114            300              6
111   WFB     New Seasons Market                                          120            118            300              2
114   WFB     White Bear Manor Apartments                                 120            116            300              4
116   WFB     Broadway Royale Apartments                                  120            117            300              3
117   WFB     Harvey Street                                               120            118            300              2
120   WFB     Cinema Drive                                                120            115            300              5
121   WFB     CVS Pharmacy                                                120            117            360              3
122   WFB     Martin Center                                               120            115            300              5
123   WFB     Barney Ford Plaza                                           120            115            300              5
124   WFB     Stratford Manor Apartments                                  120            117            300              3
125   WFB     Villa Quixote Apartments                                    120            117            300              3
126   WFB     Timber Ridge Apartments                                     120            116            300              4
127   WFB     Coves Plaza                                                 180            174            180              6
128   WFB     Bridgeford Apartments                                       120            114            300              6
129   WFB     Oasis Apartments                                            120            114            300              6
130   WFB     Northview Apartments                                        120            114            300              6

<CAPTION>
                                                                                   PREPAYMENT DESCRIPTION
LOAN                                                        LOCKOUT                                              YM      ADMIN. COST
NO.   SELLER  PROPERTY NAME                                 PERIOD    DEF    DEF/YM1   DEF/YM    YM1    OPEN   FORMULA    RATE (BPS)
------------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                           <C>       <C>    <C>       <C>       <C>    <C>    <C>       <C>
 3    WFB     Dulles Town Crossing                            25       91       0        0        0      4                   3.31
 8    WFB     Skyway Terrace Apartments                       35       81       0        0        0      4                   3.31
 10   WFB     TriQuest Business Center                        35       81       0        0        0      4                   3.31
 12   WFB     Sunrise Festival I & II                         35      201       0        0        0      4                   3.61
 16   WFB     Peppertree Industrial Park                      36       80       0        0        0      4                   3.61
 20   WFB     Cabazon Outlets                                 35       81       0        0        0      4                   3.61
 31   WFB     Crossroads Corporate Center                     36       80       0        0        0      4                   3.61
 32   WFB     Charter Square Shopping Center                  35       81       0        0        0      4                   3.61
 37   WFB     IntegraColor                                    26       90       0        0        0      4                   3.61
 39   WFB     Norman Industrial Metals                        35       81       0        0        0      4                   3.61
 55   WFB     Polycom Office Buildng                          35       81                0        0      4                   3.61
 59   WFB     Morton Village Shopping Center                  35       81       0        0        0      4                   3.61
 60   WFB     Encino Valley Shopping Center                   35      141       0        0        0      4                   5.61
 61   WFB     Redondo Hermosa Mini Storage                    35       81       0        0        0      4                   3.61
 67   WFB     Tharco Industrial Building                      35       81       0        0        0      4                   5.61
 71   WFB     Dartford Square Townhomes                       35       81       0        0        0      4                   5.61
 72   WFB     Spice Island Drive                              35       81       0        0        0      4                   5.61
 82   WFB     Harding Plaza Shopping Center                   36       80       0        0        0      4                   5.61
 83   WFB     Hillcrest Mobile Estates                        35       81       0        0        0      4                   7.61
 92   WFB     Happy Valley Mobile Home Park                   35       81       0        0        0      4                   7.61
 96   WFB     North Ranch Business Park                       35       0       81        0        0      4        D          7.61
 97   WFB     Garden Square Apartments                        36       80       0        0        0      4                   7.61
 98   WFB     Broadway Fox Bldg.                              35       81       0        0        0      4                  10.61
103   WFB     South Valley Medical Pavilion                   35       81       0        0        0      4                  10.61
104   WFB     York Avenue Ground Lease                        35       81       0        0        0      4                  10.61
108   WFB     Willamette Valley Industrial Park               35       81       0        0        0      4                  10.61
109   WFB     Slauson Avenue                                  35       81       0        0        0      4                  10.61
110   WFB     Stardust Villa Apartments                       35       78       0        0        0      7                  10.61
111   WFB     New Seasons Market                              35       81       0        0        0      4                  10.61
114   WFB     White Bear Manor Apartments                     35       81       0        0        0      4                  10.61
116   WFB     Broadway Royale Apartments                      35       81       0        0        0      4                  15.61
117   WFB     Harvey Street                                   35       81       0        0        0      4                  15.61
120   WFB     Cinema Drive                                    35       81       0        0        0      4                  15.61
121   WFB     CVS Pharmacy                                    35       81       0        0        0      4                  20.61
122   WFB     Martin Center                                   35       81       0        0        0      4                  20.61
123   WFB     Barney Ford Plaza                               35       81       0        0        0      4                  20.61
124   WFB     Stratford Manor Apartments                      35       81       0        0        0      4                  20.61
125   WFB     Villa Quixote Apartments                        35       81       0        0        0      4                  20.61
126   WFB     Timber Ridge Apartments                         35       81       0        0        0      4                  25.61
127   WFB     Coves Plaza                                     35      141       0        0        0      4                  25.61
128   WFB     Bridgeford Apartments                           35       78       0        0        0      7                  25.61
129   WFB     Oasis Apartments                                35       78       0        0        0      7                  25.61
130   WFB     Northview Apartments                            35       78       0        0        0      7                  25.61

<CAPTION>
                                                                                MASTER             PRIMARY         MASTER EXCESS
LOAN                                                                          SERV. FEE           SERV. FEE          SERV. FEE
NO.   SELLER  PROPERTY NAME                                                   RATE (BPS)          RATE (BPS)        RATE (BPS)
--------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                             <C>                 <C>              <C>
 3    WFB     Dulles Town Crossing                                               2.00                1.00
 8    WFB     Skyway Terrace Apartments                                          2.00                1.00
 10   WFB     TriQuest Business Center                                           2.00                1.00
 12   WFB     Sunrise Festival I & II                                            2.00                1.00
 16   WFB     Peppertree Industrial Park                                         2.00                1.00
 20   WFB     Cabazon Outlets                                                    2.00                1.00
 31   WFB     Crossroads Corporate Center                                        2.00                1.00
 32   WFB     Charter Square Shopping Center                                     2.00                1.00
 37   WFB     IntegraColor                                                       2.00                1.00
 39   WFB     Norman Industrial Metals                                           2.00                1.00
 55   WFB     Polycom Office Buildng                                             2.00                1.00
 59   WFB     Morton Village Shopping Center                                     2.00                1.00
 60   WFB     Encino Valley Shopping Center                                      2.00                1.00               2.00
 61   WFB     Redondo Hermosa Mini Storage                                       2.00                1.00
 67   WFB     Tharco Industrial Building                                         2.00                1.00               2.00
 71   WFB     Dartford Square Townhomes                                          2.00                1.00               2.00
 72   WFB     Spice Island Drive                                                 2.00                1.00               2.00
 82   WFB     Harding Plaza Shopping Center                                      2.00                1.00               2.00
 83   WFB     Hillcrest Mobile Estates                                           2.00                1.00               4.00
 92   WFB     Happy Valley Mobile Home Park                                      2.00                1.00               4.00
 96   WFB     North Ranch Business Park                                          2.00                1.00               4.00
 97   WFB     Garden Square Apartments                                           2.00                1.00               4.00
 98   WFB     Broadway Fox Bldg.                                                 2.00                1.00               7.00
103   WFB     South Valley Medical Pavilion                                      2.00                1.00               7.00
104   WFB     York Avenue Ground Lease                                           2.00                5.00               3.00
108   WFB     Willamette Valley Industrial Park                                  2.00                1.00               7.00
109   WFB     Slauson Avenue                                                     2.00                1.00               7.00
110   WFB     Stardust Villa Apartments                                          2.00                1.00               7.00
111   WFB     New Seasons Market                                                 2.00                1.00               7.00
114   WFB     White Bear Manor Apartments                                        2.00                1.00               7.00
116   WFB     Broadway Royale Apartments                                         2.00                1.00               12.00
117   WFB     Harvey Street                                                      2.00                1.00               12.00
120   WFB     Cinema Drive                                                       2.00                1.00               12.00
121   WFB     CVS Pharmacy                                                       2.00                1.00               17.00
122   WFB     Martin Center                                                      2.00                1.00               17.00
123   WFB     Barney Ford Plaza                                                  2.00                1.00               17.00
124   WFB     Stratford Manor Apartments                                         2.00                1.00               17.00
125   WFB     Villa Quixote Apartments                                           2.00                1.00               17.00
126   WFB     Timber Ridge Apartments                                            2.00                1.00               22.00
127   WFB     Coves Plaza                                                        2.00                1.00               22.00
128   WFB     Bridgeford Apartments                                              2.00                1.00               22.00
129   WFB     Oasis Apartments                                                   2.00                1.00               22.00
130   WFB     Northview Apartments                                               2.00                1.00               22.00

<CAPTION>
                                                                            PRIMARY EXCESS      STANDBY SPECIAL       TRUSTEE
LOAN                                                                           SERV. FEE           SERV. FEE            FEE
NO.   SELLER  PROPERTY NAME                                                   RATE (BPS)          RATE (BPS)         RATE (BPS)
-------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                           <C>                 <C>                  <C>
 3    WFB     Dulles Town Crossing                                                                   0.00               0.31
 8    WFB     Skyway Terrace Apartments                                                              0.00               0.31
 10   WFB     TriQuest Business Center                                                               0.00               0.31
 12   WFB     Sunrise Festival I & II                                                                0.30               0.31
 16   WFB     Peppertree Industrial Park                                                             0.30               0.31
 20   WFB     Cabazon Outlets                                                                        0.30               0.31
 31   WFB     Crossroads Corporate Center                                                            0.30               0.31
 32   WFB     Charter Square Shopping Center                                                         0.30               0.31
 37   WFB     IntegraColor                                                                           0.30               0.31
 39   WFB     Norman Industrial Metals                                                               0.30               0.31
 55   WFB     Polycom Office Buildng                                                                 0.30               0.31
 59   WFB     Morton Village Shopping Center                                                         0.30               0.31
 60   WFB     Encino Valley Shopping Center                                                          0.30               0.31
 61   WFB     Redondo Hermosa Mini Storage                                                           0.30               0.31
 67   WFB     Tharco Industrial Building                                                             0.30               0.31
 71   WFB     Dartford Square Townhomes                                                              0.30               0.31
 72   WFB     Spice Island Drive                                                                     0.30               0.31
 82   WFB     Harding Plaza Shopping Center                                                          0.30               0.31
 83   WFB     Hillcrest Mobile Estates                                                               0.30               0.31
 92   WFB     Happy Valley Mobile Home Park                                                          0.30               0.31
 96   WFB     North Ranch Business Park                                                              0.30               0.31
 97   WFB     Garden Square Apartments                                                               0.30               0.31
 98   WFB     Broadway Fox Bldg.                                                                     0.30               0.31
103   WFB     South Valley Medical Pavilion                                                          0.30               0.31
104   WFB     York Avenue Ground Lease                                                               0.30               0.31
108   WFB     Willamette Valley Industrial Park                                                      0.30               0.31
109   WFB     Slauson Avenue                                                                         0.30               0.31
110   WFB     Stardust Villa Apartments                                                              0.30               0.31
111   WFB     New Seasons Market                                                                     0.30               0.31
114   WFB     White Bear Manor Apartments                                                            0.30               0.31
116   WFB     Broadway Royale Apartments                                                             0.30               0.31
117   WFB     Harvey Street                                                                          0.30               0.31
120   WFB     Cinema Drive                                                                           0.30               0.31
121   WFB     CVS Pharmacy                                                                           0.30               0.31
122   WFB     Martin Center                                                                          0.30               0.31
123   WFB     Barney Ford Plaza                                                                      0.30               0.31
124   WFB     Stratford Manor Apartments                                                             0.30               0.31
125   WFB     Villa Quixote Apartments                                                               0.30               0.31
126   WFB     Timber Ridge Apartments                                                                0.30               0.31
127   WFB     Coves Plaza                                                                            0.30               0.31
128   WFB     Bridgeford Apartments                                                                  0.30               0.31
129   WFB     Oasis Apartments                                                                       0.30               0.31
130   WFB     Northview Apartments                                                                   0.30               0.31
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                                                                                                        SCHEDULE III
BSCMSI 2002 TOP8 MORTGAGE LOAN SCHEDULE
PCF

                                                                         AGGREGATE
LOAN                                                                      CUT-OFF          MORTGAGE      MONTHLY          NOTE
NO.   SELLER  PROPERTY NAME                                             DATE BALANCE         RATE        PAYMENT          DATE
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                        <C>                <C>        <C>             <C>
 1    PCF     80 Park Plaza                                              $64,776,182        6.830%     $452,381.52     06/19/2002
 4    PCF     Flushing Plaza                                             $30,926,752        6.500%     $195,941.09     06/21/2002
 11   PCF     Veterans Square                                            $13,842,196        8.770%     $110,338.10     11/08/2000
 15   PCF     St. Andrews Apartments - Phase II                          $11,964,330        6.920%      $79,192.61     05/29/2002
 19   PCF     St. Andrews Apartments - Phase I                           $11,460,333        6.920%      $75,856.62     05/29/2002
 23   PCF     Hedgemore Plaza                                             $9,461,526        7.670%      $71,258.01     05/01/2002
 34   PCF     500 Kennedy Drive                                           $7,483,208        7.100%      $53,487.84     06/25/2002
 36   PCF     North Academy III                                           $7,126,581        7.090%      $50,945.96     06/19/2002
 40   PCF     Highland Orchard Apartments                                 $6,980,610        7.210%      $47,562.57     05/28/2002
 41   PCF     577 Winters Avenue                                          $6,962,682        6.660%      $44,983.89     03/21/2002
 42   PCF     Hunters Ridge Apartment Complex                             $6,958,529        6.750%      $48,363.81     04/25/2002
 53   PCF     The Ashton at West Hills Apartments                         $6,686,380        7.090%      $44,980.97     06/07/2002
 56   PCF     Shores Shopping Center                                      $5,986,548        6.710%      $38,756.49     06/18/2002
 57   PCF     16250 W. Glendale Drive                                     $5,523,127        7.180%      $39,865.83     05/08/2002
 58   PCF     West Tower Plaza                                            $5,384,448        7.800%      $38,873.01     04/17/2002
 63   PCF     Shadow Hill II Apartments                                   $4,685,827        6.860%      $30,828.56     05/28/2002
 66   PCF     Woodland Heights Apartments                                 $4,491,044        7.170%      $30,454.13     06/05/2002
 68   PCF     Ulster Terrace                                              $4,343,274        7.520%      $31,068.19     07/03/2002
 73   PCF     CVS/Pharmacy and Starbucks                                  $4,188,566        7.280%      $28,736.92     05/03/2002
 74   PCF     Baypointe at the Argyle Commerce Center                     $4,110,989        7.180%      $27,944.19     04/30/2002
 75   PCF     3375 Mitchell Lane                                          $3,992,207        7.250%      $27,287.05     06/07/2002
 77   PCF     39300 Country Club Drive                                    $3,736,740        6.690%      $25,767.28     06/05/2002
 85   PCF     Lock-N-Key Ministorage                                      $3,195,737        7.340%      $22,025.32     07/18/2002
 87   PCF     6975 South Congress Avenue                                  $3,140,659        6.930%      $20,809.15     04/24/2002
 89   PCF     Annapolis Extra Storage                                     $2,994,077        7.200%      $20,363.65     06/19/2002

                 TOTAL:                                                 $240,402,554

<CAPTION>
                                                                                                           ORIG.
LOAN                                                                      ORIG. TERM      REM. TERM        AMORT.
NO.   SELLER  PROPERTY NAME                                                  (MOS)          (MOS)          (MOS)        SEASONING
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                         <C>             <C>            <C>             <C>
 1    PCF     80 Park Plaza                                                   159            156            300             3
 4    PCF     Flushing Plaza                                                  120            117            360             3
 11   PCF     Veterans Square                                                 120            98             360            22
 15   PCF     St. Andrews Apartments - Phase II                               120            116            360             4
 19   PCF     St. Andrews Apartments - Phase I                                120            116            360             4
 23   PCF     Hedgemore Plaza                                                 180            176            300             4
 34   PCF     500 Kennedy Drive                                               120            118            300             2
 36   PCF     North Academy III                                               120            117            300             3
 40   PCF     Highland Orchard Apartments                                     120            116            360             4
 41   PCF     577 Winters Avenue                                              120            114            360             6
 42   PCF     Hunters Ridge Apartment Complex                                 120            115            300             5
 53   PCF     The Ashton at West Hills Apartments                             120            117            360             3
 56   PCF     Shores Shopping Center                                          120            117            360             3
 57   PCF     16250 W. Glendale Drive                                         108            104            300             4
 58   PCF     West Tower Plaza                                                120            115            360             5
 63   PCF     Shadow Hill II Apartments                                       120            116            360             4
 66   PCF     Woodland Heights Apartments                                     120            117            360             3
 68   PCF     Ulster Terrace                                                  120            118            336             2
 73   PCF     CVS/Pharmacy and Starbucks                                      120            116            360             4
 74   PCF     Baypointe at the Argyle Commerce Center                         120            115            360             5
 75   PCF     3375 Mitchell Lane                                              120            117            360             3
 77   PCF     39300 Country Club Drive                                        120            117            300             3
 85   PCF     Lock-N-Key Ministorage                                          120            118            360             2
 87   PCF     6975 South Congress Avenue                                      120            116            360             4
 89   PCF     Annapolis Extra Storage                                         120            117            360             3

<CAPTION>
                                                                            PREPAYMENT DESCRIPTION
LOAN                                                         LOCKOUT                                             YM     ADMIN. COST
NO.   SELLER  PROPERTY NAME                                  PERIOD   DEF    DEF/YM1   DEF/YM    YM1    OPEN   FORMULA    RATE (BPS)
------------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                            <C>     <C>     <C>       <C>      <C>     <C>    <C>        <C>
 1    PCF     80 Park Plaza                                    27     128       0        0        0       4                   3.31
 4    PCF     Flushing Plaza                                   27      89       0        0        0       4                   3.31
 11   PCF     Veterans Square                                  46      70       0        0        0       4                   3.61
 15   PCF     St. Andrews Apartments - Phase II                28      88       0        0        0       4                   3.61
 19   PCF     St. Andrews Apartments - Phase I                 28      88       0        0        0       4                   3.61
 23   PCF     Hedgemore Plaza                                  28     148       0        0        0       4                   3.61
 34   PCF     500 Kennedy Drive                                26      90       0        0        0       4                   3.61
 36   PCF     North Academy III                                27      89       0        0        0       4                   3.61
 40   PCF     Highland Orchard Apartments                      28      88       0        0        0       4                   3.61
 41   PCF     577 Winters Avenue                               30      0       86        0        0       4        B          3.61
 42   PCF     Hunters Ridge Apartment Complex                  29      87       0        0        0       4                   3.61
 53   PCF     The Ashton at West Hills Apartments              27      89       0        0        0       4                   3.61
 56   PCF     Shores Shopping Center                           27      89       0                         4                   3.61
 57   PCF     16250 W. Glendale Drive                          28      0       76        0        0       4        B          3.61
 58   PCF     West Tower Plaza                                 29      87       0        0        0       4                   3.61
 63   PCF     Shadow Hill II Apartments                        28      88       0        0        0       4                   3.61
 66   PCF     Woodland Heights Apartments                      27      89       0        0        0       4                   3.61
 68   PCF     Ulster Terrace                                   26      90       0        0        0       4                   3.61
 73   PCF     CVS/Pharmacy and Starbucks                       28      88       0        0        0       4                   3.61
 74   PCF     Baypointe at the Argyle Commerce Center          29      87       0        0        0       4                   3.61
 75   PCF     3375 Mitchell Lane                               27      89       0        0        0       4                   3.61
 77   PCF     39300 Country Club Drive                         27      89       0        0        0       4                   3.61
 85   PCF     Lock-N-Key Ministorage                           26      90       0        0        0       4                   3.61
 87   PCF     6975 South Congress Avenue                       28      88       0        0        0       4                   3.61
 89   PCF     Annapolis Extra Storage                          27      89       0        0        0       4                   3.61

<CAPTION>
                                                                                   MASTER             PRIMARY       MASTER EXCESS
LOAN                                                                             SERV. FEE           SERV. FEE        SERV. FEE
NO.   SELLER  PROPERTY NAME                                                      RATE (BPS)          RATE (BPS)      RATE (BPS)
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                                <C>                 <C>            <C>
 1    PCF     80 Park Plaza                                                         2.00                1.00
 4    PCF     Flushing Plaza                                                        2.00                1.00
 11   PCF     Veterans Square                                                       2.00                1.00
 15   PCF     St. Andrews Apartments - Phase II                                     2.00                1.00
 19   PCF     St. Andrews Apartments - Phase I                                      2.00                1.00
 23   PCF     Hedgemore Plaza                                                       2.00                1.00
 34   PCF     500 Kennedy Drive                                                     2.00                1.00
 36   PCF     North Academy III                                                     2.00                1.00
 40   PCF     Highland Orchard Apartments                                           2.00                1.00
 41   PCF     577 Winters Avenue                                                    2.00                1.00
 42   PCF     Hunters Ridge Apartment Complex                                       2.00                1.00
 53   PCF     The Ashton at West Hills Apartments                                   2.00                1.00
 56   PCF     Shores Shopping Center                                                2.00                1.00
 57   PCF     16250 W. Glendale Drive                                               2.00                1.00
 58   PCF     West Tower Plaza                                                      2.00                1.00
 63   PCF     Shadow Hill II Apartments                                             2.00                1.00
 66   PCF     Woodland Heights Apartments                                           2.00                1.00
 68   PCF     Ulster Terrace                                                        2.00                1.00
 73   PCF     CVS/Pharmacy and Starbucks                                            2.00                1.00
 74   PCF     Baypointe at the Argyle Commerce Center                               2.00                1.00
 75   PCF     3375 Mitchell Lane                                                    2.00                1.00
 77   PCF     39300 Country Club Drive                                              2.00                1.00
 85   PCF     Lock-N-Key Ministorage                                                2.00                1.00
 87   PCF     6975 South Congress Avenue                                            2.00                1.00
 89   PCF     Annapolis Extra Storage                                               2.00                1.00

<CAPTION>
                                                                                PRIMARY EXCESS      STANDBY SPECIAL       TRUSTEE
LOAN                                                                               SERV. FEE           SERV. FEE            FEE
NO.   SELLER  PROPERTY NAME                                                       RATE (BPS)          RATE (BPS)         RATE (BPS)
-----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                               <C>                 <C>                  <C>
 1    PCF     80 Park Plaza                                                                              0.00               0.31
 4    PCF     Flushing Plaza                                                                             0.00               0.31
 11   PCF     Veterans Square                                                                            0.30               0.31
 15   PCF     St. Andrews Apartments - Phase II                                                          0.30               0.31
 19   PCF     St. Andrews Apartments - Phase I                                                           0.30               0.31
 23   PCF     Hedgemore Plaza                                                                            0.30               0.31
 34   PCF     500 Kennedy Drive                                                                          0.30               0.31
 36   PCF     North Academy III                                                                          0.30               0.31
 40   PCF     Highland Orchard Apartments                                                                0.30               0.31
 41   PCF     577 Winters Avenue                                                                         0.30               0.31
 42   PCF     Hunters Ridge Apartment Complex                                                            0.30               0.31
 53   PCF     The Ashton at West Hills Apartments                                                        0.30               0.31
 56   PCF     Shores Shopping Center                                                                     0.30               0.31
 57   PCF     16250 W. Glendale Drive                                                                    0.30               0.31
 58   PCF     West Tower Plaza                                                                           0.30               0.31
 63   PCF     Shadow Hill II Apartments                                                                  0.30               0.31
 66   PCF     Woodland Heights Apartments                                                                0.30               0.31
 68   PCF     Ulster Terrace                                                                             0.30               0.31
 73   PCF     CVS/Pharmacy and Starbucks                                                                 0.30               0.31
 74   PCF     Baypointe at the Argyle Commerce Center                                                    0.30               0.31
 75   PCF     3375 Mitchell Lane                                                                         0.30               0.31
 77   PCF     39300 Country Club Drive                                                                   0.30               0.31
 85   PCF     Lock-N-Key Ministorage                                                                     0.30               0.31
 87   PCF     6975 South Congress Avenue                                                                 0.30               0.31
 89   PCF     Annapolis Extra Storage                                                                    0.30               0.31
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                                                                                                         SCHEDULE IV
BSCMSI 2002 TOP8 MORTGAGE LOAN SCHEDULE
JHREF

                                                                          AGGREGATE
LOAN                                                                       CUT-OFF         MORTGAGE       MONTHLY          NOTE
NO.   SELLER  PROPERTY NAME                                             DATE BALANCE         RATE         PAYMENT          DATE
-----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                      <C>                <C>           <C>              <C>
 7    JHREF   Sunset Towers                                              $16,986,765        7.260%      $116,085.30      08/05/2002
 9    JHREF   Cox Communications                                         $14,150,000        6.580%       $77,589.17      06/28/2002
 18   JHREF   Wal-Mart Plaza                                             $11,482,004        7.250%       $78,450.27      07/25/2002
 29   JHREF   Warner Center Office                                        $8,200,000        6.590%       $45,657.11      06/20/2002
 38   JHREF   Stimson Industrial Park                                     $7,000,000        7.160%       $42,346.76      07/16/2002
 54   JHREF   Tustin Village Apartments                                   $6,488,863        6.790%       $42,331.85      07/22/2002
 62   JHREF   Village Shopping Center                                     $4,986,030        7.850%       $36,166.75      05/30/2002
 76   JHREF   Murphy Canyon Office Building                               $3,940,105        7.610%       $27,917.11      05/03/2002
 81   JHREF   Orange T&C-Mens Wearhouse                                   $3,545,318        7.380%       $24,531.07      07/24/2002
 86   JHREF   lliff Plaza Shopping Center                                 $3,192,874        7.530%       $22,440.64      06/10/2002
 94   JHREF   Bedford Place Apartments                                    $2,795,342        6.940%       $18,515.78      07/22/2002

              TOTAL:                                                     $82,767,300

<CAPTION>
                                                                                                            ORIG.
LOAN                                                                       ORIG. TERM      REM. TERM       AMORT.
NO.   SELLER  PROPERTY NAME                                                  (MOS)           (MOS)          (MOS)         SEASONING
-----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                          <C>             <C>             <C>            <C>
 7    JHREF   Sunset Towers                                                   120             119            360              1
 9    JHREF   Cox Communications                                               60             57             IO               3
 18   JHREF   Wal-Mart Plaza                                                  132             130            360              2
 29   JHREF   Warner Center Office                                             60             57             360              3
 38   JHREF   Stimson Industrial Park                                         120             118            360              2
 54   JHREF   Tustin Village Apartments                                       120             118            360              2
 62   JHREF   Village Shopping Center                                         120             116            360              4
 76   JHREF   Murphy Canyon Office Building                                   120             116            360              4
 81   JHREF   Orange T&C-Mens Wearhouse                                       120             118            360              2
 86   JHREF   lliff Plaza Shopping Center                                     120             117            360              3
 94   JHREF   Bedford Place Apartments                                        120             118            360              2

<CAPTION>
                                                                                  PREPAYMENT DESCRIPTION
LOAN                                                           LOCKOUT                                           YM    ADMIN. COST
NO.   SELLER  PROPERTY NAME                                    PERIOD   DEF   DEF/YM1   DEF/YM   YM1    OPEN   FORMULA  RATE (BPS)
-----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>
 7    JHREF   Sunset Towers                                      60      0       0        0       57      3       A         9.01
 9    JHREF   Cox Communications                                 36      0       0        0       21      3       A         9.41
 18   JHREF   Wal-Mart Plaza                                     60      0       0        0       69      3       A        10.11
 29   JHREF   Warner Center Office                               36      0       0        0       21      3       A        10.81
 38   JHREF   Stimson Industrial Park                            60      0       0        0       57      3       A        11.01
 54   JHREF   Tustin Village Apartments                          60      0       0        0       57      3       A        11.11
 62   JHREF   Village Shopping Center                            60      0       0        0       57      3       A        11.61
 76   JHREF   Murphy Canyon Office Building                      60      0       0        0       57      3       A        12.11
 81   JHREF   Orange T&C-Mens Wearhouse                          60      0       0        0       57      3       A        12.41
 86   JHREF   lliff Plaza Shopping Center                        60      0       0        0       57      3       A        12.71
 94   JHREF   Bedford Place Apartments                           60      0       0        0       56      4       A        13.21

<CAPTION>
                                                                                    MASTER             PRIMARY       MASTER EXCESS
LOAN                                                                              SERV. FEE           SERV. FEE        SERV. FEE
NO.   SELLER  PROPERTY NAME                                                       RATE (BPS)          RATE (BPS)      RATE (BPS)
----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>
 7    JHREF   Sunset Towers                                                          2.00                1.00
 9    JHREF   Cox Communications                                                     2.00                1.00
 18   JHREF   Wal-Mart Plaza                                                         2.00                1.00
 29   JHREF   Warner Center Office                                                   2.00                1.00
 38   JHREF   Stimson Industrial Park                                                2.00                1.00
 54   JHREF   Tustin Village Apartments                                              2.00                1.00
 62   JHREF   Village Shopping Center                                                2.00                1.00
 76   JHREF   Murphy Canyon Office Building                                          2.00                1.00
 81   JHREF   Orange T&C-Mens Wearhouse                                              2.00                1.00
 86   JHREF   lliff Plaza Shopping Center                                            2.00                1.00
 94   JHREF   Bedford Place Apartments                                               2.00                1.00

<CAPTION>
                                                                                PRIMARY EXCESS      STANDBY SPECIAL        TRUSTEE
LOAN                                                                               SERV. FEE           SERV. FEE             FEE
NO.   SELLER  PROPERTY NAME                                                       RATE (BPS)          RATE (BPS)         RATE (BPS)
-----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>
 7    JHREF   Sunset Towers                                                          5.40                0.30               0.31
 9    JHREF   Cox Communications                                                     5.80                0.30               0.31
 18   JHREF   Wal-Mart Plaza                                                         6.50                0.30               0.31
 29   JHREF   Warner Center Office                                                   7.20                0.30               0.31
 38   JHREF   Stimson Industrial Park                                                7.40                0.30               0.31
 54   JHREF   Tustin Village Apartments                                              7.50                0.30               0.31
 62   JHREF   Village Shopping Center                                                8.00                0.30               0.31
 76   JHREF   Murphy Canyon Office Building                                          8.50                0.30               0.31
 81   JHREF   Orange T&C-Mens Wearhouse                                              8.80                0.30               0.31
 86   JHREF   lliff Plaza Shopping Center                                            9.10                0.30               0.31
 94   JHREF   Bedford Place Apartments                                               9.60                0.30               0.31
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                                                                                          SCHEDULE V
BSCMSI 2002 TOP8 MORTGAGE LOAN SCHEDULE
MSDWMC

                                                                          AGGREGATE
LOAN                                                                       CUT-OFF         MORTGAGE       MONTHLY           NOTE
NO.   SELLER  PROPERTY NAME                                             DATE BALANCE         RATE         PAYMENT           DATE
-----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                       <C>                <C>            <C>            <C>
 2    MSDWMC  One Seaport Plaza                                              $63,840,080       7.620%    $452,767.74     05/17/2002
 6    MSDWMC  Princeton Shopping Center                                      $19,967,372       6.500%    $126,413.60     07/30/2002
 13   MSDWMC  7650 West Latham Street                                        $13,164,354       7.700%     $94,467.22     12/01/2001
 22   MSDWMC  Macy's - Sacramento, CA                                         $9,543,779       7.550%     $71,931.11     08/01/2001
 24   MSDWMC  Boulders VIII Office Building                                   $9,373,054       7.070%     $62,981.00     05/15/2002
 26   MSDWMC  Carolina Industrial Portfolio - 3099 Finger Mill Road           $5,830,482       8.090%     $43,292.83     03/26/2002
 27   MSDWMC  Carolina Industrial Portfolio - 4301 Wilkinson Boulevard        $1,843,828       8.090%     $13,690.89     03/26/2002
 28   MSDWMC  Carolina Industrial Portfolio - 712 North Main Street           $1,046,497       8.090%      $7,770.51     03/26/2002
 30   MSDWMC  2474 Forest Avenue                                              $8,106,780       7.130%     $63,824.39     06/28/2002
 33   MSDWMC  The Centre on Plum Creek                                        $7,493,047       6.370%     $46,765.72     08/23/2002
 47   MSDWMC  Brandywine Portfolio - 80 Skyline Drive                         $1,583,617       7.300%     $10,877.73     06/07/2002
 48   MSDWMC  Brandywine Portfolio - 120 Express Street                       $1,583,617       7.300%     $10,877.73     06/07/2002
 49   MSDWMC  Brandywine Portfolio - 10 Skyline Drive                         $1,055,744       7.300%      $7,251.81     06/07/2002
 50   MSDWMC  Brandywine Portfolio - 11 Commercial Street                       $904,924       7.300%      $6,215.83     06/07/2002
 51   MSDWMC  Brandywine Portfolio - 111 Ames Court                             $829,514       7.300%      $5,697.86     06/07/2002
 52   MSDWMC  Brandywine Portfolio - 2 Engineers Lane/180 Central Avenue        $829,514       7.300%      $5,697.86     06/07/2002
 64   MSDWMC  Coral Plaza                                                     $4,592,496       6.500%     $29,075.13     07/30/2002
 65   MSDWMC  Hartwick Building                                               $4,493,560       7.050%     $30,089.87     07/24/2002
 78   MSDWMC  1000 Franklin Avenue                                            $3,590,725       7.500%     $25,171.72     05/21/2002
 79   MSDWMC  498 South Boulder Highway                                       $3,590,285       8.180%     $32,839.45     04/17/2000
 80   MSDWMC  Twin Fountains Plaza                                            $3,578,892       7.890%     $27,523.57     03/07/2002
 90   MSDWMC  1300 Iroquois Drive                                             $2,847,710       7.100%     $19,152.91     08/21/2002
 91   MSDWMC  162  Kings Highway                                              $2,845,719       6.850%     $18,674.89     07/26/2002
 95   MSDWMC  Park Plaza Medical                                              $2,794,172       7.000%     $18,628.47     06/13/2002
100   MSDWMC  Witchduck One/BB&T Office                                       $2,296,867       7.250%     $15,690.05     07/02/2002
101   MSDWMC  Oak Brook Shopping Center                                       $2,291,523       7.550%     $19,003.35     07/27/2001
112   MSDWMC  1 Elm Street                                                    $1,693,151       7.360%     $11,724.10     03/20/2002
115   MSDWMC  USA Storage                                                     $1,536,040       7.140%     $14,053.44     06/24/2002
118   MSDWMC  Devon Portfolio - 5435 Blanding Boulevard                         $641,829       7.670%     $10,425.00     07/10/2001
119   MSDWMC  Devon Portfolio - 600 Fee Street                                  $547,243       7.670%      $9,571.39     07/10/2001

              TOTAL:                                                        $184,336,415

<CAPTION>
                                                                                                              ORIG.
LOAN                                                                           ORIG. TERM     REM. TERM       AMORT.
NO.   SELLER  PROPERTY NAME                                                      (MOS)          (MOS)         (MOS)       SEASONING
-----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                              <C>            <C>             <C>         <C>
 2    MSDWMC  One Seaport Plaza                                                   120            116           360            4
 6    MSDWMC  Princeton Shopping Center                                           120            118           360            2
 13   MSDWMC  7650 West Latham Street                                             120            110           360            10
 22   MSDWMC  Macy's - Sacramento, CA                                             123            109           300            14
 24   MSDWMC  Boulders VIII Office Building                                       120            116           360            4
 26   MSDWMC  Carolina Industrial Portfolio - 3099 Finger Mill Road               120            114           360            6
 27   MSDWMC  Carolina Industrial Portfolio - 4301 Wilkinson Boulevard            120            114           360            6
 28   MSDWMC  Carolina Industrial Portfolio - 712 North Main Street               120            114           360            6
 30   MSDWMC  2474 Forest Avenue                                                  120            117           240            3
 33   MSDWMC  The Centre on Plum Creek                                            120            119           360            1
 47   MSDWMC  Brandywine Portfolio - 80 Skyline Drive                             120            117           360            3
 48   MSDWMC  Brandywine Portfolio - 120 Express Street                           120            117           360            3
 49   MSDWMC  Brandywine Portfolio - 10 Skyline Drive                             120            117           360            3
 50   MSDWMC  Brandywine Portfolio - 11 Commercial Street                         120            117           360            3
 51   MSDWMC  Brandywine Portfolio - 111 Ames Court                               120            117           360            3
 52   MSDWMC  Brandywine Portfolio - 2 Engineers Lane/180 Central Avenue          120            117           360            3
 64   MSDWMC  Coral Plaza                                                         120            118           360            2
 65   MSDWMC  Hartwick Building                                                   120            118           360            2
 78   MSDWMC  1000 Franklin Avenue                                                120            116           360            4
 79   MSDWMC  498 South Boulder Highway                                           120             91           360            29
 80   MSDWMC  Twin Fountains Plaza                                                120            114           300            6
 90   MSDWMC  1300 Iroquois Drive                                                 120            119           360            1
 91   MSDWMC  162  Kings Highway                                                  120            118           360            2
 95   MSDWMC  Park Plaza Medical                                                  120            117           360            3
100   MSDWMC  Witchduck One/BB&T Office                                           120            118           360            2
101   MSDWMC  Oak Brook Shopping Center                                           120            106           240            14
112   MSDWMC  1 Elm Street                                                        120            114           360            6
115   MSDWMC  USA Storage                                                         120            117           180            3
118   MSDWMC  Devon Portfolio - 5435 Blanding Boulevard                           108             93            93            15
119   MSDWMC  Devon Portfolio - 600 Fee Street                                    108             93            86            15

<CAPTION>
                                                                                   PREPAYMENT DESCRIPTION
LOAN                                                                    LOCKOUT                                    YM    ADMIN. COST
NO.   SELLER  PROPERTY NAME                                             PERIOD  DEF  DEF/YM1  DEF/YM  YM1  OPEN  FORMULA  RATE (BPS)
------------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                       <C>    <C>   <C>      <C>     <C>   <C>   <C>      <C>
 2    MSDWMC  One Seaport Plaza                                           28    88      0       0      0     4                5.27
 6    MSDWMC  Princeton Shopping Center                                   26    90      0       0      0     4                3.31
 13   MSDWMC  7650 West Latham Street                                     34    82      0       0      0     4                3.61
 22   MSDWMC  Macy's - Sacramento, CA                                     38    78      0       0      0     7                3.61
 24   MSDWMC  Boulders VIII Office Building                               28    88      0       0      0     4                3.61
 26   MSDWMC  Carolina Industrial Portfolio - 3099 Finger Mill Road       30    86      0       0      0     4                3.61
 27   MSDWMC  Carolina Industrial Portfolio - 4301 Wilkinson Boulevard    30    86      0       0      0     4                3.61
 28   MSDWMC  Carolina Industrial Portfolio - 712 North Main Street       30    86      0       0      0     4                3.61
 30   MSDWMC  2474 Forest Avenue                                          27    89      0       0      0     4                3.61
 33   MSDWMC  The Centre on Plum Creek                                    25    91      0       0      0     4                3.61
 47   MSDWMC  Brandywine Portfolio - 80 Skyline Drive                     27    89      0       0      0     4                3.61
 48   MSDWMC  Brandywine Portfolio - 120 Express Street                   27    89      0       0      0     4                3.61
 49   MSDWMC  Brandywine Portfolio - 10 Skyline Drive                     27    89      0       0      0     4                3.61
 50   MSDWMC  Brandywine Portfolio - 11 Commercial Street                 27    89      0       0      0     4                3.61
 51   MSDWMC  Brandywine Portfolio - 111 Ames Court                       27    89      0       0      0     4                3.61
 52   MSDWMC  Brandywine Portfolio - 2 Engineers Lane/180 Central Avenue  27    89      0       0      0     4                3.61
 64   MSDWMC  Coral Plaza                                                 26    90      0       0      0     4                3.61
 65   MSDWMC  Hartwick Building                                           26    90      0       0      0     4                3.61
 78   MSDWMC  1000 Franklin Avenue                                        28    87      0       0      0     5                3.61
 79   MSDWMC  498 South Boulder Highway                                   53    63      0       0      0     4                3.61
 80   MSDWMC  Twin Fountains Plaza                                        30    86      0       0      0     4                3.61
 90   MSDWMC  1300 Iroquois Drive                                         25    88      0       0      0     7                3.61
 91   MSDWMC  162  Kings Highway                                          26    90      0       0      0     4                3.61
 95   MSDWMC  Park Plaza Medical                                          27    89      0       0      0     4                3.61
100   MSDWMC  Witchduck One/BB&T Office                                   26    90      0       0      0     4               13.61
101   MSDWMC  Oak Brook Shopping Center                                   38    78      0       0      0     4                3.61
112   MSDWMC  1 Elm Street                                                30    86      0       0      0     4                3.61
115   MSDWMC  USA Storage                                                 27    89      0       0      0     4                3.61
118   MSDWMC  Devon Portfolio - 5435 Blanding Boulevard                   39    62      0       0      0     7                3.61
119   MSDWMC  Devon Portfolio - 600 Fee Street                            39    62      0       0      0     7                3.61

<CAPTION>
                                                                                   MASTER             PRIMARY       MASTER EXCESS
LOAN                                                                             SERV. FEE           SERV. FEE        SERV. FEE
NO.   SELLER  PROPERTY NAME                                                      RATE (BPS)          RATE (BPS)       RATE (BPS)
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                                <C>                 <C>            <C>
 2    MSDWMC  One Seaport Plaza                                                     2.00                0.00             3.00
 6    MSDWMC  Princeton Shopping Center                                             2.00                1.00
 13   MSDWMC  7650 West Latham Street                                               2.00                1.00
 22   MSDWMC  Macy's - Sacramento, CA                                               2.00                1.00
 24   MSDWMC  Boulders VIII Office Building                                         2.00                1.00
 26   MSDWMC  Carolina Industrial Portfolio - 3099 Finger Mill Road                 2.00                1.00
 27   MSDWMC  Carolina Industrial Portfolio - 4301 Wilkinson Boulevard              2.00                1.00
 28   MSDWMC  Carolina Industrial Portfolio - 712 North Main Street                 2.00                1.00
 30   MSDWMC  2474 Forest Avenue                                                    2.00                1.00
 33   MSDWMC  The Centre on Plum Creek                                              2.00                1.00
 47   MSDWMC  Brandywine Portfolio - 80 Skyline Drive                               2.00                1.00
 48   MSDWMC  Brandywine Portfolio - 120 Express Street                             2.00                1.00
 49   MSDWMC  Brandywine Portfolio - 10 Skyline Drive                               2.00                1.00
 50   MSDWMC  Brandywine Portfolio - 11 Commercial Street                           2.00                1.00
 51   MSDWMC  Brandywine Portfolio - 111 Ames Court                                 2.00                1.00
 52   MSDWMC  Brandywine Portfolio - 2 Engineers Lane/180 Central Avenue            2.00                1.00
 64   MSDWMC  Coral Plaza                                                           2.00                1.00
 65   MSDWMC  Hartwick Building                                                     2.00                1.00
 78   MSDWMC  1000 Franklin Avenue                                                  2.00                1.00
 79   MSDWMC  498 South Boulder Highway                                             2.00                1.00
 80   MSDWMC  Twin Fountains Plaza                                                  2.00                1.00
 90   MSDWMC  1300 Iroquois Drive                                                   2.00                1.00
 91   MSDWMC  162  Kings Highway                                                    2.00                1.00
 95   MSDWMC  Park Plaza Medical                                                    2.00                1.00
100   MSDWMC  Witchduck One/BB&T Office                                             2.00               10.00             1.00
101   MSDWMC  Oak Brook Shopping Center                                             2.00                1.00
112   MSDWMC  1 Elm Street                                                          2.00                1.00
115   MSDWMC  USA Storage                                                           2.00                1.00
118   MSDWMC  Devon Portfolio - 5435 Blanding Boulevard                             2.00                1.00
119   MSDWMC  Devon Portfolio - 600 Fee Street                                      2.00                1.00

<CAPTION>
                                                                               PRIMARY EXCESS     STANDBY SPECIAL        TRUSTEE
LOAN                                                                             SERV. FEE           SERV. FEE             FEE
NO.   SELLER  PROPERTY NAME                                                      RATE (BPS)          RATE (BPS)         RATE (BPS)
----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>     <C>                                                              <C>               <C>                    <C>
 2    MSDWMC  One Seaport Plaza                                                                         0.00               0.27
 6    MSDWMC  Princeton Shopping Center                                                                 0.00               0.31
 13   MSDWMC  7650 West Latham Street                                                                   0.30               0.31
 22   MSDWMC  Macy's - Sacramento, CA                                                                   0.30               0.31
 24   MSDWMC  Boulders VIII Office Building                                                             0.30               0.31
 26   MSDWMC  Carolina Industrial Portfolio - 3099 Finger Mill Road                                     0.30               0.31
 27   MSDWMC  Carolina Industrial Portfolio - 4301 Wilkinson Boulevard                                  0.30               0.31
 28   MSDWMC  Carolina Industrial Portfolio - 712 North Main Street                                     0.30               0.31
 30   MSDWMC  2474 Forest Avenue                                                                        0.30               0.31
 33   MSDWMC  The Centre on Plum Creek                                                                  0.30               0.31
 47   MSDWMC  Brandywine Portfolio - 80 Skyline Drive                                                   0.30               0.31
 48   MSDWMC  Brandywine Portfolio - 120 Express Street                                                 0.30               0.31
 49   MSDWMC  Brandywine Portfolio - 10 Skyline Drive                                                   0.30               0.31
 50   MSDWMC  Brandywine Portfolio - 11 Commercial Street                                               0.30               0.31
 51   MSDWMC  Brandywine Portfolio - 111 Ames Court                                                     0.30               0.31
 52   MSDWMC  Brandywine Portfolio - 2 Engineers Lane/180 Central Avenue                                0.30               0.31
 64   MSDWMC  Coral Plaza                                                                               0.30               0.31
 65   MSDWMC  Hartwick Building                                                                         0.30               0.31
 78   MSDWMC  1000 Franklin Avenue                                                                      0.30               0.31
 79   MSDWMC  498 South Boulder Highway                                                                 0.30               0.31
 80   MSDWMC  Twin Fountains Plaza                                                                      0.30               0.31
 90   MSDWMC  1300 Iroquois Drive                                                                       0.30               0.31
 91   MSDWMC  162  Kings Highway                                                                        0.30               0.31
 95   MSDWMC  Park Plaza Medical                                                                        0.30               0.31
100   MSDWMC  Witchduck One/BB&T Office                                                                 0.30               0.31
101   MSDWMC  Oak Brook Shopping Center                                                                 0.30               0.31
112   MSDWMC  1 Elm Street                                                                              0.30               0.31
115   MSDWMC  USA Storage                                                                               0.30               0.31
118   MSDWMC  Devon Portfolio - 5435 Blanding Boulevard                                                 0.30               0.31
119   MSDWMC  Devon Portfolio - 600 Fee Street                                                          0.30               0.31
</TABLE>

<PAGE>

                                   SCHEDULE VI

                      LIST OF ESCROW ACCOUNTS NOT CURRENTLY
                                ELIGIBLE ACCOUNTS

BSCMI - NONE

MSDWMC - NONE

PRINCIPAL - NONE

WELLS FARGO - NONE

JHREF

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
LOAN NUMBER       LOAN NAME         CORRESPONDENT                ESCROW / RESERVE NOT HELD BY WACHOVIA
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                <C>                    <C>
 3212855       Sunset Towers      Pacific Southwest      Holding a Letter of Credit in the amount of $300,000 at Mellon Bank N.A.
                                                         for the T/I LC Agreement.
------------------------------------------------------------------------------------------------------------------------------------
 3212846       Cox Communities    JHREF - Bethesda       Escrow requirements are suspended.
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                  SCHEDULE VII

                           CERTAIN ESCROW ACCOUNTS FOR
                       WHICH A REPORT UNDER SECTION 5.1(G)
                                   IS REQUIRED

BSCMI - NONE

JHREF - NONE

WELLS FARGO - NONE

PRINCIPAL

            LOAN NO.                                     PROPERTY NAME
 -------------------------------------------------------------------------------
               4                        Flushing Plaza
               34                       500 Kennedy Drive
               23                       Hedgemore Plaza
               53                       The Ashton at West Hills Apartments
               74                       Baypointe at the Argyle Commerce Center
               1                        80 Park Plaza
               77                       39300 Country Club Drive
               11                       Veterans Square
               40                       Highland Orchard Apartments

MSDWMC

            LOAN NO.                                     PROPERTY NAME
 -------------------------------------------------------------------------------
             47-52                      Brandywine Portfolio
               79                       498 South Boulder Highway

<PAGE>

                                  SCHEDULE VIII

                     LIST OF MORTGAGORS THAT ARE THIRD PARTY
                       BENEFICIARIES UNDER SECTION 2.3(A)

WELLS - NONE

PRINCIPAL - NONE=

JHREF - NONE

MSDWMC - DEVON PORTFOLIO (MORTGAGE LOANS #118 AND #119)

BSCMI - MCCLELLAN PORTFOLIO (MORTGAGE LOANS #43, #44, #45 AND #46)

<PAGE>

                                   SCHEDULE IX

            RATES USED IN DETERMINATION OF CLASS X PASS-THROUGH RATES
               ("CLASS X-1 STRIP RATE" AND "CLASS X-2 STRIP RATE")

                       11/15/02                          7.11631%
                       12/15/02                          6.90589%
                       01/15/03                          6.90592%
                       02/15/03                          6.90596%
                       03/15/03                          6.90660%
                       04/15/03                          7.11646%
                       05/15/03                          6.90606%
                       06/15/03                          7.11653%
                       07/15/03                          6.90614%
                       08/15/03                          7.11659%
                       09/15/03                          7.11663%
                       10/15/03                          6.90625%
                       11/15/03                          7.11670%
                       12/15/03                          6.90633%
                       01/15/04                          7.11677%
                       02/15/04                          6.90641%
                       03/15/04                          6.90668%
                       04/15/04                          7.11690%
                       05/15/04                          6.90655%
                       06/15/04                          7.11699%
                       07/15/04                          6.90665%
                       08/15/04                          7.11708%
                       09/15/04                          7.11713%
                       10/15/04                          6.90681%
        For any Distribution Date on or after
                       11/15/04                             0%

<PAGE>

                                   SCHEDULE X

            RATES USED IN DETERMINATION OF CLASS X PASS-THROUGH RATES
               ("CLASS X-1 STRIP RATE" AND "CLASS X-2 STRIP RATE")

                      11/15/02                          7.11631%
                      12/15/02                          6.90589%
                      01/15/03                          6.90592%
                      02/15/03                          6.90596%
                      03/15/03                          6.90660%
                      04/15/03                          7.11646%
                      05/15/03                          6.90606%
                      06/15/03                          7.11653%
                      07/15/03                          6.90614%
                      08/15/03                          7.11659%
                      09/15/03                          7.11663%
                      10/15/03                          6.90625%
                      11/15/03                          7.11670%
                      12/15/03                          6.90633%
                      01/15/04                          7.11677%
                      02/15/04                          6.90641%
                      03/15/04                          6.90668%
                      04/15/04                          7.11690%
                      05/15/04                          6.90655%
                      06/15/04                          7.11699%
                      07/15/04                          6.90665%
                      08/15/04                          7.11708%
                      09/15/04                          7.11713%
                      10/15/04                          6.90681%
                      11/15/04                          7.11723%
                      12/15/04                          6.90692%
                      01/15/05                          6.90697%
                      02/15/05                          6.90702%
                      03/15/05                          6.90779%
                      04/15/05                          7.11747%
                      05/15/05                          6.90717%
                      06/15/05                          7.11757%
                      07/15/05                          6.90728%
                      08/15/05                          7.11767%
                      09/15/05                          7.11772%
                      10/15/05                          6.90745%
       For any Distribution Date on or after
                      11/15/05                             0%

<PAGE>

                                   SCHEDULE XI

            RATES USED IN DETERMINATION OF CLASS X PASS-THROUGH RATES
               ("CLASS X-1 STRIP RATE" AND "CLASS X-2 STRIP RATE")

                       11/15/02                         7.11631%
                       12/15/02                         6.90589%
                       01/15/03                         6.90592%
                       02/15/03                         6.90596%
                       03/15/03                         6.90660%
                       04/15/03                         7.11646%
                       05/15/03                         6.90606%
                       06/15/03                         7.11653%
                       07/15/03                         6.90614%
                       08/15/03                         7.11659%
                       09/15/03                         7.11663%
                       10/15/03                         6.90625%
                       11/15/03                         7.11670%
                       12/15/03                         6.90633%
                       01/15/04                         7.11677%
                       02/15/04                         6.90641%
                       03/15/04                         6.90668%
                       04/15/04                         7.11690%
                       05/15/04                         6.90655%
                       06/15/04                         7.11699%
                       07/15/04                         6.90665%
                       08/15/04                         7.11708%
                       09/15/04                         7.11713%
                       10/15/04                         6.90681%
                       11/15/04                         7.11723%
                       12/15/04                         6.90692%
                       01/15/05                         6.90697%
                       02/15/05                         6.90702%
                       03/15/05                         6.90779%
                       04/15/05                         7.11747%
                       05/15/05                         6.90717%
                       06/15/05                         7.11757%
                       07/15/05                         6.90728%
                       08/15/05                         7.11767%
                       09/15/05                         7.11772%
                       10/15/05                         6.90745%
                       11/15/05                         7.11783%
                       12/15/05                         6.90756%
                       01/15/06                         6.90761%
                       02/15/06                         6.90767%
                       03/15/06                         6.90851%
                       04/15/06                         7.11807%
                       05/15/06                         6.90783%
                       06/15/06                         7.11817%
                       07/15/06                         6.90795%
                       08/15/06                         7.11828%
                       09/15/06                         7.11834%
                       10/15/06                         6.90812%
          For any Distribution Date on or after
                       11/15/06                               0%

<PAGE>

                                  SCHEDULE XII

            RATES USED IN DETERMINATION OF CLASS X PASS-THROUGH RATES
               ("CLASS X-1 STRIP RATE" AND "CLASS X-2 STRIP RATE")

                       11/15/02                         7.11631%
                       12/15/02                         6.90589%
                       01/15/03                         6.90592%
                       02/15/03                         6.90596%
                       03/15/03                         6.90660%
                       04/15/03                         7.11646%
                       05/15/03                         6.90606%
                       06/15/03                         7.11653%
                       07/15/03                         6.90614%
                       08/15/03                         7.11659%
                       09/15/03                         7.11663%
                       10/15/03                         6.90625%
                       11/15/03                         7.11670%
                       12/15/03                         6.90633%
                       01/15/04                         7.11677%
                       02/15/04                         6.90641%
                       03/15/04                         6.90668%
                       04/15/04                         7.11690%
                       05/15/04                         6.90655%
                       06/15/04                         7.11699%
                       07/15/04                         6.90665%
                       08/15/04                         7.11708%
                       09/15/04                         7.11713%
                       10/15/04                         6.90681%
                       11/15/04                         7.11723%
                       12/15/04                         6.90692%
                       01/15/05                         6.90697%
                       02/15/05                         6.90702%
                       03/15/05                         6.90779%
                       04/15/05                         7.11747%
                       05/15/05                         6.90717%
                       06/15/05                         7.11757%
                       07/15/05                         6.90728%
                       08/15/05                         7.11767%
                       09/15/05                         7.11772%
                       10/15/05                         6.90745%
                       11/15/05                         7.11783%
                       12/15/05                         6.90756%
                       01/15/06                         6.90761%
                       02/15/06                         6.90767%
                       03/15/06                         6.90851%
                       04/15/06                         7.11807%
                       05/15/06                         6.90783%
                       06/15/06                         7.11817%
                       07/15/06                         6.90795%
                       08/15/06                         7.11828%
                       09/15/06                         7.11834%
                       10/15/06                         6.90812%
                       11/15/06                         7.11844%

<PAGE>

                       12/15/06                         6.90823%
                       01/15/07                         6.90829%
                       02/15/07                         6.90835%
                       03/15/07                         6.90927%
                       04/15/07                         7.11869%
                       05/15/07                         6.90851%
                       06/15/07                         7.11879%
                       07/15/07                         6.90863%
                       08/15/07                         7.13589%
                       09/15/07                         7.13597%
                       10/15/07                         6.92199%
        For any Distribution Date on or after
                       11/15/07                            0%

<PAGE>

                                  SCHEDULE XIII

            RATES USED IN DETERMINATION OF CLASS X PASS-THROUGH RATES

               ("CLASS X-1 STRIP RATE" AND "CLASS X-2 STRIP RATE")

                       11/15/02                         7.11631%
                       12/15/02                         6.90589%
                       01/15/03                         6.90592%
                       02/15/03                         6.90596%
                       03/15/03                         6.90660%
                       04/15/03                         7.11646%
                       05/15/03                         6.90606%
                       06/15/03                         7.11653%
                       07/15/03                         6.90614%
                       08/15/03                         7.11659%
                       09/15/03                         7.11663%
                       10/15/03                         6.90625%
                       11/15/03                         7.11670%
                       12/15/03                         6.90633%
                       01/15/04                         7.11677%
                       02/15/04                         6.90641%
                       03/15/04                         6.90668%
                       04/15/04                         7.11690%
                       05/15/04                         6.90655%
                       06/15/04                         7.11699%
                       07/15/04                         6.90665%
                       08/15/04                         7.11708%
                       09/15/04                         7.11713%
                       10/15/04                         6.90681%
                       11/15/04                         7.11723%
                       12/15/04                         6.90692%
                       01/15/05                         6.90697%
                       02/15/05                         6.90702%
                       03/15/05                         6.90779%
                       04/15/05                         7.11747%
                       05/15/05                         6.90717%
                       06/15/05                         7.11757%
                       07/15/05                         6.90728%
                       08/15/05                         7.11767%
                       09/15/05                         7.11772%
                       10/15/05                         6.90745%
                       11/15/05                         7.11783%
                       12/15/05                         6.90756%
                       01/15/06                         6.90761%
                       02/15/06                         6.90767%
                       03/15/06                         6.90851%
                       04/15/06                         7.11807%
                       05/15/06                         6.90783%
                       06/15/06                         7.11817%
                       07/15/06                         6.90795%
                       08/15/06                         7.11828%
                       09/15/06                         7.11834%
                       10/15/06                         6.90812%
                       11/15/06                         7.11844%

<PAGE>

                       12/15/06                         6.90823%
                       01/15/07                         6.90829%
                       02/15/07                         6.90835%
                       03/15/07                         6.90927%
                       04/15/07                         7.11869%
                       05/15/07                         6.90851%
                       06/15/07                         7.11879%
                       07/15/07                         6.90863%
                       08/15/07                         7.13589%
                       09/15/07                         7.13597%
                       10/15/07                         6.92199%
                       11/15/07                         7.13612%
                       12/15/07                         6.92214%
                       01/15/08                         7.13627%
                       02/15/08                         6.92229%
                       03/15/08                         6.92270%
                       04/15/08                         7.13650%
                       05/15/08                         6.92252%
                       06/15/08                         7.13666%
                       07/15/08                         6.92268%
                       08/15/08                         7.13682%
                       09/15/08                         7.13690%
                       10/15/08                         6.92292%
        For any Distribution Date on or after
                       11/15/08                            0%

<PAGE>

                                  SCHEDULE XIV

            RATES USED IN DETERMINATION OF CLASS X PASS-THROUGH RATES

               ("CLASS X-1 STRIP RATE" AND "CLASS X-2 STRIP RATE")

                       11/15/02                         7.11631%
                       12/15/02                         6.90589%
                       01/15/03                         6.90592%
                       02/15/03                         6.90596%
                       03/15/03                         6.90660%
                       04/15/03                         7.11646%
                       05/15/03                         6.90606%
                       06/15/03                         7.11653%
                       07/15/03                         6.90614%
                       08/15/03                         7.11659%
                       09/15/03                         7.11663%
                       10/15/03                         6.90625%
                       11/15/03                         7.11670%
                       12/15/03                         6.90633%
                       01/15/04                         7.11677%
                       02/15/04                         6.90641%
                       03/15/04                         6.90668%
                       04/15/04                         7.11690%
                       05/15/04                         6.90655%
                       06/15/04                         7.11699%
                       07/15/04                         6.90665%
                       08/15/04                         7.11708%
                       09/15/04                         7.11713%
                       10/15/04                         6.90681%
                       11/15/04                         7.11723%
                       12/15/04                         6.90692%
                       01/15/05                         6.90697%
                       02/15/05                         6.90702%
                       03/15/05                         6.90779%
                       04/15/05                         7.11747%
                       05/15/05                         6.90717%
                       06/15/05                         7.11757%
                       07/15/05                         6.90728%
                       08/15/05                         7.11767%
                       09/15/05                         7.11772%
                       10/15/05                         6.90745%
                       11/15/05                         7.11783%
                       12/15/05                         6.90756%
                       01/15/06                         6.90761%
                       02/15/06                         6.90767%
                       03/15/06                         6.90851%
                       04/15/06                         7.11807%
                       05/15/06                         6.90783%
                       06/15/06                         7.11817%
                       07/15/06                         6.90795%
                       08/15/06                         7.11828%
                       09/15/06                         7.11834%
                       10/15/06                         6.90812%
                       11/15/06                         7.11844%

<PAGE>

                       12/15/06                         6.90823%
                       01/15/07                         6.90829%
                       02/15/07                         6.90835%
                       03/15/07                         6.90927%
                       04/15/07                         7.11869%
                       05/15/07                         6.90851%
                       06/15/07                         7.11879%
                       07/15/07                         6.90863%
                       08/15/07                         7.13589%
                       09/15/07                         7.13597%
                       10/15/07                         6.92199%
                       11/15/07                         7.13612%
                       12/15/07                         6.92214%
                       01/15/08                         7.13627%
                       02/15/08                         6.92229%
                       03/15/08                         6.92270%
                       04/15/08                         7.13650%
                       05/15/08                         6.92252%
                       06/15/08                         7.13666%
                       07/15/08                         6.92268%
                       08/15/08                         7.13682%
                       09/15/08                         7.13690%
                       10/15/08                         6.92292%
                       11/15/08                         7.13706%
                       12/15/08                         6.92308%
                       01/15/09                         6.92316%
                       02/15/09                         6.92324%
                       03/15/09                         6.92439%
                       04/15/09                         7.13746%
                       05/15/09                         6.92348%
                       06/15/09                         7.13762%
                       07/15/09                         6.92365%
                       08/15/09                         7.13779%
                       09/15/09                         7.13788%
                       10/15/09                         6.92390%
        For any Distribution Date on or after
                       11/15/09                            0%

<PAGE>

                                   SCHEDULE XV

            RATES USED IN DETERMINATION OF CLASS X PASS-THROUGH RATES
               ("CLASS X-1 STRIP RATE" AND "CLASS X-2 STRIP RATE")

                  11/15/02                              7.11631%
                  12/15/02                              6.90589%
                  01/15/03                              6.90592%
                  02/15/03                              6.90596%
                  03/15/03                              6.90660%
                  04/15/03                              7.11646%
                  05/15/03                              6.90606%
                  06/15/03                              7.11653%
                  07/15/03                              6.90614%
                  08/15/03                              7.11659%
                  09/15/03                              7.11663%
                  10/15/03                              6.90625%
                  11/15/03                              7.11670%
                  12/15/03                              6.90633%
                  01/15/04                              7.11677%
                  02/15/04                              6.90641%
                  03/15/04                              6.90668%
                  04/15/04                              7.11690%
                  05/15/04                              6.90655%
                  06/15/04                              7.11699%
                  07/15/04                              6.90665%
                  08/15/04                              7.11708%
                  09/15/04                              7.11713%
                  10/15/04                              6.90681%
                  11/15/04                              7.11723%
                  12/15/04                              6.90692%
                  01/15/05                              6.90697%
                  02/15/05                              6.90702%
                  03/15/05                              6.90779%
                  04/15/05                              7.11747%
                  05/15/05                              6.90717%
                  06/15/05                              7.11757%
                  07/15/05                              6.90728%
                  08/15/05                              7.11767%
                  09/15/05                              7.11772%
                  10/15/05                              6.90745%
                  11/15/05                              7.11783%
                  12/15/05                              6.90756%
                  01/15/06                              6.90761%
                  02/15/06                              6.90767%
                  03/15/06                              6.90851%
                  04/15/06                              7.11807%
                  05/15/06                              6.90783%
                  06/15/06                              7.11817%
                  07/15/06                              6.90795%
                  08/15/06                              7.11828%
                  09/15/06                              7.11834%
                  10/15/06                              6.90812%
                  11/15/06                              7.11844%
                  12/15/06                              6.90823%
                  01/15/07                              6.90829%
<PAGE>

                  02/15/07                              6.90835%
                  03/15/07                              6.90927%
                  04/15/07                              7.11869%
                  05/15/07                              6.90851%
                  06/15/07                              7.11879%
                  07/15/07                              6.90863%
                  08/15/07                              7.13589%
                  09/15/07                              7.13597%
                  10/15/07                              6.92199%
                  11/15/07                              7.13612%
                  12/15/07                              6.92214%
                  01/15/08                              7.13627%
                  02/15/08                              6.92229%
                  03/15/08                              6.92270%
                  04/15/08                              7.13650%
                  05/15/08                              6.92252%
                  06/15/08                              7.13666%
                  07/15/08                              6.92268%
                  08/15/08                              7.13682%
                  09/15/08                              7.13690%
                  10/15/08                              6.92292%
                  11/15/08                              7.13706%
                  12/15/08                              6.92308%
                  01/15/09                              6.92316%
                  02/15/09                              6.92324%
                  03/15/09                              6.92439%
                  04/15/09                              7.13746%
                  05/15/09                              6.92348%
                  06/15/09                              7.13762%
                  07/15/09                              6.92365%
                  08/15/09                              7.13779%
                  09/15/09                              7.13788%
                  10/15/09                              6.92390%
                  11/15/09                              7.13805%
                  12/15/09                              6.92407%
                  01/15/10                              6.92415%
                  02/15/10                              6.92335%
                  03/15/10                              6.92259%
                  04/15/10                              7.13298%
                  05/15/10                              6.91929%
                  06/15/10                              7.13318%
                  07/15/10                              6.91949%
                  08/15/10                              7.13339%
                  09/15/10                              7.13351%
                  10/15/10                              6.88707%

<PAGE>

                                  SCHEDULE XVI

          MORTGAGE LOANS SECURED BY MORTGAGED PROPERTIES COVERED BY AN
                         ENVIRONMENTAL INSURANCE POLICY

                            [Available Upon Request]

<PAGE>

                                  SCHEDULE XVII

     LIST OF MORTGAGE LOANS THAT HAVE SCHEDULED PAYMENTS AFTER THE END OF A
                               COLLECTION PERIOD

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                                                               DEBT                     BALLOON
                                                                           DEBT SERVICE      SERVICE       BALLOON      PAYMENT
                                                                           PAYMENT GRACE      GRACE     PAYMENT GRACE    GRACE
                                                                              PERIOD TO      PERIOD TO     PERIOD TO    PERIOD TO
LOAN POOL  MORTGAGE LOAN                                                    IMPOSE LATE       CALL A     IMPOSE LATE     CALL A
   NO.        SELLER                PROPERTY NAME            DUE DATE         CHARGE         DEFAULT       CHARGE       DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>                                 <C>                 <C>          <C>            <C>         <C>
     1    PCF            80 Park Plaza                       1st                 0            (1)            (2)         (1)
   102    BSCMI          539-541 Burnside Avenue             1st                10             10             10           0
    23    PCF            Hedgemore Plaza                     1st                15              5             15           5
    66    PCF            Woodland Heights Apartments         1st                15              5             15           5
   121    WFB            CVS Pharmacy                        1st                15              5             15           0
</TABLE>

(1) The later of 5 days or 2 days after notice is sent (after 3 consecutive
notices are given no further notices are required until
 the borrower has made payments when due for 12 consecutive months.)
(2) 0 - except the borrower is allowed 2 five day grace periods within a twelve
month period before late fees are assessed.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]