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                                                                   EXHIBIT 10.2

                           FITTINGS FACILITY SUBLEASE

                  THIS SUBLEASE is made and entered into as of this 9th day of
May, 2003, by and between Metaldyne Company LLC, a Delaware limited liability
company ("LANDLORD"), and Fittings Products Co., LLC, a Delaware limited
liability company ("TENANT").

1.       DEFINITIONS.

A. Premises: That certain land (the "LAND") situated in the City of Livonia,
County of Wayne and State of Michigan and more particularly described in Annex 1
attached hereto, together with a building containing approximately 60,390 square
feet (the "BUILDING") and all other existing and future improvements and rights
described in the Prime Lease as the "DEMISED PREMISES."

B. Tenant's Address (for notices): 39400 Woodward Avenue, Suite 130, Bloomfield
Hills, MI 48304.

C. Landlord's Address (for notices): 47603 Halyard Drive, Plymouth, Michigan
48170, Attn: Chief Financial Officer.

D. Prime Landlord: Kojaian MD Livonia, L.L.C.

E. Prime Landlord's Address (for notices): c/o Kojaian Management Corporation,
39400 Woodward Avenue, Suite 250, Bloomfield Hills, Michigan 48304, Attn: C.
Michael Kojaian.

F. Prime Lease and all amendments thereto: Lease dated, January 23, 2002, by and
between Prime Landlord and Landlord, and all amendments, amendments and
restatements and supplements thereto, in accordance with the provisions of this
Sublease.

G. Master Lease: That certain Master Lease Agreement referenced in the Prime
Lease, as amended by that certain Amendment to Master Lease Agreement, dated
June 6, 2002, and all further amendments, amendments and restatements and
supplements thereto, in accordance with the provisions of this Sublease.

H. Term: For the remainder of the term of the Prime Lease (including all renewal
terms exercised pursuant to the provisions of the Prime Lease), minus one (1)
day.

I. Commencement Date: The Effective Time (as defined in the Asset Purchase
Agreement).

J. Termination Date: One (1) day less than the term of the Prime Lease,
including all renewal terms exercised pursuant to the terms and conditions of
this Sublease.

K. Rent: The "RENT," as defined in the Prime Lease, and all other payment
obligations of the Landlord under the Prime Lease including but not limited to,
(i) the asset management fee described in Section (a)(i) of the Prime Lease and
(ii) the obligation to pay Taxes and utilities as described in Section 5 of the
Prime Lease.

L. Payee of Rent: The Prime Landlord.

M. Address for Payment of Rent: c/o Kojaian Management Corporation, 39400
Woodward Avenue, Suite 250, Bloomfield Hills, Michigan 48304, Attn: C. Michael
Kojaian.

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N. Security Deposit: Forty Three Thousand Five Hundred and Three 00/100 Dollars
($43,503.00) in the form of cash or a letter of credit issued by an "APPROVED
BANK" as defined in the Prime Lease.

O. Tenant's Use: All uses permitted by the Prime Lease.

P. Asset Purchase Agreement: The Asset Purchase Agreement, dated as of May 9,
2003, by and among Trimas Corporation, Metaldyne Corporation and Metaldyne
Company LLC.

Q. Losses: Any and all damages, losses, deficiencies, Liabilities, obligations,
penalties, judgments, settlements, claims, payments, fines, interest, costs and
expenses (including, without limitation, the costs and expenses of any and all
Actions (as defined in the Asset Purchase Agreement) and demands, assessments,
judgments, settlements and compromises relating thereto and the reasonable costs
and expenses of attorneys', accountants', consultants' and other professionals'
fees and expenses incurred in the investigation or defense thereof or the
enforcement of rights hereunder), including direct and consequential damages,
but excluding punitive damages (other than punitive damages awarded to any third
party against an Indemnified Party or a Tenant Indemnified Party).

R. Liabilities: Any and all indebtedness, liabilities or obligations, whether
accrued, fixed or contingent, mature or inchoate, known or unknown, reflected on
a balance sheet or otherwise, including, but not limited to, those arising under
any law, rule, regulation, Action (as defined in the Asset Purchase Agreement),
order, injunction or consent decree of any Governmental Authority (as defined in
the Asset Purchase Agreement) or any judgment of any court of any kind or any
award of any arbitrator of any kind, and those arising under any contract,
commitment or undertaking.

2. PRIME LEASE. Landlord is the tenant under the Prime Lease identified in
Section 1(F), bearing the date specified in Section 1(F). Landlord represents
and warrants to Tenant that (a) Landlord has delivered to Tenant a full and
complete copy of the Prime Lease, the Master Lease and all amendments thereto,
and all other agreements between Prime Landlord and Landlord relating to the
leasing, use and occupancy of the Premises, (b) the Prime Lease is, as of the
date hereof, in full force and effect and (c) no event of default has occurred
under the Prime Lease and, to Landlord's knowledge, no event has occurred and is
continuing which would constitute an event of default but for the requirement of
the giving of notice and/or the expiration of the period of time to cure.

3. SUBLEASE. Landlord, for and in consideration of the rents herein reserved and
of the covenants and agreements herein contained on the part of the Tenant to be
performed, hereby subleases to the Tenant, and the Tenant accepts from the
Landlord the Premises identified in Section 1(A).

4. TERM AND TERMINATION.

A. The Term of this Lease is identified in Section 1(H). The Commencement Date
is identified in Section 1(I). The Termination Date is identified in Section
1(J).

B. This Lease shall terminate in the event of the termination of the Prime
Lease.

5. POSSESSION. Landlord agrees to deliver possession of the Premises on or
before the Commencement Date in its condition as of the execution and delivery
hereof, reasonable wear and tear excepted. Landlord has made no representations
or warranties with respect to the condition of the Premises and Tenant
acknowledges that it is leasing the Premises in its "AS IS" condition.

6. TENANT'S USE. The Premises shall be used and occupied only for the Tenant's
Use set forth in Section 1(O).

7. RENT. Beginning on the Commencement Date, Tenant agrees to pay the Rent set
forth in Section 1(K) to the Payee specified in Section 1(L),at the address
specified in Section 1(M), or to such other payee (which shall be

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the Landlord or its nominee) or at such other address as may be designated by
notice in writing from Landlord to Tenant, without prior demand therefor and
without any deduction or setoff whatsoever. During the Term hereof, Rent shall
be paid in accordance with the Prime Lease. Tenant's covenant to pay Rent is
independent of every other covenant in this Sublease. If Rent is not paid when
due, Tenant shall pay, relative to the delinquent payment, an amount equal to
the sum which would be payable by Landlord to Prime Landlord for an equivalent
default under the Prime Lease. If any installment of Rent provided for herein is
not paid when due, Tenant shall pay any late charge or interest obligation
required to be paid by Landlord under the Prime Lease.

8. UTILITIES AND SERVICES. Landlord shall not be responsible for providing
Tenant with any utilities or services to the Premises. The Premises shall be
provided utilities and services as set forth in the Prime Lease.

9. TENANT'S OBLIGATIONS. Tenant shall at all times perform each and every
obligation of Landlord under the Prime Lease during the entire Term of this
Sublease and shall promptly notify Landlord of any material failure to so
perform.

10. QUIET ENJOYMENT. Landlord represents that is it has full power and authority
to enter into this Sublease. So long as Tenant is not in default in the
performance of its covenants and agreements in this Sublease, Tenant's quiet and
peaceable enjoyment of the Premises shall not be disturbed or interfered with by
Landlord, or by any person claiming by, through, or under Landlord.

11. TENANT'S INSURANCE. Tenant shall procure and maintain, at its own cost and
expense, such liability insurance (including commercial general liability,
business automobile liability, workers' compensation and employer's liability)
as is required to be carried by Landlord under the Prime Lease, naming Landlord,
Prime Landlord and Prime Landlord's mortgagee, as additional insureds (except as
to Workers' Compensation and Employer's Liability), and in accordance with the
requirements of the Prime Lease. Tenant shall also maintain such commercial
property insurance, boiler and machinery insurance and business interruption
insurance as is required to be maintained by Landlord under the Prime Lease,
naming Prime Landlord and its mortgagee as loss payees, where required, and in
accordance with the requirements of the Prime Lease. To the extent the Prime
Lease requires Landlord to insure leasehold improvements, then Tenant shall
insure such leasehold improvements as are currently located in the Premises, as
well as leasehold improvements in the Premises made by Tenant. Tenant shall
furnish to Landlord certificates or evidence of insurance (as applicable) of
insurance required hereunder prior to Tenant taking possession of the Premises.
Landlord and Tenant each agree to include in any of their "special form" (or
other property and casualty) insurance policies the agreement of the issuer
thereof that such policy shall not be invalidated by a waiver of claims by the
insured against the Landlord or Tenant, as the case may be, and each will
furnish evidence thereof to the other. Landlord and Tenant each hereby waive any
claim against the other for any loss resulting from any cause, including the
negligence of the other, to the extent of the insurance proceeds available
therefore or required to be available by the terms of this Sublease.

12. ASSIGNMENT OR SUBLETTING.

A. To the extent provided under the Prime Lease, Tenant shall not (i) assign,
convey, mortgage or hypothecate this Sublease or any interest under it, (ii)
allow any transfer thereof or any lien upon Tenant's interest by operation of
law, (iii) further sublet the Premises or any part thereof or (iv) permit the
occupancy of the Premises or any part thereof by anyone other than Tenant.
Landlord's consent to an assignment of this Sublease or a further sublease of
the Premises shall not be unreasonably withheld, conditioned or delayed, and if
Landlord consents thereto, Landlord shall use reasonable efforts to obtain the
consent of Prime Landlord if such consent is required to be obtained under the
Prime Lease. Any cost of obtaining Prime Landlord's consent shall be borne by
Tenant.

B. Notwithstanding the provisions of subsection (A) of this Section 12, and only
to the extent permitted under Section 13 of the Prime Lease, Tenant may assign
its interests herein or further sublet the Premises or any portion thereof,
without Landlord's consent and without providing any additional rent to
Landlord, to any entity which, at the time of the initial assignment or
sublease, controls, is controlled by or is under common control with Tenant, or

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any entity resulting from the merger or consolidation with Tenant, or to any
person or entity which acquires all or substantially all the assets or capital
stock of Tenant, in any such case as a going concern of the business that is
being conducted on the Premises, provided that said assignee assumes, in full,
the obligations of Tenant under this Sublease in an agreement delivered to
Landlord.

C. No permitted assignment shall be effective and no permitted sublease shall
commence unless and until any default by Tenant hereunder shall have been cured.
No permitted assignment or subletting shall relieve Tenant from Tenant's
obligations and agreements hereunder and Tenant shall continue to be liable as a
principal and not as a guarantor or surety to the same extent as though no
assignment or subletting had been made.

13. MAINTENANCE AND REPAIRS. During the Term hereof, all obligations of Landlord
under the Prime Lease for the maintenance, repair and/or replacement of any
portion of the Premises shall be the responsibility of the Tenant.

14. FIRE OR CASUALTY OR EMINENT DOMAIN. In the event of a fire or other casualty
affecting the Premises, or of a taking of all or a part of the Building or
Premises under the power of eminent domain, Landlord shall not exercise any
right which may have the effect of terminating the Prime Lease without first
obtaining the prior written consent of Tenant. In the event Landlord is
entitled, under the Prime Lease, to a rent abatement as a result of a fire or
other casualty or as a result of a taking under the power of eminent domain,
then Tenant shall be entitled to such rent abatement. If the Prime Lease imposes
on Landlord the obligation to repair or restore leasehold improvements or
alterations, Tenant shall be responsible for the repair or restoration of such
leasehold improvements or alterations.

15. ALTERATIONS. Tenant may make any alterations in or additions or improvements
to the Premises ("ALTERATIONS"), but only after obtaining Landlord's and Prime
Landlord's written consent if and to the extent such consent is required to be
obtained by Landlord under the Prime Lease. Tenant shall make Alterations in
compliance with all of the covenants of Landlord contained in the Prime Lease
pertaining to the performance of such Alterations. In addition, Tenant shall
indemnify, defend and hold harmless Landlord against liability, loss, cost,
damage, liens and expense imposed on Landlord arising out of the performance of
Alterations by Tenant.

16. SURRENDER. Upon the expiration of this Sublease, or upon the termination of
the Sublease or of the Tenant's right to possession of the Premises, Tenant will
at once surrender and deliver up the Premises, together with all improvements
thereon, only to the extent required under the Prime Lease, to Landlord in the
condition required under the Prime Lease and pursuant to the requirements of the
Prime Lease, including the removal of any alterations made by Landlord or
Tenant, to the extent Prime Landlord requires their removal.

17. REMOVAL OF TENANT'S PROPERTY. Upon the expiration of this Sublease, Tenant
shall remove Tenant's articles of personal property incident to Tenant's
business ("TRADE FIXTURES"); provided, however, that Tenant shall repair any
injury or damage to the Premises which may result from such removal, and shall
restore the Premises to the same condition as prior to the installation thereof.
If Tenant does not remove Tenant's Trade Fixtures from the Premises prior to the
expiration or earlier termination of the Term, Landlord may, at its option,
remove the same (and repair any damage occasioned thereby and restore the
Premises as aforesaid) and dispose thereof or deliver the same to any other
place of business of Tenant, or warehouse the same, and Tenant shall pay the
cost of such removal, repair, restoration, delivery or warehousing to Landlord
on demand, or Landlord may treat said Trade Fixtures as having been conveyed to
Landlord with this Sublease as a bill of sale, without further payment or credit
by Landlord to Tenant.

18. HOLDING OVER. Tenant shall have no right to occupy the Premises or any
portion thereof after the expiration of this Sublease or after termination of
this Sublease or of Tenant's right to possession in consequence of an Event of
Default hereunder. In the event Tenant or any party claiming by, through or
under Tenant holds over, thereafter the tenancy shall be from month to month in
the absence of a written agreement to the contrary, and Tenant shall pay to
Prime Landlord a daily occupancy charge equal to five percent (5%) of the Basic
Rental (as defined in the Prime Lease) for the last lease year (plus all other
charges payable by Tenant under this Sublease) from each

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day from the expiration or termination of this Sublease until the date the
Premises are delivered in the condition required herein, and Landlord's right to
damages for such illegal occupancy shall survive

19. ENCUMBERING TITLE. Tenant shall not do any act which shall in any way
encumber the title of Prime Landlord in and to the Premises, nor shall the
interest or estate of Prime Landlord or Landlord be in any way subject to any
claim by way of lien or encumbrance, whether by operation of law, by virtue of
any express or implied contract by Tenant or by reason of any other act or
omission of Tenant. Any claim to, or lien upon the Premises arising from any act
or omission of Tenant shall accrue only against the subleasehold estate of
Tenant and shall be subject and subordinate to the paramount title and rights of
Prime Landlord in and to the Premises and the interest of Landlord in the
Premises leased pursuant to the Prime Lease. Without limiting the generality of
the foregoing, Tenant shall not permit the Premises to become subject to any
mechanic's or other lien, charge or order for the payment of money filed against
Landlord or Prime Landlord as a result of any act or omission of Tenant;
provided, however, that if so permitted under the Prime Lease, Tenant shall have
the right to contest in good faith and with reasonable diligence, the validity
of any such lien or claimed lien; provided further, however, that Tenant shall,
at its own cost and expense, cause the same to be discharged of record or bonded
within thirty (30) days after written notice from Landlord or Prime Landlord to
Tenant of the filing thereof; and Tenant shall indemnify and save and hold
harmless Landlord, and if so required by the Prime Lease, Prime Landlord,
against and from all costs, liabilities, suits, penalties, claims and demands,
including reasonable attorneys' fees, resulting therefrom.

20. INDEMNITY.

A. Tenant agrees to indemnify, forever save and hold Landlord and each of
Landlord's agents, contractors, licensees, employees, managers, members,
directors, officers, partners, trustees and invitees (collectively, the
"INDEMNIFIED PARTIES;" each, an "INDEMNIFIED PARTY") harmless from and against
any and all Losses which any Indemnified Party may suffer or incur arising out
of or in connection with this Sublease, including, without limitation, (i)
Tenant's failure to comply with the provisions of this Sublease; (ii) Tenant's
or Tenant's employees' or Tenant's successors or assigns use of the Premises;
(iii) the conduct of Tenant's business, any activity, work or things done,
permitted or suffered by Tenant, its agents, contractors, licensees, employees,
directors, officers, partners, trustees, successors or assigns (other than work
performed by Landlord) in or about the Premises or the Building (as defined in
the Prime Lease); (iv) Tenant's employees nonobservance or nonperformance or any
statute, law, ordinance, rule or regulation; (v) any negligence or other
wrongful act or omission on the part of Tenant or any of its agents,
contractors, licensees, employees, directors, officers, partners, trustees,
successors or assigns or (vii) any accident, injury or damage to any person or
property occurring in, on or about the Premises or any part thereof during the
Term of this Sublease, except to the extent caused by the negligence or willful
misconduct of any Indemnified Party.

B. Landlord agrees to indemnify, forever save and hold Tenant and each of
Tenant's agents, contractors, licensees, employees, managers, members,
directors, officers, partners, trustees and invitees (collectively, the "TENANT
INDEMNIFIED PARTIES;" each, a "TENANT INDEMNIFIED PARTY") harmless from and
against any and all Losses which any Tenant Indemnified Party may suffer or
incur arising out of, (i) Landlord's failure to comply with the provisions of
this Sublease; (ii) Landlord's employees nonobservance or nonperformance of any
statute, law, ordinance, rule or regulation; (iii) any negligence or other
wrongful act or omission on the part of Landlord or any of its agents,
contractors, licensees, employees, directors, officers, partners, trustees,
successors or assigns or (iv) any accident, injury or damage to any person or
property occurring in, on or about the Premises or any part thereof during the
term of this Sublease to the extent caused by the negligence or willful
misconduct of Landlord (with respect to a claim against Tenant).

C. The parties hereto acknowledge and agree that any claim for indemnification
hereunder and the obligations owed to the Indemnified Party or the Tenant
Indemnified Party, as the case may be, shall be subject to the provisions of
Sections 9.2 and 9.3 of the Asset Purchase Agreement.

21. LANDLORD'S RESERVED RIGHTS. Landlord shall have the same access rights as
Prime Landlord under the Prime Lease.

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22. DEFAULTS. Tenant agrees that any one or more of the following events shall
be considered Events of Default as said term is used herein:

A. Tenant shall be adjudged an involuntary bankrupt, or a decree or order
approving, as properly filed, a petition or answer filed against Tenant asking
reorganization of Tenant under the Federal bankruptcy laws as now or hereafter
amended, or under the laws of any State, shall be entered, and any such decree
or judgment or order shall not have been vacated or stayed or set aside within
ninety (90) days from the date of the entry or granting thereof; or

B. Tenant shall file any petition in bankruptcy, or any petition pursuant or
purporting to be pursuant to the Federal bankruptcy laws now or hereafter
amended, or Tenant shall institute any proceedings for relief of Tenant under
any bankruptcy or insolvency laws or any laws relating to the relief of debtors,
readjustment of indebtedness, reorganization, arrangements, composition or
extension; or

C. Tenant shall make any assignment for the benefit of creditors or shall file
an answer admitting or fail timely to contest or acquiesce in the appointment of
any trustee, receiver or liquidator of Tenant or any material part of its
properties; or

D. Tenant shall admit in writing its inability to pay its debts as they become
due; or

E. A decree or order appointing a receiver of the property of Tenant shall be
made and such decree or order shall not have been vacated, stayed or set aside
within ninety (90) days from the date of entry or granting thereof; or

F. Tenant shall default in any payment of Rent required to be made by Tenant
hereunder when due as herein provided and such default shall continue for more
than ten (10) days after notice thereof in writing to Tenant; or

G. Tenant shall default in securing insurance or in providing evidence of
insurance as set forth in Section 11 of this Sublease or shall default with
respect to lien claims as set forth in Section 19 of this Sublease and either
such default shall continue for fifteen (15) days after notice thereof in
writing to Tenant; or

H. Tenant shall, by its act or omission to act, cause a default under the Prime
Lease and such default shall not be cured within the time, if any, permitted for
such cure under the Prime Lease; or

I. Tenant shall default in any of the other covenants and agreements herein
contained to be kept, observed and performed by Tenant, and such default shall
continue for thirty (30) days after notice thereof in writing to Tenant, and
Tenant shall not within such 30-day period commence with due diligence and
dispatch the curing of such default or having so commenced, shall thereafter
fail or neglect to prosecute or complete with due diligence and dispatch the
curing of such default.

23. REMEDIES. Upon the occurrence of any one or more Events of Default, Landlord
may exercise any remedy against Tenant which Prime Landlord may exercise for
default by Landlord under the Prime Lease.

24. NOTICES AND CONSENTS. All notices, demands, requests, consents or approvals
which may or are required to be given by either party to the other shall be in
writing and shall be deemed given when received or refused if sent by United
States registered or certified mail, postage prepaid, return receipt requested
or if sent by overnight commercial courier service (a) if to Tenant, addressed
to Tenant at the address specified in Section 1(B) or at such other place as
Tenant may from time to time designate by notice in writing to Landlord or (b)
if for Landlord, addressed to Landlord at the address specified in Section 1(C)
or at such other place as Landlord may from time to time designate by notice in
writing to Tenant. Each party agrees to promptly deliver a copy of each notice,
demand, request, consent or approval from such party to Prime Landlord and
promptly to deliver to the other party a copy of any notice, demand, request,
consent or approval received from Prime Landlord. Such copies shall be delivered
by overnight commercial courier.

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25. PROVISIONS REGARDING SUBLEASE. This Sublease and all the rights of parties
hereunder are subject and subordinate to the Prime Lease. Each party agrees that
it will not, by its act or omission to act, cause a default under the Prime
Lease. In furtherance of the foregoing, the parties hereby confirm, each to the
other, that it is not practical in this Sublease agreement to enumerate all of
the rights and obligations of the various parties under the Prime Lease and
specifically to allocate those rights and obligations in this Sublease
agreement. Accordingly, in order to afford to Tenant the benefits of this
Sublease and of those provisions of the Prime Lease which by their nature are
intended to benefit the party in possession of the Premises, and in order to
protect Landlord against a default by Tenant which might cause a default or
event of default by Landlord under the Prime Lease:

A. To the extent Prime Landlord requires payment directly from Landlord and
provided Tenant timely pays all Rent when and as due under this Sublease,
Landlord shall pay, when and as due, any and all base rent, additional rent and
other charges payable by Landlord to Prime Landlord to the extent required under
the Prime Lease.

B. Landlord shall promptly provide Tenant with copies of all notices received by
Landlord under the Prime Lease from Prime Landlord or its mortgagee.

C. Except as otherwise expressly provided for herein, during the Term hereof
Tenant shall perform all affirmative covenants of Landlord under the Prime Lease
and shall refrain from performing any act which is prohibited by the negative
covenants of the Prime Lease.

D. Landlord shall not agree to any amendment to the Prime Lease unless Landlord
shall first obtain Tenant's prior written approval thereof, which approval shall
not be unreasonably withheld, conditioned or delayed.

E. Except as otherwise provided herein, Tenant shall be entitled to the rights
of Landlord, as tenant under the Prime Lease. Without limiting the generality of
the foregoing, Landlord hereby grants to Tenant the right to receive all of the
services and benefits with respect to the Premises which are to be provided by
Prime Landlord under the Prime Lease. Landlord shall have no duty to perform any
obligations of Prime Landlord which are, by their nature, the obligation of an
owner or manager of real property. For example, Landlord shall not be required
to provide the services or repairs, if any, which the Prime Landlord is required
to provide under the Prime Lease. Landlord shall have no responsibility for or
be liable to Tenant for any default, failure or delay on the part of Prime
Landlord in the performance or observance by Prime Landlord of any of its
obligations under the Prime Lease, nor shall such default by Prime Landlord
affect this Sublease or waive or defer the performance of any of Tenant's
obligations hereunder except to the extent that such default by Prime Landlord
excuses performance by Landlord, under the Prime Lease. Notwithstanding the
foregoing, the parties contemplate that Prime Landlord shall, in fact, provide
the services and benefits and perform its obligations under the Prime Lease and
in the event of any default or failure of such provision or performance by Prime
Landlord, Landlord agrees that it will, upon notice from Tenant, make demand
upon, deliver notices to and request consents or approvals from Prime Landlord
to provide such services or benefits and perform its obligations under the Prime
Lease and, provided that Tenant specifically agrees to pay all reasonable costs
and expenses of Landlord and provides Landlord with security reasonably
satisfactory to Landlord to pay such costs and expenses, Landlord will take
appropriate legal action to enforce the Prime Lease.

F. Tenant shall have the right to exercise all renewal rights granted to
Landlord under the Prime Lease.

G. Landlord shall cooperate with Tenant to cause Prime Landlord to provide
services required by Tenant in addition to those otherwise required to be
provided by Prime Landlord under the Prime Lease. Tenant shall pay Prime
Landlord's charge for such services promptly after having been billed therefor
by Prime Landlord or by Landlord.

26. SECURITY DEPOSIT.

A. To secure the faithful performance by Tenant of all the covenants, conditions
and agreements in this Sublease set forth and contained on the part of Tenant to
be fulfilled, kept, observed and performed including, but not by way of
limitation, such covenants and agreements in this Sublease which become
applicable upon the termination of

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the same by re-entry or otherwise, Tenant shall deposit with Landlord the
Security Deposit as specified in Section 1(N) on the understanding that: (a) the
Security Deposit or any portion thereof not previously applied, or from time to
time, such one or more portions thereof, may be applied to the curing of any
default that may then exist, without prejudice to any other remedy or remedies
which Landlord may have on account thereof, and upon such application Tenant
shall pay Landlord on demand the amount so applied which shall be added to the
Security Deposit so the same may be restored to its original amount; (b) should
the Prime Lease be assigned by Landlord, the Security Deposit or any portion
thereof not previously applied may be turned over to Landlord's assignee and if
the same be turned over as aforesaid, Tenant hereby releases Landlord from any
and all liability with respect to the Security Deposit and/or its application or
return; (c) if permitted by law, Landlord or its successor shall not be
obligated to hold the Security Deposit as a separate fund, but on the contrary
may commingle the same with its other funds; (d) if Tenant shall faithfully
fulfill, keep, perform and observe all of the covenants, conditions and
agreements in this Sublease set forth and contained on the part of Tenant to be
fulfilled, kept, performed and observed, the sum deposited or the portion
thereof not previously applied, shall be returned to Tenant without interest no
later than thirty (30) days after the expiration of the Term of this Sublease or
any renewal or extension thereof, provided Tenant has vacated the Premises and
surrendered possession thereof to Landlord at the expiration of the Term or any
extension or renewal thereof as provided herein; (e) in the event that Landlord
terminates this Sublease or Tenant's right to possession by reason of an Event
of Default by Tenant, Landlord may apply the Security Deposit against damages
suffered to the date of such termination and/or may retain the Security Deposit
to apply against such damages as may be suffered or shall accrue thereafter by
reason of Tenant's default; and (f) in the event any bankruptcy, insolvency,
reorganization or other creditor-debtor proceedings shall be instituted by or
against Tenant, or its successors or assigns, the Security Deposit shall be
deemed to be applied first to the payment of any Rent due Landlord for all
periods prior to the institution of such proceedings, and the balance, if any,
of the Security Deposit may be retained or paid to Landlord in partial
liquidation of Landlord's damages.

B. Notwithstanding the above, Tenant shall have the right to post a letter of
credit in place of the cash security deposit required in Section 26(A) of this
Sublease in the same manner as Landlord has the right to post a letter of credit
rather than cash security pursuant to Section 39(c) of the Prime Lease. In
addition, Tenant shall have the obligation to post a letter of credit as
additional security for this Sublease in the same manner as Landlord is
obligated to post additional security for the Prime Lease pursuant to Section
39(b) of the Prime Lease (except that the test shall be the Moody's and/or
Standard & Poors rating of TriMas Company, LLC, the guarantor, rather than
Landlord).

27. PRIME LANDLORD'S CONSENT. The parties acknowledge that, pursuant to Section
13(d) of the Prime Lease, Prime Landlord's consent to this Sublease is not
required.

28. BROKERAGE. Each party warrants to the other that it has had no dealings with
any broker or agent in connection with this Sublease.

29. FORCE MAJEURE. Neither Landlord nor Tenant shall be deemed in default with
respect to any of the terms, covenants and conditions of this Sublease if such
parties failure to timely perform same is due in whole or in part to any strike,
lockout, labor trouble (whether legal or illegal), civil disorder, failure of
power, restrictive governmental laws and regulations, riots, insurrections, war,
shortages, accidents, casualties, acts of God, or any other cause beyond the
reasonable control of such party.

30. TRIMAS GUARANTEE. As a condition to Landlord entering into the Sublease,
Tenant shall obtain the unconditional guarantee of this Sublease by TriMas
Company LLC in the form attached hereto as Annex 2.

31. CERTIFICATES. Each party shall, without charge, at any time and from time to
time hereafter, within ten (10) days after written request of the other party,
certify to the best of its knowledge by written instrument duly executed and
acknowledged to any mortgagee or purchaser, or proposed mortgagee or proposed
purchaser, of any other person, firm or corporation specified in such request:
(a) as to whether this Sublease has been supplemented or amended, and if so, the
substance and manner of such supplement or amendment; (b) as to the validity and
force and effect of this Sublease, in accordance with its tenor as then
continued; (c) as to the existence of any default there-

                                     - 8 -
<PAGE>
under; (d) as to the existence of any offsets, counterclaims or defenses hereto
on the part of such other party; (e) as to the commencement and expiration dates
of the Term hereof and (f) as to any other matters as may reasonably be so
requested. Any such certificate may be relied upon by the party requesting it
and any other person, firm or corporation to whom the same may be exhibited or
delivered, and the contents of such certificate shall be binding on the party
executing same.

                                     - 9 -

<PAGE>

32. MISCELLANEOUS. The laws of the State of Michigan shall govern the validity,
performance, and enforcement of this Sublease. The invalidity or
unenforceability of any provision of this Sublease shall not affect or impair
any other provision of this Sublease or the Sublease itself. The submission of
this document for examination does not constitute an offer to lease, or a
reservation of or option for the Premises, and becomes effective only upon
execution and delivery thereof by Landlord and Tenant. All negotiations,
considerations, representations, and understandings between the parties are
incorporated herein and may be modified or altered only by agreement in writing
between the parties. This Sublease shall not be recorded. A memorandum of lease
describing the property, giving the commencement date and term of this Sublease
and renewal rights, and referring to this Sublease, may be executed and may be
recorded by either party. The agreements, terms, covenants, and conditions
herein shall bind and inure to the benefit of Landlord and Tenant and their
respective successors and, except as otherwise provided herein, their assigns.

The parties have executed this Sublease the day and year first above written.

                              LANDLORD:
                              METALDYNE COMPANY LLC

                              By:  /s/ Karen A. Radtke
                                 -------------------------------------
                              Printed Name:     Karen A. Radtke
                              Its:   Vice President and Treasurer

                              TENANT:
                              FITTINGS PRODUCTS CO., LLC

                              By:  /s/  Todd R. Peters
                                 -------------------------------------
                              Printed Name:     Todd R. Peters
                              Its:   Executive Vice President & CFO

                                     - 10 -

<PAGE>

STATE OF MICHIGAN                   )
                                    )  ss.
COUNTY OF WAYNE                     )

                  The foregoing instrument was acknowledged before me this 9th
day of May, 2003 by Karen Radtke, the Vice President and Treasurer of METALDYNE
COMPANY LLC, a Delaware limited liability company, on behalf of said limited
liability company.

                                            /s/ Annette Nealy
                                            -----------------------------
                                            Notary Public, State of

                                            Printed Name:   Annette Nealy

Commission Expires:
  Feb. 16, 2006
 --------------------------

STATE OF MICHIGAN )

                                    )  ss.
COUNTY OF OAKLAND                   )

                  The foregoing instrument was acknowledged before me this 9th
day of May, 2003 by Todd R. Peters, the Executive Vice President of FITTINGS
PRODUCTS CO., LLC, a Delaware limited liability company, on behalf of said
company.

                                           /s/ Tamera L. Pope
                                           -----------------------------
                                           Notary Public, State of Michigan

                                           Printed Name:  Tamera L. Pope
                                                          --------------

Commission Expires:
  Oct. 16, 2005
 -----------------------

<PAGE>

                                     ANNEX 1

                  Property situated in City of Livonia, County of Wayne, State
of Michigan described as:

                  That part of the Northeast 1/4 of Section 25, Town 1 South,
         Range 9 East, city of Livonia, Wayne County, Michigan, described as
         beginning at a point on the East line of said Section distant South 0
         degrees 26 minutes 50 seconds East 820.0 feet from the Northeast corner
         of Section 25 and proceeding thence South 0 degrees 26 minutes 50
         seconds East along said East line, 500.0 feet; thence North 89 degrees
         52 minutes 20 seconds West 494.56 feet; thence North 0 degrees 20
         minutes 47 seconds West 499.99 feet calculated and measured (North 0
         degrees 20 minutes 49 seconds West 500.0 feet recorded;) thence South
         89 degrees 52 minutes 20 seconds East 493.68 feet to the point of
         beginning. EXCEPT the East 60 feet thereof, which was deeded to the
         Wayne County Board of Road Commissioners.

                  Commonly known as 12955 Inkster

                  Tax Item No. 097-99-0006-000

<PAGE>

                                     ANNEX 2

                                    GUARANTY

                  The undersigned, TRIMAS COMPANY LLC, a Delaware limited
liability company ("GUARANTOR"), whose address is 39400 Woodward Avenue, Suite
130, Bloomfield Hills, Michigan 48304, in consideration of the leasing of the
leased Premises described in that certain sublease (the "SUBLEASE") of even date
herewith between METALDYNE COMPANY LLC ("LANDLORD") and FITTINGS PRODUCTS CO.,
LLC ("TENANT"), does hereby covenant and agree as follows:

A.       The undersigned does hereby guarantee the full, faithful and timely
         payment and performance by Tenant of all of the payments, covenants and
         other obligations of Tenant under or pursuant to the Sublease. If
         Tenant shall default at any time in the payment of any rent or any
         other sums, costs or charges whatsoever, or in the performance of any
         of the other covenants and obligations of Tenant, under or pursuant to
         the Sublease, then the undersigned, at its expense, shall on demand of
         Landlord fully and promptly pay all rent, sums, costs and charges to be
         paid by Tenant, and perform all of the other covenants and obligations
         to be performed by Tenant, under or pursuant to the Sublease and, in
         addition, shall, on Landlord's demand, pay to Landlord any and all sums
         due to Landlord, including all interest on past due obligations of
         Tenant and costs advanced by Landlord, that may arise in consequence of
         Tenant's default.

B.       A separate action or actions may, at Landlord's option, be brought and
         prosecuted against the undersigned, whether or not any action is first
         or subsequently brought against Tenant, or whether or not Tenant is
         joined in any such action, and the undersigned may be joined in any
         action or proceeding commenced by Landlord against Tenant arising out
         of, in connection with or based upon the Sublease.

C.       Subject to the provisions of the immediately following paragraph, this
         Guaranty shall remain and continue in full force and effect and shall
         not be discharged in whole or in part notwithstanding (whether prior or
         subsequent to the execution hereof) any alteration, renewal, extension,
         modification, amendment or assignment of, or subletting, concession,
         franchising, licensing or permitting under, the Sublease. The
         undersigned agrees that the liability of the undersigned hereunder
         shall be based upon the obligations of Tenant set forth in the Sublease
         as the same may be altered, renewed, extended, modified, amended or
         assigned.

D.       This Guaranty shall remain in full force and effect notwithstanding the
         institution by or against Tenant, of bankruptcy, reorganization,
         readjustment, receivership or insolvency proceedings of any nature, or
         the disaffirmance of the Sublease in any such proceedings or otherwise.

E.       Neuter terms should also refer, where applicable, to the feminine
         gender and the masculine gender; the singular reference shall also
         include the plural of any word if the context so requires.

F.       This Guaranty shall be applicable to and binding upon the heirs,
         executors, administrators, representatives, successors and assigns of
         Landlord, Tenant and the undersigned.

G.       The execution of this Guaranty prior to execution of the Sublease
         shall not invalidate this Guaranty or lessen the obligations of
         Guarantor hereunder.

<PAGE>

H.       This Guaranty is made pursuant to, and shall be interpreted and applied
         in accordance with, the laws of the State of Michigan. Any legal action
         or proceeding with respect to this Guaranty may be brought in the
         Courts of the State of Michigan, or the District Court of the United
         States of America for the Eastern District of Michigan, and, by
         execution and delivery of this Guaranty, the Guarantor hereby
         irrevocably accepts for itself the jurisdiction of the aforesaid
         courts. The Guarantor hereby irrevocably consents to the service of
         process out of any of the aforementioned courts in any such action or
         proceeding by the mailing of copies thereof by registered mail, return
         receipt requested, to the Guarantor at the addresses provided herein,
         such service to become effective 30 days after such mailing, or such
         earlier time as may be provided by applicable law. The Guarantor hereby
         irrevocably waives any objection which it may now or hereafter have to
         the laying of venue of any of the aforesaid actions or proceedings
         arising out of or in connection with this Guaranty brought in the
         courts referred to above and hereby further irrevocably waives and
         agrees not to plead or claim in any such court that such action or
         proceeding brought in any such court has been brought in an
         inconvenient forum.

I.       Landlord's address is 47603 Halyard Drive, Plymouth, Michigan 48170 and
         Tenant's address is 39400 Woodward Avenue, Suite 130, Bloomfield Hills,
         Michigan 48170.

J.       THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY
         IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
         THIS GUARANTY.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                  IN WITNESS WHEREOF, the undersigned has executed this Guaranty
as of the 8th day of May, 2003.

                                      TRIMAS COMPANY LLC
                                      a Delaware limited liability company
                                      By:    /s/ Todd R. Peters
                                             -----------------------------------
                                             Name: Todd R. Peters
                                             Title: Executive Vice President and
                                                    CFO
Agreed and Accepted by:

METALDYNE COMPANY LLC, a DELAWARE limited liability
company
By:   /s/ Karen A. Radtke
      ----------------------------------
      Name:  Karen A. Radtke
      Title:  Vice President and Treasurer

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF MICHIGAN )
                                    )  ss.:
COUNTY OF         OAKLAND    )

                  On this 8th day of May, 2003, before me personally appeared
Todd R. Peters, to me personally known, who, being duly sworn, did say that he
is the Executive Vice President and CFO of Trimas Company LLC, a Delaware
limited liability company, the limited liability company named in and which
executed the within instrument, and that said instrument was signed and sealed
in behalf of said limited liability company.

                                          /s/ Tamera L. Pope
                                          ------------------
                                          Notary Public
                                          Oakland County, MICHIGAN
                                          My Commission expires: Oct. 16, 2005
                                                                 -------------
STATE OF MICHIGAN        )
                                    )  ss.:
COUNTY OF         WAYNE         )

                  On this 8th day of May, 2003, before me personally appeared
Karen A. Radtke, to me personally known, who, being duly sworn, did say that she
is the Vice President and Treasurer of Metaldyne Company LLC, a Delaware limited
liability company, the limited liability company named in and which executed the
within instrument, and that said instrument was signed and sealed in behalf of
said limited liability company.

   /s/ Annette Nealy
   -----------------
Notary Public
                        County, Wayne
My Commission expires: Feb. 16, 2006
                       -------------<PAGE>

                                                                  EXECUTION COPY

                   STRUCTURED ASSET SECURITIES CORPORATION II,
                                  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 July 11, 2003

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

                                 $1,405,068,726

                    LB-UBS Commercial Mortgage Trust 2003-C5

                 Commercial Mortgage Pass-Through Certificates,
                                 Series 2003-C5

<PAGE>

<TABLE>
<CAPTION>
                                                   TABLE OF CONTENTS

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

                                      DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

SECTION 1.01.       Defined Terms....................................................................................6
SECTION 1.02.       General Interpretive Principles.................................................................77

                                                       ARTICLE II

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

SECTION 2.01.       Creation of Trust; Conveyance of Trust Mortgage Loans...........................................78
SECTION 2.02.       Acceptance of Trust Fund by Trustee.............................................................80
SECTION 2.03.       Repurchase of Mortgage Loans for Document Defects and Breaches of Representations and
                      Warranties....................................................................................82
SECTION 2.04.       Representations, Warranties and Covenants of the Depositor......................................85
SECTION 2.05.       Acceptance of Grantor Trust Assets by Trustee; Issuance of the Class V Certificates............102
SECTION 2.06.       Execution, Authentication and Delivery of Class R-I Certificates; Creation of REMIC I Regular
                      Interests....................................................................................102
SECTION 2.07.       Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee.....................103
SECTION 2.08.       Execution, Authentication and Delivery of Class R-II Certificates; Creation of REMIC II
                      Regular Interests............................................................................103
SECTION 2.09.       Conveyance of REMIC II Regular Interests; Acceptance of REMIC III by Trustee...................103
SECTION 2.10.       Execution, Authentication and Delivery of REMIC III Certificates...............................103

                                                      ARTICLE III

                                     ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.       Administration of the Mortgage Loans...........................................................105
SECTION 3.02.       Collection of Mortgage Loan Payments...........................................................107
SECTION 3.03.       Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts.......109
SECTION 3.04.       Pool Custodial Account, Defeasance Deposit Account, Collection Account, Interest Reserve
                       Account and Excess Liquidation Proceeds Account.............................................111
SECTION 3.04A.      John Hancock Tower Custodial Account...........................................................115
SECTION 3.05.       Permitted Withdrawals From the Pool Custodial Account, the Collection Account, the Interest
                      Reserve Account and the Excess Liquidation Proceeds Account..................................118
SECTION 3.05A.      Permitted Withdrawals From the John Hancock Tower Custodial Account............................124
</TABLE>

                                                          -i-
<PAGE>

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SECTION 3.06.       Investment of Funds in the Servicing Accounts, the Reserve Accounts, the Defeasance Deposit
                      Account, the Custodial Accounts and the REO Account..........................................131
SECTION 3.07.       Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage; Environmental
                      Insurance....................................................................................133
SECTION 3.08.       Enforcement of Alienation Clauses..............................................................137
SECTION 3.09.       Realization Upon Defaulted Mortgage Loans; Required Appraisals; Appraisal Reduction
                      Calculation..................................................................................140
SECTION 3.10.       Trustee and Custodian to Cooperate; Release of Mortgage Files..................................144
SECTION 3.11.       Servicing Compensation; Payment of Expenses; Certain Matters Regarding Servicing Advances......146
SECTION 3.12.       Property Inspections; Collection of Financial Statements; Delivery of Certain Reports..........151
SECTION 3.12A.      Delivery of Certain Reports to the John Hancock Tower Non-Trust Mortgage Loan Noteholders......154
SECTION 3.12B.      Statements to the John Hancock Tower Non-Trust Mortgage Loan Noteholders.......................155
SECTION 3.13.       Annual Statement as to Compliance..............................................................156
SECTION 3.14.       Reports by Independent Public Accountants......................................................156
SECTION 3.15.       Access to Certain Information..................................................................157
SECTION 3.16.       Title to REO Property; REO Accounts............................................................158
SECTION 3.17.       Management of REO Property.....................................................................160
SECTION 3.17A.      Management and Disposition of the John Hancock Tower Mortgaged Property After Becoming REO
                      Property.....................................................................................163
SECTION 3.18.       Sale of Trust Mortgage Loans and REO Properties................................................166
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.......171
SECTION 3.20.       Modifications, Waivers, Amendments and Consents; Defeasance....................................172
SECTION 3.21.       Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping.............178
SECTION 3.22.       Sub-Servicing Agreements.......................................................................179
SECTION 3.23.       Representations and Warranties of the Master Servicer..........................................182
SECTION 3.24.       Representations and Warranties of the Special Servicer.........................................183
SECTION 3.25.       Certain Matters Regarding the Purchase of the John Hancock Tower Trust Mortgage Loan...........185
SECTION 3.26.       Application of Default Charges.................................................................185

                                                       ARTICLE IV

                             PAYMENTS TO CERTIFICATEHOLDERS; REPORTS TO CERTIFICATEHOLDERS

SECTION 4.01.       Distributions..................................................................................190
SECTION 4.02.       Statements to Certificateholders; CMSA Loan Periodic Update File...............................205
SECTION 4.03.       P&I Advances With Respect to the Mortgage Pool.................................................212
</TABLE>

                                                         -ii-
<PAGE>

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SECTION 4.03A.      P&I Advances With Respect to John Hancock Tower Subordinate Non-Trust Mortgage Loans
                      and any Successor REO Mortgage Loans With Respect Thereto....................................16
SECTION 4.04.       Allocation of Realized Losses and Additional Trust Fund Expenses...............................219
SECTION 4.05.       Calculations...................................................................................220
SECTION 4.06.       Use of Agents..................................................................................221

                                                       ARTICLE V

                                                    THE CERTIFICATES

SECTION 5.01.       The Certificates...............................................................................222
SECTION 5.02.       Registration of Transfer and Exchange of Certificates..........................................222
SECTION 5.03.       Book-Entry Certificates........................................................................230
SECTION 5.04.       Mutilated, Destroyed, Lost or Stolen Certificates..............................................231
SECTION 5.05.       Persons Deemed Owners..........................................................................231

                                                       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...................................233
SECTION 6.02.       Continued Qualification and Compliance of Master Servicer; Merger, Consolidation or
                      Conversion of Depositor, Master Servicer or Special Servicer.................................233
SECTION 6.03.       Limitation on Liability of Depositor, Master Servicer and Special Servicer.....................233
SECTION 6.04.       Resignation of Master Servicer and the Special Servicer........................................235
SECTION 6.05.       Rights of Depositor, Trustee and the Non-Trust Mortgage Loan Noteholders in Respect of
                      the Master Servicer and the Special Servicer.................................................235
SECTION 6.06.       Depositor, Master Servicer and Special Servicer to Cooperate with Trustee......................236
SECTION 6.07.       Depositor, Special Servicer and Trustee to Cooperate with Master Servicer......................236
SECTION 6.08.       Depositor, Master Servicer and Trustee to Cooperate with Special Servicer......................236
SECTION 6.09.       Designation of Special Servicer and Controlling Class Representative by the Controlling Class..236
SECTION 6.10.       Master Servicer or Special Servicer as Owner of a Certificate..................................238
SECTION 6.11.       Certain Powers of the Controlling Class Representative.........................................238
SECTION 6.11A.      Certain Powers of the John Hancock Tower Non-Trust Mortgage Loan Noteholders...................241

                                                      ARTICLE VII

                                                        DEFAULT

SECTION 7.01.       Events of Default..............................................................................246
SECTION 7.02.       Trustee to Act; Appointment of Successor.......................................................252
SECTION 7.03.       Notification to Certificateholders.............................................................253
</TABLE>

                                                         -iii-
<PAGE>

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SECTION 7.04.       Waiver of Events of Default....................................................................254
SECTION 7.05.       Additional Remedies of Trustee Upon Event of Default...........................................254

                                                      ARTICLE VIII

                                                 CONCERNING THE TRUSTEE

SECTION 8.01.       Duties of Trustee..............................................................................255
SECTION 8.02.       Certain Matters Affecting Trustee..............................................................256
SECTION 8.03.       Trustee and Fiscal Agent Not Liable for Validity or Sufficiency of Certificates or
                      Mortgage Loans...............................................................................257
SECTION 8.04.       Trustee and Fiscal Agent May Own Certificates..................................................257
SECTION 8.05.       Fees and Expenses of Trustee; Indemnification of and by Trustee................................257
SECTION 8.06.       Eligibility Requirements for Trustee...........................................................258
SECTION 8.07.       Resignation and Removal of Trustee.............................................................259
SECTION 8.08.       Successor Trustee..............................................................................260
SECTION 8.09.       Merger or Consolidation of Trustee and Fiscal Agent............................................261
SECTION 8.10.       Appointment of Co-Trustee or Separate Trustee..................................................261
SECTION 8.11.       Appointment of Custodians......................................................................262
SECTION 8.12.       Appointment of Authenticating Agents...........................................................263
SECTION 8.13.       Appointment of Tax Administrators..............................................................263
SECTION 8.14.       Access to Certain Information..................................................................264
SECTION 8.15.       Reports to the Securities and Exchange Commission and Related Reports..........................266
SECTION 8.16.       Representations and Warranties of Trustee......................................................271
SECTION 8.17.       The Fiscal Agent...............................................................................272
SECTION 8.18.       Representations and Warranties of Fiscal Agent.................................................273

                                                       ARTICLE IX

                                                      TERMINATION

SECTION 9.01.       Termination Upon Repurchase or Liquidation of All Trust Mortgage Loans.........................275
SECTION 9.02.       Additional Termination Requirements............................................................283

                                                       ARTICLE X

                                               ADDITIONAL TAX PROVISIONS

SECTION 10.01.      REMIC Administration...........................................................................284
SECTION 10.02.      Grantor Trust Administration...................................................................287

                                                       ARTICLE XI

                                                MISCELLANEOUS PROVISIONS

SECTION 11.01.      Amendment......................................................................................289
SECTION 11.02.      Recordation of Agreement; Counterparts.........................................................291
</TABLE>

                                                          -iv-
<PAGE>

<TABLE>
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SECTION 11.03.      Limitation on Rights of Certificateholders and the John Hancock Tower Non-Trust Mortgage Loan
                      Noteholders..................................................................................291
SECTION 11.04.      Governing Law; Consent to Jurisdiction.........................................................292
SECTION 11.05.      Notices........................................................................................293
SECTION 11.06.      Severability of Provisions.....................................................................293
SECTION 11.07.      Grant of a Security Interest...................................................................293
SECTION 11.08.      Streit Act.....................................................................................294
SECTION 11.09.      Successors and Assigns; Beneficiaries..........................................................294
SECTION 11.10.      Article and Section Headings...................................................................295
SECTION 11.11.      Notices to Rating Agencies.....................................................................295
SECTION 11.12.      Complete Agreement.............................................................................296
</TABLE>

                                                          -v-

<PAGE>

                             SCHEDULES AND EXHIBITS

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

Exhibit No.    Exhibit Description
-----------    -------------------
  A-1          Form of Class [A-1] [A-2] [A-3] [A-4] Certificate
  A-2          Form of Class [X-CL] [X-CP] Certificate
  A-3          Form of Class [B] [C] [D] [E] [F] [G] Certificate
  A-4          Form of Class [H] [J] [K] [L] [M] [N] [P] [Q] [S] [T] Certificate
  A-5          Form of Class [R-I] [R-II] [R-III] Certificate
  A-6          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 Certificateholder/Certificate Owner
  L-2          Form of Information Request/Investor Certification for Website
                 Access from Prospective Investor
  M            Form of Defeasance Certification
  N            Form of Seller/Depositor Notification
  O            Form of Trustee Backup Certification
  P            Form of Master Servicer Backup Certification
  Q            Form of Special Servicer Backup Certification

                                      -vi-
<PAGE>

         This Pooling and Servicing Agreement (this "Agreement") is dated and
effective as of July 11, 2003, among STRUCTURED ASSET SECURITIES CORPORATION II,
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 the segregated pool
of assets consisting of the Trust Mortgage Loans (exclusive of any collections
of Additional Interest on the ARD Trust Mortgage Loans after their respective
Anticipated Repayment Dates) 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 Trust Mortgage Loan;
and each such REMIC I Regular Interest shall bear a numeric designation that is
the same as the loan number for the related Trust Mortgage Loan set forth on the
Trust Mortgage Loan Schedule. Each REMIC I Regular Interest issued with respect
to, and relating to, a Trust Mortgage Loan, shall also relate to any successor
REO Trust Mortgage Loan with respect to such Trust Mortgage Loan. 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 Trust
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 Trust Mortgage Loan. None of the REMIC I Regular Interests
will be certificated.

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

<PAGE>

                                REMIC II             Initial Uncertificated
    Designation             Remittance Rate            Principal Balance
    -----------             ---------------            -----------------
       A-1-1                  Variable (1)           $         89,786,000
       A-1-2                  Variable (1)           $         55,214,000
       A-2-1                  Variable (1)           $         10,631,000
       A-2-2                  Variable (1)           $         84,321,000
       A-2-3                  Variable (1)           $        408,048,000
       A-3-1                  Variable (1)           $         56,734,000
       A-3-2                  Variable (1)           $         42,580,000
       A-3-3                  Variable (1)           $        120,686,000
       A-4-1                  Variable (1)           $            686,000
       A-4-2                  Variable (1)           $        327,378,000
         B                    Variable (1)           $         22,833,000
         C                    Variable (1)           $         24,588,000
         D                    Variable (1)           $         15,807,000
         E                    Variable (1)           $         15,807,000
        F-1                   Variable (1)           $          7,670,000
        F-2                   Variable (1)           $         12,296,000
        F-3                   Variable (1)           $          2,867,000
        G-1                   Variable (1)           $         11,196,000
        G-2                   Variable (1)           $          6,367,000
        H-1                   Variable (1)           $          6,219,000
        H-2                   Variable (1)           $          9,588,000
         J                    Variable (1)           $         10,538,000
        K-1                   Variable (1)           $          5,964,000
        K-2                   Variable (1)           $          8,087,000
         L                    Variable (1)           $         12,294,000
         M                    Variable (1)           $          5,269,000
         N                    Variable (1)           $          3,513,000
         P                    Variable (1)           $          7,025,000
         Q                    Variable (1)           $          3,513,000
         S                    Variable (1)           $          3,513,000
         T                    Variable (1)           $         14,050,726

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

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

         As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the REMIC II Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
"REMIC III". The Class R-III Certificates will evidence the sole class of
"residual interests" in REMIC III for purposes of the REMIC Provisions under
federal income tax law. The following table irrevocably sets forth the Class
designation, Pass-Through Rate and original Class Principal Balance for each
Class of the Regular Interest Certificates. For federal income tax purposes,
each Class of the Regular Interest Certificates (exclusive of the Class X-CL and
Class X-CP Certificates), each of the 31 REMIC III Components of the Class X-CL
Certificates and each of the 23 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 31 REMIC III Components

                                      -2-
<PAGE>

of the Class X-CL Certificates and for each of the 23 REMIC III Components of
the Class X-CP Certificates is the latest Rated Final Distribution Date.

       Class                                                 Original Class
    Designation               Pass-Through Rate            Principal Balance
    -----------               -----------------            -----------------
     Class A-1             2.786% per annum              $        145,000,000
     Class A-2             3.478% per annum              $        503,000,000
     Class A-3             4.254% per annum              $        220,000,000
     Class A-4             4.685% per annum(1)           $        328,064,000
      Class B              4.742% per annum(1)           $         22,833,000
      Class C              4.762% per annum(1)           $         24,588,000
      Class D              4.792% per annum(1)           $         15,807,000
      Class E              4.811% per annum(1)           $         15,807,000
      Class F              4.843% per annum(1)           $         22,833,000
      Class G              4.893% per annum(1)           $         17,563,000
      Class H              5.228% per annum(1)           $         15,807,000
      Class J              5.250% per annum(1)           $         10,538,000
      Class K              5.250% per annum(1)           $         14,051,000
      Class L              4.934% per annum(1)           $         12,294,000
      Class M              4.934% per annum(1)           $          5,269,000
      Class N              4.934% per annum(1)           $          3,513,000
      Class P              4.934% per annum(1)           $          7,025,000
      Class Q              4.934% per annum(1)           $          3,513,000
      Class S              4.934% per annum(1)           $          3,513,000
      Class T              4.934% per annum(1)           $         14,050,726
     Class X-CL                  Variable (2)                      (3)
     Class X-CP                  Variable (2)                      (4)

                                      -3-
<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 the
         Class X-CL 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 the Class X-CL 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 the
         Class X-CP 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 the Class X-CP REMIC III Components 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 $1,405,068,727.

         There exists one Trust Mortgage Loan, which has a Cut-off Date Balance
of $160,000,000 (the "John Hancock Tower Trust Mortgage Loan"), that is part of
a split loan structure comprised of the John Hancock Tower Trust Mortgage Loan
and four other mortgage loans (the "John Hancock Tower Non-Trust Mortgage
Loans"), all of which are together secured by the same Mortgage encumbering the
Mortgaged Property identified on the Trust Mortgage Loan Schedule as John
Hancock Tower (the "John Hancock Tower Mortgaged Property"). The John Hancock
Tower Non-Trust Mortgage Loans, none of which are included in the Trust Fund,
consist of: (i) two mortgage loans (together, the "John Hancock Tower Pari Passu
Non-Trust Mortgage Loans") that have Cut-off Date Balances of $85,000,000 and
$75,000,000, respectively, are pari passu in right of payment with the John
Hancock Tower Trust Mortgage Loan and are each currently held by Morgan Stanley
Mortgage Capital Inc., and (ii) two mortgage loans (together, the "John Hancock
Tower Subordinate Non-Trust Mortgage Loans") that have Cut-off Date Balances of
$20,000,000 and $20,000,000, respectively, are subordinate in right of payment
to the John Hancock Tower Trust Mortgage Loan and the John Hancock Tower Pari
Passu Non-Trust Mortgage Loans and are currently held by LBHI, in one case, and
Morgan Stanley Mortgage Capital Inc., in the other such case. The John Hancock
Tower Non-Trust Mortgage Loans and the John Hancock Tower Trust Mortgage Loan
collectively constitute the "John Hancock Tower Loan Group". The John Hancock
Tower Subordinate Non-Trust Mortgage Loans will, together, be separately
securitized and will constitute the primary assets that are to back the John
Hancock Tower Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2003-C5A (the "John Hancock Tower Subordinate Securitization Trust").

         The relative rights of the holder of the John Hancock Tower Trust
Mortgage Loan and the John Hancock Tower Non-Trust Mortgage Loans are set forth
in a co-lender agreement dated as of

                                      -4-
<PAGE>

July 9, 2003 (the "John Hancock Tower Co-Lender Agreement"), between the holder
of the Mortgage Note for the John Hancock Tower Trust Mortgage Loan and each
holder of a Mortgage Note for the John Hancock Tower Non-Trust Mortgage Loans.
Pursuant to the John Hancock Tower Co-Lender Agreement, the entire John Hancock
Tower Loan Group is to be serviced and administered in accordance with this
Agreement, by the Trustee, the Master Servicer and the Special Servicer
hereunder.

         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:

                                      -5-
<PAGE>

                                    ARTICLE I

                  DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

         SECTION 1.01. Defined Terms.

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

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

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

         "Acceptable Insurance Default" shall mean, with respect to any 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 at the time by
prudent owners of similar real properties in and around the region in which the
subject Mortgaged Property is located (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; and (b) in the case of any 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.

         "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 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.

                                      -6-
<PAGE>

         "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 Mortgage Loan
after its Anticipated Repayment Date, all interest accrued on the principal
balance of such ARD Mortgage 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 Mortgage Loan,
be deferred until the entire outstanding principal balance thereof has been
paid). For purposes of this Agreement, Additional Interest on an ARD Mortgage
Loan or any successor REO Mortgage 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 Mortgage Loan
or any successor REO Mortgage 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 Mortgage Loan in
accordance with the related loan documents).

         "Additional Interest Rate" shall mean, with respect to any ARD Mortgage
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 for the
related Trust Mortgage Loan in effect as of the Closing Date (without regard to
any modifications, extensions, waivers or amendments of the related Trust
Mortgage Loan subsequent to the Closing Date), 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 2004 or December
of any year thereafter that does not immediately precede a leap year or (y)
January of 2004 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 Interest Reserve Mortgage Loan or Interest Reserve REO Mortgage Loan, as
the case may be, 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 2004 or February

                                      -7-
<PAGE>

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 Interest Reserve
Mortgage Loan or Interest Reserve REO Mortgage Loan, as the case may be,
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-1-1, for any Interest
Accrual Period, 2.786% per annum;

         (b) with respect to REMIC II Regular Interest A-1-2, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
August 2003 through and including the Interest Accrual Period ending in July
2005, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2005, 2.786% per annum;

         (c) with respect to REMIC II Regular Interest A-2-1, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
August 2003 through and including the Interest Accrual Period ending in July
2005, an annual rate equal to Reference Rate for such Interest Accrual Period,
and (ii) for any Interest Accrual Period subsequent to the Interest Accrual
Period ending in July 2005, 3.478% per annum;

         (d) 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
August 2003 through and including the Interest Accrual Period ending in July
2006, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2006, 3.478% per annum;

         (e) with respect to REMIC II Regular Interest A-2-3, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
August 2003 through and including the Interest Accrual Period ending in July
2007, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2007, 3.478% per annum;

         (f) with respect to REMIC II Regular Interest A-3-1, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
August 2003 through and including the Interest Accrual Period ending in July
2007, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2007, 4.254% per annum;

         (g) 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
August 2003 through and including the Interest Accrual Period ending in July
2008, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2008, 4.254% per annum;

                                      -8-
<PAGE>

         (h) 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
August 2003 through and including the Interest Accrual Period ending in July
2009, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2009, 4.254% per annum;

         (i) 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
August 2003 through and including the Interest Accrual Period ending in July
2009, an annual rate equal to Reference Rate for such Interest Accrual Period,
and (ii) for any Interest Accrual Period subsequent to the Interest Accrual
Period ending in July 2009, an annual rate equal to the lesser of (X) 4.685% per
annum and (Y) the Weighted Average REMIC I Remittance Rate for such Interest
Accrual Period;

         (j) 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
August 2003 through and including the Interest Accrual Period ending in July
2010, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2010, an annual rate equal to the lesser of (X)
4.685% per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
Interest Accrual Period;

         (k) with respect to REMIC II Regular Interest B, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2010, an
annual rate equal to Reference Rate for such Interest Accrual Period, and (ii)
for any Interest Accrual Period subsequent to the Interest Accrual Period ending
in July 2010, an annual rate equal to the lesser of (X) 4.742% per annum and (Y)
the Weighted Average REMIC I Remittance Rate for such Interest Accrual Period;

         (l) with respect to REMIC II Regular Interest C, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2010, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2010, an annual rate equal to the lesser of (X) 4.762% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (m) with respect to REMIC II Regular Interest D, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2010, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2010, an annual rate equal to the lesser of (X) 4.792% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (n) with respect to REMIC II Regular Interest E, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2010, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2010, an annual rate equal to the lesser of (X) 4.811% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

                                      -9-
<PAGE>

         (o) with respect to REMIC II Regular Interest F-1, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2008, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2008, an annual rate equal to the lesser of (X) 4.843% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (p) with respect to REMIC II Regular Interest F-2, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2009, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2009, an annual rate equal to the lesser of (X) 4.843% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (q) with respect to REMIC II Regular Interest F-3, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2010, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2010, an annual rate equal to the lesser of (X) 4.843% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (r) with respect to REMIC II Regular Interest G-1, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2007, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2007, an annual rate equal to the lesser of (X) 4.893% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (s) with respect to REMIC II Regular Interest G-2, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2008, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2008, an annual rate equal to the lesser of (X) 4.893% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (t) with respect to REMIC II Regular Interest H-1-1, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
August 2003 through and including the Interest Accrual Period ending in July
2006, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2006, an annual rate equal to the lesser of (X)
5.228% per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
Interest Accrual Period;

         (u) with respect to REMIC II Regular Interest H-1-2, (i) for any
Interest Accrual Period from and including the Interest Accrual Period ending in
August 2003 through and including the Interest Accrual Period ending in July
2007, an annual rate equal to the Reference Rate for such Interest Accrual
Period, and (ii) for any Interest Accrual Period subsequent to the Interest
Accrual Period ending in July 2007, an annual rate equal to the lesser of (X)
5.228% per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
Interest Accrual Period;

                                      -10-
<PAGE>

         (v) with respect to REMIC II Regular Interest J, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2006, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2006, an annual rate equal to the lesser of (X) 5.250% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (w) with respect to REMIC II Regular Interest K-1, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2006, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2006, an annual rate equal to the lesser of (X) 5.250% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (x) with respect to REMIC II Regular Interest K-2, (i) for any Interest
Accrual Period from and including the Interest Accrual Period ending in August
2003 through and including the Interest Accrual Period ending in July 2005, an
annual rate equal to the Reference Rate for such Interest Accrual Period, and
(ii) for any Interest Accrual Period subsequent to the Interest Accrual Period
ending in July 2005, an annual rate equal to the lesser of (X) 5.250% per annum
and (Y) the Weighted Average REMIC I Remittance Rate for such Interest Accrual
Period;

         (y) 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 and REMIC II Regular
Interest T, for any Interest Accrual Period, an annual rate equal to the lesser
of (X) 4.934% per annum and (Y) the Weighted Average REMIC I Remittance Rate for
such Interest Accrual Period.

         "Administrative Cost Rate" shall mean, with respect to each Trust
Mortgage Loan (or any successor REO Trust Mortgage Loan with respect thereto),
the rate per annum specified as the "Administrative Cost Rate" on the Trust
Mortgage Loan Schedule, which, for each Trust Mortgage Loan (or successor REO
Trust 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, (i) with respect to any Class of
Certificates, as of any date of determination, the qualification, downgrade or
withdrawal of any rating then assigned to such Class of Certificates by either
Rating Agency, and (ii) with respect to any class of John Hancock Tower
Non-Trust Mortgage Loan Securities, as of any date of determination, the
qualification, downgrade or withdrawal of any rating then assigned to such
securities by any nationally recognized statistical rating organization then
rating such class of John Hancock Tower Non-Trust Mortgage Loan Securities.

                                      -11-
<PAGE>

         "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, the tax on
prohibited contributions set forth in Section 860G(d) of the Code and/or the tax
on "net income from foreclosure property" as defined in Section 860G(c) of the
Code).

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

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

         "Alternative Adjusted REMIC II Remittance Rate" shall mean, with
respect to any REMIC II Regular Interest that constitutes a Corresponding REMIC
II Regular Interest for any Class X-CP REMIC III Component, for any Interest
Accrual Period, a rate per annum equal to the Pass-Through Rate in effect during
such Interest Accrual Period for the Class of Principal Balance Certificates as
to which such REMIC II Regular Interest is the sole Corresponding REMIC II
Regular Interest or is one of the Corresponding REMIC II Regular Interests, as
applicable.

         "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
Mortgage Loan, the date specified in the related Mortgage Note after which the
Mortgage Rate for such ARD Mortgage 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, if applicable, the John Hancock Tower Loan Group, as the case may be, became
a Required Appraisal Loan and the date on which the applicable Required
Appraisal was obtained and thereafter as of each subsequent Determination Date
during the period such Mortgage Loan or, if applicable, the John Hancock Tower
Loan Group, as the case may be, remains a Required Appraisal Loan) 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

                                      -12-
<PAGE>

respect of such Required Appraisal Loan, (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) and (vii) in the case of the John Hancock Tower Loan
Group, any interest due and owing on any interest advances made with respect to
any John Hancock Tower Non-Trust Mortgage Loan or any successor REO Mortgage
Loan with respect thereto under any John Hancock Tower Non-Trust Mortgage Loan
Securitization Agreement (to the extent known to the Special Servicer); over (b)
the Required Appraisal Value. Notwithstanding the foregoing, if (i) any Mortgage
Loan or the John Hancock Tower Loan Group, as the case may be, 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 the John Hancock Tower Loan
Group, as the case may be, 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 the John Hancock Tower Loan
Group, as the case may be, 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.

         Each Appraisal Reduction Amount shall be reduced to zero as of the date
the related Required Appraisal Loan ceases to be such, and no Appraisal
Reduction Amount shall exist as to any Mortgage Loan after it has been paid in
full, liquidated, repurchased or otherwise disposed of.

         "Appraised Value" shall mean, with respect to each Mortgaged Property
or REO Property, the appraised value thereof based upon the most recent
appraisal or update thereof prepared by an Independent Appraiser that is
contained in the related Servicing File or, in the case of any such property
with or that had, as the case may be, an allocated loan amount of, or securing a
Mortgage Loan or relating to an REO Mortgage 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 Mortgage Loan" shall mean any Mortgage Loan (or any successor REO
Mortgage Loan with respect thereto) that provides that if the unamortized
principal balance thereof is not repaid on its Anticipated Repayment Date, such
Mortgage Loan (or successor REO Mortgage Loan) will accrue additional interest
at the rate specified in the related Mortgage Note and the related Mortgagor is
required to apply certain excess monthly cash flow generated by the related
Mortgaged Property to the repayment of the outstanding principal balance on such
Mortgage Loan.

                                      -13-
<PAGE>

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

         "Assumed Monthly Payment" shall mean: (a) with respect to any Balloon
Trust 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
Trust Mortgage Loan remains outstanding and part of the Trust Fund (provided
that such Trust 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 Trust Mortgage
Loan on such Due Date equal to the amount that would have been due in respect
thereof on such Due Date if such Trust 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 John Hancock Tower
Non-Trust Mortgage Loan that is 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 additionally as of which the
John Hancock Tower Mortgage Loan remains outstanding and part of the Trust Fund
(provided that neither such Mortgage Loan nor the John Hancock Tower Mortgage
Loan was paid in full, and no other Liquidation Event occurred in respect of
either such Mortgage Loan, before the end of the Collection Period in which the
related Stated Maturity Date occurs), the scheduled monthly payment of 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 accrue interest (other than Default Interest)
in accordance with its terms in effect immediately prior to, and without regard
to the occurrence of, the related Stated Maturity Date, and (c) with respect to
any 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) or clause (b) of this definition, the Assumed Monthly Payment) that
was due (or deemed due) in respect of the related Mortgage Loan on the last Due
Date prior to its becoming an REO Mortgage Loan (provided that, in the case of
an REO Mortgage Loan that is part of the John Hancock Tower Loan Group, the
related Assumed Monthly Payment shall consist solely of interest at the related
Mortgage Rate).

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

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

         "Available Distribution Amount" shall mean, with respect to any
Distribution Date, an amount equal to: (a) the sum, without duplication, of (i)
the aggregate amount of all payments and other collections on or with respect to
the Trust Mortgage Loans and any REO Properties (including, in the case of the
initial Distribution Date, the Initial Deposit) that (A) were received 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

                                      -14-
<PAGE>

City time) on such Distribution Date, (ii) the aggregate amount of any P&I
Advances made by the Master Servicer, the Trustee and/or the Fiscal Agent with
respect to the Mortgage Pool 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 on the Mortgage Pool, (iv) to the extent not included in the
amount described 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 2004 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 (v) of
Section 3.05(b), (iii) Prepayment Premiums, Yield Maintenance Charges and/or
Additional Interest, (iv) if such Distribution Date occurs during January of
2005 or January of any year thereafter that is not a leap year or during
February of 2004 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 (vi)
amounts deposited in the Collection Account in error; provided that clauses
(b)(i) and (b)(iv) shall not apply on the Final Distribution Date.

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

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

         "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.

                                      -15-
<PAGE>

         "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 2003-C5, Commercial Mortgage Pass-Through Certificates, Series 2003-C5, 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.

         "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.

                                      -16-
<PAGE>

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

         "Certificateholder Reports" shall mean, collectively, the Distribution
Date Statement, the Mortgage Pool Data Update Report, the Loan Payoff
Notification Report and the CMSA Investor Reporting Package.

         "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.

         "Class A Certificates" shall mean the Class A-1, Class A-2, Class A-3
and Class A-4 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.

                                      -17-
<PAGE>

         "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 and Class A-4 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 and Class
T Certificates has 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.

         "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.

                                      -18-
<PAGE>

         "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 hypothetical or
notional amount on which any Class of Interest Only Certificates accrues or is
deemed to accrue interest from time to time. As of any date of determination,
the Class Notional Amount of each Class of Interest Only Certificates shall
equal the then aggregate of the Component Notional Amounts of all the REMIC III
Components of such Class of Interest Only Certificates; provided that, for
reporting purposes, the Class Notional Amount of the Class X-CP Certificates
shall be calculated in accordance with the Prospectus Supplement.

         "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-4
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
outstanding from time to time of any Class of Principal Balance Certificates. 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 allocated
thereto on such Distribution Date pursuant to Section 4.04.

         "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-4
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-5 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-5 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-5 attached hereto, and evidencing a portion of the sole class of
"residual interests" in REMIC III 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-4
attached hereto, and evidencing a portion of a class of "regular interests" in
REMIC III for purposes of the REMIC Provisions.

                                      -19-
<PAGE>

         "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-4
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-6
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 31 separate "regular
interests" in REMIC III for purposes of the REMIC Provisions.

         "Class X-CL REMIC III Component" shall mean any of the REMIC III
Components with respect to the Class X-CL Certificates.

         "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 23 separate "regular
interests" in REMIC III for purposes of the REMIC Provisions.

         "Class X-CP REMIC III Component" shall mean any of the REMIC III
Components with respect to the Class X-CP Certificates.

         "Clearstream" shall mean Clearstream Banking, Luxembourg or any
successor.

         "Closing Date" shall mean July 30, 2003.

         "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 "CMSA Bond Level File" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such

                                      -20-
<PAGE>

information and containing such additional information as may from time to time
be approved by the CMSA for commercial mortgage securities transactions
generally.

         "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 "CMSA 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.

         "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 "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.

         "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 "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.

         "CMSA Financial File" shall mean a report substantially in the form of,
and containing the information called for in, the downloadable form of the "CMSA
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. 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.

         "CMSA Historical Loan Modification and Corrected Mortgage Loan 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 and
Corrected Mortgage Loan 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.

         "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

                                      -21-
<PAGE>

     Status Report, (ii) CMSA Historical Loan Modification and Corrected
     Mortgage Loan 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 "CMSA 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. 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
"CMSA 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.

         "CMSA NOI Adjustment Worksheet" shall mean a report prepared by the
Master Servicer with respect to all the Performing Mortgage Loans, and by the
Special Servicer with respect to Specially Serviced Mortgage Loans and REO
Mortgage 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.

         "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 "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.

         "CMSA Property File" shall mean a report substantially in the form of,
and containing the information called for in, the downloadable form of the "CMSA
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.

         "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.

         "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 Watchlist" available as of the Closing Date on the CMSA Website,
or in such other form for the presentation of such

                                      -22-
<PAGE>

information and containing such additional information as may from time to time
be approved by the CMSA for commercial mortgage securities transactions
generally.

         "CMSA Website" shall mean the CMSA's Website located at "www.cmbs.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 2003-C5, Commercial Mortgage Pass-Through Certificates, Series
2003-C5".

         "Collection Period" shall mean, individually and collectively, as
applicable in the context used, the Trust Collection Period and/or the John
Hancock Tower Collection Period.

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

         "Component Notional Amount" shall mean the notional amount on which any
Class X-CL REMIC III Component or Class X-CP REMIC III Component 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 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 of determining, and exercising the rights of, the
Controlling Class, the Class A-1, Class A-2, A-3 and A-4 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).

                                      -23-
<PAGE>

         "Corporate Trust Office" shall mean the principal corporate trust
office of the Trustee at which at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 135 South LaSalle
Street, Suite 1625, Chicago, Illinois 60603, Attention: Asset-Backed Securities
Trust Services Group - LB-UBS Commercial Mortgage Trust 2003-C5.

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

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

         "Corresponding REMIC II Regular Interest" shall mean: (a) with respect
to any Class of Principal Balance Certificates, the REMIC II Regular Interest
that has an 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-1-1 and REMIC II Regular Interest A-1-2 shall be a Corresponding REMIC II
Regular Interest with respect to the Class A-1 Certificates; each of REMIC II
Regular Interest A-2-1, REMIC II Regular Interest A-2-2 and REMIC II Regular
Interest A-2-3 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 and REMIC II Regular Interest A-3-3 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 and REMIC II Regular
Interest A-4-2 shall be a Corresponding REMIC II Regular Interest with respect
to the Class A-4 Certificates; each of REMIC II Regular Interest F-1, REMIC II
Regular Interest F-2 and REMIC II Regular Interest F-3 shall be a Corresponding
REMIC II Regular Interest with respect to the Class F Certificates; 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; each of REMIC II Regular Interest H-1 and REMIC II Regular
Interest H-2 shall be a Corresponding REMIC II Regular Interest with respect to
the Class H Certificates; and each of REMIC II Regular Interest K-1 and REMIC II
Regular Interest K-2 shall be a Corresponding REMIC II Regular Interest with
respect to the Class K Certificates); (b) with respect to any Class X-CL REMIC
III Component, 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 Class X-CL
REMIC III Component; and (c) with respect to any Class X-CP REMIC III Component,
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, designation for such Class X-CP REMIC III Component.

         "Cross-Collateralized Group" shall mean any group of
Cross-Collateralized Mortgage Loans; provided that the John Hancock Tower Loan
Group shall not constitute a Cross-Collateralized Group.

         "Cross-Collateralized Mortgage Loan" shall mean any Mortgage Loan that
is cross-defaulted and cross-collateralized with any other Mortgage Loan;
provided that the Mortgage Loans that

                                      -24-
<PAGE>

are part of the John Hancock Tower Loan Group shall not constitute
Cross-Collateralized Mortgage Loans.

         "Custodial Account" shall mean either of the Pool Custodial Account or
the John Hancock Tower Custodial Account.

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

         "Cut-off Date" shall mean July 11, 2003.

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

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

         "Default Interest" shall mean, with respect to any Mortgage Loan or any
successor REO Mortgage Loan with respect thereto, any amounts collected thereon
(other than late payment charges, Prepayment Premiums or Yield Maintenance
Charges) that represent penalty interest (arising out of a default) in excess
of: (i) interest accrued on the principal balance of such Mortgage Loan (or
successor REO Mortgage Loan), at the related Mortgage Rate (net of any
applicable Additional Interest Rate); and (ii) in the case of an ARD Mortgage
Loan after the related Anticipated Repayment Date, any Additional Interest.

         "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
Mortgage Loan, the Government Securities required or permitted to be pledged in
lieu of prepayment pursuant to the terms thereof in order to obtain a release of
the related Mortgaged Property.

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

         "Defeasance Mortgage Loan" shall mean any Mortgage 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).

                                      -25-
<PAGE>

         "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 II.

         "Depositor Backup 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, individually and collectively, as
applicable in the context used, the Trust Determination Date and/or the John
Hancock Tower Determination Date.

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

         "Discount Rate" shall mean, with respect to any prepaid Trust Mortgage
Loan or REO Trust Mortgage Loan, for purposes of allocating any Prepayment
Premium or Yield Maintenance Charge received by or on behalf of the Trust with
respect thereto among the respective Classes of the YM Principal Balance
Certificates, a rate which, when compounded monthly, is equivalent to the Yield
Maintenance Treasury Rate, when compounded semi-annually.

         "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 regulations 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 regulations 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

                                      -26-
<PAGE>

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 (a) 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 (b) that portion, if any, of the Net Aggregate Prepayment
Interest Shortfall for such Distribution Date allocated to such Class of
Certificates as provided below. For purposes of the foregoing, the portion of
the Net Aggregate Prepayment Interest Shortfall, if any, for each Distribution
Date that shall be allocable to each Class of Regular Interest Certificates
shall equal to the lesser of (A) the Accrued Certificate Interest with respect
to the subject Class of Regular Interest Certificates for the related Interest
Accrual Period and (B) the product of (1) the entire amount of such Net
Aggregate Prepayment Interest Shortfall, multiplied by (2) a fraction, the
numerator of which is equal to the Accrued Certificate Interest with respect to
the subject Class of Regular Interest Certificates for the related Interest
Accrual Period, and the denominator of which is equal to the aggregate Accrued
Certificate Interest with respect to all the Classes of Regular Interest
Certificates for the related Interest Accrual Period.

         "Distributable Component Interest" shall mean, with respect to any
REMIC III Component of any Class of Interest Only Certificates for any
Distribution Date, an amount of interest equal to (a) 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 (b) 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

                                      -27-
<PAGE>

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
August 2003, on which, among other things, the Trustee is to make distributions
on the Certificates, which date shall be the fourth Business Day following the
Trust 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 Mortgage 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 Mortgage Loan is scheduled
to be first due; (ii) with respect to any Mortgage 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 Mortgage Loan had been scheduled to be first
due; and (iii) with respect to any REO Mortgage Loan, the day of the month set
forth in the related Mortgage Note on which each Monthly Payment on the related
Mortgage Loan had been scheduled to be first due.

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

         "Eligible Account" shall mean any of: (i) an account maintained with a
federal or state chartered depository institution or trust company, the
long-term deposit or unsecured debt obligations of which are rated at least "A"
by Fitch 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
or, in the case of an account that relates solely to the John Hancock Tower Loan
Group, with respect to any class of John Hancock Tower Non-Trust Mortgage Loan
Securities (if rated by such Rating Agency), 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 or, in the case of an account that
relates solely to the John Hancock Tower Loan Group, with respect to any class
of John Hancock Tower Non-Trust Mortgage Loan Securities (if rated by such
Rating Agency), 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 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 or, in the case
of an account that relates solely to the John Hancock Tower Loan Group, with
respect to any class of John Hancock Tower Non-Trust Mortgage Loan Securities
(if rated by such Rating Agency), as evidenced in writing by each Rating Agency.

                                      -28-
<PAGE>

         "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 IV 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
Trust Mortgage Loan or 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 subject Trust Mortgage Loan or related REO Trust Mortgage Loan in full.

         "Excess Liquidation Proceeds Account" shall mean the segregated account
or accounts (or the segregated sub-account of the Collection 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 2003-C5, Commercial Mortgage
Pass-Through Certificates, Series 2003-C5".

         "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).

         "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.

                                      -29-
<PAGE>

         "FASB 140" shall mean the Financial Accounting Standards Board's
Statement No. 140, entitled "Accounting for Transfers and Servicing of Financial
Assets and Extinguishment of Liabilities", issued in September 2002.

         "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 Mortgage Loan or 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 Mortgage Loan that was paid in full; or (ii) a Trust
Mortgage Loan or REO Property, as the case may be, that was purchased by (A) the
Depositor pursuant to Section 2.03, (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 Mortgage Loan default, as set forth in the related
intercreditor agreement, or (F) in the case of the John Hancock Tower Trust
Mortgage Loan, a John Hancock Tower Subordinate Non-Trust Mortgage Loan
Noteholder or its designee pursuant to the John Hancock Tower Co-Lender
Agreement.

         "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).

         "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.

         "General Special Servicer" shall have the meaning assigned thereto in
Section 7.01(d).

         "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.

                                      -30-
<PAGE>

         "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 with
respect to an ARD Trust Mortgage Loan after its Anticipated Repayment Date.

         "Grantor Trust Provisions" shall mean Subpart E of Subchapter J of the
Code, including Treasury regulations 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, any John Hancock Tower Non-Trust Mortgage 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, any Mortgage Loan Seller, the Master Servicer, the Special Servicer,
any Controlling Class Certificateholder, any John Hancock Tower Non-Trust
Mortgage Loan Noteholder or any Affiliate thereof, and (iii) is not connected
with the Depositor, any Mortgage Loan Seller, the Master Servicer, the Special
Servicer, any Controlling Class Certificateholder, any John Hancock Tower
Non-Trust Mortgage Loan Noteholder or any Affiliate thereof as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing
similar functions; provided, however, that a Person shall not fail to be
Independent of the Depositor, a Mortgage Loan Seller, the Master Servicer, the
Special Servicer, a Controlling Class Certificateholder, a John Hancock Tower
Non-Trust Mortgage 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, such John Hancock Tower
Non-Trust Mortgage 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.

                                      -31-
<PAGE>

         "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 within the meaning of Section
856(d)(3) of the Code if REMIC I 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 John Hancock Tower Loan Group is affected, to the John
Hancock Tower Non-Trust Mortgage Loan Noteholders)), 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 John Hancock Tower Loan
Group is affected, by the John Hancock Tower Non-Trust Mortgage Loan
Noteholders) 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 the John
Hancock Tower Mortgage Loan, equal to one day of interest at the related
Mortgage Rate (in effect on the Cut-off Date) on the Cut-off Date Balance of the
John Hancock Tower Mortgage Loan.

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

         "Initial Resolution Period" shall have the meaning assigned thereto in
Section 2.03(a).

         "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 Mortgage 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 Mortgage 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

                                      -32-
<PAGE>

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 Mortgage Loan, 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, 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 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, 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
and Class X-CP Certificates.

         "Interest Reserve Account" shall mean the segregated account or
accounts (or the segregated sub-account of the Collection Account) created and
maintained by the Trustee pursuant to Section 3.04(c) in trust for
Certificateholders, which shall be entitled "LaSalle Bank National Association
[OR THE NAME OF ANY SUCCESSOR TRUSTEE], as Trustee, in trust for the registered
holders of LB-UBS Commercial Mortgage Trust 2003-C5, Commercial Mortgage
Pass-Through Certificates, Series 2003-C5".

         "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 2004 or February of any year
thereafter or during January of 2005 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
Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect to an
ARD Trust Mortgage Loan after the related Anticipated Repayment Date) on the
related Stated Principal Balance as of the Due Date in the month in which such
Distribution Date occurs (but prior to the application of any amounts due on
such Due Date), to the extent that a Monthly Payment is received in respect
thereof for such Due Date as of the related Determination Date or a P&I Advance
is made under this Agreement in respect thereof for such Due Date by such
Distribution Date.

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

                                      -33-
<PAGE>

         "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.

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

         "John Hancock Tower Co-Lender Agreement" shall have the meaning
assigned thereto in the Preliminary Statement.

         "John Hancock Tower Cure Rights" shall mean the rights granted to the
John Hancock Tower Subordinate Non-Trust Mortgage Loan Noteholders (or either of
them) or its/their designee to cure certain events of default occurring with
respect to the John Hancock Tower Loan Group, as set forth in Section 5.02 of
the John Hancock Tower Co-Lender Agreement.

         "John Hancock Tower 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 John Hancock Tower Noteholders, which shall be
entitled "[NAME OF MASTER SERVICER], as Master Servicer, in trust for [NAMES OF
JOHN HANCOCK TOWER NOTEHOLDERS], as their interests may appear".

         "John Hancock Tower Determination Date" shall mean, with respect to the
John Hancock Tower Loan Group, the 8th calendar day of each month or, if such
8th day is not a Business Day, the immediately preceding Business Day,
commencing in August 2003.

         "John Hancock Tower Directing Subordinate Non-Trust Mortgage Loan
Noteholder" shall have the meaning assigned thereto in Section 6.11A(a).

         "John Hancock Tower Loan Group" shall have the meaning assigned thereto
in the Preliminary Statement (and shall include any successor REO Mortgage Loans
with respect to the John Hancock Tower Mortgage Loan and the John Hancock Tower
Non-Trust Mortgage Loans).

         "John Hancock Tower Loan Group-Specific Special Servicer" shall have
the meaning assigned thereto in Section 7.01(d).

         "John Hancock Tower Master Servicer Remittance Date" shall mean, with
respect to each John Hancock Tower Mortgage Loan, the date each month,
commencing in August 2003, on which, among other things, the Master Servicer is
required to make remittances pursuant to Section 4.02(a) or 4.02(b), as
applicable, of the John Hancock Tower Co-Lender Agreement to the related John
Hancock Tower Noteholder (or, in the case of the John Hancock Tower Trust
Mortgage Loan, for so long as it or any related REO Property is part of the
Trust Fund, to the Pool Custodial Account), which

                                      -34-
<PAGE>

date shall be: (i) for the purposes of making remittances to the John Hancock
Tower Pari Passu Non-Trust Noteholders, if the subject monthly payment (together
with a fed reference number) with respect to the John Hancock Tower Loan Group
has been received by the Master Servicer no later than 1:00 p.m. (New York City
time) on the related John Hancock Tower Determination Date, the same date as
such John Hancock Tower Determination Date, and (ii) for the purposes of making
remittances to the John Hancock Tower Pari Passu Non-Trust Noteholders (in the
event clause (i) of this definition is not applicable) and to each other John
Hancock Tower Noteholder (or, in the case of the John Hancock Tower Trust
Mortgage Loan, for so long as it or any related REO Property is part of the
Trust Fund, to the Pool Custodial Account), the Business Day immediately
following the related John Hancock Tower Determination Date.

         "John Hancock Tower Mortgage Loan" shall mean any Mortgage Loan in the
John Hancock Tower Loan Group.

         "John Hancock Tower Mortgaged Property" shall have the meaning assigned
thereto in the Preliminary Statement.

         "John Hancock Tower Non-Trust Mortgage Loan Change of Control Event"
shall mean, with respect to the John Hancock Tower Loan Group, the event that
exists when the aggregate unpaid principal amount of both John Hancock Tower
Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans with
respect thereto (net of any existing Appraisal Reduction Amount calculated in
respect of the John Hancock Tower Loan Group) is less than 25% of the original
aggregate unpaid principal amount of such John Hancock Tower Non-Trust Mortgage
Loans.

         "John Hancock Tower Non-Trust Mortgage Loan Noteholders" shall mean,
with respect to each of the John Hancock Tower Non-Trust Mortgage Loans, the
holder of the related Mortgage Note.

         "John Hancock Tower Non-Trust Mortgage Loans" shall have the meaning
assigned thereto in the Preliminary Statement.

         "John Hancock Tower Non-Trust Mortgage Loan Securities" shall mean, for
so long as the John Hancock Tower Trust Mortgage Loan or a John Hancock Tower
REO Trust Mortgage Loan is part of the Mortgage Pool, any class of securities
backed by one or more of the John Hancock Tower Non-Trust Mortgage Loans.

         "John Hancock Tower Non-Trust Mortgage Loan Securitization Agreement"
shall mean any agreement governing the securitization of a John Hancock Tower
Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.

         "John Hancock Tower Note A Mortgage Loans" shall mean, collectively,
the John Hancock Tower Trust Mortgage Loan and the John Hancock Tower Pari Passu
Non-Trust Mortgage Loans.

         "John Hancock Tower Noteholders" shall mean, collectively, the holder
of the Mortgage Note for the John Hancock Tower Trust Mortgage Loan and the John
Hancock Tower Non-Trust Mortgage Loan Noteholder.

                                      -35-
<PAGE>

         "John Hancock Tower Pari Passu Non-Trust Mortgage Loan" shall have the
meaning assigned thereto in the Preliminary Statement.

         "John Hancock Tower Pari Passu Non-Trust Mortgage Loan Purchase Price"
shall mean, with respect to any John Hancock Tower Pari Passu Non-Trust Mortgage
Loan (or the corresponding interest in any John Hancock Tower REO Property), a
cash price equal to the aggregate of: (a) the outstanding principal balance of
such John Hancock Tower Pari Passu Non-Trust Mortgage Loan (or, in the case of
the corresponding interest in any John Hancock Tower REO Property, the related
John Hancock Tower REO Mortgage Loan) as of the date of purchase, (b) all
accrued and unpaid interest on such John Hancock Tower Pari Passu Non-Trust
Mortgage Loan (or, in the case of the corresponding interest in any John Hancock
Tower REO Property, on the related John Hancock Tower REO Mortgage 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), (c) all accrued and unpaid interest, if any, in respect of
related delinquent interest advances (comparable to P&I Advances) in accordance
with the related John Hancock Tower Co-Lender Agreement, and (d) to the extent
not otherwise included in the amount described in clause (c) of this definition,
any unpaid Special Servicing Fees and other costs and expenses allocable to such
John Hancock Tower Pari Passu Non-Trust Mortgage Loan (or the related John
Hancock Tower REO Mortgage Loan) in accordance with the John Hancock Tower
Co-Lender Agreement, including any Liquidation Fees payable with respect to such
Mortgage Loan (or REO Mortgage Loan).

         "John Hancock Tower Pari Passu Non-Trust Noteholder" shall mean, with
respect to each of the John Hancock Tower Pari Passu Non-Trust Mortgage Loans,
the holder of the related Mortgage Note.

         "John Hancock Tower Pari Passu Securitization Trust" shall mean any
rated commercial mortgage securitization trust similar to the commercial
mortgage securitization trust contemplated by this Agreement, that from time to
time holds either John Hancock Tower Pari Passu Non-Trust Mortgage Loan.

         "John Hancock Tower Preliminary Master Servicer Remittance Report"
shall mean a preliminary report prepared based on information in the possession
of the Master Servicer (including any information received from the Special
Servicer) with respect to each John Hancock Tower Non-Trust Mortgage Loan (or
any successor REO Mortgage Loan with respect thereto), as of the date of such
report, delivered by the Master Servicer to each John Hancock Tower Non-Trust
Noteholder, containing (i) such information regarding each John Hancock Tower
Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect
thereto) as will permit the related John Hancock Tower Non-Trust Noteholder (or
any applicable servicer, trustee or paying agent on behalf thereof) to calculate
the estimated amounts required to be distributed pursuant to any John Hancock
Tower Non-Trust Mortgage Loan Securitization Agreement and to furnish related
statements pursuant to any John Hancock Tower Non-Trust Mortgage Loan
Securitization Agreement, including information, as to each such John Hancock
Tower Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect
thereto), as applicable, with respect to scheduled principal balances, scheduled
monthly interest payments and unscheduled payments and collections and (ii) any
other material information in the possession of the Master Servicer (including
information received from the Special Servicer) concerning any John Hancock
Tower Non-Trust Mortgage Loan which is in default (or any successor REO Mortgage
Loan with respect thereto), the information customarily provided by the Master
Servicer concerning any John

                                      -36-
<PAGE>

Hancock Tower Non-Trust Mortgage Loan which is not in default, and such
additional information as is agreed to from time to time by the Master Servicer.

         "John Hancock Tower 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 John Hancock Tower Noteholders, which shall be entitled "[NAME
OF SPECIAL SERVICER], as Special Servicer, in trust for [NAMES OF JOHN HANCOCK
TOWER NOTEHOLDERS], as their interests may appear".

         "John Hancock Tower REO Mortgage Loan" shall mean any REO Mortgage Loan
relating to a John Hancock Tower Mortgage Loan.

         "John Hancock Tower REO Property" shall mean the John Hancock Tower
Mortgaged Property, if such Mortgaged Property becomes an REO Property
hereunder.

         "John Hancock Tower REO Trust Mortgage Loan" shall mean any REO Trust
Mortgage Loan relating to the John Hancock Tower Trust Mortgage Loan.

         "John Hancock Tower Servicing Reports" shall mean, with respect to the
John Hancock Tower Loan Group, each of the CMSA Delinquent Loan Status Report,
CMSA Historical Loan Modification and Corrected Mortgage Loan 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.

         "John Hancock Tower Subordinate Non-Trust Mortgage Loan" shall have the
meaning assigned thereto in the Preliminary Statement.

         "John Hancock Tower Subordinate Non-Trust Noteholder" shall mean, with
respect to each of the John Hancock Tower Subordinate Non-Trust Mortgage Loans,
the holder of the related Mortgage Note.

         "John Hancock Tower Subordinate Securitization Fiscal Agent" shall mean
ABN AMRO Bank N.V., in its capacity as fiscal agent under that certain Trust
Agreement between SASCO II as depositor, LaSalle as trustee and ABN AMRO Bank
N.V. as fiscal agent, executed in connection with the issuance of the John
Hancock Tower Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2003-C5A.

         "John Hancock Tower Subordinate Securitization Trust" shall have the
meaning assigned thereto in the Preliminary Statement.

         "John Hancock Tower Subordinate Securitization Trustee" shall mean
LaSalle, in its capacity as trustee under that certain Trust Agreement between
SASCO II as depositor, LaSalle as trustee and ABN AMRO Bank N.V. as fiscal
agent, executed in connection with the issuance of the John Hancock Tower
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C5A.

                                      -37-
<PAGE>

         "John Hancock Tower Trust Mortgage Loan" shall have the meaning
assigned thereto in the Preliminary Statement, which Trust Mortgage Loan is
identified on the Trust Mortgage Loan Schedule by mortgage loan number 1, and
is, together with the John Hancock Tower Non-Trust Mortgage Loans, secured by a
Mortgage on the John Hancock Tower Mortgaged Property.

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

         "Late Collections" shall mean: (a) with respect to any Mortgage Loan,
all amounts received 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 Mortgage 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 Mortgage Loan, all amounts received 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 Mortgage Loan, or the principal and/or interest
portions of an Assumed Monthly Payment in respect of such REO Mortgage Loan, due
or deemed due on a Due Date in a previous Collection Period and not previously
recovered.

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

         "LBHI/Depositor Mortgage Loan Purchase Agreement" shall mean that
certain Mortgage Loan Purchase Agreement dated as of July 16, 2003, between the
LBHI Mortgage Loan Seller and the Depositor.

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

         "LBHI Mortgage Loan Seller" shall mean LBHI.

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

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

         "Lehman Trust Mortgage Loan" shall mean any LBHI Trust Mortgage Loan or
any LUBS Trust Mortgage Loan.

         "Lehman Mortgage Loan Seller" shall mean the LBHI Mortgage Loan Seller
or the LUBS Mortgage Loan Seller.

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

                                      -38-
<PAGE>

         "Liquidation Event" shall mean: (a) with respect to any Mortgage Loan,
any of the following events--(i) such Mortgage Loan is paid in full, (ii) a
Final Recovery Determination is made with respect to such Mortgage Loan, (iii)
such Mortgage Loan is repurchased by the Depositor pursuant to Section 2.03 or
by the UBS Mortgage Loan Seller pursuant to the UBS/Depositor Mortgage Loan
Purchase Agreement, (iv) such Mortgage Loan is purchased by a Purchase Option
Holder or its assignee pursuant to Section 3.18, (v) such Mortgage 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 Mortgage Loan is purchased by the holder of a related mezzanine loan on
behalf of the related Mortgagor in connection with a Mortgage Loan default, as
set forth in the related intercreditor agreement, or (v) in the case of the John
Hancock Tower Note A Mortgage Loan, such Trust Mortgage Loan is purchased by a
John Hancock Tower Subordinate Non-Trust Mortgage Loan Noteholder or its
designee pursuant to the John Hancock Tower Co-Lender Agreement; and (b) with
respect to any REO Property (and the related REO Mortgage 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 Mortgage 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).

         "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 Mortgage Loan or an REO Property pursuant to, Section
3.11(c).

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

         "Liquidation Proceeds" shall mean all cash amounts (other than
Insurance Proceeds, Condemnation Proceeds and REO Revenues) received in
connection with: (i) the full or partial liquidation of a Mortgaged Property or
other collateral constituting security for a defaulted Mortgage 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 Trust Mortgage Loan by a
Purchase Option Holder or its assignee pursuant to Section 3.18; (iv) the
repurchase of a Trust Mortgage Loan by the Depositor pursuant to Section 2.03 or
by the UBS Mortgage Loan Seller pursuant to the UBS/Depositor Mortgage Loan
Purchase Agreement; (v) the purchase of a Trust 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 Mortgage Loan by the holder of a related mezzanine loan on behalf
of the related Mortgagor in connection with a Mortgage Loan default, as set
forth in the related intercreditor agreement; or (vii) in the case of the John
Hancock Tower Note A Mortgage Loan, the purchase of such Trust Mortgage Loan by
a John Hancock Tower Subordinate Non-Trust Mortgage Loan Noteholder or its
designee pursuant to the John Hancock Tower Co-Lender Agreement.

                                      -39-
<PAGE>

         "Loan Payoff Notification Report" shall mean a report containing
substantially the information described in Exhibit E attached hereto, and
setting forth for each Mortgage Loan as to which written notice of anticipated
payoff has been received by the Master Servicer as of the related 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).

         "Lockout Period" shall mean, with respect to any Mortgage 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.

         "LUBS/Depositor Mortgage Loan Purchase Agreement" shall mean that
certain Mortgage Loan Purchase Agreement dated as of July 16, 2003 between LBHI,
LUBS Inc. as mortgage loan seller and the Depositor.

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

         "LUBS Mortgage Loan Seller" shall mean LUBS, Inc., or its successor in
interest.

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

         "Master Servicer Backup Certification" shall have the meaning assigned
thereto in Section 8.15.

         "Master Servicer Remittance Date" shall mean either the Trust Master
Servicer Remittance Date or the John Hancock Tower Master Servicer Remittance
Date, as applicable.

         "Master Servicing Fee" shall mean, with respect to each Mortgage Loan
(and any successor REO Mortgage 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 each Trust
Mortgage Loan and any successor REO Trust Mortgage Loan with respect thereto, a
rate per annum equal to the related Administrative Cost Rate minus the Trustee
Fee Rate; (b) with respect to each John Hancock Tower Pari Passu Non-Trust
Mortgage Loan and any successor REO Mortgage Loan with respect thereto, 0.015%
per annum; and (c) with respect to each John Hancock Tower Subordinate Non-Trust
Mortgage Loan and any successor REO Mortgage Loan with respect thereto, 0.01%
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).

                                      -40-
<PAGE>

         "Modified Loan" shall mean any Mortgage 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 Mortgage 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 Mortgage Loan
     or materially reduces the likelihood of timely payment of amounts due
     thereon.

         "Monthly Payment" shall mean, with respect to any Mortgage Loan, as of
any Due Date, the scheduled monthly debt service payment (or, in the case of an
ARD Mortgage Loan after its Anticipated Repayment Date, the monthly debt service
payment required to be paid on a current basis) on such Mortgage Loan that is
actually payable by the related Mortgagor from time to time under the terms of
the related Mortgage Note (as such terms may be changed or modified in
connection with a bankruptcy or similar proceeding involving the related
Mortgagor or by reason of a modification, extension, waiver or amendment granted
or agreed to by the Special Servicer pursuant to Section 3.20, including any
Balloon Payment payable in respect of such Mortgage Loan on such Due Date;
provided that the Monthly Payment due in respect of any Mortgage Loan shall not
include Default Interest; and provided, further, that the Monthly Payment due in
respect of any ARD Mortgage Loan after its Anticipated Repayment Date shall not
include Additional Interest.; and provided, further, that, if the related loan
documents for the John Hancock Tower Loan Group provide for a single monthly
debt service payment for the entire John Hancock Tower Loan Group, then the
Monthly Payment for each Mortgage Loan comprising the John Hancock Tower Loan
Group for any Due Date shall be that portion of the monthly debt service payment
for the John Hancock Tower Loan Group on such Due Date that is, in accordance
with the related loan documents and/or the John Hancock Tower Co-Lender
Agreement, in the absence of default, allocable to interest at the related
Mortgage Rate on and/or principal of such Mortgage Loan.

         "Moody's" shall mean Moody's Investors Service, Inc. or its successor
in interest.

         "Mortgage" shall mean, with respect to any Mortgage 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.

                                      -41-
<PAGE>

         "Mortgage File" shall mean, with respect to any Trust Mortgage Loan
and, in the case of the John Hancock Tower Trust Mortgage Loan, also with
respect to the John Hancock Tower Non-Trust Mortgage Loans, the following
documents collectively (which, in the case of the John Hancock Tower Loan Group,
except for the Mortgage Notes referred to in clause (i) of this definition and
any modifications thereof referred to in clause (vi) of this definition, relate
to the entire John Hancock Tower Loan Group):

         (i)      (A) the original executed Mortgage Note for such Trust
                  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 2003-C5, Commercial Mortgage
                  Pass-Through Certificates, Series 2003-C5" 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 John Hancock Tower Loan Group, a copy of the
                  executed Mortgage Note for each John Hancock Tower Non-Trust
                  Mortgage Loan.

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

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

         (iv)     an original executed assignment, in recordable form (except
                  for recording information not yet available if the instrument
                  being assigned has not been returned from the applicable
                  recording office), of (A) the Mortgage and (B) any related
                  Assignment of Leases (if such item is a document separate from
                  the Mortgage), in favor of "LaSalle Bank National Association,
                  in its capacity as trustee for the registered holders of
                  LB-UBS Commercial Mortgage Trust 2003-C5, Commercial Mortgage
                  Pass-Through Certificates, Series 2003-C5" (or, in the case of
                  the John Hancock Tower Loan Group, in favor of "LaSalle Bank
                  National Association, in its capacity as trustee for the
                  registered holders of LB-UBS Commercial Mortgage Trust
                  2003-C5, Commercial Mortgage Pass-Through Certificates, Series
                  2003-C5, and its capacity as lead lender on behalf of the
                  respective holders of the related Note A2, Note A3, Note B1
                  and Note B2") (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 such Trust Mortgage Loan, in favor of
                  "LaSalle Bank National Association, as trustee

                                      -42-
<PAGE>

                  for the registered holders of LB-UBS Commercial Mortgage Trust
                  2003-C5, Commercial Mortgage Pass-Through Certificates, Series
                  2003-C5" (or, in the case of the John Hancock Tower Loan
                  Group, in favor of "LaSalle Bank National Association, in its
                  capacity as trustee for the registered holders of LB-UBS
                  Commercial Mortgage Trust 2003-C5, Commercial Mortgage
                  Pass-Through Certificates, Series 2003-C5, and its capacity as
                  lead lender on behalf of the respective holders of the related
                  Note A2, Note A3, Note B1 and Note B2");

         (vi)     originals or copies of final written modification agreements
                  in those instances where the terms or provisions of the
                  Mortgage Note for such Trust Mortgage Loan (or, if applicable,
                  any Mortgage Note of the John Hancock Tower Loan Group) 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 Trust
                  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 Trust 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 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 2003-C5, Commercial Mortgage
                  Pass-Through Certificates, Series 2003-C5" (or, in the case of
                  the John Hancock Tower Loan Group, in favor of "LaSalle Bank
                  National Association, in its capacity as trustee for the
                  registered holders of LB-UBS Commercial Mortgage Trust
                  2003-C5, Commercial Mortgage Pass-Through Certificates, Series
                  2003-C5, and its capacity as lead lender on behalf of the
                  respective holders of the related Note A2, Note A3, Note B1
                  and Note B2");

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

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

                                      -43-
<PAGE>

         (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
                  (iv) or clause (v) of this definition), in favor of "LaSalle
                  Bank National Association, in its capacity as trustee for the
                  registered holders of LB-UBS Commercial Mortgage Trust
                  2003-C5, Commercial Mortgage Pass-Through Certificates, Series
                  2003-C5" (or, in the case of the John Hancock Tower Loan
                  Group, in favor of "LaSalle Bank National Association, in its
                  capacity as trustee for the registered holders of LB-UBS
                  Commercial Mortgage Trust 2003-C5, Commercial Mortgage
                  Pass-Through Certificates, Series 2003-C5, and its capacity as
                  lead lender on behalf of the respective holders of the related
                  Note A2, Note A3, Note B1 and Note B2");

         (xvi)    if such Trust Mortgage Loan is the John Hancock Tower Trust
                  Mortgage Loan, a copy of the John Hancock Tower Co-Lender
                  Agreement;

         (xvii)   in the case of any Trust Mortgage 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;

provided that whenever the term "Mortgage File" is used to refer to documents
actually received by the Trustee or by a Custodian on its behalf, such term
shall not be deemed to include such documents required to be included therein
unless they are actually so received, and with respect to any receipt or
certification by the Trustee or a Custodian on its behalf for documents
described in clauses (vi) and (ix) through (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 any Trust Mortgage Loan or any John Hancock
Tower Non-Trust Mortgage Loan. 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 or any John
Hancock Tower Non-Trust Mortgage Loan Noteholder, as applicable.

         "Mortgage Loan Purchase Agreements" shall mean the LBHI/Depositor
Mortgage Loan Purchase Agreement, the LUBS/Depositor Mortgage Loan Purchase
Agreement and the UBS/Depositor Mortgage Loan Purchase Agreement.

         "Mortgage Loan Sellers" shall mean the LBHI Mortgage Loan Seller, the
LUBS Mortgage Loan Seller and the UBS Mortgage Loan Seller.

                                      -44-
<PAGE>

         "Mortgage Note" shall mean the original executed note evidencing the
indebtedness of a Mortgagor under a Mortgage 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 Trust Mortgage Loans and any
successor REO Trust Mortgage Loans, collectively. The Mortgage Pool does not
include the John Hancock Tower Non-Trust Mortgage Loans or any REO Mortgage
Loans related thereto.

         "Mortgage Pool Data Update Report" shall mean, with respect to any
Distribution Date, a report (which may be included as part of the Distribution
Date Statement), prepared by the Trustee, containing information regarding the
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 on Annexes A-1 through A-4 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 Mortgage Loan (and any
successor REO Mortgage Loan with respect thereto), the related annualized rate
at which interest is scheduled (in the absence of a default) to accrue on such
Mortgage Loan from time to time in accordance with the related Mortgage Note and
applicable law, as such rate may be modified in accordance with Section 3.20 or
in connection with a bankruptcy, insolvency or similar proceeding involving the
related Mortgagor. In the case of each ARD Mortgage 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 Mortgage Loan, including any Person
that has not signed the related Mortgage Note but owns an interest in the
related Mortgaged Property, which interest has been encumbered to secure such
Mortgage Loan.

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

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

                                      -45-
<PAGE>

         "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 Mortgage
Loan or REO Property, over the amount of all Liquidation Expenses incurred with
respect thereto.

         "Net Prepayment Consideration" shall mean the Prepayment Consideration
received 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 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 John Hancock Tower
Loan Group, the John Hancock Tower Non-Trust Mortgage Loan Noteholders.

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

         "Nonrecoverable P&I Advance" shall mean any P&I Advance previously made
or proposed to be made in respect of any Mortgage Loan or REO Mortgage 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
Mortgage Loan or REO Mortgage Loan, as the case may be; provided that, if either
of the John Hancock Tower Pari Passu Non-Trust Mortgage Loans is securitized as
part of a rated commercial mortgage securitization similar to the commercial
mortgage securitization contemplated by this Agreement, and if the Master
Servicer receives written notice that a party responsible for making delinquency
advances similar to P&I Advances hereunder with respect to such other commercial
mortgage securitization has determined, in accordance with the requirements of
the related securitization agreement, that any such delinquency advance made or
to be made with respect to such securitized John Hancock Tower Pari

                                      -46-
<PAGE>

Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect
thereto) would be nonrecoverable out of collections on such Mortgage Loan (or
such REO Mortgage Loan), then (for so long as the Master Servicer has actual
knowledge that delinquency advances are not being made with respect to such
securitized John Hancock Tower Pari Passu Non-Trust Mortgage Loan (or any
successor REO Mortgage Loan with respect thereto) in connection with such other
commercial mortgage securitization by reason of such nonrecoverability
determination) any P&I Advance that is required to be made hereunder with
respect to the John Hancock Tower Trust Mortgage Loan (or any successor REO
Trust Mortgage Loan with respect thereto) shall be deemed to be a Nonrecoverable
P&I Advance.

         "Nonrecoverable Servicing Advance" shall mean any Servicing Advance
previously made or proposed to be made in respect of any Mortgage 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 Mortgage Loan (or, in the case of a John
Hancock Tower Mortgage Loan, the John Hancock Tower Loan Group) 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 H, Class J, Class K, Class L, Class M,
Class N, Class P, Class Q, Class S, Class T, Class R-I, Class R-II, Class R-III
and Class V Certificates are Non-Registered Certificates.

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

         "Note A1 Lender" shall have the meaning assigned thereto in Section
3.01(c).

         "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 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.

                                      -47-
<PAGE>

         "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 equal $1,405,068,726, in the case of
the Class X-CL Certificates, and $1,266,105,000, in the case of the Class X-CP
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 Mortgage Loan or REO Mortgage Loan,
any advance made by the Master Servicer, the Trustee or the Fiscal Agent
pursuant to Section 4.03.

         "Pass-Through Rate" shall mean:

               (a) with respect to the Class A-1 Certificates for any Interest
     Accrual Period, an annual rate equal to 2.786% per annum;

               (b) with respect to the Class A-2 Certificates for any Interest
     Accrual Period, an annual rate equal to 3.478% per annum;

               (c) with respect to the Class A-3 Certificates for any Interest
     Accrual Period, an annual rate equal to 4.254% per annum;

               (d) with respect to the Class A-4 Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 4.685% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (e) with respect to the Class B Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 4.742% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (f) with respect to the Class C Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 4.762% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (g) with respect to the Class D Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 4.792% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (h) with respect to the Class E Certificates for any Interest
     Accrual Period, an annual rate equal to an annual rate equal to the lesser
     of (i) 4.811% per annum and (ii) the Weighted Average REMIC I Remittance
     Rate for such Interest Accrual Period;

                                      -48-
<PAGE>

               (i) with respect to the Class F Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 4.843% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (j) with respect to the Class G Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 4.893% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (k) with respect to the Class H Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 5.228% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (l) with respect to the Class J Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 5.250% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (m) with respect to the Class K Certificates for any Interest
     Accrual Period, an annual rate equal to the lesser of (i) 5.250% per annum
     and (ii) the Weighted Average REMIC I Remittance Rate for such Interest
     Accrual Period;

               (n) with respect to each other Class of Principal Balance
     Certificates for any Interest Accrual Period, an annual rate equal to the
     lesser of (i) 4.934% per annum and (ii) the Weighted Average REMIC I
     Remittance Rate for such Interest Accrual Period;

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

               (p) 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 Class X-CL REMIC III Components for such
     Interest Accrual Period, weighted on the basis of the respective Component
     Notional Amounts of such Class X-CL REMIC III Components outstanding
     immediately prior to the related Distribution Date;

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

               (r) with respect to the Class X-CP Certificates for any Interest
     Accrual

                                      -49-
<PAGE>

     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 Class X-CP REMIC III Components for such
     Interest Accrual Period, weighted on the basis of the respective Component
     Notional Amounts of such Class X-CP REMIC III Components outstanding
     immediately prior to the related Distribution Date; provided, however,
     that, for reporting purposes, the Pass-Through Rate of the Class X-CP
     Certificates for each Interest Accrual Period shall be calculated in
     accordance with the Prospectus Supplement.

         The Weighted Average REMIC I Remittance Rate referenced in each of
clauses (d) through (o) of the prior paragraph of 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 Mortgage Loan" shall mean any Corrected Mortgage Loan and
any Mortgage Loan as to which a Servicing Transfer Event has never occurred.

         "Performing Trust Mortgage Loan" shall mean any Trust Mortgage Loan
that is a Performing Mortgage Loan.

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

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

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

                                      -50-
<PAGE>

                  an investment being made with funds that relate solely to the
                  John Hancock Tower Loan Group, with respect to any class of
                  John Hancock Tower Non-Trust Mortgage Loan Securities (if
                  rated by such Rating Agency), 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 or, in the case of an investment being made with
                  funds that relate solely to the John Hancock Tower Loan Group,
                  with respect to any class of John Hancock Tower Non-Trust
                  Mortgage Loan Securities (if rated by such Rating Agency), 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 or, in the case of an investment being
                  made with funds that relate solely to the John Hancock Tower
                  Loan Group, if relevant for such Rating Agency, with respect
                  to any class of John Hancock Tower Non-Trust Mortgage Loan
                  Securities (if rated by such Rating Agency), as evidenced in
                  writing by such Rating Agency). In addition, such commercial
                  paper by its terms must have a predetermined fixed dollar
                  amount of principal due at maturity that cannot vary or
                  change. Interest may either be fixed or variable. If such
                  interest is 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 or, in the case of an investment being made with
                  funds that relate solely to the John Hancock Tower Loan Group,
                  if relevant for such Rating Agency, with respect to any class
                  of John Hancock Tower Non-Trust Mortgage

                                      -51-
<PAGE>

                  Loan Securities (if rated by such Rating Agency), 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
                  (1) in the case of either Rating Agency, evidenced in a
                  writing by such Rating Agency to the effect that that such
                  obligation or security will not result in an Adverse Rating
                  Event with respect to any Class of Certificates, or (2)
                  otherwise evidenced in a 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 evidencing the
largest Percentage Interest in 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 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 2003-C5, Commercial
Mortgage Pass-Through Certificates, Series 2003-C5, Custodial Account".

                                      -52-
<PAGE>

         "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 2003-C5, Commercial Mortgage Pass-Through
Certificates, Series 2003-C5, REO Account".

         "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 and/or
Yield Maintenance Charge.

         "Prepayment Consideration Entitlement" shall mean with respect to (A)
any Distribution Date on which any Net Prepayment Consideration received by or
on behalf of the Trust on any Mortgage Loan (or any successor REO Mortgage Loan
with respect thereto) is distributable and (B) any Class of YM Principal Balance
Certificates that is entitled to distributions of principal on such Distribution
Date, for purposes of determining the portion of such Net Prepayment
Consideration distributable with respect to such Class of Principal Balance
Certificates, an amount equal to the product of (x) such Net Prepayment
Consideration (reduced, if applicable, to not less than zero, by any portion
thereof that constitutes Class MM Net Prepayment Consideration), multiplied by
(y) 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 (z) 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 or 9.01, as
applicable, and the denominator of which is equal to the Principal Distribution
Amount for such Distribution Date.

         "Prepayment Interest Excess" shall mean, with respect to any Mortgage
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
Mortgage Loan after its Anticipated Repayment Date, further exclusive of any
Additional Interest).

         "Prepayment Interest Shortfall" shall mean, with respect to any
Mortgage 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

                                      -53-
<PAGE>

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 Mortgage 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.

         "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 Mortgage 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 8739
Research Drive, URP4, Charlotte, North Carolina 28262-1075, and the Primary
Servicing Office of the Special Servicer is located at 1601 Washington Avenue,
Suite 800, Miami Beach, Florida 33139.

         "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
each John Hancock Tower Non-Trust Mortgage Loan Noteholder (identified to the
Trustee) 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 or on behalf of the Trust with respect to the Trust
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;

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

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

         (d) the aggregate of all Liquidation Proceeds, Condemnation Proceeds
and Insurance Proceeds received by or on behalf of the Trust with respect to any
Trust Mortgage Loans during the

                                      -54-
<PAGE>

related Collection Period that were identified and applied by the Master
Servicer as recoveries of principal of such Trust 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 or on behalf of the Trust with
respect to any REO Properties during the related Collection Period that were
identified and applied by the Master Servicer as recoveries of principal of the
related REO Trust 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; and

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

provided that none of the amounts set forth in clauses (a) to (f) above shall
represent amounts received, due or advanced on or in respect of the John Hancock
Tower Non-Trust Mortgage Loans or any successor REO Mortgage Loans with respect
thereto.

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

         "Prohibited Transaction Exemption" shall mean Prohibited Transaction
Exemption 91-14 granted to a predecessor of Lehman Brothers by the United States
Department of Labor, 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 July 7, 2003, as
supplemented by the Prospectus Supplement, relating to the Registered
Certificates.

         "Prospectus Supplement" shall mean the prospectus supplement dated July
16, 2003, 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 Trust Mortgage Loan
(or REO Property), a cash price equal to the aggregate of: (a) the outstanding
principal balance of such Trust Mortgage Loan (or, in the case of an REO
Property, the related REO Mortgage Loan) as of the date of purchase, (b) all
accrued and unpaid interest on such Trust Mortgage Loan (or, in the case of an
REO Property, the related REO Mortgage 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 Mortgage Loan after its Anticipated Repayment Date,

                                      -55-
<PAGE>

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 Section 3.11(g) and/or Section 4.03(d), and (e) in the case of a
repurchase by the Depositor pursuant to Section 2.03 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 subsequent to
the expiration of the Initial Resolution Period plus the Resolution Extension
Period for the 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 John Hancock Tower Trust 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 under the John
Hancock Tower Co-Lender Agreement to the Master Servicer in respect of such
Mortgage Loan (which amounts shall no longer be payable hereunder); and
provided, further, that, in the case of the John Hancock Tower REO Property, 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 all of the John Hancock Tower REO Mortgage Loans (including the John
Hancock Tower REO Trust Mortgage Loan).

         "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 and Class A-3 Certificates, the Distribution Date in July
2027; (b) with respect to the Class A-4 Certificates, the Distribution Date in
July 2032; and (c) with respect to the other Classes of Principal Balance
Certificates, other than the Class T Certificates, the Distribution Date in
April 2037.

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

         "Realized Loss" shall mean: (1) with respect to each Mortgage Loan as
to which a Final Recovery Determination has been made, or with respect to any
successor REO Mortgage 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
Mortgage Loan or REO Mortgage 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 Mortgage Loan or
such REO Mortgage 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

                                      -56-
<PAGE>

Mortgage Loan after its Anticipated Repayment Date, Additional Interest), over
(b) all payments and proceeds, if any, received in respect of such Mortgage Loan
or, to the extent allocable to such REO Mortgage 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 Mortgage Loan or REO Mortgage Loan; (2) with respect to each Mortgage
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 Mortgage Loan granted or agreed to by the Special Servicer
pursuant to Section 3.20, the amount of such principal and/or interest (other
than Default Interest and, in the case of an ARD Mortgage Loan after its
Anticipated Repayment Date, Additional Interest) so canceled; and (3) with
respect to each Mortgage 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 Mortgage Loan granted or
agreed to by the Special Servicer pursuant to Section 3.20, the amount of the
consequent reduction in the interest portion of each successive Monthly Payment
due thereon (each such Realized Loss shall be deemed to have been incurred on
the Due Date for each affected Monthly Payment).

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

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

         "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 V.

         "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 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 Regulation S
Release Date, except pursuant to an exemption from the registration requirements
of the Securities Act.

                                      -57-
<PAGE>

         "Regulation S Release Date" 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, the date that is 40 days after the later of
(a) the commencement of the offering of such Certificates to Persons other than
distributors in reliance on Regulation S, and (b) the date of closing of the
offering.

         "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 Section 4.03(d) or
Section 4.03A(d), as applicable, 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 Trust
Mortgage Loans as from time to time are subject to this Agreement and all
payments under and proceeds of such Trust Mortgage Loans received by or on
behalf of the Trust after the Closing Date (other than (x) scheduled payments of
interest and principal due on or before the Cut-off Date and (y) Additional
Interest received by or on behalf of the Trust in respect of the ARD Trust
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 from such REO Properties; (iii) such funds or assets (including the
Initial Deposit) 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 funds or assets that
represent Additional Interest received by or on behalf of the Trust in respect
of the ARD Trust Mortgage Loans after their respective Anticipated Repayment
Dates; and (iv) the rights of the Depositor under the UBS/Depositor Mortgage
Loan Purchase Agreement; provided that REMIC I shall not include the John
Hancock Tower Non-Trust Mortgage Loans, or any payments or other collections of
principal, interest, Prepayment Premiums, Yield Maintenance Charges or other
amounts received by or on behalf of the Trust on any of the John Hancock Tower
Non-Trust Mortgage Loans or any related successor REO Mortgage Loans.

         "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 Trust 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 Trust Mortgage Loan as of the Closing Date (without regard to any
modifications, extensions, waivers or amendments of such corresponding Trust
Mortgage Loan subsequent to the Closing Date), minus (ii) the Administrative
Cost Rate for such corresponding Trust Mortgage Loan (or any successor REO Trust
Mortgage Loan with respect thereto); and (b) with respect to any REMIC I Regular
Interest that, as of the Closing Date, corresponds to a Trust Mortgage Loan that
accrues interest on an Actual/360 Basis, a rate per annum that is, for any
Interest Accrual Period, equal to (i) a fraction (expressed as a percentage),
the numerator of which is the product of 12 times the Adjusted Actual/360
Accrued Interest Amount with respect to such REMIC I Regular Interest for such

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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 Trust Mortgage Loan (or any
successor REO Trust 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 2.07, with respect
to which a separate REMIC election is to be made.

         "REMIC II Regular Interest" shall mean any of the 31 separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II. Each REMIC II Regular Interest
shall accrue interest at the REMIC II Remittance Rate in effect from time to
time and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto. The designations for the respective REMIC II Regular Interests are set
forth in the Preliminary Statement hereto.

         "REMIC II Remittance Rate" shall mean, with respect to each REMIC II
Regular Interest for any Interest Accrual Period, a rate per annum equal to 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 2.09,
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 X-CL, Class X-CP, 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 or Class R-III Certificate.

         "REMIC III Component" shall mean:

               (a) with respect to the Class X-CL Certificates, any of the
     following 31 components of the Class X-CL Certificates: REMIC III Component
     X-CL-A-1-1; REMIC III Component X-CL-A-1-2; REMIC III Component X-CL-A-2-1;
     REMIC III Component X-CL-A-2-2; REMIC III Component X-CL-A-2-3; 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-4-1; REMIC III Component X-CL-A-4-2;
     REMIC III Component X-CL-B; REMIC III Component X-CL-C; REMIC III Component
     X-CL-D; REMIC III Component X-CL-E; REMIC III Component X-CL-F-1; REMIC III
     Component X-CL-F-2; REMIC III Component X-CL-F-3; REMIC III Component
     X-CL-G-1; REMIC III Component X-CL-G-2; REMIC III Component X-CL-H-1; REMIC
     III Component X-CL-H-2; REMIC III Component X-CL-J; REMIC III Component
     X-CL-K-1; REMIC III Component X-CL-K-2; REMIC III Component X-CL-L; REMIC
     III Component X-CL-M; REMIC III Component X-CL-N; REMIC III Component
     X-CL-P; REMIC III Component X-CL-Q; REMIC III Component X-CL-S and REMIC
     III Component X-CL-T, 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

                                      -59-
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     Corresponding REMIC II Regular Interest outstanding from time to time; and

               (b) with respect to the Class X-CP Certificates, any of the
     following 23 components of the Class X-CP Certificates: REMIC III Component
     X-CP-A-1-2; REMIC III Component X-CP-A-2-1; REMIC III Component X-CP-A-2-2;
     REMIC III Component X-CP-A-2-3; REMIC III Component X-CP-A-3-1; REMIC III
     Component X-CP-A-3-2; REMIC III Component X-CP-A-3-3; REMIC III Component
     X-CP-A-4-1; REMIC III Component X-CP-A-4-2; REMIC III Component X-CP-B;
     REMIC III Component X-CP-C; REMIC III Component X-CP-D; REMIC III Component
     X-CP-E; REMIC III Component X-CP-F-1; REMIC III Component X-CP-F-2; REMIC
     III Component X-CP-F-3; REMIC III Component X-CP-G-1; REMIC III Component
     X-CP-G-2; REMIC III Component X-CP-H-1; REMIC III Component X-CP-H-2; REMIC
     III Component X-CP-J; REMIC III Component X-CP-K-1; and REMIC III Component
     X-CP-K-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 and REMIC III.

         "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 the Pool REO Account or the John
Hancock Tower REO Account.

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

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

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

         "REO Mortgage Loan" shall mean the mortgage loan (or, if a the John
Hancock Tower Loan Group is involved, any of the five mortgage loans comprising
the John Hancock Tower Loan Group) deemed for purposes hereof to be outstanding
with respect to each REO Property. Each REO Mortgage 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 Mortgage Loan (such terms and conditions to be applied without
regard to the default on such predecessor Mortgage Loan and the acquisition of
the related REO Property as part of the Trust Fund). Each REO Mortgage 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

                                      -60-
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predecessor Mortgage 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 Mortgage 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 Mortgage 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 Mortgage Loan. Amounts received with respect to each REO Mortgage Loan
(after provision for amounts to be applied to the payment of, or to be
reimbursed to the Master Servicer or the Special Servicer for the payment of,
the costs of operating, managing and maintaining the related REO Property or for
the reimbursement of the Master Servicer or the Special Servicer for other
related Servicing Advances) shall be treated: first, as a recovery of accrued
and unpaid interest on such REO Mortgage Loan at the related Mortgage Rate to
but not including the Due Date in the Collection Period of receipt (exclusive,
however, in the case of an REO Mortgage Loan that relates to an ARD Mortgage
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 Mortgage 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 Mortgage Loan (exclusive, however, in the case of an REO Mortgage Loan that
relates to an ARD Mortgage 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 Mortgage Loan that relates to an ARD Mortgage Loan
after its Anticipated Repayment Date, as a recovery of accrued and unpaid
Additional Interest on such REO Mortgage Loan; provided that if the Mortgage
Loans comprising the John Hancock Tower Loan Group become REO Mortgage Loans,
amounts received with respect to such REO Mortgage Loans shall be applied to
amounts due and owing in respect of such REO Mortgage Loans as provided in the
John Hancock Tower 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 Mortgage 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 Mortgage Loan.

         "REO Property" shall mean a Mortgaged Property acquired on behalf and
in the name of the Trustee for the benefit of the Certificateholders (or, in the
case of the John Hancock Tower Mortgaged Property, for the benefit of the
Certificateholders and the John Hancock Tower Non-Trust Mortgage Loan
Noteholders, 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 Mortgage Loan.

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

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

         "REO Trust Mortgage Loan" shall mean the successor REO Mortgage Loan
with respect to any Trust Mortgage Loan as to which the related Mortgaged
Property has become an REO Property.

                                      -61-
<PAGE>

         "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 (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, (A) for 20 days (unless clause (B) below
applies), or (B) for 30 days, if the related Mortgagor had delivered a
refinancing commitment acceptable to the Special Servicer prior to the date the
subject Balloon Payment was due (or for such shorter period ending on the date
on which it is determined that the refinancing could not reasonably be expected
to occur), (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 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 Mortgage Loan (except if such Required
Appraisal Loan had not become a Specially Serviced Mortgage Loan at the time the
applicable event(s) described in any of clauses (i) through (vii) above ceased
to exist), it has remained current for at least three 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. The term
"Required Appraisal Loan" shall include any successor REO Mortgage Loan(s);
provided that the Mortgage Loans constituting the John Hancock Tower Loan Group
shall, upon the occurrence of any of the events described in clauses (i) through
(vii) of this definition in respect of any such Mortgage Loan, be deemed to be a
single "Required Appraisal Loan".

         "Required Appraisal Value" shall mean, with respect to any Mortgaged
Property securing (or REO Property relating to) a Required Appraisal Loan, an
amount equal to the sum of: (a) the excess, if any, of (i) 90% of the Appraised
Value of such Mortgaged Property (or REO Property) as determined by the most
recent Required Appraisal or any letter update of such Required Appraisal, over
(ii) the amount of any obligations secured by liens on such Mortgaged Property
(or REO Property) that are prior to the lien of the related Required Appraisal
Loan; plus (b) the amount of Escrow Payments and Reserve Funds held by the
Master Servicer in respect of such Required Appraisal Loan 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

                                      -62-
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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 have the meaning assigned thereto in Section
3.03(d).

         "Reserve Funds" shall mean, with respect to any Mortgage 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 Mortgage Loan.

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

         "Resolution Extension Period" shall have the meaning assigned thereto
in Section 2.03(a).

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

         "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.

         "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).

                                      -63-
<PAGE>

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

         "Scheduled Payment" shall mean, with respect to any Mortgage Loan, for
any Due Date following the Cut-off Date as of which it is outstanding, the
Monthly Payment on such Mortgage 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 Mortgage Loan granted or agreed to by the Special
Servicer pursuant to Section 3.20, and assuming that the full amount of each
prior Scheduled Payment has been made in a timely manner.

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

         "Seller/Depositor Notification" shall mean, with respect to any Trust
Mortgage Loan, a written notification executed (in each case promptly upon
becoming aware of such event) by a Responsible Officer of the Trustee, or a
Servicing Officer of the Master Servicer or the Special Servicer, as applicable,
and delivered to the Master Servicer, the Special Servicer and the Trustee
(except to the extent any of the foregoing three parties is the party delivering
the subject Seller/Depositor Notification) and to the UBS Mortgage Loan Seller
(in the case of a UBS Trust Mortgage Loan) and the Depositor (in the case of a
Lehman Trust Mortgage Loan), in each case identifying and describing the
circumstances relating to any of the events set forth below, which notification
shall be substantially in the form of Exhibit N attached hereto:

               (i) the occurrence of a Material Document Defect or Material
     Document Breach with respect to the subject Trust Mortgage Loan;

               (ii) the direction to cure the Material Document Defect or
     Material Breach with respect to the subject Trust Mortgage Loan within the
     time period and subject to the conditions provided for in Section 2.03(a)
     (in the case of a Lehman Trust Mortgage Loan) or Section 5(a) of the
     UBS/Depositor Mortgage Loan Purchase Agreement (in the case of a UBS Trust
     Mortgage Loan), as applicable;

               (iii) following or simultaneously with the occurrence of a
     Material Document Defect, the existence or occurrence of a Servicing
     Transfer Event with respect to the subject Trust Mortgage Loan;

               (iv) following or simultaneously with the occurrence of a
     Material Document Defect, the existence or occurrence of an assumption or a
     proposed assumption with respect to the subject Trust Mortgage Loan;

               (v) only (A) under the circumstances contemplated by the last
     paragraph of Section 2.03(a) (in the case of a Lehman Trust Mortgage Loan)
     or Section 5(a) of the UBS/Depositor Mortgage Loan Purchase Agreement (in
     the case of a UBS Trust Mortgage Loan), as applicable, and (B) following
     the expiration of the applicable Resolution Extension Period and (C)
     following either the occurrence of a Servicing Transfer Event or an
     assumption with respect to the subject Trust Mortgage Loan, as applicable,
     the direction to cure the subject Material Document Defect within 15 days
     of receipt of such Seller/Depositor Notification;

                                      -64-
<PAGE>

               (vi) following the expiration of the 15-day period set forth in
     clause (v) above, notification of the election by the Master Servicer or
     the Special Servicer, as applicable, to perform the cure obligations with
     respect to the subject Material Document Defect; and/or

               (vii) the expiration of the applicable Resolution Extension
     Period with respect to such Trust Mortgage Loan and the direction to
     promptly repurchase such Trust Mortgage Loan.

In addition to the foregoing parties, a copy of each such Seller/Depositor
Notification shall be delivered to the Controlling Class Representative by the
Trustee (to the extent the Trustee knows the identity of the Controlling Class
Representative) and, in the case of an event described in clauses (v) and/or
(vii) of this definition, to internal counsel to the Depositor or counsel to the
UBS Mortgage Loan Seller, as applicable (to the extent known to the Trustee).

         "Senior Certificate" shall mean any Class A-1, Class A-2, Class A-3,
Class A-4, Class X-CL or Class X-CP Certificate.

         "Servicer Fee Amount" shall mean: (a) with respect to each
Sub-Servicer, as of any date of determination, the aggregate of the products
obtained by multiplying, for each Mortgage Loan primary serviced by such
Sub-Servicer, (i) the principal balance of such Mortgage 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 Mortgage 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 Mortgage Loan, (i)
the principal balance of such Mortgage 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 Mortgage Loan, over the sub-servicing fee rate (if any)
applicable to such Mortgage Loan, as specified in any Sub-Servicing Agreement
related to such Mortgage 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 have the meaning assigned thereto in Section
3.03(a).

         "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 Mortgage 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

                                      -65-
<PAGE>

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 Mortgage Loan or REO
Property pursuant to any provision of this Agreement or the John Hancock Tower
Co-Lender Agreement.

         "Servicing Fees" shall mean, with respect to each Mortgage Loan (and
any successor REO Mortgage Loan with respect thereto), the Master Servicing Fee
and the Special Servicing Fee.

         "Servicing File" shall mean, collectively, any and all documents (other
than documents required to be part of the related Mortgage File) in the
possession of the Master Servicer or the Special Servicer and relating to the
origination and servicing of any Mortgage Loan, including any original letter of
credit, appraisals, surveys, engineering reports, environmental reports, escrow
agreements, property management agreements, franchise agreements and a copy of
the Mortgage Note for each John Hancock Tower Non-Trust Mortgage 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 Mortgage 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 Mortgage Loans and any 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
Mortgage Loans; (ii) with a view to: (A) the timely recovery of all payments of
principal and interest, including Balloon Payments, under the Mortgage Loans or,
in the case of any such Mortgage Loan that is (A) a Specially Serviced Mortgage
Loan or (B) a Mortgage 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 John Hancock Tower Loan
Group is involved, with a view to the maximization of recovery on the John
Hancock Tower Loan Group to the Certificateholders and the John Hancock Tower
Non-Trust Mortgage Loan Noteholders (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 John Hancock Tower Loan Group, to the
Certificateholders and the John Hancock Tower Non-Trust Mortgage Loan
Noteholders) to be

                                      -66-
<PAGE>

performed at the related Mortgage Rate (or, in the case of the John Hancock
Tower Loan Group, at the weighted average of the Net Mortgage Rates for the John
Hancock Tower Loan Group)); 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 John Hancock Tower
Non-Trust Mortgage Loan Security, any interest in any John Hancock Tower
Non-Trust Mortgage Loan or any related mezzanine loan) 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.

         "Servicing Transfer Event" shall mean, with respect to any Mortgage
Loan, the occurrence of any of the events described in clauses (a) through (g)
of the definition of "Specially Serviced Mortgage 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 Mortgage Loans, or owning and pledging Defeasance
Collateral in connection with the defeasance of a Defeasance Mortgage 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, subject to Section 7.01(d), Lennar, in
its capacity as special servicer hereunder, or any successor special servicer
appointed as herein provided.

         "Special Servicer Backup Certification" shall have the meaning assigned
thereto in Section 8.15.

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

                                      -67-
<PAGE>

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

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

         (a) the related Mortgagor (or any related guarantor) 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 (including, in the case of the John Hancock
Tower Loan Group, by a party exercising John Hancock Tower Cure Rights) (without
regard to any grace period) (i) except in the case of a Balloon Mortgage 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 (1) Business Day (unless clause (B) below applies)
or (B) for 30 days, in the case of a Balloon Mortgage 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, (or
for such shorter period ending on the date on which it is determined that the
refinancing could not reasonably be expected to occur);

         (b) the Master Servicer or the Special Servicer (subject to Section
6.11(a)) shall have determined, in accordance with the Servicing Standard, based
on communications with the related Mortgagor, that a default in the making of a
Monthly Payment on such Mortgage 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 Mortgage Loan or otherwise materially adversely affects the interests of
Certificateholders (or, in the case of any John Hancock Tower Non-Trust Mortgage
Loan, the related John Hancock Tower Non-Trust Mortgage Loan Noteholder), and
(ii) continues unremedied (including by any party exercising related cure
rights) for the applicable grace period under the terms of such Mortgage Loan
(and, in the case of the John Hancock Tower Loan Group, continues unremedied by
the exercise of John Hancock Tower Cure Rights for the applicable grace period
under the terms of the John Hancock Tower Co-Lender Agreement) (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

         (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

                                      -68-
<PAGE>

         (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 Mortgage Loan will cease to be a Specially Serviced
Mortgage Loan, when a Liquidation Event has occurred with respect to such
Mortgage 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 Mortgage Loan to continue to be
characterized as a Specially Serviced Mortgage 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 Mortgage Loan (as such terms may be changed or
                  modified in connection with a bankruptcy or similar proceeding
                  involving the related Mortgagor or by reason of a
                  modification, extension, waiver or amendment granted or agreed
                  to by the Master Servicer or the Special Servicer pursuant to
                  Section 3.20);

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

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

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

         The Special Servicer may conclusively rely on the Master Servicer's
determination as to whether a Servicing Transfer Event has occurred giving rise
to a Mortgage Loan's becoming a Specially Serviced Mortgage Loan. If any John
Hancock Tower Mortgage Loan becomes a Specially Serviced Mortgage Loan, then
each other Mortgage Loan in the John Hancock Tower Loan Group shall also become
a Specially Serviced Mortgage Loan.

         "Specially Serviced Trust Mortgage Loan" shall mean any Trust Mortgage
Loan that is a Specially Serviced Mortgage Loan.

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

                                      -69-
<PAGE>

         "Stated Maturity Date" shall mean, with respect to any Mortgage 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 Mortgage Loan granted or agreed to by the Special
Servicer pursuant to Section 3.20 and, in the case of an ARD Mortgage Loan,
without regard to its Anticipated Repayment Date.

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

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

         "Subordinate Certificate" shall mean any Class B, Class C, Class D,
Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N,
Class P, Class Q, Class S, Class T, Class R-I, Class R-II or Class R-III
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 Mortgage Loans as
provided in Section 3.22.

                                      -70-
<PAGE>

         "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 regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1, which Person shall be the Plurality Residual Interest
Certificateholder in respect of the related Class of Residual Interest
Certificates.

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

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

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

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

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

         "Trust" shall mean the common law trust created hereunder.

         "Trust Collection Period" shall mean, with respect to the Mortgage Pool
(exclusive of the John Hancock Tower Trust Mortgage Loan or any successor REO
Trust Mortgage Loan with respect thereto) for any Distribution Date or any Trust
Master Servicer Remittance Date, the period commencing on the day immediately
following the related Trust Determination Date in the calendar month preceding
the month in which such Distribution Date or Trust Master Servicer Remittance
Date, as the case may be, occurs (or, in the case of each of the initial
Distribution Date and the initial Trust Master Servicer Remittance Date,
commencing immediately following the Cut-off Date) and ending on

                                      -71-
<PAGE>

and including the related Trust Determination Date in the calendar month in
which such Distribution Date or Trust Master Servicer Remittance Date, as the
case may be, occurs.

         "Trust Determination Date" shall mean with respect to the Mortgage Pool
(exclusive, unless the context clearly indicates otherwise, of the John Hancock
Tower Trust Mortgage Loan or any successor REO Mortgage Loan with respect
thereto), the 11th calendar day of each month (or, if such 11th day is not a
Business Day, the Business Day immediately following), commencing in August
2003.

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

         "Trust Master Servicer Remittance Amount" shall mean, with respect to
any Trust Master Servicer Remittance 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 Trust Mortgage Loans and any related REO
Properties that (A) were received by or on behalf of the Trust as of the close
of business on the immediately preceding Trust Determination Date (or, in the
case of the John Hancock Tower Trust Mortgage Loan or any successor REO Mortgage
Loan, the immediately preceding John Hancock Tower 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 Trust Master Servicer Remittance
Date, including any such payments and other collections transferred to the Pool
Custodial Account from the Pool REO Account (if established), and (ii) to the
extent not included in the amount described in clause (a)(i) of this definition,
all amounts transferred from the John Hancock Tower Custodial Account to the
Pool Custodial Account on such Trust 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 Pool Custodial Account
pursuant to any of clauses (ii) through (xvi), clause (xviii) and/or clause
(xix) of Section 3.05(a), (iii) any Excess Liquidation Proceeds and (iv) any
amounts deposited in the Pool Custodial Account in error.

         "Trust Master Servicer Remittance Date" shall mean with respect to each
Trust Mortgage Loan, the date each month, commencing in August 2003, on which,
among other things, the Master Servicer is required to (i) make P&I Advances in
respect of the Mortgage Pool and (ii) transfer the Trust Master Servicer
Remittance Amount and any Excess Liquidation Proceeds to the Trustee, which date
shall be the Business Day immediately preceding each Distribution Date.

         "Trust Mortgage Loan" shall mean each of the mortgage loans listed on
the Trust Mortgage Loan Schedule and from time to time held in the Trust Fund.
As used herein, the term "Trust 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.

         "Trust Mortgage Loan Schedule" shall mean the list of Trust 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 Trust Mortgage Loan:

         (i)      the Mortgage Loan number;

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

                                      -72-
<PAGE>

                  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 Mortgage Rate in effect as of the Cut-off Date;

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

         (vii)    in the case of a Balloon Trust 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 such Trust Mortgage Loan is secured by a Ground Lease;

         (xi)     the related Mortgage Loan Seller;

         (xii)    whether such Trust Mortgage Loan is a Defeasance Loan;

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

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

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

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

         "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 0.00155% per annum.

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

         "UBS/Depositor Mortgage Loan Purchase Agreement" shall mean that
certain Mortgage Loan Purchase Agreement dated as of July 16, 2003, between the
UBS Mortgage Loan Seller and the Depositor.

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

                                      -73-
<PAGE>

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

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

         "Uncertificated Distributable Interest" shall mean: (a) with respect to
any 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 (b) 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 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.

         "Uncertificated Principal Balance" shall mean the principal balance
outstanding from time to time of any REMIC I Regular Interest or REMIC II
Regular Interest. As of the Closing Date, the Uncertificated Principal Balance
of each REMIC I Regular Interest and REMIC II Regular Interest shall equal the
amount specified or described as such in the Preliminary Statement hereto. On
each Distribution Date, the Uncertificated Principal Balance of each REMIC I
Regular Interest and 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, and shall be further permanently

                                      -74-
<PAGE>

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.

         "Underwriters" shall mean Lehman Brothers Inc., UBS Securities LLC and
Morgan Stanley 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.

         "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 and
Class X-CP 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 ten decimal places, of the respective
REMIC I Remittance Rates in effect for the REMIC I Regular Interests for such
Interest Accrual Period, weighted on the basis of the respective Uncertificated
Principal Balances of such REMIC I Regular Interests outstanding immediately
prior to the related Distribution Date.

         "Workout Fee" shall mean 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 Mortgage
Loan as to which a Workout Fee is payable, 1.0%.

         "Yield Maintenance Charge" shall mean the payments paid or payable, as
the context requires, as the result of a Principal Prepayment on, or other early
collection of principal of, a Mortgage Loan, which payments are not otherwise
due thereon in respect of principal or interest and have been

                                      -75-
<PAGE>

calculated (based on scheduled payments of interest and/or principal on such
Mortgage 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 Mortgage 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 Mortgage Loan or the actual term remaining through
the related Stated Maturity Date or Anticipated Repayment Date, as applicable),
the Master Servicer shall use the applicable U.S. Treasury whose reinvestment
yield is the lowest, with such yield being based on the bid price for such issue
as published in The Wall Street Journal on the date that is 14 days prior to the
date that the Yield Maintenance Charge shall become due and payable (or, if such
bid price is not published on that date, the next preceding date on which such
bid price is so published) and converted to a monthly compounded nominal yield.
The monthly compounded nominal yield ("MEY") is derived from the reinvestment
yield or discount rate and shall be defined as MEY = (12 X [{(1+ "BEY"/2)
^1/6}-1]) X 100, where BEY is defined as the U.S. Treasury Reinvestment Yield
which is in decimal form and not in percentage, and 1/6 is the exponential power
to which a portion of the equation is raised. For example, using a BEY of 5.50%,
the MEY = (12 X [{(1+ .055/2) ^ 0.16667}- 1]) X 100 where .055 is the decimal
version of the percentage 5.5% and 0.16667 is the decimal version of the
exponential power. The MEY in the above calculation is 5.44%.

         "Yield Maintenance Treasury Rate" shall mean, for purposes of
calculating a Discount Rate, the yield reported in Federal Reserve Statistical
Release H.15-Selected Interest Rates (519), under the heading U.S. Government
Securities/Treasury Constant Maturities, with respect to the maturity date set
forth thereunder most nearly approximating the maturity date (or, in the case of
an ARD Trust Mortgage Loan or any REO Trust Mortgage Loan with respect thereto,
the Anticipated Repayment Date) of the relevant prepaid Trust Mortgage Loan or
REO Trust Mortgage Loan; provided that if there are two such U.S. Government
Securities with maturity dates equally close to the maturity date or Anticipated
Repayment Date, as applicable, for such prepaid Trust Mortgage Loan or REO Trust
Mortgage Loan, the U.S. Government Security with the shorter constant maturity
shall apply. In the event the foregoing Federal Reserve Statistical Release H.15
(or The Wall Street Journal) is no longer published or does not indicate the
information set forth above, the Master Servicer shall select a comparable
publication for the purposes of determining the Yield Maintenance Treasury Rate.

         "YM Principal Balance Certificates" shall mean, collectively, the Class
A-1, Class A-2, Class A-3, Class A-4, Class B, Class C, Class D, Class E, Class
F, Class G, Class H, Class J and Class K Certificates.

         SECTION 1.02. General Interpretive Principles.

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

                                      -76-
<PAGE>

               (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;

               (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.

                                      -77-
<PAGE>

                                   ARTICLE II

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

         SECTION 2.01. Creation of Trust; Conveyance of Trust 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 2003-C5". 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 Trust Mortgage Loans, (ii) the UBS/Depositor Mortgage Loan
Purchase Agreement, (iii) the John Hancock Tower Co-Lender Agreement and (iv)
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 Trust Mortgage Loans and due after the Cut-off Date and, in the case of the
John Hancock Tower Trust Mortgage Loan, is subject to the provisions of the John
Hancock Tower Co-Lender Agreement. The Trustee, on behalf of the Trust, assumes
the obligations of the "Note A1 Lender" under the John Hancock Tower Co-Lender
Agreement.

         The parties hereto acknowledge and agree that, notwithstanding Section
11.07, the transfer of the Trust 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 Trust 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 Trust 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 Trust Mortgage Loan,
with copies of the related Mortgage Note, Mortgage(s) and reserve and cash
management agreements for such Trust Mortgage Loan to be delivered to the Master
Servicer and the Special Servicer. None of the Trustee, any Custodian, the
Master Servicer or the Special Servicer shall be liable for any failure by a
Mortgage Loan Seller or the Depositor to comply with the document delivery
requirements of the respective Mortgage Loan Purchase Agreements and this
Section 2.01(b).

         After the Depositor's transfer of the Trust 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 Trust 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 Trust 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

                                      -78-
<PAGE>

the date on which all necessary recording or filing (as applicable) information
is available to such Recording/Filing Agent) recording or filing, as the case
may be, in the appropriate public office for real property records or UCC
Financing Statements, as appropriate, each related assignment of Mortgage and
assignment of Assignment of Leases in favor of the Trustee referred to in clause
(iv) of the definition of "Mortgage File" and each related assignment of UCC
Financing Statement in favor of the Trustee referred to in clause (viii) of the
definition of "Mortgage File".

         Notwithstanding the foregoing, the Depositor may, in the case of a
Lehman Trust Mortgage Loan, and the UBS Mortgage Loan Seller may, in the case of
a UBS Trust Mortgage Loan, request the Trustee to record or file, as applicable,
any of the assignments of Mortgage, assignments of Assignment of Leases or
assignments of 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 Trust Mortgage Loans,
and the Depositor represents and warrants that the UBS/Depositor Mortgage Loan
Purchase Agreement provides that the UBS Mortgage Loan Seller shall bear the
costs of the recording and filing referred to in the prior two paragraphs with
respect to the UBS Trust Mortgage Loans. The Depositor hereby covenants as to
each Lehman Trust Mortgage Loan, and the UBS Mortgage Loan Seller has covenanted
in the UBS/Depositor Mortgage Loan Purchase Agreement as to each UBS Trust
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 assignment of UCC Financing Statement in favor of
the Trustee 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 assignment of UCC Financing Statement 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. Upon the request of
the Master Servicer and at the expense of the Depositor (in the case of a Lehman
Trust Mortgage Loan) or the UBS Mortgage Loan Seller (in the case of a UBS Trust
Mortgage Loan), the Trustee shall forward to the Master Servicer a copy of any
of the aforementioned assignments (to the extent reasonably necessary for the
ongoing administration and/or servicing of the related Trust Mortgage Loan by
the Master Servicer) following the Trustee's receipt thereof.

         If any of the aforementioned assignments relating to a UBS Trust
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 Trust 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

                                      -79-
<PAGE>

cause the preparation of a substitute therefor or cure such defect, as the case
may be, and shall deliver to the Trustee the substitute or corrected document.
The Trustee shall upon receipt, whether from the UBS Mortgage Loan Seller or the
Depositor, cause the same to be duly recorded or filed, as appropriate.

         (d) In connection with the Depositor's assignment pursuant to Section
2.01(a) above, the Depositor shall, in the case of each UBS Trust 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 Trust Mortgage Loan, itself deliver to and
deposit with the Master Servicer, on or before the Closing Date, such other
relevant documents and records that: (A) relate to the administration or
servicing of such Trust Mortgage Loan, (B) are reasonably necessary for the
ongoing administration and/or servicing of such Trust Mortgage Loan by the
Master Servicer in connection with its duties under this Agreement, and (C) are
in the possession or under the control of the UBS Mortgage Loan Seller or the
Depositor, as applicable, 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 Trust Mortgage Loan and (ii)
a statement indicating which Escrow Payments and Reserve Funds are allocable to
such Trust 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, credit committee briefs or memoranda or other internal approval
documents or data or internal worksheets, memoranda, communications or
evaluations. In addition, on the Closing Date, the Depositor shall deliver the
Initial Deposit 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 any John Hancock Tower Non-Trust Mortgage Loan,
on behalf of and for the benefit of the John Hancock Tower Non-Trust Mortgage
Loan Noteholders).

         (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 Trust 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
Trust 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 John Hancock Tower Trust Mortgage
Loan relates to the John Hancock Tower Non-Trust Mortgage Loans, the Trustee
shall also hold such Mortgage File in trust for the use and benefit of the John
Hancock Tower Non-Trust Mortgage Loan Noteholders. 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 Trust Mortgage
Loan, except as specifically identified in the Schedule of Exceptions to
Mortgage File Delivery attached hereto as Schedule II, (i) all documents
specified in clause (i) of the definition of "Mortgage File" are in its
possession or the possession of a Custodian on its behalf, and (ii) the original
Mortgage Note (or, if

                                      -80-
<PAGE>

accompanied by a lost note affidavit, the copy of such Mortgage Note) received
by it or any Custodian with respect to such Trust Mortgage Loan has been
reviewed by it or by such Custodian on its behalf and (A) appears regular on its
face (handwritten additions, changes or corrections shall not constitute
irregularities if initialed by the Mortgagor), (B) appears to have been executed
(where appropriate) and (C) purports to relate to such Trust Mortgage 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 Trust
Mortgage Loan), the Trustee or a Custodian on its behalf shall review the
documents delivered to it or such Custodian with respect to each Mortgage 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 John Hancock Tower Non-Trust Mortgage Loans, to the John Hancock Tower
Non-Trust Mortgage Loan Noteholders) that, as to each Mortgage Loan then subject
to this Agreement (except as specifically identified in any exception report
annexed to such certification): (i) all documents specified in clauses (i)
through (v), (vii) and (viii) (without regard to the second parenthetical in
such clause (viii)) of the definition of "Mortgage File", are in its possession
or the possession of a Custodian on its behalf; (ii) the recordation/filing
contemplated by Section 2.01(c) has been completed (based solely on receipt by
the Trustee of the particular recorded/filed documents); (iii) all documents
received by it or any Custodian with respect to such Mortgage Loan have been
reviewed by it or by such Custodian on its behalf and (A) appear regular on
their face (handwritten additions, changes or corrections shall not constitute
irregularities if initialed by the Mortgagor), (B) appear to have been executed
(where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv)
based on the examinations referred to in Section 2.02(a) above and this Section
2.02(b) and only as to the foregoing documents, the information set forth in the
Trust Mortgage Loan Schedule with respect to the items specified in clauses (v)
and (vi)(B) of the definition of "Trust 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, any John Hancock
Tower Non-Trust Mortgage Loan Noteholder and any Underwriter upon 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
Mortgage Loans delivered to it to determine that the same are valid, legal,
effective, genuine, binding, enforceable, sufficient or appropriate for the
represented purpose or that they are other than what they purport to be on their
face. Furthermore, none of the Trustee, the Master Servicer, the Special
Servicer or any Custodian shall have any responsibility for determining whether
the text of any assignment or endorsement is in proper or recordable form,
whether the requisite recording of any document is in accordance with the
requirements of any applicable jurisdiction, or whether a blanket assignment is
permitted in any applicable jurisdiction.

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

                                      -81-
<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 Trust 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 Trust 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 Trust 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 Trust
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 Trust Mortgage Loan, the Trustee shall
deliver a Seller/Depositor Notification to the UBS Mortgage Loan Seller, the
Master Servicer and the Special Servicer and 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 Trust
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 Trust Mortgage Loan, the Trustee shall deliver a
Seller/Depositor Notification to the Depositor, the Master Servicer and the
Special Servicer, and the Depositor shall, not later than 90 days from the
Depositor's receipt of such Seller/Depositor Notification regarding 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 Trust
Mortgage Loan not being a "qualified mortgage" within the meaning of the REMIC
Provisions, not later than 90 days following any party discovering such Material
Document Defect or Material Breach) (any such 90-day period (with respect to a
Lehman Trust Mortgage Loan), and any "Initial Resolution Period", as defined in
the UBS/Depositor Mortgage Loan Purchase Agreement (with respect to a UBS Trust
Mortgage Loan), as applicable, are each referred to herein as the "Initial
Resolution Period"), 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 the Initial Resolution Period, repurchase the
affected Lehman Trust 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
John Hancock Tower Loan Group, to the John Hancock Tower REO Account); provided,
however, that if (i) such Material Document Defect or Material Breach is capable
of being cured but not within the Initial Resolution

                                      -82-
<PAGE>

Period, (ii) such Material Document Defect or Material Breach is not related to
any Lehman Trust 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 the Initial Resolution Period, then the Depositor shall have an
additional 90-day period (any such additional 90-day period (with respect to a
Lehman Trust Mortgage Loan), and any "Resolution Extension Period", as defined
in the UBS/Depositor Mortgage Loan Purchase Agreement (with respect to a UBS
Trust Mortgage Loan), as applicable, are each referred to herein as the
"Resolution Extension Period") 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 extension of time equal
to the applicable Resolution Extension Period, the Depositor shall deliver an
Officer's Certificate to the Trustee setting forth the reasons such Material
Document Defect or Material Breach is not capable of being cured within the
Initial Resolution 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 the
applicable Resolution Extension Period); and provided, further, that, if any
such Material Document Defect is still not cured after the Initial Resolution
Period and any such Resolution Extension Period solely due to the failure of the
Depositor to have received a 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 six
months 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).

         If, during the period of deferral by the Depositor of its cure and
repurchase obligations as contemplated by the last proviso of the preceding
paragraph, or during any comparable deferral by the UBS Mortgage Loan Seller of
its cure and repurchase obligations as provided in Section 5(a) of the
UBS/Depositor Mortgage Loan Purchase Agreement, as applicable, the Trust
Mortgage Loan that is the subject of the Material Document Defect either becomes
a Specially Serviced Trust Mortgage Loan or becomes the subject of a proposed or
actual assumption of the obligations of the related Mortgagor under such Trust
Mortgage Loan, then (i) any party to this Agreement that becomes aware of such
event shall deliver a Seller/Depositor Notification to such effect (unless a
Seller/Depositor Notification with respect to such event has already been
delivered by another party) to the Master Servicer, the Special Servicer, the
Trustee, the Depositor (in the case of a Lehman Trust Mortgage Loan) and the UBS
Mortgage Loan Seller (in the case of a UBS Trust Mortgage Loan), and (ii) the
Trustee, upon becoming aware of such event, shall thereupon deliver a
Seller/Depositor Notification to the Master Servicer, the Special Servicer, the
Depositor (in the case of a Lehman Trust Mortgage Loan) and the UBS Mortgage
Loan Seller (in the case of a UBS Trust Mortgage Loan), providing notice of such
event and directing the Depositor or the UBS Mortgage Loan Seller, as
applicable, to cure the subject Material Document Defect within 15 days of
receipt of such Seller/Depositor Notification. If, upon the expiration of such
15-day period, the Depositor or the UBS Mortgage Loan Seller, as applicable, has
failed to cure the subject Material Document Defect, the Master Servicer or the
Special Servicer, as applicable, shall be entitled (but not obligated) to
perform the obligations of the Depositor or the UBS Mortgage Loan Seller, as
applicable, with respect to curing the subject Material Document Defect; and
upon electing to perform such obligations, the Master Servicer or the Special
Servicer, as applicable, shall promptly deliver a Seller/Depositor Notification
to such effect. In connection with the preceding sentence, the Depositor will,
and the UBS Mortgage Loan Seller will be obligated under the UBS/Depositor
Mortgage Loan Purchase Agreement to, pay all reasonable costs and expenses in
connection with the applicable servicer's effecting such cure.

                                      -83-
<PAGE>

         (b) In connection with the events in Section 2.03(a), subject to
Section 3.25, the Trustee, shall prepare and deliver, in each case promptly upon
becoming aware of such event, to the Master Servicer and the Special Servicer
and to the Depositor (with respect to a Lehman Trust Mortgage Loan) and the UBS
Mortgage Loan Seller (with respect to a UBS Trust Mortgage Loan), a
Seller/Depositor Notification identifying and describing the circumstances
identified in the definition of "Seller/Depositor Notification" (unless, in the
case of an event described in clauses (iii), (iv) and/or (vi), as applicable, of
the definition of "Seller/Depositor Notification", a Seller/Depositor
Notification with respect to such event has already been delivered by the Master
Servicer or the Special Servicer). Further, in connection with the events in
Section 2.03(a), the Master Servicer or the Special Servicer, as applicable,
shall prepare and deliver, in each case promptly upon becoming aware of such
event, to the other such servicer, the Trustee and the Depositor (with respect
to a Lehman Trust Mortgage Loan) and the UBS Mortgage Loan Seller (with respect
to a UBS Trust Mortgage Loan), a Seller/Depositor Notification identifying and
describing the circumstances identified in clauses (iii), (iv) and/or (vi), as
applicable, of the definition of "Seller/Depositor Notification" (unless such
notification has already been delivered). A copy of each such Seller/Depositor
Notification shall also be delivered to the Controlling Class Representative,
and, in the case of an event described in clauses (v) and/or (vii) of the
definition of "Seller/Depositor Notification", to internal counsel to the
Depositor and counsel the UBS Mortgage Loan Seller, as applicable, to the extent
the Trustee, Master Servicer or Special Servicer, as applicable, knows the
identity of such person.

         (c) In connection with any repurchase of a Trust Mortgage Loan pursuant
to or otherwise as contemplated by this Section 2.03, 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 Trust Mortgage Loan possessed by it, and each document that
constitutes a part of the Mortgage File shall be endorsed or assigned to the
extent necessary or appropriate to the repurchasing entity or its designee in
the same manner, but only if the respective documents have been previously
assigned or endorsed to the Trustee, and pursuant to appropriate forms of
assignment, substantially similar to the manner and forms pursuant to which such
documents were previously assigned to the Trustee; provided that such tender by
the Trustee shall be conditioned upon its receipt from the Master Servicer of a
Request for Release and an Officer's Certificate to the effect that the
requirements for repurchase have been satisfied. The Master Servicer shall, and
is hereby authorized and empowered by the Trustee to, prepare, execute and
deliver in its own name, on behalf of the Certificateholders and the Trustee or
any of them, the endorsements and assignments contemplated by this Section
2.03(b), and such other instruments as may be necessary or appropriate to
transfer title to an REO Property in connection with the repurchase of an REO
Trust Mortgage 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.

         (d) If one or more (but not all) of the Trust 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, 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 Trust 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 Trust Mortgage Loan(s) in such Cross-Collateralized Group that are
to be repurchased, on the one hand, and the remaining Trust Mortgage Loan(s)
therein,

                                      -84-
<PAGE>

on the other hand, such that those two groups of Trust Mortgage Loans are each
secured only by the Mortgaged Properties identified in the Trust 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
Business 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 Trust Mortgage Loans, or the UBS Mortgage Loan
Seller, in the case of UBS Trust 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 Trust 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 Trust Mortgage Loan.

         (e) 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 Trust 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 Trust Mortgage Loan.

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

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

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

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

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

                                      -85-
<PAGE>

               (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 Trust 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 Trust 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 Trust
     Mortgage Loans to the Trustee pursuant to Section 2.01(b).

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

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

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

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

               (xiii) Except for any actions that are the express responsibility
     of another party hereunder or under the Mortgage Loan Purchase Agreements,
     and further except for actions that

                                      -86-
<PAGE>

     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 Trust Mortgage Loans by the Depositor to the
     Trustee.

               (xiv) Immediately prior to the transfer of the UBS Trust 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 Trust 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 Trust
     Mortgage Loan; and (B) the Depositor has full right and authority to sell,
     assign and transfer the UBS Trust 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 Trust 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) Trust Mortgage Loan Schedule. Except as set forth on Schedule
     III (i), the information pertaining to such Mortgage Loan set forth in the
     Trust Mortgage Loan Schedule was true and correct in all material respects
     as of its Due Date in July 2003.

               (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 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 the John Hancock Tower
     Loan Group which may, pursuant to the John Hancock Tower 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.

                                      -87-
<PAGE>

               (iv) No Holdback. The proceeds of such Mortgage Loan have been
     fully disbursed (except in those cases where the full amount of such
     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 separate from the related
     Mortgage, 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. Such 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, in effect, 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,
     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
     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

                                      -88-
<PAGE>

     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;
     provided that, in the case of the John Hancock Tower Trust Mortgage Loan,
     such Mortgage also secures the John Hancock Tower Non-Trust Mortgage Loans.
     Except as set forth on Schedule III (viii), 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, except as set forth on
     Schedule III (viii), 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 (other than
     a Balloon Payment, which would require a refinancing). 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.

               (ix) Financing Statements. If the related Mortgaged Property is
     operated as a hospitality property, the related 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

                                      -89-
<PAGE>

     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 July
     2003 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. As of the date of origination of such
     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) the
     related Mortgage Loan documents provide that any condemnation awards will
     be applied (or, at the discretion of the mortgagee, 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; 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 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 over such exclusion, unless
     such coverage is unavailable in the relevant jurisdiction) (A) access to a
     public road, (B) that there is no material

                                      -90-
<PAGE>

     encroachment by any improvements on the Mortgaged Property, and (C) that
     the land shown on the survey materially conforms to the legal description
     of the Mortgaged Property.

               (xiii) Property Insurance. Except as set forth on Schedule III
     (xiii), 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; except as set forth on Schedule III (xiii),
     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; except as set forth on Schedule III (xiii),
     it is an event of default under such Mortgage Loan if the above-described
     insurance coverage is not maintained by the related Mortgagor (except where
     a tenant under a lease is permitted to insure or self-insure), 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; except as set forth on Schedule III
     (xiii), 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; except as set forth on Schedule III
     (xiii), 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 July 2003; except as set forth on Schedule III (xiii), 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, the related Mortgage Loan documents provide
     that any property insurance proceeds will be applied (or, at the discretion
     of the mortgagee, 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; provided that the
     related Mortgage Loan documents may entitle the related Mortgagor to any
     portion of such proceeds remaining after completion of the repair or
     restoration of the related Mortgaged Property or payment of amounts due
     under 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

                                      -91-
<PAGE>

     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 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 and, in the case
     of the John Hancock Tower Trust Mortgage Loan, other than the John Hancock
     Tower Non-Trust Mortgage Loans).

               (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

                                      -92-
<PAGE>

     was further reduced by a proportionate amount of any lien that is on a
     parity with the lien that secures such Mortgage Loan.

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

               (xx) Environmental Conditions. Except as set forth on Schedule
     III (xx), 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, except as set
     forth on Schedule III (xx), 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,
     except as set forth on Schedule III (xx), (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. Except as set
     forth on Schedule III (xxi), 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.

                                      -93-
<PAGE>

               (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.

               (xxvi) Due-on-Encumbrance. Each Lehman Trust 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; and, except in the case of the John Hancock Tower
     Trust Mortgage Loan, no such consent has been granted by the applicable
     Lehman Mortgage Loan Seller. To the Depositor's knowledge, except in the
     case of the John Hancock Tower Trust Mortgage Loan, 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 direct 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 and, except as set forth on Schedule III (xxvii), each Lehman
     Trust 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 Lehman Trust
     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 or on Schedule III (xxix),
     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

                                      -94-
<PAGE>

     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 (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 related Mortgage Loan documents to maintain the
     related Mortgaged Property in compliance in all material respects with, to
     the extent it is not grandfathered under, all applicable laws, zoning
     ordinances, rules, covenants and restrictions affecting the construction,
     occupancy, use and operation of such Mortgaged Property, and the related
     originator performed the type of due diligence in connection with the
     origination of such Mortgage Loan customarily performed by prudent
     institutional commercial and multifamily mortgage lenders with respect to
     the foregoing matters; the Depositor has received no notice of any material
     violation of, 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 related 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

                                      -95-
<PAGE>

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

               (xxxvi) Legal Proceedings. To the Depositor's actual knowledge
     and except as set forth on Schedule III (xxxvi), 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, 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. 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, if such Mortgage Loan is
     cross-collateralized, it is cross-collateralized only with other Mortgage
     Loans in the Trust Fund; provided that, the John Hancock Tower Mortgaged
     Property secures the John Hancock Tower Trust Mortgage Loan together with
     all of the John Hancock Tower Non-Trust Mortgage Loans. The security
     interest/lien on each material item of collateral for such Mortgage Loan
     has been assigned to the Trustee.

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

               (xli) Engineering Assessments. 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

                                      -96-
<PAGE>

     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 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,
     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 related 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)  except as set forth on Schedule III-(xlvi), 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)  except as set forth on Schedule III-(xlvi), such Ground
                    Lease may not be amended or modified without the prior
                    written consent of the mortgagee

                                      -97-
<PAGE>

                    under such Mortgage Loan and any such action without such
                    consent is not binding on such mortgagee, its successors or
                    assigns;

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

               (F)  except as set forth on Schedule III-(xlvi), 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, except as set forth on
                    Schedule III (xlvi), 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)  except as set forth on Schedule III-(xlvi), 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 such Mortgage Loan;

                                      -98-
<PAGE>

               (J)  except as set forth on Schedule III-(xlvi), 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 to the payment of the outstanding principal
                    balance of such Mortgage Loan, together with any accrued
                    interest thereon;

               (K)  except as set forth on Schedule III (xlvi), 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)  except as set forth on Schedule III-(xlvi), 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

                                      -99-
<PAGE>

     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 Mortgage
     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 regulations 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 the release
     of a material portion of the related Mortgaged Property, except as set
     forth on Schedule III (xlix), 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) such Mortgage Loan be
     assumed by a successor entity designated by the holder of such Mortgage
     Loan (or by the Mortgagor with the approval of such lender), 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 eighth 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,

                                     -100-
<PAGE>

     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.

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

               (lvii) Mortgage 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

                                     -101-
<PAGE>

                    "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.

         Except as expressly provided in Section 2.04(a), the Depositor does not
make any representations or warranties regarding the UBS Trust 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 on the ARD
Mortgage Loans in the Mortgage Pool and on any successor REO Mortgage Loans with
respect thereto 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-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

                                     -102-
<PAGE>

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 2.07. 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 2.08. Execution, Authentication and Delivery of Class R-II
                       Certificates; Creation of REMIC II Regular Interests.

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

         SECTION 2.09. 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 2.10. 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

                                     -103-
<PAGE>

constituted by the respective Classes of REMIC III Certificates in such
distributions, shall be as set forth in this Agreement.

                                     -104-
<PAGE>

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

         SECTION 3.01. Administration of the Mortgage Loans.

         (a) All of the Mortgage Loans and 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
Mortgage 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 John Hancock Tower Loan Group, for
the benefit of the Certificateholders and the John Hancock Tower Non-Trust
Mortgage Loan Noteholders), 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; (iii) the respective Mortgage Loans and any and all related
co-lender, intercreditor and similar agreements (including with respect to
performing the duties of the holders of the respective Mortgage Loans
thereunder); and (iv) 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 Mortgage Loans and shall render such
services with respect to the Specially Serviced Mortgage Loans as are
specifically provided for herein, and (ii) the Special Servicer shall service
and administer each Specially Serviced Mortgage Loan and REO Property and shall
render such services with respect to the Performing Mortgage 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 and Section 6.11A (taking
account of Section 6.11(b) and Section 6.11A(b)), the Master Servicer and the
Special Servicer shall each have full power and authority, acting alone (or, to
the extent contemplated by Section 3.22 of this Agreement, through
subservicers), 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 Mortgage Loans it is obligated to service hereunder, is
hereby authorized and empowered by the Trustee and each John Hancock Tower
Non-Trust Mortgage Loan Noteholder to execute and deliver, on behalf of the
Certificateholders, the Trustee and the John Hancock Tower Non-Trust Mortgage
Loan Noteholders 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
and Section 6.11A (taking account of Section 6.11(b) and 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

                                     -105-
<PAGE>

with the defeasance of a Mortgage Loan as contemplated in this Agreement.
Subject to Section 3.10, the Trustee shall, at the written request of the Master
Servicer or the Special Servicer, promptly execute any limited powers of
attorney and other documents furnished by the Master Servicer or the Special
Servicer that are necessary or appropriate to enable them to carry out their
servicing and administrative duties hereunder; provided, however, that the
Trustee shall not be held liable for any misuse of any such power of attorney by
the Master Servicer or the Special Servicer. 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 John Hancock Tower Loan
Group is subject to the terms and conditions of the John Hancock Tower Co-Lender
Agreement. The parties hereto further recognize the respective rights and
obligations of the "Lenders" under the John Hancock Tower Co-Lender Agreement,
including with respect to: (i) the allocation of collections on or in respect of
John Hancock Tower Loan Group in accordance with Section 4.01 of the John
Hancock Tower Co-Lender Agreement, (ii) the making of payments to the "Lenders"
in accordance with Section 4.02 of the John Hancock Tower Co-Lender Agreement,
(iii) the sharing of certain expenses in accordance with Section 4.04 of the
John Hancock Tower Co-Lender Agreement, (iv) the purchase of the John Hancock
Tower Trust Mortgage Loan (together with the John Hancock Tower Pari Passu
Non-Trust Mortgage Loans) by either John Hancock Tower Subordinate Non-Trust
Mortgage Loan Noteholder or its designee in accordance with Section 5.01 of the
John Hancock Tower Co-Lender Agreement, (v) the relative rights of the John
Hancock Tower Subordinate Non-Trust Mortgage Loan Noteholders to exercise the
purchase option contemplated under clause (iv) above, as set forth in Section
5.02 of the John Hancock Tower Co-Lender Agreement and (vi) the right of the
John Hancock Tower Subordinate Non-Trust Mortgage Loan Noteholders (or either of
them)or a designee thereof to exercise John Hancock Tower Cure Rights with
respect to (and the obligation of the Master Servicer to provide one Business
Day's notice of) certain events of default occurring with respect to the John
Hancock Tower Loan Group, in accordance with Section 5.02 of the John Hancock
Tower Co-Lender Agreement.

         In the event that the John Hancock Tower Trust Mortgage Loan is no
longer part of the Trust Fund and the servicing and administration of the John
Hancock Tower Loan Group is to be governed by a separate servicing agreement and
not by this Agreement, then, as contemplated by Section 3.01 of the John Hancock
Tower Co-Lender Agreement, the Master Servicer and, if the John Hancock Tower
Loan Group 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 John Hancock Tower Loan Group and
the John Hancock Tower Mortgaged Property shall be the sole assets serviced and
administered thereunder and the sole source of funds thereunder. Prior to
entering into a separate servicing agreement in accordance with the foregoing
sentence, the then current "Note A1 Lender" (as defined in the John Hancock
Tower Co-Lender Agreement) is required to provide the John Hancock Non-Trust
Mortgage Loan Noteholders with written confirmation from each applicable
nationally recognized statistical rating organization that the servicing and
administration of the John Hancock Tower Loan Group and/or any John Hancock
Tower REO Property under such new servicing agreement will not result in an
Adverse Rating Event.

                                     -106-
<PAGE>

         If at any time, with respect to the John Hancock Tower Loan Group,
neither any portion of the John Hancock Tower Trust Mortgage Loan nor any John
Hancock Tower REO Property is an asset of the Trust Fund, and if a separate
servicing agreement with respect to the John Hancock Tower Loan Group or any
John Hancock Tower REO Property, as applicable, has not been entered into as
contemplated by Section 3.01 of the John Hancock Tower Co-Lender Agreement
(including by reason of the failure of the Note A Lender to obtain the rating
agency confirmation referred to in the last sentence of the preceding
paragraph), and notwithstanding that neither the John Hancock Tower Trust
Mortgage Loan (in whole or in part) nor any John Hancock Tower REO Property is
an asset of the Trust Fund, then the Master Servicer and, if applicable, the
Special Servicer shall continue to service and administer the John Hancock Tower
Loan Group and/or any John Hancock Tower REO Property, for the benefit of the
respective holders of the John Hancock Tower Loan Group, under this Agreement as
if the John Hancock Tower Loan Group or any John Hancock Tower REO Property were
the sole assets subject hereto, with certain references in this Agreement
applicable to the Trust, the Trustee, the Certificateholders (or any subgroup
thereof) or any representative of any such Certificateholders, all being
construed to refer to the then current "Note A1" Lender and its permitted
designees under the John Hancock Tower Co-Lender Agreement.

         (d) The relationship of each of the Master Servicer and the Special
Servicer to the Trustee, to the John Hancock Tower Non-Trust Mortgage Loan
Noteholders and to each other 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 Mortgage 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 Mortgage 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 Mortgage 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 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 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 Mortgage 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
Mortgage 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 Mortgage Loan, or the Master Servicer, with
regard to a Performing Mortgage Loan, may waive or defer any Default Charges in
connection with collecting any late payment on a Mortgage Loan; provided that
without the consent of the Special Servicer in the case of a proposed

                                     -107-
<PAGE>

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 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 John Hancock Tower Trust Mortgage Loan,
amounts received in respect of or allocable to any particular Trust Mortgage
Loan (whether or not such Trust 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 unpaid servicing expenses and unreimbursed Servicing Advances and,
if applicable, unpaid Liquidation Expenses; 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 such 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 with respect to the John Hancock Tower Loan Group
shall be applied to amounts due and owing thereunder (including for principal
and accrued and unpaid interest) in accordance with the express provisions of
the related loan documents and the John Hancock Tower Co-Lender Agreement.

                                     -108-
<PAGE>

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

         (a) The Master Servicer shall, as to all Mortgage Loans, establish and
maintain one or more accounts (the "Servicing Accounts"), in which all related
Escrow Payments shall be deposited and retained; provided that, in the case of
the John Hancock Tower Loan Group, if the related Servicing Account includes
funds with respect to any other Mortgage Loan, then the Master Servicer shall
maintain a separate subaccount of such Servicing Account that relates solely to
the John Hancock Tower Loan Group. 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 (in each case, to the
extent of amounts on deposit therein in respect of the related Mortgage Loan or,
in the case of clauses (iv) and (v) below, to the extent of interest or other
income earned on such amounts) only for the following purposes: (i) consistent
with the related loan documents, to effect the payment of real estate taxes,
assessments, insurance premiums (including premiums on any Environmental
Insurance Policy), ground rents (if applicable) and comparable items in respect
of the respective Mortgaged Properties; (ii) insofar as the particular Escrow
Payment represents a late payment that was intended to cover an item described
in the immediately preceding clause (i) for which a Servicing Advance was made,
to reimburse the Master Servicer, the Special Servicer, the Trustee or the
Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to
Mortgagors any sums as may be determined to be overages; (iv) to pay interest,
if required and as described below, to Mortgagors on balances in such Servicing
Account; (v) to pay the Master Servicer interest and investment income on
balances in such Servicing Account as 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; (vi) following an event of default under the related
Mortgage Loan, for such other purposes as are consistent with the related loan
documents, applicable law and the Servicing Standard; or (vii) 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 Mortgage Loan. If the Master
Servicer shall deposit in a Servicing Account any amount not required to be
deposited therein, it may at any time withdraw such amount from such Servicing
Account, any provision herein to the contrary notwithstanding.

         (b) The Master Servicer shall, as to each and every Mortgage 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 Mortgage 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 Mortgage
Loan (or, if such Mortgage 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

                                     -109-
<PAGE>

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 Mortgage 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 (or any related
guarantor or, in the case of the John Hancock Tower Loan Group, a party
exercising John Hancock Tower Cure Rights) has failed to pay such item on a
timely basis. All such Servicing Advances shall be reimbursable in the first
instance from related payments by or on behalf of the Mortgagors, and further as
provided in Section 3.05(a) or Section 3.05A. No costs incurred by the Master
Servicer in effecting the payment of real estate taxes, assessments and, if
applicable, ground rents on or in respect of the Mortgaged Properties shall, for
purposes of this Agreement, including the Trustee's calculation of monthly
distributions to Certificateholders, be added to the unpaid Stated Principal
Balances of the related Mortgage Loans, notwithstanding that the terms of such
Mortgage 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, establish and
maintain, as applicable, one or more accounts (the "Reserve Accounts"), into
which all Reserve Funds, if any, shall be deposited and retained; provided that,
in the case of the John Hancock Tower Loan Group, if the related Reserve Account
includes funds with respect to any other Mortgage Loan, then the Master Servicer
shall maintain a separate subaccount of such Reserve Account that relates solely
to the John Hancock Tower Loan Group. 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, (ii) to pay the Master Servicer interest
and investment income earned on amounts in the Reserve Accounts as described
below, and (iii) following an event of default under the related Mortgage Loan,
for such other purposes as are consistent with the related loan documents,
applicable law and the Servicing Standard. 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.

                                     -110-
<PAGE>

         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 (viii) below (which shall not include
any amounts allocable to the John Hancock Tower Non-Trust Mortgage 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 Trust Mortgage Loans) or as otherwise
required hereunder, the following payments and collections received or made by
the Master Servicer or on its behalf subsequent to the Cut-off Date (other than
in respect of principal and interest on the Trust 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 any of the following 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 Trust Mortgage
     Loans, including Principal Prepayments, and regardless of whether those
     payments are made by the related Mortgagor, any related guarantor or, in
     the case fo the John Hancock Tower Trust Mortgage Loan, a party exercising
     John Hancock Tower Cure Rights, 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 Trust Mortgage
     Loans, including Default Interest and Additional Interest, and regardless
     of whether those payments are made by the related Mortgagor, any related
     guarantor or, in the case of the John Hancock Tower Trust Mortgage Loan, a
     party exercising John Hancock Tower Cure Rights, 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 Trust Mortgage Loan;

               (iv) all Insurance Proceeds, Condemnation Proceeds and
     Liquidation Proceeds received in respect of any Trust Mortgage Loan or,
     except to the extent such proceeds are to first be deposited in an REO
     Account, any REO Property;

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

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

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

                                     -111-
<PAGE>

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

               (ix) the Initial Deposit.

provided that any amounts described in clauses (i) through (iv) and (vi) through
(viii) above that relate to the John Hancock Tower Trust Mortgage Loan or any
related REO Property (other than Liquidation Proceeds derived from the sale of
the John Hancock Tower Trust Mortgage Loan, to or through the Depositor pursuant
to Section 2.03 or the John Hancock Tower Subordinate Non-Trust Mortgage Loan
Noteholders pursuant to the John Hancock Tower Co-Lender Agreement, or as a
Specially Serviced Trust Mortgage Loan pursuant to Section 3.18) shall be
deposited in the John Hancock Tower Custodial Account, and, in any such case,
shall thereafter be transferred to the Pool Custodial Account as provided in
Section 3.05A, together with any other amounts required to be transferred from
the John Hancock Tower Custodial Account to the Pool Custodial Account from time
to time pursuant to Section 3.05A.

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

         Upon receipt of any of the amounts described in clauses (i) through
(iv) and (viii) above with respect to any Trust Mortgage Loan (other than the
John Hancock Tower Trust 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 the John Hancock Tower Loan Group) shall be deposited
by the Special Servicer into the Pool

                                     -112-
<PAGE>

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).

         Subject to the following paragraph, if and when any Mortgagor under a
Defeasance Mortgage Loan elects to defease all or any part of its 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 John Hancock Tower Loan Group,
the John Hancock Tower Pari Passu Non-Trust Mortgage Loan Noteholders, to secure
payment on the related Defeasance Mortgage Loan. The Defeasance Deposit Account
shall be an Eligible Account. To the extent permitted by law or the applicable
Defeasance Mortgage 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 Mortgage 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 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 related
Trust Master Servicer Remittance Date, for deposit in the Collection Account, an
aggregate amount of immediately available funds equal to the Trust Master
Servicer Remittance Amount for such Trust 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 Trust Master Servicer Remittance Amount for any Trust 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 Trust 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

                                     -113-
<PAGE>

Rate, on such amount(s) not timely remitted, from and including that Trust
Master Servicer Remittance Date, to but not including the related Distribution
Date.

         On the related Trust Master Servicer Remittance Date in March of each
year (commencing in March 2004), 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"), to be held in trust for the
benefit of the Certificateholders, for purposes of holding the Interest Reserve
Amounts in respect of the Interest Reserve Mortgage Loans and any Interest
Reserve REO Mortgage Loans. 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; provided that no such transfer of funds shall occur if the
subject Distribution Date is the final Distribution Date. Subject to the next
paragraph, the Interest Reserve Account may be a sub-account of the Collection
Account.

         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 accounts. 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, for purposes of holding such Excess
Liquidation Proceeds. Each account that constitutes the Excess Liquidation
Proceeds Account shall be an Eligible Account. On each Trust 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 with respect to the Mortgage
Pool during the Collection Period ending in the month in which such Trust Master
Servicer Remittance Date occurs. Subject to the next paragraph, the Excess
Liquidation Proceeds Account may be a sub-account of the Collection Account.

         Notwithstanding that the Excess Liquidation Proceeds Account may be a
sub-account of the Collection Account for reasons of administrative convenience,
the Excess Liquidation Proceeds 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,

                                     -114-
<PAGE>

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
accounts. The provisions of this paragraph shall survive any resignation or
removal of the Trustee and appointment of a successor trustee.

         (e) Funds in the Pool Custodial Account (exclusive of the Initial
Deposit) may be invested only in Permitted Investments in accordance with the
provisions of Section 3.06. The Initial Deposit 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. John Hancock Tower Custodial Account.

         (a) The Master Servicer shall establish and maintain, with respect to
the John Hancock Tower Loan Group, one or more separate accounts (collectively,
the "John Hancock Tower Custodial Account") in which the amounts described in
clauses (i) through (ix) below shall be deposited and held in trust for the
benefit of the holders of the Mortgage Notes for the John Hancock Tower Loan
Group, as their interests may appear; provided that, subject to the last
paragraph of this Section 3.04(A), the John Hancock Tower Custodial Account may
be a sub-account of the Pool Custodial Account. The John Hancock Tower Custodial
Account shall be an Eligible Account. The Master Servicer shall deposit or cause
to be deposited in the John Hancock Tower Custodial Account, within one Business
Day of receipt (in the case of payments or other collections on the John Hancock
Tower Loan Group) 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 John Hancock Tower Loan Group subsequent to the Cut-off Date
(other than in respect of principal and interest on the John Hancock Tower Loan
Group due and payable on or before the Cut-off Date, which payments shall be
held pursuant to the terms of the John Hancock Tower Co-Lender Agreement, other
than in respect of that portion of the scheduled payment of interest due in
August 2003 on the John Hancock Tower Subordinate Non-Trust Mortgage Loans that
represents interest accrued prior to August 6, 2003, which payment of interest
shall be promptly remitted to the LBHI Mortgage Loan Seller, and other than
amounts required to be deposited in the Defeasance Deposit Account):

               (i) all payments on account of principal of the John Hancock
     Tower Loan Group, including Principal Prepayments, and regardless of
     whether those payments are made by the related Mortgagor, any related
     guarantor or a party exercising John Hancock Tower Cure Rights, 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 John Hancock
     Tower Loan Group, including Default Interest, and regardless of whether
     those payments are made by the related Mortgagor, any related guarantor or
     a party exercising John Hancock Tower Cure Rights, out of any

                                     -115-
<PAGE>

     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 John Hancock Tower Loan
     Group;

               (iv) all Insurance Proceeds, Condemnation Proceeds and
     Liquidation Proceeds received in respect of the John Hancock Tower Loan
     Group (other than Liquidation Proceeds derived from the purchase of the
     John Hancock Tower Trust Mortgage Loan by or on behalf of the Depositor
     pursuant to Section 2.03 or the sale of the John Hancock Tower Trust
     Mortgage Loan or any John Hancock Tower Pari Passu Non-Trust Mortgage Loan,
     to or through a John Hancock Tower Subordinate Non-Trust Mortgage Loan
     Noteholder pursuant to the John Hancock Tower 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 John Hancock Tower 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 John Hancock Tower Loan Group resulting from a
     deductible clause in a blanket hazard policy;

               (vii) any amounts required to be transferred from the John
     Hancock Tower 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 John Hancock
     Tower Loan Group specifically to cover items for which a Servicing Advance
     has been made; and

               (ix) any amounts representing a reimbursement, payment and/or
     contribution due and owing from any John Hancock Tower Non-Trust Noteholder
     in accordance with the John Hancock Tower Co-Lender Agreement.

         The foregoing requirements for deposit in the John Hancock Tower
Custodial Account shall be exclusive. Notwithstanding the foregoing, actual
payments from the related Mortgagor in respect of the John Hancock Tower Loan
Group 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 to
which the Master Servicer or Special Servicer is entitled as additional
servicing compensation, not expressly referred to in the prior paragraph need
not be deposited by the Master Servicer in the John Hancock Tower Custodial
Account. If the Master Servicer shall deposit into the John Hancock Tower
Custodial Account any amount not required to be deposited therein, it may at any
time withdraw such amount from such 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

                                     -116-
<PAGE>

Servicer with respect to the John Hancock Tower Loan Group, 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 John Hancock Tower 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), (viii) and (ix) above with respect to the John Hancock Tower Loan Group,
the Special Servicer shall promptly, but in no event later than one Business Day
after receipt, remit such amounts to the Master Servicer for deposit into the
John Hancock Tower 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 John Hancock Tower Loan Group
shall initially be deposited by the Special Servicer into the John Hancock Tower
REO Account and thereafter remitted to the Master Servicer for deposit into the
John Hancock Tower Custodial Account, all in accordance with Section 3.16(c).

         Upon receipt by the Master Servicer or the Special Servicer of any
amounts representing Liquidation Proceeds derived from the sale of any John
Hancock Tower Pari Passu Non-Trust Mortgage Loan to or through a John Hancock
Tower Subordinate Non-Trust Mortgage Loan Noteholder pursuant to the John
Hancock Tower Co-Lender Agreement or as a Specially Serviced Mortgage Loan
pursuant to Section 3.18, the Master Servicer or the Special Servicer, as
applicable, shall promptly remit such amounts to or at the direction of the
related John Hancock Tower Pari Passu Non-Trust Noteholder, without obligation
to deposit such amounts into any Custodial Account.

         Notwithstanding that the John Hancock Tower Custodial Account may be a
sub-account of the Pool Custodial Account for reasons of administrative
convenience, the John Hancock Tower Custodial Account and the Pool Custodial
Account shall, for all purposes of this Agreement (including the obligations and
responsibilities of the Master Servicer hereunder), be considered to be and
shall be required to be treated as, separate and distinct accounts. The Master
Servicer shall indemnify and hold harmless the Trust Fund and any affected
Non-Trust Mortgage Loan Noteholder against any losses arising out of the failure
by the Master Servicer to perform its duties and obligations hereunder as if
such accounts were separate accounts. The provisions of this paragraph shall
survive any resignation or removal of the Master Servicer and appointment of a
successor master servicer.

         (b) If and when the related Mortgagor elects to defease the John
Hancock Tower Loan Group, 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 John
Hancock Tower Non-Trust Mortgage Loan Noteholders and the Special Servicer of
the location of the John Hancock

                                     -117-
<PAGE>

Tower Custodial Account when first established and of the new location of such
Custodial Account within two Business Days of 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
     with respect to the Mortgage Pool 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 John Hancock Tower Trust Mortgage Loan and
     any REO Trust Mortgage Loan with respect thereto), the Fiscal Agent's, the
     Trustee's and Master Servicer's, as the case may be, respective rights to
     reimbursement pursuant to this clause (ii) with respect to any 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 Trust Mortgage Loan or REO
     Trust 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 John Hancock Tower
     Trust Mortgage Loan and any REO Trust Mortgage Loan with respect thereto),
     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 Trust Mortgage Loan or REO Trust 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 Trust Mortgage Loan and REO Trust 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 Trust
     Mortgage Loan or REO Trust Mortgage Loan that remains unpaid in accordance
     with clause (iii) above or Section 3.05A, as applicable, following a Final
     Recovery Determination made with respect to such Trust 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 Trust Mortgage Loan, Corrected Trust
     Mortgage Loan and/or REO Trust Mortgage Loan, as applicable, in the amounts
     and from the sources specified in Section 3.11(c);

                                     -118-
<PAGE>

               (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 Trust Mortgage Loan or REO Property (other
     than the John Hancock Tower Trust Mortgage Loan or an REO Property that
     relates thereto), 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 or on behalf of 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, Condemnation
     Proceeds, Insurance Proceeds and, if applicable, REO Revenues (in each
     case, if applicable, net of any Liquidation Fee or Workout Fee payable
     therefrom) received in respect of the particular Trust Mortgage Loan or REO
     Property as to which such Servicing Advance was made;

               (vii) to reimburse the Fiscal Agent, the Trustee, itself and the
     Special Servicer, in that order, out of general collections on the Mortgage
     Pool on deposit in the Pool Custodial Account, for any unreimbursed
     Advances (other than unreimbursed P&I Advances with respect to a John
     Hancock Tower Subordinate Non-Trust Mortgage Loan or any successor REO
     Mortgage Loan with respect thereto) that have been or are determined to be
     Nonrecoverable Advances (provided that such amounts may be withdrawn over
     time in accordance with Section 3.11(g) or 4.03(d), as applicable);

               (viii) to pay the Fiscal Agent, the Trustee, itself and the
     Special Servicer, in that order, any unpaid interest accrued and payable in
     accordance with Section 3.11(g) or 4.03(d), as applicable, on any Advance
     made thereby with respect to the Mortgage Pool, 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 the subject
     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 unpaid interest accrued
     and payable in accordance with Section 3.11(g) or 4.03(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 or is being reimbursed and
     the Default Charges then on deposit in the Pool Custodial Account are not
     sufficient to make such payment as contemplated by the immediately
     preceding clause (viii) and, if such Advance relates to the John Hancock
     Tower Trust Mortgage Loan or any REO Trust Mortgage Loan with respect
     thereto, such payment pursuant to this clause (ix) is to be made only to
     the extent that it would not ultimately be payable out of collections on or
     in respect of the John Hancock Tower Loan Group;

               (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 (to the extent such Default Charges are 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 such Trust Mortgage Loan or REO Trust
     Mortgage Loan that, if paid from a source

                                     -119-
<PAGE>

     other than Default Charges collected with respect to the Mortgage Pool,
     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 John Hancock Tower 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 John Hancock Tower Loan Group;

               (xii) to pay itself, as additional master servicing compensation
     in accordance with Section 3.11(b), any amounts on deposit in the Pool
     Custodial Account that represent (A) interest and investment income earned
     in respect of amounts held in the Pool Custodial Account as provided in
     Section 3.06(b), but only to the extent of the Net Investment Earnings with
     respect to the Pool Custodial Account for any Collection Period, (B)
     Prepayment Interest Excesses collected on the Mortgage Pool and/or (C) Net
     Default Charges (after application pursuant to Sections 3.26(a) and (b))
     actually collected that accrued in respect of a Performing Trust Mortgage
     Loan, and to pay the Special Servicer, as additional special servicing
     compensation in accordance with Section 3.11(d), any amounts on deposit in
     the Pool Custodial Account that represent Net Default Charges (after
     application pursuant to Sections 3.26(a) and (b)) actually collected that
     accrued in respect of a Specially Serviced Trust Mortgage Loan and/or an
     REO Trust 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 a John Hancock Tower Non-Trust Mortgage 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); provided that such payment does not
     relate solely to a John Hancock Tower Non-Trust Mortgage Loan;

               (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 Trust 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;

                                     -120-
<PAGE>

               (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 a
     John Hancock Tower Non-Trust Mortgage Loan or any REO Mortgage Loan with
     respect thereto);

               (xvii) on each Trust 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);

               (xviii) to pay, out of such general collections on the Mortgage
     Loans and any REO Properties as are then on deposit in the Pool Custodial
     Account, to any John Hancock Tower Non-Trust Noteholder, any amount
     specifically payable or reimbursable to such party pursuant to the terms of
     the John Hancock Tower Co-Lender Agreement (to the extent funds in the John
     Hancock Tower Custodial Account are insufficient to make such payment);

               (xix) to reimburse the Fiscal Agent, the Trustee, the Master
     Servicer and/or the Special Servicer, as applicable, for unreimbursed
     Advances, unpaid Master Servicing Fees and/or any unpaid interest on any
     Advances, but only to the extent that such items relate solely to the John
     Hancock Tower Trust Mortgage Loan, each such party's respective rights to
     reimbursement pursuant to this clause (xix) being limited to amounts on
     deposit in the Pool Custodial Account that represent Liquidation Proceeds
     derived from the purchase of the John Hancock Tower Trust Mortgage Loan by
     or on behalf of the Depositor pursuant to Section 2.03 or the sale of the
     John Hancock Tower Trust Mortgage Loan, to or through a John Hancock Tower
     Subordinate Non-Trust Mortgage Loan Noteholder pursuant to the John Hancock
     Tower Co-Lender Agreement, or as a Specially Serviced Mortgage Loan
     pursuant to Section 3.18; provided that, such items may only be reimbursed
     to any party pursuant to this clause (xix) if and to the extent such items
     would have been reimbursable to such party in accordance with clauses (ii),
     (iii), (vii), (ix) and/or (x), as applicable, of Section 3.05A (taking into
     account the order of priority set forth therein and the sources of funds
     from which such items may be reimbursed set forth therein) had the subject
     Liquidation Proceeds been deposited into the John Hancock Tower Custodial
     Account, and only to the extent such items have not been or are not
     simultaneously being reimbursed to such party pursuant to Section 3.05A;
     and provided, further, that the amount of any unpaid Master Servicing Fees,
     unreimbursed Advances and/or unpaid interest on Advances reimbursable to
     any party pursuant to this clause (xix) shall be reduced by any related
     unpaid Master Servicing Fees, unreimbursed Advances and unpaid interest on
     Advances in respect of the John Hancock Tower Trust Mortgage Loan which,
     following the purchase or sale from which the subject Liquidation Proceeds
     have been derived, will continue to be payable or reimbursable under the
     John Hancock Tower Co-Lender Agreement and/or any successor servicing
     agreement with respect to the John Hancock Tower Loan Group to the Master
     Servicer (and which amounts are no longer be payable hereunder); and

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

                                     -121-
<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
(xviii) 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 Trust 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 Trust 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

                                     -122-
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     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 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

               (viii) 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 Trust Master Servicer Remittance Date in March (commencing
in March 2004), the Trustee shall withdraw from the Interest Reserve Account and
deposit in the Collection Account all Interest Reserve Amounts that have been
deposited in the Interest Reserve Account in respect of the Interest Reserve
Mortgage Loans 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 Trust 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 related Trust 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.

                                     -123-
<PAGE>

         SECTION 3.05A. Permitted Withdrawals From the John Hancock Tower
                        Custodial Account.

         The Master Servicer may, from time to time, make withdrawals from the
John Hancock Tower Custodial Account for any of the following purposes (the
order set forth below not constituting an order of priority for such
withdrawals, except to the extent expressly provided in the Co-Lender
Agreement):

               (i) to make remittances each month on or before the applicable
     John Hancock Tower Master Servicer Remittance Date therein, or otherwise
     from time to time (as contemplated by Section 4.02(c) of the John Hancock
     Tower Co-Lender Agreement), to the respective John Hancock Tower Non-Trust
     Mortgage Loan Noteholders and to the Trustee (as holder of the John Hancock
     Tower Trust Mortgage Loan or John Hancock Tower REO Trust Mortgage Loan, as
     applicable), in accordance with the John Hancock Tower Co-Lender Agreement
     and the related loan documents, after taking into account the withdrawals
     contemplated by clauses (ii) through (xix) below, such remittances to the
     Trustee to be made into the Pool Custodial Account; provided that all
     remittances to the John Hancock Tower Pari Passu Non-Trust Noteholders
     shall be no later than 12:00 p.m. (or, if the related John Hancock Tower
     Master Servicer Remittance Date is also the Due Date for the John Hancock
     Tower Loan Group, 5:00 p.m.) (New York City time) on the related John
     Hancock Tower Master Servicer Remittance Date;

               (ii) to reimburse, first, the Fiscal Agent, second, the Trustee,
     third, the John Hancock Tower Subordinate Securitization Fiscal Agent,
     fourth, the John Hancock Tower Subordinate Securitization Trustee, and
     last, itself, in that order, for unreimbursed P&I Advances or any
     comparable delinquency advances made by such party (with its own funds)
     hereunder or under a John Hancock Tower Non-Trust Mortgage Loan
     Securitization Agreement with respect to the John Hancock Tower Trust
     Mortgage Loan, the John Hancock Tower Subordinate Non-Trust Mortgage Loans
     and/or any successor REO Mortgage Loans with respect to the foregoing, any
     such party's rights to reimbursement pursuant to this clause (ii) with
     respect to any such P&I Advance or comparable delinquency advance being
     limited to amounts on deposit in the John Hancock Tower Custodial Account
     that are allocable (pursuant to the related loan documents and/or the John
     Hancock Tower Co-Lender Agreement) as 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 in the John Hancock Tower Loan Group as to which
     such P&I Advance was made;

               (iii) to pay to itself earned and unpaid Master Servicing Fees
     with respect to the John Hancock Tower Loan Group, the Master Servicer's
     respective rights to payment pursuant to this clause (iii) with respect to
     any Mortgage Loan (or any successor REO Mortgage Loan) in the John Hancock
     Tower Loan Group being limited to amounts on deposit in the John Hancock
     Tower Custodial Account that were received on or in respect of such
     Mortgage Loan (or successor REO Mortgage Loan) and are allocable (pursuant
     to the related loan documents and/or the John Hancock Tower Co-Lender
     Agreement) as a recovery of interest thereon;

               (iv) to reimburse, first, the Fiscal Agent, second, the Trustee,
     third, itself, fourth, the John Hancock Tower Subordinate Securitization
     Fiscal Agent, and, fifth, the John Hancock Tower Subordinate Securitization
     Trustee, in that order, for any unreimbursed P&I

                                     -124-
<PAGE>

     Advances or comparable delinquency advances made by such party (with its
     own funds) hereunder or under a John Hancock Tower Non-Trust Mortgage Loan
     Securitization Agreement with respect to the John Hancock Tower Trust
     Mortgage Loan, the John Hancock Tower Subordinate Non-Trust Mortgage Loans
     and/or any successor REO Mortgage Loans with respect to the foregoing, that
     such party has determined are Nonrecoverable Advances (or the equivalent
     under the subject John Hancock Tower Non-Trust Mortgage Loan Securitization
     Agreement), such party's rights to reimbursement pursuant to this clause
     (iv) with respect to any such P&I Advance or comparable delinquency advance
     being limited to any amounts on deposit in the John Hancock Tower Custodial
     Account that are allocable (pursuant to the related loan documents and/or
     the John Hancock Tower Co-Lender Agreement) to the particular Mortgage Loan
     or REO Mortgage Loan in the John Hancock Tower Loan Group as to which such
     P&I Advance or comparable delinquency advance was made;

               (v) to pay the Special Servicer (or, if applicable, a predecessor
     Special Servicer) earned and unpaid Special Servicing Fees, Workout Fees
     and Liquidation Fees in respect of the John Hancock Tower Loan Group, in
     the amounts and from the sources specified in Section 3.11(c);

               (vi) to pay any real estate taxes, insurance premiums, ground
     rents, Liquidation Expenses or other servicing expenses in respect of the
     John Hancock Tower Loan Group and/or the John Hancock Tower Mortgaged
     Property that remain unpaid and as to which specific amounts were (in
     accordance with the John Hancock Tower Co-Lender Agreement) deposited in
     the John Hancock Tower Custodial Account to pay the same, such payments to
     be made out of the specific amounts allocated thereto;

               (vii) to reimburse first, the Fiscal Agent, second, the Trustee,
     and last, the Master Servicer and the Special Servicer (pro rata based on
     entitlement), in that order, for any unreimbursed Servicing Advances made
     thereby with respect to the John Hancock Tower Loan Group and/or the
     related REO Property, any such party's respective rights to reimbursement
     pursuant to this clause (vii) with respect to any such Servicing Advance
     being limited (A) first, to amounts on deposit in the John Hancock Tower
     Custodial Account that represent a payment by or on behalf of the related
     Mortgagor or any other collection specifically allocated (in accordance
     with the John Hancock Tower Co-Lender Agreement) to cover the item for
     which the subject Servicing Advance was made, and (B) second, to amounts on
     deposit in the John Hancock Tower Custodial Account that represent
     Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and, if
     applicable, REO Revenues (in each case, if applicable, net of any
     Liquidation Fee or Workout Fee payable therefrom) received in respect of
     the John Hancock Tower Loan Group or related REO Property (and, further,
     with respect to the amounts described in this clause (vii)(B), first,
     consistent with the John Hancock Tower Co-Lender Agreement, out of the
     portion thereof that would otherwise be distributable to the holders of the
     John Hancock Tower Subordinate Non-Trust Mortgage Loans, and second,
     consistent with the John Hancock Tower Co-Lender Agreement, out of the
     portion thereof that would otherwise be distributable to the holders of the
     John Hancock Tower Note A Mortgage Loans);

               (viii) to reimburse first, the Fiscal Agent, second, the Trustee,
     and last, the Master Servicer and the Special Servicer (pro rata based on
     entitlement), in that order, for any unreimbursed Servicing Advances made
     thereby with respect to the John Hancock Tower Loan

                                     -125-
<PAGE>

     Group and/or the related REO Property, that such party has determined are
     Nonrecoverable Advances, such party's respective rights to reimbursement
     pursuant to this clause (viii) with respect to any such Servicing Advance
     being limited to any amounts on deposit in the John Hancock Tower Custodial
     Account received in respect of the John Hancock Tower Loan Group or related
     REO Property: provided that, consistent with the John Hancock Tower
     Co-Lender Agreement, such amounts shall be reimbursed first, out of the
     portion thereof that would otherwise be distributable to the holders of the
     John Hancock Tower Subordinate Non-Trust Mortgage Loans, and second, out of
     the portion thereof that would otherwise be distributable to the holders of
     the John Hancock Tower Note A Mortgage Loans; provided, further, that such
     amounts may be withdrawn over time in accordance with Section 3.11(g).

               (ix) to pay, first, the Fiscal Agent, second, the Trustee, and
     last, the Master Servicer and the Special Servicer (pro rata based on
     entitlement), in that order, for any unpaid interest accrued on any
     Servicing Advance made thereby with respect to the John Hancock Tower Loan
     Group or any related REO Property, any such party's respective rights to
     payment pursuant to this clause (ix) permitted to be satisfied (A) first,
     out of any amounts on deposit in the John Hancock Tower Custodial Account
     that represent Default Charges collected on or in respect of the John
     Hancock Tower Loan Group, as and to the extent contemplated by Sections
     3.26(c) and (d), (B) second, consistent with the John Hancock Tower
     Co-Lender Agreement, to the extent that the Default Charges described in
     the immediately preceding clause (A) are insufficient, but only if the
     subject Servicing Advance is being reimbursed at the same time or if the
     subject Servicing Advance has been previously reimbursed, out of any
     amounts on deposit in the John Hancock Tower Custodial Account that
     represent any other collections on or in respect of the John Hancock Tower
     Subordinate Mortgage Loans or any successor REO Mortgage Loans with respect
     thereto (allocated to and between such John Hancock Tower Subordinate
     Non-Trust Mortgage Loans or any successor REO Mortgage Loans with respect
     thereto as provided in the John Hancock Tower Co-Lender Agreement), and (C)
     third, consistent with the John Hancock Tower Co-Lender Agreement, to the
     extent that the amounts set forth in clauses (ix)(A) and (ix)(B) above are
     insufficient, but only if the subject Servicing Advance is being reimbursed
     at the same time or if the subject Servicing Advance has been previously
     reimbursed, out of any amounts on deposit in the John Hancock Tower
     Custodial Account that represent any other collections on or in respect of
     the John Hancock Tower Note A Mortgage Loans or any successor REO Mortgage
     Loans with respect thereto (allocated to and among such John Hancock Tower
     Note A Mortgage Loans as provided in the John Hancock Tower Co-Lender
     Agreement);

               (x) to pay, first, the Fiscal Agent, second, the Trustee, and
     third, the Master Servicer, in that order, for any unpaid interest accrued
     on any P&I Advance made thereby with respect to the John Hancock Tower
     Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect
     thereto, any such party's right to payment pursuant to this clause (x)
     permitted to be satisfied (A) first, out of any amounts on deposit in the
     John Hancock Tower Custodial Account that represent Default Charges
     collected on or in respect of the John Hancock Tower Loan Group, as and to
     the extent contemplated by Sections 3.26(c) and (d), (B) second, consistent
     with the John Hancock Tower Co-Lender Agreement, to the extent that the
     Default Charges described in the immediately preceding clause (A) are
     insufficient, but only if the subject P&I Advance is being reimbursed at
     the same time or if the subject P&I Advance has been previously reimbursed,
     out of any amounts on deposit in the John Hancock Tower Custodial Account
     that represent any other collections on or in respect of the John Hancock
     Tower Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage
     Loans with

                                     -126-
<PAGE>

     respect thereto (allocated to and between such John Hancock Tower
     Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans
     with respect thereto as provided in the John Hancock Tower Co-Lender
     Agreement), and (C) third, consistent with the John Hancock Tower Co-Lender
     Agreement, to the extent that the amounts set forth in clauses (x)(A) and
     (x)(B) above are insufficient, but only if the subject P&I Advance is being
     reimbursed at the same time or if the subject P&I Advance has been
     previously reimbursed, out of any amounts on deposit in the John Hancock
     Tower Custodial Account that represent any other collections on or in
     respect of the John Hancock Tower Trust Mortgage Loan or any successor REO
     Trust Mortgage Loan with respect thereto (allocated to the John Hancock
     Tower Trust Mortgage Loan or any successor REO Trust Mortgage Loan with
     respect thereto as provided in the John Hancock Tower Co-Lender Agreement);

               (xi) to pay any fiscal agent, trustee or master servicer under a
     John Hancock Tower Non-Trust Mortgage Loan Securitization Agreement for any
     unpaid interest accrued on any delinquent interest advance comparable to a
     P&I Advance made thereby in accordance with such John Hancock Tower
     Non-Trust Mortgage Loan Securitization Agreement with respect to any John
     Hancock Tower Pari Passu Non-Trust Mortgage Loan or any successor REO
     Mortgage Loan with respect thereto, any such party's right to payment
     pursuant to this clause (xi) permitted to be satisfied (A) first, out of
     any amounts on deposit in the John Hancock Tower Custodial Account that
     represent Default Charges collected on or in respect of the John Hancock
     Tower Loan Group, as and to the extent contemplated by Sections 3.26(c) and
     (d), (B) second, consistent with the John Hancock Tower Co-Lender
     Agreement, to the extent that the Default Charges described in the
     immediately preceding clause (A) are insufficient, but only if the subject
     delinquent interest advance is being reimbursed at the same time or if the
     subject delinquent interest advance has been previously reimbursed, out of
     any amounts on deposit in the John Hancock Tower Custodial Account that
     represent any other collections on or in respect of the John Hancock Tower
     Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans
     with respect thereto (allocated to and between such John Hancock Tower
     Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans
     with respect thereto as provided in the John Hancock Tower Co-Lender
     Agreement), and (C) third, consistent with the John Hancock Tower Co-Lender
     Agreement, to the extent that the amounts set forth in clauses (xi)(A) and
     (xi)(B) above are insufficient, but only if the subject delinquent interest
     advance is being reimbursed at the same time or if the subject delinquent
     interest advance has been previously reimbursed, out of any amounts on
     deposit in the John Hancock Tower Custodial Account that represent any
     other collections on or in respect of such John Hancock Tower Pari Passu
     Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect
     thereto (allocated to such John Hancock Tower Pari Passu Non-Trust Mortgage
     Loan or any successor REO Mortgage Loan with respect thereto as provided in
     the John Hancock Tower Co-Lender Agreement);

               (xii) to pay, first, the John Hancock Tower Subordinate
     Securitization Fiscal Agent, second, the John Hancock Tower Subordinate
     Securitization Trustee, and third, the Master Servicer for any unpaid
     interest accrued on any P&I Advance (made in accordance with this
     Agreement) or interest accrued on any comparable delinquent interest
     advance made by such party (under a John Hancock Tower Non-Trust Mortgage
     Loan Securitization Agreement) with respect to a John Hancock Tower
     Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with
     respect thereto, any such party's respective rights to reimbursement

                                     -127-
<PAGE>

     pursuant to this clause (xi) permitted to be satisfied (A) first, out of
     any amounts on deposit in the John Hancock Tower Custodial Account that
     represent Default Charges collected on or in respect of such John Hancock
     Tower Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage
     Loan with respect thereto, as and to the extent contemplated by Section
     3.26(c); and (B) second, consistent with the John Hancock Tower Co-Lender
     Agreement, to the extent that the Default Charges described in the
     immediately preceding clause (xii)(A) are insufficient, but only if the
     subject advance is being reimbursed at the same time or if the subject
     advance has been previously reimbursed, out of any amounts on deposit in
     the John Hancock Tower Custodial Account that represent any other
     collections on or in respect of such John Hancock Tower Subordinate
     Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect
     thereto (allocated to such John Hancock Tower Subordinate Non-Trust
     Mortgage Loan or any successor REO Mortgage Loan with respect thereto as
     provided in the John Hancock Tower Co-Lender Agreement);

               (xiii) consistent with the John Hancock Tower Co-Lender
     Agreement, to pay (first, out of amounts otherwise payable to the holders
     of the John Hancock Tower Subordinate Non-Trust Mortgage Loans, and then
     out of amounts (exclusive of Default Charges) otherwise payable to the
     holders of the John Hancock Tower Note A Mortgage Loans) for (A) costs and
     expenses incurred with respect to the John Hancock Tower 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 John Hancock Tower
     Mortgaged Property pursuant to Section 3.11(h), 3.18(g) or 4.03A(c), as
     applicable, (C) any servicing expenses incurred with respect to the John
     Hancock Tower Mortgaged Property or REO Property, that would, if advanced,
     constitute Nonrecoverable Servicing Advances, in accordance with Section
     3.11(i), and (D) the fees of any Independent Contractor retained with
     respect to any REO Property related to the John Hancock Tower Loan Group
     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);

               (xiv) to pay itself, as additional master servicing compensation
     in accordance with Section 3.11(b), (A) interest and investment income
     earned in respect of amounts held in the John Hancock Tower Custodial
     Account as provided in Section 3.06(b), but only to the extent of the Net
     Investment Earnings with respect to the John Hancock Tower Custodial
     Account for any Collection Period and (B) Net Default Charges (after
     application pursuant to Section 3.26(c) and (d)) actually collected that
     accrued in respect of the John Hancock Tower Subordinate Non-Trust Mortgage
     Loans during a period that the John Hancock Tower Loan Group was not
     Specially Serviced Mortgage Loans and the John Hancock Tower 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)
     and (d)) actually collected that accrued in respect of the John Hancock
     Tower Subordinate Non-Trust Mortgage Loans during a period that the John
     Hancock Tower Loan Group was Specially Serviced Mortgage Loans or the John
     Hancock Tower Mortgaged Property was an REO Property;

               (xv) consistent with the John Hancock Tower Co-Lender Agreement,
     to pay (first, out of amounts otherwise payable to the holders of the John
     Hancock Tower Subordinate Non-Trust Mortgage Loans, and then out of amounts
     (exclusive of Default Charges) otherwise

                                     -128-
<PAGE>

     payable to the holders of the John Hancock Tower Note A Mortgage Loans)
     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 John Hancock Tower Loan Group;

               (xvi) consistent with the John Hancock Tower Co-Lender Agreement,
     to pay (first, out of amounts otherwise payable to the holders of the John
     Hancock Tower Subordinate Non-Trust Mortgage Loans, and then out of amounts
     (exclusive of Default Charges) otherwise payable to the holders of the John
     Hancock Tower Note A Mortgage Loans) for the cost of recording the John
     Hancock Tower 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);

               (xvii) consistent with the John Hancock Tower Co-Lender
     Agreement, and to the extent not otherwise included among the payments
     contemplated by clause (i) above, to (A) transfer to the Pool Custodial
     Account all amounts representing Default Charges actually collected that
     accrued in respect of the John Hancock Tower Trust Mortgage Loan or any
     related REO Mortgage Loan, to the extent such Default Charges were not
     applied to pay interest on advances pursuant to any prior clause of this
     paragraph (and as provided in Section 3.26(d)), and (B) remit to each John
     Hancock Tower Pari Passu Non-Trust Noteholder all amounts representing
     Default Charges actually collected that accrued in respect of the related
     John Hancock Tower Pari Passu Non-Trust Mortgage Loan or any related REO
     Mortgage Loan, to the extent such Default Charges were not applied to pay
     interest on advances pursuant to any prior clause of this paragraph (and as
     provided in accordance with Section 3.26(d));

               (xviii) consistent with the John Hancock Tower Co-Lender
     Agreement, and to the extent not otherwise included among the payments
     contemplated by clause (i) above, to transfer to the Pool Custodial Account
     (out of amounts otherwise payable to the holders of the John Hancock Tower
     Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans
     with respect thereto) all amounts representing Additional Trust Fund
     Expenses and/or any other amounts that relate to the John Hancock Tower
     Loan Group, that have been previously paid out of the Pool Custodial
     Account pursuant to Section 3.05 and that, if not previously paid out of
     the Pool Custodial Account in accordance with Section 3.05, would have been
     otherwise payable from the John Hancock Tower Custodial Account under this
     Section 3.05A;

               (xix) consistent with the John Hancock Tower Co-Lender Agreement,
     and to the extent not otherwise included among the payments contemplated by
     clause (i) or (xviii) above, to reimburse any holder of a John Hancock
     Tower Pari Passu Non-Trust Mortgage Loan (out of amounts otherwise payable
     to the holders of the John Hancock Tower Subordinate Non-Trust Mortgage
     Loans or any successor REO Mortgage Loans with respect thereto) for any
     cost or expense (including any reimbursement of Servicing Advances) that
     has been paid out of amounts otherwise payable to any holder of a John
     Hancock Tower Pari Passu Mortgage Loan because of insufficient collections
     on the John Hancock Tower Subordinate Non-Trust Mortgage Loans being
     available to pay such cost or expense, which cost or expense would have
     been paid from collections on the John Hancock Tower Subordinate Non-Trust
     Mortgage Loans had they been available; and

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               (xx) to clear and terminate the John Hancock Tower 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 John Hancock Tower Custodial Account
pursuant to clauses (ii) through (xix) 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 John
Hancock Tower Subordinate Securitization Fiscal Agent, the John Hancock Tower
Subordinate Securitization Trustee, the Trustee and the Fiscal Agent, as
applicable, from the John Hancock Tower 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
John Hancock Tower Subordinate Securitization Fiscal Agent, the John Hancock
Tower Subordinate Securitization 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 John Hancock Tower Subordinate
Securitization Fiscal Agent, the John Hancock Tower Subordinate Securitization
Trustee, the Trustee or the Fiscal Agent, as the case may be, is entitled
(unless any 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 John Hancock Tower Custodial
Account, on a loan-by-loan basis.

         Consistent with Section 4.01(i) of the John Hancock Tower Co-Lender
Agreement, the Master Servicer shall transfer from the John Hancock Tower
Custodial Account, out of amounts otherwise payable to the holders of the John
Hancock Tower Subordinate Non-Trust Mortgage Loans, promptly upon such amounts
becoming available in the John Hancock Tower Custodial Account, whether received
in respect of a John Hancock Tower Subordinate Non-Trust Mortgage Loan (or any
successor REO Mortgage Loan with respect thereto), any amounts representing
Additional Trust Fund Expenses and/or any other amounts that relate to the John
Hancock Tower Loan Group, that have been previously paid out of the Pool
Custodial Account pursuant to Section 3.05 and that, if not previously paid out
of the Pool Custodial Account in accordance with Section 3.05, would have been
otherwise payable from the John Hancock Tower Custodial Account out of the
current collections on the John Hancock Tower Subordinate Mortgage Loans or any
successor REO Mortgage Loans with respect thereto under this Section 3.05A.

         In the case of the John Hancock Tower Non-Trust Mortgage Loans only, in
the event that the Master Servicer fails, on any John Hancock Tower Master
Servicer Remittance Date, to remit to any John Hancock Tower Non-Trust Mortgage
Loan Noteholder any amount(s) required to be so remitted to such John Hancock
Tower Non-Trust Mortgage Loan Noteholder hereunder by such date, the Master
Servicer shall pay such John Hancock Tower Non-Trust Mortgage Loan Noteholder,
for the account of such John Hancock Tower Non-Trust Mortgage Loan Noteholder,
interest, calculated at the federal funds rate, on such amount(s) not timely
remitted, from and including that John Hancock Tower Master Servicer Remittance
Date, to but not including the related distribution date for any securities
backed by such John Hancock Tower Non-Trust Mortgage Loan.

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         Notwithstanding anything to the contrary contained herein, the Master
Servicer shall withdraw from the John Hancock Tower Custodial Account and remit
to each John Hancock Tower Non-Trust Mortgage Loan Noteholder, within one
Business Day of receipt thereof, any amounts that represent Late Collections on
the related John Hancock Tower Non-Trust Mortgage Loan or any successor REO
Mortgage Loan with respect thereto, that are received by the Master Servicer
subsequent to 5:00 p.m. (New York City time) on the related Due Date therefor
(exclusive of any portion of such amount payable or reimbursable to any third
party in accordance in accordance with the John Hancock Tower Co-Lender
Agreement or this Agreement), to the extent such amount is not otherwise
included in a normal monthly remittance to such John Hancock Tower Non-Trust
Mortgage Loan Noteholder. Notwithstanding the foregoing, the Master Servicer
shall withdraw from the John Hancock Tower Custodial Account and remit to the
related John Hancock Tower Non-Trust Mortgage Loan Noteholder, on the following
John Hancock Tower Master Servicer Remittance Date, any amounts that represent
Principal Prepayments or other unscheduled collections of principal received
during the related Collection Period on a John Hancock Tower Non-Trust Mortgage
Loan, in accordance with clause (i) of this Section 3.05A.

         SECTION 3.06. Investment of Funds in the Servicing Accounts, the
                       Reserve Accounts, the Defeasance Deposit Account, the
                       Custodial Accounts and the REO Account.

         (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 Deposit) 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 John Hancock Tower Loan Group, the John
Hancock Tower Non-Trust Mortgage Loan Noteholders. 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 John Hancock Tower Loan Group, the John Hancock
Tower Non-Trust Mortgage Loan Noteholders, 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

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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 John Hancock Tower Loan Group, the John Hancock Tower
Non-Trust Mortgage Loan Noteholders, for purposes of Revised Article 8 (1994
Revision) of the UCC or Revised Article 9 (1998 Revision) of the UCC, as
applicable. If amounts on deposit in an Investment Account are at any time
invested in a Permitted Investment payable on demand, the Master Servicer (in
the case of the Custodial Accounts, the Servicing Accounts, the Reserve Accounts
and the Defeasance Deposit Account) or the Special Servicer (in the case of the
REO Accounts) shall:

         (x)      consistent with any notice required to be given thereunder,
                  demand that payment thereon be made on the last day such
                  Permitted Investment may otherwise mature hereunder in an
                  amount equal to at least the lesser of (1) all amounts then
                  payable thereunder and (2) the amount required to be withdrawn
                  on such date; and

         (y)      demand payment of all amounts due thereunder promptly upon
                  determination by the Master Servicer or the Special Servicer,
                  as the case may be, that such Permitted Investment would not
                  constitute a Permitted Investment in respect of funds
                  thereafter on deposit in the Investment Account.

         (b) Whether or not the Master Servicer directs the investment of funds
in any of the Servicing Accounts, the Reserve Accounts, the Defeasance Deposit
Account or the Custodial Accounts, interest and investment income realized on
funds deposited therein, to the extent of the Net Investment Earnings, if any,
for each such Investment Account for each Collection Period (and, in the case of
Servicing Accounts, Reserve Accounts and the Defeasance Deposit Account, to the
extent not otherwise payable to Mortgagors under applicable law or the related
loan documents), shall be for the sole and exclusive benefit of the Master
Servicer and shall be subject to its withdrawal in accordance with Section
3.03(a), 3.03(d), 3.04(a), 3.05(a) or 3.05A, as applicable. Whether or not the
Special Servicer directs the investment of funds in any 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.

                                     -132-
<PAGE>

         (c) Except as expressly provided otherwise in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment, the Trustee may, and subject to Section 8.02, upon the request of
Certificateholders entitled to a majority of the Voting Rights allocated to a
Class, shall take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
proceedings.

         (d) Notwithstanding the investment of funds held in any Investment
Account, for purposes of the calculations hereunder, including the calculation
of the Available Distribution Amount, the Trust Master Servicer Remittance
Amount, the amounts so invested shall be deemed to remain on deposit in such
Investment Account.

         (e) Notwithstanding the foregoing, the Initial Deposit 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 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 (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 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
(which shall be maintained with Qualified Insurers with the ratings set forth in
the foregoing proviso), but only to the extent that the Trustee (as mortgagee of
record on behalf of the Certificateholders or, in the case of the John Hancock
Tower Mortgaged Property, the Certificateholders and the John Hancock Tower
Non-Trust Mortgage Loan Noteholders) has an insurable interest, and such
insurance is available at a commercially reasonable rate or, solely in the case
of all-risk insurance or other insurance that covers losses from acts of
terrorism, that the failure by the Mortgagor to maintain such insurance has not
been determined by the Special Servicer (in its reasonable judgment and in
accordance with the Servicing Standard) to constitute an Acceptable Insurance
Default. Any Controlling Class Certificateholder may request that earthquake
insurance be secured for one or more Mortgaged Properties by the related
Mortgagor, to the extent such insurance 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 John Hancock
Tower Subordinate Non-Trust Mortgage Loan Noteholders (provided that a John
Hancock Tower Non-Trust

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<PAGE>

Mortgage Loan Change of Control Event has not occurred) may request that
earthquake insurance, to the extent such insurance may reasonably be obtained,
be secured for the John Hancock Tower Mortgaged Property, at the expense of the
John Hancock Tower Subordinate Non-Trust Mortgage Loan Noteholders.

         Subject to Section 3.17(a), the Special Servicer, in accordance with
the Servicing Standard, shall also cause to be maintained for each REO Property
no less insurance coverage than was previously required of the Mortgagor under
the related Mortgage; provided that such insurance is available at commercially
reasonable rates (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
for 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 Mortgage
Loans, including Specially Serviced Mortgage 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 applicable, in the case of amounts received in respect of a
Mortgage 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 a John Hancock Tower Non-Trust Mortgage
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 Mortgage Loan or REO Mortgage Loan,
notwithstanding that the terms of such loan so permit, but shall be recoverable
by the Master Servicer or the Special Servicer, as applicable, 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 Mortgage 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

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<PAGE>

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 policy because of the deductible
clause therein, to the extent that any such deductible exceeds the deductible
limitation that pertained to the related Mortgage 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, the Certificateholders and, in the case of the John Hancock
Tower Mortgaged Property, the John Hancock Tower Non-Trust Mortgage Loan
Noteholders, 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 Mortgage Loans and/or REO
Properties are part of the Trust Fund) keep in force with Qualified Insurers
having (or whose obligations are guaranteed or backed, in writing, by entities
having) a "claims paying ability" or "financial strength" rating, as applicable,
of at least "A" from 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 Mortgage 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

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<PAGE>

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 by such Rating Agency), such Person may
self-insure with respect to the risks described in this Section 3.07(c).

         (d) In the event that either of the Master Servicer or the Special
Servicer has actual knowledge of any event (an "Insured Environmental Event")
giving rise to a claim under any Environmental Insurance Policy in respect of
any Environmentally Insured Mortgage Loan for which the Mortgagor has not filed
a claim or in respect of an REO Property, the Master Servicer shall notify the
Special Servicer if such Mortgage Loan is a Specially Serviced Mortgage 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 Performing Mortgage Loan, and the Special Servicer, in the case of a
Specially Serviced Mortgage Loan or an REO Property, in accordance with the
terms of such Environmental Insurance Policy and the Servicing Standard, shall
timely make a claim thereunder with the appropriate insurer and shall take such
other actions necessary under such Environmental Insurance Policy in order to
realize the full value thereof for the benefit of the Certificateholders. With
respect to each Environmental Insurance Policy in respect of an Environmentally
Insured Mortgage Loan, the Master Servicer (in the case of any such Mortgage
Loan that is a Performing Mortgage Loan) and the Special Servicer (in the case
of any such Mortgage Loan that is a Specially Serviced Mortgage 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 Performing Mortgage Loans) and the
Special Servicer (in the case of Specially Serviced Mortgage Loans and REO
Properties) shall each abide by the terms and conditions precedent to payment of
claims under the Environmental Insurance Policies with respect to the
Environmentally Insured Mortgage Loans and take all such actions as may be
required to comply with the terms and provisions of such policies in order to
maintain such policies in full force and effect and to make claims thereunder.

         In the event that 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, 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
Mortgage Loan, or the Special Servicer, with respect to a Specially Serviced
Mortgage 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

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<PAGE>

Mortgagor under any Environmental Insurance Policy or a resolution of such
termination of an Environmental Insurance Policy shall be paid by the Master
Servicer and shall be reimbursable to it as a Servicing Advance.

         The Master Servicer (with respect to Performing Mortgage Loans) and the
Special Servicer (with respect to Specially Serviced Mortgage Loans) shall
monitor the actions, and enforce the obligations, of the related Mortgagor under
each Environmentally Insured Mortgage Loan insofar as such actions/obligations
relate to (i) to the extent consistent with Section 3.07(a), the maintenance
(including, without limitation, any required renewal) of an Environmental
Insurance Policy with respect to the related Mortgaged Property or (ii)
environmental testing or remediation at the related Mortgaged Property.

         SECTION 3.08. Enforcement of Alienation Clauses.

         (a) If, with respect to any Performing Mortgage Loan that expressly
permits, 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 Mortgage Loan by, another Person or transfers of certain
interests in such Mortgagor, then the Master Servicer receives a request from a
Mortgagor for consent to such a transfer and/or assumption, the Master Servicer
shall promptly obtain relevant information for purposes of evaluating such
request. If the Master Servicer determines, consistent with the Servicing
Standard, to approve such transfer and/or assumption, then 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) and either Section 6.11 or 6.11A, grant
consent to any such request for such transfer and/or assumption in accordance
with the terms of the Mortgage 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 Mortgage 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 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 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
John Hancock Tower Loan Group, the John Hancock Tower Non-Trust Mortgage Loan
Noteholders 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 Mortgage Loan shall be made or
transfer of interest in a Mortgagor approved, unless all costs in

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connection therewith, including any arising from seeking Rating Agency
confirmation, are paid by the related Mortgagor.

         (b) If, with respect to any Performing Mortgage Loan that contains
express restrictions on transfers of the related Mortgaged Property and/or
transfers of interests in the related Mortgagor, the Master Servicer receives a
request from a Mortgagor for consent to such a transfer, then the Special
Servicer, on behalf of the Trustee (as mortgagee of record on behalf of the
Certificateholders and, in the case of the John Hancock Tower Mortgaged
Property, the John Hancock Tower Non-Trust Mortgage Loan Noteholders) 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 John Hancock Tower Loan Group, to the John
Hancock Tower Non-Trust Mortgage Loan Noteholders); provided that any such
waiver of such restrictions shall be subject to Section 3.08(d) and either
Section 6.11 or 6.11A, as applicable.

         If, with respect to a Specially Serviced Mortgage Loan, the Master
Servicer receives a request from a Mortgagor for consent to a transfer of the
related Mortgaged Property and assumption of such Specially Serviced Mortgage
Loan and/or consent to a transfer of interests in the related Mortgagor, 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
Mortgage 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 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 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 John Hancock Tower
Loan Group, to the John Hancock Tower Non-Trust Mortgage Loan Noteholders, 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 Mortgage 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 Mortgage Loans, the Special Servicer on
behalf of the Trustee (as mortgagee of record on behalf of the
Certificateholders and, in the case of the John Hancock Tower Mortgaged
Property, the John Hancock Tower Non-Trust Mortgage Loan Noteholders) shall, to

                                     -138-
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the extent permitted by applicable law, enforce the restrictions contained in
the related loan documents on further encumbrances of the related Mortgaged
Property or of interests in the related Mortgagor, 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 John Hancock Tower Loan Group, the John Hancock Tower Non-Trust
Mortgage Loan Noteholders); provided that any such waiver of such restrictions
shall be subject to Section 3.08(d) and either Section 6.11 or 6.11A. Whenever
the Master Servicer becomes aware of a further encumbrance on a Mortgaged
Property, or becomes aware that there is going to be a further encumbrance on a
Mortgaged Property, the Master Servicer shall immediately notify the Special
Servicer of such further encumbrance and deliver to the Special Servicer all
documents and records (or copies thereof) in the Master Servicer's possession
regarding the further encumbrance and such other documents (or copies thereof)
regarding the related Mortgage 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, (A) (i) if the then unpaid principal balance of the subject Trust Mortgage
Loan is at least equal to $20,000,000, then 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, and (ii) if (w) the then unpaid principal balance of the
subject Trust Mortgage Loan is at least equal to 2% of the then aggregate
principal balance of the Mortgage Pool or (x) the subject Trust Mortgage Loan is
then one of the ten largest Trust Mortgage Loans in the Mortgage Pool or (y) the
aggregate loan-to-value ratio of the subject Trust Mortgage Loan (together with
any additional loans that would further encumber the related Mortgaged Property
and/or interests in the related Mortgagor) would be equal to or greater than 85%
or (z) the aggregate debt service coverage ratio of the related Mortgaged
Property (taking into account any additional loans that would further encumber
the related Mortgaged Property and/or interests in the related Mortgagor) would
be less than 1.20x, then the Special Servicer shall not waive any restrictions
contained in the related Mortgage on further encumbrances of the related
Mortgaged Property, unless, in the case of either (i) or (ii) above, the Master
Servicer or the Special Servicer shall have received prior written confirmation
from S&P that such action would not result in an Adverse Rating Event, and (B)
if the subject Trust Mortgage Loan is then one of the ten largest Trust Mortgage
Loans in the Mortgage Pool, then neither the Master Servicer nor the Special
Servicer, as applicable, shall waive any restrictions contained in the related
Mortgage on transfers or further encumbrances 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 Fitch that such action would not result in an Adverse
Rating Event. In connection with any request for rating confirmation from a
Rating Agency pursuant to this Section 3.08(d), the Master Servicer or the
Special Servicer, as the case may be, shall deliver a Review Package to such
Rating Agency. Further, subject to the terms of the related loan documents and
applicable law, no waiver of a restriction contained in the related Mortgage on
transfers of the related Mortgaged Property or interests in the related
Mortgagor or on further encumbrances thereof may be waived by the Master
Servicer or the Special Servicer unless all costs in connection therewith,
including any arising from seeking Rating Agency confirmation, are paid by the
related Mortgagor. To the extent not collected from the related Mortgagor, any
rating agency charges in connection with the foregoing shall be paid by the
Master Servicer as a Servicing Advance.

                                     -139-
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         SECTION 3.09. Realization Upon Defaulted Mortgage 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 Mortgage 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 Mortgage 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 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 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. 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 a Mortgaged Property relating to
the John Hancock Tower Loan Group, on behalf of the John Hancock Tower Non-Trust
Mortgage Loan Noteholders, 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 Mortgage 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 Mortgage 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 Mortgage 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

                                     -140-
<PAGE>

thereof for so long as such Mortgage Loan or any successor REO Mortgage Loan
with respect thereto, 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 John Hancock Tower Mortgaged Property, the John Hancock Tower Non-Trust
Mortgage Loan Noteholders, 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 John Hancock Tower Mortgaged Property,
the John Hancock Tower Non-Trust Mortgage Loan Noteholders, 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, as
applicable. 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
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 John Hancock Tower Loan Group during a period
that the John Hancock Tower Loan Group constitutes a Required Appraisal Loan,
either John Hancock Tower Subordinate Non-Trust Mortgage 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 such John Hancock Tower Subordinate
Non-Trust Mortgage Loan Noteholder, the Special Servicer shall recalculate the
Appraisal Reduction Amount in respect of such Required Appraisal Loan based on
the appraisal delivered by such John Hancock Tower Subordinate Non-Trust
Mortgage Loan Noteholder, and shall notify the Trustee, the Master Servicer and
the John Hancock Tower Non-Trust Mortgage Loan Noteholders 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 John Hancock Tower Mortgaged
Property, the John Hancock Tower Non-Trust Mortgage Loan Noteholders) 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 at any given time constitutes
not more than a de minimis amount of the assets of REMIC I, within the meaning
of Treasury regulations 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.

                                     -141-
<PAGE>

         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 John Hancock Tower Mortgaged Property, on
behalf of the John Hancock Tower Non-Trust Mortgage Loan Noteholders), 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 John Hancock Tower Mortgaged Property, on behalf of the
John Hancock Tower Non-Trust Mortgage Loan Noteholders), 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-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 John Hancock Tower Mortgaged Property, to
the John Hancock Tower Non-Trust Mortgage Loan Noteholders) 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 John Hancock Tower
Mortgaged Property, the John Hancock Tower Non-Trust Mortgage Loan Noteholders),
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 Mortgage Loan to the
     Certificateholders (as a collective whole), on a present value basis (the
     relevant discounting of anticipated collections that will be distributable
     to Certificateholders (or, if the John Hancock Tower Loan Group is
     involved, to the Certificateholders and the John Hancock Tower Non-Trust
     Mortgage Loan Noteholders) to be performed at the related Mortgage Rate
     (or, in the case of the John Hancock Tower Loan Group, at the weighted
     average of the Mortgage Rates for the John Hancock Tower Loan Group) 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

                                     -142-
<PAGE>

               (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 Mortgage Loan to the Certificateholders (or, if the John Hancock
     Tower Loan Group is involved, to the Certificateholders and the John
     Hancock Tower Non-Trust Mortgage Loan Noteholders), 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 Mortgage Rate (or, in the case of the John Hancock
     Tower Loan Group, at the weighted average of the Mortgage Rates for the
     John Hancock Tower Loan Group)) 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 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 John Hancock Tower Loan
Group, to the extent the funds in the John Hancock Tower Custodial Account are
insufficient, shall be advanced by the Master Servicer, subject to Section
3.11(h)).

         (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 Mortgage 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 John
Hancock Tower Loan Group is affected, the John Hancock Tower Non-Trust Mortgage
Loan Noteholders), 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.

         (e) The Special Servicer shall report to the Master Servicer, the
Underwriters, the Trustee and, if the John Hancock Tower Loan Group is affected,
the John Hancock Tower Non-Trust Mortgage Loan Noteholders, monthly in writing
as to any actions taken by the Special Servicer with respect to any Mortgaged
Property that represents security for a Specially Serviced Mortgage 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.

                                     -143-
<PAGE>

         (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 Mortgage Loan permit such an action, and shall, in
accordance with the Servicing Standard, seek such deficiency judgment if it
deems advisable (the cost of which undertaking shall be covered by, and be
reimbursable as, a Servicing Advance).

         (g) The Master Servicer shall, with the reasonable cooperation of the
Special Servicer, prepare and file information returns with respect to the
receipt of mortgage interest received with respect to any Mortgaged Property
required by Section 6050H of the Code and the reports of foreclosures and
abandonments of any Mortgaged Property and the information returns relating to
cancellation of indebtedness income with respect to any Mortgaged Property
required by Sections 6050J and 6050P of the Code. Such reports shall be in form
and substance sufficient to meet the reporting requirements imposed by Sections
6050H, 6050J and 6050P of the Code.

         (h) As soon as the Special Servicer makes a Final Recovery
Determination with respect to any Mortgage Loan or REO Property, it shall
promptly notify the Trustee, the Master Servicer and, if the John Hancock Tower
Loan Group is affected, the John Hancock Tower Non-Trust Mortgage Loan
Noteholders. 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 John Hancock Tower Loan Group is affected, the John Hancock
Tower Non-Trust Mortgage Loan Noteholders, 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 Mortgage 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 a John Hancock Tower Non-Trust Mortgage Loan, the related John Hancock
Tower Non-Trust Mortgage 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 applicable Custodial Account pursuant to Section 3.04(a) or
Section 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 a John Hancock Tower Non-Trust Mortgage Loan, the original
of the Mortgage Note for such John Hancock Tower Non-Trust Mortgage 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
a John Hancock Tower Non-Trust Mortgage Loan, the Trustee shall cause the
related John Hancock Tower Non-Trust Mortgage Loan Noteholder to release the
Mortgage Note for such John Hancock Tower Non-Trust Mortgage 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.

                                     -144-
<PAGE>

         (b) If from time to time, and as appropriate for servicing or
foreclosure of any Mortgage 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 a John Hancock Tower Non-Trust Mortgage 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 a
John Hancock Tower Non-Trust Mortgage Loan, the Trustee shall cause the related
John Hancock Tower Non-Trust Mortgage Loan Noteholders to release the original
of the Mortgage Note for such John Hancock Tower Non-Trust Mortgage 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 a
John Hancock Tower Non-Trust Mortgage Loan) to the Trustee or related Custodian
(or to the related John Hancock Tower Non-Trust Mortgage Loan Noteholder), or
the delivery to the Trustee (or to the related John Hancock Tower Non-Trust
Mortgage Loan Noteholder) of a certificate of a Servicing Officer of the Special
Servicer stating that such Mortgage 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 Section 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 John Hancock Tower Mortgaged Property, the John Hancock Tower Non-Trust
Mortgage Loan Noteholders) 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 John Hancock Tower Mortgaged
Property, the John Hancock Tower Non-Trust Mortgage Loan Noteholders) based on a
limited power of attorney issued in favor of the Special Servicer pursuant to
Section 3.01(b)), in the form supplied to the Trustee, any court pleadings,
requests for trustee's sale or other documents stated by the Special Servicer to
be reasonably necessary to the foreclosure or trustee's sale in respect of a
Mortgaged Property or 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 any John Hancock Tower Non-Trust Mortgage Loan Noteholder.
Together with such documents or pleadings, the Special Servicer shall deliver to
the Trustee (and, in the case of the John Hancock Tower Mortgaged Property, the
John Hancock Tower Non-Trust Mortgage Loan Noteholders)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 John Hancock Tower Mortgaged
Property, also on behalf of the John Hancock Tower Non-Trust Mortgage Loan
Noteholders) 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,

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representative capacity, or (ii) take any action with the intent to cause, and
that actually causes, the Trustee to be registered to do business in any state.

         SECTION 3.11. Servicing Compensation; Payment of Expenses; Certain
                       Matters Regarding Servicing Advances.

         (a) As compensation for its activities hereunder, the Master Servicer
shall be entitled to receive the Master Servicing Fee with respect to each
Mortgage Loan, including each Specially Serviced Mortgage Loan, and each REO
Mortgage Loan. As to each Mortgage Loan and REO Mortgage 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 Mortgage Loan or is deemed to accrue from time to time on such REO
Mortgage Loan; and (ii) be calculated on a 30/360 Basis (or, in the case of a
John Hancock Tower Subordinate Non-Trust Mortgage Loan or any successor REO
Mortgage Loan with respect thereto, 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 Mortgage Loan or REO Mortgage 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 Mortgage Loan or REO Mortgage 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 Mortgage Loan and REO Revenues
allocable as interest on each REO Mortgage Loan. The Master Servicer shall be
entitled to recover unpaid Master Servicing Fees in respect of any Mortgage Loan
or REO Mortgage 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, as
applicable, and in the case of a Trust Mortgage Loan or an REO Trust Mortgage
Loan, out of such other amounts as may be permitted by Section 3.05(a). The
right to receive the Master Servicing Fee may not be transferred in whole or in
part except in connection with the transfer of all of the Master Servicer's
responsibilities and obligations under this Agreement.

         (b) Additional master 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 Mortgage Loan and
accrued during the time that such Mortgage Loan was a Performing Mortgage 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 Mortgage Loan
as contemplated under Section 3.20, 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 John Hancock Tower Loan
Group, on behalf of the Trust and the John Hancock Tower Non-Trust Mortgage Loan
Noteholders) 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 master servicing compensation in the

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<PAGE>

form of (i) Prepayment Interest Excesses (except in the case of a John Hancock
Tower Non-Trust Mortgage 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 such account for
each Collection Period); and (iii) to the extent not required to be paid to any
Mortgagor under applicable law, any interest or other income earned on deposits
in the Servicing Accounts, the Reserve Accounts and the Defeasance Deposit
Account maintained thereby (but only to the extent of the Net Investment
Earnings, if any, with respect to each such account for each Collection Period).

         (c) As compensation for its activities hereunder, the Special Servicer
shall be entitled to receive the Special Servicing Fee with respect to each
Specially Serviced Mortgage Loan and each REO Mortgage Loan. With respect to
each Specially Serviced Mortgage Loan and REO Mortgage 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 Mortgage Loan or is deemed to accrue
from timeto time on such REO Mortgage Loan; and (ii) be calculated on a 30/360
Basis (or, in the case of a John Hancock Tower Subordinate Non-Trust Mortgage
Loan or any successor REO Mortgage Loan with respect thereto, 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 Specially Serviced Mortgage
Loan or REO Mortgage Loan on a date that is not a Due Date, on the basis of the
actual number of days to elapse from and including the most recently preceding
related Due Date to but excluding the date of such Principal Prepayment or
Liquidation Event, in a month consisting of 30 days and, in the case of any
other partial period that does not run from one Due Date through and including
the day immediately preceding the next Due Date, on the basis of the actual
number of days in such period in a month consisting of 30 days). The Special
Servicing Fee with respect to any Specially Serviced Mortgage Loan or REO
Mortgage Loan shall cease to accrue as of the date a Liquidation Event occurs in
respect thereof or it becomes a Corrected Mortgage 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 the Special
Servicing Fees in respect of any John Hancock Tower Non-Trust Mortgage Loan,
solely out of collections relating to the John Hancock Tower Loan Group or any
related REO Property) on deposit in the appropriate Custodial Account pursuant
to Section 3.05(a) or Section 3.05A, as applicable.

         As further compensation for its services hereunder, the Special
Servicer shall be entitled to receive the Workout Fee with respect to each
Corrected Mortgage Loan. As to each such Corrected Mortgage 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 Mortgage Loan for so long as it remains a Corrected Mortgage
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 Mortgage 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 any John Hancock Tower Subordinate Non-Trust Mortgage Loan
Noteholder or its designee pursuant to the John Hancock Tower Co-Lender
Agreement, by the Depositor pursuant to Section 2.03 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 Mortgage Loan default as set forth in the related intercreditor
agreement. The Workout Fee with respect to any Corrected Mortgage Loan will
cease to

                                     -147-
<PAGE>

be payable if such Corrected Mortgage Loan again becomes a Specially Serviced
Mortgage Loan or if the related Mortgaged Property becomes an REO Property;
provided that a new Workout Fee will become payable if and when the particular
Mortgage Loan again becomes a Corrected Mortgage 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, then it shall retain the right to receive any and all Workout Fees payable
in respect of Mortgage Loans that became Corrected Mortgage 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 Mortgage 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 Mortgage Loan as to which it receives a full, partial or
discounted payoff and, subject to the provisos to the next sentence, each
Specially Serviced Mortgage Loan and REO Property as to which it receives Net
Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds. As to each
such Specially Serviced Mortgage Loan or REO Property, the Liquidation Fee shall
be payable from, and shall be calculated by application of the Liquidation Fee
Rate to, such full, partial or discounted payoff and/or such Net Liquidation
Proceeds, Insurance Proceeds or Condemnation 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 Mortgage Loan that becomes a Corrected Mortgage Loan
or (ii) from, or based upon the receipt of, Liquidation Proceeds collected in
connection with the purchase of any such Specially Serviced Mortgage 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 any John Hancock Tower
Subordinate Non-Trust Mortage Loan Noteholder or its designee pursuant to the
John Hancock Tower Co-Lender Agreement, by the Depositor pursuant to Section
2.03 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, prior to the expiration of the Initial Resolution
Period plus the Resolution Extension Period for the subject Material Document
Defect or Material Breach, as applicable, that gave rise to the particular
repurchase obligation), or by the holder of a related mezzanine loan pursuant to
a purchase right in connection with a Mortgage Loan default as set forth in the
related intercreditor agreement; and provided, further, that, in connection with
any purchase of a Trust Mortgage Loan by the Depositor pursuant to Section 2.03
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 case, subsequent to the expiration of the Initial Resolution
Period plus the Resolution Extension Period for 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 Trust Mortgage Loan (or, if an REO Property
is being repurchased, 1% of the Stated Principal Balance of the related REO
Trust Mortgage Loan).

         Notwithstanding the foregoing, Special Servicing Fees, Workout Fees
and/or Liquidation Fees payable in accordance with the three preceding
paragraphs with respect to each John Hancock Tower Note A Mortgage Loan or any
successor REO Mortgage Loan with respect thereto shall be paid, first from
collections received on and allocable (in accordance with the John Hancock Tower
Co-Lender

                                     -148-
<PAGE>

Agreement) to the John Hancock Tower Subordinate Non-Trust Mortgage Loans or any
successor John Hancock Tower REO Mortgage Loans with respect thereto, pursuant
to Section 3.05A; and then, from collections received on and allocable (in
accordance with the John Hancock Tower Co-Lender Agreement) to such John Hancock
Tower Note A Mortgage Loan or any REO Mortgage Loan with respect thereto,
pursuant to Section 3.05A or, if applicable, Section 3.05(a). Any Special
Servicing Fees, Workout Fees and/or Liquidation Fees payable with respect to a
John Hancock Tower Subordinate Non-Trust Mortgage Loan may be paid in accordance
with the three preceding paragraphs solely from collections received on such
John Hancock Tower Subordinate Non-Trust Mortgage Loan or any successor REO
Mortgage Loan with respect thereto.

         Notwithstanding anything to the contrary herein, a Liquidation Fee and
a Workout Fee relating to the same Mortgage Loan shall not be paid from the same
proceeds with respect to such Mortgage Loan.

         The Special Servicer's right to receive the Special Servicing Fee, the
Workout Fee and the Liquidation Fee may not be transferred in whole or in part
except in connection with the transfer of all of the Special Servicer's
responsibilities and obligations under this Agreement.

         (d) Additional special servicing compensation in the form of (i) Net
Default Charges actually collected on the Mortgage Pool that accrued with
respect to a Specially Serviced Mortgage Loan or an REO Mortgage Loan, (ii) with
respect to any Specially Serviced Mortgage 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 John Hancock Tower Loan Group, on behalf of the
Trust and the John Hancock Tower Non-Trust Mortgage Loan Noteholders) 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 Mortgage 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, as applicable. 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 REO Account, 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

                                     -149-
<PAGE>

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 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) first, in
accordance with in accordance with Sections 3.05 and 3.26, 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) then, if and to the extent that such
Default Charges are insufficient to cover such interest, but not before the
related Advance has been reimbursed pursuant to this Agreement, out of general
collections on the Trust Mortgage Loans and REO Trust Mortgage Loans on deposit
in the Pool Custodial Account; provided that, if such Servicing Advance was made
with respect to the John Hancock Tower Loan Group or related Mortgaged Property,
then such interest shall first be payable out of amounts on deposit in the John
Hancock Tower Loan Group Custodial Account in accordance with 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, as applicable, for any Servicing Advance as soon as
practicable after funds available for such purpose are deposited in the
Custodial Accounts. Notwithstanding the foregoing, upon a determination that a
previously made Servicing Advance is a Nonrecoverable Servicing Advance, instead
of obtaining reimbursement out of general collections on the Mortgage Pool
immediately (as contemplated by Section 3.05(a)(vii)), any of the Master
Servicer, the Trustee or the Fiscal Agent, as applicable, may, in its sole
discretion, elect to obtain reimbursement for such Nonrecoverable Servicing
Advance over a period of time (not to exceed 6 months or such longer period of
time (not to exceed 12 months) as is approved in writing by the Controlling
Class Representative) and the unreimbursed portion of such Servicing Advance
will accrue interest at the Reimbursement Rate in effect from time to time. At
any time after such a determination to obtain reimbursement over time in
accordance with the preceding sentence, the Master Servicer, the Trustee or the
Fiscal Agent, as applicable, may, in its sole discretion, decide to obtain
reimbursement immediately. The fact that a decision to recover such
Nonrecoverable Servicing Advance over time, or not to do so, benefits some
Classes of Certificateholders to the detriment of other Classes shall not
constitute a violation of the Servicing Standard by the Master Servicer, or a
breach of any fiduciary duty owed to the Certificateholders by the Trustee or
the Fiscal Agent, or a breach of any other contractual obligation owed to the
Certificateholders by any party to this Agreement.

         (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

                                     -150-
<PAGE>

an Officer's Certificate delivered promptly to the Trustee and the Depositor
(and, in the case of a Servicing Advance with respect to the John Hancock Tower
Loan Group, to the John Hancock Tower Non-Trust Mortgage Loan Noteholders),
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.

         (i) Notwithstanding anything set forth herein to the contrary, the
Master Servicer shall (at the direction of the Special Servicer if a Specially
Serviced Mortgage Loan or an REO Property is involved) pay directly out of the
Pool Custodial Account or the John Hancock Tower 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 Mortgage Loan or an REO Property is involved) has determined in
accordance with the Servicing Standard that making such payment, in the case of
withdrawals from the John Hancock Tower Custodial Account, is in the best
interests of the Certificateholders and the John Hancock Tower Non-Trust
Mortgage Loan Noteholders (as a collective whole), or, in the case of
withdrawals from the Pool Custodial Account, is in the best interests of the
Certificateholders (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 any affected John Hancock Tower Non-Trust
Mortgage Loan Noteholder, setting forth the basis for such determination and
accompanied by any information that such Person may have obtained that supports
such determination. A copy of any such Officer's Certificate (and accompanying
information) of the Master Servicer shall also be promptly delivered to the
Special Servicer, and a copy of any such Officer's Certificate (and accompanying
information) of the Special Servicer shall also be promptly delivered to the
Master Servicer. The Master Servicer may conclusively rely on any information in
this regard provided by the Special Servicer (if other than the Master Servicer
or an Affiliate thereof).

         SECTION 3.12. Property Inspections; Collection of Financial Statements;
                       Delivery of Certain Reports.

         (a) The Special Servicer shall perform or cause to be performed a
physical inspection of a Mortgaged Property as soon as practicable after the
related Mortgage Loan becomes a Specially

                                     -151-
<PAGE>

Serviced Mortgage Loan and annually thereafter for so long as the related
Mortgage Loan remains a Specially Serviced Mortgage Loan, the cost of which
shall be paid by the Special Servicer and shall be reimbursable as a Servicing
Advance. In addition, the Special Servicer shall perform or cause to be
performed a physical inspection of each of the REO Properties at least once per
calendar year, the cost of which shall be paid by the Special Servicer and shall
be reimbursable as a Servicing Advance. Beginning in 2004, the Master Servicer
shall at its expense perform or cause to be performed a physical inspection of
each Mortgaged Property securing a Performing Mortgage Loan: (i) at least once
every two calendar years in the case of Mortgaged Properties securing Mortgage
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, the John
Hancock Tower Non-Trust Mortgage Loan Noteholders (if the subject Mortgaged
Property is the John Hancock Tower Mortgaged Property) and each other a written
report of each such inspection performed by it that sets forth in detail the
condition of the Mortgaged Property and that specifies the existence of: (i) any
sale, transfer or abandonment of the Mortgaged Property of which the Master
Servicer or the Special Servicer, as applicable, is aware, (ii) any change in
the condition or value of the Mortgaged Property that the Master Servicer or the
Special Servicer, as applicable, in its reasonable, good faith judgment,
considers material, or (iii) any waste committed on the Mortgaged Property. The
Master Servicer and Special Servicer shall each forward copies of any such
inspection reports prepared by it to the Underwriters and the Controlling Class
Representative upon request, subject to payment of a reasonable fee.

         The Special Servicer, in the case of each Specially Serviced Mortgage
Loan and each REO Mortgage Loan, and the Master Servicer, in the case of each
Performing Mortgage 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, the John Hancock Tower Non-Trust
Mortgage Loan Noteholders (if the subject Mortgaged Property is the John Hancock
Tower Mortgaged Property) or any Controlling Class Certificateholder, in each
case upon request. 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 and any Controlling Class Certificateholder or John Hancock Tower
Non-Trust Mortgage Loan Noteholder, in each case upon request.

         Within 30 days after receipt by the Master Servicer of any annual
operating statements with respect to any Mortgaged Property or REO Property, the
Master Servicer with respect to a Performing Mortgage Loan and the Special
Servicer with respect to a Specially Serviced Mortgage 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).

                                     -152-
<PAGE>

         The Master Servicer with respect to a Performing Mortgage Loan and the
Special Servicer with respect to a Specially Serviced Mortgage Loan shall
prepare and maintain one CMSA Operating Statement Analysis Report for each
Mortgaged Property and REO Property. The CMSA Operating Statement Analysis
Report for each Mortgaged Property and REO Property is to be updated by the
Master Servicer or Special Servicer, as applicable, within 30 days after its
receipt of updated operating statements for a Mortgaged Property or REO
Property, as the case may be. The Master Servicer or Special Servicer, as
applicable, shall use the "Normalized" column from the CMSA NOI Adjustment
Worksheet for any Mortgaged Property or REO Property, as the case may be, to
update and normalize the corresponding annual year-end information in the CMSA
Operating Statement Analysis Report and shall use any annual operating
statements and related data fields received with respect to any Mortgaged
Property or REO Property, as the case may be, to prepare the CMSA NOI Adjustment
Worksheet for such property. Copies of CMSA Operating Statement Analysis Reports
and CMSA NOI Adjustment Worksheets are to be 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 Trust 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 Trust Mortgage Loans and any REO
Properties that relate to an REO Trust Mortgage Loan, 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 Trust
Mortgage Loans, any REO Properties that relate to an REO Trust Mortgage Loan
and, to the extent that the subject information relates to when they were
Specially Serviced Trust Mortgage Loans, any Corrected Trust Mortgage 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 and Corrected Mortgage Loan 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 and Corrected Mortgage Loan 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 Setup 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 Trust
Mortgage Loans. 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)
and/or 4.03(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

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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).

         (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 John Hancock Tower
                        Non-Trust Mortgage Loan Noteholders.

         (a) The Master Servicer shall promptly deliver to each John Hancock
Tower Non-Trust Mortgage 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 John Hancock Tower Mortgaged
Property.

         (b) If the Mortgage Loans forming the John Hancock Tower Loan Group
constitute Specially Serviced Mortgage Loans, or if the John Hancock Tower
Mortgaged Property has become an REO Property, then each calendar month, not
later than 5:00 p.m. (New York City time) on the second Business Day prior to
each related John Hancock Tower Determination Date, the Special Servicer shall
deliver or cause to be delivered to the Master Servicer the following reports
with respect to the John Hancock Tower Loan Group and/or the John Hancock Tower
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
Mortgage Loans forming the John Hancock Tower Loan Group constitute Specially
Serviced Mortgage Loans, or if the John Hancock Tower Mortgaged Property has
become an REO Property, then each calendar month, not later than 10:00 a.m. (New
York City time) on the Business Day prior to the John Hancock Tower
Determination Date in

                                     -154-
<PAGE>

such month, the Special Servicer shall deliver or cause to be delivered to the
Master Servicer such of the following reports as may be relevant with respect to
the John Hancock Tower Loan Group and/or the John Hancock Tower 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 and Corrected Mortgage Loan Report; and (v) a CMSA
REO Status Report.

         (c) Not later than 12:00 noon (New York City time) on the Business Day
prior to each John Hancock Tower Determination Date, the Master Servicer shall,
with respect to each John Hancock Tower Non-Trust Mortgage Loan, prepare the
John Hancock Tower Preliminary Master Servicer Remittance Report. Further, not
later than the related John Hancock Tower Master Servicer Remittance Date, the
Master Servicer shall, with respect to the John Hancock Tower Loan Group,
prepare all John Hancock Tower 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 also include on one of such reports
updated information as of the applicable John Hancock Tower 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 any John Hancock Tower
Non-Trust Mortgage 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 John Hancock Tower Non-Trust Mortgage
                        Loan Noteholders.

         (a) Not later than 12:00 noon (New York City time) on the Business Day
prior to each John Hancock Tower Determination Date, the Master Servicer shall
forward the related John Hancock Tower Preliminary Master Servicer Remittance
Report with respect to each John Hancock Tower Non-Trust Mortgage Loan to the
related John Hancock Tower Non-Trust Mortgage Loan Noteholder. Furthermore, not
later than 12:00 noon (New York City time) on each John Hancock Tower Master
Servicer Remittance Date, the Master Servicer shall forward to the John Hancock
Tower Non-Trust Mortgage Loan Noteholders all John Hancock Tower Servicing
Reports prepared with respect to the John Hancock Tower Loan Group, pursuant to
Section 3.12A, during the calendar month in which such John Hancock Tower Master
Servicer Remittance Date occurs.

                                     -155-
<PAGE>

         (b) The Master Servicer shall only be obligated to deliver the
statements, reports and information contemplated by Section 3.12B(a) to the
extent it receives the necessary underlying information from the Special
Servicer and shall not be liable for its failure to deliver such statements,
reports and information on the prescribed due dates, to the extent caused by the
failure of the Special Servicer to deliver timely such underlying information.
Nothing herein shall obligate the Master Servicer or the Special Servicer to
violate any applicable law prohibiting disclosure of information with respect to
the related Mortgagor, and the failure of the Master Servicer or the Special
Servicer to disseminate information for such reason shall not be a breach
hereunder.

         Absent manifest error of which it has actual knowledge, neither the
Master Servicer nor the Special Servicer shall be responsible for the accuracy
or completeness of any information supplied to it by a Mortgagor, a Mortgage
Loan Seller or third party that is included in any reports, statements,
materials or information prepared or provided by the Master Servicer or the
Special Servicer, as applicable, pursuant to this Agreement. Neither the Master
Servicer nor the Special Servicer shall have any obligation to verify the
accuracy or completeness of any information provided by a Mortgagor, a Mortgage
Loan Seller, a third party or each other.

         SECTION 3.13. Annual Statement as to Compliance.

         Each of the Master Servicer and the Special Servicer shall deliver to
the Trustee, the Rating Agencies, the Depositor, the Underwriters, each John
Hancock Tower Non-Trust Mortgage Loan Noteholder, and each other, on or before
April 30 of each year, beginning in 2004 (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, 2003, 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 2003.

         SECTION 3.14. Reports by Independent Public Accountants.

         On or before April 30 of each year, beginning in 2004 (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

                                     -156-
<PAGE>

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, each John Hancock
Tower Non-Trust Mortgage Loan Noteholder and each other, to the effect that (i)
such firm has obtained a letter of representation regarding certain matters from
the management of the Master Servicer or the Special Servicer, as applicable,
which includes an assertion that the Master Servicer or the Special Servicer, as
applicable, has complied with certain minimum mortgage loan servicing standards
(to the extent applicable to commercial and multifamily mortgage loans),
identified in the Uniform Single Attestation Program for Mortgage Bankers
established by the Mortgage Bankers Association of America, with respect to the
servicing of commercial and multifamily mortgage loans during the most recently
completed calendar year and (ii) on the basis of an examination conducted by
such firm in accordance with standards established by the American Institute of
Certified Public Accountants, such representation is fairly stated in all
material respects, subject to such exceptions and other qualifications that may
be appropriate. In rendering its report such firm may rely, as to matters
relating to the direct servicing of commercial and multifamily mortgage loans by
sub-servicers, upon comparable reports of firms of independent certified public
accountants rendered (within one year of such report) on the basis of
examinations conducted in accordance with the same standards with respect to
those sub-servicers. Notwithstanding the timing provided for in the first
sentence of this paragraph, if (as confirmed in writing by the Depositor) the
Depositor is required to file a Form 10-K with the Commission in respect of the
Trust covering any particular calendar year, then the Annual Accountants' Report
to be delivered on behalf of each of the Master Servicer and the Special
Servicer during the following year, shall be delivered on or before March 15 of
such following year; and the Master Servicer and the Special Servicer are hereby
notified that the Depositor is required to file a Form 10-K with the Commission
in respect of the Trust covering calendar year 2003.

         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, each John Hancock Tower Non-Trust Mortgage 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 John Hancock Tower Non-Trust Mortgage Loan
Noteholder, access to any records regarding the Mortgage Loans and the servicing
thereof within its control (which access shall be limited, in the case of any
John Hancock Tower Non-Trust Mortgage Loan Noteholder or any regulatory
authority seeking access in respect of a John Hancock Tower Non-Trust Mortgage
Noteholder, to records relating to the related John Hancock Tower Non-Trust
Mortgage Loan), except to the extent it is prohibited from doing so by
applicable law or contract or to the extent

                                     -157-
<PAGE>

such information is subject to a privilege under applicable law to be asserted
on behalf of the Certificateholders or any John Hancock Tower Non-Trust Mortgage
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, a
John Hancock Tower Non-Trust Mortgage Loan Noteholder or any regulatory
authority that may exercise authority over a Certificateholder, a Certificate
Owner or a John Hancock Tower Non-Trust Mortgage Loan Noteholder, the Master
Servicer and the Special Servicer each may require payment from such
Certificateholder, Certificate Owner or John Hancock Tower Non-Trust Mortgage
Loan Noteholder of a sum sufficient to cover the reasonable costs and expenses
of providing such information or access, including copy charges and reasonable
fees for employee time and for space; provided that no charge may be made if
such information or access was required to be given or made available under
applicable law. In connection with providing Certificateholders and Certificate
Owners access to the information described in the preceding paragraph, the
Master Servicer and the Special Servicer each 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 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 John Hancock Tower Mortgaged
Property, on behalf of the John Hancock Tower Non-Trust Mortgage Loan
Noteholders. The Special Servicer, on behalf of the Trust Fund and any affected
Non-Trust Mortgage Loan Noteholder, shall sell any REO Property by the end of
the third calendar year following the calendar year in which REMIC I 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 of such REO
Property subsequent to the end of such third 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

                                     -158-
<PAGE>

sentence, the Special Servicer shall sell the subject REO Property within such
extended period as is permitted by such REO Extension or such Opinion of
Counsel, as the case may be. Any expense incurred by the Special Servicer in
connection with its obtaining the REO Extension contemplated by clause (i) of
the second preceding sentence or its obtaining the Opinion of Counsel
contemplated by clause (ii) of the second preceding sentence, shall be covered
by, and reimbursable as, a Servicing Advance.

         (b) The Special Servicer shall segregate and hold all funds collected
and received in connection with any REO Property separate and apart from its own
funds and general assets. If an REO Acquisition shall occur in respect of any
Mortgaged Property (other than the John Hancock Tower 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 REO Property
relating to the John Hancock Tower Loan Group). If such REO Acquisition occurs
with respect to the John Hancock Tower Mortgaged Property, the Special Servicer
shall establish an REO Account solely with respect to such property (the "John
Hancock Tower REO Account", to be held for the benefit of the Certificateholders
and the John Hancock Tower Non-Trust Mortgage Loan Noteholders. The Pool REO
Account and the John Hancock Tower REO Account shall each be an Eligible
Account. The Special Servicer shall deposit, or cause to be deposited, in the
REO Account, upon receipt, all REO Revenues, Insurance Proceeds, Condemnation
Proceeds and Liquidation Proceeds received in respect of any REO Property. Funds
in an REO Account (other than any such funds representing Additional Interest)
may be invested in Permitted Investments in accordance with Section 3.06. The
Special Servicer shall be entitled to make withdrawals from an REO Account to
pay itself, as additional special servicing compensation in accordance with
Section 3.11(d), interest and investment income earned in respect of amounts
held in such REO Account as provided in Section 3.06(b) (but only to the extent
of the Net Investment Earnings with respect to such REO Account for any
Collection Period). The Special Servicer shall give notice to the Trustee and
the Master Servicer of the location of each REO Account, and shall give notice
to each John Hancock Tower Non-Trust Mortgage Loan Noteholder of the location of
any John Hancock Tower REO Account, in each case when first established and of
the new location of any such REO Account prior to any change thereof.

         (c) The Special Servicer shall withdraw from the related REO Account
funds necessary for the proper operation, management, leasing, maintenance and
disposition of any REO Property, but only to the extent of amounts on deposit in
such REO Account relating to such REO Property. On the Business Day following
each Determination Date (or, with respect to the John Hancock Tower REO
Property, on or before 3:00 p.m. (New York City time) on the related John
Hancock Tower 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

                                     -159-
<PAGE>

the foregoing, the Pool REO Account and the John Hancock Tower REO Account
correspond to the Pool Custodial Account and the John Hancock Tower 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.

         SECTION 3.17. Management of REO Property.

         (a) Prior to the acquisition by it of title to a Mortgaged Property
(other than the John Hancock Tower 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 REO Property (other than
an REO Property that relates to the John Hancock Tower Loan Group, which is
addressed in Section 3.17A)shall

                                     -160-
<PAGE>

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. 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 REO Property (other than an REO Property that
relates to the John Hancock Tower Loan Group, 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 REO Account, to the extent of
amounts on deposit therein with respect to any 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 REO Account in respect of
any REO Property are insufficient for the purposes set forth in the preceding
sentence with respect to such REO Property, the Special Servicer shall make
Servicing Advances in such amounts as are necessary for such purposes unless the
Special Servicer determines, in accordance with the Servicing Standard, that
such payment would be a Nonrecoverable Advance; provided, however, that the
Special Servicer may make any such Servicing Advance without regard to
recoverability if it is a necessary fee or expense incurred in connection with
the defense or prosecution of legal proceedings. The Special Servicer shall
notify the Master Servicer if it shall have made any such Servicing Advance
within the previous 30-day period.

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<PAGE>

         (c) Without limiting the generality of the foregoing, the Special
Servicer shall not, with respect to any REO Property (other than an REO Property
that relates to the John Hancock Tower Loan Group, which is addressed in Section
3.17A):

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

               (ii) permit any amount to be received or accrued under any New
     Lease other than amounts that will constitute Rents from Real Property;

               (iii) authorize or permit any construction on any REO Property,
     other than the completion of a building or other improvement thereon, and
     then only if more than 10% of 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 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 REMIC I, in which case the Special Servicer may take such
actions as are specified in such Opinion of Counsel.

         (d) The Special Servicer may contract with any Independent Contractor
for the operation and management of any REO Property (other than an REO Property
that relates to the John Hancock Tower Loan Group, which is addressed in 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 out of related REO
     Revenues 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;

                                     -162-
<PAGE>

               (iv) none of the provisions of this Section 3.17(d) relating to
     any such contract or to actions taken through any such Independent
     Contractor shall be deemed to relieve the Special Servicer of any of its
     duties and obligations hereunder with respect to the operation and
     management of such REO Property; and

               (v) the Special Servicer shall be obligated with respect thereto
     to the same extent as if it alone were performing all duties and
     obligations in connection with the operation and management of such REO
     Property.

         The Special Servicer shall be entitled to enter into any agreement with
any Independent Contractor performing services for it related to its duties and
obligations under Section 3.16 and this Section 3.17 for indemnification of the
Special Servicer by any such Independent Contractor, and nothing in this
Agreement shall be deemed to limit or modify such indemnification. No agreement
entered into pursuant to this Section 3.17(d) shall be deemed a Sub-Servicing
Agreement for purposes of Section 3.22.

         SECTION 3.17A. Management and Disposition of the John Hancock Tower
                        Mortgaged Property After Becoming REO Property.

         (a) Prior to the acquisition of title to the John Hancock Tower
Mortgaged Property, the Special Servicer shall review the operation of the John
Hancock Tower Mortgaged Property and determine the nature of the income that
would be derived from such property if it were acquired by the Trust Fund. If
the Special Servicer determines from such review that:

         (i)      None of the income from Directly Operating such Mortgaged
                  Property would be subject to an REO Tax, then such Mortgaged
                  Property may be Directly Operated by the Special Servicer as
                  REO Property;

         (ii)     Directly Operating such Mortgaged Property as REO Property
                  could result in income from such property that would be
                  subject to an REO Tax, but that a lease of such property to
                  another party to operate such property, or the performance of
                  some services by an Independent Contractor with respect to
                  such property, or another method of operating such property
                  would not result in income subject to an REO Tax, then the
                  Special Servicer may (provided, that in the good faith and
                  reasonable judgment of the Special Servicer, it is
                  commercially feasible) acquire such Mortgaged Property as REO
                  Property and so lease or operate such REO Property; or

         (iii)    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

                                     -163-
<PAGE>

                  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 John Hancock
                  Tower 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 the John Hancock Tower REO
Property, the 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 John Hancock Tower Non-Trust Mortgage Loan
Noteholders (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 John Hancock Tower Mortgaged Property is acquired,
the Special Servicer shall manage, conserve, protect and operate such REO
Property for the benefit of the Certificateholders and the John Hancock Tower
Non-Trust Mortgage Loan Noteholders solely for the purpose of its prompt
disposition and sale in a manner that does 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 therewith as are 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 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, dispose
                  of, sell, protect, manage, operate and restore such REO
                  Property.

         To the extent that amounts on deposit in the related REO Account in
respect of any of the John Hancock Tower REO Property are insufficient for the
purposes set forth in the preceding sentence with respect to such REO Property,
the Master Servicer, at the direction of the Special Servicer, shall make
Servicing Advances in such amounts as are necessary for such purposes unless the
Master Servicer determines, in accordance with the Servicing Standard, that such
payment would be a

                                     -164-
<PAGE>

Nonrecoverable Advance; provided, however, that the Master 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.

         (c) Without limiting the generality of the foregoing, the Special
Servicer shall not, with respect to the John Hancock Tower REO Property:

         (i)      enter into, renew or extend any New Lease, if the New Lease
                  with respect to such REO Property, 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 John Hancock Tower Loan Group 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 Master Servicer, at the
direction of 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 John Hancock Tower 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 and which shall be expenses
                  of the John Hancock Tower Non-Trust Mortgage Loan Noteholders
                  and the Trust Fund as permitted hereunder) shall be reasonable
                  and customary in consideration of the nature and locality of
                  such REO Property;

         (iii)    except as permitted under Section 3.17A(a), any such contract
                  shall require, or shall be administered to require, that the
                  Independent Contractor, in a timely manner, (A) pay out of
                  related REO Revenues 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

                                     -165-
<PAGE>

                  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 3.17A(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 Independent Contractor performing services for it related to its duties and
obligations hereunder with respect to the John Hancock Tower 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 Trust 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 Trust 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 and 9.01 of this Agreement and/or the UBS/Depositor Mortgage Loan
Purchase Agreement, (iii) in the case of the John Hancock Tower Trust Mortgage
Loan, as set forth in the John Hancock Tower Co-Lender Agreement, and (iv) in
the case of a Trust Mortgage Loan with a related mezzanine loan, in connection
with a Mortgage Loan default as set forth in the related intercreditor
agreement.

         (b) Within five Business Days after any Trust Mortgage Loan has become
a Specially Serviced Trust Mortgage Loan, the Special Servicer shall give notice
of such event to the John Hancock Tower Non-Trust Mortgage Loan Noteholders (if
such Mortgage Loan is part of the John Hancock Tower Loan Group), each holder of
a Certificate of the Controlling Class 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 any Specially Serviced Trust Mortgage Loan at a cash
price that is at least equal to the Purchase Price; provided that a material
default exists or is reasonably foreseeable with respect to such Specially
Serviced Trust Mortgage Loan; and provided further, that any such purchase by a
Purchase Option Holder of the John Hancock Tower Trust Mortgage Loan shall be
subject to the simultaneous cash purchase by such Purchase Option Holder of each
John Hancock Tower Pari Passu Non-Trust Mortgage Loan at the related John
Hancock Tower Pari Passu Non-Trust Mortgage Loan Purchase Price, which
simultaneous purchase shall be on the same terms and conditions as are set forth
herein for any such purchase of the John Hancock Tower

                                     -166-
<PAGE>

Trust Mortgage Loan. The Special Servicer shall accept the first offer by a
Purchase Option Holder that is at least equal to the Purchase Price (plus, if
the John Hancock Tower Pari Passu Non-Trust Mortgage Loans are to be purchased,
the John Hancock Tower Pari Passu Non-Trust Mortgage Loan Purchase Price).

         (c) If none of the Purchase Option Holders exercises its option to
purchase any Specially Serviced Trust Mortgage Loan as described in subsection
(b) above, then each Purchase Option Holder will also have the option to
purchase that Specially Serviced Trust Mortgage Loan at a price equal to the
fair value (the "FV Price") of such Specially Serviced Trust Mortgage Loan;
provided that a material default exists or is reasonably foreseeable with
respect to such Specially Serviced Trust Mortgage Loan; and provided further,
that any purchase by a Purchase Option Holder of the John Hancock Tower Trust
Mortgage Loan at the FV Price shall be subject to the simultaneous cash purchase
by such Purchase Option Holder of each John Hancock Tower Pari Passu Non-Trust
Mortgage Loan at a FV Price to be determined by the Special Servicer in the same
manner that the FV Price is determined by the Special Servicer with respect to
the John Hancock Tower Trust Mortgage Loan, which simultaneous purchase shall be
on the same terms and conditions as are set forth herein for any such purchase
of the John Hancock Tower Trust Mortgage Loan. 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 Trust 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 for
the subject Specially Serviced Trust Mortgage Loan (and, if applicable, for each
John Hancock Tower Pari Passu Non-Trust Mortgage Loan) in accordance with the
Servicing Standard and the provisions of subsection (i) below. Promptly after
determining such FV Price(s), the Special Servicer shall report such FV Price(s)
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 Trust 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 10-Business Day period following such notice.
At the conclusion of the above-described 10-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 for the subject Specially Serviced
Mortgage Loan. If the John Hancock Tower Trust Mortgage Loan is to be purchased
in accordance with the foregoing process at a price above its FV Price, then the
price at which each of the John Hancock Tower Pari Passu Non-Trust Mortgage
Loans is to be purchased will be increased in the same proportion.

         (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 Trust Mortgage Loan (together with, in the case of the John
Hancock Tower Trust Mortgage Loan, the two John Hancock Tower Pari Passu
Non-Trust Mortgage Loans) within ten Business Days of receipt of notice of such
acceptance.

                                     -167-
<PAGE>

         (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 Trust Mortgage Loan is the Special Servicer or an Affiliate
thereof, the Trustee shall verify that the FV Price of such Trust Mortgage Loan
(and, in the case of the John Hancock Tower Trust Mortgage Loan, the FV Price of
each John Hancock Tower Pari Passu Non-Trust Mortgage Loan) is at least equal to
the fair value thereof. In determining whether the FV Price of any Specially
Serviced Trust Mortgage Loan (and, in the case of the John Hancock Tower Trust
Mortgage Loan, the FV Price of each John Hancock Tower Pari Passu Non-Trust
Mortgage Loan) is at least equal to the fair value thereof, 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 such FV Price(s)
and/or the opinion of an Independent expert in real estate matters (including
the Master Servicer) with at least five years' experience in valuing or
investing in loans, similar to the subject Specially Serviced Trust 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 Trust Mortgage
Loan (and, in the case of the John Hancock Tower Trust Mortgage Loan, each John
Hancock Tower Pari Passu Non-Trust 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 under this Section 3.18, 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 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
such Specially Serviced Trust 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, (iv) a Final Recovery Determination has been made with
respect to such Specially Serviced Mortgage Loan or (v) the subject Specially
Serviced Trust Mortgage Loan has been removed from the Trust Fund.

                                     -168-
<PAGE>

         (k) Until such time as a FV Bid is accepted with respect to any
Specially Serviced Trust Mortgage Loan, the Special Servicer shall continue to
pursue all of the other resolution options available to it with respect to such
Specially Serviced Trust Mortgage Loan (and, in the case of the John Hancock
Tower Trust Mortgage Loan, each John Hancock Tower Pari Passu Non-Trust Mortgage
Loan) in accordance with the Servicing Standard.

         (l) Notwithstanding anything to the contrary herein, in accordance with
the John Hancock Tower Co-Lender Agreement, the holders of the John Hancock
Tower Subordinate Non-Trust Mortgage Loans will be entitled to purchase the John
Hancock Tower Trust Mortgage Loan in accordance with the terms and conditions
set forth in the John Hancock Tower Co-Lender Agreement, even after it has been
purchased out of the Trust Fund pursuant to the purchase option provided for in
this Section 3.18. In connection with any such purchase, the Master Servicer or
the Special Servicer, as applicable, shall determine the price to be paid
therefor and shall provide such notices to the John Hancock Tower Subordinate
Non-Trust Mortgage Loan Noteholders, in each case as required by the John
Hancock Tower Co-Lender Agreement with respect to such holders' purchase rights.

         (m) Any purchase of a Specially Serviced Mortgage Loan that is
purchased pursuant to the purchase option provided for in this Section 3.18 will
remain subject to the cure and purchase rights, in each case if applicable, of
any holder of a related mezzanine loan in connection with a Mortgage Loan
default as set forth in the related intercreditor agreement.

         (n) The Special Servicer shall use its best efforts to solicit bids for
each REO Property in such manner as will be reasonably likely to realize a fair
price within the time period provided for by Section 3.16(a). Subject to
Sections 6.11 or 6.11A, as applicable, the Special Servicer shall accept the
first (and, if multiple bids are received contemporaneously or subsequently, the
highest) cash bid received from any Person that constitutes a fair price for
such REO Property. If the Special Servicer reasonably believes that it will be
unable to realize a fair price for any REO Property within the time constraints
imposed by Section 3.16(a), then (subject to Sections 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.

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

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

         (q) Whether any cash bid constitutes a fair price for any 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 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

                                     -169-
<PAGE>

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

         (r) Subject to Sections 3.18(a) through 3.18(q) above, and further
subject to Section 6.11 or 6.11A, as applicable, the Special Servicer shall act
on behalf of the Trustee in negotiating with independent third parties seeking
to purchase an REO Property and taking any other action necessary or appropriate
in connection with the sale of any Specially Serviced Trust Mortgage Loan or 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 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 REO Property without
obligation to deposit such amounts into any Custodial Account. Any sale of a
Specially Serviced Trust Mortgage Loan or an 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.

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

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         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 Trust 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 Trust 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 0.015%
per annum with respect to each and every Trust Mortgage Loan and REO Trust
Mortgage Loan) and (2) the aggregate amount of Prepayment Interest Excesses
received in respect of the entire Mortgage Pool during such Collection Period;
provided, however, that if any Prepayment Interest Shortfall occurs with respect
to any Trust Mortgage Loan as a result of the Master Servicer's allowing the
Mortgagor to deviate from the terms of the related loan documents regarding
principal prepayments, the Master Servicer shall be obligated to pay an amount
equal to the entire Prepayment Interest Shortfall with respect to the subject
Trust Mortgage Loan without any limitation of the kind set forth in clauses (1)
and (2) above.

         (b) The Master Servicer shall, as to each Trust Mortgage 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 Trust Mortgage 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 sets 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/or 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.

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<PAGE>

         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 Mortgage
Loan or 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.

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

         (a) Subject to Sections 3.20(b) through 3.20(f), 3.20(l) and 3.20(m)
below, and further subject to Sections 6.11 and 6.11A, as applicable, any
related intercreditor agreement and, in the case of a Mortgage Loan in the John
Hancock Tower Loan Group, the John Hancock Tower Co-Lender Agreement, 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
a John Hancock Tower Non-Trust Mortgage Loan, the related John Hancock Tower
Non-Trust Mortgage Loan Noteholder, agree to any modification, extension, waiver
or amendment of any term of any Mortgage 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, any John Hancock Tower Non-Trust Mortgage 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
Mortgage 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 Mortgage 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), 3.20(l) and 3.20(m) hereof) affect the
amount or timing of any of the payment terms of such Mortgage 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 Mortgage 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

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<PAGE>

Master Servicer shall also be responsible for the following with respect to the
Performing Mortgage 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 Trust
     Mortgage Loan that represents 2% or more of the then aggregate principal
     balance of the Mortgage Pool or (E) relate to the John Hancock Tower Loan
     Group;

               (iv) Approving annual budgets for the related Mortgaged Property,
     provided that no such budget (A) relates to a fiscal year in which an
     Anticipated Repayment Date occurs, (B) provides for the payment of
     operating expenses in an amount equal to more than 110% of the amounts
     budgeted therefor for the prior year or (C) provides for the payment of any
     material expenses to any affiliate of the Mortgagor (other than with
     respect to the payment of the management fee to any property manager if
     such management fee is no more than the management fee in effect on the
     Cut-off Date); and

               (v) Approving a change of the property manager at the request of
     the related Mortgagor, provided that (A) the successor property manager is
     not affiliated with the Mortgagor and is a nationally or regionally
     recognized manager of similar properties, (B) the related Trust Mortgage
     Loan does not represent 2% or more of the then aggregate principal balance
     of the Mortgage Pool and (C) the John Hancock Tower 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), Section 3.20(l) and Section 3.20(m), the
Master Servicer may not agree to waive, modify or amend any term of any Mortgage
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,
Section 3.20(e) or Section 3.20(m), the Special Servicer, on behalf of the
Trustee and, in the case of a John Hancock Tower Non-Trust Mortgage Loan, the
related John Hancock Tower Non-Trust Mortgage Loan Noteholder, shall not agree
or consent to any modification, extension, waiver or amendment of any term of
any Mortgage 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

                                     -173-
<PAGE>

     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 effectuate 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 Mortgage Loan
     or reduce the likelihood of timely payment of amounts due thereon.

         (e) Notwithstanding Section 3.20(d), but subject to Sections 6.11 and
6.11A, as applicable, and the second and third paragraphs of this Section
3.20(e), the Special Servicer may (i) reduce the amounts owing under any
Specially Serviced Mortgage Loan by forgiving principal, accrued interest
(including Additional Interest) or any Prepayment Premium or Yield Maintenance
Charge, (ii) reduce the amount of the Monthly 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,
Mortgage or other loan document relating to a Specially Serviced Mortgage Loan,
(iv) accept a Principal Prepayment on any Specially Serviced Mortgage Loan
during any Lockout Period or (v) extend the maturity of any Specially Serviced
Mortgage Loan; provided that, except as otherwise contemplated by Section
3.20(l) in connection with accepting Principal Prepayments during a Lockout
Period, (A) the related Mortgagor is in monetary default or material
non-monetary default with respect to such Specially Serviced Mortgage 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 Mortgage Loan to
Certificateholders (as a collective whole) or, if the John Hancock Tower Loan
Group is involved, would increase the recovery on the John Hancock Tower Loan
Group to Certificateholders and the applicable John Hancock Tower Non-Trust
Mortgage 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 John Hancock Tower Loan Group, to
Certificateholders and the John Hancock Tower Non-Trust Mortgage Loan
Noteholders), to be performed at the related Mortgage Rate (or, in the case of
the John Hancock Tower Loan Group, at the weighted average of the Mortgage Rates
for the John Hancock Tower Loan Group)), 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 (X) any modification, extension, waiver or amendment
of the payment terms of the John Hancock Tower Loan Group shall be structured so
as to be consistent with the allocation and payment priorities set forth in the
related loan documents and the John Hancock Tower Co-Lender Agreement, such that
neither the Trust as holder of the John Hancock Tower Trust Mortgage Loan nor

                                     -174-
<PAGE>

any of the John Hancock Tower Non-Trust Mortgage Loan Noteholders shall gain a
priority over the other such holder with respect to any payment, which priority
is not, as of the date of the John Hancock Tower Co-Lender Agreement, reflected
in the related loan documents and the John Hancock Tower Co-Lender Agreement,
and (Y) to the extent consistent with the Servicing Standard (taking into
account the extent to which the John Hancock Tower Subordinate Non-Trust
Mortgage Loans are junior to the John Hancock Tower Note A Mortgage Loans), (1)
no waiver, reduction or deferral of any particular amounts due on any of the
John Hancock Tower Note A Mortgage Loans shall be effected prior to the waiver,
reduction or deferral of the entire corresponding item in respect of each of the
John Hancock Tower Subordinate Non-Trust Mortgage Loans, and (2) no reduction of
the Mortgage Rate of any of the John Hancock Tower Note A Mortgage Loans shall
be effected prior to the reduction of the Mortgage Rate of each of the John
Hancock Tower Subordinate Non-Trust Mortgage Loans, to the fullest extent
possible; and provided, further, that any of the actions referred to in
subclauses (1) and (2) of the foregoing proviso shall be effected, as among the
John Hancock Tower Note A Mortgage Loans, and as between the John Hancock Tower
Subordinate Non-Trust Mortgage Loans, respectively, on a pro rata and pari passu
basis (in accordance with the John Hancock Tower Co-Lender Agreement).

         In no event shall the Special Servicer: (i) extend the maturity date of
a Mortgage Loan beyond the date that is two years prior to the last Rated Final
Distribution Date; (ii) extend the maturity date of any Mortgage Loan for more
than five years beyond its Stated Maturity Date; or (iii) if the Mortgage 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 Mortgage Loan beyond the date which is 20 years (or, to the extent
consistent with the Servicing Standard, giving due consideration to the
remaining term of the Ground Lease, 10 years) prior to the expiration of the
term of such Ground Lease.

         The determination of the Special Servicer contemplated by clause (B) of
the proviso to the first paragraph of this Section 3.20(e) shall be evidenced by
an Officer's Certificate to such effect delivered to the Trustee and the Master
Servicer (and, in the case of the John Hancock Tower Loan Group, the John
Hancock Tower Non-Trust Mortgage Loan Noteholders) 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) a John
Hancock Tower Non-Trust Mortgage Loan or (B) a Trust 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 Mortgage Loan
to withhold consent thereto; 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.

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<PAGE>

         (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 Mortgage 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 Mortgage 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 due or partially due to 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, if a John Hancock Tower
Non-Trust Mortgage Loan is affected, the John Hancock Tower Non-Trust Mortgage
Loan Noteholders, in writing, of any modification, extension, waiver or
amendment of any term of any Mortgage Loan (including fees charged the
Mortgagor) agreed to by it and the date thereof, and shall deliver to the
Trustee or any related Custodian for deposit in the related Mortgage File (with
a copy to be delivered to or retained by, as applicable, the Master Servicer),
an executed counterpart of the agreement relating to such modification,
extension, waiver or amendment promptly following execution and delivery
thereof, to be followed by an original recorded counterpart promptly following
the recordation (and receipt) thereof.

         (j) To the extent that either the Master Servicer or Special Servicer
waives any Default Charge in respect of any Mortgage 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) Except as otherwise expressly provided in Section 3.20(l), if, with
respect to any Mortgage 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 Mortgage Loan in accordance with the terms thereof,
then the Master Servicer, subject to the next paragraph and the related loan
documents, (i) only in the case of a Mortgage Loan under clause (1) above, shall
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) shall notify each Rating
Agency, the Trustee, the Underwriters and the Special Servicer of the intent to
defease such Mortgage Loan, and (iii) upon the written confirmation from each
Rating Agency that the acceptance of a pledge of the Defeasance Collateral (or,
in the case of a Mortgage 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, shall

                                     -176-
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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 John Hancock Tower Note A Mortgage
Loans, the related John Hancock Tower Non-Trust Mortgage Loan Noteholders);
provided that the written confirmation contemplated by clause (iii) above shall
not be required from (A) S&P in the case of a Trust 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 Trust Mortgage Loan that is not then
one of the ten largest (measured by unpaid principal balance) Trust 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 Trust Mortgage Loan that is not
then one of the ten largest (measured by unpaid principal balance) Trust
Mortgage Loans in the Mortgage Pool or that is not then one of the ten largest
groups (measured by aggregate unpaid principal balance) of Trust Mortgage Loans
with related Mortgagors, provided the Master Servicer delivers to Fitch a
Defeasance Certificate; and provided, further, that such written confirmation
contemplated by clause (iii) above 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 Trust
Mortgage Loan complies with the then current applicable guidelines set forth by
such Rating Agency, or the unpaid principal balance of such Trust Mortgage Loan,
the percentage such Trust Mortgage Loan constitutes of the Mortgage Pool or the
relative size of such Trust 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.

         Notwithstanding the foregoing, but subject to the related loan
documents, the Master Servicer shall not permit a pledge of Defeasance
Collateral under a Defeasance Mortgage Loan if (i) such defeasance would occur
within two years of the Startup Day, (ii) the defeasance collateral shall not be
Government Securities; (iii) 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 (iv) 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, if applicable) will not
result in an Adverse Rating Event.

         All expenses related to the defeasance of a Defeasance Mortgage Loan
shall be charged to the related Mortgagor or other responsible party.

         (l) With respect to any ARD 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 Mortgage Loan if (i) such ARD Mortgage
Loan is not a Specially Serviced Mortgage 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 Mortgage Loan in full together with all payments required under
such ARD Mortgage 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) on a
present value basis (the relevant discounting of anticipated collections that
will be distributable to

                                     -177-
<PAGE>

Certificateholders to be performed at the related Mortgage Rate) than a refusal
to waive the right to 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 Mortgage Loan that had otherwise been a Performing Mortgage Loan,
and if the Master Servicer is not also the Special Servicer, the Master Servicer
shall immediately give notice thereof (or, if applicable, the Special Servicer
shall immediately give notice thereof to the Master Servicer), and the Master
Servicer 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 Mortgage Loan, either in the Master Servicer's or any of its directors',
officers', employees', affiliates' or agents' possession or control or otherwise
available to the Master Servicer without undue burden or expense, and reasonably
requested by the Special Servicer to enable it to assume its functions hereunder
with respect thereto without acting through a Sub-Servicer. The Master Servicer
shall use reasonable efforts to comply with the preceding sentence within five
Business Days of the occurrence of each related Servicing Transfer Event (or of
notice of the occurrence of such Servicing Transfer Event, if applicable);
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 (and the Master Servicer may conclusively rely on the Special
Servicer's determination, as applicable) that a Servicing Transfer Event has
occurred giving rise to a Mortgage Loan's becoming a Specially Serviced Mortgage
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 Mortgage Loan in accordance with the requirements hereof.

         Upon determining that a Specially Serviced Mortgage Loan has become a
Corrected Mortgage 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 Mortgage 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 Mortgage Loan, and the Special Servicer's right to receive the
Special Servicing Fee with respect to such Mortgage Loan shall terminate, and
the obligations of the Master Servicer to service and administer such Mortgage
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 Mortgage Loan, the Master Servicer
and the Special Servicer shall each transfer to the other, as and when
applicable, the servicing of all other Cross-

                                     -178-
<PAGE>

Collateralized Mortgage Loans constituting part of the same Cross-Collateralized
Group; provided that no Cross-Collateralized Mortgage Loan may become a
Corrected Mortgage 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 Mortgage 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 Mortgage
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 Trust Mortgage Loans and REO Properties, the information
described in clauses (vi) through (xv) of Section 4.02(a) (with respect to
information set forth in such clauses related to prior Distribution Dates and/or
periods, the Special Servicer may conclusively rely on information furnished to
it by the Master Servicer or the Trustee) and, insofar as it relates to the
Special Servicer, the information described in clauses (xxiv) and (xxx) of
Section 4.02(a), (2) the amount of all payments, Insurance Proceeds,
Condemnation Proceeds and Liquidation Proceeds received, and the amount of any
Realized Loss incurred, with respect to each Specially Serviced Trust Mortgage
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 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 Trust
Mortgage Loan and REO Property during the related Collection Period, (4) in
writing, a brief narrative summary of the status of each Specially Serviced
Trust Mortgage Loan and (5) such additional information relating to the
Specially Serviced Mortgage Loans and REO Properties as the Master Servicer
reasonably requests to enable it to perform its responsibilities under this
Agreement. Notwithstanding the foregoing provisions of this subsection (c), the
Master Servicer shall maintain ongoing payment records with respect to each of
the Specially Serviced Mortgage 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

                                     -179-
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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 John Hancock Tower Loan Group,
the John Hancock Tower Non-Trust Mortgage Loan Noteholders, shall 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 any affected Non-Trust Mortgage 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 Trust Mortgage Loan pursuant to this Agreement to terminate such
agreement with respect to such purchased Trust Mortgage Loan at its option and
without penalty; (v) does not permit the Sub-Servicer to enter into or consent
to any modification, extension, waiver or amendment or otherwise take any action
on behalf of the Master Servicer or the Special Servicer contemplated by Section
3.08, Section 3.09 and Section 3.20 hereof without the consent of the Master
Servicer or Special Servicer, as the case may be; and (vi) does not permit the
Sub-Servicer any direct rights of indemnification that may be satisfied out of
assets of the Trust Fund. In addition, each Sub-Servicing Agreement entered into
by the Master Servicer (including any with an effective date on or before the
Closing Date) shall provide that such agreement shall, with respect to any
Mortgage Loan serviced thereunder, terminate at the time such Mortgage Loan
becomes a Specially Serviced Mortgage Loan (or, alternatively, be subject to the
Special Servicer's rights to service such Mortgage Loan for so long as such
Mortgage Loan continues to be a Specially Serviced Mortgage Loan), and each
Sub-Servicing Agreement entered into by the Special Servicer shall relate only
to Specially Serviced Mortgage Loans and shall terminate with respect to any
such Mortgage Loan which ceases to be a Specially Serviced Mortgage 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 John Hancock
Tower Non-Trust Mortgage Loan Noteholders, a copy of any Sub-Servicing Agreement
in respect of a John Hancock Tower Non-Trust Mortgage 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) or 4.03A(d), as applicable, 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 and the Controlling Class

                                     -180-
<PAGE>

Certificateholders and, if the John Hancock Tower Loan Group is affected, the
John Hancock Tower Non-Trust Mortgage Loan Noteholders 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 John Hancock
Tower Loan Group, also for the benefit of the John Hancock Tower Non-Trust
Mortgage Loan Noteholders, shall (at no expense to the Trustee, the
Certificateholders, any affected Non-Trust Mortgage 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 Mortgage Loans.

         (d) In the event of the resignation, removal or other termination of
the Master Servicer or any successor Master Servicer hereunder for any reason,
the Trustee or other Person succeeding such resigning, removed or terminated
party as Master Servicer, shall elect, with respect to any Sub-Servicing
Agreement in effect as of the Closing Date (or, if being negotiated as of the
Closing Date, in effect within 90 days thereafter) that still exists at the time
of such termination: (i) to assume the rights and obligations of the Master
Servicer under such Sub-Servicing Agreement and continue the sub-servicing
arrangements thereunder on the same terms (including the obligation to pay the
same sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with
such Sub-Servicer on such terms as the Trustee or other successor Master
Servicer and such Sub-Servicer shall mutually agree (it being understood that
such Sub-Servicer is under no obligation to accept any such new Sub-Servicing
Agreement or to enter into or continue negotiations with the Trustee or other
successor Master Servicer), provided that neither the Trustee nor any successor
Master Servicer shall enter into a new Sub-Servicing Agreement with a
Sub-Servicer that was a party to a Sub-Servicing Agreement as of the Closing
Date, if such new Sub-Servicing Agreement amends, alters or fails to restate any
rights of any Underwriter or Mortgage Loan Seller under the existing
Sub-Servicing Agreement with respect to the termination of the Sub-Servicer and
the appointment of a successor thereto or any rights of any Underwriter or
Mortgage Loan Seller as a third party beneficiary under such Sub-Servicing
Agreement, unless the successor Master Servicer has obtained the prior written
consent to the terms of such new Sub-Servicing Agreement from such Underwriter
or Mortgage Loan Seller, as the case may be; or (iii) to terminate the
Sub-Servicing Agreement if (but only if) an Event of Default (as defined in such
Sub-Servicing Agreement) has occurred and is continuing, without paying any
sub-servicer termination fee, and in any additional manner provided for in such
Sub-Servicing Agreement.

         The Sub-Servicers as to which Sub-Servicing Agreements are in effect or
being negotiated as of the Closing Date are listed on Exhibit K hereto.

                                     -181-
<PAGE>

         (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 John Hancock Tower Non-Trust Mortgage Loan
Noteholders 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 Mortgage Loans and/or REO Properties for which it is
responsible.

         SECTION 3.23. Representations and Warranties of the Master Servicer.

         (a) The Master Servicer, in such capacity, hereby represents, warrants
and covenants to the other parties hereto and for the benefit of the
Certificateholders and the John Hancock Tower Non-Trust Mortgage Loan
Noteholders, as of the Closing Date, that:

               (i) The Master Servicer is a national banking association, duly
     organized under the laws of the United States, and the Master Servicer is
     in compliance with the laws of each state in which any Mortgaged Property
     is located to the extent necessary to perform its obligations under this
     Agreement.

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

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

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

                                     -182-
<PAGE>

     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 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 John Hancock Tower Non-Trust Mortgage Loan
Noteholders, 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.

                                     -183-
<PAGE>

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

               (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Special Servicer, enforceable against the
     Special Servicer in accordance with the terms hereof, subject to (A)
     applicable bankruptcy, insolvency, reorganization, moratorium and other
     laws affecting the enforcement of creditors' rights generally, and (B)
     general principles of equity, regardless of whether such enforcement is
     considered in a proceeding in equity or at law.

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

               (vi) No litigation is pending or, to the best of the Special
     Servicer's knowledge, threatened, against the Special Servicer, the outcome
     of which, in the Special Servicer's good faith and reasonable judgment,
     could reasonably be expected to prohibit the Special Servicer from entering
     into this Agreement or materially and adversely affect the ability of the
     Special Servicer to perform its obligations under this Agreement.

               (vii) Any consent, approval, authorization or order of any court
     or governmental agency or body required under federal or state law for the
     execution, delivery and performance by the Special Servicer of or
     compliance by the Special Servicer with this Agreement or the consummation
     of the transactions contemplated by this Agreement has been obtained and is
     effective except where the lack of consent, approval, authorization or
     order would not have a material adverse effect on the performance by the
     Special Servicer under this Agreement.

               (viii) The Special Servicer possesses all insurance required
     pursuant to Section 3.07(c) of this Agreement.

         (b) The representations and warranties of the Special Servicer set
forth in Section 3.24(a) shall survive the execution and delivery of this
Agreement and shall inure to the benefit of the Persons for whose benefit they
were made for so long as the Trust Fund remains in existence. Upon discovery by
any party hereto of any breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto.

         (c) Any successor Special Servicer shall be deemed to have made, as of
the date of its succession, each of the representations and warranties set forth
in Section 3.24(a), subject to such appropriate modifications to the
representation and warranty set forth in Section 3.24(a)(i) to accurately
reflect such successor's jurisdiction of organization and whether it is a
corporation, partnership, bank, association or other type of organization.

                                     -184-
<PAGE>

         SECTION 3.25. Certain Matters Regarding the Purchase of the John
                       Hancock Tower Trust Mortgage Loan.

         If, pursuant to Section 2.03, Section 3.18 or Section 9.01, the John
Hancock Tower Trust Mortgage Loan is purchased or repurchased from the Trust
Fund, the purchaser thereof shall be bound by the terms of the John Hancock
Tower Co-Lender Agreement and shall assume the rights and obligations of the
"Note A1 Lender" under the John Hancock Tower Co-Lender Agreement. All portions
of the related Mortgage File and other documents pertaining to the John Hancock
Tower Trust Mortgage Loan shall be endorsed or assigned to the extent necessary
or appropriate to the purchaser of the John Hancock Tower Trust Mortgage Loan in
its capacity as "Note A1 Lender" (as a result of such purchase or repurchase)
under the John Hancock Tower 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 A1 Lender or a custodian
appointed thereby for the benefit of the "Note A1 Lender", the "Note A2 Lender,
the "Note A3 Lender", the "Note B1 Lender" and the "Note B2 Lender" each as
defined under, and as their interests appear under, the John Hancock Tower
Co-Lender Agreement. If the related Servicing File is not already in the
possession of such party, it shall be delivered to the successor master servicer
or special servicer, as the case may be, with respect to the John Hancock Tower
Loan Group, under, or otherwise in accordance with, any applicable separate
servicing agreement for the John Hancock Tower Loan Group or as otherwise
contemplated by the John Hancock Tower Co-Lender Agreement.

         SECTION 3.26. Application of Default Charges.

         (a) Any and all Default Charges that are actually collected with
respect to any Trust Mortgage Loan or REO Trust Mortgage Loan 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 Trust Mortgage Loan or
REO Trust Mortgage Loan 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
Trust Mortgage Loan or REO Trust Mortgage Loan 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 Trust Mortgage Loan or REO Trust
Mortgage Loan, which payment was made from collections on the Mortgage Pool
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 Trust Mortgage
Loan or REO Trust Mortgage Loan, which payment was made from collections on the
Mortgage Pool other than Default Charges and not previously reimbursed under
this clause fourth; and

                                     -185-
<PAGE>

         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 Trust 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 Trust Mortgage Loan or an REO
Trust Mortgage Loan, in each case pursuant to Section 3.11;

provided that any and all Default Charges that are actually collected with
respect to the John Hancock Tower Trust Mortgage Loan or any successor REO
Mortgage Loan with respect thereto shall first be applied pursuant to Section
3.26(d); and provided, further, that the total interest on Advances payable
pursuant to clause first above shall take into account the allocations of
Default Charges made pursuant to Sections 3.26(c) and 3.26(d).

         (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 related Trust 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 Trust Mortgage
Loans and any REO Trust Mortgage Loans. 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 John Hancock Tower Subordinate Non-Trust Mortgage Loans or any
successor REO Mortgage Loan with respect thereto during any Collection Period
(as allocable thereto pursuant to the related loan documents and the John
Hancock Tower Co-Lender 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 Master
     Servicer and the Special Servicer any and all interest on Servicing
     Advances made thereby with respect to the John Hancock Tower Loan Group or
     any related REO Property, which interest accrued on or prior to the date on
     which the subject Default Charges were received (such Default Charges to be
     applied with respect to any such particular party in such manner that the
     earliest accrued interest shall be paid first);

               second, to pay the Fiscal Agent, the Trustee, any fiscal agent
     and/or trustee for a John Hancock Tower Pari Passu Securitization Trust,
     the Master Servicer and any master servicer or comparable party for a John
     Hancock Tower Pari Passu Securitization Trust any and

                                     -186-
<PAGE>

     all interest on any P&I Advances or comparable delinquency advances under a
     John Hancock Tower Non-Trust Mortgage Loan Securitization Agreement made by
     such party with respect to the John Hancock Tower Trust Mortgage Loan, a
     John Hancock Tower Pari Passu Non-Trust Mortgage Loan or any successor REO
     Mortgage Loan with respect to the foregoing, which interest accrued on or
     prior to the date on which the subject Default Charges were received (such
     Default Charges to be applied with respect to any such particular party in
     such manner that the earliest accrued interest shall be paid first);

               third, to pay the John Hancock Tower Subordinate Securitization
     Fiscal Agent, the John Hancock Tower Subordinate Securitization Trustee and
     the Master Servicer any and all interest on any P&I Advances or comparable
     delinquency advances under a John Hancock Tower Non-Trust Mortgage Loan
     Securitization Agreement made by such party with respect to a John Hancock
     Tower Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage
     Loan with respect thereto, which interest accrued on or prior to the date
     on which the subject Default Charges were received (such Default Charges to
     be applied with respect to any such particular party in such manner that
     the earliest accrued interest shall be paid first); and

               fourth, 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 such John Hancock Tower Subordinate
     Non-Trust Mortgage Loan during a period that it was a Performing Mortgage
     Loan, or as additional special servicing compensation to the Special
     Servicer, to the extent received, if they were accrued with respect to such
     John Hancock Tower Subordinate Non-Trust Mortgage Loan during a period that
     it was a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each
     case pursuant to Section 3.11.

         Any Default Charges collected with respect to the John Hancock Tower
Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans with
respect thereto that are applied pursuant to clause first of the preceding
paragraph shall be paid, first, to the Fiscal Agent, second, to the Trustee, and
third, to the Master Servicer and the Special Servicer (pro rata based on
entitlement), in that order, in each case up to the total amount of interest on
any Servicing Advances payable to such party in accordance with such clause
first. Any Default Charges collected with respect to the John Hancock Tower
Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans with
respect thereto that are applied pursuant to clause second of the preceding
paragraph shall be allocated among the John Hancock Tower Trust Mortgage Loan
and the John Hancock Tower Pari Passu Non-Trust Mortgage Loans (or, if
applicable, among any successor REO Mortgage Loans with respect to the
foregoing) on a pro rata basis in accordance with the respective amounts of
interest on P&I Advances and/or comparable advances contemplated by such clause
second with respect to such Mortgage Loans (or, if applicable, such REO Mortgage
Loans). Any Default Charges collected with respect to the John Hancock Tower
Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans with
respect thereto that are allocable to pay interest on P&I Advances with respect
to the John Hancock Tower Trust Mortgage Loan or any successor REO Trust
Mortgage Loan with respect thereto in accordance with clause second of the
preceding paragraph and in accordance with the preceding sentence shall be paid
to the Fiscal Agent, the Trustee and the Master Servicer, in that order, each
case up to the total amount of interest on P&I Advances payable to such party in
accordance with such clause second. Any Default Charges collected with respect
to the John Hancock Tower Subordinate Non-Trust Mortgage Loans or any successor
REO Mortgage Loans with respect thereto that are allocable to pay

                                     -187-
<PAGE>

interest on advances comparable to P&I Advances with respect to any John Hancock
Tower Pari Passu Non-Trust Mortgage Loan or any successor REO Mortgage Loan with
respect thereto in accordance with clause second of the preceding paragraph and
in accordance with the second preceding sentence shall be paid to any fiscal
agent, trustee or master servicer under the related John Hancock Tower Non-Trust
Mortgage Loan Securitization Agreement, in the order provided for in such John
Hancock Tower Non-Trust Mortgage Loan Securitization Agreement, in each case up
to the total amount of interest on advances comparable to P&I Advances payable
to such party in accordance with such clause second. Any Default Charges
collected with respect to the John Hancock Tower Subordinate Non-Trust Mortgage
Loans or any successor REO Mortgage Loans with respect thereto that are applied
pursuant to clause third of the preceding paragraph shall be paid to the John
Hancock Tower Subordinate Securitization Fiscal Agent, the John Hancock Tower
Subordinate Securitization Trustee and the Master Servicer, in that order, in
each case up to the total amount of interest on P&I Advances and/or comparable
advances made thereby with respect to the John Hancock Tower Subordinate
Non-Trust Mortgage Loans or any successor REO Mortgage Loans with respect
thereto that is payable to such party in accordance with such clause third.

         (d) Any and all Default Charges that are actually collected with
respect to the John Hancock Tower Trust Mortgage Loan or any successor REO Trust
Mortgage Loan with respect thereto during any Collection Period (as allocable
thereto pursuant to the related loan documents and the John Hancock Tower
Co-Lender 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, to the Trustee and, on a pro
     rata basis in accordance with entitlement, to the Master Servicer and the
     Special Servicer, in that order, any and all interest on Servicing Advances
     made thereby with respect to the John Hancock Tower Loan Group and/or any
     related REO Property, which interest accrued on or prior to the date on
     which the subject Default Charges were received and which interest is not
     otherwise payable, pursuant to Section 3.26(c), out of Default Charges
     collected with respect to the John Hancock Tower Subordinate Non-Trust
     Mortgage Loans or any successor REO Mortgage Loans with respect thereto
     (such Default Charges to be applied with respect to any such particular
     party in such manner that the earliest accrued interest shall be paid
     first);

               second, to pay the Fiscal Agent, the Trustee and the Master
     Servicer, in that order, any and all interest on any P&I Advances made by
     such party with respect to the John Hancock Tower Trust Mortgage Loan or
     any successor REO Trust Mortgage Loan with respect thereto, which interest
     accrued on or prior to the date on which the subject Default Charges were
     received and which interest is not otherwise payable, pursuant to Section
     3.26(c), out of Default Charges collected with respect to the John Hancock
     Tower Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage
     Loans with respect thereto (such Default Charges to be applied with respect
     to any such particular party in such manner that the earliest accrued
     interest shall be paid first); and

               third, to make the payments contemplated by Section 3.26(a).

         Any and all Default Charges that are actually collected with respect to
any John Hancock Tower Pari Passu Non-Trust Mortgage Loan or any successor REO
Mortgage Loan with respect thereto during any Collection Period (as allocable
thereto pursuant to the related loan documents and the John

                                     -188-
<PAGE>

Hancock Tower Co-Lender 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, to the Trustee, and, on a pro
     rata basis in accordance with entitlement, to the Master Servicer and the
     Special Servicer, in that order, any and all interest on Servicing Advances
     made thereby with respect to the John Hancock Tower Loan Group and/or any
     related REO Property, which interest accrued on or prior to the date on
     which the subject Default Charges were received and which interest is not
     otherwise payable, pursuant to Section 3.26(c), out of Default Charges
     collected with respect to the John Hancock Tower Subordinate Non-Trust
     Mortgage Loans or any successor REO Mortgage Loans with respect thereto
     (such Default Charges to be applied with respect to any such particular
     party in such manner that the earliest accrued interest shall be paid
     first);

               second, to pay any fiscal agent, trustee and master servicer for
     any related John Hancock Tower Pari Passu Securitization Trust, in the
     order contemplated by the related John Hancock Tower Non-Trust Mortgage
     Loan Securitization Agreement, any and all interest on delinquency advances
     comparable to P&I Advances made by such party with respect to such John
     Hancock Tower Pari Passu Non-Trust Mortgage Loan or any successor REO
     Mortgage Loan with respect thereto, which interest accrued on or prior to
     the date on which the subject Default Charges were received and which
     interest is not otherwise payable, pursuant to Section 3.26(c), out of
     Default Charges collected with respect to the John Hancock Tower
     Subordinate Non-Trust Mortgage Loans or any successor REO Mortgage Loans
     with respect thereto (such Default Charges to be applied with respect to
     any such particular party in such manner that the earliest accrued interest
     shall be paid first); and

               third, to pay the balance of such Default Charges to the related
     John Hancock Tower Pari Passu Securitization Trust (or any other holder of
     such John Hancock Tower Pari Passu Non-Trust Mortgage Loan or any successor
     REO Mortgage Loan with respect thereto).

         If the total Default Charges actually collected with respect to the
John Hancock Tower Trust Mortgage Loan and the John Hancock Tower Pari Passu
Non-Trust Mortgage Loans (or with respect to any successor REO Mortgage Loans
with respect thereto) exceed the aggregate amount of interest on the Servicing
Advances payable pursuant to clause first of the preceding paragraph and clause
first of the second preceding paragraph, then the respective portions of Default
Charges allocable to such Mortgage Loans (or, if applicable, such REO Mortgage
Loans) that are to be applied for such purpose shall be in the same proportions
that the respective unpaid principal balances of such Mortgage Loans (or, if
applicable, such REO Mortgage Loans) bear to one another.

                                     -189-
<PAGE>

                                   ARTICLE IV
          PAYMENTS TO CERTIFICATEHOLDERS; REPORTS TO CERTIFICATEHOLDERS

         SECTION 4.01. Distributions.

         (a) On each Distribution Date prior to the Final Distribution Date, the
Trustee shall, based upon information provided by the Master Servicer and, if
applicable, 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 in the following amounts and order of
priority:

               (i) to the Holders of the Class A-1 Certificates, up to an amount
     (not to exceed the Class Principal Balance of the Class A-1 Certificates
     outstanding immediately prior to such Distribution Date) equal to the
     entire Principal Distribution Amount for such Distribution Date;

               (ii) to the Holders of the Class A-2 Certificates, up to an
     amount (not to exceed the Class Principal Balance of the Class A-2
     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-1 Certificates pursuant to subclause (i) of this clause
     second);

               (iii) to the Holders of the Class A-3 Certificates, up to an
     amount (not to exceed the Class Principal Balance of the Class A-3
     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-1 and/or Class A-2 Certificates pursuant to a prior
     subclause of this clause second); and

               (iv) to the Holders of the Class A-4 Certificates, up to an
     amount (not to exceed the Class Principal Balance of the Class A-4
     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 Class A Certificates pursuant to a prior subclause of
     this clause second);

     provided, however, that, notwithstanding the immediately preceding clauses
     (i) through (iv), on each Distribution Date coinciding with or following
     the Class A Principal Distribution Cross-Over Date, but prior to the Final
     Distribution Date, the Trustee shall make distributions of principal to the
     Holders of the respective Classes of the Class A Certificates, on a pro
     rata basis,

                                     -190-
<PAGE>

     in accordance with the respective Class Principal Balances of those Classes
     outstanding immediately prior to such Distribution Date, until the Class
     Principal Balance of each such Class has been reduced to zero, in an
     aggregate amount 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.

         All distributions of interest made in respect of a Class of Interest
Only 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, if
applicable, 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

                                     -191-
<PAGE>

     immediately prior to such Distribution Date) equal to the entire Principal
     Distribution Amount for such Distribution Date (net of any portion thereof
     distributed on such Distribution Date to the Holders of any other Class of
     Principal Balance Certificates pursuant to Section 4.01(a) above or
     pursuant to any prior clause of this Section 4.01(b));

               (vi) to make distributions to the Holders of the Class C
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

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

               (viii) after the Class Principal Balance of the Class C
     Certificates has been reduced to zero, to make distributions of principal
     to the Holders of the Class D Certificates, up 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

                                     -192-
<PAGE>

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

               (xiv) after the Class Principal Balance of the Class E
     Certificates has been reduced to zero, to make distributions of principal
     to the Holders of the Class F Certificates, up to an amount (not to exceed
     the Class Principal Balance of such Class of Certificates outstanding
     immediately prior to such Distribution Date) equal to the entire Principal
     Distribution Amount for such Distribution Date (net of any portion thereof
     distributed on such Distribution Date to the Holders of any other Class of
     Principal Balance Certificates pursuant to Section 4.01(a) above or
     pursuant to any prior clause of this Section 4.01(b));

               (xv) to make distributions to the Holders of the Class F
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

               (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));

                                     -193-
<PAGE>

               (xxi) to make distributions to the Holders of the Class H
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

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

               (xxiii) after the Class Principal Balance of the Class H
     Certificates has been reduced to zero, to make distributions of principal
     to the Holders of the Class J Certificates, up to an amount (not to exceed
     the Class Principal Balance of such Class of Certificates outstanding
     immediately prior to such Distribution Date) equal to the entire Principal
     Distribution Amount for such Distribution Date (net of any portion thereof
     distributed on such Distribution Date to the Holders of any other Class of
     Principal Balance Certificates pursuant to Section 4.01(a) above or
     pursuant to any prior clause of this Section 4.01(b));

               (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

                                     -194-
<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));

               (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;

                                     -195-
<PAGE>

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

               (xxxviii)after the Class Principal Balance of the Class N
     Certificates has been reduced to zero, to make distributions of principal
     to the Holders of the Class P Certificates, up to an amount (not to exceed
     the Class Principal Balance of such Class of Certificates outstanding
     immediately prior to such Distribution Date) equal to the entire Principal
     Distribution Amount for such Distribution Date (net of any portion thereof
     distributed on such Distribution Date to the Holders of any other Class of
     Principal Balance Certificates pursuant to Section 4.01(a) above or
     pursuant to any prior clause of this Section 4.01(b));

               (xxxix) to make distributions to the Holders of the Class P
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to such Class of Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

               (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));

                                     -196-
<PAGE>

               (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;

               (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 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 (xlviii) of this Section 4.01(b);

               (l) to make distributions to the Holders of the Class R-II
     Certificates, up to an amount equal to the excess, if any, of (A) the
     aggregate distributions (other than distributions of Net Prepayment
     Consideration) deemed made in respect of the REMIC I Regular Interests on
     such Distribution Date pursuant to Section 4.01(k), over (B) the aggregate
     distributions (other than distributions of Net Prepayment Consideration)
     deemed made in respect of the REMIC II Regular Interests on such
     Distribution Date pursuant to Section 4.01(j);

               (li) 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 (l) of this Section 4.01(b).

         (c) On each Distribution Date, the Trustee shall withdraw from the
Collection Account any amount received with respect to any Trust Mortgage Loan
or REO Trust Mortgage Loan during the related Collection Period that represents
Net Prepayment Consideration and shall distribute such Net Prepayment
Consideration to the Holders of the respective Classes of YM Principal Balance
Certificates that are entitled to distributions of principal on such
Distribution Date, pursuant to Section

                                     -197-
<PAGE>

4.01(a) or Section 4.01(b), 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 YM Principal Balance Certificates on any Distribution Date pursuant to
the foregoing paragraph of this Section 4.01(c) shall be distributed on such
Distribution Date to the Holders of the respective Classes of the Interest Only
Certificates as follows: (i) if such remaining Net Prepayment Consideration
consists of all or any portion of a Yield Maintenance Charge, and if the subject
Distribution Date occurs during or prior to February 2008, then 55% of such
remaining Net Prepayment Consideration shall be distributable to the Holders of
the Class X-CL Certificates and 45% of such remaining Net Prepayment
Consideration shall be distributable to the Holders of the Class X-CP
Certificates; and (ii) if such remaining Net Prepayment Consideration consists
of all or any portion of a Prepayment Premium, or if the subject Distribution
Date occurs after the end of February 2008, then 100% of such remaining Net
Prepayment Consideration shall be distributable to the Holders of the Class X-CL
Certificates. Any Net Prepayment Consideration distributed in respect of a Class
of Interest Only Certificates on any Distribution Date shall be deemed to have
been distributed in respect of the various REMIC III Components of such Class of
Interest Only 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
during the related Collection Period in respect of the ARD Trust Mortgage Loans
(and any successor REO Trust Mortgage Loans with respect thereto) 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 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, no later than) 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

                                     -198-
<PAGE>

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 (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

                                     -199-
<PAGE>

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 each Class of Interest
Only 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-2, Class A-3 and Class F Certificates shall, in the case of
each such Class of Certificates, have three Corresponding REMIC II Regular
Interests. The Class A-1, Class A-4, Class G, Class H and Class K 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-1-1 and REMIC II Regular Interest A-1-2 shall be allocated between
those two REMIC II Regular Interests on a

                                     -200-
<PAGE>

pro rata basis in accordance with the respective amounts of Uncertificated
Distributable Interest in respect of each such REMIC II Regular Interest for the
subject Distribution Date and, to the extent not previously deemed paid, for all
prior Distribution Dates, if any. Deemed distributions of principal made on
REMIC II Regular Interest A-1-1 and REMIC II Regular Interest A-1-2 shall be
allocated: first, to REMIC II Regular Interest A-1-1, until its Uncertificated
Principal Balance is reduced to zero; and, then, to REMIC II Regular Interest
A-1-2, 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-1-1 and REMIC II Regular
Interest A-1-2 shall be allocated between those two REMIC II Regular Interests
on a pro rata basis in accordance with the respective amounts of deemed
distributions of principal in respect of each such REMIC II Regular Interest on
the subject Distribution Date. Deemed distributions in reimbursement of
previously allocated Realized Losses and Additional Trust Fund Expenses made on
REMIC II Regular Interest A-1-1 and REMIC II Regular Interest A-1-2 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-2-1, REMIC II Regular Interest A-2-2 and REMIC II Regular Interest
A-2-3 shall be allocated among those three REMIC II Regular Interests on a pro
rata basis in accordance with the respective amounts of Uncertificated
Distributable Interest in respect of each such REMIC II Regular Interest for the
subject Distribution Date and, to the extent not previously deemed paid, for all
prior Distribution Dates, if any. Deemed distributions of principal made on
REMIC II Regular Interest A-2-1, REMIC II Regular Interest A-2-2 and REMIC II
Regular Interest A-2-3 shall be allocated: first, to REMIC II Regular Interest
A-2-1, until its Uncertificated Principal Balance is reduced to zero; then, to
REMIC II Regular Interest A-2-2, until its Uncertificated Principal Balance is
reduced to zero; and, last, to REMIC II Regular Interest A-2-3, 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-2-1, REMIC II Regular Interest A-2-2 and REMIC II Regular
Interest A-2-3 shall be allocated among those three REMIC II Regular Interests
on a pro rata basis in accordance with the respective amounts of deemed
distributions of principal in respect of each such REMIC II Regular Interest on
the subject Distribution Date. Deemed distributions in reimbursement of
previously allocated Realized Losses and Additional Trust Fund Expenses made on
REMIC II Regular Interest A-2-1, REMIC II Regular Interest A-2-2 and REMIC II
Regular Interest A-2-3 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-3-1, REMIC II Regular Interest A-3-2 and REMIC II Regular Interest
A-3-3 shall be allocated among those three REMIC II Regular Interests on a pro
rata basis in accordance with the respective amounts of Uncertificated
Distributable Interest in respect of each such REMIC II Regular Interest for the
subject Distribution Date and, to the extent not previously deemed paid, for all
prior Distribution Dates, if any. Deemed distributions of principal made on
REMIC II Regular Interest A-3-1, REMIC II Regular Interest A-3-2 and REMIC II
Regular Interest A-3-3 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 Principal Balance is
reduced to zero; and, last, to REMIC II Regular Interest A-3-3, 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

                                     -201-
<PAGE>

Regular Interest A-3-1, REMIC II Regular Interest A-3-2 and REMIC II Regular
Interest A-3-3 shall be allocated among those three REMIC II Regular Interests
on a pro rata basis in accordance with the respective amounts of deemed
distributions of principal in respect of each such REMIC II Regular Interest on
the subject Distribution Date. 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 and REMIC II
Regular Interest A-3-3 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-4-1 and REMIC II Regular Interest A-4-2 shall be allocated between
those two REMIC II Regular Interests on a pro rata basis in accordance with the
respective amounts of Uncertificated Distributable Interest in respect of each
such REMIC II Regular Interest for the subject Distribution Date and, to the
extent not previously deemed paid, for all prior Distribution Dates, if any.
Deemed distributions of principal made on REMIC II Regular Interest A-4-1 and
REMIC II Regular Interest A-4-2 shall be allocated: first, to REMIC II Regular
Interest A-4-1, until its Uncertificated Principal Balance is reduced to zero;
and, then, to REMIC II Regular Interest A-4-2, 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-4-1 and REMIC II Regular Interest A-4-2 shall be allocated between
those two REMIC II Regular Interests on a pro rata basis in accordance with the
respective amounts of deemed distributions of principal in respect of each such
REMIC II Regular Interest on the subject Distribution Date. Deemed distributions
in reimbursement of previously allocated Realized Losses and Additional Trust
Fund Expenses made on REMIC II Regular Interest A-4-1 and REMIC II Regular
Interest A-4-2 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 F-1, REMIC II Regular Interest F-2 and REMIC II Regular Interest F-3
shall be allocated among those three REMIC II Regular Interests on a pro rata
basis in accordance with the respective amounts of Uncertificated Distributable
Interest in respect of each such REMIC II Regular Interest for the subject
Distribution Date and, to the extent not previously deemed paid, for all prior
Distribution Dates, if any. Deemed distributions of principal made on REMIC II
Regular Interest F-1, REMIC II Regular Interest F-2 and REMIC II Regular
Interest F-3 shall be allocated: first, to REMIC II Regular Interest F-1, until
its Uncertificated Principal Balance is reduced to zero; then, to REMIC II
Regular Interest F-2, until its Uncertificated Principal Balance is reduced to
zero; and last, to REMIC II Regular Interest F-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 F-1, REMIC II Regular Interest F-2 and REMIC II Regular Interest F-3
shall be allocated among those three REMIC II Regular Interests on a pro rata
basis in accordance with the respective amounts of deemed distributions of
principal in respect of each such REMIC II Regular Interest on the subject
Distribution Date. Deemed distributions in reimbursement of previously allocated
Realized Losses and Additional Trust Fund Expenses made on REMIC II Regular
Interest F-1, REMIC II Regular Interest F-2 and REMIC II Regular Interest F-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.

                                     -202-
<PAGE>

         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 Uncertificated Distributable Interest in respect of each
such REMIC II Regular Interest for the subject Distribution Date and, to the
extent not previously deemed paid, for all prior Distribution Dates, if any.
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 between those two REMIC II
Regular Interests on a pro rata basis in accordance with the respective amounts
of deemed distributions of principal in respect of each such REMIC II Regular
Interest on the subject Distribution Date. 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.

         Deemed distributions of accrued interest made on REMIC II Regular
Interest H-1 and REMIC II Regular Interest H-2 shall be allocated between those
two REMIC II Regular Interests on a pro rata basis in accordance with the
respective amounts of Uncertificated Distributable Interest in respect of each
such REMIC II Regular Interest for the subject Distribution Date and, to the
extent not previously deemed paid, for all prior Distribution Dates, if any.
Deemed distributions of principal made on REMIC II Regular Interest H-1 and
REMIC II Regular Interest H-2 shall be allocated: first, to REMIC II Regular
Interest H-1, until its Uncertificated Principal Balance is reduced to zero;
and, then, to REMIC II Regular Interest H-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 H-1 and
REMIC II Regular Interest H-2 shall be allocated between those two REMIC II
Regular Interests on a pro rata basis in accordance with the respective amounts
of deemed distributions of principal in respect of each such REMIC II Regular
Interest on the subject Distribution Date. Deemed distributions in reimbursement
of previously allocated Realized Losses and Additional Trust Fund Expenses made
on REMIC II Regular Interest H-1 and REMIC II Regular Interest H-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 K-1 and REMIC II Regular Interest K-2 shall be allocated between those
two REMIC II Regular Interests on a pro rata basis in accordance with the
respective amounts of Uncertificated Distributable Interest in respect of each
such REMIC II Regular Interest for the subject Distribution Date and, to the
extent not previously deemed paid, for all prior Distribution Dates, if any.
Deemed distributions of principal made on REMIC II Regular Interest K-1 and
REMIC II Regular Interest K-2 shall be allocated: first, to REMIC II Regular
Interest K-1, until its Uncertificated Principal Balance is reduced to zero;
and, then, to REMIC II Regular Interest K-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 K-1 and
REMIC II Regular Interest K-2 shall be allocated between those two REMIC II
Regular Interests on a pro rata basis in accordance with the respective amounts
of deemed distributions of principal in respect of each such REMIC II Regular
Interest on the subject Distribution Date. Deemed distributions in reimbursement
of previously allocated Realized Losses and Additional Trust

                                     -203-
<PAGE>

Fund Expenses made on REMIC II Regular Interest K-1 and REMIC II Regular
Interest K-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:

               (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, if
     any;

               (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 Trust Mortgage Loan or any successor REO Trust 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 Trust Mortgage Loan or REO Trust Mortgage
Loan, as the case may be, in respect of which such Net Prepayment Consideration
was received.

         The actual distributions made by the Trustee on each Distribution Date
in respect of the REMIC III Certificates and the Class R-II 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 I Regular Interests on such Distribution
Date pursuant to this Section 4.01(k). Notwithstanding the deemed distributions
on the REMIC I Regular Interests described in this Section 4.01(k), 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.

                                     -204-
<PAGE>

         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);

               (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 Trust 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) 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 Trust 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 Trust Determination Date;

               (viii) the aggregate unpaid principal balance of the Mortgage
     Pool outstanding as of the close of business on the related Trust
     Determination Date and the aggregate Stated Principal Balance of the
     Mortgage Pool outstanding immediately before and immediately after such
     Distribution Date;

                                     -205-
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               (ix) the number, aggregate unpaid principal balance, weighted
     average remaining term to maturity and weighted average Mortgage Rate of
     the Trust Mortgage Loans (other than REO Trust Mortgage Loans) as of the
     close of business on the related Trust Determination Date;

               (x) the number, aggregate unpaid principal balance (as of the
     close of business on the related Trust Determination Date and aggregate
     Stated Principal Balance (immediately after such Distribution Date) of
     Trust 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 Trust 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 Trust 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 Trust Determination
     Date, the loan number of the related Trust 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 Trust Mortgage Loan as to which the
     related Mortgaged Property became an REO Property during the related
     Collection Period, the loan number of such Trust Mortgage Loan and the
     Stated Principal Balance of such Trust 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 Trust Mortgage Loan,
     (B) a brief description of the basis for the Final Recovery Determination,
     (C) the aggregate of all Liquidation Proceeds and other amounts received
     with respect to such REO Property during the related Collection Period
     (separately identifying the portion thereof allocable to distributions on
     the Certificates), (D) the amount of any Realized Loss in respect of the
     related REO Trust Mortgage Loan in connection with such

                                     -206-
<PAGE>

     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 Trust 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) and/or Section 4.03(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 Determination Date and (B) the aggregate
     Appraisal Reduction Amount for all Required Appraisal Loans as of the
     related Determination Date;

                                     -207-
<PAGE>

               (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 Trust 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 and Class R-III 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 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

                                     -208-
<PAGE>

consent or at the direction of the Depositor, such other information regarding
the Certificates and/or the Mortgage Pool 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.wachovia.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 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

                                     -209-
<PAGE>

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 (or the
applicable portion of such calendar year during which such Person was a
Certificateholder) 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) Trepp, LLC (at 477 Madison Avenue, 18th Floor,
New York, New York 10022 or such other address as Trepp, LLC may designate),
(ii) Intex Solutions, Inc. (at 110 A Street, Needham, Massachusetts 02494, or
such other address as Intex Solutions, Inc. may hereafter designate), (iii)
Charter Research Corporation (at Two Oliver Street, 10th Floor, Boston,
Massachusetts 02109-4904, 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.

         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

                                     -210-
<PAGE>

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 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.

                                     -211-
<PAGE>

         (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 With Respect to the Mortgage Pool.

         (a) On or before 2:00 p.m., New York City time, on each Trust 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, 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 the 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 Trust 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 Trust 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 any required supporting
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)
593-7740 (or such alternative number provided by the Master Servicer to the
Trustee in writing) and by telephone at telephone no. (704) 593-7682 or (704)
593-7867 (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 Trust Master 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

                                     -212-
<PAGE>

Trust 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 P&I Advances to be made by the Master
Servicer, the Trustee or the Fiscal Agent, as the case may be, pursuant to this
Section 4.03 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 Trust Mortgage Loans (including Balloon Trust Mortgage
Loans delinquent as to their respective Balloon Payments) and any REO Trust
Mortgage Loans in the Mortgage Pool 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 end of the related Collection Period;
provided that if it is determined that an Appraisal Reduction Amount exists with
respect to any Trust Mortgage Loan or REO Trust Mortgage Loan (or, in the case
of the John Hancock Tower Trust Mortgage Loan or any successor REO Trust
Mortgage Loan with respect thereto, it is determined that an Appraisal Reduction
Amount exists with respect to the John Hancock Tower Loan Group and a portion of
such Appraisal Reduction Amount is allocable to such Trust Mortgage Loan or REO
Trust Mortgage Loan, as the case may be), then the amount of each P&I Advance,
if any, required to be made pursuant to this Section 4.03 in respect of such
Trust Mortgage Loan or REO Trust 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 (i) the amount of the subject P&I Advance that would
otherwise be required without regard to this proviso, multiplied by (ii) a
fraction, the numerator of which is equal to the Stated Principal Balance of
such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, net of
such Appraisal Reduction Amount (or, in the case of the John Hancock Tower Trust
Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, net
of the portion of such Appraisal Reduction Amount allocable to such Trust
Mortgage Loan or REO Trust Mortgage Loan, as the case may be), and the
denominator of which is equal to the then Stated Principal Balance of such Trust
Mortgage Loan or REO Trust Mortgage Loan, as the case may be.

         For purposes of the foregoing, if an Appraisal Reduction Amount exists
with respect to the John Hancock Tower Loan Group, then it shall be allocated:
first, to the respective John Hancock Tower Subordinate Non-Trust Mortgage Loans
(or any successor REO Mortgage Loans with respect thereto), up to the aggregate
of, and on a pro rata basis in accordance with, the respective Stated Principal
Balances of such Mortgage Loans (or REO Mortgage Loans); and second, to the John
Hancock Tower Trust Mortgage Loan and the respective John Hancock Tower Pari
Passu Non-Trust Mortgage Loans (or any successor REO Mortgage Loans with respect
to the foregoing three Mortgage Loans), up to the aggregate of, and on a pro
rata basis in accordance with, the respective Stated Principal Balances of such
Mortgage Loans (or REO Mortgage Loans).

         (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made under this Section 4.03 if such P&I Advance would,
if made, constitute a Nonrecoverable P&I Advance. The determination by the
Master Servicer that it has made a Nonrecoverable P&I Advance pursuant to this
Section 4.03 or that any proposed P&I Advance, if made pursuant to this Section
4.03, would constitute a Nonrecoverable P&I Advance, shall be evidenced by an
Officer's Certificate delivered to the Trustee, the Fiscal Agent and the
Depositor on or before the related

                                     -213-
<PAGE>

Trust 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 Trustee and the Fiscal Agent shall be
entitled to rely, conclusively, on any determination by the Master Servicer that
a P&I Advance, if made pursuant to this Section 4.03, would be a Nonrecoverable
P&I Advance; provided, however, that if the Master Servicer has failed to make a
P&I Advance pursuant to this Section 4.03 for reasons other than a determination
by the Master Servicer that such P&I Advance would be Nonrecoverable P&I
Advance, the Trustee or Fiscal Agent shall make such Advance within the time
periods required by Section 4.03(a) unless the Trustee or the Fiscal Agent, in
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 pursuant to this
Section 4.03 with respect to a Specially Serviced Trust Mortgage Loan or REO
Trust 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.

         If either of the John Hancock Tower Pari Passu Non-Trust Mortgage Loans
is securitized as part of a rated commercial mortgage securitization similar to
the commercial mortgage securitization contemplated by this Agreement, and if
the Master Servicer receives written notice that the primary party responsible
for making delinquency advances similar to P&I Advances hereunder with respect
to such other commercial mortgage securitization has determined, in accordance
with the requirements of the related securitization agreement, that any such
delinquency advance made or to be made with respect to such securitized John
Hancock Tower Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage
Loan with respect thereto) would not ultimately be recoverable out of
collections on such Mortgage Loan (or such REO Mortgage Loan), then the Master
Servicer shall deliver an Officer's Certificate to such effect to the Trustee,
the Fiscal Agent and the Depositor. In addition, it shall provide notice to the
Trustee, the Fiscal Agent and the Depositor if P&I Advances in respect of the
John Hancock Tower Trust Mortgage Loan (or any successor REO Mortgage Loan with
respect thereto) are no longer deemed Nonrecoverable P&I Advances by virtue of
the proviso to the definition of "Nonrecoverable P&I Advance".

         In addition, if either of the John Hancock Tower Pari Passu Non-Trust
Mortgage Loans is securitized as part of a rated commercial mortgage
securitization similar to the commercial mortgage securitization contemplated by
this Agreement, and if the Master Servicer determines that any P&I Advance made
or to be made with respect to the John Hancock Tower Trust Mortgage Loan (or any
successor REO Mortgage Loan with respect thereto) is or, if made, would be a
Nonrecoverable P&I Advance, then the Master Servicer shall notify its
counterpart under such other commercial mortgage securitization. It will also
notify its counterpart under such other commercial mortgage securitization if it
subsequently determines that P&I Advances made or to be made with respect to the
John Hancock

                                     -214-
<PAGE>

Tower Trust Mortgage Loan (or any successor REO Mortgage Loan with respect
thereto) are no longer Nonrecoverable P&I Advances.

         (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 4.03 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 as to which the
corresponding Late Collection was received by the Master Servicer or a
Sub-Servicer on its behalf as of the related Trust Master Servicer Remittance
Date. Interest so accrued on any P&I Advance made under this Section 4.03 shall
be payable: (i) first, 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) then, if and to the extent that such Default Charges are
insufficient to cover such interest, 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 Trust Mortgage Loans and REO
Properties on deposit in the Pool Custodial Account; provided that, in the case
of P&I Advances in respect of the John Hancock Tower Trust Mortgage Loan or any
successor REO Trust Mortgage Loan with respect thereto, Default Charges
collected on or with respect to the John Hancock Tower Subordinate Non-Trust
Mortgage Loans or any successor REO Mortgage Loans with respect thereto shall be
available to pay interest on such P&I Advances as and to the extent provided in
the John Hancock Tower Co-Lender Agreement prior to the application for such
purpose of any Default Charges collected on or with respect to the Mortgage
Pool. 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.
Notwithstanding the foregoing, upon a determination that a previously made P&I
Advance is a Nonrecoverable P&I Advance, instead of obtaining reimbursement out
of general collections on the Mortgage Pool immediately (as contemplated by
Section 3.05(a)(vii)), any of the Master Servicer, the Trustee or the Fiscal
Agent, as applicable, may, in its sole discretion, elect to obtain reimbursement
for such Nonrecoverable P&I Advance over a period of time (not to exceed 6
months or such longer period of time (not to exceed 12 months) as is approved in
writing by the Controlling Class Representative) and the unreimbursed portion of
such P&I Advance will accrue interest at the Reimbursement Rate in effect from
time to time. At any time after such a determination to obtain reimbursement
over time in accordance with the preceding sentence, the Master Servicer, the
Trustee or the Fiscal Agent, as applicable, may, in its sole discretion, decide
to obtain reimbursement immediately. The fact that a decision to recover such
Nonrecoverable P&I Advance over time, or not to do so, benefits some Classes of
Certificateholders to the detriment of other Classes shall not constitute a
violation of the Servicing Standard by the Master Servicer or a breach of any
fiduciary duty owed to the Certificateholders by the Trustee or the Fiscal
Agent, or a breach of any other contractual obligation owed to the
Certificateholders by any party to this Agreement.

                                     -215-
<PAGE>

         SECTION    4.03A. P&I Advances With Respect to John Hancock Tower
                    Subordinate Non-Trust Mortgage Loans and any Successor REO
                    Mortgage Loans With Respect Thereto.

         (a) The Master Servicer shall make P&I Advances with respect to John
Hancock Tower Subordinate Non-Trust Mortgage Loans and any successor REO
Mortgage Loans with respect thereto. On or before 2:00 p.m., New York City time,
on each John Hancock Tower Master Servicer Remittance Date, the Master Servicer
shall, subject to Section 4.03A(c) and Section 4.03A(e) below, satisfy its
obligations to make any required P&I Advance on such John Hancock Tower Master
Servicer Remittance Date in respect of a John Hancock Tower Subordinate
Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto
by paying directly to the related John Hancock Tower Subordinate Non-Trust
Mortgage Loan Noteholder, out of the Master Servicer's own funds, the amount of
such P&I Advance required to be made.

         (b) The amount of the P&I Advance to be made by the Master Servicer
pursuant to this Section 4.03A, in respect of any John Hancock Tower Subordinate
Non-Trust Mortgage Loan, or any successor REO Mortgage Loan with respect thereto
on any John Hancock Tower Master Servicer Remittance Date shall, subject to
Section 4.03A(c) and Section 4.03A(e) below, equal the Monthly Payment or, if
applicable, the Assumed Monthly Payment, net of the related Master Servicing Fee
and any related Workout Fee, due (or, in the case of an Assumed Monthly Payment,
deemed due) in respect of such Mortgage Loan or REO Mortgage Loan, as the case
may be, on its respective Due Date during the related Collection Period, but
only to the extent that such amount was not paid by or on behalf of the related
Mortgagor or otherwise collected (including as net income from any related REO
Property) as of the end of the related Collection Period; provided that, if
collections on the John Hancock Tower Loan Group or the John Hancock Tower
Mortgaged Property that would otherwise be applied to pay accrued interest
(exclusive of Default Interest) due with respect to the subject John Hancock
Tower Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan
with respect thereto on its Due Date during the related Collection Period, are
instead being applied, pursuant to the related loan agreement and/or the John
Hancock Tower Co-Lender Agreement, to pay principal of the John Hancock Tower
Trust Mortgage Loan, the John Hancock Tower Pari Passu Non-Trust Mortgage Loans
or any REO Mortgage Loans with respect to the foregoing (following the
occurrence and during the continuance of an event of default with respect to the
John Hancock Tower Loan Group, or after the John Hancock Tower Mortgaged
Property has become an REO Property), then a Monthly Payment or Assumed Monthly
Payment, as applicable, with respect to the subject John Hancock Tower
Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with
respect thereto, as applicable, shall not be considered "paid by or on behalf of
the related Mortgagor or otherwise collected" for purposes of this Section
4.03A(b) except to the extent that payments and/or other collections with
respect to the John Hancock Tower Loan Group or the John Hancock Tower Mortgaged
Property are specifically applied towards such Monthly Payment or Assumed
Monthly Payment, as the case may be, in accordance with the related loan
agreement and/or the John Hancock Tower Co-Lender Agreement; and provided,
further, that if it is determined that an Appraisal Reduction Amount exists with
respect to the John Hancock Tower Loan Group, then each P&I Advance, if any,
required to be made under this Section 4.03A in respect of each John Hancock
Tower Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan
with respect thereto, as applicable, 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 subject John Hancock Tower Subordinate Non-Trust Mortgage Loan or
any successor REO Mortgage Loan with respect thereto, as applicable,

                                     -216-
<PAGE>

without regard to this proviso and the immediately following sentence,
multiplied by (ii) a fraction, the numerator of which is equal to the then
Stated Principal Balance of the subject John Hancock Tower Subordinate Non-Trust
Mortgage Loan or any successor REO Mortgage Loan with respect thereto, as
applicable, reduced (to not less than zero) by 50% of such Appraisal Reduction
Amount, and the denominator of which is equal to the then Stated Principal
Balance of the subject John Hancock Tower Subordinate Non-Trust Mortgage Loan or
any successor REO Mortgage Loan with respect thereto, as applicable.
Notwithstanding the foregoing, at the written request of a John Hancock Tower
Subordinate Non-Trust Mortgage Loan Noteholder, the Master Servicer shall cease
making P&I Advances in respect of the related John Hancock Tower Subordinate
Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto,
as the case may be until such time as such John Hancock Tower Subordinate
Non-Trust Mortgage Loan Noteholder requests that such P&I Advances again
commence (each such request to be made in writing at least five (5) Business
Days prior to the date on which the P&I Advance would otherwise be made).

         (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made under this Section 4.03A with respect to any John
Hancock Tower Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage
Loan with respect thereto 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
John Hancock Tower Subordinate Non-Trust Mortgage Loan or any successor REO
Mortgage Loan with respect thereto, would constitute a Nonrecoverable P&I
Advance, shall be evidenced by an Officer's Certificate delivered to the Trustee
and, if applicable, the affected John Hancock Tower Subordinate Non-Trust
Mortgage Loan Noteholder, on or before the next John Hancock Tower 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 John
Hancock Tower 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
John Hancock Tower 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. Upon a determination that any P&I Advance previously
made pursuant to this Section 4.03A with respect to a Specially Serviced
Mortgage Loan or any 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. Notwithstanding anything to the contrary herein, neither the
Trustee nor the Fiscal Agent shall be required to make any P&I Advance with
respect to a John Hancock Tower Non-Trust Mortgage Loan or any successor John
Hancock Tower REO Mortgage Loan with respect thereto, and none of the Trustee,
the Fiscal Agent or the Master Servicer shall be required to make any P&I
Advance with respect to any John Hancock Tower Pari Passu Non-Trust Mortgage
Loan or any successor John Hancock Tower REO Mortgage Loan with respect thereto.

         (d) The Master Servicer 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

                                     -217-
<PAGE>

made thereby in respect of a John Hancock Tower Subordinate Non-Trust Mortgage
Loan or any successor REO Mortgage Loan with respect thereto 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 4.03A 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 John Hancock Tower
Subordinate Non-Trust Mortgage Loan as to which the corresponding Monthly
Payment or Assumed Monthly Payment was received (including in the form of a Late
Collection) by the Master Servicer or a Sub-Servicer on its behalf as of the
date on which such P&I Advance was made. Interest so accrued on any P&I Advance
made under this Section 4.03A shall be payable: (i) first, in accordance with
Sections 3.05 and 3.26 and the John Hancock Tower Co-Lender Agreement, out of
Default Charges collected on or in respect of the John Hancock Tower Subordinate
Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto
as to which such P&I Advance was made (provided that such Default Charges will
only be applied to pay interest accrued on such P&I Advance through the date
that such Default Charges are received); and (ii) second, if and to the extent
that the Default Charges described in the immediately preceding clause (i) 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 on
or in respect of the John Hancock Tower Subordinate Non-Trust Mortgage Loan or
any successor John Hancock Tower REO Mortgage Loan with respect thereto as to
which such P&I Advance was made (as such collections may be allocable thereto
pursuant to the John Hancock Tower Co-Lender Agreement). The Master Servicer
shall, in accordance with Section 3.05A, reimburse itself for any outstanding
P&I Advance made thereby in respect of a John Hancock Tower Subordinate
Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto
under this Section 4.03A as soon as practicable after funds received in respect
of such Mortgage Loan or REO Mortgage Loan (as allocable thereto pursuant to the
related loan documents and the John Hancock Tower Co-Lender Agreement) are
deposited in the related John Hancock Tower Custodial Account.

         (e) If any John Hancock Tower Remittance Date for the John Hancock
Tower Subordinate Non-Trust Mortgage Loans would, in accordance with the
definitions of "John Hancock Tower Remittance Date" in this Agreement and
"Remittance Date" in the John Hancock Tower Co-Lender Agreement, fall on or
after the 10th calendar day of the month in which such John Hancock Tower
Remittance Date occurs, and if either John Hancock Tower Subordinate Non-Trust
Mortgage Loan or any REO Mortgage Loan in respect thereof is part of the John
Hancock Tower Subordinate Securitization Trust, then the Master Servicer shall,
subject to Section 4.03A(c), make a P&I Advance with respect to such John
Hancock Tower Subordinate Non-Trust Mortgage Loan or any REO Mortgage Loan in
respect thereof, out of its own funds, directly to the John Hancock Tower
Subordinate Securitization Trustee, in the amount set forth in Section 4.03A(b),
by 5:00 p.m. (New York City time) on the Business Day preceding such John
Hancock Tower Remittance Date (i.e. on the Due Date for the John Hancock Tower
Loan Group); provided that, notwithstanding Section 4.03A(b), the Master
Servicer shall be required to make such P&I Advance regardless of whether the
corresponding Monthly Payment or Assumed Monthly Payment on the subject John
Hancock Tower Subordinate Non-Trust Mortgage Loan or any REO Mortgage Loan in
respect thereof has been received as of the related Due Date therefor.
Furthermore, such P&I Advance shall not change or modify the obligation of the
Master Servicer under this Agreement to remit all net amounts required to be
remitted pursuant to Section 3.05A (taking into account the reimbursement of,
among other things, the P&I Advance contemplated

                                     -218-
<PAGE>

by the preceding sentence) on the related John Hancock Tower Remittance Date
each month. In addition, no P&I Advance with respect to a John Hancock Tower
Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with
respect thereto (including a P&I Advance made in accordance with this paragraph)
will accrue interest if the particular Monthly Payment or Assumed Monthly
Payment in respect of which such P&I Advance was made has been received (in
whatever form) as of the close of business on the related Due Date. The making
of a P&I Advance under this Section 4.03A(e) shall be in lieu of making such P&I
Advance under Section 4.03A(a).

         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 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 pursuant to this
Section 4.04(a) 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 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-1, REMIC II
Regular Interest K-2, REMIC II Regular Interest J, REMIC II Regular Interest
H-1, REMIC II Regular Interest H-2, REMIC II Regular Interest G-1, REMIC II
Regular Interest G-2, REMIC II Regular Interest F-1, REMIC II Regular Interest
F-2, REMIC II Regular Interest F-3, REMIC II Regular Interest E, REMIC II
Regular Interest D, REMIC II Regular Interest C and REMIC II Regular Interest B,
shall be reduced sequentially, in that order, in each case, until such excess or
the related Uncertificated Principal Balance is reduced to zero (whichever
occurs first). If, after the foregoing reductions, the amount described in
clause (i) of the second preceding sentence still exceeds the amount described
in clause (ii) of such sentence, then the respective Uncertificated Principal
Balances of (A) REMIC II Regular Interest A-1-1 and REMIC II Regular Interest
A-1-2, as a collective matter, in the order described in the next sentence, (B)
REMIC II Regular Interest A-2-1, REMIC II Regular Interest A-2-2 and REMIC II
Regular Interest A-2-3, as a collective matter, in the order described in the
second following sentence, (C) REMIC II Regular Interest A-3-1, REMIC II Regular
Interest A-3-2 and REMIC II Regular Interest A-3-3, as a collective matter, in
the order described in the third following sentence, and (D) REMIC II Regular

                                     -219-
<PAGE>

Interest A-4-1 and REMIC II Regular Interest A-4-2, 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-1-1 and REMIC II Regular Interest A-1-2 pursuant to the preceding sentence
shall be made: first, to the Uncertificated Principal Balance of REMIC II
Regular Interest A-1-1, until such Uncertificated Principal Balance is reduced
to zero; and then, to the Uncertificated Principal Balance of REMIC II Regular
Interest A-1-2, until such Uncertificated Principal Balance is reduced to zero.
Any reductions in the Uncertificated Principal Balances of REMIC II Regular
Interest A-2-1, REMIC II Regular Interest A-2-2 and REMIC II Regular Interest
A-2-3 pursuant to the second 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; second, to the
Uncertificated Principal Balance of REMIC II Regular Interest A-2-2, until such
Uncertificated Principal Balance is reduced to zero; and last, to the
Uncertificated Principal Balance of REMIC II Regular Interest A-2-3, 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 and REMIC II Regular Interest A-3-3 pursuant to the third
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; and last, to the Uncertificated Principal Balance of REMIC II Regular
Interest A-3-3, until such Uncertificated Principal Balance is reduced to zero.
Any reductions in the Uncertificated Principal Balances of REMIC II Regular
Interest A-4-1 and REMIC II Regular Interest A-4-2 pursuant to the fourth
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; and then, to the Uncertificated Principal Balance of REMIC
II Regular Interest A-4-2, until such Uncertificated Principal Balance is
reduced to zero. All such reductions in the Uncertificated Principal Balances of
the respective REMIC II Regular Interests pursuant to this Section 4.04(b) 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 Trust Mortgage Loan or REO Trust 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 pursuant to this Section 4.04(c)
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

                                     -220-
<PAGE>

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.

                                     -221-
<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 and A-6; 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
Regular Interest 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 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 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 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 2003-C5. The

                                     -222-
<PAGE>

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 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-

                                     -223-
<PAGE>

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 subject Class of Book-Entry
Non-Registered Certificates to be transferred. Upon delivery to the Certificate
Registrar of such certification and orders and instructions, the Trustee,
subject to and in accordance with the applicable procedures of the Depository,
shall reduce the denomination of the Rule 144A Global Certificate in respect of
the subject Class of Book-Entry Non-Registered Certificates and increase the
denomination of the Regulation S Global Certificate for such Class of
Certificates, by the denomination of the beneficial interest in such Class of
Certificates 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
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.

                                     -224-
<PAGE>

         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 Regulation S 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 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 subject Class of Book-Entry
Non-Registered Certificates 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 subject Class of Book-Entry Non-Registered Certificates, and increase the
denomination of the Rule 144A Global Certificate for such Class of Certificates,
by the denomination of the beneficial interest in such Class of Certificates
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.

         (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

                                     -225-
<PAGE>

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, 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 such Certificate or
interest therein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) alternatively, except in the case of a Class R-I,
Class R-II, Class R-III or Class V Certificate, 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, any
Mortgage Loan Seller, the Master Servicer, the Special Servicer, any
Sub-Servicer, any Exemption-Favored Party or any Mortgagor with respect to Trust
Mortgage Loans constituting more than 5% of the aggregate unamortized principal
balance of all the Trust 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) 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

                                     -226-
<PAGE>

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 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.

                                     -227-
<PAGE>

              (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 regulations 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 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).

                                     -228-
<PAGE>

               (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.

         (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.

                                     -229-
<PAGE>

         (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) Each Class of Regular Interest Certificates shall 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 H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q,
Class S and Class T 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 H, Class J, Class K, Class L, Class M, Class N, Class P,
Class Q, Class S and Class T 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 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.

                                     -230-
<PAGE>

         (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 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

                                     -231-
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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.

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<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 Mortgage 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 John Hancock Tower Non-Trust Mortgage Loan Noteholders
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

                                     -233-
<PAGE>

Master Servicer or the Special Servicer against any liability to the Trust Fund,
the Trustee, the Certificateholders or the John Hancock Tower Non-Trust Mortgage
Loan Noteholders 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 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; provided that if
the John Hancock Tower Loan Group is involved, such indemnity shall be payable
out of the John Hancock Tower Custodial Account pursuant to Section 3.05A and,
to the extent not solely attributable to the John Hancock Tower Non-Trust
Mortgage Loans, shall also be payable out of the Pool Custodial Account if
amounts on deposit in the John Hancock Tower Custodial Account are insufficient
therefor. 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 John Hancock Tower Loan Group is
affected, the rights of the Certificateholders and the John Hancock Tower
Non-Trust Mortgage Loan Noteholders (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 John Hancock Tower Loan Group is and/or the John Hancock
Tower Non-Trust Mortgage Loan Noteholders are involved, such expenses, costs and
liabilities shall be payable out of the John Hancock Tower Custodial Account
pursuant to Section 3.05A and, to the extent attributable to the John Hancock
Tower Trust Mortgage Loan, shall also be payable out of the Pool Custodial
Account if amounts on deposit in the John Hancock Tower 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

                                     -234-
<PAGE>

Depositor, the Trustee, any Certificateholder or any John Hancock Tower
Non-Trust Mortgage Loan Noteholder (unless they are the same Person or
Affiliates).

         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 Non-Trust Mortgage
                       Loan Noteholders 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 each John Hancock Tower Non-Trust
Mortgage 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 each John Hancock Tower Non-

                                     -235-
<PAGE>

Trust Mortgage Loan Noteholder with its most recent publicly available financial
statements and such other non-proprietary information as the Master Servicer or
the Special Servicer, as the case may be, shall determine in its sole and
absolute discretion as it possesses, which is relevant to the performance of its
duties hereunder and which it is not prohibited by applicable law or contract
from disclosing. The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicer and the Special Servicer hereunder and may,
but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Master Servicer or Special Servicer hereunder or exercise the
rights of the Master Servicer and the Special Servicer hereunder; provided,
however, that neither the Master Servicer nor the Special Servicer shall be
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, each John Hancock Tower Non-Trust Mortgage 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

                                     -236-
<PAGE>

such Holders have not replaced the Special Servicer within 30 days of such
Special Servicer's resignation or the date such Special Servicer has ceased to
serve in such capacity, the Trustee shall designate a successor Special
Servicer, subject to removal by the Controlling Class and appointment of a
successor thereto pursuant to the terms of this Section 6.09. Any designated
Person (whether designated by Holders of the Controlling Class or by the
Trustee) shall become the Special Servicer on the date as of which the Trustee
shall have received all of the following: (1) written confirmation from each 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 Mortgage
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 Mortgage Loans and
REO Properties. The Trustee shall notify the other parties hereto, the
Certificateholders and the Non-Trust Mortgage Loan Noteholders 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 pursuant to this Section 6.09 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.

                                     -237-
<PAGE>

         (c) Notwithstanding the foregoing, if the Controlling Class of
Certificates consists of Book-Entry Certificates, then the rights of the Holders
of the Controlling Class of Certificates set forth above in this Section 6.09
may be exercised directly by the relevant Certificate Owners, provided that the
identity of such Certificate Owners has been confirmed to the Trustee to its
reasonable satisfaction.

         SECTION 6.10. Master Servicer or Special Servicer as Owner of a
                       Certificate.

         The Master Servicer, the Special Servicer or any Affiliate of either of
them may become the Holder of (or, in the case of a Book-Entry Certificate,
Certificate Owner with respect to) any Certificate with (except as otherwise set
forth in the definition of "Certificateholder") the same rights it would have if
it were not the Master Servicer or the Special Servicer or an Affiliate thereof.
If, at any time during which the Master Servicer or the Special Servicer or an
Affiliate of the Master Servicer or 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 John Hancock Tower Non-Trust Mortgage Loan
Noteholders, if the John Hancock Tower Loan Group 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 (or consent to the Master
Servicer's taking) any of the following actions unless and until it has notified
the Controlling Class Representative in writing (with a copy to the John Hancock
Tower Non-Trust Mortgage Loan Noteholders, if the John Hancock Tower Loan Group
is involved) and the Controlling Class

                                     -238-
<PAGE>

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 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 Mortgage Loans as come into and
         continue in default;

               (ii) any modification, extension, amendment or waiver of a
         monetary term (including the timing of payments) or any material
         non-monetary term (including any material term relating to insurance)
         of a Specially Serviced Mortgage Loan;

               (iii) any proposed sale of an REO Property (other than in
         connection with the termination of the Trust Fund) for less than the
         Purchase Price;

               (iv) any acceptance of a discounted payoff with respect to a
         Specially Serviced Mortgage Loan;

               (v) any determination to bring a Mortgaged Property securing a
         defaulted Mortgage Loan or an REO Property into compliance with
         applicable environmental laws or to otherwise address Hazardous
         Materials located at a Mortgaged Property securing a defaulted Mortgage
         Loan or an REO Property;

               (vi) any release of collateral for a Specially Serviced Mortgage
         Loan (other than in accordance with the terms of, or upon satisfaction
         of, such Mortgage Loan);

               (vii) any acceptance of substitute or additional collateral for a
         Specially Serviced Mortgage Loan (other than in accordance with the
         terms of such Mortgage Loan);

               (viii) any waiver of a "due-on-sale" or "due-on-encumbrance"
         clause with respect to any Mortgage Loan;

               (ix) any determination by the Special Servicer that a Servicing
         Transfer Event of the type described in clause (b) of the definition of
         "Specially Serviced Mortgage Loan", has occurred; and

               (x) any acceptance of an assumption agreement releasing a
         borrower from liability under a Mortgage Loan;

provided that, in the event that the Special Servicer determines that immediate
action is necessary to protect the interests of the Certificateholders (as a
collective whole) (or, in the case of the John Hancock Tower Loan Group, to
protect the interests of the Certificateholders and the John Hancock Tower
Non-Trust Mortgage Loan Noteholders (as a collective whole)), the Special
Servicer may take (or consent to the Master Servicer's taking) any such action
(other than an action contemplated by clause (ix) above) without waiting for the
Controlling Class Representative's response.

                                     -239-
<PAGE>

         In addition, subject to Section 6.11(b), 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 Serviced Mortgage Loan or REO Property as the Controlling Class
Representative may deem advisable or as to which provision is otherwise made
herein. 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 John Hancock Tower Loan
Group is involved, for review by the John Hancock Tower Non-Trust Mortgage Loan
Noteholders.

         Nothing herein shall be intended to limit the right of any John Hancock
Tower Pari Passu Non-Trust Mortgage Loan Noteholder to consult with the Special
Servicer, as and to the extent contemplated by the John Hancock Tower Co-Lender
Agreement regarding the John Hancock Tower Loan Group, and during the
10-Business Day period referred to in the John Hancock Tower Co-Lender
Agreement, the Special Servicer shall consult with any John Hancock Tower Pari
Passu Non-Trust Mortgage Loan Noteholder, as and to the extent contemplated by
the John Hancock Tower Co-Lender Agreement, regarding its views as to any
proposed action contemplated by the preceding two paragraphs, which views shall
be communicated to the Controlling Class Representative by the Special Servicer;
provided that the Special Servicer may, in its sole discretion, reject any
advice, objection or direction from any John Hancock Tower Pari Passu Non-Trust
Mortgage Loan Noteholder. Upon reasonable request, the Special Servicer or the
Master Servicer, as applicable, shall provide any John Hancock Tower Pari Passu
Non-Trust Mortgage Loan Noteholder with any information in such servicer's
possession with respect to such matters, including its reasons for determining
to take a proposed action.

         Each of the Master Servicer (with respect to Performing Mortgage Loans)
and the Special Servicer (with respect to Specially Serviced Mortgage Loans), as
applicable, shall notify the Controlling Class Representative (and, in the case
of the John Hancock Tower Loan Group, the John Hancock Tower Non-Trust Mortgage
Loan Noteholders) of any release or substitution of collateral for a Mortgage
Loan even if such release or substitution is in accordance with such Mortgage
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) or any other provision of 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) 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 the workout or liquidation of any particular Specially
Serviced Mortgage 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

                                     -240-
<PAGE>

               (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.

         Also notwithstanding anything herein to the contrary, unless a John
Hancock Tower Non-Trust Mortgage Loan Change of Control Event exists with
respect to the John Hancock Tower Loan Group, 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 John Hancock Tower Loan
Group (except to the extent provided in Section 6.11A(a)), and (ii) Section
6.11A(a) shall apply with respect to the John Hancock Tower Loan Group, instead
of Section 6.11(a).

         (c) The Controlling Class Representative will have no liability to the
Certificateholders or the John Hancock Tower Non-Trust Mortgage Loan Noteholders
for any action taken, or for refraining from the taking of any action, in good
faith pursuant to this Agreement, or for errors in judgment; provided, however,
that the Controlling Class Representative will not be protected against any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or negligence in the performance of duties or by reason of negligent
disregard of obligations or duties. Each Certificateholder acknowledges and
agrees, by its acceptance of its Certificates, that: (i) the Controlling Class
Representative may, and is permitted hereunder to, have special relationships
and interests that conflict with those of Holders of one or more Classes of
Certificates; (ii) the Controlling Class Representative may, and is permitted
hereunder to, act solely in the interests of the Holders of the Controlling
Class; (iii) the Controlling Class Representative does not have any duties to
the Holders of any Class of Certificates other than the Controlling Class; (iv)
the Controlling Class Representative may, and is permitted hereunder to, take
actions that favor interests of the Holders of the Controlling Class over the
interests of the Holders of one or more other Classes of Certificates; (v) the
Controlling Class Representative shall not be deemed to have been negligent or
reckless, or to have acted in bad faith or engaged in willful misconduct, by
reason of its having acted solely in the interests of the Holders of the
Controlling Class; and (vi) the Controlling Class Representative shall have no
liability whatsoever for having acted solely in the interests of the Holders of
the Controlling Class, 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) A John Hancock Tower Non-Trust Mortgage 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 John
Hancock Tower Loan Group. Any such party shall be permitted to require payment
of a sum sufficient to cover the reasonable costs and expenses of providing such
copies.

         SECTION 6.11A. Certain Powers of the John Hancock Tower Non-Trust
                        Mortgage Loan Noteholders.

         (a) Subject to Section 6.11A(b), the John Hancock Tower Subordinate
Non-Trust Mortgage Loan Noteholder designated in the John Hancock Tower
Co-Lender Agreement as the "Note B2 Lender" (the "John Hancock Tower Directing
Subordinate Non-Trust Mortgage Loan Noteholder") will be entitled to consent to
the Master Servicer's taking (in the event the Master Servicer is authorized
under this Agreement to take such action), and advise the Special Servicer with
respect to (in the event

                                     -241-
<PAGE>

the Special Servicer is authorized under this Agreement to take such action),
the following actions of such servicer in connection with the John Hancock Tower
Loan Group and, further subject to Section 6.11A(b), neither the Special
Servicer nor the Master Servicer, as applicable, will be permitted to take (or,
in the case of the Special Servicer, consent to the Master Servicer's taking)
any of the following actions with respect to the John Hancock Tower Loan Group
unless and until it has notified the John Hancock Tower Non-Trust Mortgage Loan
Noteholders in writing (with a copy to the Controlling Class Representative) and
the John Hancock Tower Directing Subordinate Non-Trust Mortgage 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 or the Master Servicer, as
applicable, within such 10-Business Day period, then the John Hancock Tower
Directing Subordinate Non-Trust Mortgage 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 Mortgaged
               Property and the other collateral securing the John Hancock Tower
               Loan Group if the Mortgage Loans therein 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 (including any material term relating to
               insurance) of the John Hancock Tower Trust Mortgage Loan and/or
               any John Hancock Tower Non-Trust Mortgage Loan;

         (iii) any proposed sale of the John Hancock Tower Mortgaged Property
               after it becomes an REO Property (other than in connection with
               the termination of the Trust Fund) for less than the amount set
               forth in Section 3.03(a) of the John Hancock Tower Co-Lender
               Agreement;

         (iv)  any acceptance of a discounted payoff of the John Hancock Tower
               Trust Mortgage Loan and/or any John Hancock Tower Non-Trust
               Mortgage Loans;

         (v)   any determination to bring the John Hancock Tower 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 John Hancock Tower Loan Group
               (other than in accordance with the terms of, or upon satisfaction
               of, the John Hancock Tower Loan Group);

         (vii) any acceptance of substitute or additional collateral for the
               John Hancock Tower Loan Group (other than in accordance with the
               terms of the John Hancock Tower Loan Group);

         (viii) any waiver of any rights under a "due-on-sale" or
               "due-on-encumbrance" clause for the John Hancock Tower Loan
               Group;

         (ix)  any acceptance of an assumption agreement releasing the Mortgagor
               from liability

                                     -242-
<PAGE>

               under the John Hancock Tower Loan Group;

         (x)   any renewal or replacement of the then existing insurance
               policies to the extent that such renewal or replacement policy
               does not comply with the terms of the loan documents or any
               waiver, modification or amendment of any insurance requirements
               under the loan documents, in each case if lender approval is
               required by the related loan documents;

         (xi)  any approval of the incurrence of additional indebtedness secured
               by the Mortgaged Property, if lender approval is required by the
               related loan documents;

         (xii) any adoption or approval of a plan in bankruptcy of the
               Mortgagor;

         (xiii) any approval of a material capital expenditure, if lender
               approval is required by the related loan documents; and

         (xiv) any replacement of the property manager, if lender approval is
               required by the related loan documents;

provided that, in the event that the Special Servicer or the Master Servicer, as
applicable, determines that immediate action is necessary to protect the
interests of the Certificateholders and the John Hancock Tower Non-Trust
Mortgage Loan Noteholders (as a collective whole), the Special Servicer or the
Master Servicer, as the case may be, may take (or, in the case of the Special
Servicer, consent to the Master Servicer's taking) any such action without
waiting for the John Hancock Tower Directing Subordinate Non-Trust Mortgage Loan
Noteholder's response.

         In addition, subject to Section 6.11A(b), with respect to the John
Hancock Tower Loan Group, the John Hancock Tower Directing Subordinate Non-Trust
Mortgage Loan Noteholder may direct the Special Servicer to take, or to refrain
from taking, such actions as the John Hancock Tower Directing Subordinate
Non-Trust Mortgage 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 John Hancock Tower Loan Group, provide the John Hancock
Tower Directing Subordinate Non-Trust Mortgage 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.

         Nothing herein shall be intended to limit the right of the Controlling
Class Representative or any John Hancock Tower Pari Passu Non-Trust Mortgage
Loan Noteholder to consult with each of the Master Servicer and the Special
Servicer, as and to the extent contemplated by the John Hancock Tower Co-Lender
Agreement regarding the John Hancock Tower Loan Group, and during the
10-Business Day period referred to in the John Hancock Tower Co-Lender
Agreement, the Master Servicer or the Special Servicer, as applicable, shall
consult with the Controlling Class Representative or any John Hancock Tower Pari
Passu Non-Trust Mortgage Loan Noteholder, as and to the extent contemplated by
the John Hancock Tower Co-Lender Agreement, regarding its views as to any
proposed action contemplated by the preceding two paragraphs, which views shall
be communicated to the John Hancock Tower Directing Subordinate Non-Trust
Mortgage Loan Noteholder by the Master Servicer or the Special Servicer, as
applicable; provided that the Master Servicer or the Special Servicer, as
applicable, may, in its sole discretion, reject any advice, objection or
direction from the Controlling Class Representative or any John Hancock Tower
Pari Passu Non-Trust Mortgage Loan Noteholder.

                                     -243-
<PAGE>

Upon reasonable request, the Special Servicer or the Master Servicer, as
applicable, shall provide the Controlling Class Representative or any John
Hancock Tower Pari Passu Non-Trust Mortgage Loan Noteholder with any information
in such servicer's possession with respect to such matters, including its
reasons for determining to take a proposed action.

         Each of the Master Servicer (with respect to Performing Mortgage Loans)
and the Special Servicer (with respect to Specially Serviced Mortgage Loans), as
applicable, shall notify the John Hancock Tower Non-Trust Mortgage Loan
Noteholders and the Controlling Class Representative of any release or
substitution of collateral for the John Hancock Tower Loan Group even if such
release or substitution is required by the terms of such Mortgage Loans.

         (b) Notwithstanding anything herein to the contrary, no advice,
direction or objection from or by the John Hancock Tower Directing Subordinate
Non-Trust Mortgage Loan Noteholder, as contemplated by Section 6.11A(a), may
(and each of the Special Servicer and the Master Servicer shall ignore and act
without regard to any such advice, direction or objection that the Special
Servicer or the Master Servicer, as applicable, has determined, in its
reasonable, good faith judgment, would) require or cause such servicer to
violate any provision of this Agreement (exclusive of Section 6.11A(a))
(including such servicer's obligation to act in accordance with the Servicing
Standard), the related loan documents or applicable law or that would result in
an Adverse REMIC Event or an Adverse Grantor Trust Event. Furthermore, the
Special Servicer shall not be obligated to seek approval from the John Hancock
Tower Directing Subordinate Non-Trust Mortgage Loan Noteholder for any actions
to be taken by the Special Servicer with respect to the workout or liquidation
of any particular Specially Serviced Mortgage Loan in the John Hancock Tower
Loan Group if:

               (i) the Special Servicer has, as provided in Section 6.11(a),
     notified the John Hancock Tower Directing Subordinate Non-Trust Mortgage
     Loan Noteholder 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 John
     Hancock Tower Directing Subordinate Non-Trust Mortgage 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.

         Also notwithstanding anything herein to the contrary, if a John Hancock
Tower Non-Trust Mortgage Loan Change of Control Event exists with respect to the
John Hancock Tower Loan Group, then: (i) the John Hancock Tower Directing
Subordinate Non-Trust Mortgage 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 John Hancock Tower Loan Group (except to the extent provided in
Section 6.11(a)); and (ii) Section 6.11(a) shall apply with respect to the John
Hancock Tower Loan Group, instead of Section 6.11A(a).

         (c) No John Hancock Tower Non-Trust Mortgage Loan Noteholder will 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 a John Hancock
Tower Non-Trust Mortgage 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.

                                     -244-
<PAGE>

         (d) A John Hancock Tower Non-Trust Mortgage 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 John Hancock Tower Non-Trust Mortgage Loan
Noteholders by a writing delivered to each of the parties hereto.

         (e) Each John Hancock Tower Non-Trust Mortgage 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 John
Hancock Tower Loan Group 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.

                                     -245-
<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 John Hancock Tower Non-Trust Mortgage
     Loan Noteholders on any related John Hancock Tower 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 of such failure shall have been given to
     the Master Servicer or the Special Servicer, as the case may be, by any
     party to this Agreement; 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 failure
     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 a John Hancock
     Tower Non-Trust Mortgage Loan Noteholder (if affected thereby) or by 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

                                     -246-
<PAGE>

     the Special Servicer, as the case may be, has commenced to cure such
     failure within the initial 30-day period and has provided the Trustee and
     any affected John Hancock Tower Non-Trust Mortgage 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 any John Hancock Tower Non-Trust Mortgage 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 a John Hancock Tower Non-Trust Mortgage Loan
     Noteholder (if affected thereby) or by 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 any affected
     John Hancock Tower Non-Trust Mortgage Loan Noteholder with an Officer's
     Certificate certifying that it has diligently pursued, and is diligently
     continuing to pursue, a full cure; or

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

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

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

               (x) one or more ratings assigned by Fitch to the Certificates or
     to any Class of John Hancock Tower Non-Trust Mortgage Loan Securities 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

                                     -247-
<PAGE>

     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

               (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 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 any of clauses (i) - (ix) and
(xii) of subsection (a) above shall occur with respect to the Master Servicer or
the Special Servicer (in either case, for purposes of this Section 7.01(b), the
"Defaulting Party") and shall be continuing, then, and in each and every such
case, so long as such Event of Default shall not have been remedied, the Trustee
may, and at the written direction of the Holders of Certificates entitled to at
least 25% of the Voting Rights, 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 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 John Hancock
Tower Non-Trust Mortgage Loans, other than its rights, if any, as a
Certificateholder hereunder or as the holder of any John Hancock Tower Non-Trust
Mortgage Loan or any interest therein. If any Event of Default described in
clause (x) or clause (xi) of subsection (a) above shall occur with respect to
the Master Servicer or the Special Servicer (in either case, under such
circumstances, for purposes of this Section 7.01(b), the "Defaulting Party"),
the Trustee shall, by notice in writing (to be sent immediately by facsimile
transmission) to the Defaulting Party (with a copy of such notice to each other
party hereto and the Rating Agencies), terminate 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 John Hancock Tower Non-Trust Mortgage Loans, other than its rights,
if any, as a Certificateholder hereunder or as the holder of any John Hancock
Tower Non-Trust Mortgage 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 Mortgage 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 Mortgage 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

                                     -248-
<PAGE>

the case may be, responsibilities and rights hereunder, including (i) if 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 Mortgage 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 Mortgage 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), (xi)
or (xii) 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
Section 7.01(a)(x), (xi) or (xii), and if the terminated Master Servicer
provides the Trustee with the appropriate "request for proposal" materials
within five Business Days following such termination, then the 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 Mortgage 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 Mortgage Loans under
this Agreement. The bid proposal shall require any Successful Bidder (as defined
below), as a condition of such bid, to enter into this Agreement as successor
Master Servicer, and to agree to be bound by the terms hereof, within 45 days
after the 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 the
Mortgage

                                     -249-
<PAGE>

Loans pursuant to the terms of the respective Sub-Servicing Agreements and to
enter into a Sub-Servicing Agreement with the terminated Master Servicer to
sub-service each of the Mortgage Loans not subject to a Sub-Servicing Agreement
at a sub-servicing fee rate per annum equal to the Master Servicing Fee Rate
minus one and one-half (1.5) basis points per Mortgage 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 Mortgage Loans, which expenses are not reimbursed to the
party that incurred such expenses pursuant to the preceding paragraph.

         If the Successful Bidder has not entered into this Agreement as
successor Master Servicer within 45 days after the 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) and Section 7.04, if any Event of
Default on the part of the Master Servicer occurs that affects a John Hancock
Tower Non-Trust Mortgage Loan or the securities backed thereby, and the Master
Servicer is not otherwise terminated in accordance with Section 7.01(b), then,
at the request of the related John Hancock Tower Non-Trust Mortgage Loan
Noteholder, the Trustee shall require the Master Servicer to appoint, within 30
days of the Trustee's request, a Sub-Servicer (or, if the John Hancock Tower
Loan Group 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 John Hancock Tower Loan Group; provided that no John Hancock
Tower Non-Trust Mortgage Loan Noteholder may terminate, or require the Trustee
to terminate, the Master Servicer. In connection with the Master Servicer's
appointment of a Sub-Servicer at the request of the Trustee in accordance with
this Section 7.01(d), the Master Servicer shall obtain written confirmation from
each Rating Agency that such appointment will not result in an Adverse Rating
Event. The related Sub-Servicing Agreement shall provide that any Sub-Servicer
appointed by the Master Servicer at the request of the Trustee in accordance
with this Section 7.01(d) shall be responsible for all duties, and shall be

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entitled to all compensation, of the Master Servicer under this Agreement with
respect to the John Hancock Tower Loan Group, except that the Master Servicer
shall be entitled to retain a portion of the Master Servicing Fee for the John
Hancock Tower Trust Mortgage Loan calculated at 0.015% 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 (as contemplated
by the John Hancock Tower Co-Lender Agreement) in the event that the John
Hancock Tower Loan Group 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 John Hancock Tower Loan Group and the John Hancock Tower
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.

         Further notwithstanding Section 7.01(b) and Section 7.04, if any Event
of Default on the part of the Special Servicer occurs that affects a John
Hancock Tower Non-Trust Mortgage Loan or the securities backed thereby, and the
Special Servicer is not otherwise terminated in accordance with Section 7.01(b),
then the related John Hancock Tower Non-Trust Mortgage Loan Noteholder may
require the Trustee to terminate the duties and obligations of the Special
Servicer with respect to the John Hancock Tower Loan Group only, but no other
Mortgage Loan; and, in such event, the Controlling Class Representative shall
appoint in accordance with Section 6.09 (or, in the event of the failure of the
Controlling Class Representative to so appoint, the Trustee shall appoint in
accordance with Section 7.02), within 30 days of such John Hancock Tower
Non-Trust Mortgage Loan Noteholder's request, a replacement special servicer
with respect to the John Hancock Tower Loan Group. In connection with the
appointment of a replacement special servicer with respect to the John Hancock
Tower Loan Group at the request of a John Hancock Tower Non-Trust Mortgage Loan
Noteholder in accordance with this Section 7.01(d), the Trustee shall obtain
written confirmation from each Rating Agency that such appointment will not
result in an Adverse Rating Event (such Rating Agency confirmation to be an
expense of the requesting John Hancock Tower Non-Trust Mortgage Loan
Noteholder). Any replacement special servicer appointed at the request of a John
Hancock Tower Non-Trust Mortgage Loan Noteholder in accordance with this Section
7.01(d) shall be responsible for all duties, and shall be entitled to all
compensation, of the Special Servicer under this Agreement with respect to the
John Hancock Tower Loan Group. Such replacement special servicer shall agree to
become the special servicer under the John Hancock Tower Co-Lender Agreement in
the event that the John Hancock Tower Loan Group is no longer to be serviced and
administered hereunder. If any replacement special servicer appointed at the
request of a John Hancock Tower Non-Trust Mortgage Loan Noteholder in accordance
with this Section 7.01(d) shall at any time resign or be terminated, the
Controlling Class Representative in accordance with Section 6.09 (or the Trustee
in accordance with Section 7.02, if the Controlling Class Representative fails
to do so) shall be required to promptly appoint a substitute replacement special
servicer, which appointment shall not result in an Adverse Rating Event (as
evidenced in writing by each Rating Agency).

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<PAGE>

         If a replacement special servicer is appointed with respect to the John
Hancock Tower Loan Group at the request of a John Hancock Tower Non-Trust
Mortgage Loan Noteholder in accordance with this Section 7.01(d) (any such
replacement special servicer, a "John Hancock Tower Loan Group-Specific Special
Servicer"), such that there are multiple parties acting as Special Servicer
hereunder, then, unless the context clearly requires otherwise: (i) when used in
the context of imposing duties and obligations on the Special Servicer hereunder
or the performance of such duties and obligations, the term "Special Servicer"
shall mean the John Hancock Tower Loan Group-Specific Special Servicer, insofar
as such duties and obligations relate to the John Hancock Tower Loan Group, and
shall mean the General Special Servicer (as defined below), in all other cases
(provided that, in Section 3.13, Section 3.14 and Section 3.15, the term
"Special Servicer" shall mean each of the John Hancock Tower Loan Group-Specific
Special Servicer and the General Special Servicer); (ii) when used in the
context of identifying the recipient of any information, funds, documents,
instruments and/or other items, the term "Special Servicer" shall mean the John
Hancock Tower Loan Group-Specific Special Servicer, insofar as such information,
funds, documents, instruments and/or other items relate to the John Hancock
Tower Loan Group, and shall mean the General Special Servicer, in all other
cases; (iii) when used in the context of granting the Special Servicer the right
to purchase Specially Serviced Trust Mortgage Loans pursuant to Section 3.18,
the term "Special Servicer" shall mean the John Hancock Tower Loan
Group-Specific Special Servicer, if such Specially Serviced Trust Mortgage Loan
is the John Hancock Tower Trust Mortgage Loan, and shall mean the General
Special Servicer, in all other cases; (iv) when used in the context of granting
the Special Servicer the right to purchase all of the Trust Mortgage Loans and
any REO Properties remaining in the Trust Fund pursuant to Section 9.01, the
term "Special Servicer" shall mean the General Special Servicer only; (v) when
used in the context of granting the Special Servicer any protections,
limitations on liability, immunities and/or indemnities hereunder, the term
"Special Servicer" shall mean each of the John Hancock Tower Loan Group-Specific
Special Servicer and the General Special Servicer; and (vi) when used in the
context of requiring indemnification from, imposing liability on, or exercising
any remedies against, the Special Servicer for any breach of a representation,
warranty or covenant hereunder or for any negligence, bad faith or willful
misconduct in the performance of duties and obligations hereunder or any
negligent disregard of such duties and obligations or otherwise holding the
Special Servicer responsible for any of the foregoing, the term "Special
Servicer" shall mean the John Hancock Tower Loan Group-Specific Special Servicer
or the General Special Servicer, as applicable. References in this Section
7.01(d) to "General Special Servicer" means the Person performing the duties and
obligations of special servicer with respect to the Mortgage Pool (exclusive of
the John Hancock Tower Loan Group, if a John Hancock Tower Loan Group-Specific
Special Servicer has been appointed).

         In no event shall any waiver of an Event of Default pursuant to Section
7.04 affect the rights of any John Hancock Tower Non-Trust Mortgage Loan
Noteholder under this Section 7.01(d).

         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,

                                     -252-
<PAGE>

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 Mortgage Loan hereunder. As compensation therefor, the
Trustee shall be entitled to all fees and other compensation which the resigning
or terminated party would have been entitled to if the resigning or terminated
party had continued to act hereunder. Notwithstanding the above, the Trustee
may, if it shall be unwilling to so act as either Master Servicer or Special
Servicer, as the case may be, or shall, if it is unable to so act as either
Master Servicer or Special Servicer, as the case may be, or if the Trustee is
not approved as a master servicer or a special servicer, as the case may be, by
any of the Rating Agencies, or if the Holders of Certificates entitled to a
majority of the Voting Rights so request in writing to the Trustee, promptly
appoint, or petition a court of competent jurisdiction to appoint, any
established mortgage loan servicing institution as the successor to the
resigning or terminated Master Servicer or the Special Servicer, as the case may
be, hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the resigning or terminated Master Servicer or the
Special Servicer, as the case may be, hereunder; provided, however, that no such
appointee shall succeed to the rights and obligations of the Master Servicer or
Special Servicer hereunder unless (i) as confirmed in writing by each of the
Rating Agencies, such succession will not result in an Adverse Rating Event, and
(ii) such appointee makes the applicable representations and warranties set
forth in Section 3.23; and provided, further, that in the case of a resigning or
terminated Special Servicer, such appointment shall be subject to the rights of
the Holders of Certificates evidencing a majority of the Voting Rights allocated
to the Controlling Class to designate a successor pursuant to Section 6.09. No
appointment of a successor to the Master Servicer or the Special Servicer
hereunder shall be effective until the assumption by the successor to such party
of all its responsibilities, duties and liabilities under this Agreement.
Pending appointment of a successor to the Master Servicer or the Special
Servicer hereunder, the Trustee shall act in such capacity as hereinabove
provided. In 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 Mortgage Loans as it and such successor shall
agree, subject to the terms of this Agreement limiting the use of funds received
in respect of the John Hancock Tower Loan Group to matters related thereto;
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 each John
Hancock Tower Non-Trust Mortgage Loan Noteholder.

                                     -253-
<PAGE>

         (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 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 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. Upon any such waiver of an Event of Default, such Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereon except to the extent expressly so
waived. Notwithstanding any other provisions of this Agreement, for purposes of
waiving any Event of Default pursuant to this Section 7.04, Certificates
registered in the name of the Depositor or any Affiliate of the Depositor shall
be entitled to Voting Rights with respect to the matters described above.

         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 any John Hancock Tower Non-Trust Mortgage
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 John
Hancock Tower Non-Trust Mortgage Loan Noteholders (including the institution and
prosecution of all judicial, administrative and other proceedings and the
filings of proofs of claim and debt in connection therewith). Except as
otherwise expressly provided in this Agreement, no remedy provided for by this
Agreement shall be exclusive of any other remedy, and each and every remedy
shall be cumulative and in addition to any other remedy, and no delay or
omission to exercise any right or remedy shall impair any such right or remedy
or shall be deemed to be a waiver of any Event of Default.

                                     -254-
<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

                                     -255-
<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; and

               (iv) The protections, immunities and indemnities afforded to the
     Trustee hereunder shall also be available to it in its capacity as
     Authenticating Agent, Certificate Registrar, Tax Administrator and
     Custodian.

         SECTION 8.02. Certain Matters Affecting Trustee.

         Except as otherwise provided in Section 8.01 and Article X:

               (i) the Trustee may rely upon and shall be protected in acting or
     refraining from acting upon any resolution, Officer's Certificate,
     certificate of auditors or any other certificate, statement, instrument,
     opinion, report, notice, request, consent, order, appraisal, bond or other
     paper or document reasonably believed by it to be genuine and to have been
     signed or presented by the proper party or parties;

               (ii) the Trustee may consult with counsel and the written advice
     of such counsel or any Opinion of Counsel shall be full and complete
     authorization and protection in respect of any action taken or suffered or
     omitted by it hereunder in good faith and in accordance therewith;

               (iii) the Trustee shall be under no obligation to exercise any of
     the trusts or powers vested in it by this Agreement or to make any
     investigation of matters arising hereunder or, except as provided in
     Section 10.01 or 10.02, to institute, conduct or defend any litigation
     hereunder or in relation hereto, at the request, order or direction of any
     of the Certificateholders, pursuant to the provisions of this Agreement,
     unless such Certificateholders shall have offered to the Trustee reasonable
     security or indemnity against the costs, expenses and liabilities which may
     be incurred therein or thereby; except as provided in Section 10.01 or
     10.02, the Trustee shall not be required to expend or risk its own funds or
     otherwise incur any financial liability in the performance of any of its
     duties hereunder, or in the exercise of any of its rights or powers, if it
     shall have reasonable grounds for believing that repayment of such funds or
     adequate indemnity against such risk or liability is not reasonably assured
     to it; nothing contained herein shall, however, relieve the Trustee of the
     obligation, upon the occurrence of an Event of Default which has not been
     cured, to exercise such of the rights and powers vested in it by this
     Agreement, and to use the same degree of care and skill in their exercise
     as a prudent man would exercise or use under the circumstances in the
     conduct of his own affairs;

               (iv) the Trustee shall not be personally liable for any action
     reasonably taken, suffered or omitted by it in good faith and believed by
     it to be authorized or within the discretion or rights or powers conferred
     upon it by this Agreement;

               (v) prior to the occurrence of an Event of Default hereunder and
     after the curing of all Events of Default which may have occurred, and
     except as may be provided in Section 10.01 or 10.02, the Trustee shall not
     be bound to make any investigation into the facts or matters stated in any
     resolution, certificate, statement, instrument, opinion, report, notice,
     request, consent, order, approval, bond or other paper or document, unless
     requested in writing to

                                     -256-
<PAGE>

     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 Mortgage 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 Mortgage 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 Trust Mortgage Loans to the Trust
Fund, or any funds deposited in or withdrawn from a Custodial Account or any
other account by or on behalf of the Depositor, the Master Servicer or the
Special Servicer. The Trustee and the Fiscal Agent shall not be responsible for
the accuracy or content of any resolution, certificate, statement, opinion,
report, document, order or other instrument furnished by the Depositor, the
Master Servicer or the Special Servicer, and accepted by the Trustee in good
faith, pursuant to this Agreement.

         SECTION 8.04. Trustee and Fiscal Agent May Own Certificates.

         The Trustee, the Fiscal Agent or any agent of the Trustee and the
Fiscal Agent, in its individual or any other capacity, may become the owner or
pledgee of Certificates with (except as otherwise provided in the definition of
"Certificateholder") the same rights it would have if it were not the Trustee,
the Fiscal Agent or such agent.

         SECTION 8.05. Fees and Expenses of Trustee; Indemnification of and by
                       Trustee.

         (a) On each Distribution Date, the Trustee shall withdraw from the
general funds on deposit in the Collection Account, prior to any distributions
to be made therefrom on such date, and pay

                                     -257-
<PAGE>

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 out of the
Pool Custodial Account, the Collection Account and, to the extent that the John
Hancock Tower Loan Group is affected, the John Hancock Tower Custodial Account
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 regulations 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.

         (a) The Trustee hereunder shall at all times be a bank, a trust
company, an association or a corporation organized and doing business under the
laws of the United States of America or any state thereof or the District of
Columbia, authorized under such laws to exercise trust powers, having a combined
capital and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state banking authority. If such bank, trust company,
association or corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising

                                     -258-
<PAGE>

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 (a) "AA-" from S&P (or "A+" from
S&P, if the Trustee's short-term unsecured debt rating is at least "A-1" by S&P)
and "AA-" from Fitch, or (b) in the case of either Rating Agency, (i) "A-" (or
the equivalent), if a Fiscal Agent meeting the requirements of Section 8.17(a)
is then currently acting in such capacity, or (ii) 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 each John
Hancock Tower Non-Trust Mortgage 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 each John Hancock Tower Non-Trust Mortgage Loan
Noteholder by the Depositor. If no successor trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

         (b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Depositor, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, or if the Trustee
shall fail (other than by reason of the failure of either the Master Servicer or
the Special Servicer to timely perform its obligations hereunder or as a result
of other circumstances beyond the Trustee's reasonable control) to timely
deliver or otherwise make available in accordance with this Agreement any
current or revised Distribution Date Statement, CMSA Loan Periodic Update File,
CMSA Property File, CMSA Financial File or other report or statement required by
Section 4.02 and such failure shall continue unremedied for a period of five
days after receipt of written notice by the

                                     -259-
<PAGE>

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 each John Hancock Tower Non-Trust Mortgage 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 each John Hancock Tower Non-Trust Mortgage 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 Mortgage 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

                                     -260-
<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 each John Hancock Tower Non-Trust Mortgage
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

                                     -261-
<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, any 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.

                                     -262-
<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

                                     -263-
<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 Mortgage 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 John Hancock
Tower Non-Trust Mortgage Loan Noteholders and their designees, the Controlling
Class Representative and, subject to the succeeding paragraph, any
Certificateholder, Certificate Owner or Person identified to the Trustee as a
prospective Transferee of a Certificate or an interest therein, originals and/or
copies of the following items: (i) the Prospectus, any private placement
memorandum and any other disclosure document relating to the Certificates, in
the form most recently provided to the Trustee by the Depositor or by any Person
designated by the Depositor; (ii) this Agreement, each Sub-Servicing Agreement
delivered to the Trustee since the Closing Date and any amendments hereto or
thereto; (iii) all Certificateholder Reports made available to

                                     -264-
<PAGE>

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 Mortgage 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) and Section 6.11A(a); (xi) the Schedule of
Exceptions to Mortgage File Delivery prepared by the Trustee pursuant to Section
2.02(a) and any exception report prepared by the Trustee pursuant to Section
2.02(b); (xii) all notices of a breach of representation and warranty given by
or received by the Trustee with respect to any party hereto; and (xiii) any
Officer's Certificate delivered to the Trustee by the Special Servicer in
connection with a Final Recovery Determination pursuant to Section 3.09(h). The
Trustee shall provide copies of any and all of the foregoing items upon written
request of any of the parties set forth in the previous sentence; however,
except in the case of the Rating Agencies, the Trustee shall be permitted to
require payment of a sum sufficient to cover the reasonable costs and expenses
of providing such copies. Upon the reasonable request of any Certificateholder,
or any Certificate Owner identified to the Trustee to the Trustee's reasonable
satisfaction, the Trustee shall request from the Master Servicer copies (at the
expense of such Certificateholder or Certificate Owner if the Master Servicer or
Special Servicer charges a fee to cover the reasonable cost of making such
copies available) of any inspection reports prepared by the Master Servicer or
the Special Servicer, copies of any operating statements, rent rolls and
financial statements obtained by the Master Servicer or the Special Servicer and
copies of any CMSA Operating Statement Analysis Reports and CMSA NOI Adjustment
Worksheets prepared by the Master Servicer or the Special Servicer; and, upon
receipt, the Trustee shall make such items available to the requesting
Certificateholder or Certificate Owner.

         In connection with providing access to or copies of the items described
in the preceding paragraph, the Trustee shall require: (i) in the case of
Certificateholders and Certificate Owners, a written confirmation executed by
the requesting Person substantially in the form of Exhibit L-1 (or in such other
form as may be reasonably acceptable to the Trustee) generally to the effect
that such Person is a Certificateholder or a beneficial holder of Book-Entry
Certificates and will keep such information confidential (except that such
Certificateholder or Certificate Owner may provide such information to any other
Person that holds or is contemplating the purchase of any Certificate or
interest therein, provided that such other Person confirms in writing such
ownership interest or prospective ownership interest and agrees to keep such
information confidential); and (ii) in the case of a prospective purchaser of a
Certificate or an interest therein, confirmation executed by the requesting
Person substantially in the form of Exhibit L-2 (or in such other form as may be
reasonably acceptable to the Trustee) generally to the effect that such Person
is a prospective purchaser of a Certificate or an interest therein, is
requesting

                                     -265-
<PAGE>

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 2003 (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
     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;

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

                                     -266-
<PAGE>

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, in the case of the Master Servicer,
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 2003 (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, 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), other than in the normal course of business,
     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;

             (iv) any change in the fiscal year of the Trust;

             (v) any material legal proceedings of which the Trustee has
     knowledge, other than ordinary routine litigation incidental to the
     business of the Trust, to which the Trust (or any party to this Agreement
     on behalf of the Trust) is a party or of which any property included in the
     Trust Fund is subject, or any threat by a governmental authority to bring
     any such legal proceedings;

                                     -267-
<PAGE>

             (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 of which the
     Trustee has knowledge, 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 Distribution Date Statements
     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 2003), 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 as complies in form and substance with the Sarbanes-Oxley Act
and the rules and regulations promulgated thereunder (such certification, 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, 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, any
Sarbanes-Oxley Certification, a "Certifying Officer"). Upon request of any
Rating Agency, the Trustee shall deliver a copy of such Sarbanes-Oxley
Certification to such Rating Agency.

         (e) Any of the Depositor, the Trustee or the Master Servicer may be the
Certifying Party with respect to a Sarbanes-Oxley Certification filed as part of
an Annual Report on Form 10-K relating to the Trust; provided that no officer of
either the Trustee or the Master Servicer shall be responsible for being the
sole signatory of any Sarbanes-Oxley Certification to be filed in connection
with the Trust. In connection with the filing of any Annual Report on Form 10-K
with respect to the

                                     -268-
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Trust as contemplated by Section 8.15(a), the 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.

         (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 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 (but no earlier than March 20 of the year in which such Annual Report
on Form 10-K is to be filed), unless the Trustee is to be the Certifying Party,
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 Backup Certification"), which Trustee Backup Certification shall be in
the form of Exhibit O attached hereto. The Trustee shall indemnify and hold
harmless each Certifying Party and Certifying Officer to whom it delivers any
Trustee Backup 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 Backup 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, 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 Backup Certification"), which Master Servicer Backup
Certification shall be in the form of Exhibit P attached hereto. The Master
Servicer shall indemnify and hold harmless each Certifying Party and Certifying
Officer to whom it delivers any Master Servicer Backup 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 Backup 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, in each case, resulting from the negligence, bad
faith or willful

                                     -269-
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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 (but no earlier
than March 20 of the year in which such Annual Report on From 10-K is to be
filed) with respect to the Trust, 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
Backup Certification"), which Special Servicer Backup Certification shall be in
the form of Exhibit Q attached hereto. The Special Servicer shall indemnify and
hold harmless each Certifying Party and Certifying Officer to whom it delivers
any Special Servicer Backup 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
Backup 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 2003, 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 Backup Certification"), which Depositor Backup Certification shall be
in a form mutually acceptable to the Certifying Party and the Depositor. The
Depositor shall indemnify and hold harmless each Certifying Party and Certifying
Officer to whom it delivers any Depositor Backup 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
Backup Certification.

         (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

                                     -270-
<PAGE>

or any John Hancock Tower Non-Trust Mortgage Loan Noteholder; 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 John Hancock Tower Non-Trust Mortgage Loan
Noteholders, as of the Closing Date, that:

             (i) The Trustee is a national banking association duly organized,
     validly existing and in good standing under the laws of the United States
     of America.

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

             (iii) Except to the extent that the laws of certain jurisdictions
     in which any part of the Trust Fund may be located require that a
     co-trustee or separate trustee be appointed to act with respect to such
     property as contemplated by Section 8.10, the Trustee has the full power
     and authority to enter into and consummate all transactions contemplated by
     this Agreement, has duly authorized the execution, delivery and performance
     of this Agreement, and has duly executed and delivered this Agreement.

             (iv) This Agreement, assuming due authorization, execution and
     delivery by the other parties hereto, constitutes a valid, legal and
     binding obligation of the Trustee, enforceable against the Trustee in
     accordance with the terms hereof, subject to (A) applicable bankruptcy,
     insolvency, reorganization, moratorium and other laws affecting the
     enforcement of creditors' rights generally, and (B) general principles of
     equity, regardless of whether such enforcement is considered in a
     proceeding in equity or at law.

             (v) The Trustee is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement, including, but not limited to, its responsibility
     to make P&I Advances if the Master Servicer fails to make a P&I Advance,
     will not constitute a violation of, any law, any order or decree of any
     court or arbiter, or any order, regulation or demand of any federal, state
     or local governmental or regulatory authority, which violation, in the
     Trustee's good faith and reasonable judgment, is 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.

                                     -271-
<PAGE>

             (vii) Any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Trustee of or compliance by the Trustee with this
     Agreement, or the consummation of the transactions contemplated by this
     Agreement, has been obtained and is effective, except where the lack of
     consent, approval, authorization or order would not have a material adverse
     effect on the performance by the Trustee under this Agreement.

             (viii) The Trustee is eligible to act as trustee hereunder in
     accordance with Section 8.06.

         (b) The representations and warranties of the Trustee set forth in
Section 8.16(a) shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations, warranties and
covenants, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto.

         (c) Any successor Trustee shall be deemed to have made, as of the date
of its succession, each of the representations and warranties set forth in
Section 8.16(a), subject to such appropriate modifications to the representation
and warranty set forth in Section 8.16(a)(i) to accurately reflect such
successor's jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

         SECTION 8.17. The Fiscal Agent.

         (a) The Fiscal Agent shall at all times maintain a long-term unsecured
debt rating of no less than "AA-" from S&P (or "A+" from S&P, if the Fiscal
Agent's short-term unsecured debt rating is at least "A-1" by S&P) and "AA-"
from 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.

         (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

                                     -272-
<PAGE>

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 each John Hancock Tower Non-Trust Mortgage 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 John
Hancock Tower Non-Trust Mortgage Loan Noteholders, as the Closing Date, that:

             (i) The Fiscal Agent is a banking association duly organized,
     validly existing and in good standing under the laws of the Netherlands.

             (ii) The execution and delivery of this Agreement by the Fiscal
     Agent, and the performance and compliance with the terms of this Agreement
     by the Fiscal Agent, will not violate the Fiscal Agent's organizational
     documents or constitute a default (or an event which, with notice or lapse
     of time, or both, would constitute a default) under, or result in a
     material breach of, any material agreement or other instrument to which it
     is a party or by which it is bound.

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

             (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.

                                     -273-
<PAGE>

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

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

             (vii) Any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Fiscal Agent of or compliance by the Fiscal Agent with
     this Agreement, or the consummation of the transactions contemplated by
     this Agreement, has been obtained and is effective, except where the lack
     of consent, approval, authorization or order would not have a material
     adverse effect on the performance by the Fiscal Agent under this Agreement.

         (b) The representations and warranties of the Fiscal Agent set forth in
Section 8.18(a) shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall given prompt written notice thereof to the
other parties hereto.

         (c) Any successor Fiscal Agent shall be deemed to have made, as of the
date of its succession, each of the representations and warranties set forth in
Section 8.18(a) subject to such appropriate modifications to the representations
and warranties set forth in Section 8.18(a)(i) to accurately reflect such
successor's jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

                                     -274-
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.01. Termination Upon Repurchase or Liquidation of All Trust
                       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 the Trust Mortgage Loans and
each REO Property remaining in the Trust Fund at a price equal to (1) the sum
(x) of the aggregate Purchase Price of all the Trust Mortgage Loans and (y) the
aggregate Appraised Values of any REO Properties then included in the Trust
Fund, 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), and any unpaid servicing compensation remaining
outstanding and payable thereto (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 Trust Mortgage
Loan or REO Property remaining in the Trust Fund; 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 Trust Mortgage Loans and each REO Property
remaining in the Trust Fund as contemplated by clause (i) of the preceding
paragraph by giving written notice to the other parties hereto no later than 60
days prior to the anticipated date of purchase; provided, however, that (i) the
aggregate Stated Principal Balance of the Mortgage Pool at the time of such
election is less than 1.0% 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 Trust Mortgage
Loans and each REO Property remaining in the Trust Fund 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 Trust Mortgage Loans and each REO Property
remaining in the

                                     -275-
<PAGE>

Trust Fund, the Master Servicer, the Special 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 John Hancock Tower 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 John Hancock Tower 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 Trust
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 Trust 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 Trust 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 Trust Mortgage Loans, except in the case of the John Hancock Tower
Trust Mortgage Loan, pursuant to this paragraph shall be on a servicing-released
basis; and, if any Trust Mortgage Loan purchased pursuant to this Section 9.01
is the John Hancock Tower Trust 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.

         Notice of any termination shall be given promptly by the Trustee by
letter to Certificateholders and the Non-Trust Mortgage Loan Noteholders 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 Trust Mortgage Loans and each REO Property
remaining in the Trust Fund, 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 (vi)

                                     -276-
<PAGE>

of Section 3.05(b), and further exclusive of any portion thereof that represents
Prepayment Premiums, Yield Maintenance Charges and/or Additional Interest, shall
be allocated in the following order of priority, in each case to the extent of
remaining available funds:

               (i) to distributions of interest to the Holders of the respective
     Classes of the Senior Certificates, up to an amount equal to, and pro rata
     in accordance with, all Distributable Certificate Interest in respect of
     each such Class of Certificates for such Distribution Date and, to the
     extent not previously paid, for all prior Distribution Dates;

               (ii) to distributions of principal to the Holders of the
     respective Classes of Class A Certificates, up to an amount equal to, and
     pro rata in accordance with, the Class Principal Balance of each such Class
     of Certificates outstanding immediately prior to such Distribution Date;

               (iii) to distributions to the Holders of the respective Classes
     of Class A Certificates, up to an amount equal to, pro rata in accordance
     with, and in reimbursement of, all Realized Losses and Additional Trust
     Fund Expenses, if any, previously allocated to each such Class of
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

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

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

               (vi) to distributions to the Holders of the Class B Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class B
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

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

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

               (ix) to distributions to the Holders of the Class C Certificates,
     up to an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class C
     Certificates pursuant to Section 4.04(a) and not previously reimbursed;

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

                                     -277-
<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;

                                     -278-
<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;

                                     -279-
<PAGE>

               (xxxiii) to distributions to the Holders of the Class L
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to the Class L Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

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

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

               (xxxvi) to distributions to the Holders of the Class M
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to the Class M Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

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

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

               (xxxix) to distributions to the Holders of the Class N
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to the Class N Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

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

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

               (xlii) to distributions to the Holders of the Class P
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to the Class P Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

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

                                     -280-
<PAGE>

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

               (xlv) to distributions to the Holders of the Class Q
     Certificates, up to an amount equal to, and in reimbursement of, all
     Realized Losses and Additional Trust Fund Expenses, if any, previously
     allocated to the Class Q Certificates pursuant to Section 4.04(a) and not
     previously reimbursed;

               (xlvi) to 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 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 (li) above;

               (liii) 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); and

                                     -281-
<PAGE>

               (liv) 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 (liii) above.

         All distributions of interest made in respect of either Class of
Interest Only Certificates on the final Distribution Date pursuant to clause (i)
above shall be deemed to have been made in respect of the respective REMIC III
Components of such Class, pro rata in accordance with the respective amounts of
Distributable Component Interest in respect of such REMIC III Components for
such Distribution Date and, to the extent not previously deemed paid pursuant to
Section 4.01(a), for all prior Distribution Dates.

         Any Prepayment Premiums and Yield Maintenance Charges on deposit in the
Collection Account as of the final Distribution Date (net of any Workout Fees
and/or Liquidation Fees payable therefrom) shall be distributed among the
Holders of the Class X-CL, Class X-CP, Class A-1, Class A-2, Class A-3, Class
A-4, 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).

         Any funds not distributed to any Holder or Holders of Certificates of
any Class on the final 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).

                                     -282-
<PAGE>

         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 Trust Mortgage Loans and each REO Property remaining in the Trust Fund 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 regulations 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 Trust Mortgage Loans and REO Property remaining in the
     Trust Fund;

             (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 to the Master Servicer, Lehman Brothers,
     the purchasing Controlling Class Certificateholder, the Special Servicer or
     the Depositor, as applicable, for cash; and

             (iii) at the time of the making of the final payment on the
     Certificates, the Trustee shall distribute or credit, or cause to be
     distributed or credited, to the Certificateholders in accordance with
     Section 9.01 all cash on hand (other than cash retained to meet claims),
     and each REMIC Pool shall terminate at that time.

         (b) By their acceptance of Certificates, the Holders thereof hereby
agree to authorize the Tax Administrator to specify the 90-day liquidation
period for each REMIC Pool, which authorization shall be binding upon all
successor Certificateholders.

                                     -283-
<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) The REMIC I Regular Interests, the REMIC II Regular Interests and
the Regular Interest Certificates (or, in the case of each Class of Interest
Only Certificates, each of the REMIC III Components of such Class) are hereby
designated as "regular interests" (within the meaning of Section 860G(a)(1) of
the Code) in REMIC I, REMIC II and REMIC III, respectively. The Class R-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 REMIC I, REMIC II or REMIC III (within the meaning of Treasury
regulations 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 regulations section 1.860G-1(a)(4)(iii),
the related Legal Final Distribution Date has been designated the "latest
possible maturity date" of each REMIC I Regular Interest, each REMIC II Regular
Interest and each Class of Regular Interest Certificates (or, in the case of
each Class of Interest Only Certificates, each REMIC III Component of such
Class).

         (f) Except as otherwise provided in Section 3.17(a) and subsections (i)
and (j) below, the Tax Administrator shall pay out of its own funds any and all
routine tax administration expenses of the Trust Fund incurred with respect to
each REMIC Pool (but not including any professional fees or expenses related to
audits or any administrative or judicial proceedings with respect to the Trust
Fund 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)).

                                     -284-
<PAGE>

         (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 result in 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) 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

                                     -285-
<PAGE>

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 Trust Mortgage Loans did not, at the time of their
transfer to REMIC I, 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 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 Trust Mortgage Loans (except
in connection with (A) the default or reasonably foreseeable material default of
a Trust 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 Trust Mortgage Loans
pursuant to or as contemplated by Article II or III of this Agreement); (ii) the
sale or

                                     -286-
<PAGE>

disposition of any investments in any Custodial Account or 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 Trust Mortgage Loan and other than
Permitted Investments acquired in accordance with Section 3.06 in connection
with the investment of funds in a Custodial Account or an 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 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

                                     -287-
<PAGE>

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 result in 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 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.

                                     -288-
<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 John Hancock Tower Non-Trust Mortgage Loan
Noteholders, (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 John Hancock Tower Non-Trust Mortgage 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 John Hancock Tower Non-Trust Mortgage Loan Securities
as 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
(insofar as such change would adversely affect the status of the Trust as a
"qualifying special-purpose entity" under FASB 140).

         (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 Mortgage 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 any John Hancock Tower
Non-Trust Mortgage Loan Noteholder,

                                     -289-
<PAGE>

without the consent of such John Hancock Tower Non-Trust Mortgage Loan
Noteholder, (ii) adversely affect in any material respect the interests of the
Holders of any Class of Certificates or the interests of any John Hancock Tower
Non-Trust Mortgage Loan Noteholder in a manner other than as described in the
immediately preceding clause (i) without the consent of the Holders of all
Certificates of such Class or the consent of such John Hancock Tower Non-Trust
Mortgage Loan Noteholder, as the case may be, (iii) significantly change the
activities of the Trust (insofar as such change would adversely affect the
status of the Trust as a "qualifying special-purpose entity" under FASB 140)
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 Non-Trust Mortgage Loan Noteholders, (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 John Hancock Tower Non-Trust Mortgage Loan Noteholders, or
(vi) modify the specified percentage of Voting Rights which are required to be
held by Certificateholders to consent, approve or 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 each John Hancock Tower
Non-Trust Mortgage 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.

                                     -290-
<PAGE>

         (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 11.01(a) or (c) shall be borne by the Person seeking the related
amendment, except that if the Master Servicer, the Special Servicer or the
Trustee requests any amendment of this Agreement that protects or is in
furtherance of the rights and interests of Certificateholders, the cost of any
Opinion of Counsel required in connection therewith pursuant to Section 11.01(a)
or (c) shall be payable out of the Pool Custodial Account, in the case of the
Master Servicer and the Special Servicer, pursuant to Section 3.05(a), or out of
the Collection Account, in the case of the Trustee, pursuant to Section 3.05(b).

         SECTION 11.02. Recordation of Agreement; Counterparts.

         (a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Trustee 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 any John Hancock Tower Non-Trust Mortgage Loan Noteholder, out
of the John Hancock Tower Custodial Account pursuant to Section 3.05A) to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders and/or the John Hancock Tower Non-Trust Mortgage Loan
Noteholders; provided, however, that the Trustee shall have no obligation or
responsibility to determine whether any such recordation of this Agreement is
required. Further, to the extent permitted by applicable law, the John Hancock
Tower Co-Lender Agreement is subject to recordation in the appropriate public
office for real property records in the county in which the John Hancock Tower
Mortgaged Property is situated, such recordation to be effected by the Trustee
at the expense of the Trust Fund and the John Hancock Tower Non-Trust
Noteholders, 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) and out of the John Hancock Tower Custodial Account pursuant to Section
3.05A(a)), to the effect that such recordation materially and beneficially
affects the interests of the Certificateholders and/or the John Hancock Tower
Non-Trust Mortgage Loan Noteholders; provided, however, that the Trustee shall
have no obligation or responsibility to determine whether any such recordation
of the John Hancock Tower Co-Lender 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 John
                        Hancock Tower Non-Trust Mortgage Loan Noteholders.

         (a) The death or incapacity of any Certificateholder or John Hancock
Tower Non-Trust Mortgage Loan Noteholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such Certificateholder's or John
Hancock Tower Non-Trust Mortgage 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.

                                     -291-
<PAGE>

         (b) No Certificateholder or John Hancock Tower Non-Trust Mortgage Loan
Noteholder (except as expressly provided for herein) shall 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 John Hancock Tower Non-Trust Mortgage
Loan Noteholders from time to time as partners or members of an association; nor
shall any Certificateholder or John Hancock Tower Non-Trust Mortgage 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) No Certificateholder or John Hancock Tower Non-Trust Mortgage 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 Mortgage 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 or the John Hancock
Tower Non-Trust Mortgage Loan Noteholders shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of
such notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding. It is understood and intended,
and expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatsoever by virtue of any provision of this
Agreement 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.

                                     -292-
<PAGE>

         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 II, 745 Seventh Avenue, New York, New York 10019,
Attention: Scott Lechner--LB-UBS Commercial Mortgage Trust 2003-C5, facsimile
number: (646) 758-4203; (ii) in the case of the Master Servicer, Wachovia Bank,
National Association, 8739 Research Drive, URP4, Charlotte, North Carolina
28262-1075, Attention: LB-UBS Mortgage Trust 2003-C5; facsimile number: (704)
593-7735; (iii) in the case of the Special Servicer, Lennar Partners, Inc., 1601
Washington Avenue, Suite 800, Miami Beach, Florida 33139, facsimile number:
(305) 695-5500; (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 2003-C5, 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 2003-C5, 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
2003-C5, facsimile number: (646) 758-4203, (B) UBS Securities 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) in the case of Morgan Stanley & Co. Incorporated, 1221 Avenue of the
Americas, 27th Floor, New York, New York 10020, Attention: Andrew Berman,
facsimile number: (212) 761-0748; and (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: (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; 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 Trust
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

                                     -293-
<PAGE>

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 Trust Mortgage Loans, all principal, interest and other amounts
received or receivable with respect to the Trust Mortgage Loans after the
Closing Date (other than principal and interest payments due and payable prior
to the Cut-off Date and other than any Principal Prepayments received on or
prior to the Cut-off Date), all amounts (other than those allocable to the
Non-Trust Mortgage Loans and/or any successor REO Mortgage Loans with respect
thereto) held from time to time in the Custodial Accounts, the Collection
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account
and, if established, the REO Account(s) 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 the Trust 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 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 the 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

                                     -294-
<PAGE>

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 John Hancock Tower Non-Trust Mortgage Loan Noteholders and any
designees thereof acting on behalf of or exercising the rights of the John
Hancock Tower Non-Trust Mortgage Loan Noteholders shall be third-party
beneficiaries to this Agreement with respect to their rights as specifically
provided for herein. This Agreement may not be amended in any manner that would
materially and adversely affect the rights of any such third-party beneficiary
without its consent. No other Person, including any Mortgagor, shall be entitled
to any benefit or equitable right, remedy or claim under this Agreement.

         SECTION 11.10. Article and Section Headings.

         The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

         SECTION 11.11. Notices to Rating Agencies.

         (a) The Trustee shall promptly provide notice to each Rating Agency
with respect to each of the following of which it has actual knowledge:

             (i)    any material change or amendment to this Agreement;

             (ii)   the occurrence of any Event of Default that has not been
                    cured;

             (iii)  the resignation or termination of the Fiscal Agent, the
                    Master Servicer or the Special Servicer;

             (iv)   the repurchase of Trust Mortgage Loans by the Depositor or
                    the UBS Mortgage Loan Seller pursuant to or as contemplated
                    by 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 Trust 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 Mortgage 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.

                                     -295-
<PAGE>

         (d) To the extent applicable, each of the Master Servicer and the
Special Servicer shall promptly furnish to each Rating Agency copies of the
following items:

             (i)    each of its annual statements as to compliance described in
                    Section 3.13;

             (ii)   each of its annual independent public accountants' servicing
                    reports described in Section 3.14; and

             (iii)  any Officer's Certificate delivered by it to the Trustee
                    pursuant to Section 3.11(h), 4.03(c) or 4.03A(c).

         (e) The Trustee shall (i) make available to each Rating Agency, upon
reasonable notice, the items described in Section 8.14(b) and (ii) promptly
deliver to each Rating Agency a copy of any notices given pursuant to Section
7.03(a) or Section 7.03(b).

         (f) The Trustee shall promptly deliver to each Rating Agency a copy of
each of the statements and reports described in Section 4.02(a) that is prepared
by it.

         (g) Each of the Trustee, the Master Servicer and the Special Servicer
shall provide to each Rating Agency such other information with respect to the
Mortgage Loans and the Certificates, to the extent such party possesses such
information, as such Rating Agency shall reasonably request.

         SECTION 11.12. 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.

                                     -296-
<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 II
                                       Depositor

                                     By: /s/ Precilla G. Torres
                                         ---------------------------------------
                                     Name: Precilla Torres
                                     Title: Senior Vice President

                                     WACHOVIA BANK, NATIONAL ASSOCIATION
                                       Master Servicer

                                     By: /s/ Paula R.A. Davis
                                         ---------------------------------------
                                     Name: Paula R.A. Davis
                                     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/ Alyssa C. Stahl
                                         ---------------------------------------
                                     Name: Alyssa C. Stahl
                                     Title: Vice President

                                     ABN AMRO BANK N.V.
                                       Fiscal Agent

                                     By: /s/ Alyssa C. Stahl
                                         ---------------------------------------
                                     Name: Alyssa C. Stahl
                                     Title: Vice President

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

<PAGE>

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

         On the 29th day of July, 2003, before me, a notary public in and for
said State, personally appeared Precilla Torres, known to me to be a Senior Vice
President of STRUCTURED ASSET SECURITIES CORPORATION II, 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/ Edna Lanahan
                                         ---------------------------------------
                                                       Notary Public

[Notarial Seal]

<PAGE>

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

         On the 28th day of July, 2003, before me, a notary public in and for
said State, personally appeared Paula R.A. Davis, known to me to be an 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/ Judith L. DeBoer
                                         ---------------------------------------
                                                       Notary Public

[Notarial Seal]

<PAGE>

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

         On the 29th day of July, 2003, before me, a notary public in and for
said State, personally appeared Shelly 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/ Felix J. Alvarez
                                         ---------------------------------------
                                                       Notary Public

[Notarial Seal]

<PAGE>

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

         On the 29th day of July, 2003, before me, a notary public in and for
said State, personally appeared Alyssa C. Stahl, 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/ Diane O'Neal
                                         ---------------------------------------
                                                       Notary Public

[Notarial Seal]

<PAGE>

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

         On the 29th day of July, 2003, before me, a notary public in and for
said State, personally appeared Alyssa C. Stahl and Cynthia Reis, known to me to
be a Vice President and First 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/ Diane O'Neal
                                         ---------------------------------------
                                                       Notary Public

[Notarial Seal]

<PAGE>

                                   SCHEDULE I

                          TRUST MORTGAGE LOAN SCHEDULE

                                 [SEE ATTACHED]

<PAGE>

<TABLE>
<CAPTION>
MORTGAGE LOAN
    NUMBER             PROPERTY NAME                        ADDRESS                     CITY        STATE      ZIP CODE
<S>             <C>                           <C>                                   <C>            <C>         <C>
      1         John Hancock Tower            200 Clarendon Street and 155          Boston           MA          02117
                                              Dartmouth Street
      2         Westfield Shoppingtown        Various                               Various        Various      Various
                Plaza Bonita/Vancouver
      3         70 Hudson Street              70 Hudson Street                      Jersey City      NJ          07302
      4         39 Broadway                   39 Broadway                           New York         NY          10006
      5         GGP Oakwood Mall              4800 Golf Road                        Eau Claire       WI          54701
      6         Gardens on El Paseo           73-545 El Paseo                       Palm Desert      CA          92260
      7         1200 Harbor Boulevard         1200 Harbor Boulevard                 Weehawken        NJ          07087
      8         The Cable Building            611 Broadway                          New York         NY          10012
      9         GGP Birchwood Mall            4350 24th Avenue                      Port Huron       MI          48059
      10        GGP Mall of the Bluffs        1751 Madison Avenue                   Council          IA          51503
                                                                                    Bluffs
      11        The Mall at Steamtown         300 Lackawanna Avenue                 Scranton         PA          18503
      12        Mission Bay Plaza             20401-20555 US 441                    Boca Raton       FL          33498
      13        Shoreview Corporate Center    1020, 1050 & 1080 County Road F,      Shoreview        MN          55126
                                              1005 Gramsie Road, 4000 Lexington
                                              Avenue
      14        GGP Pierre Bossier Mall       2950 East Texas Street                Bossier City     LA          71111
      15        Brickell Bayview Centre       80 Southwest 8th Street               Miami            FL          33130
      16        Reston                        11111 Sunset Hills Road               Reston           VA          20190
      17        1100 Wayne Avenue             1100 Wayne Avenue                     Silver Spring    MD          20910
      18        510 Sixth Avenue              65 West 13th Street                   New York         NY          10011
      19        Illini Tower                  409 East Chalmers Street              Champaign        IL          61820
      20        Swartz Creek & Robin Glen     Various                               Various          MI         Various
                Mobile Home Parks
      21        Siemens Complex               990-1000 Deerfield Parkway            Buffalo Grove    IL          60089
      22        Deptford Crossing Shopping    1800 Clements Bridge Road             Deptford         NJ          08096
                Center
      23        29-35 Ninth Avenue            29-35 Ninth Avenue                    New York         NY          10014
      24        Balboa Genesee Corners        5210, 5222, 5230, 5252 & 5270         San Diego        CA          92117
                                              Balboa Avenue
      25        Hawks Prairie Village         1401 Marvin Road NE                   Lacey            WA          98516
      26        Arbor Station Apartments      2495 Meadow Ridge Lane                Montgomery       AL          36117
      27        7th Avenue Retail             106-110 Seventh Avenue & 201 West     New York         NY          10011
                                              17th Street
      28        Spring Valley Shopping        4122-4250 South Rainbow Boulevard     Las Vegas        NV          89103
                Center                        and 6831-6885 West Flamingo Road
      29        Bell Tower Village            4905-5099 West Bell Road              Glendale         AZ          85308
      30        Phillips Edison - Winery      1955 West Texas Street                Fairfield        CA          94533
                Square
      31        333 Route 46                  333 US Route 46                       Mountain         NJ          07046
                                                                                    Lakes
      32        The Fine Arts Building        811 West 7th Street                   Los Angeles      CA          90017
      33        Phillips Edison - Westbird    11423 Southwest 40th Street           Miami            FL          33175
                Shopping Center
      34        St. Andrews Plaza             21060, 21078, 21090, 21126 St.        Boca Raton       FL          33433
                                              Andrews Boulevard
      35        Phillips Edison - Mountain    4002 US Highway 78                    Snellville       GA          30039
                View Village

<CAPTION>
MORTGAGE LOAN     CUT-OFF DATE       MONTHLY P&I
    NUMBER           BALANCE           PAYMENT
<S>               <C>                <C>
      1             160,000,000.00     625,231.48

      2             156,807,239.72     831,619.45

      3              84,883,271.57     419,045.10
      4              66,932,015.21     397,401.46
      5              56,581,495.17     387,166.79
      6              53,000,000.00     281,285.16
      7              50,000,000.00     256,023.46
      8              45,416,244.27     271,918.52
      9              42,436,121.54     290,375.09
      10             42,436,121.54     290,375.09

      11             41,000,000.00     252,444.05
      12             40,500,000.00     166,816.41
      13             40,454,404.95     226,157.55

      14             39,485,288.61     266,297.75
      15             31,188,875.13     166,117.46
      16             23,000,000.00     139,676.07
      17             22,377,053.23     132,146.77
      18             22,000,000.00     126,991.87
      19             21,969,569.71     107,943.62
      20             17,081,563.79      92,427.72

      21             16,980,968.56      95,248.11
      22             15,930,076.71      87,857.74

      23             13,500,000.00      76,439.90
      24             11,577,581.39      67,694.45

      25             11,487,855.98      66,673.19
      26             11,280,000.00      61,703.00
      27             11,152,048.04      71,206.32

      28             10,970,569.65      67,872.04

      29             10,624,346.32      65,130.90
      30             10,269,644.62      60,527.00

      31              9,989,054.43      56,778.90

      32              9,878,913.93      54,975.16
      33              9,422,149.84      55,532.00

      34              8,489,305.81      44,340.02

      35              7,752,085.15      45,689.39

</TABLE>

                      Mortgage Loan Schedule - Page 1 of 9

<PAGE>

<TABLE>
<CAPTION>
MORTGAGE LOAN
    NUMBER             PROPERTY NAME                        ADDRESS                     CITY        STATE      ZIP CODE
<S>             <C>                           <C>                                   <C>            <C>         <C>
      36        Naismith Hall                 1800 Naismith Drive                   Lawrence         KS          66046
      37        Inland Valley Terrace         27368 Via Industria                   Temecula         CA          92590
                Business Center
      38        Hunnington Place Shopping     1808-1876 South Hurstbourne Parkway   Louisville       KY          40220
                Center
      39        Delano Crossings Shopping     1314-1400 Babcock Boulevard East      Delano           MN          55328
                Center
      40        Kristopher Woods Apartments   792 Jolly Avenue South                Clarkston        GA          30021
      41        Phillips Edison - Forest      1212 West Kemper Road                 Forest Park      OH          45240
                Park Plaza
      42        Jupiter Medical Center        2055 North Military Trail             Jupiter          FL          33458
      43        Gurnee                        87 Gurnee Avenue                      Haverstraw       NY          10927
      44        726 Crandon Boulevard         726 Crandon Boulevard                 Key Biscayne     FL          33149
      45        Springs Plaza                 3902 South Suncoast Boulevard         Homosassa        FL          34448
                                                                                    Springs
      46        Phillips Edison - Applewood   9717 Q Street                         Omaha            NE          68127
                Center
      47        Lafayette Point I             4090 Lafayette Center Drive           Chantilly        VA          20151
      48        109 North Fifth Street        109 North Fifth Street                Saddle Brook     NJ          07663
      49        Phillips Edison - Highland    901 Southwest Highland Drive          Gresham          OR          97080
                Fair Shopping Center
      50        Phillips Edison - Kokomo      513 South Reed Road                   Kokomo           IN          46901
                Plaza
      51        Rocky Home Plaza              9530-9570 Winter Gardens Boulevard    Lakeside         CA          92040
      52        Lawyer's Title Plaza          1210 South Valley View Boulevard      Las Vegas        NV          89102
      53        St. George Apartments         6372-6472 Warner Avenue               Huntington       CA          92647
                                                                                    Beach
      54        Stadium Place                 1200 Copeland Road East               Arlington        TX          76011
      55        Chippewa Towne Center         2600 Constitution Boulevard           Chippewa         PA          15010
      56        Topanga Festival              9800, 9820 & 9840 Topanga Canyon      Chatsworth       CA          91311
                                              Boulevard
      57        Highland House                9707 Kingsley Road                    Dallas           TX          75238
      58        Capital Corner Shopping       6505 Annapolis Road                   Landover         MD          20784
                Center                                                              Hills
      59        Covington Springs Shopping    3842-3854 and 3876-3902 Austin Peay   Memphis          TN          38128
                Center                        Highway
      60        Gardner Plaza Shopping        40-56 Pearson Boulevard               Gardner          MA          01440
                Center
      61        Fiesta Square                 1220 South Alma School Road           Mesa             AZ          85202
      62        Casa Valencia Apartments      4400 Northwest 21st Street            Lauderhill       FL          33313
      63        MacArthur Retail Shops        529-533 State Highway 121             Lewisville       TX          75067
      64        Walgreens El Paso             9428 Dyer Street                      El Paso          TX          79924
      65        29th Street Plaza Shopping    216-228 and 246-288 East 29th Street  Loveland         CO          80538
                Center
      66        Tomball Retail                28301 Tomball Parkway                 Tomball          TX          77375
      67        Landmark Apartments           505 13th Street                       Augusta          GA          30901
      68        American Medical Building     3900 American Drive                   Plano            TX          75075
      69        1149 Promenade                1149 Third Street                     Santa Monica     CA          90403
      70        Orchard Lake                  29325-29433 Orchard Lake Road         Farmington       MI          48016
                                                                                    Hills
      71        Eckerd - Hickory              1162 16th Street Northeast            Hickory          NC          28601

<CAPTION>
MORTGAGE LOAN     CUT-OFF DATE       MONTHLY P&I
    NUMBER           BALANCE           PAYMENT
<S>               <C>                <C>
      36              7,477,584.04      45,877.58
      37              6,980,202.97      42,013.55

      38              6,886,160.94      39,524.47

      39              6,868,559.90      37,040.69

      40              6,666,102.25      37,551.97
      41              6,630,400.82      39,078.38

      42              6,489,721.56      39,528.44
      43              6,400,000.00      35,738.48
      44              6,381,200.68      37,674.55
      45              5,896,499.32      34,172.36

      46              5,882,611.23      34,671.05

      47              5,818,478.94      32,636.48
      48              5,289,530.50      30,593.50
      49              5,284,380.13      31,145.00

      50              4,985,263.77      29,382.24

      51              4,791,045.40      28,501.27
      52              4,701,537.71      31,514.84
      53              4,444,961.98      24,766.35

      54              4,436,922.17      27,486.57
      55              3,995,580.43      22,586.24
      56              3,798,882.15      21,327.24

      57              3,795,434.11      20,399.22
      58              3,788,507.23      22,031.14

      59              3,688,832.88      21,474.82

      60              3,672,981.16      21,615.95

      61              3,508,372.76      19,459.38
      62              3,115,970.46      19,489.97
      63              2,995,522.38      18,927.62
      64              2,990,583.05      17,052.50
      65              2,841,522.78      16,668.05

      66              2,806,925.13      20,157.77
      67              2,700,000.00      15,756.47
      68              2,660,000.00      15,438.65
      69              2,550,000.00      15,288.54
      70              2,121,980.48      13,821.60

      71              2,076,969.62      12,598.63
</TABLE>

                      Mortgage Loan Schedule - Page 2 of 9

<PAGE>

<TABLE>
<CAPTION>
MORTGAGE LOAN
    NUMBER             PROPERTY NAME                        ADDRESS                     CITY        STATE      ZIP CODE
<S>             <C>                           <C>                                   <C>            <C>         <C>
      72        Ford's Landing Shopping       9355 Bandera Road                     San Antonio      TX          78250
                Center/Mini Storage
      73        Bethany Place                 727 East Bethany Home Road            Phoenix          AZ          85014
      74        Eagle Harbor Shopping Center  1489 County Road 220                  Orange Park      FL          32003
      75        Carlos Bee Hall               25400 Carlos Bee Boulevard            Hayward          CA          94542
      76        Hampson Office                8200 Hampson Street                   New Orleans      LA          70118
      77        Maryland Dental Center        6520 North 7th Avenue                 Phoenix          AZ          85013
      78        Old Neck Market               760 Montauk Highway                   Center           NY          11934
                                                                                    Moriches
      79        Palm Harbor                   33300 U.S. Highway 19 North           Palm Harbor      FL          34683
      80        Wal-Mart Outparcel            1903 Lincoln Street                   Rhinelander      WI          54501
                (OfficeMax)

<CAPTION>
MORTGAGE LOAN     CUT-OFF DATE       MONTHLY P&I
    NUMBER           BALANCE           PAYMENT
<S>               <C>                <C>
      72              1,992,148.68      13,354.56

      73              1,794,042.20       9,939.67
      74              1,498,549.08       9,138.42
      75              1,495,516.80       9,175.52
      76              1,390,000.00       8,111.66
      77              1,355,507.65       7,518.40
      78              1,123,911.81       6,853.82

      79              1,095,956.81       6,595.06
      80              1,050,000.00       6,526.54

</TABLE>

                      Mortgage Loan Schedule - Page 3 of 9

<PAGE>

<TABLE>
<CAPTION>
                                              REMAINING               REMAINING    INTEREST
MORTGAGE LOAN                                  TERM TO   MATURITY-   AMORTIZATION   ACCRUAL    ADMINISTRATIVE      PRIMARY
    NUMBER             PROPERTY NAME           MATURITY      ARD        TERM         BASIS       COST RATE      SERVICING FEE
<S>             <C>                            <C>       <C>         <C>           <C>         <C>              <C>
      1         John Hancock Tower                 57      4/8/2008        0        Act/360        0.03155         0.0300

      2         Westfield Shoppingtown            119     6/11/2013      359        Act/360        0.03155         0.0300
                Plaza Bonita/Vancouver
      3         70 Hudson Street                   83     6/11/2010      359        Act/360        0.03155         0.0300
      4         39 Broadway                       119     6/11/2013      359        Act/360        0.03155         0.0300
      5         GGP Oakwood Mall                   64     11/11/2008     304        30/360         0.03155         0.0300
      6         Gardens on El Paseo                58     5/11/2008      360        Act/360        0.03155         0.0300
      7         1200 Harbor Boulevard             120     7/11/2013      360        Act/360        0.03155         0.0300
      8         The Cable Building                118     5/11/2013      358        Act/360        0.03155         0.0300
      9         GGP Birchwood Mall                 64     11/11/2008     304        30/360         0.03155         0.0300
      10        GGP Mall of the Bluffs             64     11/11/2008     304        30/360         0.03155         0.0300
      11        The Mall at Steamtown             120     7/11/2013      360        Act/360        0.03155         0.0300
      12        Mission Bay Plaza                  57     4/11/2008        0        Act/360        0.03155         0.0300
      13        Shoreview Corporate Center         83     6/11/2010      359        Act/360        0.03155         0.0300
      14        GGP Pierre Bossier Mall            63     10/11/2008     303        30/360         0.03155         0.0300
      15        Brickell Bayview Centre            57     4/11/2008      357        Act/360        0.11655         0.1150
      16        Reston                             60     7/11/2008      360        Act/360        0.03155         0.0300
      17        1100 Wayne Avenue                 119     6/11/2013      359        Act/360        0.03155         0.0300
      18        510 Sixth Avenue                  120     7/11/2013      360        Act/360        0.03155         0.0300
      19        Illini Tower                       59     6/11/2008      359        Act/360        0.03155         0.0300
      20        Swartz Creek & Robin Glen          58     5/11/2008      358        Act/360        0.03155         0.0300
                Mobile Home Parks
      21        Siemens Complex                   119     6/11/2013      359        Act/360        0.03155         0.0300
      22        Deptford Crossing Shopping         56     3/11/2008      356        Act/360        0.03155         0.0300
                Center
      23        29-35 Ninth Avenue                120     7/11/2013      360        Act/360        0.03155         0.0300
      24        Balboa Genesee Corners            118     5/11/2013      358        Act/360        0.03155         0.0300
      25        Hawks Prairie Village             119     6/11/2013      359        Act/360        0.03155         0.0300
      26        Arbor Station Apartments           60     7/11/2008      360        Act/360        0.03155         0.0300
      27        7th Avenue Retail                 117     4/11/2013      297        Act/360        0.03155         0.0300
      28        Spring Valley Shopping            177     4/11/2018      357        Act/360        0.03155         0.0300
                Center
      29        Bell Tower Village                118     5/11/2013      322        Act/360        0.11655         0.1150
      30        Phillips Edison - Winery          117     4/11/2013      357        Act/360        0.03155         0.0300
                Square
      31        333 Route 46                      119     6/11/2013      359        Act/360        0.03155         0.0300
      32        The Fine Arts Building             82     5/11/2010      358        Act/360        0.11655         0.1150
      33        Phillips Edison - Westbird        117     4/11/2013      357        Act/360        0.03155         0.0300
                Shopping Center
      34        St. Andrews Plaza                  59     6/11/2008      359        Act/360        0.03155         0.0300
      35        Phillips Edison - Mountain        117     4/11/2013      357        Act/360        0.03155         0.0300
                View Village
      36        Naismith Hall                     118     5/11/2013      298        Act/360        0.03155         0.0300

<CAPTION>

MORTGAGE LOAN                           MORTGAGE
    NUMBER           GROUND LEASE?     LOAN SELLER
<S>              <C>                   <C>
      1          Fee                      LB
                 Simple/Leasehold
      2          Fee Simple               UBS

      3          Fee Simple               LB
      4          Fee Simple               UBS
      5          Fee Simple               LB
      6          Fee Simple               LB
      7          Fee Simple               UBS
      8          Fee Simple               UBS
      9          Fee Simple               LB
      10         Fee Simple               LB
      11         Fee Simple               UBS
      12         Fee Simple               LB
      13         Fee Simple               UBS
      14         Fee Simple               LB
      15         Fee Simple               LB
      16         Fee Simple               UBS
      17         Fee Simple               UBS
      18         Fee Simple               UBS
      19         Fee Simple               UBS
      20         Fee Simple               UBS

      21         Fee Simple               UBS
      22         Fee Simple               LB

      23         Fee Simple               UBS
      24         Fee Simple               UBS
      25         Fee Simple               LB
      26         Fee Simple               LB
      27         Fee Simple               LB
      28         Fee Simple               LB

      29         Fee Simple               LB
      30         Fee Simple               LB

      31         Fee Simple               UBS
      32         Fee Simple               LB
      33         Fee Simple               LB

      34         Fee Simple               UBS
      35         Fee Simple               LB

      36         Fee Simple               LB

</TABLE>

                      Mortgage Loan Schedule - Page 4 of 9

<PAGE>

<TABLE>
<CAPTION>
                                              REMAINING               REMAINING    INTEREST
MORTGAGE LOAN                                  TERM TO   MATURITY-   AMORTIZATION   ACCRUAL    ADMINISTRATIVE      PRIMARY
    NUMBER             PROPERTY NAME           MATURITY      ARD        TERM         BASIS       COST RATE      SERVICING FEE
<S>             <C>                            <C>       <C>         <C>           <C>         <C>              <C>
      37        Inland Valley Terrace             117     4/11/2013      357        Act/360        0.11655         0.1150
                Business Center
      38        Hunnington Place Shopping         118     5/11/2013      358        Act/360        0.11655         0.1150
                Center
      39        Delano Crossings Shopping          80     3/11/2010      356        Act/360        0.11655         0.1150
                Center
      40        Kristopher Woods Apartments       118     5/11/2013      358        Act/360        0.11655         0.1150
      41        Phillips Edison - Forest          117     4/11/2013      357        Act/360        0.03155         0.0300
                Park Plaza
      42        Jupiter Medical Center            119     6/11/2013      299        Act/360        0.03155         0.0300
      43        Gurnee                            120     7/11/2013      360        Act/360        0.03155         0.0300
      44        726 Crandon Boulevard             117     4/11/2013      357        Act/360        0.03155         0.0300
      45        Springs Plaza                     116     3/11/2013      356        Act/360        0.03155         0.0300
      46        Phillips Edison - Applewood       117     4/11/2013      357        Act/360        0.03155         0.0300
                Center
      47        Lafayette Point I                 119     6/11/2013      359        Act/360        0.03155         0.0300
      48        109 North Fifth Street            118     5/11/2013      358        Act/360        0.03155         0.0300
      49        Phillips Edison - Highland        117     4/11/2013      357        Act/360        0.03155         0.0300
                Fair Shopping Center
      50        Phillips Edison - Kokomo          117     4/11/2013      357        Act/360        0.03155         0.0300
                Plaza
      51        Rocky Home Plaza                  118     5/11/2013      358        Act/360        0.03155         0.0300
      52        Lawyer's Title Plaza              118     5/11/2013      334        Act/360        0.03155         0.0300
      53        St. George Apartments             119     6/11/2013      359        Act/360        0.11655         0.1150
      54        Stadium Place                     118     5/11/2013      298        Act/360        0.11655         0.1150
      55        Chippewa Towne Center             119     6/11/2013      359        Act/360        0.03155         0.0300
      56        Topanga Festival                   80     3/11/2010      356        Act/360        0.03155         0.0300
      57        Highland House                     59     6/11/2008      359        Act/360        0.11655         0.1150
      58        Capital Corner Shopping           117     4/11/2013      357        Act/360        0.03155         0.0300
                Center
      59        Covington Springs Shopping        117     4/11/2013      357        Act/360        0.03155         0.0300
                Center
      60        Gardner Plaza Shopping            118     5/11/2013      358        Act/360        0.03155         0.0300
                Center
      61        Fiesta Square                      57     4/11/2008      357        Act/360        0.11655         0.1150
      62        Casa Valencia Apartments           58     5/11/2008      298        Act/360        0.03155         0.0300
      63        MacArthur Retail Shops            119     6/11/2013      299        Act/360        0.03155         0.0300
      64        Walgreens El Paso                 117     4/11/2013      357        Act/360        0.03155         0.0300
      65        29th Street Plaza Shopping        117     4/11/2013      357        Act/360        0.11655         0.1150
                Center
      66        Tomball Retail                    117     4/11/2013      237        Act/360        0.03155         0.0300
      67        Landmark Apartments               120     7/11/2013      360        Act/360        0.03155         0.0300
      68        American Medical Building         120     7/11/2013      360        Act/360        0.03155         0.0300
      69        1149 Promenade                    120     7/11/2013      360        Act/360        0.03155         0.0300
      70        Orchard Lake                      119     6/11/2013      299        Act/360        0.03155         0.0300
      71        Eckerd - Hickory                  119     6/11/2013      359        Act/360        0.03155         0.0300
      72        Ford's Landing Shopping           117     4/11/2013      297        Act/360        0.11655         0.1150
                Center/Mini Storage
      73        Bethany Place                      57     4/11/2008      357        Act/360        0.11655         0.1150
      74        Eagle Harbor Shopping Center      119     6/11/2013      359        Act/360        0.03155         0.0300
      75        Carlos Bee Hall                   118     5/11/2013      298        Act/360        0.03155         0.0300
      76        Hampson Office                    120     7/11/2013      360        Act/360        0.03155         0.0300

<CAPTION>

MORTGAGE LOAN                           MORTGAGE
    NUMBER           GROUND LEASE?     LOAN SELLER
<S>              <C>                   <C>
      37         Fee Simple               LB

      38         Fee Simple               LB

      39         Fee Simple               LB

      40         Fee Simple               LB
      41         Fee Simple               LB

      42         Leasehold                LB
      43         Fee Simple               LB
      44         Fee Simple               LB
      45         Fee Simple               LB
      46         Fee Simple               LB

      47         Fee Simple               UBS
      48         Fee Simple               LB
      49         Fee Simple               LB

      50         Fee Simple               LB

      51         Fee Simple               LB
      52         Fee Simple               UBS
      53         Fee Simple               LB
      54         Fee Simple               LB
      55         Fee Simple               LB
      56         Fee Simple               LB
      57         Fee Simple               LB
      58         Fee Simple               LB

      59         Fee Simple               LB

      60         Fee Simple               LB

      61         Fee Simple               LB
      62         Fee Simple               UBS
      63         Fee Simple               LB
      64         Fee Simple               LB
      65         Fee Simple               LB

      66         Fee Simple               LB
      67         Fee Simple               UBS
      68         Fee Simple               UBS
      69         Fee Simple               UBS
      70         Fee Simple               UBS
      71         Fee Simple               UBS
      72         Fee Simple               LB

      73         Fee Simple               LB
      74         Fee Simple               UBS
      75         Fee Simple               LB
      76         Fee Simple               UBS
</TABLE>

                      Mortgage Loan Schedule - Page 5 of 9

<PAGE>

<TABLE>
<CAPTION>
                                              REMAINING               REMAINING    INTEREST
MORTGAGE LOAN                                  TERM TO   MATURITY-   AMORTIZATION   ACCRUAL    ADMINISTRATIVE      PRIMARY
    NUMBER             PROPERTY NAME           MATURITY      ARD        TERM         BASIS       COST RATE      SERVICING FEE
<S>             <C>                            <C>       <C>         <C>           <C>         <C>              <C>
      77        Maryland Dental Center             57     4/11/2008      357        Act/360        0.11655         0.1150
      78        Old Neck Market                   119     6/11/2013      359        Act/360        0.03155         0.0300
      79        Palm Harbor                       116     3/11/2013      356        Act/360        0.03155         0.0300
      80        Wal-Mart Outparcel                120     7/11/2013      300        Act/360        0.03155         0.0300
                (OfficeMax)

<CAPTION>

MORTGAGE LOAN                         MORTGAGE
    NUMBER         GROUND LEASE?     LOAN SELLER
<S>            <C>                   <C>
      77       Fee Simple               LB
      78       Fee Simple               UBS
      79       Fee Simple               LB
      80       Fee Simple               UBS

</TABLE>

                      Mortgage Loan Schedule - Page 6 of 9

<PAGE>

<TABLE>
<CAPTION>
                                                                                                                    CREDIT LEASE
                                                                                                                   LOAN (TENANT,
MORTGAGE LOAN                                                    ARD MORTGAGE     ANTICIPATED                       GUARANTOR OR
    NUMBER             PROPERTY NAME             DEFEASANCE          LOAN       REPAYMENT DATE      ARD SPREAD      RATED PARTY)
<S>             <C>                           <C>                <C>            <C>              <C>               <C>
      1         John Hancock Tower            Defeasance              No                                                 No
      2         Westfield Shoppingtown        Defeasance              Yes          6/11/2013     5% + Greater of         No
                Plaza Bonita/Vancouver                                                            (Contract Rate
                                                                                                   or Treasury)
      3         70 Hudson Street              Defeasance              Yes          6/11/2010     5% + Greater of         No
                                                                                                  (Contract Rate
                                                                                                   or Treasury)
      4         39 Broadway                   Defeasance              No                                                 No
      5         GGP Oakwood Mall              Yield Maintenance       No                                                 No
      6         Gardens on El Paseo           Defeasance              Yes          5/11/2008     5% + Greater of         No
                                                                                                  (Contract Rate
                                                                                                   or Treasury)
      7         1200 Harbor Boulevard         Defeasance              No                                                 No
      8         The Cable Building            Defeasance              No                                                 No
      9         GGP Birchwood Mall            Yield Maintenance       No                                                 No
      10        GGP Mall of the Bluffs        Yield Maintenance       No                                                 No
      11        The Mall at Steamtown         Defeasance              No                                                 No
      12        Mission Bay Plaza             Defeasance              No                                                 No
      13        Shoreview Corporate Center    Defeasance              No                                                 No
      14        GGP Pierre Bossier Mall       Yield Maintenance       No                                                 No
      15        Brickell Bayview Centre       Defeasance              No                                                 No
      16        Reston                        Defeasance/Fixed        No                                                 No
                                              Penalty
      17        1100 Wayne Avenue             Greater of YM or        Yes          6/11/2013     2% + Greater of         No
                                              1%                                                  (Contract Rate
                                                                                                   or Treasury)
      18        510 Sixth Avenue              Defeasance              No                                                 No
      19        Illini Tower                  Defeasance              No                                                 No
      20        Swartz Creek & Robin Glen     Defeasance              No                                                 No
                Mobile Home Parks
      21        Siemens Complex               Defeasance              Yes          6/11/2013     2% + Greater of         No
                                                                                                  (Contract Rate
                                                                                                   or Treasury)
      22        Deptford Crossing Shopping    Defeasance              No                                                 No
                Center
      23        29-35 Ninth Avenue            Defeasance              No                                                 No
      24        Balboa Genesee Corners        Defeasance              No                                                 No
      25        Hawks Prairie Village         Defeasance              No                                                 No
      26        Arbor Station Apartments      Defeasance              No                                                 No
      27        7th Avenue Retail             Defeasance              No                                                 No
      28        Spring Valley Shopping        Defeasance              Yes          4/11/2018     2% + Greater of         No
                Center                                                                            (Contract Rate
                                                                                                   or Treasury)
      29        Bell Tower Village            Defeasance              No                                                 No
      30        Phillips Edison - Winery      Defeasance              No                                                 No
                Square

<CAPTION>

                                  MORTGAGE
MORTGAGE LOAN        CROSS       LOAN SELLER
    NUMBER       COLLATERALIZED    LOAN ID
<S>              <C>             <C>
      1               No            LG043
      2               No            1003

      3               No          030403004

      4               No            9043
      5             Yes (B)        LG041a
      6               No            CD037

      7               No            9792
      8               No            9647
      9             Yes (B)        LG041b
      10            Yes (B)        LG041c
      11              No            9592
      12              No          030206011
      13              No            9648
      14              No            LG042
      15              No          030204002
      16              No            9808

      17              No            9756

      18              No            9637
      19              No            9736
      20              No            9583

      21              No            9703

      22              No          021220001

      23              No            9817
      24              No            9680
      25              No          030203005
      26              No          021212001
      27              No          021022004
      28              No          021212005

      29              No          030221002
      30              No          030116021

</TABLE>

                      Mortgage Loan Schedule - Page 7 of 9

<PAGE>

<TABLE>
<CAPTION>
                                                                                                                    CREDIT LEASE
                                                                                                                   LOAN (TENANT,
MORTGAGE LOAN                                                    ARD MORTGAGE     ANTICIPATED                       GUARANTOR OR
    NUMBER             PROPERTY NAME             DEFEASANCE          LOAN       REPAYMENT DATE      ARD SPREAD      RATED PARTY)
<S>             <C>                           <C>                <C>            <C>              <C>               <C>
      31        333 Route 46                  Defeasance              No                                                 No
      32        The Fine Arts Building        Defeasance              No                                                 No
      33        Phillips Edison - Westbird    Defeasance              No                                                 No
                Shopping Center
      34        St. Andrews Plaza             Defeasance              No                                                 No
      35        Phillips Edison - Mountain    Defeasance              No                                                 No
                View Village
      36        Naismith Hall                 Defeasance              No                                                 No
      37        Inland Valley Terrace         Defeasance              No                                                 No
                Business Center
      38        Hunnington Place Shopping     Defeasance              No                                                 No
                Center
      39        Delano Crossings Shopping     Defeasance              No                                                 No
                Center
      40        Kristopher Woods Apartments   Defeasance              No                                                 No
      41        Phillips Edison - Forest      Defeasance              No                                                 No
                Park Plaza
      42        Jupiter Medical Center        Defeasance              No                                                 No
      43        Gurnee                        Defeasance              No                                                 No
      44        726 Crandon Boulevard         Defeasance              No                                                 No
      45        Springs Plaza                 Defeasance              No                                                 No
      46        Phillips Edison - Applewood   Defeasance              No                                                 No
                Center
      47        Lafayette Point I             Defeasance              No                                                 No
      48        109 North Fifth Street        Defeasance              No                                                 No
      49        Phillips Edison - Highland    Defeasance              No                                                 No
                Fair Shopping Center
      50        Phillips Edison - Kokomo      Defeasance              No                                                 No
                Plaza
      51        Rocky Home Plaza              Defeasance              No                                                 No
      52        Lawyer's Title Plaza          Defeasance              No                                                 No
      53        St. George Apartments         Defeasance              No                                                 No
      54        Stadium Place                 Defeasance              No                                                 No
      55        Chippewa Towne Center         Defeasance              No                                                 No
      56        Topanga Festival              Defeasance              No                                                 No
      57        Highland House                Greater of YM or        No                                                 No
                                              1%
      58        Capital Corner Shopping       Defeasance              No                                                 No
                Center
      59        Covington Springs Shopping    Defeasance              No                                                 No
                Center
      60        Gardner Plaza Shopping        Defeasance              No                                                 No
                Center
      61        Fiesta Square                 Defeasance              No                                                 No
      62        Casa Valencia Apartments      Defeasance              No                                                 No
      63        MacArthur Retail Shops        Defeasance              No                                                 No
      64        Walgreens El Paso             Defeasance              No                                                 No
      65        29th Street Plaza Shopping    Defeasance              No                                                 No
                Center
      66        Tomball Retail                Defeasance              No                                                 No
      67        Landmark Apartments           Defeasance              No                                                 No
      68        American Medical Building     Defeasance              No                                                 No

<CAPTION>

                                  MORTGAGE
MORTGAGE LOAN        CROSS       LOAN SELLER
    NUMBER       COLLATERALIZED    LOAN ID
<S>              <C>             <C>
      31              No            9699
      32              No          030219002
      33              No          030116020

      34              No            9746
      35              No          030116017

      36            Yes (C)       030402004
      37              No          030107001

      38              No          030224001

      39              No          030107002

      40              No          030403003
      41            Yes (A)       030116005

      42              No          030228003
      43              No          030312001
      44              No          011219002
      45              No          021220002
      46              No          030116002

      47              No            9698
      48              No          021031003
      49              No          030116011

      50            Yes (A)       030116012

      51              No          030210001
      52              No            9707
      53              No          030320004
      54              No          030317003
      55              No          020802002
      56              No          021115005
      57              No          030422001

      58              No          020613005

      59              No          021210014

      60              No          021010003

      61              No          021210003
      62              No            9425
      63              No          021003006
      64              No          030303002
      65              No          021010011

      66              No          021028003
      67              No            9526
      68              No            9744

</TABLE>

                      Mortgage Loan Schedule - Page 8 of 9

<PAGE>

<TABLE>
<CAPTION>
                                                                                                                    CREDIT LEASE
                                                                                                                   LOAN (TENANT,
MORTGAGE LOAN                                                    ARD MORTGAGE     ANTICIPATED                       GUARANTOR OR
    NUMBER             PROPERTY NAME             DEFEASANCE          LOAN       REPAYMENT DATE      ARD SPREAD      RATED PARTY)
<S>             <C>                           <C>                <C>            <C>              <C>               <C>
      69        1149 Promenade                Defeasance              No                                                 No
      70        Orchard Lake                  Defeasance              No                                                 No
      71        Eckerd - Hickory              Defeasance              No                                                 No
      72        Ford's Landing Shopping       Defeasance              No                                                 No
                Center/Mini Storage
      73        Bethany Place                 Defeasance              No                                                 No
      74        Eagle Harbor Shopping Center  Defeasance              No                                                 No
      75        Carlos Bee Hall               Defeasance              No                                                 No
      76        Hampson Office                Defeasance              No                                                 No
      77        Maryland Dental Center        Defeasance              No                                                 No
      78        Old Neck Market               Defeasance              No                                                 No
      79        Palm Harbor                   Defeasance              No                                                 No
      80        Wal-Mart Outparcel            Defeasance              No                                                 No
                (OfficeMax)

<CAPTION>

                                 MORTGAGE
MORTGAGE LOAN       CROSS       LOAN SELLER
    NUMBER      COLLATERALIZED    LOAN ID
<S>             <C>             <C>
      69             No            9568
      70             No            9182
      71             No            9760
      72             No          030131001

      73             No          021210002
      74             No            9639
      75           Yes (C)       030402002
      76             No            9735
      77             No          021210004
      78             No            9598
      79             No          030116007
      80             No            9733
</TABLE>

                      Mortgage Loan Schedule - Page 9 of 9

<PAGE>

                                   SCHEDULE II

                SCHEDULE OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

                                      NONE

<PAGE>

                                  SCHEDULE III

          EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR

The following are the exceptions for the Lehman loans to the Representations and
Warranties for the above-referenced transaction:

<TABLE>
<CAPTION>
--------------------------------------- ---------------------------------------------------------------------------------------

REPRESENTATION FROM SECTION 2.04        PROPERTY AND EXCEPTION
--------------------------------------- ---------------------------------------------------------------------------------------

<S>                                     <C>
(i)Mortgage Loan Schedule               John Hancock Tower   The Mortgage Loan Schedule reflects information with respect
                                        to the related mortgage loan which is due as of July 9, 2003 the date on which
                                        such loan was restructured and not as of the applicable Due Date which is July
                                        8, 2003.

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

(viii) First Lien                       John Hancock Tower    The related borrower and an affiliate of the largest tenant
                                        of the related mortgaged real property entered into a property restriction and
                                        trademark license agreement, which agreement among other things, (a) restricts
                                        the right of related borrower to lease more than two floors of the improvements
                                        on the related mortgaged real property to a competitor of that tenant, (b)
                                        limits the use of the marks and trademarks of that tenant, and (c) imposes
                                        certain requirements on the related borrower with respect to the operation of
                                        the related mortgaged real property including, but not limited to, operating,
                                        maintaining and providing services in a manner comparable to similar first class
                                        office buildings in the geographic area, maintaining all permits, licenses and
                                        consents and prohibiting certain uses of and alterations of the related
                                        mortgaged real property. In the event of a default by the related borrower under
                                        that agreement, the affiliate has the right to terminate the agreement and
                                        collect liquidated damages in the amount of $20,000,000. In addition, the
                                        affiliate has the right to terminate such agreement within 30 days of certain
                                        events or upon 90 days prior written notice, without cause. Upon any such
                                        termination of that agreement, the related borrower is required to refrain from
                                        referring to the building as "John Hancock Tower."

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

(xiii) Property Insurance               7th Avenue Retail    The related loan documents provide that the insurance for the
                                        Property to be carried by the respective Condominium Board. The requirement for
                                        "all risk" coverage is qualified by "to the extent obtainable" and in the case
                                        of the building at 206 W. 17th St., coverage is only required for not less than
                                        80% of full replacement cost. The deductible on such policies are determined by
                                        the respective Condominium Board and cancellation notices are to be directed to
                                        such Condominium Board. There is no ratings requirement for the insurers. Loss
                                        proceeds below specified amounts ($1 million for 201 W. 17th St. and $2 million
                                        for 206 W. 17th St.) are paid to the respective Boards and proceeds in excess of
                                        such amounts are paid to an Insurance Trustee for application to restoration. If
                                        the premises are not restored, insurance proceeds are distributed pro rata by
                                        common element share with permitted liens being paid prior to unit owners.

                                        70 Hudson Street    (a) The related loan documents require the related borrower to
                                        maintain property insurance with a deductible of not more than $100,000.
                                        Currently, Lehman Brothers Holdings Inc. ("LBHI"), the sole tenant at the 70
--------------------------------------- ---------------------------------------------------------------------------------------

<PAGE>

--------------------------------------- ---------------------------------------------------------------------------------------
                                        Hudson Street Mortgaged Property maintains such insurance with a $1,000,000
                                        deductible. In the estoppel certificate delivered by LBHI in connection with the
                                        closing of the 70 Hudson Street Mortgage Loan, LBHI acknowledged that it is
                                        responsible for any deductible under any insurance policy maintained by Tenant
                                        pursuant to its lease. Mortgagee has granted a waiver (See Waivers and
                                        Modifications, Section (xxix) below.

                                        (b) The certificate of property insurance for the 70 Hudson Street Mortgaged
                                        Property provides that the insurer will endeavor to provide mortgagee with 30
                                        days prior notice of cancellation; but also that the insurer will not be liable
                                        in the event of its failure to do so.

                                        John Hancock Tower    The related loan documents require the borrower to carry and
                                        maintain business interruption coverage for a period of time equal to the period
                                        of time commencing at the time of loss and continuing for such length of time as
                                        it takes to repair or replace the damaged property with the exercise of due
                                        diligence and dispatch, plus an extended indemnity period of six months
                                        following completion of restoration.

--------------------------------------- ---------------------------------------------------------------------------------------
(xix) Environmental Conditions          GGP - Birchwood Mall; GGP - Oakwood Mall; GGP - Pierre Bossier Mall; GGP - Mall
                                        of the Bluffs    All the properties were subject to an environmental document
                                        review within 12 months preceding the cutoff date. Although the underlying Phase
                                        I report for each of the properties was completed more than 24 months preceding
                                        the cutoff date (about 5 years before), the Phase I report was evaluated for
                                        consistency with ASTM standards, and an updated database search was reviewed,
                                        both within 12 months preceding the cutoff date.

                                        Mountain View Village    A recently installed underground storage tank may remain
                                        unregistered as indicated by the Phase I consultant.

                                        Gurnee    An environmental assessment reported lead in water above the United
                                        States Environmental Protection Agency's action level in the first draw sample,
                                        but was not detected in the post-flush sample. As such, a notification program
                                        was recommended. The notification program may not currently be in place.

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

(xxi) Realization Against Real          Ford's Landing Shopping Center    The opinion letter from borrower's Texas counsel
Estate Collateral                       indicates that it is unclear under Texas law whether an assignment of rents is
                                        absolute or collateral. According to the opinion, this does not affect the
                                        validity of the assignment of rents or its enforceability, other than the
                                        determination as to when the lender has a right to the rents.

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

(xxvi) Due-on-Encumbrance               Gardens on El Paseo    100% of the indirect ownership interests in the related
                                        borrower are pledged to secure a $12,000,000.00 affiliate loan from BellPIC
                                        LLC. This loan requires quarterly interest only payments until April 29,
                                        2013. An intercreditor agreement has been executed.

                                        Phillips Edison Portfolio: Winery Square, Mountain View Village, Kokomo Plaza,
                                        Applewood Center, Highland Fair Shopping Center, Forest Park Plaza, Westbird
                                        Shopping Center    The Borrowers each have a right to obtain mezzanine financing
                                        from an approved lender, secured by ownership interests in the related borrower
                                        provided that certain requirements are satisfied,

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

<PAGE>

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

                                        including: (a) achievement of a 1.15x dscr and a 85% ltv, and (b) the borrower
                                        delivers a subordination and intercreditor agreement. If mezzanine loan has a
                                        floating interest rate, mortgagee may determine dscr on the basis of a market
                                        constant reasonably determined by mortgagee.

                                        John Hancock Tower    100% of the membership interests in the related borrower have
                                        been pledged to secure a mezzanine loan in the original principal amount of
                                        $87,000,000 with interest accruing at a floating rate and maturing on April 8,
                                        2008. The mezzanine loan requires monthly interest only payments until maturity.
                                        An intercreditor agreement has been executed.

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

(xxvii) Due-on-Sale                     29th St. Shopping Plaza    The related loan documents provide that one of the two
                                        tenants-in-common borrowers (currently a 10% interest holder in the related
                                        mortgaged property) may acquire 100% of the ownership interests in the related
                                        mortgaged property through a reverse 1031 tax-deferred exchange entered into
                                        with the other borrower (currently the 90% interest holder in the related
                                        mortgaged property), without lender's consent provided that the current
                                        guarantor shall remain the manager of the post-exchange borrowing entity and
                                        that guarantor and Leslyn Rose shall control (i.e., own 51% or more of the
                                        ownership interests) such entity.

                                        Delano Crossings Shopping Center    The related loan documents provide that the
                                        following transfers shall not require lender's consent: 1) a transfer of the
                                        membership interests in the Guarantor (which is also the sole member of
                                        Borrower) by Thrivent Financial for Lutherns ("Thrivent") to United Properties
                                        Investment LLC ("UPI", the managing member of the Guarantor); 2) transfers of
                                        membership interests in the Guarantor by UPI to Thrivent; 3) transfers by
                                        Thrivent or UPI of less than all of the membership interests in Guarantor to a
                                        third party transferee, provided that (i) UPI remains the manager of both
                                        Borrower and Guarantor, (ii) and the aggregate membership interests in Guarantor
                                        held by Thrivent and UPI after any such transfers shall not be less than 50%;
                                        and 4) any transfers of shareholder or membership interests of Thrivent or UPI
                                        or any parent entities with respect to either of them.

                                        Gardens on El Paseo

                                        a) The related loan documents provide that 100% of the indirect ownership
                                        interests in the borrower may be transferred to a specified entity that shall
                                        assume all obligations of the transferor under the loan documents pursuant to a
                                        reverse 1031 tax-deferred exchange, without mortgagee's consent provided that
                                        certain conditions are met.

                                        b) The related loan documents permit transfers (other than pledges) of direct or
                                        indirect ownership interests in the borrower provided that certain conditions
                                        are met, including but not limited to: 1) 51% or more of the direct or indirect
                                        ownership interests in borrower are held by a "Permitted Owner"; 2) borrower's
                                        delivery of a non-consolidation opinion, satisfactory to lender and rating
                                        agencies, prior to any transfer in which 49% or more of the interests in
                                        borrower are sold to a person or entity that did not own 49% or more of the
                                        interests in borrower as of the closing.
--------------------------------------- ---------------------------------------------------------------------------------------

<PAGE>

--------------------------------------- ---------------------------------------------------------------------------------------
                                        Jupiter Medical Center    The related loan documents permit the transfer of the
                                        general partner interest in the Borrower to Jupiter Medical Center, Inc., so
                                        long as Jupiter Medical Center, Inc. is the owner of Jupiter Medical Center.

                                        GGP - Pierre Bossier Mall    The related loan documents permit a transfer or sale
                                        of any direct or indirect interest in Borrower provided that certain conditions
                                        have been satisfied, including: (i) such transfer or sale is to a Permitted
                                        Owner; (ii) if more than 49% of the direct or indirect interests in Borrower
                                        shall have been transferred to a person or entity not owning at least 49% of the
                                        direct or indirect interests in Borrower on the date of closing, Borrower shall
                                        deliver to Lender a nonconsolidation opinion, with respect to the proposed
                                        transfer or sale, which nonconsolidation opinion shall be reasonably acceptable
                                        to a prudent lender acting reasonably and, after a Securitization, the Rating
                                        Agencies.

                                        John Hancock Tower    The related mortgage loan documents permit transfers of
                                        direct or indirect ownership interests in Back Bay Holdings LLC (which
                                        indirectly owns 100% of the borrower) provided certain conditions are met,
                                        including (i) after such transfer the borrower shall maintain its status as a
                                        single purpose, bankruptcy remote entity, (ii) if after giving effect to such
                                        transfer and all prior transfers, more than 49% in the aggregate of direct or
                                        indirect interests in the borrower are owned by any Person and its Affiliates
                                        (as defined in the related mortgage loan documents) that owned less than a 49%
                                        direct or indirect interest in borrower as of March 14, 2003, the borrower shall
                                        deliver a non-consolidation opinion reasonably acceptable to the mortgagee and
                                        the Rating Agencies and (iii) following such transfer (x) Beacon Capital
                                        Strategic Partners II, L.P., ("BCSP II") or Lehman Brothers Holdings Inc. owns
                                        directly or indirectly 25% or more of the interests in the borrower and controls
                                        the borrower or (y) Permitted Transferees (as defined in the related mortgage
                                        loan documents) own in the aggregate directly or indirectly 51% or more of the
                                        interests in the borrower and controls the borrower, provided the related
                                        mezzanine lender also approves such Permitted Transferee in accordance with and
                                        to the extent required by the loan agreement evidencing the related mezzanine
                                        loan, or (z) another Person (A) relating to which the mortgagee has received a
                                        Rating Agency Confirmation and which the related mezzanine lender has approved
                                        in accordance with and to the extent required by the related mezzanine loan
                                        agreement and (B) that owns in the aggregate directly or indirectly 51% or more
                                        of the interests in the borrower and controls the borrower.

                                        The related mortgage loan documents permit changes in the ownership of BCSP II,
                                        or in the ownership of any direct and/or indirect interests in BCSP II without
                                        the consent of or notice to the mortgagee, the Rating Agencies or any other
                                        Person; provided, that (i) Beacon Capital Partners, LLC shall maintain the same
                                        ownership interest in BCP Strategic Partners II, LLC, the general partner of
                                        BCSP II, as it had on March 14, 2003, and continue to control BCSP II and its
                                        portfolio and (ii) if after giving effect to such transfer and all prior
                                        transfers, more than forty nine percent (49%) in the aggregate of direct or
                                        indirect interests in the related borrower are owned by any Person and its
                                        Affiliates that owned less than a forty nine percent (49%) direct or indirect
                                        interest in the related borrower as of March 14, 2003, the mortgagee shall
--------------------------------------- ---------------------------------------------------------------------------------------

<PAGE>

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

                                        receive a non-consolidation opinion acceptable to the Rating Agencies.

                                        GGP Mall Portfolio.    The related loan documents permit (a) a transfer or sale of
                                        any direct or indirect interest in Borrower provided that certain conditions
                                        have been satisfied, including: (i) such transfer or sale is to a Permitted
                                        Owner; (ii) if more than 49% of the direct or indirect interests in Borrower
                                        shall have been transferred to a person or entity not owning at least 49% of the
                                        direct or indirect interests in Borrower on the date of closing, Borrower shall
                                        deliver to Lender a nonconsolidation opinion, with respect to the proposed
                                        transfer or sale, which nonconsolidation opinion shall be reasonably acceptable
                                        to a prudent lender acting reasonably and, after a Securitization, the Rating
                                        Agencies.

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

(xxviii) Mortgagor Concentration        70 Hudson Street and 1200 Harbour Boulevard    The related mortgage loan
                                        constitutes approximately 9.6 percent of the Initial Pool Balance.

                                        John Hancock Tower    The related mortgage loan constitutes approximately 11.4
                                        percent of the Initial Pool Balance.

                                        GGP Mall Portfolio and GGP Pierre Bossier   The related mortgage loan constitutes
                                        approximately 12.9 percent of the Initial Pool Balance.

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

(xxix) Waivers; Modifications           Phillips Edison: Kokomo Plaza, Forest Park Plaza    Modified to cross
                                        collateralize.

                                        70 Hudson Street    Pursuant to letter to the related mortgage borrower, the
                                        mortgagee has waived the requirement of a $100,000 deductible on property
                                        insurance and will permit a $1,000,000 deductible on such policy so long as such
                                        insurance is carried by the sole tenant of the 70 Hudson Street Mortgaged
                                        Property and so long as such tenant is the Existing Tenant (as defined in the
                                        related loan documents).

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

(xxxi) Property Release                 GGP - Pierre Bossier Mall    The related loan documents provide that Dillard
                                        Department Stores, Inc. ("Dillard") pursuant to its Lease dated March 30, 1981
                                        (the "Dillard Lease") has the right, at any time subsequent to August 1, 2002 to
                                        purchase its premises for an amount equal to the fair market value (as
                                        determined by appraisal taking into account any encumbrances created by the
                                        Dillard Lease, but not including any improvements included within the expansion
                                        permitted to be performed by Dillard). If the appraisers are unable to agree on
                                        the fair market value, the fair market value shall be determined by a calculated
                                        amount specified in the Dillard Lease. In the event Dillard shall exercise its
                                        purchase option, Lender is required to release the premises demised by the
                                        Dillard Lease provided that certain conditions shall have been satisfied
                                        (including subdivision approval, zoning compliance, access to streets and
                                        utilities). In the event that the debt service coverage (calculated without
                                        inclusion of income from the Dillard Lease) for the Loan for the twelve month
                                        period prior to such release is less than 1.50x, Borrower shall be obligated to
                                        prepay the Loan, without premium or penalty, in an amount equal to the lesser of
                                        (i) the amount that would be necessary to reduce the Loan such that the debt
                                        service coverage could be achieved or (ii) $5,000,000. In the event of a
                                        prepayment, the monthly debt service payment will be reduced using the "Interest
                                        Rate" defined in the related loan documents and an amortization schedule that
                                        will achieve the same proportionate amortization of the reduced

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

<PAGE>

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

                                        principal over the then remaining term as would have been achieved if the
                                        principal and the originally scheduled debt service payments had not been
                                        reduced.

                                        Phillips Edison: Kokomo Plaza    The related borrower has the right to obtain a
                                        release of 10,000 square feet of the mortgaged property described as "grassy
                                        area" from the mortgage lien upon the satisfaction of certain criteria,
                                        including: (a) the release parcel shall be conveyed to a third party, (b)
                                        creation of reciprocal easements for ingress, egress, parking and utilities
                                        across the release parcel, access easements shall be retained and title
                                        insurance for such easements shall be procured, (c) recordation of restrictive
                                        covenants prohibiting the release parcel from being used in any manner that
                                        could result in a breach of the terms of any existing lease pertaining to the
                                        remaining mortgaged property, (d) separation of the release parcel from the
                                        remaining mortgaged property as a separately subdivided tax parcel, and the
                                        existence of the remaining mortgaged property as lawfully subdivided parcel, and
                                        (e) the compliance of the remaining mortgaged property with applicable zoning
                                        laws.

                                        Phillips Edison: Kokomo Plaza, Forest Park Plaza    The loan documents for these
                                        cross-collateralized and cross-defaulted loans provide that, upon the
                                        satisfaction of certain conditions, which conditions are described in part under
                                        section (xlviii) below, the borrower may defease less than all of the loans in
                                        question, and obtain a release of the defeased loan from the
                                        cross-collateralization/cross-default provisions.

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

(xxxvi) Legal Proceedings               Phillips Edison: Applewood Center    The related borrower's predecessor-in-interest
                                        in the mortgaged property has sued a former tenant to collect rents, and the
                                        tenant has counterclaimed against borrower's predecessor for return of
                                        approximately $243,000 in rents paid during the failure of a cotenancy provision
                                        in the lease. A transferable letter of credit in the amount of $281,485 has been
                                        delivered to Lehman Brothers Bank, and may be drawn upon to satisfy any judgment
                                        against the related borrower or borrower's predecessor in this case.

                                        70 Hudson Street    Pursuant to a Financial Agreement dated October 20, 1999 (the
                                        "Hudson Street Financial Agreement") between 70 Hudson Street Urban Renewal
                                        Associates, LLC and the City of Jersey City the improvements now located at 70
                                        Hudson Street have been afforded a tax exemption (the "70 Hudson Street Tax
                                        Exemption") for a 20 year period, which commenced upon substantial completion of
                                        construction of the exempt improvements. Such exemption, together with other tax
                                        exemptions afforded to similarly situated properties, has been challenged in a
                                        series of cases ("Tax Appeals") initiated by three other municipalities in
                                        Hudson County. In addition, other recent cases have yielded judicial rulings
                                        that may have implications for the 70 Hudson Street Financial Agreement.
                                        Presently the parties in interest to the Tax Appeals have agreed to settlement
                                        terms, but such settlement remains subject to entry of a court order of
                                        approval. In response to the questions raised in the Tax Appeals and other
                                        rulings, the New Jersey State legislature has passed into law a bill which the
                                        70 Hudson Street Borrower's legal counsel has opined ratifies the 70 Hudson
                                        Street Financial Agreement and the tax exemption afforded thereunder.

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

(xlvi) Leasehold Interest Only           Jupiter Medical Center   The related Ground Lease provides:

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

<PAGE>

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

                                        (D). Commencing on the 11th year of the Initial Term and every 10 years
                                        thereafter, the Annual Rent shall be adjusted. The Annual Rent adjustment is
                                        based on a mathematical calculation based on fair market rent. But in no event
                                        shall the Annual Rent increase by more than 130%.

                                        (K). The related property is to be used solely for the operation of a medical
                                        office building. Additionally, Landlord's consent is required to lease office
                                        space to either non-physician tenants or physician tenants that are not members
                                        in good standing of the Medical Staff of Jupiter Medical Center. However, these
                                        restrictions become null and void upon any foreclosure of a leasehold mortgage
                                        or the Landlord's entry into a new lease with a mortgagee.

                                        John Hancock Tower    With respect to (i) the lease ("Parking Lease") of the
                                        parking garage comprising a portion of the John Hancock Tower mortgaged property
                                        between the Massachusetts Turnpike Authority and John Hancock Life Insurance
                                        Company ("Hancock") and (ii) the sublease ("Parking Sublease") between Hancock
                                        and the related borrower:

                                             (B)  The Parking Lease may be assigned without the consent of lessor only
                                                  to certain lessee affiliates or only in part. Please note that the
                                                  Parking Lease was not assigned to borrower, rather, Hancock and
                                                  borrower entered into the Parking Sublease.

                                             (C)  The Parking Lease does not provide that no material amendment is
                                                  binding on a mortgagee unless the mortgagee has consented
                                                  thereto. The Parking Lease noes however provide that lessor will
                                                  not accept a voluntary surrender without mortgagee's approval.

                                             (F)  Neither the Parking Lease nor the Parking Sublease provide that
                                                  no notice of termination is effective unless the lessor has
                                                  offered to enter into a new lease with such mortgagee.

                                             (I)  Each of the Parking Lease and Parking Sublease expire on May 28,
                                                  2009, subject to rights of extension in favor of the leases
                                                  thereunder.

                                             (J)  With respect to a condemnation and termination of the Parking
                                                  Lease, the award will be divided between lessor and lessee based
                                                  upon the value of each person's respective interests in the
                                                  premises. With respect to a condemnation and termination of the
                                                  Parking Sublease, the award will be distributed in the manner
                                                  provided in the Parking Lease.

                                             (L)  The Parking Lease does not obligate lessor to enter into a new
                                                  lease with mortgagee in the event of a termination of the Parking
                                                  Lease including a termination by reason of a rejection in
                                                  bankruptcy.

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

(xlviii) Tax Lot; Utilities             Jupiter Medical Center    The related loan documents provide that prior to the
                                        issuance of the real property tax bills for the year 2003, Borrower to file
                                        application to cause the Property to be assessed for tax purposes as one or
--------------------------------------- ---------------------------------------------------------------------------------------

<PAGE>

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

                                        more wholly independent tax lots, excluding the Jupiter Medical Center, Inc.
                                        property which is adjacent.

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

(xlix) Defeasance                       Phillips Edison: Kokomo Plaza, Forest Park Plaza    The related borrowers may
                                        defease less than all of the aforementioned loans during such time as the
                                        aforementioned loans remain cross-collateralized and cross-defaulted, upon the
                                        satisfaction of certain conditions, including, among others: (a) achievement of
                                        a 1.20x debt service coverage ratio and 80% loan to value ratio for the mortgage
                                        loan not being defeased and related mortgaged property, and (b) delivery of an
                                        amount sufficient to purchase government securities which provide payments equal
                                        to the lesser of (i) 125% of the scheduled defeasance payments for the mortgage
                                        loan being defeased or (ii) the total of all remaining scheduled payments on all
                                        cross-collateralized mortgage loans (assuming no defeasance shall have
                                        occurred), less all scheduled defeasance payments to be made under substitute
                                        notes delivered in connection with the defeasance.

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

(lvi) Common Ownership                  Bethany Place, Fiesta Square, Maryland Dental Centers.    The foregoing mortgaged
                                        properties are owned by the same principals of borrower (Total Cut-Off Balance:
                                        $6,657,923).

                                        GGP Mall Portfolio and Pierre Bossier Mall   The foregoing properties are owned by
                                        borrowers that are ultimately owned by General Growth Properties, Inc. (Total Cut-Off
                                        Balance: $180,939,028).

                                        Phillips Edison Portfolio: Winery Square, Mountain View Village, Kokomo Plaza,
                                        Applewood Center, Highland Fair Shopping Center, Forest Park Plaza, Westbird Shopping
                                        Center:    (Total Cut-Off Balance: $50,226,536).

                                        70 Hudson Street and 1200 Harbor Boulevard    (Total Cut Off Balance: $134,883,272)

--------------------------------------- ---------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   SCHEDULE IV

               SCHEDULE OF ENVIRONMENTALLY INSURED MORTGAGE LOANS

<TABLE>
<CAPTION>
-------------------- ------------------------------------------ ---------------------------------------- ---------------------
   MORTGAGE LOAN                                                                                             CUT-OFF DATE
      NUMBER                       PROPERTY NAME                                ADDRESS                        BALANCE
-------------------- ------------------------------------------ ---------------------------------------- ---------------------
<S>                  <C>                                        <C>                                      <C>
                                                                  11111 Sunset Hills Road Reston, VA         $23,000,000
       16                             Reston                                     20190
-------------------- ------------------------------------------ ---------------------------------------- ---------------------
</TABLE>

<PAGE>

                                   SCHEDULE V

                             REFERENCE RATE SCHEDULE

<TABLE>
<CAPTION>
        INTEREST ACCRUAL PERIOD                INTEREST ACCRUAL PERIOD
           BY NUMERICAL ORDER                       BEGINNING IN:                   REFERENCE RATE
        ------------------------            -------------------------------      --------------------------------
<S>                                         <C>                                  <C>
                            1                                  July 2003                        5.43494%
                            2                                 August 2003                       5.43484%
                            3                               September 2003                      5.28360%
                            4                                October 2003                       5.43462%
                            5                                November 2003                      5.28337%
                            6                                December 2003                      5.43440%
                            7                                January 2004                       5.28313%
                            8                                February 2004                      5.28314%
                            9                                 March 2004                        5.43407%
                            10                                April 2004                        5.28277%
                            11                                 May 2004                         5.43383%
                            12                                 June 2004                        5.28254%
                            13                                 July 2004                        5.43364%
                            14                                August 2004                       5.43355%
                            15                              September 2004                      5.28223%
                            16                               October 2004                       5.43335%
                            17                               November 2004                      5.28202%
                            18                               December 2004                      5.28191%
                            19                               January 2005                       5.28180%
                            20                               February 2005                      5.28213%
                            21                                March 2005                        5.43284%
                            22                                April 2005                        5.28147%
                            23                                 May 2005                         5.43262%
                            24                                 June 2005                        5.28124%
                            25                                 July 2005                        5.43240%
                            26                                August 2005                       5.43229%
                            27                              September 2005                      5.28089%
                            28                               October 2005                       5.43207%
                            29                               November 2005                      5.28064%
                            30                               December 2005                      5.28052%
                            31                               January 2006                       5.28039%
                            32                               February 2006                      5.28073%
                            33                                March 2006                        5.43148%
                            34                                April 2006                        5.28001%
                            35                                 May 2006                         5.43123%
                            36                                 June 2006                        5.27975%
                            37                                 July 2006                        5.41779%
                            38                                August 2006                       5.41766%
                            39                              September 2006                      5.26702%
                            40                               October 2006                       5.41739%
                            41                               November 2006                      5.26673%
                            42                               December 2006                      5.26659%
                            43                               January 2007                       5.26644%
                            45                                March 2007                        5.41670%
                            46                                April 2007                        5.26600%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
        INTEREST ACCRUAL PERIOD                INTEREST ACCRUAL PERIOD
           BY NUMERICAL ORDER                       BEGINNING IN:                   REFERENCE RATE
        ------------------------            -------------------------------      --------------------------------
<S>                                         <C>                                  <C>
                            47                                 May 2007                         5.41642%
                            48                                 June 2007                        5.26569%
                            49                                 July 2007                        5.41612%
                            50                                August 2007                       5.41597%
                            51                              September 2007                      5.26521%
                            52                               October 2007                       5.41567%
                            53                               November 2007                      5.26489%
                            54                               December 2007                      5.41536%
                            55                               January 2008                       5.24332%
                            56                               February 2008                      5.23668%
                            57                                March 2008                        5.42992%
                            58                                April 2008                        5.26162%
                            59                                 May 2008                         5.44277%
                            60                                 June 2008                        5.26380%
                            61                                 July 2008                        5.44578%
                            62                                August 2008                       5.44586%
                            63                              September 2008                      5.26679%
                            64                               October 2008                       5.44602%
                            65                               November 2008                      5.26695%
                            66                               December 2008                      5.26702%
                            67                               January 2009                       5.26710%
                            68                               February 2009                      5.26800%
                            69                                March 2009                        5.44641%
                            70                                April 2009                        5.26732%
                            71                                 May 2009                         5.44657%
                            72                                 June 2009                        5.26748%
                            73                                 July 2009                        5.44673%
                            74                                August 2009                       5.44682%
                            75                              September 2009                      5.26772%
                            76                               October 2009                       5.44698%
                            77                               November 2009                      5.26788%
                            78                               December 2009                      5.26795%
                            79                               January 2010                       5.26803%
                            80                               February 2010                      5.26900%
                            81                                March 2010                        5.45132%
                            82                                April 2010                        5.27210%
                            83                                 May 2010                         5.45347%
                            84                                 June 2010                        5.41047%
</TABLE>

<PAGE>

                                   EXHIBIT A-1

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

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2003-C5
   CLASS [A-1] [A-2] [A-3] [A-4] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

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 II

<TABLE>
<S>                                                             <C>
Pass-Through Rate:  [Variable] [___% per annum]                 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]
July 11, 2003                                                   [A-4] Certificates as of the Closing Date:
                                                                $------------

Cut-off Date:  July 11, 2003                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 30, 2003                                    due on or before such date (the "Initial Pool Balance"):
                                                                $1,405,068,727

First Distribution Date:  August 15, 2003

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]-___                    CUSIP No.:  _____________
</TABLE>

                                     A-1-1
<PAGE>

[FOR BOOK-ENTRY CERTIFICATES:   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, AS AMENDED (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 II, 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 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"), between
Structured Asset Securities Corporation II, 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-1-2
<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 (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, no later than) 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-1-3
<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 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.

     [FOR BOOK-ENTRY 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 approximately 1.0% 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] 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] CERTIFICATE

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2003-C5
        CLASS [X-CL] [X-CP] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

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 II

<TABLE>
<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]
July 11, 2003                                                    Certificates as of the Closing Date:
                                                                 $-------------

Cut-off Date:  July 11, 2003                                     Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  July 30, 2003                                     due on or before such date (the "Initial Pool Balance"):
                                                                 $1,405,068,727

First Distribution Date:  August 15, 2003

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] -___                              CUSIP No.:  _____________
</TABLE>

                                     A-2-1
<PAGE>

[FOR BOOK ENTRY CERTIFICATES:   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, AS AMENDED (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 II, 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 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 OF THIS
CERTIFICATE TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S UNDER
THE SECURITIES ACT, AND (B) THE DATE OF CLOSING OF THE

                                     A-2-2
<PAGE>

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 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"),
between Structured Asset Securities Corporation II, 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 (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, no later than) 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 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.

     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

                                     A-2-4
<PAGE>

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 third preceding paragraph, (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

                                     A-2-5
<PAGE>

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 Securities 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, any Mortgage Loan Seller, the Master Servicer, the Special Servicer,
any Sub-Servicer, any Exemption-Favored Party or any Mortgagor with respect to
Mortgage Loans constituting more than 5% of the aggregate unamortized principal
balance of all the Mortgage Loans determined as of the Closing Date, or by any
Affiliate of such Person, and (Z) agrees that it will

                                     A-2-6
<PAGE>

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.

     [FOR BOOK-ENTRY 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). Notwithstanding the foregoing, each offeree and/or
holder of this Certificate (and each employee, representative, or other agent of
such offeree or holder) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure of the transactions (as defined
in section 1.6011-4 of the Treasury Department regulations) associated herewith
and all materials of any kind (including opinions or other tax analyses) that
are provided to the taxpayer relating to such tax treatment and tax structure.

     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-2-7
<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 approximately 1.0% 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-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] 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 2003-C5
   CLASS [B] [C] [D] [E] [F] [G] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

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 II

<TABLE>
<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]
July 11, 2003                                                    [G] Certificates as of the Closing Date:
                                                                 $------------

Cut-off Date:  July 11, 2003                                     Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  July 30, 2003                                     due on or before such date (the "Initial Pool Balance"):
                                                                 $1,405,068,727

First Distribution Date:  August 15, 2003

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>

[FOR BOOK-ENTRY CERTIFICATES:    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, AS AMENDED (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 II, 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 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"), between
Structured Asset Securities Corporation II, 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

                                     A-3-2
<PAGE>

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 (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, no later than) 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.

     [FOR BOOK-ENTRY 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 approximately 1.0% 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

                                     A-3-4
<PAGE>

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-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] [P] [Q] [S] [T] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2003-C5
        CLASS [H] [J] [K] [L] [M] [N] [P] [Q] [S] [T] COMMERCIAL MORTGAGE
                    PASS-THROUGH CERTIFICATE, SERIES 2003-C5

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 II

<TABLE>
<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]
July 11, 2003                                                   [M] [N] [P] [Q] [S] [T] Certificates as of the Closing
                                                                Date:
                                                                $----------------

Cut-off Date:  July 11, 2003                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 30, 2003                                    due on or before such date (the "Initial Pool Balance"):
                                                                $1,405,068,727

First Distribution Date:  August 15, 2003

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] [P] [Q] [S] [T]-___    CUSIP No.:  _____________
</TABLE>

                                     A-4-1
<PAGE>

[FOR BOOK-ENTRY CERTIFICATES: 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, AS AMENDED (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 II, 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 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 OF THIS
CERTIFICATE TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON

                                     A-4-2
<PAGE>

REGULATION S UNDER THE 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"), between
Structured Asset Securities Corporation II, 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 (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, no later than) 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

                                     A-4-3
<PAGE>

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 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

                                     A-4-4
<PAGE>

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 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 third preceding paragraph, (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 Securities 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

                                     A-4-6
<PAGE>

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, any
Mortgage Loan Seller, the Master Servicer, the Special Servicer, any
Sub-Servicer, any Exemption-Favored Party or any Mortgagor with respect to
Mortgage Loans constituting more than 5% of the aggregate unamortized principal
balance of all the Mortgage Loans determined as of the Closing Date, or by any
Affiliate of such Person, and (Z) agrees that it will obtain from each of its
Transferees that are Plans a written representation that such Transferee, if a
Plan, satisfies the requirements of the immediately preceding clauses (X) and
(Y), together with a written agreement that such Transferee will obtain from
each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(X) and (Y); or (iv) a certification of facts and an Opinion of Counsel which
otherwise establish to the reasonable satisfaction of the Trustee or such
Certificate Owner, as the case may be, that such Transfer will not result in a
violation of Section 406 or 407 of ERISA or Section 4975 of the Code or result
in the imposition of an excise tax under Section 4975 of the Code. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar (if this
Certificate constitutes a Definitive Certificate) or the Transferor (if this
Certificate constitutes a 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.

     [FOR BOOK-ENTRY 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). Notwithstanding the foregoing, each offeree and/or
holder of this Certificate (and each employee, representative, or other agent of
such offeree or holder) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure of the transactions (as defined
in section 1.6011-4 of the Treasury Department regulations) associated herewith
and all materials of any kind (including opinions or other tax analyses) that
are provided to the taxpayer relating to such tax treatment and tax structure.

     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

                                     A-4-7
<PAGE>

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 approximately 1.0% 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] [P] [Q] [S] [T]
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 [R-I] [R-II] [R-III] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2003-C5
    CLASS [R-I] [R-II] [R-III] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

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 II

<TABLE>
<S>                                                              <C>
Date of Pooling and Servicing Agreement:                         Percentage Interest evidenced by this Certificate in the
July 11, 2003                                                    related Class:  ___%

Cut-off Date:  July 11, 2003                                     Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  July 30, 2003                                     due on or before such date (the "Initial Pool Balance"):
                                                                 $1,405,068,727

First Distribution Date:  August 15, 2003

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] -___

</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, AS AMENDED (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 II, 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")] AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
AND 860D OF THE CODE. CONSEQUENTLY, THE TRANSFER OF THIS CERTIFICATE IS ALSO
SUBJECT TO THE ADDITIONAL TAX RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF
ANY PERSON BECOMES THE REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF
SUCH TRANSFER RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL
FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A
CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE.

                  This certifies that _______________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate (as
specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), between
Structured Asset Securities Corporation II, 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

                                     A-5-2
<PAGE>

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 (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, no later than) 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-5-3
<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 Securities 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, either: (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

                                     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) 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 regulations 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-5-5
<PAGE>

     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 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 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 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 regulations 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 regulations 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.

                                     A-5-6
<PAGE>

     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). Notwithstanding the foregoing, each offeree and/or
holder of this Certificate (and each employee, representative, or other agent of
such offeree or holder) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure of the transactions (as defined
in section 1.6011-4 of the Treasury Department regulations) associated herewith
and all materials of any kind (including opinions or other tax analyses) that
are provided to the taxpayer relating to such tax treatment and tax structure.

     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 approximately 1.0% 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

                                     A-5-7
<PAGE>

of such state (other than the provisions of Section 5-1401 of the New York
General Obligations Law), and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

                                     A-5-8
<PAGE>

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

                                       By:______________________________________
                                             Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class [R-I] [R-II] [R-III] Certificates referred to in
the within-mentioned Agreement.

Dated:  _____________

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Certificate Registrar

                                       By:______________________________________
                                             Authorized Officer

                                     A-5-9
<PAGE>

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

     I (we) further direct the issuance of a new Commercial Mortgage
Pass-Through Certificate of a like Percentage Interest and Class to the above
named assignee and delivery of such Commercial Mortgage Pass-Through Certificate
to the following address:_______________________________________________________

________________________________________________________________________________

________________________________________________________________________________

Dated:

                              __________________________________________________
                              Signature by or on behalf of Assignor

                              __________________________________________________
                              Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall, if permitted, be made by wire transfer or otherwise,
in immediately available funds, to______________________________________________
for the account of_____________________________________________________________.

     Distributions made by check (such check to be made payable to______________
______________________) and all applicable statements and notices should be
mailed to______________________________________________________________________.

     This information is provided by ______________________________, the
assignee named above, or __________________________________, as its agent.

                                     A-5-10
<PAGE>

                                   EXHIBIT A-6

                          FORM OF CLASS V CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2003-C5
              CLASS V COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

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 II

<TABLE>
<CAPTION>
<S>                                                              <C>
Date of Pooling and Servicing Agreement:                         Percentage Interest evidenced by this Certificate in Class
July 11, 2003                                                    V:  ___%

Cut-off Date:  July 11, 2003                                     Aggregate unpaid principal balance of the Mortgage Pool as
                                                                 of the Cut-off Date, after deducting payments of principal
Closing Date:  July 30, 2003                                     due on or before such date (the "Initial Pool Balance"):
                                                                 $1,405,068,727

First Distribution Date:  August 15, 2003

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 -___
</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, AS AMENDED (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 II, 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 TRUST MORTGAGE 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"), between Structured Asset Securities Corporation II, 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 (the

                                     A-6-2
<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, no later than) 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

                                     A-6-3
<PAGE>

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 Securities 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 either: (i) a certification to the effect that
such prospective Transferee is not a Plan and is not directly or indirectly
purchasing this Certificate or such interest herein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan; or (ii) a certification
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). Notwithstanding the foregoing, each

                                     A-6-4
<PAGE>

offeree and/or holder of this Certificate (and each employee, representative, or
other agent of such offeree or holder) may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the
transactions (as defined in section 1.6011-4 of the Treasury Department
regulations) associated herewith and all materials of any kind (including
opinions or other tax analyses) that are provided to the taxpayer relating to
such tax treatment and tax structure.

     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 approximately 1.0% 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-6-5
<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-6-6
<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-6-7
<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

      Re:      LB-UBS Commercial Mortgage Trust 2003-C5
               Commercial Mortgage Pass Through Certificates, Series 2003-C5
               (the "Certificates")

Ladies and Gentlemen:

     Pursuant to Section 2.02(b) of the Pooling and Servicing Agreement dated as
of July 11, 2003, relating to the above-referenced Certificates (the
"Agreement"), LaSalle Bank National Association, in its capacity as trustee (the
"Trustee"), hereby certifies as to each Mortgage Loan subject as of the date
hereof to the Agreement (except as identified in the exception report attached
hereto) that: (i) all documents specified in clauses (i) through (v), (vii) and
(viii) (without regard to the second parenthetical in such clause (viii)) of the
definition of "Mortgage File", are in its possession or the possession of a
Custodian on its behalf; (ii) the recordation/filing contemplated by Section
2.01(c) of the Agreement has been completed (based solely on receipt by the
Trustee of the particular recorded/filed documents); (iii) all documents
received by it or any Custodian with respect to such Mortgage Loan have been
reviewed by it or by such Custodian on its behalf and (A) appear regular on
their face (handwritten additions, changes or corrections shall not constitute
irregularities if initialed by the Mortgagor), (B) appear to have been executed
(where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv)
based on the examinations referred to in Section 2.02(a) of the Agreement and in
this Certification and only as to the foregoing documents, the information set
forth in the Trust Mortgage Loan Schedule with respect to the items specified in
clauses (v) and (vi)(B) of the definition of "Trust Mortgage Loan Schedule"
accurately reflects the information set forth in the Mortgage File.

     Neither the Trustee nor any Custodian is under any duty or obligation to
inspect, review or examine any of the documents, instruments, certificates or
other papers relating to the Mortgage Loans delivered to it to determine that
the same are valid, legal, effective, genuine, binding, enforceable, sufficient
or appropriate for the represented purpose or that they are other than what they
purport to be on their face. Furthermore, neither the Trustee nor any Custodian
shall have any responsibility for determining whether the text of any assignment
or endorsement is in proper or recordable form, whether the requisite recording
of any document is in accordance with the requirements of any applicable
jurisdiction, or whether a blanket assignment is permitted in any applicable
jurisdiction. In performing the review contemplated herein, the Trustee or any
Custodian may rely on the Depositor as to the purported genuineness of any such
document and any signature thereon.

                                      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 28262-1075
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

Lennar Partners, Inc.
1601 Washington Avenue, Suite 800
Miami Beach, Florida 33139
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

Structured Asset Securities Corporation II
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

Lehman Brothers Inc.
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

Lehman Brothers Holdings Inc., doing business as Lehman Capital,
     a division of Lehman Brothers Holdings Inc.
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

LUBS Inc.
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

UBS Securities LLC
1285 Avenue of the Americas
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

UBS Real Estate Investments Inc.
1285 Avenue of the Americas
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2003-C5

[John Hancock Tower Pari Passu Non-Trust Loan Noteholders] [John Hancock Tower
Subordinate Non-Trust Loan Noteholders]

                                      C-3
<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                     [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 2003-C5

           Re:    LB-UBS Commercial Mortgage Trust 2003-C5,
                  Commercial Mortgage Pass-Through Certificates, Series 2003-C5

     In connection with the administration of the Mortgage Files held by or on
behalf of you as Trustee under that certain Pooling and Servicing Agreement
dated as of July 11, 2003 (the "Pooling and Servicing Agreement"), by and
between Structured Asset Securities Corporation II, 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 "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 2003-C5

           Re:   LB-UBS Commercial Mortgage Trust 2003-C5,
                 Commercial Mortgage Pass-Through Certificates, Series 2003-C5

     In connection with the administration of the Mortgage Files held by or on
behalf of you as Trustee under that certain Pooling and Servicing Agreement
dated as of July 11, 2003 (the "Pooling and Servicing Agreement"), by and
between Structured Asset Securities Corporation II, 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 "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
--------------- ------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------
                                                 SCHEDULED                                      PRECEDING
                 SHORT NAME                      MORTGAGE    PAID     CURRENT                   FISCAL YR.
                   (WHEN      PROPERTY             LOAN      THRU     INTEREST     MATURITY        DSCR      MOST RECENT
PROSPECTUS ID   APPROPRIATE)    TYPE     STATE    BALANCE    DATE       RATE         DATE          NCR         DSCR NCF
--------------- ------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------
<S>             <C>          <C>         <C>    <C>          <C>    <C>           <C>          <C>           <C>
--------------- ------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------
SCHEDULED PAYMENTS
----------------------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------

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

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

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

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

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

--------------- ------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------
UNSCHEDULED PAYMENT
----------------------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------

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

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

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

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

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

--------------- ------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------
TOTAL:                                          $
--------------- ------------- ---------- ------ ------------ ------ ------------- ------------ ------------- -------------

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

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

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

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

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

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

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

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

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

<CAPTION>
--------------------------------------------------------------------
      S4            S55          SERVICER ESTIMATED INFORMATION
--------------- ------------- ------------ ------------ ------------

                 SHORT NAME                 EXPECTED     EXPECTED
                   (WHEN         YIELD       PAYMENT    DISTRIBUTION
PROSPECTUS ID   APPROPRIATE)  MAINTENANCE     DATE         DATE
--------------- ------------- ------------ ------------ ------------
<S>             <C>           <C>          <C>          <C>
--------------- ------------- ------------ ------------ ------------
SCHEDULED PAYMENTS
----------------------------- ------------ ------------ ------------

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

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

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

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

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

--------------- ------------- ------------ ------------ ------------
UNSCHEDULED PAYMENT
----------------------------- ------------ ------------ ------------

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

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

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

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

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

--------------- ------------- ------------ ------------ ------------
TOTAL:
--------------- ------------- ------------ ------------ ------------

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

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

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

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

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

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

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

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

--------------- ------------- ------------ ------------ ------------
</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 NON-REGISTERED 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 2003-C5

         Re:  LB-UBS Commercial Mortgage Trust 2003-C5, Commercial Mortgage
              Pass-Through Certificates, Series 2003-C5, Class _____, [having
              an initial aggregate [Certificate Principal Balance] [Certificate
              Notional Amount] as of July 30, 2003 (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 July 11, 2003, between Structured Asset
Securities Corporation II, 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 herein 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.

                                      F-1-1
<PAGE>

          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-1-2
<PAGE>

                                  EXHIBIT F-2A

                        FORM I OF TRANSFEREE CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED 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 2003-C5

            Re:      LB-UBS Commercial Mortgage Trust 2003-C5, Commercial
                     Mortgage Pass-Through Certificates, Series 2003-C5, Class
                     ___, [having an initial aggregate [Certificate Principal
                     Balance] [Certificate Notional Amount] as of July 30, 2003
                     (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 July 11, 2003, between
Structured Asset Securities Corporation II, 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, 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 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 NON-REGISTERED 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 2003-C5

           Re:      LB-UBS Commercial Mortgage Trust 2003-C5, Commercial
                    Mortgage Pass-Through Certificates, Series 2003-C5, Class
                    _____,[having an initial aggregate [Certificate Principal
                    Balance] [Certificate Notional Amount] as of July 30, 2003
                    (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 July 11, 2003, between Structured Asset
Securities Corporation II, 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, AS AMENDED (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

                                     F-2B-2
<PAGE>

     Agreement and 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 2003-C5, Commercial
                    Mortgage Pass-Through Certificates, Series 2003-C5, Class
                    _____, having an initial aggregate [Certificate Principal
                    Balance] [Certificate Notional Amount] as of July 30, 2003
                    (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 July 11, 2003, between Structured Asset Securities
Corporation II, 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, AS AMENDED (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.

                                     F-2C-2
<PAGE>

          4. The Transferee understands that, if the Transferred Certificate is
     a Class T Certifcate, it may not sell or otherwise transfer such
     Transferred Certificate or any interest therein unless it has provided
     prior written notice of such transfer (together with a copy of the
     Transferee Certificate in the form hereof executed by the proposed
     transferee of such Transferred Certificate) to Lehman Brothers, Inc., 745
     Seventh Avenue, New York, New York 10019, Attention: Scott Lechner--LB-UBS
     Commercial Mortgage Trust 2003-C5, facsimile number: (646) 758-4203.

          5. The Transferee has been furnished with all information regarding
     (a) the Depositor, (b) the Transferred Certificates and distributions
     thereon, (c) the nature, performance and servicing of the Mortgage Loans,
     (d) the Pooling and Servicing Agreement and the Trust Fund created pursuant
     thereto, (e) any credit enhancement mechanism associated with the
     Transferred Certificates, and (f) all related matters, that it has
     requested.

                                Very truly yours,
                                ________________________________________________
                                (Transferee)

                                By:_____________________________________________
                                    Name:
                                    Title:

                                     F-2C-3
<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 II
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, 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 Transferred
                    Certificates in the case of a U.S. bank, and not more than
                    18 months preceding such date of sale in the case of a
                    foreign bank or equivalent institution.

     _____          Savings and Loan. The Transferee (a) is a savings and loan
                    association, building and loan association, cooperative
                    bank, homestead association or similar institution, which is
                    supervised and examined by a state or federal authority
                    having supervision over any such institutions or is a
                    foreign savings and loan association or equivalent
                    institution and (b) has an audited net worth of at least
                    $25,000,000 as demonstrated in its latest annual financial
                    statements, a copy of which is attached hereto, as of a date
                    not more than 16 months preceding the date of sale of the
                    Transferred Certificates in the case of a U.S.

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

(1)      Transferee or each of its equity owners must own and/or invest on a
         discretionary basis at least $100,000,000 in securities unless
         Transferee or any such equity owner, as the case may be, is a dealer,
         and, in that case, Transferee or such equity owner, as the case may be,
         must own and/or invest on a discretionary basis at least $10,000,000 in
         securities.

                                     F-2C-4
<PAGE>

                    savings and loan association, and not more than 18 months
                    preceding such date of sale in the case of a foreign
                    savings and loan association or equivalent institution.

     ___            Broker-dealer. The Transferee is a dealer registered
                    pursuant to Section 15 of the Securities Exchange Act of
                    1934, as amended.

     ___            Insurance Company. The Transferee is an insurance company
                    whose primary and predominant business activity is the
                    writing of insurance or the reinsuring of risks underwritten
                    by insurance companies and which is subject to supervision
                    by the insurance commissioner or a similar official or
                    agency of a state, U.S. territory or the District of
                    Columbia.

     ___            State or Local Plan. The Transferee is a plan established
                    and maintained by a state, its political subdivisions, or
                    any agency or instrumentality of the state or its political
                    subdivisions, for the benefit of its employees.

     ___            ERISA Plan. The Transferee is an employee benefit plan
                    within the meaning of Title I of the Employee Retirement
                    Income Security Act of 1974.

     ___            Investment Advisor. The Transferee is an investment advisor
                    registered under the Investment Advisers Act of 1940, 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

                                     F-2C-5
<PAGE>

     the statements made herein because one or more Transfers to the Transferee
     may 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 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-6
<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 II
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-7
<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-8
<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 2003-C5, Commercial
                    Mortgage Pass-Through Certificates, Series 2003-C5, Class
                    _____, having an initial aggregate [Certificate Principal
                    Balance] [Certificate Notional Amount] as of July 30, 2003
                    (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 July 11, 2003, between Structured Asset Securities
Corporation II, 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 2003-C5

                  Re:  LB-UBS Commercial Mortgage Trust 2003-C5, Commercial
                       Mortgage Pass-Through Certificates, Series 2003-C5 (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 July 30, 2003 (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 July 11, 2003, between
Structured Asset Securities Corporation II, 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 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 2003-C5, Commercial Mortgage
                  Pass-Through Certificates, Series 2003-C5 (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 July 30, 2003 (the "Closing Date")
of $__________] [evidencing a ____% Percentage Interest in the related Class]
(the "Transferred Certificates"). The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated
as of July 11, 2003 (the "Pooling and Servicing Agreement"), among Structured
Asset Securities Corporation II, 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

                                     G-2-1
<PAGE>

                           Servicer, any Sub-Servicer or any Mortgagor with
                           respect to Mortgage Loans constituting more than 5%
                           of the aggregate unamortized principal balance of
                           all the Mortgage Loans determined on the date of the
                           initial issuance of the Certificates, or by any
                           Affiliate of such Person, and (Z) agrees that it
                           will obtain from each of its 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 2003-C5, Commercial
                    Mortgage Pass-Through Certificates, Series 2003-C5 (the
                    "Certificates"), issued pursuant to the Pooling and
                    Servicing Agreement (the "Pooling and Servicing Agreement"),
                    dated as of July 11, 2003, between Structured Asset
                    Securities Corporation II, 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]
Certificates representing ________% of the residual interest in [each of] the
real estate mortgage investment conduit[s] ([each,] a "REMIC") designated as
["REMIC I"] ["REMIC II"] ["REMIC III"], [respectively], relating to the
Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986, as amended (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] 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

                                     H-1-1
<PAGE>

unit. The terms "United States" and "international organization" shall have the
meanings set forth in Section 7701 of the Code.

     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] 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] Certificates to a Disqualified Organization.

     7. No purpose of the acquisition of the [Class R-I] [Class R-II] [Class
R-III] 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 regulations
         section 1.860E-1 to apply:

          a) In accordance with Treasury regulations 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] 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 regulations
     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]
     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
        regulations 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 regulations section 1.860G-3(a)(3), is
          subject to tax under Section 882 of the Code;

               (b) understands that, for purposes of Treasury regulations
          section 1.860E-1(c)(4)(ii), as a holder of a [Class R-I] [Class R-II]
          [Class R-III] Certificate for United States federal income tax
          purposes, it may incur tax liabilities in excess of any cash flows
          generated by such [Class R-I] [Class R-II] [Class R-III] Certificate;

               (c) intends to pay the taxes associated with holding a [Class
          R-I] [Class R-II] [Class R-III] 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] 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] 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] 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] 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] 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 2003-C5

             Re:  LB-UBS Commercial Mortgage Trust 2003-C5, Commercial Mortgage
                  Pass-Through Certificates, Series 2003-C5 (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] Certificates evidencing a ____%
Percentage Interest in such Class (the "Residual Interest Certificates"). The
Certificates, including the Residual Interest Certificates, were issued pursuant
to the Pooling and Servicing Agreement, dated as of July 11, 2003 (the "Pooling
and Servicing Agreement"), between Structured Asset Securities Corporation II,
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 Internal Revenue Code of 1986, as amended) as
     contemplated by Treasury regulations 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 July 11, 2003 and relating to LB-UBS
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2003-C5 (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 2003-C5,
                   Commercial Mortgage Pass-Through Certificates, Series 2003-C5

Ladies and Gentlemen:

     Pursuant to [Section 6.09 of the Pooling and Servicing Agreement], dated as
of July 11, 2003, relating to LB-UBS Commercial Mortgage Trust 2003-C5,
Commercial Mortgage Pass-Through Certificates, Series 2003-C5 (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: ____________________.

                          [NAME OF PROPOSED SPECIAL SERVICER]

                           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 II, 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 2003-C5, Commercial Mortgage Pass-Through
Certificates, Series 2003-C5 (referred to as the "Secured Party" for purposes of
this financing statement only), under the Pooling and Servicing Agreement, dated
as of July 11, 2003 (the "Pooling and Servicing Agreement"), between 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 2003-C5, Commercial Mortgage Pass-Through Certificates, Series 2003-C5
(the "Series 2003-C5 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 Trust 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 Account 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 Account 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 Account 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 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;

          (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;

                                      J-2
<PAGE>

          (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 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 2003-C5 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 Schedule I- Trust 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 2003-C5]

[Wachovia Bank, National Association
8739 Research Drive-URP4
Charlotte, North Carolina 28262-1075
Attention:    LB-UBS Commercial Mortgage Trust 2003-C5]

              Re:  LB-UBS Commercial Mortgage Trust 2003-C5,
                   Commercial Mortgage Pass-Through Certificates, Series 2003-C5

     In accordance with the provisions of the Pooling and Servicing Agreement,
dated as of July 11, 2003 (the "Pooling and Servicing Agreement"), between
Structured Asset Securities Corporation II, 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 2003-C5, Commercial Mortgage Pass-Through
Certificates, Series 2003-C5 (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 only if such person or
entity confirms in writing such ownership interest or prospective ownership
interest and agrees to keep it confidential.

                                     L-1-1
<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.

                           [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 2003-C5]

[Wachovia Bank, National Association
8739 Research Drive-URP4
Charlotte, North Carolina 28262-1075
Attention:     LB-UBS Commercial Mortgage Trust 2003-C5]

               Re:  LB-UBS Commercial Mortgage Trust 2003-C5,
                    ommercial Mortgage Pass-Through Certificates, Series 2003-C5

     In accordance with the provisions of the Pooling and Servicing Agreement,
dated as of July 11, 2003 (the "Pooling and Servicing Agreement"), between
Structured Asset Securities Corporation II, 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 2003-C5, Commercial Mortgage Pass-Through
Certificates, Series 2003-C5 (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,
            a division of The McGraw-Hill Companies, Inc.
         55 Water Street
         New York, New York 10041
         Attn:  Commercial Mortgage Surveillance

From:    _____________________________________, in its capacity as master
         servicer (the "Master Servicer") under the Pooling and Servicing
         Agreement dated as of July 11, 2003 (the "Pooling and Servicing
         Agreement"), between Structured Asset Securities Corporation II, 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 2003-C5,
                   Commercial Mortgage Pass-Through Certificates, Series 2003-C5

     Mortgage loan (the "Mortgage Loan") identified by loan number _____ on the
Trust Mortgage Loan Schedule attached to the Pooling and Servicing Agreement and
heretofore secured by the Mortgaged [Property] [Properties] identified on the
Trust 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;

                                      M-2
<PAGE>

     2. Certify as to each of the following, and any additional explanatory
notes set forth on Exhibit A hereto:

          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").

                                      M-3
<PAGE>

          h. The Master Servicer received from the Mortgagor written
     confirmation from a firm of independent certified public accountants, who
     were approved by the Master Servicer in accordance with the Servicing
     Standard, stating that (i) revenues from principal and interest payments
     made on the defeasance collateral (without taking into account any earnings
     on reinvestment of such revenues) will be sufficient to timely pay each of
     the Scheduled Payments after the defeasance including the payment in full
     of the Mortgage Loan (or the allocated portion thereof in connection with a
     partial defeasance) on its Maturity Date (or, in the case of an ARD
     Mortgage 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

                                      M-4
<PAGE>

     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.

     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>

                                    EXHIBIT N

                      FORM OF SELLER/DEPOSITOR NOTIFICATION

                                     [Date]

<TABLE>
<S>                                                       <C>
[Structured Asset Securities Corporation II               [Wachovia Bank, National Association
745 Seventh Avenue                                        8739 Research Drive-URP4
New York, New York  10019                                 Charlotte, North Carolina 28262-1075
Attention:    David Nass]                                 Attention:  LB-UBS Commercial Mortgage Trust 2003-C5]

[UBS Securities LLC                                       [Lennar Partners, Inc.
1285 Avenue of the Americas                               1601 Washington Avenue, Suite 800
New York, New York  10019                                 Miami Beach, Florida 33139
Attention:    Ahmed Alali                                 Attention:  LB-UBS Commercial Mortgage Trust 2003-C5]
              Robert Pettinato]

[Controlling Class Representative (if known)]             [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 2003-C5]
</TABLE>

          Re:      LB-UBS Commercial Mortgage Trust 2003-C5,
                   Commercial Mortgage Pass-Through Certificates, Series 2003-C5

Ladies and Gentlemen:

     This notice is being delivered pursuant to Section 2.03 of the Pooling and
Servicing Agreement, dated as of July 11, 2003 (the "Agreement"), relating to
the captioned commercial mortgage pass-through certificates (the
"Certificates"). Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to them in the Agreement.

     This notice is being delivered with respect to the Mortgage Loan identified
on the Trust Mortgage Loan Schedule as Mortgage Loan number [__], and secured by
the Mortgaged Property identified on the Trust Mortgage Loan Schedule as
_________________ (the "Subject Trust Mortgage Loan").

     Check which of the following applies:

     ______         We hereby advise you that a Material Document Defect or
                    Material Breach exists with respect to the Subject Trust
                    Mortgage Loan due to the occurrence set forth on Schedule 1
                    attached hereto.

     ______         We hereby request that you cure the Material Document Defect
                    or Material Breach with respect to the Subject Trust
                    Mortgage Loan within the time period and subject to the
                    conditions provided for in [Section 2.03(a) of the
                    Agreement] [Section 5(a) of the UBS/Depositor Mortgage Loan
                    Purchase Agreement].

                                      N-1

<PAGE>

     ______         We hereby advise you that a Servicing Transfer Event has
                    occurred with respect to the Subject Trust Mortgage Loan due
                    to the occurrence set forth on Schedule 1 attached hereto
                    (and a Material Document Defect has occurred as set forth
                    above or on a previous Seller/Depositor Notification).

     ______         We hereby advise you that an assumption is proposed or has
                    occurred with respect to the Subject Trust Mortgage Loan, as
                    further described on Schedule 1 attached hereto (and a
                    Material Document Defect has occurred as set forth above or
                    on a previous Seller/Depositor Notification).

     ______         Under the circumstances contemplated by the last paragraph
                    of [Section 2.03(a) of the Agreement] [Section 5(a) of the
                    UBS/Depositor Mortgage Loan Purchase Agreement], we hereby
                    advise you that both (A) the applicable Resolution Extension
                    Period has expired and (B) a [Servicing Transfer Event]
                    [proposed or actual assumption] has occurred with respect to
                    the Subject Trust Mortgage Loan; therefore, we hereby direct
                    you to cure the subject Material Document Defect within 15
                    days of receipt of this Seller/Depositor Notification.

     ______         We hereby advise you that the 15-day period set forth in the
                    preceding paragraph has expired and we hereby notify you
                    that the [Master Servicer] [Special Servicer] has elected to
                    perform your cure obligations with respect to the subject
                    Material Document Defect and the Subject Trust Mortgage
                    Loan.

      ______        We hereby request that you repurchase the Subject Trust
                    Mortgage Loan or any related REO Property to the extent
                    required by [Section 2.03(a) of the Agreement] [Section 5(a)
                    of the UBS/Depositor Mortgage Loan Purchase Agreement].

                         Very truly yours,

                         LASALLE BANK NATIONAL ASSOCIATION,
                         as Trustee

                         By:____________________________________________________
                            Name:
                            Title:

     In the event this notice constitutes a request to repurchase the Subject
Trust Mortgage Loan, a copy of this Seller/Depositor Notification has been
delivered to each of:

                  (i)      Counsel to the Seller:

                           Cadwalader, Wickersham & Taft
                           100 Maiden Lane
                           New York, New York  10038
                           Attention:       Anna Glick;

                                      N-2
<PAGE>

                  and

                  (ii)     Internal Counsel to the Depositor/Lehman Mortgage
                           Loan Seller:

                           Lehman Brothers Holdings Inc., doing business as
                           Lehman Capital, a Division of Lehman Brothers
                           Holdings, Inc., or its successor in interest
                           745 Seventh Avenue
                           New York, New York  10019
                           Attention:       Scott Lechner

                                      N-3
<PAGE>

                                                                      SCHEDULE 1
                                                                      ----------

         Mortgage Loan Number:  ________________

         Name of Mortgaged Property:____________________________________________

         Material Breach:  Explain the nature of the Material Breach:___________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

         Material Document Defect: List the affected documents and describe
nature of the Material Document Defect:_________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

         Servicing Transfer Event/Assumption: Explain the nature of the
Servicing Transfer Event/Assumption:____________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

         Other: Set forth any necessary additional information:_________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

                                      N-4
<PAGE>

                                    EXHIBIT O

                                   [RESERVED]

                                       O-1

<PAGE>

                                    EXHIBIT P

                      FORM OF TRUSTEE BACKUP CERTIFICATION

    Re:  LB-UBS Commercial Mortgage Trust 2003-C5 (the "Trust") Commercial
         Mortgage Pass-Through Certificates, Series 2003-C5 (the "Certificates")

     Pursuant to Section 8.15 of the Pooling and Servicing Agreement, dated as
of July 11, 2003 (the "Pooling and Servicing Agreement"), between Structured
Asset Securities Corporation II as depositor (the "Depositor"), LaSalle Bank
National Association 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 Certificates, the undersigned, a ____________________ of
the Trustee and on behalf of the Trustee, hereby certifies to
___________________ (the "Certifying Party") and to ____________________ as the
officer executing the subject certification pursuant to the Sarbanes-Oxley Act
of 2002 (the "Certifying Officer") and its partners, representatives,
affiliates, members, managers, directors, officers, employees and agents, to the
extent that the following information is within our normal area of
responsibilities and duties under the Pooling and Servicing Agreement, and with
the knowledge and intent that they will rely upon this certification, that:

          1. I have reviewed the annual report on Form 10-K for the fiscal year
     _______, and all reports on Form 8-K filed in respect of periods included
     in the year covered by that annual report, of the Trust;

          2. To the best of my knowledge, and assuming the accuracy of the
     statements required to be made in the Master Servicer Backup Certification
     and in the Special Servicer Backup Certification (in each case, to the
     extent that such statements are relevant to the statements made in this
     Trustee Backup Certification), that the information in such reports
     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 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;

          3. To the best of my knowledge, the information in such reports
     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

          4. To the best of my knowledge, such information includes all Servicer
     Reports and Additional Designated Servicing Information provided to the
     Trustee by the Master Servicer and/or the Special Servicer hereunder.

                                      P-1
<PAGE>

     Capitalized terms used herein and not defined shall have the respective
meanings given to them in the Pooling and Servicing Agreement.

Date:

                            [NAME OF TRUSTEE]

                            By:_________________________________________________
                               Name:
                               Title:

                                      P-2
<PAGE>

                                    EXHIBIT Q

                  FORM OF MASTER SERVICER BACKUP CERTIFICATION
                           TO BE PROVIDED TO DEPOSITOR

   Re:   LB-UBS Commercial Mortgage Trust 2003-C5 (the "Trust") Commercial
         Mortgage Pass-Through Certificates, Series 2003-C5 (the "Certificates")

     Pursuant to Section 8.15 of the Pooling and Servicing Agreement, dated as
of July 11, 2003 (the "Pooling and Servicing Agreement"), between Structured
Asset Securities Corporation II as depositor (the "Depositor"), LaSalle Bank
National Association 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 Certificates, the undersigned, a ____________________ of
the Master Servicer and on behalf of the Master Servicer, hereby certifies to
___________________ (the "Certifying Party") and to ____________________ as the
officer executing the subject certification pursuant to the Sarbanes-Oxley Act
of 2002 (the "Certifying Officer") and its partners, representatives,
affiliates, members, managers, directors, officers, employees and agents, to the
extent that the following information is within our normal area of
responsibilities and duties under the Pooling and Servicing Agreement, and with
the knowledge and intent that they will rely upon this certification, that:

          1. I have reviewed all the Servicer Reports and Additional Designated
     Servicing Information delivered by the Master Servicer to the Trustee for
     the fiscal year [___];

          2. Based on my knowledge, and assuming the accuracy of the statements
     required to be made in the Special Servicer Certification (to the extent
     that such statements are relevant to the statements made in this Master
     Servicer Certification), the information in the Servicer Reports and
     Additional Designated Servicing Information delivered by the Master
     Servicer to the Trustee for such year relating to servicing information,
     including information relating to actions of the Master Servicer and/or
     payments and other collections on and characteristics of the Trust 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 such fiscal
     year;

          3. Based on my knowledge, and assuming the accuracy of the statements
     required to be made in the Special Servicer Certification (to the extent
     that such statements are relevant to the statements made in this Master
     Servicer Certification), the information in the Servicer Reports and
     Additional Designated Servicing Information delivered by the Master
     Servicer to the Trustee for such year relating to servicing information,
     including information relating to actions of the Master Servicer and/or
     payments and other collections on and characteristics of the Trust Mortgage
     Loans and REO Properties, includes all information of such type required to
     be provided by the Master Servicer to the Trustee under the Pooling and
     Servicing Agreement for such year;

          4. I am responsible for reviewing the activities performed by the
     Master Servicer under the Pooling and Servicing Agreement and, based upon
     the review required under the Pooling and Servicing Agreement, and except
     as disclosed in the Annual Performance Certification delivered by the
     Master Servicer for such year, the Master Servicer has fulfilled its
     obligations under the Pooling and Servicing Agreement; and

                                      Q-1
<PAGE>

          5. I have disclosed to the accountants that are to deliver the Annual
     Accountants' Report in respect of the Master Servicer with respect to such
     year 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 the Pooling and
     Servicing Agreement.

     The foregoing certifications under clauses 2. and 3. above assume 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
to the Prospectus Supplement. "Mortgage Loan Seller Matters" as used in the
preceding sentence shall mean the description of the Mortgage Loans, the
Mortgaged Properties and the Mortgagors. In addition, notwithstanding the
foregoing certifications under clauses 2. and 3. above, the Master Servicer does
not make any certification under such clauses 2. and 3. above with respect to
the information in the Servicer Reports and Additional Designated Servicing
Information delivered by the Master Servicer to the Trustee referred to in such
clauses 2. and 3. above that is in turn dependent upon information provided by
the Special Servicer under the Pooling and Servicing Agreement, beyond the
certification required to be provided by the Special Servicer pursuant to
Section 8.15(i) of the Pooling and Servicing Agreement. Further, notwithstanding
the foregoing certifications, the Master Servicer does not make any
certification under the foregoing clauses 1. through 5. that is in turn
dependent upon information required to be provided by any Sub-Servicer
identified on Exhibit K to the Pooling and Servicing Agreement, acting under a
Sub-Servicing Agreement that the Master Servicer entered into in connection with
the issuance of the Certificates, or upon the performance by any such
Sub-Servicer of its obligations pursuant to any such Sub-Servicing Agreement, in
each case beyond the respective backup certifications actually provided by such
Sub-Servicer to the Master Servicer with respect to the information that is the
subject of such certification.

     Capitalized terms used herein and not defined shall have the respective
meanings given to them in the Pooling and Servicing Agreement.

Date:

                            [NAME OF MASTER SERVICER]

                            By:_________________________________________________
                               Name:
                               Title:

                                      Q-2
<PAGE>

                                    EXHIBIT R

                  FORM OF SPECIAL SERVICER BACKUP CERTIFICATION
                           TO BE PROVIDED TO DEPOSITOR

    Re:  LB-UBS Commercial Mortgage Trust 2003-C5 (the "Trust") Commercial
         Mortgage Pass-Through Certificates, Series 2003-C5 (the "Certificates")

     Pursuant to Section 8.15 of the Pooling and Servicing Agreement, dated as
of July 11, 2003 (the "Pooling and Servicing Agreement"), between Structured
Asset Securities Corporation II as depositor (the "Depositor"), LaSalle Bank
National Association 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 Certificates, the undersigned, a ____________________ of
the Special Servicer and on behalf of the Special Servicer, hereby certifies to
___________________ (the "Certifying Party") and to ____________________ as the
officer executing the subject certification pursuant to the Sarbanes-Oxley Act
of 2002 (the "Certifying Officer") and its partners, representatives,
affiliates, members, managers, directors, officers, employees and agents, to the
extent that the following information is within our normal area of
responsibilities and duties under the Pooling and Servicing Agreement, and with
the knowledge and intent that they will rely upon this certification, that:

     1. I have reviewed all the Servicer Reports and Additional Designated
Servicing Information delivered by the Special Servicer delivered to the Master
Servicer and/or the Trustee for the fiscal year ______________ as to the special
servicing by the Special Servicer of specially serviced mortgage loans (the
"Specially Serviced Mortgage Loans") or real properties owned by the Trust that
were acquired through foreclosure of loans as to which the Special Servicer has
servicing responsibilities ("REO Properties");

     2. To the best of my knowledge, the information in the Servicer Reports and
Additional Designated Servicing Information delivered to the Master Servicer
and/or the Trustee for such year relating to servicing information in respect of
Specially Serviced Mortgage Loans and REO Properties, in each case, 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 the REO Properties, taken as a whole, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading as of the last day of such fiscal year;

     3. To the best of my knowledge, the information in the Servicer Reports and
Additional Designated Servicing Information delivered to the Master Servicer
and/or the Trustee for such year relating to servicing information in respect of
Specially Serviced Mortgage Loans and REO Properties, in each case, 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 the REO Properties, includes all information of such type required to
be provided by the Special Servicer to the Trustee and the Master Servicer under
the Pooling and Servicing Agreement;

     4. I am responsible for reviewing the activities performed by the Special
Servicer under the Pooling and Servicing Agreement, and based upon the review
required by the Pooling and Servicing Agreement, and except as disclosed in the
Annual Performance Certification delivered by the Special Servicer for such
year, the Special Servicer has fulfilled its obligations under the Pooling and
Servicing Agreement; and

                                      R-1
<PAGE>

     5. I or persons acting under my supervision have disclosed to the certified
public accountants that are to deliver the Annual Accountants Report in respect
of the Special Servicer required by the Pooling and Servicing Agreement with
respect to such year all significant deficiencies relating to the Special
Servicer's compliance with the minimum servicing standards in order to enable
them to conduct a review in compliance with the Uniform Single Attestation
Program for Mortgage Bankers or similar standard as set forth in the Pooling and
Servicing Agreement;

     The statements in this Certificate are limited to information regarding the
Special Servicer and the Special Servicer's activities under the Pooling and
Servicing Agreement. This Certification does not relate to information in the
Servicer Reports and Additional Designated Servicing Information relating to any
other person or any other topic.

     Capitalized terms used herein and not defined shall have the respective
meanings given to them in the Pooling and Servicing Agreement.

Date:

                            [NAME OF SPECIAL SERVICER]

                            By:_________________________________________________
                               Name:
                               Title:

                                      R-2

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