Document:

Exhibit 4.1

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                SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.,
                                 as Depositor,

                   KEYCORP REAL ESTATE CAPITAL MARKETS, INC.
                        d/b/a KEY COMMERCIAL MORTGAGE,
                              as Master Servicer,

                        ARCAP SPECIAL SERVICING, INC.,
                             as Special Servicer,

                                      and

                       WELLS FARGO BANK MINNESOTA, N.A.,
                                  as Trustee,

                        POOLING AND SERVICING AGREEMENT

                        Dated as of September 11, 2002

                                 $932,759,715

                 Commercial Mortgage Pass-Through Certificates
                               Series 2002-KEY2

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<PAGE>

                               TABLE OF CONTENTS

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

<TABLE>
<CAPTION>
Section                                                                                                                Page
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                                                              ARTICLE I

                                DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES; CERTAIN CALCULATIONS IN
                                                    RESPECT OF THE MORTGAGE POOL

<S>                       <C>
SECTION 1.01.              Defined Terms..................................................................................2
SECTION 1.02.              General Interpretive Principles...............................................................69
SECTION 1.03.              Certain Calculations in Respect of the Mortgage Pool..........................................70
SECTION 1.04.              Application of Default Charges................................................................72
SECTION 1.05.              Cross-Collateralized Mortgage Loans...........................................................73

                                                             ARTICLE II

                                    CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES;
                             ORIGINAL ISSUANCE OF REMIC I REGULAR INTERESTS, REMIC II REGULAR INTERESTS,
                                       GROUP X-2 REMIC III REGULAR INTERESTS AND CERTIFICATES

SECTION 2.01.              Conveyance of Mortgage Loans..................................................................74
SECTION 2.02.              Acceptance of Mortgage Assets by Trustee......................................................77
SECTION 2.03.              Certain Repurchases of Mortgage Loans by the Mortgage Loan Sellers............................80
SECTION 2.04.              Representations and Warranties of the Depositor...............................................84
SECTION 2.05.              Representations and Warranties of the Master Servicer.........................................86
SECTION 2.06.              Representations and Warranties of the Special Servicer........................................88
SECTION 2.07.              Representations and Warranties of the Trustee.................................................89
SECTION 2.08.              Creation of REMIC I; Issuance of the REMIC I Regular Interests and the REMIC I
                             Residual Interest; Certain Matters Involving REMIC I and the Loan REMICs....................91
SECTION 2.09.              Conveyance of REMIC I Regular Interests; Acceptance of REMIC I Regular Interests by
                             Trustee.....................................................................................94
SECTION 2.10.              Creation of REMIC II; Issuance of the REMIC II Regular Interests and the REMIC II
                             Residual Interest; Certain Matters Involving REMIC II.......................................94
SECTION 2.11.              Conveyance of REMIC II Regular Interests; Acceptance of REMIC II Regular Interests by
                             Trustee.....................................................................................96
SECTION 2.12.              Creation of REMIC III; Issuance of the REMIC III Regular Interest Certificates, the
                             Group X-2 REMIC III Regular Interests and the REMIC III Residual Interest; Certain
                             Matters Involving REMIC III.................................................................97
SECTION 2.13.              Acceptance of Grantor Trusts and Group Terrorism Insurance Policy by Trustee; Issuance
                             of the Class Y and Class R Certificates....................................................102

                                                                -i-

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Section                                                                                                                Page
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                                                             ARTICLE III

                                           ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.              Administration of the Mortgage Loans.........................................................104
SECTION 3.02.              Collection of Mortgage Loan Payments.........................................................105
SECTION 3.03.              Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve
                             Accounts...................................................................................107
SECTION 3.04.              Collection Account, Distribution Account, Interest Reserve Account and Excess
                             Liquidation Proceeds Account...............................................................110
SECTION 3.05.              Permitted Withdrawals From the Collection Account, the Distribution Account, the
                             Interest Reserve Account and the Excess Liquidation Proceeds Account.......................114
SECTION 3.06.              Investment of Funds in the Collection Account, the Servicing Accounts, the Reserve
                             Accounts and the REO Account...............................................................119
SECTION 3.07.              Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage................122
SECTION 3.08.              Enforcement of Alienation Clauses............................................................126
SECTION 3.09.              Realization Upon Defaulted Serviced Mortgage Loans...........................................128
SECTION 3.10.              Trustee to Cooperate; Release of Mortgage Files..............................................131
SECTION 3.11.              Master Servicing and Special Servicing Compensation; Interest on and Reimbursement of
                             Servicing Advances; Payment of Certain Expenses; Obligations of the Trustee and any
                             Fiscal Agent Regarding Back-up Servicing Advances..........................................133
SECTION 3.12.              Property Inspections; Collection of Financial Statements; Delivery of Certain Reports........140
SECTION 3.13.              Annual Statement as to Compliance............................................................144
SECTION 3.14.              Reports by Independent Public Accountants....................................................144
SECTION 3.15.              Access to Certain Information................................................................145
SECTION 3.16.              Title to Administered REO Property; REO Account..............................................145
SECTION 3.17.              Management of Administered REO Property......................................................147
SECTION 3.18.              Fair Value Option; Sale of Administered REO Properties.......................................150
SECTION 3.19.              Additional Obligations of the Master Servicer and the Special Servicer.......................155
SECTION 3.20.              Modifications, Waivers, Amendments and Consents..............................................162
SECTION 3.21.              Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping...........168
SECTION 3.22.              Sub-Servicing Agreements.....................................................................169
SECTION 3.23.              Controlling Class Representative.............................................................171
SECTION 3.24.              Certain Rights and Powers of the Controlling Class Representative............................173

                                                             ARTICLE IV

                                                   PAYMENTS TO CERTIFICATEHOLDERS

SECTION 4.01.              Distributions................................................................................178

                                                                -ii-

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Section                                                                                                                Page
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SECTION 4.02.              Statements to Certificateholders; Certain Other Reports......................................184
SECTION 4.03.              P&I Advances.................................................................................187
SECTION 4.04.              Allocation of Realized Losses and Additional Trust Fund Expenses.............................190
SECTION 4.05.              Calculations.................................................................................191

                                                              ARTICLE V

                                                          THE CERTIFICATES

SECTION 5.01.              The Certificates.............................................................................192
SECTION 5.02.              Registration of Transfer and Exchange of Certificates........................................193
SECTION 5.03.              Book-Entry Certificates......................................................................200
SECTION 5.04.              Mutilated, Destroyed, Lost or Stolen Certificates............................................201
SECTION 5.05.              Persons Deemed Owners........................................................................201
SECTION 5.06.              Certification by Certificate Owners..........................................................201

                                                             ARTICLE VI

                                     THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER

SECTION 6.01.              Liability of the Depositor, the Master Servicer and the Special Servicer.....................203
SECTION 6.02.              Merger, Consolidation or Conversion of the Depositor, the Master Servicer or the
                             Special Servicer...........................................................................203
SECTION 6.03.              Limitation on Liability of the Depositor, the Master Servicer, and the Special
                             Servicer...................................................................................203
SECTION 6.04.              Resignation of Master Servicer and Special Servicer..........................................204
SECTION 6.05.              Rights of the Depositor and the Trustee in Respect of the Master Servicer and the
                             Special Servicer...........................................................................205
SECTION 6.06.              Designation of Special Servicer by Certain Certificateholders................................206
SECTION 6.07.              Master Servicer or Special Servicer as Owner of a Certificate................................207

                                                             ARTICLE VII

                                                               DEFAULT

SECTION 7.01.              Events of Default............................................................................209
SECTION 7.02.              Trustee to Act; Appointment of Successor.....................................................212
SECTION 7.03.              Notification to Certificateholders...........................................................213
SECTION 7.04.              Waiver of Events of Default..................................................................213
SECTION 7.05.              Additional Remedies of Trustee Upon Event of Default.........................................213
SECTION 7.06.              Replacement of Westfarms Mall Special Servicer...............................................214

                                                               -iii-

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Section                                                                                                                Page
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                                                            ARTICLE VIII

                                                             THE TRUSTEE

SECTION 8.01.              Duties of the Trustee........................................................................215
SECTION 8.02.              Certain Matters Affecting the Trustee........................................................217
SECTION 8.03.              Trustee and  Fiscal Agent Not Liable for Validity or Sufficiency of Certificates or
                             Mortgage Loans.............................................................................218
SECTION 8.04.              Trustee and Fiscal Agent May Own Certificates................................................219
SECTION 8.05.              Fees and Expenses of the Trustee and any Fiscal Agent; Indemnification of and by the
                             Trustee and any Fiscal Agent...............................................................219
SECTION 8.06.              Eligibility Requirements for Trustee.........................................................220
SECTION 8.07.              Resignation and Removal of Trustee...........................................................221
SECTION 8.08.              Successor Trustee............................................................................222
SECTION 8.09.              Merger or Consolidation of Trustee...........................................................223
SECTION 8.10.              Appointment of Co-Trustee or Separate Trustee................................................223
SECTION 8.11.              Appointment of Custodians....................................................................224
SECTION 8.12.              Access to Certain Information................................................................224
SECTION 8.13.              Appointment of Fiscal Agent..................................................................225
SECTION 8.14.              Advance Security Arrangement.................................................................227
SECTION 8.15.              Filings with the Securities and Exchange Commission..........................................227

                                                             ARTICLE IX

                                                             TERMINATION

SECTION 9.01.              Termination Upon Repurchase or Liquidation of All Mortgage Loans.............................235
SECTION 9.02.              Additional Termination Requirements..........................................................237
SECTION 9.03.              Westfarms Mall REO Property..................................................................238

                                                              ARTICLE X

                                                      ADDITIONAL TAX PROVISIONS

SECTION 10.01.             Tax Administration...........................................................................239
SECTION 10.02.             Depositor, Master Servicer, Special Servicer and Fiscal Agent to Cooperate with
                             Trustee....................................................................................242

                                                             ARTICLE XI

                                                      MISCELLANEOUS PROVISIONS

SECTION 11.01.             Amendment....................................................................................243
SECTION 11.02.             Recordation of Agreement; Counterparts.......................................................244
SECTION 11.03.             Limitation on Rights of Certificateholders...................................................244
SECTION 11.04.             Governing Law................................................................................245

                                                                -iv-

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Section                                                                                                                Page
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SECTION 11.05.             Notices......................................................................................245
SECTION 11.06.             Severability of Provisions...................................................................246
SECTION 11.07.             Successors and Assigns; Beneficiaries........................................................246
SECTION 11.08.             Article and Section Headings.................................................................246
SECTION 11.09.             Notices to and from the Rating Agencies and the Depositor....................................246
SECTION 11.10.             Notices to Controlling Class Representative..................................................248
SECTION 11.11.             Complete Agreement...........................................................................248

                                                             ARTICLE XII

                                SERVICING OF THE WESTFARMS MALL LOAN GROUP FOLLOWING A WESTFARMS MALL
                                                  CHANGE OF SERVICING CONTROL EVENT

SECTION 12.01.             General......................................................................................249
SECTION 12.02.             Collection of Loan Payments..................................................................251
SECTION 12.03.             Collection of Taxes, Assessments and Similar Items; Servicing Accounts.......................251
SECTION 12.04.             Westfarms Mall Custodial Account.............................................................251
SECTION 12.05.             Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage................253
SECTION 12.06.             Enforcement of Due-on-Sale and Due-on-Encumbrance Clauses; Assumption Agreements;
                             Defeasance Provisions; Other Provisions....................................................253
SECTION 12.07.             Realization Upon Defaulted Mortgage Loans....................................................253
SECTION 12.08.             Mortgage Loan Documents......................................................................254
SECTION 12.09.             Servicing Compensation.......................................................................254
SECTION 12.10.             Reports and Statements.......................................................................254
SECTION 12.11.             Annual Statement as to Compliance; Reports by Independent Public Accountants; Access
                             to Certain Information.....................................................................255
SECTION 12.12.             Westfarms Mall REO Property..................................................................255
SECTION 12.13.             Modifications, Waivers, Amendments and Consents; Inspections; Appraisals; Lock-Box
                             Accounts and Servicing Accounts; and Other Additional Obligations..........................255
SECTION 12.14.             Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping;
                             Asset Status Report........................................................................255
SECTION 12.15.             Sub-Servicing................................................................................256
SECTION 12.16.             Rights of the Holder of the Westfarms Mall Subordinate Companion Loan........................256
SECTION 12.17.             P&I Advances.................................................................................256
SECTION 12.18.             Limitation on Liability; Certain Indemnities.................................................256
SECTION 12.19.             Events of Default............................................................................256
SECTION 12.20.             Amendments to the Series 2002-CP3 PSA........................................................257

                                                                -v-

<PAGE>

EXHIBITS
--------

EXHIBIT A-1                Form of Class X-1 and Class X-2 Certificates

EXHIBIT A-2                Form of Class A-1, Class A-2, Class A-3, Class B, Class C, Class D, Class E and Class F

EXHIBIT A-3                Form of Class H,  Class J,  Class K,  Class L,  Class M,  Class N, Class P, Class Q, Class S and
                             Class T Certificates

EXHIBIT A-4                Form of Class Y Certificates

EXHIBIT A-5                Form of Class R Certificates

EXHIBIT B-1A               Schedule of SBRC Mortgage Loans

EXHIBIT B-1B               Schedule of KeyBank Mortgage Loans

EXHIBIT B-1C               Schedule of Column Mortgage Loans

EXHIBIT B-1D               Schedule of Early Defeasance Mortgage Loans

EXHIBIT B-1E               Schedule of Environmentally Insured Mortgage Loans

EXHIBIT B-1F               Schedule of Primary Serviced Mortgage Loans

EXHIBIT B-1G               Schedule of Class X-2 Reference Rates

EXHIBIT B-1H               Schedule of Mortgage Loans Covered by Group Terrorism Insurance Policy

EXHIBIT B-2                Schedule of Exceptions to Mortgage File Delivery

EXHIBIT B-3                Form of Custodial Certification

EXHIBIT C                  Letters of Representations among Depositor and Initial Depository

EXHIBIT D-1                Form of Master Servicer Request for Release

EXHIBIT D-2                Form of Special Servicer Request for Release

EXHIBIT E-1                Form of Statement to Certificateholders

EXHIBIT E-2                CMSA Servicer Watch List Criteria

EXHIBIT E-3                Controlling Class Representative's Reports Checklist

EXHIBIT E-4                Form of Payments Received after Determination Date Report

EXHIBIT E-5                Form of Mortgage Loans Delinquent Report

EXHIBIT E-6                ARCap Naming Convention for Electronic File Delivery

EXHIBIT F-1A               Form I of Transferor  Certificate for Transfers of Non-Registered  Certificates Held in Physical
                             Form

EXHIBIT F-1B               Form II of Transferor Certificate for Transfers of Non-Registered  Certificates Held in Physical
                             Form

EXHIBIT F-1C               Form of Transferor  Certificate for Transfers of Interests in Rule 144A Global  Certificates for
                             Classes of Non-Registered Certificates

                                                                -vi-

<PAGE>

EXHIBIT F-2A               Form I of Transferee  Certificate for Transfers of Non-Registered  Certificates Held in Physical
                             Form

EXHIBIT F-2B               Form II of Transferee Certificate for Transfers of Non-Registered  Certificates Held in Physical
                             Form

EXHIBIT F-2C               Form of Transferee  Certificate for Transfers of Interests in Rule 144A Global  Certificates for
                             Classes of Non-Registered Certificates

EXHIBIT F-3A               Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights

EXHIBIT F-3B               Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights

EXHIBIT G-1                Form of Transferee Certificate in Connection with ERISA (Definitive Non-Registered Certificates)

EXHIBIT G-2                Form of Transferee Certificate in connection with ERISA (Book-Entry Non-Registered Certificates)

EXHIBIT H-1                Form of Transfer Affidavit and Agreement for Transfers of Class R Certificates

EXHIBIT H-2                Form of Transferor Certificate for Transfers of Class R Certificates

EXHIBIT I-1                Form of Notice and Acknowledgment Concerning Replacement of Special Servicer

EXHIBIT I-2                Form of Acknowledgment of Proposed Special Servicer

EXHIBIT J                  Form of Uniform Commercial Code Financing Statement

EXHIBIT K-1                Information Request from Certificateholder or Certificate Owner

EXHIBIT K-2                Information Request from Prospective Investor

EXHIBIT L                  Schedule of Designated Sub-Servicers

EXHIBIT M                  Form of S&P Defeasance Certification

                                                               -vii-
</TABLE>

<PAGE>

          This Pooling and Servicing Agreement, is dated and effective as of
September 11, 2002, among SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. as
Depositor, KEYCORP REAL ESTATE CAPITAL MARKETS, INC. d/b/a KEY COMMERCIAL
MORTGAGE as Master Servicer and ARCAP SPECIAL SERVICING, INC. as Special
Servicer, and WELLS FARGO BANK MINNESOTA, N.A. as Trustee.

                            PRELIMINARY STATEMENT:

          Salomon Brothers Realty Corp. (together with its successors in
interest, "SBRC") has sold, in its capacity as a Mortgage Loan Seller (as
defined herein), to Salomon Brothers Mortgage Securities VII, Inc. (together
with its successors in interest, the "Depositor"), pursuant to the Mortgage
Loan Purchase Agreement dated as of September 17, 2002 (as such may from time
to time hereafter be amended, modified, supplemented and/or restated, the
"SBRC Mortgage Loan Purchase Agreement"), between SBRC and the Depositor,
those mortgage loans initially identified on the schedule attached hereto as
Exhibit B-1A (such mortgage loans, the "SBRC Mortgage Loans").

          KeyBank National Association (together with its successors in
interest, "KeyBank") has sold, in its capacity as a Mortgage Loan Seller, to
the Depositor, pursuant to the Mortgage Loan Purchase Agreement dated as of
September 17, 2002 (as such may from time to time hereafter be amended,
modified, supplemented and/or restated, the "KeyBank Mortgage Loan Purchase
Agreement"), between KeyBank and the Depositor, those mortgage loans initially
identified on the schedule attached hereto as Exhibit B-1B (such mortgage
loans, the "KeyBank Mortgage Loans").

          Column Financial, Inc. (together with its successors in interest,
"Column") has sold, in its capacity as a Mortgage Loan Seller, to the
Depositor, pursuant to the Mortgage Loan Purchase Agreement dated as of
September 17, 2002 (as such may from time to time hereafter be amended,
modified, supplemented and/or restated, the "Column Mortgage Loan Purchase
Agreement"), between Column and the Depositor, those mortgage loans initially
identified on the schedule attached hereto as Exhibit B-1C (such mortgage
loans, the "Column Mortgage Loans").

          The Depositor desires, among other things, to: (i) establish a trust
fund, consisting primarily of the SBRC Mortgage Loans, the KeyBank Mortgage
Loans, the Column Mortgage Loans and certain related rights, funds and
property; (ii) cause the issuance of mortgage pass-through certificates in
multiple classes, which certificates will, in the aggregate, evidence the
entire beneficial ownership interest in such trust fund; and (iii) provide for
the servicing and administration of the mortgage loans and other assets that
from time to time constitute part of such trust fund.

          Wells Fargo Bank Minnesota, N.A. (together with its successors in
interest, "Wells Fargo") desires to act as "Trustee" hereunder; KeyCorp Real
Estate Capital Markets, Inc. d/b/a Key Commercial Mortgage (together with its
successors in interest, "KRECM") desires to act as "Master Servicer"
hereunder; and ARCap Special Servicing, Inc. (together with its successors in
interest, "ARCap") desires to act as Special Servicer hereunder.

          In consideration of the mutual agreements herein contained, the
parties hereto agree as follows:

<PAGE>

                                   ARTICLE I

     DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES; CERTAIN CALCULATIONS IN
                         RESPECT OF THE MORTGAGE POOL

          SECTION 1.01. Defined Terms.

          Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the meanings specified in
this Section 1.01, subject to modification in accordance with Section 1.05.

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

          "30/360 Mortgage Loan" shall mean a Mortgage Loan that accrues
interest on a 30/360 Basis.

          "Acceptable Insurance Default" shall mean, with respect to any
Serviced Mortgage Loan, a default under the related Mortgage Loan Documents
arising by reason of any failure on the part of the related Borrower to
maintain specific insurance coverage with respect to, or an all-risk casualty
insurance policy that does not specifically exclude, terrorist or similar
acts, and/or any failure on the part of the related Borrower to maintain
insurance coverage with respect to terrorist or similar acts upon terms no
less favorable than those in place as of September 1, 2002, as to which
default the Master Servicer and the Special Servicer may forbear taking any
enforcement action provided that each of the following relevant conditions are
satisfied: (a) the Master Servicer has determined, in its reasonable judgment,
based on inquiry consistent with the Servicing Standard, that either (i) such
insurance is not available at commercially reasonable rates and that such
hazards are not at the time commonly insured against for properties similar to
the related Mortgaged Property and located in or around the region in which
such related Mortgaged Property is located, or (ii) such insurance is not
available at any rate; and (b) if the Stated Principal Balance of such
Mortgage Loan is in excess of $2,500,000 (or any lesser amount that the Master
Servicer deems appropriate), the Master Servicer has obtained the concurrence
of the Special Servicer with respect to the Master Servicer's determination
referred to in the immediately preceding clause (a); and (c) if the Cut-off
Date Principal Balance of such Mortgage Loan is in excess of $20,000,000, the
Special Servicer has determined, in its reasonable judgment, based on
information and analysis provided to it by the Master Servicer, that
forbearance in the taking of any enforcement action with respect to the
subject default clearly and convincingly is in accordance with the Servicing
Standard (it being understood and agreed that in making such determination the
Special Servicer shall consider as the primary factor the specific insurance
terms of the Mortgage Loan Documents). The Special Servicer shall notify the
Rating Agencies upon making the determination described in clause (c) above
with respect to any Mortgage Loan.

          "Accounts" shall mean, collectively, the Distribution Account, the
Excess Liquidation Proceeds Account, the Interest Reserve Account, the
Collection Account, the REO Account, the Servicing Accounts and the Reserve
Accounts.

          "Acquisition Date" shall mean, with respect to any REO Property, the
first day on which such REO Property is considered to be acquired by (or, if
applicable, in the case of the Westfarms Mall

                                     -2-

<PAGE>

REO Property, on behalf of, among others) the Trust within the meaning of
Treasury regulation section 1.856-6(b)(1), which is the first day on which the
Trust is treated as the owner of such REO Property or any interest therein for
federal income tax purposes.

          "Actual/360 Basis" shall mean the accrual of interest calculated on
the basis of the actual number of days elapsed during any calendar month (or
other applicable recurring accrual period) in a year assumed to consist of 360
days.

          "Actual/360 Mortgage Loan" shall mean a Mortgage Loan that accrues
interest on an Actual/360 Basis.

          "Additional Collateral" shall mean any non-real property collateral
(including any Letter of Credit and Reserve Funds) pledged and/or delivered by
the related Borrower and held by the mortgagee to secure payment on any
Mortgage Loan.

          "Additional Master Servicing Compensation" shall have the meaning
assigned thereto in Section 3.11(b).

          "Additional Special Servicing Compensation" shall have the meaning
assigned thereto in Section 3.11(d).

          "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 any Class of REMIC III
Regular Interest Certificates receiving less than the total of their Current
Interest Distribution Amount, Carryforward Interest Distribution Amount and
Principal Distribution Amount for any Distribution Date.

          "Additional Yield Amount" shall have the meaning assigned thereto in
Section 4.01(d).

          "Adjusted REMIC II Remittance Rate" shall mean:

          (a) with respect to REMIC II Regular Interest A-1, for any Interest
     Accrual Period, 3.2220% per annum;

          (b) with respect to REMIC II Regular Interest A-2A, for any Interest
     Accrual Period, 4.4670% per annum;

          (c) with respect to REMIC II Regular Interest A-2B, for any Interest
     Accrual Period up to and including the August 2009 Interest Accrual
     Period, a rate per annum equal to the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) the Class X-2
     Reference Rate for such Interest Accrual Period, and for any Interest
     Accrual Period thereafter, 4.4670% per annum;

          (d) with respect to REMIC II Regular Interest A-3, for any Interest
     Accrual Period up to and including the August 2009 Interest Accrual
     Period, a rate per annum equal to the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) the Class X-2
     Reference Rate for such Interest Accrual Period, and for any Interest
     Accrual Period thereafter, 4.8650% per annum;

                                     -3-

<PAGE>

          (e) with respect to REMIC II Regular Interest B, for any Interest
     Accrual Period up to and including the August 2009 Interest Accrual
     Period, a rate per annum equal to the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) the Class X-2
     Reference Rate for such Interest Accrual Period, and for any Interest
     Accrual Period thereafter, the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) 5.0150% per
     annum;

          (f) with respect to REMIC II Regular Interest C, for any Interest
     Accrual Period up to and including the August 2009 Interest Accrual
     Period, a rate per annum equal to the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) the Class X-2
     Reference Rate for such Interest Accrual Period, and for any Interest
     Accrual Period thereafter, the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) 5.0450% per
     annum;

          (g) with respect to REMIC II Regular Interest D, for any Interest
     Accrual Period up to and including the August 2009 Interest Accrual
     Period, a rate per annum equal to the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) the Class X-2
     Reference Rate for such Interest Accrual Period, and for any Interest
     Accrual Period thereafter, the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) 5.0740% per
     annum;

          (h) with respect to REMIC II Regular Interest E, for any Interest
     Accrual Period up to and including the August 2009 Interest Accrual
     Period, a rate per annum equal to the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) the Class X-2
     Reference Rate for such Interest Accrual Period, and for any Interest
     Accrual Period thereafter, the lesser of (i) the related REMIC II
     Remittance Rate for such Interest Accrual Period and (ii) 5.0840% per
     annum;

          (i) with respect to REMIC II Regular Interest F, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.1630% per annum;

          (j) with respect to REMIC II Regular Interest H, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.5590% per annum;

          (k) with respect to REMIC II Regular Interest J, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.6580% per annum;

          (l) with respect to REMIC II Regular Interest K, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.9540% per annum; and

          (m) with respect to each of REMIC II Regular Interests L, M, N, P,
     Q, S and T for any Interest Accrual Period, a rate per annum equal to the
     lesser of (i) the related REMIC II Remittance Rate for such Interest
     Accrual Period and (ii) 6.1500% per annum.

                                     -4-

<PAGE>

          "Administered REO Property" shall mean any REO Property other than,
if applicable, the Westfarms Mall REO Property.

          "Administrative Fee Rate" shall mean, with respect to each Mortgage
Loan (and any successor REO Loan), the sum of the related Master Servicing Fee
Rate and the Trustee Fee Rate.

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

          "Advance Interest" shall mean the interest accrued on any Advance at
the Reimbursement Rate, which is payable to the party hereto that made that
Advance, all in accordance with Section 3.11(g) or Section 4.03(d), as
applicable, and Section 3.05(a).

          "Advance Security Arrangement" shall have the meaning assigned
thereto in Section 8.14.

          "Adverse Grantor Trust Event" shall mean either: (i) any impairment
of the status of either Grantor Trust Pool as a Grantor Trust; or (ii) the
imposition of a tax upon either Grantor Trust Pool or any of its assets or
transactions.

          "Adverse Rating Event" shall mean, with respect to any Class of
Rated Certificates and each Rating Agency that has assigned a rating thereto,
as of any date of determination, the qualification, downgrade or withdrawal of
the rating then assigned to such Class of Rated Certificates by such Rating
Agency (or the placing of such Class of Rated Certificates on "negative credit
watch" status in contemplation of any such action with respect thereto).

          "Adverse REMIC Event" shall mean either: (i) any impairment of the
status of any REMIC Pool as a REMIC; or (ii) except as permitted by Section
3.17(a), the imposition of a tax upon any REMIC Pool or any of its assets or
transactions (including the tax on prohibited transactions as defined in
Section 860F(a)(2) of the Code and the tax on contributions set forth in
Section 860G(d) of the Code).

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

          "Agreement" shall mean this Pooling and Servicing Agreement, as it
may be amended, modified, supplemented or restated following the Closing Date.

          "A.M. Best" shall mean A.M. Best Company or its successor in
interest.

          "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.

                                     -5-

<PAGE>

          "Anticipated Repayment Date" shall mean, with respect to any ARD
Mortgage Loan, the date specified in the related Mortgage Note, as of which
Post-ARD Additional Interest shall begin to accrue on such Mortgage Loan,
which date is prior to the Stated Maturity Date for such Mortgage Loan.

          "Appraisal" shall mean, with respect to any Mortgaged Property or
REO Property as to which an appraisal is required to be performed pursuant to
the terms of this Agreement, a narrative appraisal complying with USPAP (or,
in the case of a Mortgage Loan or an REO Loan with a Stated Principal Balance
as of the date of such appraisal of $2,000,000 or less, at the Special
Servicer's option, either a limited appraisal and a summary report or an
internal valuation prepared by the Special Servicer) that (i) indicates the
"market value" of the subject property (within the meaning of 12 CFR Section
225.62(g)) and (ii) is conducted by a Qualified Appraiser (except that, in the
case of a Mortgage Loan or an REO Loan with a Stated Principal Balance as of
the date of such appraisal of $2,000,000 or less, the appraiser may be an
employee of the Special Servicer, which employee need not be a Qualified
Appraiser but shall have experience in commercial and/or multifamily
properties, as the case may be, and possess sufficient knowledge to value such
a property).

          "Appraisal Reduction Amount" shall mean, with respect to any
Required Appraisal Loan, an amount (calculated, in consultation with the
Controlling Class Representative, by the Special Servicer as of the
Determination Date immediately following the later of the date on which the
most recent relevant Appraisal (or update to an Appraisal) acceptable for
purposes of Section 3.19(c) hereof was obtained or conducted by the Special
Servicer pursuant to this Agreement and the date of the most recent Appraisal
Trigger Event with respect to such Required Appraisal Loan) equal to the
excess, if any, of:

          (1) the sum of (a) the Stated Principal Balance of such Required
     Appraisal Loan as of such Determination Date, (b) to the extent not
     previously advanced by or on behalf of the Master Servicer, the Trustee
     or any Fiscal Agent, all unpaid interest (other than Default Interest
     and, in the case of an ARD Mortgage Loan after its Anticipated Repayment
     Date, Post-ARD Additional Interest) accrued on such Required Appraisal
     Loan through the most recent Due Date prior to such Determination Date,
     (c) all unpaid Special Servicing Fees accrued in respect of such Required
     Appraisal Loan, (d) all related unreimbursed Advances made by or on
     behalf of the Master Servicer, the Special Servicer, the Trustee or any
     Fiscal Agent in respect of such Required Appraisal Loan, together with
     all unpaid Advance Interest accrued on such Advances, and (e) all
     currently due but unpaid real estate taxes and assessments, insurance
     premiums and, if applicable, ground rents in respect of the related
     Mortgaged Property or REO Property; over

          (2) the sum of (x) the excess, if any, of (i) 90% of the Appraised
     Value of the related Mortgaged Property or REO Property, as applicable,
     as determined by the most recent relevant Appraisal (or update to an
     Appraisal) acceptable for purposes of Section 3.19(c) hereof, over (ii)
     the amount of any obligation(s) secured by any liens on such Mortgaged
     Property or REO Property, as applicable, that are prior to the lien of
     such Required Appraisal Loan, (y) any Escrow Payments and Reserve Funds
     held by the Master Servicer or the Special Servicer with respect to such
     Required Appraisal Loan, and (z) the amount of any Letter of Credit that
     constitutes additional security for the Required Appraisal Loan and that
     may be used to reduce the principal balance thereof.

                                     -6-

<PAGE>

          Notwithstanding the foregoing, if (i) an Appraisal Trigger Event
occurs with respect to any Serviced Mortgage Loan, (ii) either (A) no
Appraisal (or update to an Appraisal) has been obtained or conducted, as
applicable, in accordance with Section 3.19(c), with respect to the related
Mortgaged Property or REO Property, as the case may be, during the 12-month
period prior to the date of such Appraisal Trigger Event or (B) there shall
have occurred since the date of the most recent Appraisal (or update to an
Appraisal) a material change in the circumstances surrounding the related
Mortgaged Property or REO Property, as the case may be, that would, in the
Special Servicer's judgment, materially affect the value of the property, and
(iii) no new Appraisal is obtained or conducted, as applicable, in accordance
with Section 3.19(c), by the earlier of the 60th day after such Appraisal
Trigger Event and the date on which the subject Mortgage Loan first becomes
120 days delinquent as to any Monthly Payment (other than any Balloon Payment,
for which the applicable delinquency period is either (X) 150 days if the
related Borrower continues to make the Assumed Monthly Payment and a
refinancing commitment reasonably acceptable to the Special Servicer has been
delivered or (Y) 120 days otherwise), then (x) until such new Appraisal is
obtained or conducted, as applicable, in accordance with Section 3.19(c), 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 3.19(c), of such Appraisal by the
Special Servicer, the Appraisal Reduction Amount for such Required Appraisal
Loan will be recalculated by the Special Servicer in accordance with the
preceding sentence of this definition.

          In connection with the foregoing, each Cross-Collateralized Mortgage
Loan that is part of a single Cross-Collateralized Group shall be treated
separately for purposes of calculating an Appraisal Reduction Amount.

          "Appraisal Trigger Event" shall mean, with respect to any Serviced
Mortgage Loan, any of the following events:

          (i) such Mortgage Loan becomes a Modified Mortgage Loan (other than
     solely as a result of an extension of the maturity date for less than six
     (6) months);

          (ii) any Monthly Payment with respect to such Mortgage Loan remains
     unpaid for 60 days past the Due Date for such payment (or, in the case of
     a delinquent Balloon Payment, either for 90 days past the Due Date for
     such Balloon Payment or, if the related Borrower has delivered a
     refinancing commitment reasonably acceptable to the Special Servicer and
     is continuing to make the Assumed Monthly Payment for such Mortgage Loan,
     for such longer period, not to exceed 150 days beyond the Due Date for
     such Balloon Payment, during which the refinancing would occur);

          (iii) any other material payment due under the related Mortgage Loan
     Documents remains unpaid for 60 days past the date on which that payment
     was first required to be made;

          (iv) the Borrower under such Mortgage Loan becomes the subject of
     bankruptcy, insolvency or similar proceedings and those proceedings
     remain undismissed and undischarged for 60 days;

          (v) a receiver is appointed with respect to the related Mortgaged
     Property and continues in such capacity for 60 days; or

                                     -7-

<PAGE>

          (vi) the related Mortgaged Property becomes an REO Property.

          "Appraised Value" shall mean, with respect to each Mortgaged
Property or REO Property, the appraised value thereof (as is) based upon the
most recent Appraisal (or update thereof), if any, obtained or conducted, as
appropriate, pursuant to this Agreement; provided, however, that, for purposes
of this Agreement, no party hereto may rely on an Appraisal (or update
thereof) that is more than 12 months old (it being understood and agreed that
this provision is not intended by itself to impose any separate obligation on
any party hereto to periodically update Appraisals).

          "ARCap" shall have the meaning assigned thereto in the Preliminary
Statement to this Agreement.

          "ARCap Naming Convention for Electronic File Delivery" shall mean
the naming convention for electronic file delivery set forth on Exhibit E-6
hereto.

          "ARD Mortgage Loan" shall mean a Mortgage Loan that provides for the
accrual of Post-ARD Additional Interest thereon if such Mortgage Loan is not
paid in full on or prior to its Anticipated Repayment Date.

          "Asset Status Report" shall have the meaning assigned thereto in
Section 3.24(a).

          "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 related Borrower in connection with the origination
of the related Mortgage Loan, as such assignment may be amended, modified,
renewed or extended through the date hereof and from time to time hereafter.

          "Assumed Monthly Payment" shall mean:

          (a) with respect to any Balloon Mortgage Loan that is delinquent in
     respect of its Balloon Payment beyond the Determination Date immediately
     following its scheduled maturity date (as such date may be extended in
     connection with a bankruptcy, insolvency or similar proceeding involving
     the related Borrower or by reason of a modification, waiver or amendment
     granted or agreed to by the Master Servicer or the Special Servicer
     pursuant to Section 3.20), for that scheduled maturity date and for each
     subsequent Due Date as of which such Mortgage Loan remains outstanding
     and part of the Trust Fund (but on which no Monthly Payment is scheduled
     to be due in respect of such Mortgage Loan, other than the delinquent
     Balloon Payment), the scheduled monthly payment of principal and/or
     interest deemed to be due with respect to such Mortgage Loan on such Due
     Date equal to the amount (exclusive of Default Interest) that would have
     been due in respect thereof on such Due Date if such Mortgage Loan had
     been required to continue to accrue 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, such maturity date;

          (b) with respect to any REO Loan (other than any Westfarms Mall REO
     Loan), for any Due Date as of which the related REO Property remains part
     of the Trust Fund, the scheduled monthly payment of principal and/or
     interest deemed to be due in respect thereof on such Due Date equal to
     the Monthly Payment (or, in the case of a Balloon Mortgage Loan described
     in clause (a) of this definition, the Assumed Monthly Payment) that was
     due (or

                                     -8-

<PAGE>

     deemed due) in respect of the related Mortgage Loan on the last Due Date
     prior to its becoming an REO Loan; and

          (c) with respect to the Westfarms Mall Mortgage Loan and any
     Westfarms Mall REO Loan, an "Assumed Scheduled Payment" under the Series
     2002-CP3 PSA.

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

          "Aventine Guarantor" shall mean Salomon Smith Barney Holdings Inc.

          "Aventine Guaranty" shall mean the Limited Guaranty dated as of
September 26, 2002, executed and delivered by the Aventine Guarantor in favor
of the Trustee, which limited Guaranty covers, subject to the terms and
conditions thereof, certain losses and expenses in respect of the Aventine
Mortgage Loan up to a maximum amount of $3,800,000.

          "Aventine Mortgage Loan" shall mean the Mortgage Loan secured by a
Mortgage on the Aventine Mortgaged Property.

          "Aventine Mortgaged Property" shall mean the Mortgaged Property
identified on the Mortgage Loan Schedule as "The Aventine Apartments".

          "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, a Balloon
Payment is due on its Stated Maturity Date.

          "Balloon Payment" shall mean any Monthly Payment payable on a
Mortgage Loan at scheduled maturity that (i) is at least three times as large
as the normal Monthly Payment due on such Mortgage Loan and (ii) includes a
principal component equal to at least 5% of the original principal balance of
such Mortgage Loan.

          "Bankruptcy Code" shall mean the federal Bankruptcy Code, as amended
from time to time (Title 11 of the United States Code).

          "Base Prospectus" shall mean that certain prospectus dated September
3, 2002, relating to trust funds established by the Depositor and publicly
offered mortgage pass-through certificates evidencing interests therein.

          "Book-Entry Certificate" shall mean any Certificate registered in
the name of the Depository or its nominee.

          "Book-Entry Non-Registered Certificate" shall mean any
Non-Registered Certificate registered in the name of the Depository or its
nominee.

          "Borrower" 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.

                                     -9-

<PAGE>

          "Breach" shall mean, with respect to any Mortgage Loan, any breach
of a representation or warranty made by a Mortgage Loan Seller pursuant to
Section 4(b) of the related Mortgage Loan Purchase Agreement.

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

          "Carryforward Interest Distribution Amount" shall have:

          (a) with respect to any REMIC I Regular Interest, for any
     Distribution Date, the meaning assigned thereto in Section 2.08(g);

          (b) with respect to any REMIC II Regular Interest, for any
     Distribution Date, the meaning assigned thereto in Section 2.10(g);

          (c) with respect to any Class of REMIC III Regular Interest
     Certificates, for any Distribution Date, the meaning assigned thereto in
     Section 2.12(g); and

          (d) with respect to any Group X-2 REMIC III Regular Interest, for
     any Distribution Date, the meaning assigned thereto in Section 2.12(g).

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

          "Certificate" shall mean any one of the Depositor's Series 2002-KEY2
Commercial Mortgage Pass-Through Certificates, as executed by the Trustee and
authenticated and delivered hereunder by the Certificate Registrar.

          "Certificate Factor" shall mean, with respect to any Class of REMIC
III Regular Interest Certificates, as of any date of determination, a
fraction, expressed as a decimal carried to eight places, the numerator of
which is the related Class Principal Balance or Class Notional Amount, as the
case may be, then outstanding, and the denominator of which is the related
Class Principal Balance or Class Notional Amount, as the case may be,
outstanding as of the Closing Date.

          "Certificate Notional Amount" shall mean, with respect to any
Interest Only Certificate, as of any date of determination, the then notional
principal amount on which such Certificate accrues interest, 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 any 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.

                                     -10-

<PAGE>

          "Certificate Principal Balance" shall mean, with respect to any
Principal Balance Certificate, as of any date of determination, the then
outstanding principal amount 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" and "Certificate Registrar" shall mean the
register maintained and the registrar appointed or otherwise acting pursuant
to Section 5.02.

          "Certificateholder" or "Holder" shall mean the Person in whose name
a Certificate is registered in the Certificate Register, provided, however,
that: (i) neither a Disqualified Organization nor a Non-United States Tax
Person shall be a "Holder" of, or a "Certificateholder" with respect to, a
Class R Certificate for any purpose hereof; and (ii) solely for purposes of
giving any consent, approval, direction or waiver pursuant to this Agreement
that specifically relates to the rights, duties and/or obligations hereunder
of any of the Depositor, the Master Servicer, the Special Servicer, the
Trustee or any Fiscal Agent in its respective capacity as such (other than any
consent, approval or waiver contemplated by any of Sections 3.23, 3.24 and
6.06), any Certificate registered in the name of such party or in the name of
any Affiliate thereof 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 specifically relates to such party has been
obtained. The Certificate Registrar shall be entitled to request and
conclusively 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" or "Holders" shall reflect the rights of Certificate
Owners only insofar as they may indirectly exercise such rights through the
Depository and the Depository Participants (except as otherwise specified
herein), it being herein acknowledged and agreed that the parties hereto shall
be required to recognize as a "Certificateholder" or "Holder" only the Person
in whose name a Certificate is registered in the Certificate Register.

          "Certificateholder Reports" shall mean, collectively, the Statement
to Certificateholders and the CMSA Investor Reporting Package.

          "Class" shall mean, collectively, all of the Certificates bearing
the same alphabetic or alphanumeric class designation and having the same
payment terms. The respective Classes of Certificates are designated in
Section 5.01(a).

          "Class A Certificate" shall mean any of the Class A-1, Class A-2
and/or Class A-3 Certificates.

          "Class A-1 Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "A-1".

          "Class A-2 Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "A-2".

          "Class A-3 Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the designation "A-3".

                                     -11-

<PAGE>

          "Class B Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "B".

          "Class C Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "C".

          "Class D Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "D".

          "Class E Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "E".

          "Class F Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "F".

          "Class H Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "H".

          "Class J Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "J".

          "Class K Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "K".

          "Class L Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "L".

          "Class M Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "M".

          "Class N Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "N".

          "Class Notional Amount" shall mean the aggregate hypothetical or
notional amount on which any Class of Interest Only Certificates accrues
interest from time to time, as calculated in accordance with Section 2.12(e).

          "Class P Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "P".

          "Class Principal Balance" shall mean the aggregate principal balance
outstanding from time to time of any Class of Principal Balance Certificates,
as calculated in accordance with Section 2.12(e).

          "Class Q Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "Q".

          "Class R Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "R".

                                     -12-

<PAGE>

          "Class S Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "S".

          "Class T Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "T".

          "Class X-1 Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "X-1".

          "Class X-2 Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "X-2".

          "Class X-1 Portion" shall mean:

          (a) when used with respect to the Interest Accrual Amount in respect
     of any REMIC II Regular Interest for any Interest Accrual Period, the
     portion of such Interest Accrual Amount that is equal to the product of
     (i) the entire such Interest Accrual Amount, multiplied by (ii) a
     fraction (not less than zero or greater than one), the numerator of which
     is the excess, if any, of the REMIC II Remittance Rate with respect to
     such REMIC II Regular Interest for such Interest Accrual Period, over the
     Adjusted REMIC II Remittance Rate with respect to such REMIC II Regular
     Interest for such Interest Accrual Period, and the denominator of which
     is the REMIC II Remittance Rate with respect to such REMIC II Regular
     Interest for such Interest Accrual Period;

          (b) when used with respect to the Current Interest Distribution
     Amount in respect of any REMIC II Regular Interest for any Distribution
     Date, the portion of such Current Interest Distribution Amount that is
     equal to (i) the Class X-1 Portion of the Interest Accrual Amount with
     respect to such REMIC II Regular Interest for the related Interest
     Accrual Period, reduced (to not less than zero) by (ii) the product of
     (A) any portion of the Net Aggregate Prepayment Interest Shortfall for
     such Distribution Date that is allocable to such REMIC II Regular
     Interest in accordance with Section 2.10(g), multiplied by (B) a
     fraction, the numerator of which is equal to the Class X-1 Portion of the
     Interest Accrual Amount with respect to such REMIC II Regular Interest
     for the related Interest Accrual Period, and the denominator of which is
     equal to the entire Interest Accrual Amount with respect to such REMIC II
     Regular Interest for the related Interest Accrual Period; and

          (c) when used with respect to the Carryforward Interest Distribution
     Amount in respect of any REMIC II Regular Interest for any Distribution
     Date, the portion of such Carryforward Interest Distribution Amount that
     is equal to the excess, if any, of (i) the aggregate of the Class X-1
     Portions of all Current Interest Distribution Amounts with respect to
     such REMIC II Regular Interest for all prior Distribution Dates, if any,
     over (ii) the aggregate amount of interest deemed distributed to REMIC
     III with respect to such REMIC II Regular Interest on all such prior
     Distribution Dates, if any, pursuant to the first sentence of Section
     4.01(k).

          "Class X-2 Reference Rate" shall mean, with respect to any Interest
Accrual Period through and including the August 2009 Interest Accrual Period,
the rate per annum specified for such Interest Accrual Period on Exhibit B-1G.

                                     -13-

<PAGE>

          "Class Y Certificate" shall mean any of the Certificates that
collectively constitute the Class bearing the class designation "Y".

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

          "Clearstream" shall mean Clearstream International or any successor.

          "Closing Date" shall mean September 26, 2002.

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

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

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

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

                                     -14-

<PAGE>

"Comparative Financial Status Report" available as of the Closing Date on the
CMSA Website, is reasonably acceptable to the Master Servicer or the Special
Servicer, as applicable, and in any event, setting forth, among other things,
(A) the most recent property inspection date for each Mortgaged Property to be
covered thereby and (B) in each instance based on (1) the most recent rent
roll in the possession or under the control of the Master Servicer and (2) to
the extent in the possession or under the control of the Master Servicer (in
descending order of desirability), (a) trailing 12-months normalized financial
information, or (b) if the information in clause (a) is not available,
normalized financial information based on no less than nine months of
operating statements (annualized), or (c) if the information in clauses (a)
and (b) is not available, the most recent current year-to-date financial
information (annualized): (x) the occupancy and debt service coverage ratio
for each Mortgage Loan or Mortgaged Property, as applicable, to be covered
thereby; and (y) the revenue, expense, net operating income and net cash flow
for each Mortgaged Property to be covered thereby. For the purposes of the
production by the Master Servicer or the Special Servicer of any such report
that is required to state information with respect to any Mortgage Loan for
any period prior to the Cut-off Date, the Master Servicer or the Special
Servicer, as the case may be, may conclusively rely (without independent
verification), absent manifest error, on information provided to it by the
related Mortgage Loan Seller, by the related Borrower or (x) in the case of
such a report produced by the Master Servicer, by the Special Servicer (if
other than the Master Servicer or an Affiliate thereof) and (y) in the case of
such a report produced by the Special Servicer, by the Master Servicer (if
other than the Special Servicer or an Affiliate thereof).

          "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 recommended by the CMSA for commercial mortgage-backed
securities transactions generally and, insofar as it requires the presentation
of information in addition to that called for by the form of the "Delinquent
Loan Status Report" available as of the Closing Date on the CMSA Website, is
reasonably acceptable to the Master Servicer or the Special Servicer, as
applicable.

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

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

                                     -15-

<PAGE>

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

          "CMSA Investor Reporting Package" shall mean, collectively: (a) the
following six electronic files: (i) CMSA Loan Set-Up File, (ii) CMSA Loan
Periodic Update File, (iii) CMSA Property File, (iv) CMSA Bond Level File, (v)
CMSA Financial File and (vi) CMSA Collateral Summary File; and (b) the
following eight supplemental reports: (i) CMSA Delinquent Loan Status Report,
(ii) CMSA Historical Loan Modification Report, (iii) CMSA Historical
Liquidation Report, (iv) CMSA REO Status Report, (v) CMSA Operating Statement
Analysis Report, (vi) CMSA Comparative Financial Status Report, (vii) CMSA
Servicer Watch List and (viii) CMSA NOI Adjustment Worksheet.

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

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

          "CMSA NOI Adjustment Worksheet" shall mean a report (using the ARCap
Naming Convention for Electronic File Delivery) substantially in the form of,
and containing the information called for in, the downloadable form of the
"NOI Adjustment Worksheet" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally
and, insofar as it requires the presentation of information in addition to
that called for by the form of the "NOI Adjustment Worksheet" available as of
the Closing Date on the CMSA Website, is acceptable to the Master Servicer or
the Special Servicer, as applicable, and in any event, shall present the
computations made in accordance with the methodology described in such form to
"normalize" the full year net operating income, net cash flow and debt service
coverage numbers used in the other reports required by this Agreement.

                                     -16-

<PAGE>

          "CMSA Operating Statement Analysis Report" shall mean a report
(using the ARCap Naming Convention for Electronic File Delivery) 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 recommended by the CMSA for commercial mortgage-backed securities
transactions generally and, insofar as it requires the presentation of
information in addition to that called for by the form of the "Operating
Statement Analysis Report" available as of the Closing Date on the CMSA
Website, is reasonably acceptable to the Master Servicer.

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

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

          "CMSA Servicer Watch List" shall mean, for any Determination Date, a
report substantially in the form of, and containing the information called for
in, the downloadable form of the "Servicer Watch List" available as of the
Closing Date on the CMSA Website, or in such other form for the presentation
of such information and containing such additional information as may from
time to time be recommended by the CMSA for commercial mortgage-backed
securities transactions generally and, insofar as it requires the presentation
of information in addition to that called for by the form of the "Servicer
Watch List" available as of the Closing Date on the CMSA Website, is
reasonably acceptable to the Master Servicer or the Special Servicer, as
applicable, and in any event, which report shall identify all Performing
Serviced Mortgage Loans that are required by the criteria set forth on Exhibit
E-2; provided that, upon adoption by the CMSA of a standard format and
criteria, such format and criteria shall be used for this report instead of
Exhibit E-2.

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

          "Code" shall mean the Internal Revenue Code of 1986 and regulations
promulgated thereunder, including 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 Trust or the Certificates.

                                     -17-

<PAGE>

          "Collection Account" shall mean the segregated account or accounts
created and maintained by the Master Servicer pursuant to the first paragraph
of Section 3.04(a), in trust for the Certificateholders, which shall be
entitled "KeyCorp Real Estate Capital Markets, Inc. d/b/a Key Commercial
Mortgage [or the name of any successor master servicer], as Master Servicer on
behalf of Wells Fargo Bank Minnesota, N.A. [or the name of any successor
trustee], as Trustee, in trust for the registered holders of Salomon Brothers
Mortgage Securities VII, Inc., Commercial Mortgage Pass-Through Certificates,
Series 2002-KEY2, Collection Account".

          "Collection Period" shall mean, with respect to any Distribution
Date, the period commencing immediately following the Determination Date in
the calendar month preceding the month in which such Distribution Date occurs
(or, in the case of the initial Distribution Date, commencing as of the
Closing Date) and ending on and including the Determination Date in the
calendar month in which such Distribution Date occurs; provided that, if any
Collection Period would be different if the definition of "Business Day" used
in the Series 2002-CP3 PSA were in effect under this Agreement, then
references herein to "Collection Period" shall, to the extent (but only to the
extent) relevant to amounts due or collected, or losses and other shortfalls
incurred, on the Westfarms Mall Mortgage Loan, any Westfarms Mall REO Loan or
any Westfarms Mall REO Property, mean the period described above in this
definition determined using the definition of "Business Day" under the Series
2002-CP3 PSA.

          "Column" shall have the meaning assigned thereto in the Preliminary
Statement to this Agreement.

          "Column Mortgage Loan" shall have the meaning assigned thereto in
the Preliminary Statement to this Agreement.

          "Column Mortgage Loan Purchase Agreement" shall have the meaning
assigned thereto in the Preliminary Statement to this Agreement.

          "Column Performance Guarantee" shall mean the Guarantee dated as of
September 17, 2002, from the Column Performance Guarantor in favor of the
Trustee, relating to the obligations of Column under Section 5 of the Column
Mortgage Loan Purchase Agreement. Any purchase of a Column Mortgage Loan or
any related REO Property by the Column Performance Guarantor, pursuant to the
Column Performance Guarantee, shall constitute a repurchase of such Mortgage
Loan or REO Property, as the case may be, on behalf of Column pursuant to the
Column Mortgage Loan Purchase Agreement.

          "Column Performance Guarantor" shall mean Credit Suisse First Boston
acting through the Cayman Branch, its successor in interest or any successor
guarantor under the Column Performance Guarantee.

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

          "Compensating Interest Payment" shall mean, with respect to any
Distribution Date, any payment made by the Master Servicer pursuant to Section
3.19(a) to cover any Prepayment Interest Shortfalls incurred during the
related Collection Period (or, in the case of the Westfarms Mall Mortgage
Loan, incurred in connection with the receipt of a Principal Prepayment or
other early collection of

                                     -18-

<PAGE>

principal in the form of Insurance Proceeds and/or Condemnation Proceeds, that
is distributable to Certificateholders on such Distribution Date).

          "Condemnation Proceeds" shall mean all cash amounts received by the
Master Servicer or the Special Servicer (including, in the case of the
Westfarms Mall Mortgaged Property, from the Westfarms Mall Master Servicer or
the Westfarms Mall Special Servicer) in connection with the taking of all or a
part of a Mortgaged Property by exercise (or threatened exercise) of the power
of eminent domain or condemnation, exclusive of any portion thereof required
to be released to the related Borrower or any other third party in accordance
with applicable law and/or the terms and conditions of the related Mortgage
Note and Mortgage or any document to which the related Mortgage Note and
Mortgage are subject; provided that, in the case of the Westfarms Mall
Mortgage Loan or any Westfarms Mall REO Property, "Condemnation Proceeds"
shall be limited to only such proceeds of the type described above in this
definition as are remitted to the Master Servicer on behalf of the Trust under
a Westfarms Mall Servicing Agreement or, if Article XII is in effect, as are
transferred from the Westfarms Mall Custodial Account to the Collection
Account pursuant to Section 12.04(b).

          "Controlling Class" shall mean, as of any date of determination, the
Class of Principal Balance Certificates with the lowest payment priority
pursuant to Sections 4.01(a) and 4.01(b), that has a then outstanding Class
Principal Balance that is not less than 25% of its initial Class Principal
Balance; provided that, if no Class of Principal Balance Certificates has a
Class Principal Balance that satisfies the foregoing requirement, then the
Controlling Class shall be the Class of Principal Balance Certificates with
the lowest payment priority pursuant to Sections 4.01(a) and 4.01(b), that has
a then outstanding Class Principal Balance greater than zero. For purposes of
this definition, all of the Class A Certificates shall be treated as a single
Class and, if appropriate under the terms of this definition, shall
collectively constitute the Controlling Class.

          "Controlling Class Certificateholder" shall mean any Holder of
Certificates of the Controlling Class.

          "Controlling Class Representative" shall have the meaning assigned
thereto in Section 3.23(a) and shall initially be ARCap CMBS Fund REIT, Inc.

          "Controlling Class Representative's Reports Checklist" shall mean
the list of reports specified in Exhibit E-3 attached hereto.

          "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 is
as of the Closing Date located (i) for Certificate transfer purposes, at Wells
Fargo Center, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
Attention: Corporate Trust Services, SBMS VII, Series 2002-KEY2 and (ii) for
all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045,
Attention: Corporate Trust Services, SBMS VII, Series 2002-KEY2.

          "Corrected Serviced Mortgage Loan" shall mean any Serviced Mortgage
Loan that had been a Specially Serviced Mortgage Loan but as to which all
Servicing Transfer Events have ceased to exist.

          "Corresponding Class of Principal Balance Certificates" shall mean,
with respect to any REMIC II Regular Interest, the Class of Principal Balance
Certificates that has an alphabetic or

                                     -19-

<PAGE>

alphanumeric class designation that is the same as the alphabetic or
alphanumeric, as applicable, designation for such REMIC II Regular Interest;
provided that the Class A-2 Certificates shall be the Corresponding Class of
Principal Balance Certificates with respect to each of REMIC II Regular
Interest A-2A and REMIC II Regular Interest A-2B.

          "Corresponding Group X-2 REMIC III Regular Interest" shall mean,
with respect to any REMIC II Regular Interest, the Group X-2 REMIC III Regular
Interest that has an alphabetic or alphanumeric designation that, with the
deletion of "X-2-", is the same as the alphabetic or alphanumeric, as
applicable, designation for such REMIC II Regular Interest.

          "Corresponding REMIC II Regular Interest" shall mean: (a) with
respect to any Class of Principal Balance Certificates (other than Class A-2
Certificates), the REMIC II Regular Interest that has an alphabetic or
alphanumeric designation that is the same as the alphabetic or alphanumeric,
as applicable, Class designation for such Class of Principal Balance
Certificates; (b) with respect to the Class A-2 Certificates, each of REMIC II
Regular Interest A-2A and REMIC II Regular Interest A-2B; and (c) with respect
to any Group X-2 REMIC III Regular Interest, the REMIC II Regular Interest
that has an alphabetic or alphanumeric designation that, when preceded by
"X-2-", is the same as the alphabetic or alphanumeric, as applicable,
designation for such Group X-2 REMIC III Regular Interest.

          "Cross-Collateralized Group" shall mean any group of Mortgage Loans
that is cross-defaulted and cross-collateralized with each other. The
Westfarms Mall Loan Group shall not be a Cross-Collateralized Group for
purposes of this Agreement.

          "Cross-Collateralized Mortgage Loan" shall mean any Mortgage Loan,
that is, by its terms, cross-defaulted and cross-collateralized with any other
Mortgage Loan. The Westfarms Mall Mortgage Loan shall not be a
Cross-Collateralized Mortgage Loan for purposes of this Agreement.

          "CSFB" shall mean Credit Suisse First Boston Corporation or its
successor in interest.

          "Current Interest Distribution Amount" shall have:

          (a) with respect to any REMIC I Regular Interest, for any
     Distribution Date, the meaning assigned thereto in Section 2.08(g);

          (b) with respect to any REMIC II Regular Interest, for any
     Distribution Date, the meaning assigned thereto in Section 2.10(g);

          (c) with respect to any Class of REMIC III Regular Interest
     Certificates, for any Distribution Date, the meaning assigned thereto in
     Section 2.12(g); and

          (d) with respect to any Group X-2 REMIC III Regular Interest, for
     any Distribution Date, the meaning assigned thereto in Section 2.12(g).

          "Custodian" shall mean a Person who is at any time appointed by the
Trustee pursuant to Section 8.11 as a document custodian on behalf of the
Trustee for the Mortgage Files.

                                     -20-

<PAGE>

          "Cut-off Date" shall mean: (A) with respect to any Mortgage Loan,
its Due Date in September 2002; and (B) with respect to any group of Mortgage
Loans, their respective Due Dates in September 2002, collectively.

          "Cut-off Date Principal Balance" shall mean, with respect to any
Mortgage Loan, the outstanding principal balance of such Mortgage Loan as of
the Cut-off Date, after application of all payments of principal due on or
before such date, whether or not received.

          "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 REO Loan.

          "Default Interest" shall mean, with respect to any Mortgage Loan (or
successor REO Loan), any amounts collected thereon, other than late payment
charges or Prepayment Premiums, that represent interest (exclusive, if
applicable, of Post-ARD Additional Interest) in excess of interest accrued on
the principal balance of such Mortgage Loan (or REO Loan) at the related
Mortgage Rate, such excess interest arising out of a default under such
Mortgage Loan; provided that, in the case of the Westfarms Mall Mortgage Loan
or any Westfarms Mall REO Property, "Default Interest" shall be limited to
only such amounts of the type described above in this definition as are
remitted to the Master Servicer on behalf of the Trust under a Westfarms Mall
Servicing Agreement or, if Article XII is in effect, as are transferred from
the Westfarms Mall Custodial Account to the Collection Account pursuant to
Section 12.04(b).

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

          "Defeasance Loan" shall mean a Mortgage Loan that permits the
related Borrower to obtain a release of the related Mortgaged Property through
defeasance.

          "Defective Mortgage Loan" shall mean a Mortgage Loan as to which
there exists a Material Breach or a Material Document Defect.

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

          "Deleted Mortgage Loan" shall mean a Defective Mortgage Loan which
is repurchased from the Trust as contemplated by Section 2.03.

          "Depositor" shall have the meaning assigned thereto in the
Preliminary Statement to this Agreement.

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

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

                                     -21-

<PAGE>

          "Designated Sub-Servicer" shall mean any Sub-Servicer set forth on
Exhibit L hereto and any successor thereto under the related Sub-Servicing
Agreement.

          "Designated Sub-Servicer Agreement" shall mean any Sub-Servicing
Agreement between a Designated Sub-Servicer and the Master Servicer.

          "Determination Date" shall mean, with respect to any calendar month,
commencing in October 2002, the 11th day of such month (or, if such 11th day
is not a Business Day, the next succeeding Business Day). Each Determination
Date will relate to the Distribution Date in the same calendar month.

          "Directly Operate" shall mean, with respect to any Administered REO
Property, the furnishing or rendering of services to the tenants thereof, the
management or operation of such REO Property, the holding of such REO Property
primarily for sale to customers (other than the sale of REO Property pursuant
to Section 3.18), the performance of any construction work thereon or any use
of such REO Property in a trade or business conducted by the Trust other than
through an Independent Contractor; provided, however, that the Special
Servicer (or any Sub-Servicer on behalf of the Special Servicer) shall not be
considered to Directly Operate an Administered REO Property solely because the
Special Servicer (or any Sub-Servicer on behalf of the Special Servicer)
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 have the meaning assigned thereto in Section
4.01(d).

          "Disqualified Organization" shall mean any of the following: (i) the
United States or a possession thereof, any State or any political subdivision
thereof, or any agency or instrumentality of any of the foregoing (other than
an instrumentality which is a corporation if all of its activities are subject
to tax and, except for Freddie Mac, a majority of its board of directors is
not selected by any such governmental unit), (ii) a foreign government,
international organization, or any agency or instrumentality of either of the
foregoing, (iii) any organization (except certain farmers' cooperatives
described in Section 521 of the Code) which is exempt from the tax imposed by
Chapter 1 of the Code (unless such organization is subject to the tax imposed
by Section 511 of the Code on unrelated business income), (iv) rural electric
and telephone cooperatives described in Section 1381 of the Code, or (v) any
other Person so designated by the Trustee based upon an Opinion of Counsel
provided to the Trustee (at no expense to the Trustee or the Trust) that the
holding of an Ownership Interest in a Class R 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 Class R 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.

          "Distribution Account" shall mean, subject to Section 3.04(f), the
segregated account or accounts created and maintained by the Trustee pursuant
to Section 3.04(b) in trust for the Certificateholders, which shall be
entitled "Wells Fargo Bank Minnesota, N.A. [or the name of any successor
trustee], as Trustee, in trust for the registered holders of Salomon Brothers
Mortgage Securities VII, Inc., Commercial Mortgage Pass-Through Certificates,
Series 2002-KEY2, Distribution Account".

                                     -22-

<PAGE>

          "Distribution Date" shall mean, with respect to any calendar month,
commencing in October 2002, the 18th day of such month (or, if such 18th day
is not a Business Day, the Business Day immediately following).

          "Document Defect" shall mean, with respect to any Mortgage Loan,
that any document required to be part of the related Mortgage File has not
been properly executed, is missing, contains information that does not conform
in any material respect with the corresponding information set forth in the
Mortgage Loan Schedule (and the terms of such document have not been modified
by written instrument contained in the related Mortgage File), or does not
appear to be regular on its face.

          "Due Date" shall mean, with respect to any Mortgage Loan (and any
successor REO Loan), 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 (without regard to any applicable grace period).

          "Early Defeasance Mortgage Loans" shall mean the Mortgage Loans
identified on Exhibit B-1D attached hereto.

          "EDGAR" shall mean the Electronic Data Gathering, Analysis, and
Retrieval System of the Commission, which is the computer system for the
receipt, acceptance, review and dissemination of documents submitted to the
Commission in electronic format.

          "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 long-term unsecured debt obligations of which are rated
no less than "Aa3" by Moody's and "AA" by S&P (if the deposits are to be held
in the account for more than 30 days), or the short-term deposit or short-term
unsecured debt obligations of which are rated no less than "P-1" by Moody's
and "A-1" by S&P (if the deposits are to be held in the account for 30 days or
less), in any event at any time funds are on deposit therein, (ii) a
segregated trust account maintained with a federal or state chartered
depository institution or trust company acting in its fiduciary capacity,
which, in the case of a state chartered depository institution or trust
company is subject to regulations regarding fiduciary funds on deposit therein
substantially similar to 12 CFR Section 9.10(b), and which, in either case, is
subject to supervision or examination by federal or state authority, (iii) an
account or accounts maintained with KeyBank so long as KeyBank's long-term
unsecured debt rating shall be at least "A1" from Moody's and "A" from S&P and
its short-term unsecured debt rating shall be at least "A-1" from S&P, or (iv)
any other account that is acceptable to the Rating Agencies (as evidenced by
written confirmation to the Trustee from each Rating Agency that the use of
such account would not, in and of itself, result in an Adverse Rating Event
with respect to any Class of Rated Certificates).

          "Environmental Insurance Policy" shall mean, with respect to any
Mortgaged Property (other than the Westfarms Mall Mortgaged Property) or
Administered 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.

          "Environmental Laws" shall mean any federal or state laws and
regulations governing the use, management or disposal of Hazardous Materials.

                                     -23-

<PAGE>

          "Environmentally Insured Mortgage Loans" shall mean the Mortgage
Loans identified on Exhibit B-1E attached hereto.

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

          "Escrow Payment" shall mean, with respect to any Serviced Mortgage
Loan, any payment received by the Master Servicer or the Special Servicer for
the account of any Borrower for application toward the payment of real estate
taxes, assessments, insurance premiums, ground rents (if applicable) and
similar items in respect of the related Mortgaged Property.

          "Euroclear Operator" means Euroclear Bank S.A./N.V., as operator of
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, with respect to any
Specially Serviced Mortgage Loan or Administered REO Property, the excess, if
any, of (a) the Net Liquidation Proceeds from the sale or liquidation of such
Mortgage Loan or REO Property, over (b) the sum of (i) the amount needed to
pay all principal, interest (including Additional Interest (if applicable) and
Default Interest), Prepayment Premiums and late payment charges payable with
respect to such Mortgage Loan or the related REO Loan in full, (ii) any other
fees that would constitute Additional Master Servicing Compensation and/or
Additional Special Servicing Compensation, (iii) any related unreimbursed
Servicing Advances, (iv) all unpaid Advance Interest on any related Advances,
(v) any related Liquidation Fee and/or Special Servicing Fees paid or payable
in respect of such Mortgage Loan or the related REO Loan and (vi) any other
Additional Trust Fund Expenses paid or payable in respect of such Mortgage
Loan or REO Property.

          "Excess Liquidation Proceeds Account" shall mean, subject to Section
3.04(f), the segregated account created and maintained by the Trustee pursuant
to Section 3.04(d) in trust for the Certificateholders, which shall be
entitled "Wells Fargo Bank Minnesota, N.A. [or the name of any successor
Trustee], as trustee, in trust for the registered holders of Salomon Brothers
Mortgage Securities VII, Inc., Commercial Mortgage Pass-Through Certificates,
Series 2002-KEY2, Excess Liquidation Proceeds Account".

          "Excess Servicing Fees" shall mean, with respect to each Mortgage
Loan (and successor REO Loan), that portion of the Master Servicing Fees that
accrue at a per annum rate equal to the Excess Servicing Fee Rate.

          "Excess Servicing Fee Rate" shall mean, with respect to each
Mortgage Loan (and successor REO Loan), initially a rate per annum equal to
the related Master Servicing Fee Rate minus the sum of one basis point and any
applicable Primary Servicing Fee Rate; provided that such rate shall be
subject to reduction at any time following any resignation of the Master
Servicer pursuant to Section 6.04 (if no successor is appointed in accordance
with the second paragraph of such Section) or any termination of the Master
Servicer pursuant to Section 7.01, to the extent reasonably necessary (in the
sole discretion of the Trustee) for the Trustee to appoint a qualified
successor Master Servicer (which successor may include the Trustee) that meets
the requirements of Section 7.02 and who requires market

                                     -24-

<PAGE>

rate servicing compensation that accrues at a per annum rate in excess of the
sum of one basis point and any applicable Primary Servicing Fee Rate.

          "Excess Servicing Fee Right" shall mean, with respect to each
Mortgage Loan (and successor REO Loan), the right to receive Excess Servicing
Fees.

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

          "Exchange Act Reporting Period" shall mean the period from and
including the Closing Date to and including December 31, 2002, as well as any
other fiscal year for the Trust if either (i) as of the commencement of such
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 or (ii) reporting under the Exchange Act is required with respect
to the Trust during or for, as applicable, such fiscal year because the
Trustee failed to make the requisite filing suspending such reporting.

          "Exchange Place Mortgage Loan" shall mean the Mortgage Loan secured
by the Mortgaged Property identified on the Mortgage Loan Schedule as
"Exchange Place".

          "Exemption-Favored Party" shall mean any of (i) SSBI, (ii) any
Person directly or indirectly, through one or more intermediaries,
controlling, controlled by or under common control with SSBI, 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 (other than the Class R and Class Y
Certificates).

          "Fair Value" shall mean, with respect to any Specially Designated
Defaulted Mortgage Loan, the amount that, in the Special Servicer's reasonable
judgment, taking into account the factors set forth in Section 3.18(b) and
such other factors as the Special Servicer reasonably deems appropriate, is
the fair value of such Mortgage Loan.

          "Fair Value Determination" shall mean the determination of Fair
Value of any Specially Designated Defaulted Mortgage Loan by the Special
Servicer in accordance with Section 3.18(b).

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

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

          "Final Distribution Date" shall mean the final Distribution Date on
which any distributions are to be made on the Certificates as contemplated by
Section 9.01.

          "Final Recovery Determination" shall mean a determination made by
the Special Servicer (or, in the case of a Performing Serviced Mortgage Loan,
the Westfarms Mall Mortgage Loan or the Westfarms Mall REO Property, by the
Master Servicer), in its reasonable judgment, with respect to any Mortgage
Loan or REO Property (other than (i) a Mortgage Loan that is paid in full and
(ii) a Mortgage Loan or REO Property, as the case may be, repurchased by or on
behalf of a Mortgage Loan Seller pursuant to the related Mortgage Loan
Purchase Agreement or as otherwise contemplated by Section 2.03, or purchased
by the Master Servicer, the Special Servicer or any Controlling Class
Certificateholder(s) pursuant to Section 9.01, or otherwise acquired by the
Sole Certificateholder(s) in exchange for all the Certificates pursuant to
Section 9.01), that there has been a recovery of all related

                                     -25-

<PAGE>

Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds and other
payments or recoveries that will ultimately be recoverable.

          "Fiscal Agent" shall mean a Person who is at any time appointed by
the Trustee pursuant to Section 8.13 to act as fiscal agent hereunder.

          "Fiscal Agent Agreement" shall have the meaning assigned thereto in
Section 8.13.

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

          "GAAP" shall mean generally accepted accounting principles as in
effect from time to time in the United States.

          "Global Certificate" shall mean, with respect to any Class of
Book-Entry Certificates, a single global certificate, or multiple global
certificates collectively, registered in the name of the Depository or its
nominee, in definitive, fully registered form without interest coupons.

          "Grantor Trust" shall mean a grantor trust as defined under Subpart
E of Part 1 of Subchapter J of the Code.

          "Grantor Trust Pool" shall mean either of Grantor Trust R or Grantor
Trust Y.

          "Grantor Trust R" shall mean the Grantor Trust designated as such in
Section 2.13(b).

          "Grantor Trust Y" shall mean the Grantor Trust designated as such in
Section 2.13(a).

          "Ground Lease" shall mean the ground lease pursuant to which any
Borrower holds a leasehold interest in the related Mortgaged Property,
together with any estoppels or other agreements executed and delivered by the
ground lessor in favor of the lender under the related Mortgage Loans.

          "Group Terrorism Insurance Policy" shall mean that certain Insurance
Policy in respect of the Mortgage Loans identified on Exhibit B-1H, which
Insurance Policy (i) is intended to cover, for a limited period, property
damage resulting from certain acts of terrorism and (ii) is to be delivered by
the Depositor to the Special Servicer on behalf of the Trustee on the Closing
Date.

          "Group Terrorism Insurance Policy Reserve Fund" shall mean the
"outside reserve fund" (within the meaning of Treasury regulation section
1.860G-2(h)) designated as such pursuant to Section 2.13(c) of this Agreement.
The Group Terrorism Insurance Policy Reserve Fund will be part of the Trust
Fund but not part of any REMIC Pool or Grantor Trust Pool.

          "Group X-2 REMIC III Regular Interests" shall mean, collectively,
REMIC III Regular Interest X-2-A-2B, REMIC III Regular Interest X-2-A-3, REMIC
III Regular Interest X-2-B, REMIC III Regular Interest X-2-C, REMIC III
Regular Interest X-2-D and REMIC III Regular Interest X-2-E.

          "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 ("PCBs"),

                                     -26-

<PAGE>

radon gas, petroleum and petroleum products, urea formaldehyde and any
substances classified as being "in inventory", "usable work in process" or
similar classification which would, if classified as unusable, be included in
the foregoing definition.

          "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, the Trustee,
any Fiscal Agent, the Controlling Class Representative 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, the Trustee, any
Fiscal Agent, the Controlling Class Representative or any Affiliate thereof,
and (iii) is not connected with the Depositor, any Mortgage Loan Seller, the
Master Servicer, the Special Servicer, the Trustee, any Fiscal Agent, the
Controlling Class Representative 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, any Mortgage Loan Seller, the Master
Servicer, the Special Servicer, the Trustee, any Fiscal Agent, the Controlling
Class Representative 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, the Trustee, such Fiscal Agent, the Controlling Class Representative
or any Affiliate thereof, as the case may be (so long as such ownership
interest constitutes less than 1.0% of the total assets of such Person).

          "Independent Contractor" shall mean any Person that would be an
"independent contractor" with respect to REMIC I (or, solely for purposes of
an Administered REO Property relating to an Early Defeasance Mortgage Loan,
the related Loan REMIC) within the meaning of Section 856(d)(3) of the Code if
REMIC I (or the related Loan REMIC) were a real estate investment trust
(except that the ownership test set forth in that section shall be considered
to be met by any Person that owns, directly or indirectly, 35% 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
Trustee or the Trust, delivered to the Trustee), so long as the Trust does not
receive or derive any income from such Person and provided that the
relationship between such Person and the Trust is at arm's length, all within
the meaning of Treasury regulation section 1.856-4(b)(5), or any other Person
upon receipt by the Trustee of an Opinion of Counsel, which shall be at no
expense to the Trustee or the Trust, to the effect that the taking of any
action in respect of any Administered REO Property by such Person, subject to
any conditions therein specified, that is otherwise herein contemplated to be
taken by an Independent Contractor will not cause such REO Property to cease
to qualify as "foreclosure property" within the meaning of Section 860G(a)(8)
of the Code, or cause any income realized in respect of such REO Property to
fail to qualify as Rents from Real Property.

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

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

          "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 as to which all of the
equity owners come within such paragraphs.

                                     -27-

<PAGE>

          "Insurance Policy" shall mean, with respect to any Mortgage Loan or
REO Property, any hazard insurance policy, flood insurance policy, title
insurance policy, earthquake insurance policy, Environmental Insurance Policy,
business interruption insurance policy or other insurance policy that is
maintained from time to time in respect of such Mortgage Loan (or the related
Mortgaged Property) or such REO Property, as the case may be, including, in
the case of Mortgage Loans identified on Exhibit B-1H, the Group Terrorism
Insurance Policy.

          "Insurance Proceeds" shall mean proceeds paid under any Insurance
Policy, to the extent such proceeds are not applied to the restoration of the
related Mortgaged Property or REO Property or released to the related
Borrower, in any case, in accordance with applicable law and/or the terms and
conditions of the related Mortgage Loan Documents; provided that, in the case
of the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Property,
"Insurance Proceeds" shall be limited to only such proceeds of the type
described above in this definition as are remitted to the Master Servicer on
behalf of the Trust under a Westfarms Mall Servicing Agreement or, if Article
XII is in effect, as are transferred from the Westfarms Mall Custodial Account
to the Collection Account pursuant to Section 12.04(b).

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

          "Interest Accrual Amount" shall have:

          (a) with respect to any REMIC I Regular Interest, for any Interest
     Accrual Period, the meaning assigned thereto in Section 2.08(g);

          (b) with respect to any REMIC II Regular Interest, for any Interest
     Accrual Period, the meaning assigned thereto in Section 2.10(g);

          (c) with respect to any Class of REMIC III Regular Interest
     Certificates, for any Interest Accrual Period, the meaning assigned
     thereto in Section 2.12(g); and

          (d) with respect to any Group X-2 REMIC III Regular Interest, for
     any Interest Accrual Period, the meaning assigned thereto in Section
     2.12(g).

          "Interest Accrual Basis" shall mean the basis on which interest
accrues in respect of any Mortgage Loan, any Loan REMIC Regular Interest, any
REMIC I Regular Interest, any REMIC II Regular Interest, any Group X-2 REMIC
III Regular Interest or any Class of REMIC III Regular Interest Certificates,
consisting of one of the following: (i) a 30/360 Basis; or (ii) an Actual/360
Basis.

          "Interest Accrual Period" shall mean, with respect to any Loan REMIC
Regular Interest, any REMIC I Regular Interest, any REMIC II Regular Interest,
any Group X-2 REMIC III Regular Interest or any Class of REMIC III Regular
Interest Certificates, for any Distribution Date, the calendar month
immediately preceding the month in which such Distribution Date occurs.

          "Interest Distribution Amount" shall mean, with respect to any REMIC
I Regular Interest, any REMIC II Regular Interest, any Group X-2 REMIC III
Regular Interest or any Class of REMIC III Regular Interest Certificates, for
any Distribution Date, the sum of the related Current

                                     -28-

<PAGE>

Interest Distribution Amount and the related Carryforward Interest
Distribution Amount for such Distribution Date.

          "Interest Only Certificate" shall mean any of the Class X-1 and/or
Class X-2 Certificates.

          "Interest Reserve Account" shall mean, subject to Section 3.04(f),
the segregated account created and maintained by the Trustee pursuant to
Section 3.04(c) in trust for the Certificateholders, which shall be entitled
"Wells Fargo Bank Minnesota, N.A. [or the name of any successor Trustee], as
trustee, in trust for the registered holders of Salomon Brothers Mortgage
Securities VII, Inc., Commercial Mortgage Pass-Through Certificates, Series
2002-KEY2, Interest Reserve Account".

          "Interest Reserve Amount" shall mean, with respect to each Interest
Reserve Loan and each Distribution Date that occurs during February 2003 and
during February of each year thereafter and during January 2003 and during
January of each year thereafter that is not a leap year, an amount equal to
one day's interest at the related Net Mortgage Rate on the Stated Principal
Balance of such Interest Reserve Loan immediately prior to such Distribution
Date (and, accordingly, prior to any reduction in such Stated Principal
Balance on such Distribution Date), to the extent that a Monthly Payment is
received in respect of such Interest Reserve Loan for the related Due Date in
the same month as such Distribution Date on or before the related Master
Servicer Remittance Date or a P&I Advance is made in respect of such Interest
Reserve Loan for such Due Date on the related Master Servicer Remittance Date.

          "Interest Reserve Loan" shall mean any Mortgage Loan or REO Loan in
the Mortgage Pool that accrues or is deemed to accrue interest on an
Actual/360 Basis.

          "Interested Person" shall mean any party hereto, any Mortgage Loan
Seller, any Certificateholder, or any Affiliate of any such Person.

          "Investment Company Act" shall mean the Investment Company Act of
1940, as amended.

          "Investment Grade Certificate" shall mean, as of any date of
determination, any Certificate that a Responsible Officer of the Certificate
Registrar actually knows is rated at least "Baa3" by Moody's or "BBB-" by S&P.

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

          "Issue Price" shall mean, with respect to each Class of
Certificates, the "issue price" as defined in the Code and Treasury
regulations promulgated thereunder.

          "KeyBank" shall have the meaning assigned thereto in the Preliminary
Statement to this Agreement.

          "KeyBank Mortgage Loans" shall have the meaning assigned thereto in
the Preliminary Statement to this Agreement

          "KeyBank Mortgage Loan Purchase Agreement" shall have the meaning
assigned thereto in the Preliminary Statement to this Agreement.

                                     -29-

<PAGE>

          "KRECM" shall have the meaning assigned thereto in the Preliminary
Statement to this Agreement.

          "Late Collections" shall mean: (a) with respect to any Mortgage
Loan, all amounts that are received thereon (including, in the case of the
Westfarms Mall Mortgage Loan, by the Westfarms Mall Master Servicer or the
Westfarms Mall Special Servicer) 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 Loan, all amounts that are received in connection with the related
REO Property (including, in the case of any Westfarms Mall REO Property, by
the Westfarms Mall Master Servicer or the Westfarms Mall Special Servicer)
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 late collections of the principal
and/or interest portions of an Assumed Monthly Payment in respect of such REO
Loan due or deemed due on a Due Date in a previous Collection Period and not
previously recovered. The term "Late Collections" shall specifically exclude
any Default Charges.

          "Latest Possible Maturity Date" shall mean, with respect to any Loan
REMIC Regular Interest, any REMIC I Regular Interest, any REMIC II Regular
Interest, any Group X-2 REMIC III Regular Interest, any Class of Principal
Balance Certificates or the Class X-1 Certificates, the date designated as the
"latest possible maturity date" thereof solely for purposes of satisfying
Treasury regulation section 1.860G-1(a)(4)(iii).

          "Letter of Credit" shall mean, with respect to any Mortgage Loan,
any third-party letter of credit delivered by or at the direction of the
related Borrower pursuant to the terms of such Mortgage Loan in lieu of the
establishment of, or deposit otherwise required to be made into, a Reserve
Fund or otherwise pledged or assigned by the related Borrower as Additional
Collateral.

          "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 or on behalf of a Mortgage
Loan Seller pursuant to the related Mortgage Loan Purchase Agreement or as
otherwise contemplated by Section 2.03, (iv) such Mortgage Loan is purchased
by the Special Servicer, the Majority Controlling Class Certificateholder(s)
or any assignee of the foregoing pursuant to Section 3.18(c), (v) such
Mortgage Loan is purchased by the Master Servicer, the Special Servicer or any
Controlling Class Certificateholder(s) pursuant to Section 9.01, or (vi) such
Mortgage Loan is acquired by the Sole Certificateholder(s) in exchange for all
of the Certificates pursuant to Section 9.01; and (b) with respect to any REO
Property (and the related REO Loan), any of the following events--(i) a Final
Recovery Determination is made with respect to such REO Property, (ii) such
REO Property (and the related REO Loan) (or, in the case of any Westfarms Mall
REO Property, any interest therein) is repurchased by or on behalf of a
Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement
or as otherwise contemplated by Section 2.03, (iii) such REO Property (or, in
the case of any Westfarms Mall REO Property, any interest therein) is
purchased by the Master Servicer, the Special

                                     -30-

<PAGE>

Servicer or any Controlling Class Certificateholder(s) pursuant to Section
9.01 or (iv) such REO Property (or, in the case of any Westfarms Mall REO
Property, any interest therein) is acquired by the Sole Certificateholder(s)
in exchange for all of the Certificates 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 Administered REO Property pursuant to
Section 3.09 or Section 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 recoveries on a
Specially Serviced Mortgage Loan or Administered REO Property pursuant to, the
third paragraph of Section 3.11(c).

          "Liquidation Fee Rate" shall mean, with respect to each Specially
Serviced Mortgage Loan or Administered REO Property as to which a Liquidation
Fee is payable, 1.00%.

          "Liquidation Proceeds" shall mean all cash amounts (other than
Insurance Proceeds, Condemnation Proceeds and REO Revenues) received by the
Master Servicer or the Special Servicer (including, in the case of the
Westfarms Mall Mortgage Loan or any Westfarms Mall REO Property, from the
Westfarms Mall Master Servicer or the Westfarms Mall Special Servicer) in
connection with: (i) the full, discounted 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 Borrower in accordance with applicable law and/or the terms and
conditions of the related Mortgage Loan Documents (provided that, in the case
of the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Property,
"Liquidation Proceeds" shall be limited to only such proceeds of the type
described in this clause (i) as are remitted to the Master Servicer on behalf
of the Trust under a Westfarms Mall Servicing Agreement or, if Article XII is
in effect, as are transferred from the Westfarms Mall Custodial Account to the
Collection Account pursuant to Section 12.04(b)); (ii) the realization upon
any deficiency judgment obtained against a Borrower (provided that, in the
case of the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Property,
"Liquidation Proceeds" shall be limited to only such proceeds of the type
described in this clause (ii) as are remitted to the Master Servicer on behalf
of the Trust under a Westfarms Mall Servicing Agreement or, if Article XII is
in effect, as are transferred from the Westfarms Mall Custodial Account to the
Collection Account pursuant to Section 12.04(b)); (iii) the purchase of a
Specially Designated Defaulted Mortgage Loan by the Majority Controlling Class
Certificateholder(s), the Special Servicer or any assignee of the foregoing
pursuant to Section 3.18(c); (iv) the repurchase of a Mortgage Loan or REO
Property by or on behalf of a Mortgage Loan Seller pursuant to the related
Mortgage Loan Purchase Agreement or as otherwise contemplated by Section 2.03;
(v) the purchase of a Mortgage Loan or REO Property by the Master Servicer,
the Special Servicer or any Controlling Class Certificateholder(s) pursuant to
Section 9.01; (vi) the acquisition of any Mortgage Loan or REO Property by the
Sole Certificateholder(s) in exchange for all of the Certificates pursuant to
Section 9.01; (vii) a payment under the Aventine Guaranty or the purchase of
the Aventine Mortgage Loan, in either case as contemplated by Section 3.19(j);
or (viii) solely in the case of the Westfarms Mall Mortgage Loan, any purchase
thereof from the Trust as contemplated by the Westfarms Mall Intercreditor
Agreements.

                                     -31-

<PAGE>

          "Loan REMIC" shall mean, with respect to the Westfarms Mall Mortgage
Loan and each Early Defeasance Mortgage Loan, the segregated pool of assets
consisting primarily of such Mortgage Loan, any related REO Property, and any
and all payments under and the proceeds of such Mortgage Loan and/or related
REO Property received after the date of the related Loan REMIC Declaration.

          "Loan REMIC Declaration" shall mean, with respect to the Westfarms
Mall Mortgage Loan and each Early Defeasance Mortgage Loan, the REMIC
declaration made as of a date prior to the Closing Date.

          "Loan REMIC Interest" shall mean any Loan REMIC Regular Interest or
Loan REMIC Residual Interest.

          "Loan REMIC Regular Interest" shall mean the uncertificated "regular
interest", within the meaning of Section 860G(a)(1) of the Code, in each Loan
REMIC. The principal balance of each Loan REMIC Regular Interest shall equal
the principal balance of the related Mortgage Loan (or, if applicable, the
deemed principal balance of any successor REO Loan) outstanding from time to
time. Payments and other collections of amounts received on or in respect of
the Westfarms Mall Mortgage Loan and each of the Early Defeasance Mortgage
Loans (or any related REO Property or the Trust's interest therein) and
allocable (in accordance with Section 1.03) to interest (exclusive of any
portion thereof that constitutes Post-ARD Additional Interest, and otherwise
adjusted to the related Loan REMIC Remittance Rate) on, principal of and/or
Prepayment Premiums with respect to such Mortgage Loan (or any successor REO
Loan) shall be deemed paid on the related Loan REMIC Regular Interest to REMIC
I at the time such amounts are so received. The terms of each Loan REMIC
Regular Interest are otherwise set forth in the related Loan REMIC
Declaration.

          "Loan REMIC Remittance Rate" shall mean the per annum rate at which
interest accrues in respect of a Loan REMIC Regular Interest, as set forth in
or otherwise calculated in accordance with the related Loan REMIC Declaration.

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

          "Loss Reimbursement Amount" shall mean:

          (a) with respect to any REMIC I Regular Interest for any
     Distribution Date, the total amount of all Unfunded Principal Balance
     Reductions, if any, incurred by (but not reimbursed to) REMIC II with
     respect to such REMIC I Regular Interest on all prior Distribution Dates,
     if any;

          (b) with respect to any REMIC II Regular Interest for any
     Distribution Date, the total amount of all Unfunded Principal Balance
     Reductions, if any, incurred by (but not reimbursed to) REMIC III with
     respect to such REMIC II Regular Interest on all prior Distribution
     Dates, if any; and

          (c) with respect to any Class of Principal Balance Certificates for
     any Distribution Date, the total amount of all Unfunded Principal Balance
     Reductions, if any, incurred by (but not reimbursed to) the Holders of
     such Class of Certificates on all prior Distribution Dates, if any.

                                     -32-

<PAGE>

          "Majority Controlling Class Certificateholder(s)" shall mean, as of
any date of determination, any single Holder or group of Holders of
Certificates representing a majority of the Voting Rights allocated to the
Class or Classes of Principal Balance Certificates that constitute(s) the
Controlling Class as of such date of determination.

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

          "Master Servicer Remittance Amount" shall mean, with respect to any
Master Servicer Remittance Date, an amount equal to (a) all amounts on deposit
in the Collection Account as of 11:00 a.m., New York City time, on such Master
Servicer Remittance Date, net of (b) any portion of the amounts described in
clause (a) of this definition that represents one or more of the following:
(i) any collected Monthly Payment that is due with respect to any Serviced
Mortgage Loan on a Due Date following the end of the then most recently ended
Collection Period, (ii) any payments of principal (including Principal
Prepayments) and interest (including Post-ARD Additional Interest), Insurance
Proceeds, Condemnation Proceeds and Liquidation Proceeds received (including,
if applicable, by the Westfarms Mall Master Servicer or the Westfarms Mall
Special Servicer on behalf of the Trust) with respect to any Mortgage Loan or
REO Property after the end of the then most recently ended Collection Period,
(iii) any Prepayment Premium received (including, if applicable, by the
Westfarms Mall Master Servicer or the Westfarms Mall Special Servicer on
behalf of the Trust) with respect to any Mortgage Loan or any REO Loan after
the end of the then most recently ended Collection Period, (iv) Excess
Liquidation Proceeds, (v) any amounts payable or reimbursable to any Person
from the Collection Account pursuant to clauses (ii) through (xx) of the first
paragraph of Section 3.05(a), and (vi) any amounts deposited in the Collection
Account in error; provided that the Master Servicer Remittance Amount for the
Master Servicer Remittance Date that occurs in the same calendar month as the
anticipated Final Distribution Date shall be calculated without regard to
clauses (b)(i), (b)(ii) and (b)(iii) of this definition.

          "Master Servicer Remittance Date" shall mean the Business Day
preceding each Distribution Date.

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

          "Master Servicing Fee Rate" shall mean, with respect to each
Mortgage Loan and any successor REO Loan, the rate per annum specified as such
on the Mortgage Loan Schedule.

          "Material Breach" shall mean any Breach that materially and
adversely affects the value of any Mortgage Loan or the interests of the
Certificateholders, or any of them, in or with respect to such Mortgage Loan,
including a material and adverse effect on any of the payments payable with
respect to any of the Certificates or the value of any of the Certificates. In
determining whether a Breach materially and adversely affects the value of a
Mortgage Loan or the interests of the Certificateholders, or any of them, in
such Mortgage Loan, the extent to which such Breach adversely affects the
value of the related Mortgaged Property, if at all, is a factor to be
considered.

          "Material Document Defect" shall mean any Document Defect that
materially and adversely affects the value of any Mortgage Loan or the
interests of the Certificateholders, or any of them, in or with respect to
such Mortgage Loan, including a material and adverse effect on any of the

                                     -33-

<PAGE>

payments payable with respect to any of the Certificates or the value of any
of the Certificates; provided, however, that, except as set forth in the next
sentence, no Document Defect will be considered to be a Material Document
Defect prior to the first anniversary of the Closing Date, unless the document
with respect to which the subject Document Defect exists is required in
connection with an imminent enforcement of the lender's rights or remedies
under the related Mortgage Loan, defending any claim asserted by any Borrower
or third party with respect to the related Mortgage Loan, establishing the
validity or priority of any lien on any collateral securing the related
Mortgage Loan or for any immediate servicing obligation. Notwithstanding the
foregoing, it is agreed by all parties that the absence of a Specially
Designated Mortgage Loan Document shall be a Material Document Defect.

          "Memorandum" shall mean the final Offering Memorandum, dated
September 17, 2002, relating to certain Classes of the Non-Registered
Certificates delivered by the Depositor to SSBI as of the Closing Date.

          "Merrill Lynch" shall mean Merrill Lynch, Pierce, Fenner & Smith
Incorporated or its successor in interest.

          "MII" shall mean McDonald Investments Inc. or its successor in
interest.

          "Modified Mortgage Loan" shall mean any Serviced 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) materially 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 Mortgage Loan
     Documents, results 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, 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 Borrower and upon which the Special
     Servicer may conclusively rely); or

          (c) in the reasonable judgment of the Special Servicer, otherwise
     materially impairs the security for such Mortgage Loan or 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 payment (or, in the case of an ARD
Mortgage Loan after its Anticipated Repayment Date, the minimum required
monthly payment) of principal and/or interest on such Mortgage Loan, including
any Balloon Payment, that is actually payable by the related Borrower 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, insolvency or similar
proceeding involving the related Borrower or by reason of a modification,
waiver or amendment granted or agreed to by the Master Servicer or the Special
Servicer pursuant to Section 3.20 (or, in the case of the Westfarms Mall
Mortgage Loan, by the

                                     -34-

<PAGE>

Westfarms Mall Master Servicer or the Westfarms Mall Special Servicer pursuant
to a Westfarms Mall Servicing Agreement or by the Master Servicer or the
Special Servicer pursuant to Section 12.13)).

          "Moody's" shall mean Moody's Investors Service, Inc. or its
successor in interest. If neither such rating agency nor any successor remains
in existence, "Moody's" shall be deemed to refer to such other nationally
recognized statistical rating agency or other comparable Person designated by
the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody's Investors Service, Inc. herein
referenced shall be deemed to refer to the equivalent ratings of the party so
designated. References herein to "applicable rating category" (other than such
references to "highest applicable rating category") shall, in the case of
Moody's, be deemed to refer to such applicable rating category of Moody's,
without regard to any plus or minus or other comparable rating qualification.

          "Mortgage" shall mean, with respect to any Mortgage Loan, separately
and collectively, as the context may require, each mortgage, deed of trust,
deed to secure debt or similar document that secures the related Mortgage Note
and creates a lien on the related Mortgaged Property.

          "Mortgage File" shall mean:

          (a) with respect to any Serviced Mortgage Loan, subject to Sections
     1.05 and 2.01, the following documents on a collective basis:

               (i) the original executed Mortgage Note, endorsed (either on
          the face thereof or pursuant to a separate allonge) "Pay to the
          order of Wells Fargo Minnesota, N.A., as trustee for the registered
          holders of Salomon Brothers Mortgage Securities VII, Inc.,
          Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2,
          without recourse", 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;

               (ii) an original or a copy of the Mortgage and of any
          intervening assignments thereof that precede the assignment referred
          to in clause (iv) of this definition, in each case (unless the
          particular item has been delivered to, but has not been returned
          from, the applicable recording office) with evidence of recording
          indicated thereon or certified as to recording by the applicable
          recording office;

               (iii) an original or a copy of any related Assignment of Leases
          (if such item is a document separate from the Mortgage) and of any
          intervening assignments thereof that precede the assignment referred
          to in clause (v) of this definition, in each case (unless the
          particular item has been delivered to, but has not been returned
          from, the applicable recording office) with evidence of recording
          indicated thereon or certified as to recording by the applicable
          recording office;

               (iv) an original executed assignment of the Mortgage, in favor
          of Wells Fargo, as trustee for the registered holders of Salomon
          Brothers Mortgage Securities VII, Inc., Commercial Mortgage
          Pass-Through Certificates, Series 2002-KEY2, or in blank, in

                                     -35-

<PAGE>

          recordable form (except for any missing recording information with
          respect to such Mortgage and, if delivered in blank, the name of the
          assignee);

               (v) an original executed assignment of any related Assignment
          of Leases (if such item is a document separate from the Mortgage),
          in favor of Wells Fargo, as trustee for the registered holders of
          Salomon Brothers Mortgage Securities VII, Inc., Commercial Mortgage
          Pass-Through Certificates, Series 2002-KEY2, or in blank, in
          recordable form (except for any missing recording information with
          respect to such Assignment of Leases and, if delivered in blank, the
          name of the assignee);

               (vi) originals or copies of any written assumption,
          modification, assurance and substitution agreements in those
          instances where the terms or provisions of the Mortgage or Mortgage
          Note have been modified or such Mortgage Loan has been assumed, in
          each case (unless the particular item has been delivered to, but has
          not been returned from, the applicable recording office) with
          evidence of recording indicated thereon or certified as to recording
          by the applicable recording office if the instrument being modified
          or assumed is a recordable document;

               (vii) the original or a copy of the policy of lender's title
          insurance (or, if such policy has not yet been issued, a "marked-up"
          pro forma title policy or commitment for title insurance, marked as
          binding and countersigned by the title insurer or its authorized
          agent either on its face or by an acknowledged closing instruction
          or escrow letter);

               (viii) filed copies of any prior UCC Financing Statements in
          favor of the originator of such Mortgage Loan or in favor of any
          assignee prior to the Trustee (but only to the extent the related
          Mortgage Loan Seller had or gains possession of such UCC Financing
          Statements) and, in connection with such UCC Financing Statements,
          an original UCC Financing Statement Amendment, as appropriate, in
          form suitable for filing (except for the completion of the
          assignee's name), in favor of Wells Fargo, as trustee for the
          registered holders of Salomon Brothers Mortgage Securities VII,
          Inc., Commercial Mortgage Pass-Through Certificates, Series
          2002-KEY2, or in blank;

               (ix) the original or a copy of any environmental indemnity
          agreement and any Environmental Insurance Policy relating to such
          Mortgage Loan;

               (x) the original or a copy of any power of attorney, guaranty,
          loan agreement, cash management agreement, Ground Lease and/or
          Ground Lease estoppels relating to such Mortgage Loan;

               (xi) any original documents (including any security
          agreement(s) and any Letter(s) of Credit) relating to, evidencing or
          constituting Additional Collateral and, if applicable, the originals
          or copies of any intervening assignments thereof;

               (xii) the original or a copy of any intercreditor agreement,
          co-lender agreement or similar agreement relating to such Mortgage
          Loan;

               (xiii) the original or a copy of any agreement whereby the
          payment of property management fees are subordinated to payment of
          the subject Mortgage Loan;

                                     -36-

<PAGE>

               (xiv) in the case of any Early Defeasance Mortgage Loan, the
          original or a copy of the related Loan REMIC Declaration and any tax
          returns or other related filings, if any; and

               (xv) if the documents described in clauses (i) - (xiv) above
          are delivered, in whole or in part, as part of a closing binder, an
          index of the documents in that closing binder; and

          (b) with respect to the Westfarms Mall Mortgage Loan, the following
     documents on a collective basis:

               (i) the original executed Mortgage Note for such Mortgage Loan,
          endorsed (either on the face thereof or pursuant to a separate
          allonge) "Pay to the order of Wells Fargo Bank Minnesota, N.A., as
          trustee for the registered holders of Salomon Brothers Mortgage
          Securities VII, Inc., Commercial Mortgage Pass-Through Certificates,
          Series 2002-KEY2, without recourse", 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;

               (ii) a copy of the executed Westfarms Mall Intercreditor
          Agreements;

               (iii) a copy of a Westfarms Mall Servicing Agreement; and

               (iv) the original or a copy of the related Loan REMIC
          Declaration;

provided that whenever the term "Mortgage File" is used to refer to documents
actually received by the Trustee, such term shall be deemed not to include
such documents and instruments required to be included therein unless they are
actually so received.

          "Mortgage Loan" shall mean each of the mortgage loans listed on the
Mortgage Loan Schedule that are from time to time held in the Trust Fund. As
used herein, the term "Mortgage Loan" includes the related Mortgage Note,
Mortgage and other security documents contained in the related Mortgage File,
except that, with respect to the Westfarms Mall Mortgage Loan, the term
"Mortgage Loan" includes the related Mortgage Note and any other documents
contained in the related Mortgage File or otherwise held on behalf of the
Trust. As used herein, the term "Mortgage Loan" also includes a mortgage loan
in the Trust Fund that has been wholly or partially defeased.

          "Mortgage Loan Document" shall mean, with respect to any Mortgage
Loan, each document comprising the related Mortgage File or the related
Servicing File.

          "Mortgage Loan Purchase Agreements" shall mean, collectively, the
SBRC Mortgage Loan Purchase Agreement, the KeyBank Mortgage Loan Purchase
Agreement and the Column Mortgage Loan Purchase Agreement.

                                     -37-

<PAGE>

          "Mortgage Loan Schedule" shall mean, collectively, the three lists
of Mortgage Loans attached hereto as Exhibit B-1A, Exhibit B-1B and Exhibit
B-1C, respectively, as such lists may be amended from time to time in
accordance with this Agreement. Such lists shall set forth the following
information with respect to each Mortgage Loan:

          (i) the Mortgage Loan number and the Prospectus Loan Identification
     Number as provided in the Prospectus;

          (ii) the (A) street address (including city, state and zip code) of
     the related Mortgaged Property and (B) number or amount, as applicable,
     of apartment units, rentable square footage, rooms or other relevant
     divisions at or measurement of the related Mortgaged Property;

          (iii) the (A) original principal balance and (B) Cut-off Date
     Principal Balance;

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

          (v) the Mortgage Rate as of the Cut-off Date;

          (vi) the (A) original and remaining term to stated maturity (or, in
     the case of an ARD Mortgage Loan, to the related Anticipated Repayment
     Date) and (B) Stated Maturity Date;

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

          (viii) whether the Mortgage Loan is a Cross-Collateralized Mortgage
     Loan and, if so, the other Mortgage Loans contained in the related
     Cross-Collateralized Group;

          (ix) whether the Mortgage Loan is an ARD Mortgage Loan and, if so,
     the Anticipated Repayment Date;

          (x) whether the Mortgage Loan provides for defeasance and, if so,
     the period during which defeasance may occur;

          (xi) whether the Mortgage Loan is secured by a fee simple interest
     in the Mortgaged Property; by the Borrower's leasehold interest, and a
     fee simple interest, in the Mortgaged Property; or solely by a leasehold
     interest in the Mortgaged Property;

          (xii) the related Mortgage Loan Seller and, if different, the named
     lender on the related Mortgage Loan Documents;

          (xiii) the Interest Accrual Basis;

          (xiv) the Master Servicing Fee Rate;

          (xv) whether the Mortgage Loan provides, at any time during its
     term, for a Prepayment Premium calculated based on a yield maintenance
     formula in connection with voluntary Principal Prepayments and, if so,
     what is the applicable Yield Maintenance Interest

                                     -38-

<PAGE>

     Rate, whether or not the Yield Maintenance Interest Rate is converted to
     a monthly equivalent yield, and the Yield Maintenance Discounting
     Horizon;

          (xvi) the number of grace days before such Mortgage Loan requires a
     late payment charge in connection with a delinquent Monthly Payment;

          (xvii) the amount of any Reserve Funds and Escrow Payments that
     represent 5% or more of the unpaid principal balance of such Mortgage
     Loan; and

          (xviii) whether there exists (and, if so, the amount of) any letter
     of credit that constitutes Additional Collateral.

          "Mortgage Loan Sellers" shall mean, collectively, SBRC, KeyBank and
Column.

          "Mortgage Loans Delinquent Report" shall mean the report in the form
of and containing the information provided for in Exhibit E-5 attached hereto.

          "Mortgage Note" shall mean the original executed note evidencing the
indebtedness of a Borrower 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 Mortgage Loans and any
successor REO Loans, collectively, as of any particular date of determination.
The Mortgage Pool shall not include either of the Westfarms Mall Companion
Loans.

          "Mortgage Rate" shall mean, with respect to any Mortgage Loan (and
any successor REO Loan), the 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 the case of the
Westfarms Mall Mortgage Loan, by the Westfarms Mall Master Servicer or the
Westfarms Mall Special Servicer pursuant to a Westfarms Mall Servicing
Agreement or by the Master Servicer or Special Servicer pursuant to Section
12.13) or in connection with a bankruptcy, insolvency or similar proceeding
involving the related Borrower. In the case of each of the ARD Mortgage Loans,
the related Mortgage Rate will be subject to increase in accordance with the
related Mortgage Note if the particular Mortgage Loan is not paid in full by
its Anticipated Repayment Date.

          "Mortgaged Property" shall mean, individually and collectively, as
the context may require, each real property (together with all improvements
and fixtures thereon) subject to the lien of a Mortgage and constituting
collateral for a Mortgage Loan. With respect to any Cross-Collateralized
Mortgage Loan, if and when the context may require, "Mortgaged Property" shall
mean, collectively, all the mortgaged real properties (together with all
improvements and fixtures thereon) securing the relevant Cross-Collateralized
Group.

          "Mortgagee" shall mean the holder of legal title to any Mortgage
Loan, together with any third parties through which such holder takes actions
with respect to such Mortgage Loan.

                                     -39-

<PAGE>

          "Net Adjusted REMIC II Remittance Rate" shall mean:

          (a) with respect to REMIC II Regular Interest A-2B, for any Interest
     Accrual Period, 4.4670% per annum,

          (b) with respect to REMIC II Regular Interest A-3, for any Interest
     Accrual Period, a rate per annum equal to 4.8650% per annum;

          (c) with respect to REMIC II Regular Interest B, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.0150% per annum;

          (d) with respect to REMIC II Regular Interest C, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.0450% per annum;

          (e) with respect to REMIC II Regular Interest D, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.0740% per annum; and

          (f) with respect to REMIC II Regular Interest E, for any Interest
     Accrual Period, a rate per annum equal to the lesser of (i) the related
     REMIC II Remittance Rate for such Interest Accrual Period and (ii)
     5.0840% per annum.

          "Net Aggregate Prepayment Interest Shortfall" shall mean, with
respect to any Distribution Date, the amount, if any, by which (a) the
aggregate of all Prepayment Interest Shortfalls incurred in connection with
the receipt of Principal Prepayments, or any other early collections of
principal in the form of Insurance Proceeds and/or Condemnation Proceeds, on
the Mortgage Loans during the Collection Period for such Distribution Date
(or, in the case of the Westfarms Mall Mortgage Loan, incurred in connection
with the receipt of a Principal Prepayment, or any other early collection of
principal in the form of Insurance Proceeds and/or Condemnation Proceeds, that
is distributable to Certificateholders on such Distribution Date), exceeds (b)
the aggregate amount of the Compensating Interest Payment remitted by the
Master Servicer pursuant to Section 3.19(a) to cover such Prepayment Interest
Shortfalls.

          "Net Assumption Application Fee" shall have the meaning assigned
thereto in Section 3.08.

          "Net Assumption Fee" shall have the meaning assigned thereto in
Section 3.08.

          "Net Default Charges" shall mean, with respect to any Mortgage Loan
or successor REO Loan, the Default Charges referred to in clause seventh of
Section 1.04(a), which are payable either to the Master Servicer as Additional
Master Servicing Compensation or to the Special Servicer as Additional Special
Servicing Compensation.

          "Net Investment Earnings" shall mean, with respect to any Account
for any Collection Period, the amount, if any, by which the aggregate of all
interest and other income realized during such Collection Period in connection
with the investment of funds held in such Account for the benefit of the

                                     -40-

<PAGE>

Master Servicer or the Special Servicer, as applicable, exceeds the aggregate
of all losses, if any, incurred during such Collection Period in connection
with the investment of such funds for the benefit of the Master Servicer or
the Special Servicer, as applicable, in accordance with Section 3.06 (other
than losses of what would otherwise have constituted interest or other income
earned on such funds).

          "Net Investment Loss" shall mean, with respect to any 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 Account for the benefit of the Master Servicer or the
Special Servicer, as applicable, in accordance with Section 3.06 (other than
losses of what would otherwise have constituted interest or other income
earned on such funds), exceeds the aggregate of all interest and other income
realized during such Collection Period in connection with the investment of
such funds for the benefit of the Master Servicer or the Special Servicer, as
applicable, in accordance with Section 3.06; provided that, notwithstanding
anything herein to the contrary, Net Investment Loss shall not include any
loss with respect to deposits in any Account that are not invested; and
provided, further, that in the case of any Account and any particular
investment of funds in such Account, Net Investment Loss shall not include any
loss with respect to such investment which is incurred solely as a result of
the insolvency of the federal or state chartered depository institution or
trust company that holds such Account, so long as such depository institution
or trust company was not the party or an Affiliate of the party hereunder
maintaining such Account on behalf of the Trust and such Account satisfied the
qualifications set forth in the definition of Eligible Account both at the
time such investment was made and as of a date not more than 30 days prior to
the date of the loss.

          "Net Liquidation Proceeds" shall mean the excess, if any, of all
Liquidation Proceeds received with respect to any Specially Serviced Mortgage
Loan or Administered REO Property, over the amount of all unpaid Liquidation
Expenses and unreimbursed Servicing Advances incurred with respect thereto.

          "Net Mortgage Rate" shall mean, with respect to any Mortgage Loan
(or successor REO Loan), a rate per annum equal to the related Mortgage Rate,
minus the related Administrative Fee Rate and, in the case of an ARD Mortgage
Loan subsequent to its Anticipated Repayment Date, minus the related Post-ARD
Additional Interest Rate.

          "New Lease" shall mean any lease of an Administered REO Property
entered into at the direction of the Special Servicer, including any lease
renewed, modified or extended on behalf of the Certificateholders, if the
Special Servicer has the right to negotiate the terms of such lease.

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

          "Nonrecoverable P&I Advance" shall mean, as evidenced by the
Officer's Certificate and supporting documentation contemplated by Section
4.03(c), any P&I Advance previously made or to be made in respect of any
Mortgage Loan or any REO Loan hereunder that, as determined by the Master
Servicer or, if applicable, the Trustee or any Fiscal Agent, in its reasonable
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. In the case of a Cross-Collateralized
Mortgage Loan, such recoverability determination shall take into account the
cross-collateralization of the related Cross-Collateralized Group.

                                     -41-

<PAGE>

          "Nonrecoverable Servicing Advance" shall mean, as evidenced by the
Officer's Certificate and supporting documentation contemplated by Section
3.11(h), any Servicing Advance previously made or to be made in respect of a
Mortgage Loan or REO Property hereunder that, as determined by the Master
Servicer, the Special Servicer or, if applicable, the Trustee or any Fiscal
Agent, in its reasonable 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 REO Property.
In the case of a Cross-Collateralized Mortgage Loan, such recoverability
determination shall take into account the cross-collateralization of the
related Cross-Collateralized Group.

          "Non-Registered Certificate" shall mean any Certificate that has not
been subject to registration under the Securities Act. As of the Closing Date,
the Class X-1, Class X-2, Class H, Class J, Class K, Class L, Class M, Class
N, Class P, Class Q, Class S, Class T, Class Y and Class R Certificates will
constitute Non-Registered Certificates.

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

          "Officer's Certificate" shall mean a certificate signed by a
Servicing Officer of the Master Servicer or the Special Servicer or a
Responsible Officer of the Trustee or any Fiscal Agent, as the case may be.

          "Opinion of Counsel" shall mean a written opinion of counsel (which
counsel, in the case of any such opinion of counsel relating to the taxation
of the Trust Fund or any portion thereof or the status of any REMIC Pool as a
REMIC or the status of either Grantor Trust Pool as a Grantor Trust for
taxation purposes, shall be Independent of the Depositor, each Mortgage Loan
Seller, the Master Servicer, the Special Servicer, the Trustee and any Fiscal
Agent, as applicable, but which may act as counsel to such Person) acceptable
to and delivered to the addressee(s) thereof.

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

          "Ownership Interest" shall mean, in the case of 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, with respect to any Mortgage Loan or REO
Loan, any advance made by the Master Servicer, the Trustee or any Fiscal Agent
pursuant to Section 4.03 (as well as, in the case of the Westfarms Mall
Mortgage Loan or any successor REO Loan with respect thereto, any comparable
advance made by the Westfarms Mall Master Servicer or any other party under a
Westfarms Mall Servicing Agreement).

          "Pass-Through Rate" shall mean the per annum rate at which interest
accrues in respect of any Class of REMIC III Regular Interest Certificates
during any Interest Accrual Period, as set forth in or otherwise calculated in
accordance with Section 2.12(f).

          "Payments Received After Determination Date Report" shall mean the
report in the form of and containing the information provided for in Exhibit
E-4 attached hereto.

                                     -42-

<PAGE>

          "Percentage Interest" shall mean:

          (a) with respect to any REMIC III 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 Class Principal Balance or Class Notional
     Amount, as the case may be, of the relevant Class as of the Closing Date;
     and

          (b) with respect to a Class Y Certificate or Class R Certificate,
     the percentage interest in distributions to be made with respect to the
     relevant Class, as stated on the face of such Certificate.

          "Performing Serviced Mortgage Loan" shall mean, as of any date of
determination, any Serviced Mortgage Loan as to which no Servicing Transfer
Event then exists.

          "Permitted Investments" shall mean any one or more of the following
obligations or securities:

          (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, provided that each such obligation is
     backed by the full faith and credit of the United States;

          (ii) repurchase agreements on obligations specified in clause (i),
     provided that the short-term unsecured debt obligations of the party
     agreeing to repurchase such obligations are at the time of investment
     rated in the highest short-term debt rating category of each of Moody's
     and S&P (or, in the case of either Rating Agency, have such lower rating
     as will not result in an Adverse Rating Event with respect to any Class
     of Rated Certificates, as confirmed in writing to the Trustee by such
     Rating Agency);

          (iii) federal funds, uncertificated certificates of deposit, time
     deposits and bankers' acceptances of any bank or trust company organized
     under the laws of the United States or any state thereof, provided that
     the short-term unsecured debt obligations of such bank or trust company
     are at the time of investment rated in the highest short-term debt rating
     category of each of Moody's and S&P (or, in the case of either Rating
     Agency, have such lower rating as will not result in an Adverse Rating
     Event with respect to any Class of Rated Certificates, as confirmed in
     writing to the Trustee by such Rating Agency);

          (iv) commercial paper of any corporation incorporated under the laws
     of the United States or any state thereof (or of any corporation not so
     incorporated, provided that 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), provided that
     such commercial paper is rated in the highest short-term debt rating
     category of each of Moody's and S&P (or, in the case of either Rating
     Agency, has such lower rating as will not result in an Adverse Rating
     Event with respect to any Class of Rated Certificates, as confirmed in
     writing to the Trustee by such Rating Agency);

                                     -43-

<PAGE>

          (v) units of money market funds (including, subject to the rest of
     this clause (v), those managed by the Trustee or its Affiliates) which
     maintain a constant net asset value, provided that such units of money
     market funds are rated in the highest applicable rating category of each
     of Moody's and S&P (or, in the case of either Rating Agency, have such
     lower rating as will not result in an Adverse Rating Event with respect
     to any Class of Rated Certificates, as confirmed in writing to the
     Trustee by such Rating Agency); or

          (vi) any other obligation or security that is acceptable to the
     Rating Agencies and will not result in an Adverse Rating Event with
     respect to any Class of Rated Certificates (as confirmed in writing to
     the Trustee by each Rating Agency);

provided that (A) no investment described hereunder shall evidence either the
right to receive (1) only interest with respect to such investment or (2) a
yield to maturity greater than 120% of the yield to maturity at par of the
underlying obligations, (B) 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, (C) no investment
described hereunder may be sold prior to stated maturity if such sale would
result in a loss of principal on the instrument or a tax on "prohibited
transactions" under Section 860F of the Code and (D) no investment described
hereunder may have a "r" highlighter or other comparable qualifier attached to
its rating; and provided, further, that each investment described hereunder
must have (X) a predetermined fixed amount of principal due at maturity (that
cannot vary or change), (Y) a remaining maturity of not more than 30 days and
an original maturity of not more than 365 days and (Z) except in the case of a
Permitted Investment described in clause (v) above, either (1) a fixed
interest rate or (2) an interest rate that is tied to a single interest rate
index plus a single fixed spread and that moves proportionately with that
index; and provided, further, that each investment described hereunder must be
a "cash flow investment" (within the meaning of the REMIC Provisions).

          "Permitted Transferee" shall mean any Transferee of a Class R
Certificate other than either a Disqualified Organization, a Non-United States
Tax Person, or a foreign permanent establishment or fixed base (each within
the meaning of the applicable income treaty) of a United States Tax Person;
provided, however, that if a Transferee is classified as a partnership under
the Code, such Transferee shall only be a Permitted Transferee if all of its
beneficial owners are United States Tax Persons and the governing documents of
the Transferee prohibit a transfer of any interest in the Transferee to any
Non-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.

          "Phase I Environmental Assessment" shall mean a "Phase I assessment"
as described in and meeting the criteria of the American Society of Testing
and Materials Standard, Designation E-1527 or any successor thereto published
by the American Society of Testing Materials.

          "Plan" shall mean any of those retirement plans and other employee
benefit plans, 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 are subject to ERISA or the Code.

                                     -44-

<PAGE>

          "Plurality Class R Certificateholder" shall mean, as to any taxable
year of any REMIC Pool, the Holder of Certificates evidencing the largest
Percentage Interest in the Class R Certificates.

          "Post-ARD 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 Post-ARD Additional
Interest Rate (the payment of which interest shall, under the terms of such
Mortgage Loan, be deferred until the principal balance of such Mortgage Loan
has been paid in full), together with all interest, if any, accrued at the
related Mortgage Rate on such deferred interest.

          "Post-ARD 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 Mortgage Loan resulting from the
passage of such Anticipated Repayment Date.

          "Prepayment Assumption" shall mean, for purposes of determining the
accrual of original issue discount, market discount and premium, if any, on
the Mortgage Loans, the Loan REMIC Regular Interests, the REMIC I Regular
Interests, the REMIC II Regular Interests, the Group X-2 REMIC III Regular
Interests and the Certificates for federal income tax purposes, the
assumptions that each ARD Mortgage Loan is paid in its entirety on its
Anticipated Prepayment Date and that no Mortgage Loan is otherwise prepaid
prior to its Stated Maturity 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 any early collection of principal in the form of Insurance Proceeds
or Condemnation Proceeds received (including, in the case of the Westfarms
Mall Mortgage Loan, by the Westfarms Mall Master Servicer or the Westfarms
Mall Special Servicer on behalf of the Trust), after the Due Date for such
Mortgage Loan in any Collection Period, any payment of interest accrued on
such Principal Prepayment or other early collection of principal (net of
related Master Servicing Fees and, further, net of any portion of such
interest that represents Default Interest, late payment charges or Post-ARD
Additional Interest) that was actually collected from the related Borrower or
out of such Insurance Proceeds or Condemnation Proceeds, as the case may be,
and intended to cover the period from and after such Due Date to, but not
including, the date of prepayment (exclusive, however, of any related
Prepayment Premium that may have been collected).

          "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 any early collection of principal in the form of Insurance Proceeds
or Condemnation Proceeds received (including, in the case of the Westfarms
Mall Mortgage Loan, by the Westfarms Mall Master Servicer or the Westfarms
Mall Special Servicer on behalf of the Trust), prior to the Due Date for such
Mortgage Loan in any Collection Period, the amount of interest, to the extent
not collected from the related Borrower or out of such Insurance Proceeds or
Condemnation Proceeds, as the case may be (without regard to any Prepayment
Premium that may have been collected), that would have accrued on the amount
of such Principal Prepayment or other early collection of principal during the
period from the date of prepayment to, but not including, such Due Date (less
the amount of related Master Servicing Fees and, if applicable, exclusive of
Default Interest, Post-ARD Additional Interest and late payment charges).

          "Prepayment Premium" shall mean, with respect to any Mortgage Loan,
any premium, fee or other additional amount paid or payable, as the context
requires, by a Borrower in connection with a Principal Prepayment on, or other
early collection of principal of, a Mortgage Loan or any successor

                                     -45-

<PAGE>

REO Loan, including any such premium, fee or other additional amount that is
calculated as a percentage of the principal amount being prepaid or pursuant
to a yield maintenance formula.

          "Primary Serviced Mortgage Loans" shall mean the Mortgage Loans
identified on Exhibit B-1F attached hereto.

          "Primary Servicing Fee Rate" shall mean, with respect to any Primary
Serviced Mortgage Loan (or successor REO Loan), the excess, if any, of the
related Master Servicing Fee Rate over two (2) basis points.

          "Primary Servicing Office" shall mean the office of the Master
Servicer or the Special Servicer, as the context may require, that is
primarily responsible for such party's servicing obligations hereunder.

          "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, in its sole discretion, 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 Master
Servicer and the Special Servicer in writing of its selection.

          "Principal Balance Certificate" shall mean any of the Class A, Class
B, Class C, Class D, Class E, Class F, Class H, Class J, Class K, Class L,
Class M, Class N, Class P, Class Q, Class S and/or Class T Certificates.

          "Principal Distribution Amount" shall mean:

          (a) with respect to any REMIC I Regular Interest for any
     Distribution Date, an amount equal to that portion, if any, of the Total
     Principal Distribution Amount for such Distribution Date that is
     attributable to the Mortgage Loan or successor REO Loan, as the case may
     be, that relates to such REMIC I Regular Interest; and

          (b) with respect to any Class of Principal Balance Certificates
     (and, accordingly, with respect to that Class's Corresponding REMIC II
     Regular Interest(s)) for any Distribution Date, an amount equal to that
     portion, if any, of the Total Principal Distribution Amount for such
     Distribution Date that is allocable to such Class of Certificates as
     provided below in this definition.

For purposes of the foregoing, for so long as the Class A Certificates remain
outstanding, the Total Principal Distribution Amount for each Distribution
Date shall be allocated to the Class A Certificates, up to the lesser of (i)
the aggregate of the Class Principal Balances of the Class A Certificates
outstanding immediately prior to such Distribution Date and (ii) the entire
such Total Principal Distribution Amount. The portion of the Total Principal
Distribution Amount for each Distribution Date that is so allocable to the
Class A Certificates (such portion, the "Class A Principal Distribution
Amount") shall, in turn, be allocated as between the Class A-1 Certificates,
the Class A-2 Certificates and the Class A-3 Certificates as follows: (i)
prior to the Senior Principal Distribution Cross-Over Date

                                     -46-

<PAGE>

(or, if there is no Senior Principal Distribution Cross-Over Date, prior to
the Final Distribution Date), first, to the Class A-1 Certificates, up to the
lesser of (A) the Class Principal Balance of the Class A-1 Certificates
outstanding immediately prior to the subject Distribution Date and (B) the
entire such Class A Principal Distribution Amount, second, to the Class A-2
Certificates, up to the lesser of (A) the Class Principal Balance of the Class
A-2 Certificates outstanding immediately prior to the subject Distribution
Date and (B) the entire such Class A Principal Distribution Amount (reduced by
any portion thereof allocated to the Class A-1 Certificates pursuant to the
immediately preceding clause first), and then to the Class A-3 Certificates,
up to the lesser of (A) the Class Principal Balance of the Class A-3
Certificates outstanding immediately prior to the subject Distribution Date
and (B) the entire such Class A Principal Distribution Amount (reduced by any
portion thereof allocated to the Class A-1 and/or Class A-2 Certificates
pursuant to the immediately preceding clauses first and/or second; and (ii) on
and after the Senior Principal Distribution Cross-Over Date (and, in any
event, on the Final Distribution Date), to the Class A-1 Certificates, the
Class A-2 Certificates and the Class A-3 Certificates on a pro rata basis in
accordance with the respective Class Principal Balances thereof outstanding
immediately prior to the subject Distribution Date. After the Class Principal
Balances of the Class A Certificates have been reduced to zero, the Total
Principal Distribution Amount for each Distribution Date (exclusive of any
portion thereof that may have been allocated to the Class A Certificates in
retirement thereof pursuant to the prior two sentences) shall be allocated
among the respective Classes of the Subordinate Principal Balance
Certificates, sequentially in the following order and, in the case of each
such Class of Subordinate Principal Balance Certificates, up to the lesser of
(i) the Class Principal Balance of such Class of Certificates outstanding
immediately prior to such Distribution Date and (ii) the remaining unallocated
portion of the Total Principal Distribution Amount for such Distribution Date:
first, to the Class B Certificates; second, to the Class C Certificates;
third, to the Class D Certificates; fourth, to the Class E Certificates;
fifth, to the Class F Certificates; sixth, to the Class H Certificates;
seventh, to the Class J Certificates; eighth, to the Class K Certificates;
ninth, to the Class L Certificates; tenth, to the Class M Certificates;
eleventh, to the Class N Certificates; twelfth, to the Class P Certificates;
thirteenth, to the Class Q Certificates; fourteenth, to the Class S
Certificates; and fifteenth, to the Class T Certificates.

          "Principal Prepayment" shall mean any payment of principal made by
the Borrower on a Mortgage Loan that is received (including, in the case of
the Westfarms Mall Mortgage Loan, by the Westfarms Mall Master Servicer or the
Westfarms Mall Special Servicer on behalf of the Trust) in advance of its
scheduled Due Date and that is not accompanied by an amount of interest
(without regard to any Prepayment Premium, Yield Maintenance Charge and/or
Post-ARD Additional Interest that may have been collected) representing
scheduled interest due on any date or dates in any Collection Period or
Collection Periods subsequent to the Collection Period of prepayment; provided
that "Principal Prepayment" shall not include any such payment of principal
made out of Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds.

          "Prospectus" shall mean the Base Prospectus and the Prospectus
Supplement, together.

          "Prospectus Supplement" shall mean that certain prospectus
supplement dated September 17, 2002, relating to the Registered Certificates,
that is a supplement to the Base Prospectus.

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

          "PTCE" shall mean prohibited transaction class exemption.

                                     -47-

<PAGE>

          "PTE" shall mean prohibited transaction exemption.

          "Purchase Option Period" shall have the meaning assigned thereto in
Section 3.18(c).

          "Purchase Price" shall mean, with respect to any Mortgage Loan (or
related REO Property (or, in the case of any Westfarms Mall REO Property, the
Trust's interest therein)), a cash price equal to the aggregate of (a) the
outstanding principal balance of such Mortgage Loan (or the related REO Loan)
as of the date of purchase, (b) all accrued and unpaid interest on such
Mortgage Loan (or the related REO Loan) at the related Mortgage Rate
(exclusive of any portion of such interest that represents Post-ARD Additional
Interest) to, but not including, the Due Date occurring in the Collection
Period during which the applicable purchase or repurchase occurs, (c) all
related unreimbursed Servicing Advances and all related Servicing Advances
that were previously reimbursed out of collections on other Mortgage Loans
and/or REO Properties relating to other Mortgage Loans, (d) all accrued and
unpaid Advance Interest with respect to any related Advances, and (e) solely
in the case of a repurchase by a Mortgage Loan Seller pursuant to the related
Mortgage Loan Purchase Agreement, (i) all related Special Servicing Fees,
Liquidation Fees, Advance Interest (to the extent not otherwise included in
clause (d) of this definition) and other related Additional Trust Fund
Expenses, whether paid or then owing, that have not been offset by Default
Charges related to such Mortgage Loan (or any successor REO Loan) or by any
Additional Master Servicing Compensation or Additional Special Servicing
Compensation related to such Mortgage Loan (or any successor REO Loan), and
(ii) to the extent not otherwise included in the amount described in clause
(c) or clause (e)(i) of this definition, any reasonable out-of-pocket costs
and expenses incurred by the Master Servicer, the Special Servicer, the
Trustee or the agent of any of them (on behalf of the Trust) in enforcing the
obligation of such Person to purchase such Mortgage Loan.

          "Qualified Appraiser" shall mean, in connection with the appraisal
of any Mortgaged Property or REO Property, an Independent MAI-designated
appraiser with at least five years of experience in respect of the relevant
geographic location and property type.

          "Qualified Institutional Buyer" shall mean a "qualified
institutional buyer" within the meaning of 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.

          "Qualified Mortgage" shall mean a "qualified mortgage" within the
meaning of Section 860G(a)(3) of the Code.

          "Rated Certificate" shall mean any of the Certificates to which a
rating has been assigned by either Rating Agency at the request of the
Depositor.

          "Rated Final Distribution Date" shall mean the Distribution Date in
March 2036.

          "Rating Agency" shall mean either of Moody's and S&P.

                                     -48-

<PAGE>

          "Realized Loss" shall mean:

          (1) with respect to each defaulted Mortgage Loan as to which a Final
     Recovery Determination has been made, or with respect to any successor
     REO Loan as to which a Final Recovery Determination has been made as to
     the related REO Property, an amount (not less than zero) equal to (a) the
     unpaid principal balance of such Mortgage Loan or successor REO Loan, as
     the case may be, as of the commencement of the Collection Period in which
     the Final Recovery Determination was made, plus (b) without taking into
     account the amount described in subclause (1)(c) of this definition, all
     unpaid interest accrued in respect of such Mortgage Loan or successor REO
     Loan, as the case may be, to but not including the related Due Date in
     the Collection Period in which the Final Recovery Determination was made
     (exclusive, however, of any portion of such unpaid interest that
     constitutes Default Interest or, in the case of an ARD Mortgage Loan
     after its Anticipated Repayment Date, Post-ARD Additional Interest),
     minus (c) all payments and proceeds, if any, received (including, if
     applicable, by the Westfarms Mall Master Servicer or the Westfarms Mall
     Special Servicer on behalf of the Trust) in respect of such Mortgage Loan
     or successor REO Loan, as the case may be, during the Collection Period
     in which such Final Recovery Determination was made that are applied to
     principal of or interest (other than Default Interest or Post-ARD
     Additional Interest) on such Mortgage Loan or successor REO Loan, as the
     case may be;

          (2) with respect to each defaulted Mortgage Loan as to which any
     portion of the principal or past due interest payable thereunder was
     canceled in connection with a bankruptcy, insolvency or similar
     proceeding involving the related Borrower or a modification, waiver or
     amendment of such Mortgage Loan granted or agreed to by the Master
     Servicer or the Special Servicer pursuant to Section 3.20 (or, in the
     case of the Westfarms Mall Mortgage Loan, by the Westfarms Mall Master
     Servicer or the Westfarms Mall Special Servicer pursuant to a Westfarms
     Mall Servicing Agreement or by the Master Servicer or the Special
     Servicer pursuant to Section 12.13), the amount of such principal or past
     due interest (other than any Default Interest and, in the case of an ARD
     Mortgage Loan after its Anticipated Repayment Date, Post-ARD Additional
     Interest) so canceled; and

          (3) with respect to each defaulted Mortgage Loan as to which the
     Mortgage Rate thereon has been permanently reduced and not recaptured for
     any period in connection with a bankruptcy, insolvency or similar
     proceeding involving the related Borrower or a modification, waiver or
     amendment of such Mortgage Loan granted or agreed to by the Master
     Servicer or the Special Servicer pursuant to Section 3.20 (or, in the
     case of the Westfarms Mall Mortgage Loan, by the Westfarms Mall Master
     Servicer or the Westfarms Mall Special Servicer pursuant to a Westfarms
     Mall Servicing Agreement or by the Master Servicer or the Special
     Servicer pursuant to Section 12.13), the amount of any consequent
     reduction in the interest portion of each successive Monthly Payment due
     thereon (each such Realized Loss to 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.

                                     -49-

<PAGE>

          "Registered Certificate" shall mean any Certificate that has been
subject to registration under the Securities Act. As of the Closing Date, the
Class A-1, Class A-2, Class A-3, Class B, Class C, Class D, Class E and Class
F Certificates constitute Registered Certificates.

          "Reimbursement Rate" shall mean the rate per annum applicable to the
accrual of Advance Interest, 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 designated as
such in Section 2.08(a)

          "REMIC I Regular Interest" shall mean any of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder
and, in each such case, designated as a "regular interest" (within the meaning
of Section 860G(a)(1) of the Code) in REMIC I. The REMIC I Regular Interests
have the designations and terms provided for in Section 2.08.

          "REMIC I Remittance Rate" shall mean the per annum rate at which
interest accrues in respect of any REMIC I Regular Interest during any
Interest Accrual Period, as set forth in or otherwise calculated in accordance
with Section 2.08(f).

          "REMIC I Residual Interest" shall mean the sole uncertificated
"residual interest" (within the meaning of Section 860G(a)(2) of the Code) in
REMIC I issued pursuant to this Agreement.

          "REMIC II" shall mean the segregated pool of assets designated as
such in Section 2.10(a).

          "REMIC II Regular Interest" shall mean any of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder
and, in each such case, designated as a "regular interest" (within the meaning
of Section 860G(a)(1) of the Code) in REMIC II. The REMIC II Regular Interests
have the designations and terms provided for in Section 2.10.

          "REMIC II Regular Interest A-1" shall mean the REMIC II Regular
Interest which bears the designation "A-1".

          "REMIC II Regular Interest A-2A" shall mean the REMIC II Regular
Interest which bears the designation "A-2A".

          "REMIC II Regular Interest A-2B" shall mean the REMIC II Regular
Interest which bears the designation "A-2B".

          "REMIC II Regular Interest A-3" shall mean the REMIC II Regular
Interest which bears the designation "A-3".

          "REMIC II Regular Interest B" shall mean the REMIC II Regular
Interest which bears the designation "B".

          "REMIC II Regular Interest C" shall mean the REMIC II Regular
Interest which bears the designation "C".

                                     -50-

<PAGE>

          "REMIC II Regular Interest D" shall mean the REMIC II Regular
Interest which bears the designation "D".

          "REMIC II Regular Interest E" shall mean the REMIC II Regular
Interest which bears the designation "E".

          "REMIC II Regular Interest F" shall mean the REMIC II Regular
Interest which bears the designation "F".

          "REMIC II Regular Interest H" shall mean the REMIC II Regular
Interest which bears the designation "H".

          "REMIC II Regular Interest J" shall mean the REMIC II Regular
Interest which bears the designation "J".

          "REMIC II Regular Interest K" shall mean the REMIC II Regular
Interest which bears the designation "K".

          "REMIC II Regular Interest L" shall mean the REMIC II Regular
Interest which bears the designation "L".

          "REMIC II Regular Interest M" shall mean the REMIC II Regular
Interest which bears the designation "M".

          "REMIC II Regular Interest N" shall mean the REMIC II Regular
Interest which bears the designation "N".

          "REMIC II Regular Interest P" shall mean the REMIC II Regular
Interest which bears the designation "P".

          "REMIC II Regular Interest Q" shall mean the REMIC II Regular
Interest which bears the designation "Q".

          "REMIC II Regular Interest S" shall mean the REMIC II Regular
Interest which bears the designation "S".

          "REMIC II Regular Interest T" shall mean the REMIC II Regular
Interest which bears the designation "T".

          "REMIC II Remittance Rate" shall mean the per annum rate at which
interest accrues in respect of any REMIC II Regular Interest during any
Interest Accrual Period, as set forth in or otherwise calculated in accordance
with Section 2.10(f).

          "REMIC II Residual Interest" shall mean the sole uncertificated
"residual interest" (within the meaning of Section 860G(a)(2) of the Code) in
REMIC II issued pursuant to this Agreement.

          "REMIC III" shall mean the segregated pool of assets designated as
such in Section 2.12(a).

                                     -51-

<PAGE>

          "REMIC III Regular Interest Certificate" shall mean any of the
Certificates that evidence an undivided interest in one or more "regular
interests" (within the meaning of Section 860G(a)(1) of the Code) in REMIC
III.

          "REMIC III Regular Interest X-2-A-2B" shall mean the "regular
interest" (within the meaning of Section 860G(a)(1) of the Code) in REMIC III
that bears the designation "X-2-A-2B".

          "REMIC III Regular Interest X-2-A-3" shall mean the "regular
interest" (within the meaning of Section 860G(a)(1) of the Code) in REMIC III
that bears the designation "X-2-A-3".

          "REMIC III Regular Interest X-2-B" shall mean the "regular interest"
(within the meaning of Section 860G(a)(1) of the Code) in REMIC III that bears
the designation "X-2-B".

          "REMIC III Regular Interest X-2-C" shall mean the "regular interest"
(within the meaning of Section 860G(a)(1) of the Code) in REMIC III that bears
the designation "X-2-C".

          "REMIC III Regular Interest X-2-D" shall mean the "regular interest"
(within the meaning of Section 860G(a)(1) of the Code) in REMIC III that bears
the designation "X-2-D".

          "REMIC III Regular Interest X-2-E" shall mean the "regular interest"
(within the meaning of Section 860G(a)(1) of the Code) in REMIC III that bears
the designation "X-2-E".

          "REMIC III Remittance Rate" shall mean the per annum rate at which
interest accrues in respect of any Group X-2 REMIC III Regular Interest, as
set forth in or otherwise calculated in accordance with Section 2.12(f).

          "REMIC III Residual Interest" shall mean the sole uncertificated
"residual interest" (within the meaning of Section 860G(a)(2) of the Code) in
REMIC III issued pursuant to this Agreement.

          "REMIC Pool" shall mean any of REMIC I, REMIC II, REMIC III or the
Loan REMICs.

          "REMIC Provisions" shall mean the provisions of the federal income
tax law relating to real estate mortgage investment conduits, which appear at
Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and
related provisions, and 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.

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

          "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 a segregated custodial account or accounts
created and maintained by the Special Servicer pursuant to Section 3.16(b) in
the name of the Trustee in trust for the Certificateholders, each of which
shall be entitled "ARCap Special Servicing, Inc. [or the name of any

                                     -52-

<PAGE>

successor Special Servicer], as special servicer, on behalf of Wells Fargo
Bank Minnesota, N.A. [or the name of any successor Trustee], as trustee, in
trust for the registered holders of Salomon Brothers Mortgage Securities VII,
Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2, REO
Account".

          "REO Acquisition" shall mean the acquisition of any REO Property
pursuant to Section 3.09 (or, in the case of any Westfarms Mall REO Property,
pursuant to a Westfarms Mall Servicing Agreement or Section 12.07, as
applicable).

          "REO Disposition" shall mean the sale or other disposition of any
REO Property pursuant to Section 3.18(d) (or, in the case of any Westfarms
Mall REO Property, pursuant to a Westfarms Mall Servicing Agreement or Section
12.12, as applicable).

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

          "REO Loan" shall mean the mortgage loan deemed for purposes hereof
to be outstanding with respect to each REO Property. Each REO Loan shall be
deemed to provide for monthly payments of principal and/or interest equal to
its Assumed Monthly Payment and otherwise to have the same terms and
conditions as its predecessor Mortgage Loan (such terms and conditions to be
applied without regard to the default on such predecessor Mortgage Loan or the
related REO Acquisition). Each REO Loan shall be deemed to have an initial
unpaid principal balance and Stated Principal Balance equal to the unpaid
principal balance and Stated Principal Balance, respectively, of its
predecessor Mortgage Loan as of the date of the related REO Acquisition. All
Monthly Payments (other than any 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 Loan. In addition, all amounts payable or reimbursable to the Master
Servicer, the Special Servicer, the Trustee or any Fiscal Agent in respect of
the predecessor Mortgage Loan as of the date of the related REO Acquisition,
including any unpaid or unreimbursed Servicing Fees and Advances (together
with any related unpaid Advance Interest) and other unpaid Additional Trust
Fund Expenses relating to the predecessor Mortgage Loan, shall continue to be
payable or reimbursable in the same priority and manner pursuant to Section
3.05(a) to the Master Servicer, the Special Servicer, the Trustee or any
Fiscal Agent, as the case may be, in respect of an REO Loan.

          "REO Property" shall mean a Mortgaged Property acquired by the
Special Servicer on behalf of the Trust (or, if applicable, in the case of the
Westfarms Mall Mortgaged Property, by the Westfarms Mall Special Servicer (or,
if Article XII is in effect, by the Special Servicer) on behalf of, among
others, the Trust) for the benefit of the Certificateholders 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).

                                     -53-

<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 Loan" shall mean any Serviced Mortgage Loan (and
any successor REO Loan with respect thereto) as to which an Appraisal Trigger
Event has occurred, provided that a Serviced Mortgage Loan shall cease to be a
Required Appraisal Loan if and when, following the occurrence of the most
recent Appraisal Trigger Event with respect thereto, at least 90 days have
passed without the occurrence of another Appraisal Trigger Event and any and
all Servicing Transfer Events with respect to such Mortgage Loan have ceased
to exist (other than by reason of the occurrence of an REO Acquisition or a
Liquidation Event).

          "Required Claims-Paying Rating" shall mean, with respect to any
insurance carrier, a claims-paying ability or financial strength rating of
"A2" or better from Moody's and "A" or better from S&P unless, in the case of
either Rating Agency, such Rating Agency has confirmed in writing that an
insurance company with lower or fewer claims-paying ability or financial
strength ratings shall not result, in and of itself, in an Adverse Rating
Event with respect to any Class of Rated Certificates.

          "Reserve Account" shall mean any of the accounts established and
maintained pursuant to Section 3.03(d).

          "Reserve Funds" shall mean, with respect to any Serviced Mortgage
Loan, any amounts delivered by the related Borrower to be held in escrow by or
on behalf of the mortgagee representing: (i) reserves for repairs,
replacements, capital improvements and/or environmental testing and
remediation with respect to the related Mortgaged Property; (ii) reserves for
tenant improvements and leasing commissions; (iii) reserves for debt service;
or (iv) amounts to be applied as a Principal Prepayment on such Mortgage Loan
or held as Additional Collateral in the event that certain leasing or other
economic criteria in respect of the related Mortgaged Property are not met.

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

          "Responsible Officer" shall mean, when used with respect to the
Trustee, any Fiscal Agent, the Certificate Registrar or the Custodian, the
President, the Treasurer, the Secretary, any Vice President, any Assistant
Vice President, any Trust Officer, any Assistant Secretary or any other
officer of the Trustee, any Fiscal Agent, the Certificate Registrar or the
Custodian, as applicable, customarily performing functions similar to those
performed by any of the above designated officers and having direct
responsibility for the administration of this Agreement.

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

          "Rule 144A Global Certificate" shall mean, with respect to any Class
of Book-Entry Non-Registered Certificates, a single Global Certificate, or
multiple Global Certificates collectively, registered in the name of the
Depository or its nominee, in definitive, fully registered form without
interest coupons, each of which Certificates bears a Qualified Institutional
Buyer CUSIP number.

                                     -54-

<PAGE>

          "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 other parties to this Agreement, 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. References herein to "applicable rating category"
(other than such references to "highest applicable rating category") shall, in
the case of S&P, be deemed to refer to such applicable rating category of S&P,
without regard to any plus or minus or other comparable rating qualification.

          "SBRC" shall have the meaning assigned thereto in the Preliminary
Statement to this Agreement.

          "SBRC Mortgage Loan Purchase Agreement" shall have the meaning
assigned thereto in the Preliminary Statement to this Agreement.

          "SBRC Mortgage Loans" shall have the meaning assigned thereto in the
Preliminary Statement to this Agreement.

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

          "Senior Certificate" shall mean any of the Class A, Class X-1 and/or
Class X-2 Certificates.

          "Senior Principal Distribution Cross-Over Date" shall mean the first
Distribution Date as of which the aggregate of the Class Principal Balances of
the Class A-1 Certificates, the Class A-2 Certificates and the Class A-3
Certificates outstanding immediately prior thereto equals or exceeds the sum
of (a) the aggregate Stated Principal Balance of the Mortgage Pool that will
be outstanding immediately following such Distribution Date, plus (b) the
lesser of (i) the Total Principal Distribution Amount for such Distribution
Date and (ii) the portion of the Standard Available Distribution Amount for
such Distribution Date that will remain after all distributions of interest to
be made on the Senior Certificates on such Distribution Date pursuant to
Section 4.01(a) have been so made.

          "Series 2002-CP3 A/B Loan Custodial Account" shall mean the "A/B
Loan Custodial Account" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Appraisal Reduction Amount" shall mean an
"Appraisal Reduction Amount" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Appraisal Reduction Event" shall mean an "Appraisal
Reduction Event" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Assumed Scheduled Payment" shall mean an "Assumed
Scheduled Payment" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Certificate" shall mean any of the Credit Suisse
First Boston Mortgage Securities Corp. Series 2002-CP3 Commercial Mortgage
Pass-Through Certificates.

                                     -55-

<PAGE>

          "Series 2002-CP3 Certificateholder" shall mean a "Certificateholder"
under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Collection Account" shall mean the "Collection
Account" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Companion Loan Custodial Account" shall mean the
"Companion Loan Custodial Account" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Depositor" shall mean the "Depositor" under the
Series 2002-CP3 PSA.

          "Series 2002-CP3 Directing Certificateholder" shall mean the
"Directing Certificateholder" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Event of Default" shall mean an "Event of Default"
under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Fiscal Agent" shall mean the "Fiscal Agent" under
the Series 2002-CP3 PSA.

          "Series 2002-CP3 Master Servicer" shall mean the "Master Servicer"
under the Series 2002-CP3 PSA.

          "Series 2002-CP3 PSA" shall mean the Pooling and Servicing Agreement
dated as of July 1, 2002, between Credit Suisse First Boston Mortgage
Securities Corp. as depositor, Midland Loan Services, Inc. as master servicer,
Clarion Partners, LLC as special servicer, LaSalle Bank National Association
as trustee and ABN AMRO Bank N.V. as fiscal agent, relating to the Series
2002-CP3 Certificates, as such agreement may from time to time be modified,
amended, supplemented or restated.

          "Series 2002-CP3 Rating Agency" shall mean a "Rating Agency" under
the Series 2002-CP3 PSA.

          "Series 2002-CP3 Requesting Subordinate Certificateholder" shall
mean a "Requesting Subordinate Certificateholder" under the Series 2002-CP3
PSA.

          "Series 2002-CP3 Servicing Standard" shall mean the "Servicing
Standard" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Servicing Transfer Event" shall mean a "Servicing
Transfer Event" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Specially Serviced Loan" shall mean a "Specially
Serviced Loan" under the Series 2002-CP3 PSA.

          "Series 2002-CP3 Trust" shall mean the "Trust" under the Series
2002-CP3 PSA.

          "Series 2002-CP3 Trust Fund" shall mean the "Trust Fund" under the
Series 2002-CP3 PSA.

                                     -56-

<PAGE>

          "Series 2002-CP3 Trustee" shall mean the "Trustee" under the Series
2002-CP3 PSA.

          "Serviced Mortgage Loan" shall mean any Mortgage Loan other than the
Westfarms Mall Mortgage Loan.

          "Servicing Account" shall mean any of the accounts established and
maintained pursuant to Section 3.03(a).

          "Servicing Advances" shall mean all customary, reasonable and
necessary "out-of-pocket" costs and expenses, including reasonable attorneys'
fees and expenses, paid or to be paid, as the context requires, out of its own
funds, by the Master Servicer or the Special Servicer (or, if applicable, the
Trustee or any Fiscal Agent) in connection with the servicing of a Mortgage
Loan as to which a default, delinquency or other unanticipated event has
occurred or is imminent, or in connection with the administration of any REO
Property, including (1) any such costs and expenses associated with (a)
compliance with the obligations of the Master Servicer and/or the Special
Servicer set forth in Sections 2.03, 3.03(c) and 3.09, (b) the preservation,
insurance, restoration, protection and management of a Mortgaged Property
securing any such Mortgage Loan or of any REO Property, including the cost of
any "force placed" insurance policy purchased by the Master Servicer or the
Special Servicer to the extent such cost is allocable to a particular
Mortgaged Property that the Master Servicer or the Special Servicer is
required to cause to be insured pursuant to Section 3.07(a), (c) obtaining any
Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds in respect
of any such Mortgage Loan or any REO Property, (d) any enforcement or judicial
proceedings with respect to any such Mortgage Loan, including foreclosures and
similar proceedings, (e) the operation, management, maintenance and
liquidation of any REO Property, (f) obtaining any Appraisal required to be
obtained hereunder, and (g) UCC filings (to the extent that the costs thereof
are not reimbursed by the related Borrower), (2) the reasonable and direct
out-of-pocket travel expenses incurred by the Special Servicer in connection
with performing inspections pursuant to Section 3.12(a), and (3) any other
expenditure which is expressly designated as a Servicing Advance herein;
provided that, notwithstanding anything to the contrary, "Servicing Advances"
shall not include (A) allocable overhead of the Master Servicer or the Special
Servicer, such as costs for office space, office equipment, supplies and
related expenses, employee salaries and related expenses and similar internal
costs and expenses, (B) costs incurred by any party hereto or any Affiliate
thereof in connection with its purchase of any Mortgage Loan or REO Property
pursuant to any provision of this Agreement or (C) costs or expenses expressly
required under this Agreement to be borne by the Master Servicer or the
Special Servicer.

          "Servicing Fees" shall mean, with respect to any Mortgage Loan or
REO Loan, the Master Servicing Fee and, if applicable, the Special Servicing
Fee.

          "Servicing File" shall mean, with respect to any Serviced Mortgage
Loan, any documents (other than documents required to be part of the related
Mortgage File, but including any correspondence file) in the possession or
under the control of, or required (pursuant to the applicable Mortgage Loan
Purchase Agreement, this Agreement or otherwise) to be delivered to, as the
context may require, the Master Servicer or the Special Servicer and relating
to the origination and servicing of such Mortgage Loan or the administration
of any related REO Property, including any insurance certificates (and, if
available, policies) relating to hazard insurance maintained by the related
Borrower with respect to the related Mortgaged Property that are in the
possession of the Master Servicer or the Special Servicer, as the case may be,
at any particular time.

                                     -57-

<PAGE>

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

          "Servicing Return Date" shall mean, with respect to any Corrected
Serviced Mortgage Loan, the date that servicing thereof is returned by the
Special Servicer to the Master Servicer pursuant to Section 3.21(a).

          "Servicing Standard" shall mean, with respect to each of the Master
Servicer and the Special Servicer, to service and administer the Mortgage
Loans and any REO Properties for which it is responsible hereunder: (a) with
the same care, skill, prudence and diligence as it services and administers
comparable mortgage loans and real properties on behalf of third parties or on
behalf of itself, whichever is the higher standard, giving due consideration
to customary and usual standards of practice utilized by prudent institutional
commercial mortgage loan servicers under comparable circumstances; (b) with a
view to (i) the timely collection of all scheduled payments of principal and
interest under the Mortgage Loans, (ii) the full collection of all Prepayment
Premiums that may become payable under the Mortgage Loans, (iii) if a Mortgage
Loan comes into and continues in default, the maximization of the recovery on
such 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 to be performed at the related Net
Mortgage Rate) and (iv) to the extent necessary to offset all Additional Trust
Fund Expenses (including Advance Interest) that may be paid, or for which the
Trust may be reimbursed, therefrom, the collection of all Default Charges that
may become payable under the Mortgage Loans, insofar as those Default Charges
do not constitute Additional Master Servicing Compensation or Additional
Special Servicing Compensation, as applicable; and (c) without regard to (i)
any relationship that the Master Servicer or the Special Servicer, as the case
may be, or any of its Affiliates may have with the related Borrower, with any
Mortgage Loan Seller or with any other party to this Agreement, (ii) the
ownership of any Certificate by the Master Servicer or the Special Servicer,
as the case may be, or any of its Affiliates, (iii) the obligation of the
Master Servicer to make Advances or otherwise to incur servicing expenses,
(iv) the obligation of the Special Servicer to make, or direct the Master
Servicer to make, Servicing Advances or otherwise to incur servicing expenses,
(v) the right of the Master Servicer or the Special Servicer, as the case may
be, or any of its Affiliates to receive reimbursement of costs, or the
sufficiency of any compensation payable to it, hereunder or with respect to
any particular transaction, (vi) any ownership, servicing and/or management by
the Master Servicer or the Special Servicer, as the case may be, or any of its
Affiliates of any other mortgage loans or real property, (vii) the ownership
by the Master Servicer or the Special Servicer, as the case may be, or any of
its Affiliates of any other debt owed by, or secured by ownership interests
in, any of the Borrowers or any Affiliate of a Borrower, and (viii) the
obligations of the Master Servicer or the Special Servicer, as the case may
be, or any of its Affiliates to repurchase any Mortgage Loan from the Trust
Fund, or to indemnify the Trust Fund, in any event as a result of a Material
Breach or a Material Document Defect; provided that the foregoing standards
shall apply with respect to the Westfarms Mall Mortgage Loan and any Westfarms
Mall REO Property only to the extent that the Master Servicer or Special
Servicer has any express duties or rights to grant consent with respect
thereto pursuant to Articles I through XI.

                                     -58-

<PAGE>

          "Servicing Transfer Date" shall mean, with respect to any Specially
Serviced Mortgage Loan, the date that servicing thereof is transferred by the
Master Servicer to the Special Servicer pursuant to Section 3.21(a).

          "Servicing Transfer Event" shall mean, with respect to any Serviced
Mortgage Loan, any of the following events:

          (a) the related Borrower has failed to make when due any Monthly
     Payment, including a Balloon Payment, or any other payment required under
     the related Mortgage Loan Documents, which failure continues, or the
     Master Servicer determines, in its reasonable judgment, will continue,
     unremedied (and unwaived) for 60 days beyond the date on which the
     subject payment was due (or, in the case of a delinquent Balloon Payment,
     either for 90 days beyond the date on which such Balloon Payment was due
     or, if the Borrower has delivered prior to the maturity date a
     refinancing commitment reasonably acceptable to the Special Servicer, for
     such longer period, not to exceed 150 days beyond the date on which that
     Balloon Payment was due, during which the refinancing would occur); or

          (b) the Master Servicer or the Special Servicer has determined, in
     its reasonable judgment, that a default in making a Monthly Payment,
     including a Balloon Payment, or any other material payment required under
     the related Mortgage Loan Documents is likely to occur within 30 days,
     and either (i) the related Borrower has requested a material modification
     of the payment terms of the related Mortgage Loan, which modification the
     Master Servicer, in its reasonable judgment, determines is necessary to
     avoid a monetary or a material non-monetary default, or (ii) such default
     is likely to remain unremedied for at least the period contemplated by
     clause (a) of this definition; or

          (c) the Master Servicer has determined, in its reasonable judgment,
     that a default, other than as described in clause (a) or clause (b)
     above, has occurred that may materially impair the value of the related
     Mortgaged Property as security for the subject Mortgage Loan, which
     default has continued unremedied for the applicable cure period under the
     terms of the Mortgage Loan (or, if no cure period is specified, for 60
     days); or

          (d) a decree or order of a court or agency or supervisory authority
     having jurisdiction in the premises in an involuntary action against the
     related Borrower under any present or future federal or state bankruptcy,
     insolvency or similar law or the appointment of a conservator, receiver
     or liquidator in any insolvency, readjustment of debt, marshalling of
     assets and liabilities or similar proceeding, or for the winding-up or
     liquidation of its affairs, shall have been entered against the related
     Borrower, provided that if such decree or order shall have been
     dismissed, discharged or stayed within 60 days thereafter the Mortgage
     Loan shall not be a Specially Serviced Mortgage Loan and no Special
     Servicing Fees, Workout Fees or Liquidation Fees shall be payable with
     respect thereto; or

          (e) the related Borrower shall have consented to the appointment of
     a conservator or receiver or liquidator in any insolvency, readjustment
     of debt, marshalling of assets and liabilities or similar proceeding of
     or relating to such Borrower or of or relating to all or substantially
     all of its property; or

                                     -59-

<PAGE>

          (f) the related Borrower shall have admitted in writing its
     inability to pay its debts generally as they become due, filed a petition
     to take advantage of any applicable insolvency or reorganization statute,
     made an assignment for the benefit of its creditors, or voluntarily
     suspended 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 or Properties;

provided that an Acceptable Insurance Default will not, in and of itself, be a
Servicing Transfer Event.

          A Servicing Transfer Event with respect to any Serviced Mortgage
Loan shall cease to exist:

          (w) in the case of the circumstances described in clause (a) above,
     if and when the related Borrower 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 Borrower or by reason of a
     modification, waiver or amendment granted or agreed to by the Master
     Servicer or the Special Servicer pursuant to Section 3.20);

          (x) in the case of the circumstances described in clauses (b), (d),
     (e) and (f) above, if and when such circumstances cease to exist in the
     reasonable judgment of the Special Servicer;

          (y) in the case of the circumstances described in clause (c) above,
     if and when such default is cured in the reasonable judgment of the
     Special Servicer; and

          (z) in the case of the circumstances described in clause (g) above,
     if and when such proceedings are terminated.

          "Sole Certificateholder(s)" shall mean any Holder (or, to the extent
that they are voluntarily acting as a collective whole (as evidenced in a
writing signed by all the affected Holders), any group of Holders) of 100% of
the Certificates.

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

          "Special Servicing Fee" shall mean, with respect to each Specially
Serviced Mortgage Loan and each REO Loan that relates to an Administered REO
Property, the fee designated as such and payable to the Special Servicer
pursuant to the first paragraph of Section 3.11(c).

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

          "Specially Designated Defaulted Mortgage Loan" shall mean a
Specially Serviced Mortgage Loan that is delinquent 120 days or more in
respect of any Balloon Payment or 60 days or more in respect of any other
Monthly Payment, such delinquency to be determined without giving effect to
any grace period permitted by the related Mortgage, the related Mortgage Note
or other related

                                     -60-

<PAGE>

Mortgage Loan Document and without regard to any acceleration of payments
under the related Mortgage, the related Mortgage Note and other related
Mortgage Loan Documents.

          "Specially Designated Mortgage Loan Documents" shall mean:

          (a) with respect to any Serviced Mortgage Loan, subject to Sections
     1.05 and 2.01, the following documents on a collective basis--

          (i)     the original executed Mortgage Note (together with all
                  related allonges) or, alternatively, if the original
                  executed Mortgage Note has been lost, a lost note affidavit
                  and indemnity with a copy of such Mortgage Note,

          (ii)    the items (exclusive of intervening assignments) referred to
                  in clauses (a)(ii) and (a)(iii) of the definition of
                  "Mortgage File",

          (iii)   the original or a copy of the policy of lender's title
                  insurance or, if such policy has not yet been issued, a
                  "marked-up" pro forma title policy or commitment for title
                  insurance marked as binding and countersigned or evidenced
                  as binding by escrow letter or closing instructions,

          (iv)    the original or a copy of any Ground Lease and Ground Lease
                  estoppel,

          (v)     the original of any Letter(s) of Credit constituting
                  Additional Collateral,

          (vi)    originals or copies of any agreements evidencing material
                  modifications of the foregoing documents and any assumption
                  agreements,

          (vii)   if the subject Mortgage Loan has a Cut-off Date Principal
                  Balance greater than 2% of the Initial Pool Balance, the
                  original or a copy of any cash management agreement related
                  to such Mortgage Loan, and

          (viii)  if the subject Mortgage Loan is an Early Defeasance Mortgage
                  Loan, the original or a copy of the related Loan REMIC
                  Declaration; and

          (b) with respect to the Westfarms Mall Mortgage Loan, the following
     documents on a collective basis--

          (i)     the original executed Mortgage Note (together with all
                  related allonges) 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

          (ii)    the original or a copy of the related Loan REMIC
                  Declaration;

provided that, whenever the term "Specially Designated Mortgage Loan
Documents" is used to refer to documents actually received by the Trustee,
such term shall not be deemed to include such documents and instruments
referred to in clause (a) or clause (b), as applicable, of this definition
unless they are actually so received.

                                     -61-

<PAGE>

          "Specially Serviced Mortgage Loan" shall mean any Serviced Mortgage
Loan as to which there then exists a Servicing Transfer Event. Upon the
occurrence of a Servicing Transfer Event with respect to any Serviced Mortgage
Loan, such Mortgage Loan shall remain a Specially Serviced Mortgage Loan until
the earliest of (i) its removal from the Trust Fund, (ii) an REO Acquisition
with respect to the related Mortgaged Property, and (iii) the cessation of all
existing Servicing Transfer Events with respect to such Mortgage Loan.

          "SSBI" shall mean Salomon Smith Barney Inc. or its successors in
interest.

          "Standard Available Distribution Amount" shall mean, with respect to
any Distribution Date, an amount equal to: (a) the sum of, without
duplication, (i) all amounts on deposit in the Distribution Account as of
11:00 a.m., New York City time, on such Distribution Date, (ii) to the extent
not included in the amount described in clause (a)(i) of this definition, any
P&I Advances and/or Compensating Interest Payments made with respect to the
Mortgage Pool for distribution on such Distribution Date, (iii) to the extent
not included in the amount described in clause (a)(i) of this definition, the
aggregate amount transferred (pursuant to Section 3.05(d)) from the Excess
Liquidation Proceeds Account to the Distribution Account for distribution on
such Distribution Date, and (iv) to the extent not included in the amount
described in clause (a)(i) of this definition, if such Distribution Date
occurs during March 2003 or during March of any year thereafter, the aggregate
of the Interest Reserve Amounts with respect to the Interest Reserve Loans
transferred from the Interest Reserve Account to the Distribution Account
during such month of March for distribution on such Distribution Date; net of
(b) any portion of the amounts described in clause (a) of this definition that
represents, without duplication, one or more of the following--(i) any
collected Monthly Payment that is due with respect to a Mortgage Loan on a Due
Date following the end of the Collection Period for such Distribution Date,
(ii) any payments of principal (including Principal Prepayments) and interest,
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received
(including, if applicable, by the Westfarms Mall Master Servicer or the
Westfarms Mall Special Servicer, on behalf of the Trust) on any Mortgage Loan
or REO Property after the end of the Collection Period for such Distribution
Date, (iii) any Prepayment Premiums and/or Post-ARD Additional Interest; (iv)
any amounts payable or reimbursable to any Person from the Distribution
Account pursuant to clauses (ii) through (vi) of Section 3.05(b), (v) if such
Distribution Date occurs during February 2003 or during February of any year
thereafter or during January 2003 or during January of any year thereafter
that is not a leap year, the aggregate of the Interest Reserve Amounts with
respect to the Interest Reserve Loans to be withdrawn (pursuant to Section
3.04(c) and Section 3.05(b)(vi)) from the Distribution Account and deposited
into the Interest Reserve Account during such month of February or such month
of January, as the case may be, and held for future distribution, and (vi) any
amounts deposited in the Distribution Account in error; provided that the
Standard Available Distribution Amount for the Final Distribution Date shall
be calculated without regard to clauses (b)(i), (b)(ii) and (b)(v) of this
definition.

          "Startup Day" shall mean, with respect to each REMIC Pool, the day
designated as such in Section 2.08(a) (in the case of REMIC I), Section
2.10(a) (in the case of REMIC II), Section 2.12(a) (in the case of REMIC III)
or the related Loan REMIC Declaration (in the case of any Loan REMIC), as
applicable.

          "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, without regard to any change in or

                                     -62-

<PAGE>

modification of such terms in connection with a bankruptcy or similar
proceeding involving the related Borrower or a modification, waiver or
amendment of such Mortgage Loan granted or agreed to by the Master Servicer or
the Special Servicer pursuant to Section 3.20 (or, in the case of the
Westfarms Mall Mortgage Loan, by the Westfarms Mall Master Servicer or the
Westfarms Mall Special Servicer pursuant to a Westfarms Mall Servicing
Agreement or by the Master Servicer or the Special Servicer pursuant to
Section 12.13) and, in the case of an ARD Mortgage Loan, without regard to its
Anticipated Repayment Date.

          "Stated Principal Balance" shall mean, with respect to any Mortgage
Loan (and any successor REO Loan with respect thereto), a principal balance
which (a) initially shall equal the Cut-off Date Principal Balance of such
Mortgage Loan, and (b) shall be permanently reduced on each Distribution Date
(to not less than zero) by (i) that portion, if any, of the Total Principal
Distribution Amount for such Distribution Date attributable to such Mortgage
Loan (or successor REO Loan), and (ii) the principal portion of any Realized
Loss incurred in respect of such Mortgage Loan (or successor REO Loan) during
the Collection Period for such Distribution Date, and (iii) the amount of any
and all related Special Servicing Fees, Liquidation Fees and/or Advance
Interest that were applied, in accordance with the definition of "Total
Principal Distribution Amount", to reduce the portion of the Total Principal
Distribution Amount for such Distribution Date attributable to such Mortgage
Loan (or successor REO Loan); provided that, if a Liquidation Event occurs in
respect of any Mortgage Loan or related REO Property during any Collection
Period, then the "Stated Principal Balance" of such Mortgage Loan or of the
related REO Loan, as the case may be, shall be zero commencing as of such
Distribution Date.

          "Statement to Certificateholders" shall have the meaning assigned
thereto in Section 4.02(a).

          "Subordinate Certificate" shall mean any of the Subordinate
Principal Balance Certificates and/or the Class R Certificates.

          "Subordinate Principal Balance Certificate" shall mean any of the
Principal Balance Certificates other than the Class A Certificates.

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

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

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

          "Tax Returns" shall mean the federal income tax return on IRS Form
1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holder 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

                                     -63-

<PAGE>

the REMIC 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 or local tax laws.

          "Termination Price" shall have the meaning assigned thereto in
Section 9.01.

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

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

          (b) all scheduled payments of principal received (other than as part
     of a Principal Prepayment) on the Serviced Mortgage Loans prior to the
     Collection Period for such Distribution Date that were, in each case, due
     with respect to the subject Mortgage Loan for its Due Date in the month
     of such Distribution Date;

          (c) all Insurance Proceeds, Condemnation Proceeds and Liquidation
     Proceeds received on the Serviced Mortgage Loans during the Collection
     Period for such Distribution Date, that were identified and applied by
     the Master Servicer as recoveries of principal of such Mortgage Loans in
     accordance with Section 1.03, in each case net of any portion of such
     proceeds that represents a Late Collection of principal due on or before
     the Cut-off Date or for which a P&I Advance was previously made for a
     prior Distribution Date;

          (d) all Insurance Proceeds, Condemnation Proceeds, Liquidation
     Proceeds and REO Revenues received in respect of any Administered REO
     Properties during the Collection Period for such Distribution Date, that
     were identified and applied by the Master Servicer as recoveries of
     principal of the related REO Loans in accordance with Section 1.03, in
     each case net of any portion of such proceeds and/or revenues that
     represents a Late Collection of principal due on or before the Cut-off
     Date or for which a P&I Advance was previously made for a prior
     Distribution Date;

          (e) either (i) if the Westfarms Mall Loan Group or any Westfarms
     Mall REO Property is then being serviced and administered pursuant to a
     Westfarms Mall Servicing Agreement, all amounts received by the Master
     Servicer on behalf of the Trust as remittances under such Westfarms Mall
     Servicing Agreement on or with respect to the Westfarms Mall Mortgage
     Loan or any Westfarms Mall REO Loan since the preceding Distribution Date
     (or, in the case of the initial Distribution Date, since the Closing
     Date) that represents a payment, advance or other recovery of principal
     with respect to such Mortgage Loan or REO Loan, as the case may be,
     exclusive of any portion of such amounts 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, or (ii) if the Westfarms Mall Loan Group or any
     Westfarms Mall REO Property is then being serviced and administered
     pursuant to Article

                                     -64-

<PAGE>

     XII, the total of all amounts described in clauses (a) through (d) above
     with respect to the Westfarms Mall Mortgage Loan or any Westfarms Mall
     REO Loan (calculated as if the Westfarms Mall Mortgage Loan was a
     Serviced Mortgage Loan or any Westfarms Mall REO Property was an
     Administered REO Property, as applicable); and

          (f) the respective principal portions of all P&I Advances made under
     this Agreement with respect to the Mortgage Pool for such Distribution
     Date;

provided that, if any Insurance Proceeds, Condemnation Proceeds or Liquidation
Proceeds were received and/or a Final Recovery Determination was made with
respect to any Mortgage Loan or REO Property during the related Collection
Period, then that portion, if any, of the aggregate amount described in
clauses (a) through (e) above that is specifically attributable to such
Mortgage Loan or REO Property, as the case may be, shall be reduced (to not
less than zero) by any Special Servicing Fees, Liquidation Fees and/or Advance
Interest with respect to such Mortgage Loan or REO Property, as the case may
be, that was paid hereunder from a source other than related Default Charges
during the related Collection Period.

          With respect to the Final Distribution Date, the "Total Principal
Distribution Amount" shall equal the aggregate Stated Principal Balance of the
entire Mortgage Pool outstanding immediately following the preceding
Distribution Date.

          "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).

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

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

          "Treasury Rate" shall have the meaning assigned thereto in Section
4.01(d).

          "Trust" shall mean the trust created hereby.

          "Trust Fund" shall mean, collectively, all of the assets of all the
REMIC Pools, the Grantor Trust Pools and the Group Terrorism Insurance Policy
Reserve Fund.

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

          "Trustee's Fee" shall mean, with respect to any Mortgage Loan or
successor REO Loan, the fee designated as such and payable to the Trustee
pursuant to Section 8.05(a).

          "Trustee's Fee Rate" shall mean 0.0025% per annum.

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

                                     -65-

<PAGE>

          "UCC Financing Statement" shall mean a financing statement filed or
to be filed pursuant to the UCC.

          "UCC Financing Statement Amendment" shall mean a financing statement
amendment filed, or to be filed, pursuant to the UCC.

          "Uncertificated Principal Balance" shall mean the principal balance
outstanding from time to time of any REMIC I Regular Interest (calculated in
accordance with Section 2.08(e) hereof) or any REMIC II Regular Interest
(calculated in accordance with Section 2.10(e) hereof).

          "Underwriter Exemption" shall mean PTE 91-23, as such may be amended
from time to time, including by PTE 2000-58.

          "Underwriters" shall mean, collectively, SSBI, CSFB, MII and Merrill
Lynch.

          "Unfunded Principal Balance Reduction" shall mean any reduction made
in the Class Principal Balance of any Class of Principal Balance Certificates
pursuant to Section 4.04(a), the Uncertificated Principal Balance of any REMIC
II Regular Interest pursuant to Section 4.04(b) or the Uncertificated
Principal Balance of any REMIC I Regular Interest pursuant to Section 4.04(c).

          "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 political subdivision
thereof, 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 Tax Persons have the authority to control all substantial
decisions of the trust, all within the meaning of Section 7701(a)(30) of the
Code.

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

          "USAP" shall mean the Uniform Single Attestation Program for
Mortgage Bankers established by the Mortgage Bankers Association of America.

          "USPAP" shall mean the Uniform Standards of Professional Appraisal
Practices.

          "Voting Rights" shall mean the voting rights evidenced by the
respective Certificates. At all times during the term of this Agreement, 98%
of the Voting Rights shall be allocated among all the Holders of the various
Classes of Principal Balance Certificates in proportion to the respective
Class Principal Balances of such Classes, 2% of the Voting Rights shall be
allocated between the Holders of the two Classes of Interest Only Certificates
in proportion to the respective Class Notional Amounts of such Classes, and 0%
of the Voting Rights shall be allocated to the Holders of the Class R and
Class Y Certificates. Voting Rights allocated to a particular Class of
Certificateholders shall be allocated among such Certificateholders in
proportion to the respective Percentage Interests evidenced by their
respective Certificates.

                                     -66-

<PAGE>

          "Wells Fargo" shall have the meaning assigned thereto in the
Preliminary Statement.

          "Westfarms Mall A/A Intercreditor Agreement" shall mean the A Notes
Intercreditor Agreement, dated as of July 29, 2002, by and between Column, as
holder of the Westfarms Mall Pari Passu Companion Loan, and Column, as holder
of the Westfarms Mall Mortgage Loan.

          "Westfarms Mall A/B Intercreditor Agreement" shall mean the
Intercreditor and Servicing Agreement, dated as of July 29, 2002, by and
between Column, as holder of the Westfarms Mall Pari Passu Companion Loan and
the Westfarms Mall Mortgage Loan, and Column, as holder of the Westfarms Mall
Subordinate Companion Loan.

          "Westfarms Mall Borrower" shall mean the Borrower under the
Westfarms Mall Mortgage Loan.

          "Westfarms Mall Change of Servicing Control Event" shall mean any
event that, in accordance with the Westfarms Mall Intercreditor Agreements,
would result in the Westfarms Mall Loan Group being serviced under this
Agreement rather than under the Series 2002-CP3 PSA.

          "Westfarms Mall Companion Loans" shall mean, together, the Westfarms
Mall Pari Passu Companion Loan and the Westfarms Mall Subordinate Companion
Loan.

          "Westfarms Mall Custodial Account" shall have the meaning assigned
thereto in Section 12.04.

          "Westfarms Mall Intercreditor Agreements" shall mean, together, the
Westfarms Mall A/A Intercreditor Agreement and the Westfarms Mall A/B
Intercreditor Agreement.

          "Westfarms Mall Loan Group" shall mean, collectively, the Westfarms
Mall Mortgage Loan and the Westfarms Mall Companion Loans.

          "Westfarms Mall Master Servicer" shall mean the master servicer of
the Westfarms Mall Loan Group under any Westfarms Mall Servicing Agreement.

          "Westfarms Mall Mortgage Loan" shall mean the Mortgage Loan secured
by a Mortgage on the Westfarms Mall Mortgaged Property.

          "Westfarms Mall Mortgaged Property" shall mean the Mortgaged
Property identified on the Mortgage Loan Schedule as "Westfarms Mall".

          "Westfarms Mall Pari Passu Companion Loan" shall mean the mortgage
loan secured by the same Mortgage as the Westfarms Mall Mortgage Loan on the
Westfarms Mall Mortgaged Property, which mortgage loan is pari passu in right
of payment with the Westfarms Mall Mortgage Loan and, as of the Closing Date,
directly backs the Credit Suisse First Boston Mortgage Securities Corp. Series
2002-CP3 Commercial Mortgage Pass-Through Certificates.

          "Westfarms Mall REO Loan" shall mean any REO Loan related to the
Westfarms Mall Mortgage Loan.

                                     -67-

<PAGE>

          "Westfarms Mall REO Property" shall mean the Westfarms Mall
Mortgaged Property, if it is acquired on behalf of the respective holders of
the Westfarms Mall Loan Group at a time that the Trust is one of those
holders.

          "Westfarms Mall Servicing Agreement" shall mean any servicing
agreement (other than this Agreement) pursuant to which the Westfarms Mall
Loan Group and any Westfarms Mall REO Property is to be serviced and/or
administered, which is, as of the Closing Date, in accordance with the
Westfarms Mall Intercreditor Agreements, the Series 2002-CP3 PSA.

          "Westfarms Mall Special Servicer" shall mean the special servicer
with respect to the Westfarms Mall Loan Group under any Westfarms Mall
Servicing Agreement.

          "Westfarms Mall Subordinate Companion Loan" shall mean the mortgage
loan secured by the same Mortgage as the Westfarms Mall Mortgage Loan on the
Westfarms Mall Mortgaged Property, which mortgage loan is subordinate in right
of payment to the Westfarms Mall Mortgage Loan and, as of the Cut-off Date, is
held by Teachers Insurance and Annuity Association of America.

          "Workout Fee" shall mean, with respect to each Corrected Serviced
Mortgage Loan, the fee designated as such in, and payable to the Special
Servicer or a predecessor thereto in connection with certain recoveries on a
Corrected Serviced Mortgage Loan pursuant to, the second paragraph of Section
3.11(c).

          "Workout Fee Rate" shall mean, with respect to each Corrected
Serviced Mortgage Loan, 1.00%.

          "Yield Maintenance Certificate" shall mean any of the Class A, Class
B, Class C, Class D, Class E, Class F, Class H, Class J and/or Class K
Certificates.

          "Yield Maintenance Discounting Horizon" means, with respect to any
Mortgage Loan, the time horizon used to select the appropriate U.S. Treasury
Rate that is used when calculating a yield maintenance charge. If the value
specified in the column labeled "Yield Maintenance Discounting Horizon" on the
Mortgage Loan Schedule is "Maturity", the Yield Maintenance Discounting
Horizon is the scheduled maturity date or Anticipated Repayment Date, as
applicable, of the subject Mortgage Loan. If the value specified in the column
labeled "Yield Maintenance Discounting Horizon" on the Mortgage Loan Schedule
is "WAL", the Yield Maintenance Discounting Horizon is the remaining weighted
average life to maturity of the subject Mortgage Loan.

          "Yield Maintenance Interest Rate" shall mean, with respect to any
Mortgage Loan, the annualized yield (for purposes of this definition, the
"Yield Rate") on securities issued by the United States Treasury having a
maturity corresponding to such Mortgage Loan's Yield Maintenance Discounting
Horizon, as the Yield Rate is quoted using the applicable Yield Maintenance
Treasury Source and Selection Date.

          The Yield Maintenance Interest Rate should be increased by x basis
points if the value specified for the subject Mortgage Loan in the column
labeled "Yield Maintenance Interest Rate" on the Mortgage Loan Schedule is
"Treasury +x" or by zero (0) basis points if the value is "Treasury Flat" or
"T-Flat".

                                     -68-

<PAGE>

          The Yield Maintenance Interest Rate, as adjusted in the preceding
paragraph, shall be converted to a monthly equivalent yield if the value for
the subject Mortgage Loan specified in the column labeled "Yield Maintenance
Interest Rate Converted to Monthly Mortgage Rate" on the Mortgage Loan
Schedule is "Yes".

          "Yield Maintenance Treasury Source and Selection Date" means:

          (a) for the Mortgage Loan secured by the Mortgaged Property
     identified on the Mortgage Loan Schedule as Exchange Place, the second
     full week ending prior to the prepayment date, as quoted in the Federal
     Reserve Statistical Release H.15(519); and

          (b) for each of (i) the Mortgage Loan secured by the Mortgaged
     Property identified on the Mortgage Loan Schedule as Big Creek Apartments
     Phase I and II and (ii) the Mortgage Loan secured by Mortgaged Property
     identified on the Mortgage Loan Schedule as Otay Mesa Self Storage, the
     week ending prior to the prepayment date as quoted in the Federal Reserve
     Statistical Release H.15 - Selected Interest Rates, under the heading
     U.S. Government Securities/Treasury Constant Maturities.

          If the yields for such securities of such maturity are not shown in
such publication, then the Yield Maintenance Interest Rate shall be determined
by the Master Servicer by linear interpolation between the yields of
securities of the next longer and shorter maturities. If said Federal Reserve
Statistical Release, The Wall Street Journal, or any other information
necessary for the determination of the Yield Maintenance Interest Rate in
accordance with the foregoing is no longer published or otherwise available,
then the Yield Maintenance Interest Rate shall be reasonably determined by the
Master Servicer based on comparable data.

          SECTION 1.02. General Interpretive Principles.

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

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

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

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

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

                                     -69-

<PAGE>

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

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

          SECTION 1.03. Certain Calculations in Respect of the Mortgage Pool.

          (a) All amounts collected in respect of any Cross-Collateralized
Group (which shall not include the Westfarms Mall Loan Group), including in
the form of payments from Borrowers, Insurance Proceeds, Condemnation Proceeds
and Liquidation Proceeds, shall be applied among the Mortgage Loans
constituting such Cross-Collateralized Group in accordance with the express
provisions of the related Mortgage Loan Documents and, in the absence of such
express provisions or if such documents authorize the lender to use its
discretion, on a pro rata basis in accordance with the respective amounts then
"due and owing" as to each such Mortgage Loan. All amounts collected in
respect of or allocable to any particular Serviced Mortgage Loan (such
allocation to be made pursuant to the prior sentence if such Mortgage Loan
constitutes part of a Cross-Collateralized Group), including in the form of
payments from Borrowers, Insurance Proceeds, Condemnation Proceeds or
Liquidation Proceeds, shall be applied to amounts due and owing under such
Mortgage Loan (including for principal and accrued and unpaid interest) in
accordance with the express provisions of the related Mortgage Loan Documents
and, in the absence of such express provisions or if and to the extent that
such documents authorize the lender to use its discretion, as follows: first,
as a recovery of any related and unreimbursed Servicing Advances and, if
applicable, unpaid Liquidation Expenses; second, as a recovery of accrued and
unpaid interest on such Mortgage Loan to, but not including, the date of
receipt (or, in the case of a full Monthly Payment from any Borrower, through
the related Due Date), exclusive, however, of any portion of such accrued and
unpaid interest that constitutes Default Interest or, in the case of an ARD
Mortgage Loan after its Anticipated Repayment Date, that constitutes Post-ARD
Additional Interest; third, as a recovery of principal of such Mortgage Loan
then due and owing, including by reason of acceleration of the Mortgage Loan
following a default thereunder (or, if a Liquidation Event has occurred in
respect of such Mortgage Loan, as a recovery of principal to the extent of its
entire remaining unpaid principal balance); fourth, unless a Liquidation Event
has occurred in respect of 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, ground rents (if
applicable) and similar items; fifth, unless a Liquidation Event has occurred
in respect of 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 Default
Charges then due and owing under such Mortgage Loan; seventh, as a recovery of
any Prepayment Premium then due and owing under such Mortgage Loan; eighth, as
a recovery of any assumption fees, assumption application fees and
modification 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 Post-ARD 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 Post-ARD Additional Interest on such ARD
Mortgage Loan to, but not including, the date of receipt.

                                     -70-

<PAGE>

          (b) Collections in respect of any Administered REO Property
(exclusive of amounts to be applied to the payment of the costs of operating,
managing, maintaining and disposing of such REO Property) shall be applied for
purposes of this Agreement (including for purposes of determining
distributions on the Certificates pursuant to Article IV and additional
compensation payable to the Master Servicer, the Special Servicer and any
Sub-Servicers and also for reporting purposes) as follows: first, as a
recovery of any related and unreimbursed Servicing Advances and, if
applicable, unpaid Liquidation Expenses; second, as a recovery of accrued and
unpaid interest on the related REO Loan to, but not including, the Due Date in
the Collection Period of receipt (exclusive, however, of any portion of such
accrued and unpaid interest that constitutes Default Interest or, in the case
of an REO Loan that relates to an ARD Mortgage Loan after its Anticipated
Repayment Date, that constitutes Post-ARD Additional Interest); third, as a
recovery of principal of the related REO Loan to the extent of its entire
unpaid principal balance; fourth, as a recovery of any Default Charges deemed
to be due and owing in respect of the related REO Loan; fifth, as a recovery
of any Prepayment Premium deemed to be due and owing in respect of the related
REO Loan; sixth, as a recovery of any other amounts deemed to be due and owing
in respect of the related REO Loan (other than, in the case of an REO Loan
that relates to an ARD Mortgage Loan after its Anticipated Repayment Date,
accrued and unpaid Post-ARD Additional Interest); and seventh, in the case of
an REO Loan that relates to an ARD Mortgage Loan after its Anticipated
Repayment Date, any accrued and unpaid Post-ARD Additional Interest to, but
not including, the date of receipt.

          (c) Amounts received by the Master Servicer on behalf of the Trust
as remittances under a Westfarms Mall Servicing Agreement with respect to the
Westfarms Mall Mortgage Loan or the Westfarms Mall REO Loan shall be
allocated, subject to the Westfarms Mall Intercreditor Agreements, among
interest (other than Additional Interest), principal, Prepayment Premiums,
Additional Interest and other amounts due thereon consistent with Section
3.02(b) of the Series 2002-CP3 PSA or any comparable section of any other
Westfarms Mall Servicing Agreement.

          (d) For the purposes of this Agreement, Post-ARD Additional Interest
on an ARD Mortgage Loan or a successor REO Loan with respect thereto shall be
deemed not to constitute principal or any portion thereof and shall not be
added to the unpaid principal balance or Stated Principal Balance of such ARD
Mortgage Loan or successor REO Loan, notwithstanding that the terms of the
related Mortgage Loan Documents so permit. To the extent any Post-ARD
Additional Interest is not paid on a current basis, it shall be deemed to be
deferred interest.

          (e) Insofar as amounts received in respect of any Serviced Mortgage
Loan or Administered REO Property and allocable to shared fees and shared
charges owing in respect of such Mortgage Loan or the related REO Loan, as the
case may be, that constitute Additional Master Servicing Compensation payable
to the Master Servicer and/or Additional Special Servicing Compensation
payable to the Special Servicer, are insufficient to cover the full amount of
such fees and charges, such amounts shall be allocated between such of those
fees and charges as are payable to the Master Servicer, on the one hand, and
such of those fees and charges as are payable to the Special Servicer, on the
other, pro rata in accordance with their respective entitlements in accordance
with Section 3.11.

          (f) The foregoing applications of amounts received in respect of any
Mortgage Loan or REO Property shall be determined by the Master Servicer, in
its reasonable judgment, and reflected in the appropriate monthly report from
the Master Servicer and in the appropriate monthly Statement to
Certificateholders as provided in Section 4.02.

                                     -71-

<PAGE>

          SECTION 1.04. Application of Default Charges.

          (a) Any and all Default Charges that are actually received with
respect to any Mortgage Loan or REO Loan (and, in the case of the Westfarms
Mall Mortgage Loan or any Westfarms Mall REO Loan, that are remitted to the
Master Servicer on behalf of the Trust under a Westfarms Mall Servicing
Agreement or, if Article XII is in effect, are transferred from the Westfarms
Mall Custodial Account to the Collection Account pursuant to Section
12.04(b)), 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 any Fiscal Agent, the Trustee, the Master Servicer
     or the Special Servicer, in that order, any Advance Interest due and
     owing to such party on outstanding Advances made thereby with respect to
     such Mortgage Loan or REO Loan, as the case may be;

          second, to reimburse the Trust for any Advance Interest paid to any
     Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer
     since the Closing Date with respect to such Mortgage Loan or REO Loan, as
     the case may be, which interest was paid from a source other than Default
     Charges collected on such Mortgage Loan or REO Loan, as the case may be;

          third, to pay any outstanding expense incurred by the Special
     Servicer in connection with inspecting the related Mortgaged Property or
     REO Property, as applicable, pursuant to Section 3.12;

          fourth, to reimburse the Trust for any expenses reimbursed to the
     Special Servicer since the Closing Date in connection with inspecting the
     related Mortgaged Property or REO Property, as applicable, pursuant to
     Section 3.12, which expenses were previously paid from a source other
     than Default Charges collected on such Mortgage Loan or REO Loan, as the
     case may be;

          fifth, to pay the appropriate party for any other outstanding
     expense (exclusive of Special Servicing Fees, Workout Fees and
     Liquidation Fees) incurred thereby with respect to such Mortgage Loan or
     REO Loan, as the case may be, which expense, if not paid out of Default
     Charges collected on such Mortgage Loan or REO Loan, as the case may be,
     will likely become an Additional Trust Fund Expense;

          sixth, to reimburse the Trust for any other Additional Trust Fund
     Expense (exclusive of Special Servicing Fees, Workout Fees and
     Liquidation Fees) paid to the appropriate party since the Closing Date
     with respect to such Mortgage Loan or REO Loan, as the case may be, which
     Additional Trust Fund Expense was paid from a source other than Default
     Charges collected on such Mortgage Loan or REO Loan, as the case may be;
     and

          seventh, to pay any remaining portion of such Default Charges as
     Additional Master Servicing Compensation to the Master Servicer, if such
     Default Charges were collected when the loan was a Performing Serviced
     Mortgage Loan or were collected with respect to the Westfarms Mall
     Mortgage Loan or any Westfarms Mall REO Loan, and otherwise to pay any
     remaining portion of such Default Charges as Additional Special Servicing
     Compensation to the Special Servicer.

                                     -72-

<PAGE>

          (b) Default Charges applied to reimburse the Trust pursuant to any
of clause second, clause fourth or clause sixth of Section 1.04(a) are
intended to be available for distribution on the Certificates pursuant to
Section 4.01(a) and Section 4.01(b), subject to application pursuant to
Section 3.05(a) or 3.05(b) for any items payable out of general collections on
the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to
any of clause second, clause fourth or clause sixth of Section 1.04(a) shall
be deemed to offset payments of Advance Interest, costs of property
inspections or, except for Special Servicing Fees, Workout Fees and
Liquidation Fees, other Additional Trust Fund Expenses (depending on which
clause is applicable) in the chronological order in which they were made or
incurred with respect to the subject Mortgage Loan or REO Loan (whereupon such
Advance Interest, costs of property inspections or, except for Special
Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund
Expenses (depending on which clause is applicable) shall thereafter be deemed
to have been paid out of Default Charges).

          SECTION 1.05. Cross-Collateralized Mortgage Loans.

          Notwithstanding anything herein to the contrary, it is hereby
acknowledged that the groups of Mortgage Loans identified on the Mortgage Loan
Schedule as being cross-collateralized with each other are, in the case of
each such particular group of Mortgage Loans, by their terms, cross-defaulted
and cross-collateralized with each other. For purposes of reference only in
this Agreement, and without in any way limiting the servicing rights and
powers of the Master Servicer and/or the Special Servicer, with respect to any
Cross-Collateralized Mortgage Loan (or successor REO Loan), the Mortgaged
Property (or REO Property) that relates or corresponds thereto shall be the
property identified in the Mortgage Loan Schedule as corresponding thereto.
The provisions of this Agreement, including each of the defined terms set
forth in Section 1.01, shall be interpreted in a manner consistent with this
Section 1.05; provided that, if there exists with respect to any
Cross-Collateralized Group only one original of any document referred to in
the definition of "Mortgage File" covering all the Mortgage Loans in such
Cross-Collateralized Group, then the inclusion of the original of such
document in the Mortgage File for any of the Mortgage Loans constituting such
Cross-Collateralized Group shall be deemed an inclusion of such original in
the Mortgage File for each such Mortgage Loan.

                                     -73-

<PAGE>

                                  ARTICLE II

                 CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS
             AND WARRANTIES; ORIGINAL ISSUANCE OF REMIC I REGULAR
      INTERESTS, REMIC II REGULAR INTERESTS, GROUP X-2 REMIC III REGULAR
                          INTERESTS AND CERTIFICATES

          SECTION 2.01. Conveyance of Mortgage Loans.

          (a) It is the intention of the parties hereto that a common law
trust be established under the laws of the State of New York pursuant to this
Agreement and, further, that such trust be designated as "Salomon Brothers
Commercial Mortgage Trust 2002-KEY2". Wells Fargo 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. It is not intended that this Agreement create a
partnership or a joint-stock association.

          (b) The Depositor, concurrently with the execution and delivery
hereof, does hereby sell, assign, transfer and otherwise convey to the Trustee
without recourse for the benefit of the Certificateholders, all the right,
title and interest of the Depositor in, to and under (i) the Mortgage Loans,
all payments under and proceeds of the Mortgage Loans received after the
Closing Date (other than scheduled payments of interest and principal due on
or before the Cut-off Date), all Principal Prepayments and corresponding
interest payments on the Mortgage Loans received after the Cut-off Date
through and including the Closing Date, and all documents included in the
related Mortgage Files and any related Additional Collateral; (ii) any REO
Property acquired in respect of any Mortgage Loan (or, in the case of any
Westfarms Mall REO Property, the Trust's interest therein); (iii) such funds
or assets as from time to time are deposited in the Collection Account, the
Distribution Account, the Interest Reserve Account, the Excess Liquidation
Proceeds Account, the REO Account (if established), the Westfarms Mall
Custodial Account (if established) and the Series 2002-CP3 Companion Loan
Custodial Account; (iv) each Mortgage Loan Purchase Agreement; (v) the Column
Performance Guarantee; (vi) the Loan REMIC Interests and the Loan REMIC
Declarations; (vii) the Aventine Guaranty, (viii) the Group Terrorism
Insurance Policy and (ix) all other assets included or to be included in the
Trust Fund. This conveyance is subject to: the terms and conditions of the
respective Mortgage Loan Documents (including the Westfarms Mall Intercreditor
Agreements, in the case of the Westfarms Mall Mortgage Loan, and the Loan
REMIC Declarations, in the case of the Westfarms Mall Mortgage Loan and the
Early Defeasance Mortgage Loans); and the right of the Designated
Sub-Servicers to primary service (or to perform select servicing duties with
respect to) certain of the Mortgage Loans pursuant to the respective
Designated Sub-Servicer Agreements.

          Under GAAP, the Depositor shall report: (i) its acquisition of the
SBRC Mortgage Loans from SBRC, pursuant to the SBRC Mortgage Loan Purchase
Agreement, as a purchase of such Mortgage Loans from SBRC; (ii) its
acquisition of the KeyBank Mortgage Loans from KeyBank, pursuant to the
KeyBank Mortgage Loan Purchase Agreement, as a purchase of such Mortgage Loans
from KeyBank; (iii) its acquisition of the Column Mortgage Loans from Column,
pursuant to the Column Mortgage Loan Purchase Agreement, as a purchase of such
Column Mortgage Loans from Column; and (iv) its transfer of the Mortgage Loans
to the Trustee, pursuant to this Section 2.01(b), as a sale of the Mortgage
Loans to the Trustee on behalf of the Certificateholders. In connection with
the

                                     -74-

<PAGE>

foregoing, the Depositor shall cause all of its records to reflect such
acquisitions as purchases and such transfer as a sale (in each case, as
opposed to a secured loan).

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

          (c) The conveyance to the Trust of the Mortgage Loans (and, in the
case of the Westfarms Mall Mortgage Loan and the Early Defeasance Mortgage
Loans, the related Loan REMIC Interests) and the related rights and property
accomplished hereby is absolute and is intended by the parties hereto to
constitute an absolute transfer of the Mortgage Loans (and, in the case of the
Westfarms Mall Mortgage Loan and the Early Defeasance Mortgage Loans, the
related Loan REMIC Interests) and such other related rights and property by
the Depositor to the Trustee for the benefit of the Certificateholders.
Furthermore, it is not intended that such conveyance be a pledge of security
for a loan. If such conveyance is determined to be a pledge of security for a
loan, however, the parties hereto intend that the rights and obligations of
the parties to such loan shall be established pursuant to the terms of this
Agreement. The parties hereto also intend and agree that, in such event, (i)
this Agreement shall constitute a security agreement under applicable law,
(ii) the Depositor shall be deemed to have granted to the Trustee (in such
capacity) a first priority security interest in all of the Depositor's right,
title and interest in and to the assets constituting the Trust Fund, including
the Mortgage Loans and the Loan REMIC Interests subject hereto from time to
time, all principal and interest received on or with respect to such Mortgage
Loans and Loan REMIC Interests after the Closing Date (other than scheduled
payments of interest and principal due and payable on the Mortgage Loans and
the Loan REMIC Interests on or prior to the Cut-off Date), all amounts held
from time to time in the Collection Account, the Distribution Account, the
Interest Reserve Account, the Excess Liquidation Proceeds Account, the REO
Account (if established), the Westfarms Mall Custodial Account (if
established) and the Series 2002-CP3 Companion Loan Custodial Account, and all
reinvestment earnings on such amounts, and all of the Depositor's right, title
and interest under each Mortgage Loan Purchase Agreement and the Column
Performance Guarantee, (iii) the possession by the Trustee or its agent of the
Mortgage Notes with respect to the Mortgage Loans and the Loan REMIC Interests
subject hereto from time to time and such other items of property as
constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be "possession by the secured party" or possession by a purchaser or
person designated by such secured party for the purpose of perfecting such
security interest under applicable law, and (iv) notifications to, and
acknowledgments, receipts or confirmations from, Persons holding such
property, shall be deemed to be notifications to, or acknowledgments, receipts
or confirmations from, securities intermediaries, bailees or agents (as
applicable) of the Trustee for the purpose of perfecting such security
interest under applicable law. The Depositor shall file or cause to be filed,
as a precautionary filing, a UCC Financing Statement substantially in the form
attached as Exhibit J hereto in all appropriate locations in the State of
Delaware promptly following the initial issuance of the Certificates, and the
Trustee shall prepare, execute (if necessary) and file at each such office,
continuation statements with respect thereto, in each case within six months
prior to the fifth anniversary of the immediately preceding filing. The
Depositor hereby authorizes the Trustee to prepare, execute (if necessary) and
file in the name of the Depositor, and shall cooperate in a reasonable manner
with the Trustee in preparing and filing, such continuation statements. This
Section 2.01(c) shall constitute notice to the Trustee pursuant to any
requirements of the UCC in effect in each applicable jurisdiction.

                                     -75-

<PAGE>

          (d) In connection with the Depositor's assignment pursuant to
Section 2.01(b) above, the Depositor hereby represents and warrants that it
has contractually obligated each Mortgage Loan Seller, pursuant to the related
Mortgage Loan Purchase Agreement, to deliver to and deposit with, or cause to
be delivered to and deposited with, the Trustee, on or before the Closing
Date, the Mortgage File and any Additional Collateral (other than Reserve
Funds and Escrow Payments) for each Mortgage Loan acquired by the Depositor
from such Mortgage Loan Seller. In addition, with respect to each Mortgage
Loan under which any Additional Collateral is in the form of a Letter of
Credit as of the Closing Date, the Depositor hereby represents and warrants
that it has contractually obligated the related Mortgage Loan Seller, subject
to the next paragraph, to cause to be prepared, executed and delivered to the
issuer of each such Letter of Credit such notices, assignments and
acknowledgments as are required under such Letter of Credit to assign, without
recourse, to the Trustee the related Mortgage Loan Seller's rights as the
beneficiary thereof and drawing party thereunder. The Depositor shall deliver
to the Trustee on or before the Closing Date a fully executed counterpart of
each Mortgage Loan Purchase Agreement.

          Notwithstanding the foregoing, if any Mortgage Loan Seller is unable
to deliver any Letter of Credit constituting Additional Collateral for any of
its Mortgage Loans, then that Mortgage Loan Seller may, in lieu thereof,
deliver on behalf of the related Borrower, to be used for the same purposes as
such missing Letter of Credit either: (i) a substitute instrument
substantially comparable to, but in all cases in the same amount and with the
same draw conditions and renewal rights as, that Letter of Credit and issued
by an obligor that meets any criteria in the related Mortgage Loan Documents
applicable to the issuer of that Letter of Credit; or (ii) a cash reserve in
an amount equal to the amount of that Letter of Credit. For purposes of the
delivery requirements of this Section 2.01, any such substitute instrument
shall be deemed to be Additional Collateral of the type covered by the prior
paragraph of this Section 2.01(d) and any such cash reserve shall be deemed to
be Reserve Funds of the type covered by Section 2.01(f).

          (e) As soon as reasonably possible, and in any event within 90 days
after the later of (i) the Closing Date and (ii) the date on which all
recording information necessary to complete the subject document is received
by the Trustee, the Trustee is hereby authorized and shall complete (to the
extent necessary), and shall submit for recording or filing, as the case may
be, including via electronic means, if appropriate, in or with the appropriate
office for real property records or UCC Financing Statements, as applicable,
each assignment of Mortgage and assignment of Assignment of Leases in favor of
the Trustee referred to in clauses (a)(iv) and (a)(v) of the definition of
"Mortgage File" that has been received by the Trustee and each UCC Financing
Statement Amendment in favor of the Trustee referred to in clause (a)(viii) of
the definition of "Mortgage File" that has been received by the Trustee. Each
such assignment shall reflect that it should be returned by the public
recording office to the Trustee following recording, and each such UCC
Financing Statement Amendment shall reflect that the file copy thereof or an
appropriate receipt therefor, as applicable, should be returned to the Trustee
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 Master Servicer shall, at the direction of the Trustee, obtain
from such public recording office and deliver to the Trustee a certified copy
of the recorded original. At such time as any such assignments, UCC Financing
Statement Amendments or verifications of electronic filing have been returned
to the Trustee, the Trustee shall, upon request, forward a copy thereof to the
Master Servicer. If any such document or instrument is lost or returned
unrecorded or unfiled, as the case may be, because of a defect therein, the
Trustee shall direct the related Mortgage Loan Seller to prepare or cause to
be prepared promptly, pursuant to the

                                     -76-

<PAGE>

related Mortgage Loan Purchase Agreement, a substitute therefor or to cure
such defect, as the case may be, and thereafter the Trustee shall, upon
receipt thereof, cause the same to be duly recorded or filed, as appropriate.
If any Mortgage Loan Seller has been so notified and has not prepared a
substitute document or cured such defect, as the case may be, within 60 days,
the Trustee shall promptly so notify the Master Servicer, the Special
Servicer, the Rating Agencies and the Controlling Class Representative. The
Depositor and the Trustee hereby acknowledge and agree that each Mortgage Loan
Seller shall be responsible for paying the reasonable fees and out-of-pocket
expenses of the Trustee in connection with the above-referenced recording and
filing of documents insofar as it relates to the Mortgage Loans acquired by
the Depositor from such Mortgage Loan Seller, as and to the extent provided
for in the related Mortgage Loan Purchase Agreement; provided that no Mortgage
Loan Seller shall actually record or file any such documents.

          (f) In connection with the Depositor's assignment pursuant to
Section 2.01(b) above, the Depositor hereby represents and warrants that it
has contractually obligated each Mortgage Loan Seller, at such Mortgage Loan
Seller's expense, pursuant to the related Mortgage Loan Purchase Agreement, to
deliver to and deposit with, or cause to be delivered to and deposited with,
the Master Servicer, within 10 days following the Closing Date, each of the
following items that are in the possession or under the control of such
Mortgage Loan Seller and that relate to the Mortgage Loans transferred by it
to the Depositor (except to the extent that any of the following items are to
be retained by a primary servicer that will continue to act on behalf of the
Master Servicer as a Sub-Servicer): (i) originals or copies of all
property-specific financial statements, appraisals, environmental/engineering
reports, transaction screens, leases, rent rolls, third-party underwriting
reports, insurance policies, legal opinions, property management agreements,
tenant estoppels, subordination and non-disturbance agreements, and any other
relevant documents that the Master Servicer or Special Servicer reasonably
deems necessary to service the subject Mortgage Loan and specifies to such
Mortgage Loan Seller in writing and, to the extent they are not required to be
a part of a Mortgage File for any such Mortgage Loan, originals or copies of
all documents, certificates and opinions that were delivered by or on behalf
of the related Borrowers in connection with the origination of such Mortgage
Loans (provided that such Mortgage Loan Seller shall not be required to
deliver any attorney-client privileged communication or any documents or
materials prepared by it or its Affiliates solely for internal uses); and (ii)
all unapplied Reserve Funds and Escrow Payments. The Master Servicer shall
hold all such documents, records and funds that it so receives on behalf of
the Trustee in trust for the benefit of the Certificateholders.

          (g) The Depositor shall be responsible for paying the on-going
surveillance fees of the Rating Agencies, which may be in the form of a one
time up-front payment.

          SECTION 2.02. Acceptance of Mortgage Assets by Trustee.

          (a) Subject to the other provisions in this Section 2.02, the
Trustee, by its execution and delivery of this Agreement, hereby accepts
receipt on behalf of the Trust, directly or through a Custodian on its behalf,
of (i) the Mortgage Loans and all documents delivered to it that constitute
portions of the related Mortgage Files, (ii) the Loan REMIC Interests and the
Loan REMIC Declarations and (iii) 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 received by it that constitute portions
of the Mortgage Files, and that it holds and will hold the Mortgage Loans, the
Loan REMIC Interests and such other assets, together with any other assets
subsequently delivered to it that are to be included in the Trust Fund, in

                                     -77-

<PAGE>

trust for the exclusive use and benefit of all present and future
Certificateholders. The Trustee shall hold any Letter of Credit in a custodial
capacity only and shall have no obligation to maintain, extend the term of,
enforce or otherwise pursue any rights under such Letter of Credit. In
connection with the foregoing, the Trustee hereby certifies to each of the
parties hereto and to the Mortgage Loan Sellers that, as to each Mortgage
Loan, except as specifically identified in the Schedule of Exceptions to
Mortgage File Delivery attached hereto as Exhibit B-2, (i) the Specially
Designated Mortgage Loan Documents (without regard to Assignments of Leases,
modification agreements and assumption agreements) are in its possession or
the possession of a Custodian on its behalf and (ii) such Mortgage Loan
Documents have been reviewed by it or such Custodian and each (A) appears
regular on its face (handwritten additions, changes or corrections shall not
constitute irregularities if initialed by the related Borrower and lender),
(B) appears to have been executed and (C) purports to relate to such Mortgage
Loan.

          (b) On or about the 60th day following the Closing Date (and, if any
exceptions are noted or if the recordation/filing contemplated by Section
2.01(e) has not been completed (based solely on receipt by the Trustee or a
Custodian on its behalf of the particular documents showing evidence of the
recordation/filing), every 90 days thereafter until the earlier of (i) the
date on which such exceptions are eliminated and such recordation/filing has
been completed and (ii) the date on which all the affected Mortgage Loans are
removed from the Trust Fund), the Trustee or a Custodian on its behalf shall
review the documents delivered to it with respect to each Mortgage Loan, and
the Trustee shall, subject to Sections 1.05, 2.02(c) and 2.02(d), certify in
writing (substantially in the form of Exhibit B-3) to each of the other
parties hereto, the Mortgage Loan Sellers and the Controlling Class
Representative that, as to each Mortgage Loan then subject to this Agreement
(except as specifically identified in any exception report annexed to such
certification, which exception report, if and to the extent applicable and
delivered to any Mortgage Loan Seller shall constitute notice to such Mortgage
Loan Seller of any Document Defects identified thereon): (i) if such Mortgage
Loan is a Serviced Mortgage Loan, the original Mortgage Note specified in
clause (a)(i) of the definition of "Mortgage File" and all allonges thereto,
if any (or a copy of such Mortgage Note, together with a "lost note affidavit
and indemnity" certifying that the original of such Mortgage Note has been
lost), the original or a copy of each document specified in clauses (a)(ii),
(a)(iv), and (a)(vii) of the definition of "Mortgage File", originals or
copies of any documents specified in clauses (a)(iii), (a)(v), (a)(ix),
(a)(x), (a)(xi), (a)(xii), (a)(xiii) and (a)(xiv) of the definition of
"Mortgage File" (to the extent that the Trustee has actual knowledge that such
documents exist) and any other Specially Designated Mortgage Loan Documents
(without regard to modification agreements and assumption agreements), have
been received by the Trustee or a Custodian on its behalf; (ii) if such
Mortgage Loan is the Westfarms Mall Mortgage Loan, the original Mortgage Note
specified in clause (b)(i) of the definition of "Mortgage File" and all
allonges thereto, if any (or a copy of such Mortgage Note, together with a
"lost note affidavit and indemnity" certifying that the original of such
Mortgage Note has been lost), and the original or a copy of each document
specified in clauses (b)(ii), (b)(iii) and (b)(iv) of the definition of
"Mortgage File", have been received by the Trustee or a Custodian on its
behalf; (iii) if such report is more than 180 days after the Closing Date, the
recordation/filing contemplated by Section 2.01(e) (except in the case of the
Westfarms Mall Mortgage Loan) has been completed (based solely on receipt by
the Trustee or a Custodian on its behalf of the particular recorded/filed
documents or an appropriate receipt of recording/filing therefor); (iv) all
documents received by it with respect to such Mortgage Loan have been reviewed
by the Trustee or a Custodian on its behalf and (A) appear regular on their
face (handwritten additions, changes or corrections shall not constitute
irregularities if initialed by the related Borrower and lender), (B) appear to
have been executed and (C) purport to relate to such Mortgage Loan; and (v)
based on the

                                     -78-

<PAGE>

examinations referred to in Section 2.02(a) above and this Section 2.02(b) and
only as to the foregoing documents, the information set forth in the Mortgage
Loan Schedule with respect to the items specified in clauses (iii)(A) and
(vi)(B) of the definition of "Mortgage Loan Schedule" accurately reflects the
information set forth in the Mortgage File. The Trustee shall deliver
electronically or via its website to the Controlling Class Representative and,
upon request, to any other party to this Agreement, the Rating Agencies or the
Certificateholders current exception reports for as long as there are
exceptions outstanding.

          (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, except as expressly provided in Section 2.01(e), 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) In performing the reviews contemplated by subsections (a) and
(b) above, the Trustee or any Custodian on its behalf may conclusively rely on
the related Mortgage Loan Seller as to the purported genuineness of any such
document and any signature thereon. It is understood that the scope of the
Trustee's or such Custodian's review of the Mortgage Files is limited solely
to confirming that the documents specified in clauses (a)(i), (a)(ii),
(a)(iii) (to the extent that the Trustee has actual knowledge that such
documents exist), (a)(iv), (a)(v) (to the extent that the Trustee has actual
knowledge that such documents exist), (a)(vi) (to the extent that the Trustee
has actual knowledge that such documents exist), (a)(vii), (a)(ix) through
(a)(xiii) (to the extent that the Trustee has actual knowledge that such
documents exist), (a)(xiv), (b)(i), (b)(ii), (b)(iii) and (b)(iv) of the
definition of "Mortgage File" and any other Specially Designated Mortgage Loan
Documents (without regard to modification agreements and assumption
agreements) have been received and such additional information as will be
necessary for making and/or delivering the certifications required by
subsections (a) and (b) above.

          With respect to any of the documents described in clauses (a)(iii),
(a)(v), (a)(vi), (a)(ix), (a)(x), (a)(xi), (a)(xii) and (a)(xiii) of the
definition of "Mortgage File", the Trustee shall be deemed to have knowledge
of the existence of the subject document in respect of any Serviced Mortgage
Loan if the subject document is listed on any closing binder index that may be
delivered to the Trustee as part of, or in connection with the delivery of,
the Mortgage File for such Serviced Mortgage Loan.

          With respect to the documents described in clause (viii) of the
definition of "Mortgage File", absent actual knowledge to the contrary or
copies of UCC Financing Statements delivered to the Trustee as part of the
Mortgage File indicating otherwise, the Trustee may assume, for purposes of
the certification(s) to be made or otherwise delivered pursuant to this
Section 2.02, that the Mortgage File for each Mortgage Loan should include one
state-level UCC Financing Statement filed in the state of incorporation or
organization of the related Borrower for each Mortgaged Property (or with
respect to any Mortgage Loan that has two or more Borrowers, for each related
Borrower). To the extent appropriate under applicable law, the UCCs to be
assigned to the Trust will be delivered on the new national forms and in
recordable form and will be filed in the state of incorporation or
organization as so

                                     -79-

<PAGE>

indicated on the documents provided. To the extent the Trustee has actual
knowledge or is notified of any fixture or real property UCC Financing
Statements, the Trustee shall file an assignment to the Trust with respect to
such UCC Financing Statements in the appropriate jurisdiction under the UCC at
the expense of the related Mortgage Loan Seller (to the extent provided in the
related Mortgage Loan Purchase Agreement).

          SECTION 2.03. Certain Repurchases of Mortgage Loans by the Mortgage
                        Loan Sellers.

          (a) If any party hereto discovers, or receives notice from a
non-party, that a Document Defect or Breach exists with respect to any
Mortgage Loan, then such party shall give prompt written notice thereof to the
other parties hereto, including (unless it is the party that discovered the
Document Defect or Breach) the Trustee. Upon the Trustee's discovery or
receipt of notice that a Document Defect or Breach exists with respect to any
Mortgage Loan, the Trustee shall notify the Master Servicer, the Special
Servicer, the Controlling Class Representative, the Rating Agencies and the
related Mortgage Loan Seller.

          (b) Promptly upon its becoming aware of any Material Document Defect
or Material Breach with respect to any Mortgage Loan or its receipt of notice
from the Trustee or any other party to this Agreement of a Material Document
Defect or Material Breach with respect to any Mortgage Loan, the Master
Servicer shall (and the Special Servicer may) notify the related Mortgage Loan
Seller with respect thereto in writing of such Material Document Defect or
Material Breach, as the case may be, and direct such Mortgage Loan Seller that
it must, not later than 90 days from the receipt by such Mortgage Loan Seller
of such notice (or, if such Material Breach or Material Document Defect, as
the case may be, relates to whether such Mortgage Loan is or, as of the
Closing Date, was a Qualified Mortgage, and provided that such Mortgage Loan
Seller received prompt written notice thereof, within 90 days after any
earlier discovery by any party to this Agreement of such Material Breach or
Material Document Defect, as the case may be) (such 90-day period, in any
case, the "Initial Resolution Period"), correct or cure such Material Document
Defect or Material Breach, as the case may be, in all material respects, or
repurchase the affected Mortgage Loan (as, if and to the extent required by
the related Mortgage Loan Purchase Agreement), at the applicable Purchase
Price; provided that if such Mortgage Loan Seller certifies to the Trustee in
writing (i) that such Material Document Defect or Material Breach, as the case
may be, does not relate to whether the affected Mortgage Loan is or, as of the
Closing Date, was a Qualified Mortgage, (ii) that such Material Document
Defect or Material Breach, as the case may be, is capable of being cured but
not within the applicable Initial Resolution Period, (iii) that such Mortgage
Loan Seller has commenced and is diligently proceeding with the cure of such
Material Document Defect or Material Breach, as the case may be, during the
applicable Initial Resolution Period, (iv) what actions such Mortgage Loan
Seller is pursuing in connection with the cure of such Material Document
Defect or Material Breach, as the case may be, and (v) that such Mortgage Loan
Seller anticipates that such Material Document Defect or Material Breach, as
the case may be, will be cured within an additional 90-day period (such
additional 90-day period, the "Resolution Extension Period") (a copy of which
certification shall be delivered by the Trustee to the Master Servicer, the
Special Servicer and the Controlling Class Representative), then such Mortgage
Loan Seller shall have an additional period equal to such Resolution Extension
Period to complete such correction or cure (or, upon failure to complete such
correction or cure, to repurchase the affected Mortgage Loan); and provided,
further, that the delivery of the foregoing certification in connection with,
and/or any attempt by a Mortgage Loan Seller to cure, any alleged Breach or
Document Defect shall not be deemed an admission on the part of such

                                     -80-

<PAGE>

Mortgage Loan Seller that such alleged Breach or Document Defect is, in fact,
a Breach or Document Defect, as the case may be, or more particularly, that it
is a Material Breach or Material Document Defect, as the case may be.

          The remedies provided for in this Section 2.03(b) with respect to
any Material Document Defect or Material Breach with respect to any Mortgage
Loan shall apply to the related REO Property.

          If one or more (but not all) of the Mortgage Loans constituting a
Cross-Collateralized Group are to be repurchased by a Mortgage Loan Seller, as
contemplated by this Section 2.03, then, prior to the subject repurchase, the
Master Servicer shall use its reasonable efforts, subject to the terms of the
affected Mortgage Loans, to prepare and, to the extent necessary and
appropriate, have executed by the related Borrower and record, such
documentation as may be necessary to terminate the cross-collateralization
between the Mortgage Loans in such Cross-Collateralized Group that are to be
repurchased, on the one hand, and the remaining Mortgage Loans therein, on the
other hand, such that those two groups of Mortgage Loans are each secured only
by the Mortgaged Properties identified in the Mortgage Loan Schedule as
directly corresponding thereto; provided that no such termination shall be
effected unless the Mortgage Loans from such Cross-Collateralized Group that
are to remain part of the Trust Fund have a loan-to-value ratio of no more
than 75% and a debt service coverage ratio of no less than 1.25x; and
provided, further, that no such termination shall be effected unless and until
the Master Servicer and the Trustee have received from the related Mortgage
Loan Seller (i) an Opinion of Counsel addressed to the Trustee, the Master
Servicer and the Rating Agencies from Independent counsel to the effect that
such termination will not cause an Adverse REMIC Event to occur with respect
to any REMIC Pool or an Adverse Grantor Trust Event with respect to either
Grantor Trust Pool and (ii) written confirmation from each Rating Agency that
such termination will not cause an Adverse Rating Event to occur with respect
to any Class of Rated Certificates; and provided, further, that the related
Mortgage Loan Seller may, at its option, repurchase the entire
Cross-Collateralized Group without termination of the cross-collateralization.
To the extent necessary and appropriate, the Trustee shall execute (or,
subject to Section 3.10, provide the Master Servicer with a limited power of
attorney that enables the Master Servicer to execute) the loan documentation
referred to in the prior sentence; provided that the Trustee shall not be
liable for any misuse of any such power of attorney by the Master Servicer.
The Master Servicer shall advance all costs and expenses incurred by the
Trustee and the Master Servicer with respect to any Cross-Collateralized Group
pursuant to this paragraph, and such advances shall (i) constitute and be
reimbursable as Servicing Advances and (ii) be included in the calculation of
Purchase Price for the Mortgage Loan(s) to be repurchased. Neither the Master
Servicer nor the Special Servicer shall be liable to any Certificateholder or
any other party hereto if the cross-collateralization of any
Cross-Collateralized Group is not or cannot be terminated as contemplated by
this paragraph for any reason beyond the control of the Master Servicer or the
Special Servicer, as the case may be.

          If the cross-collateralization of any Cross-Collateralized Group of
Mortgage Loans is not or cannot be terminated as contemplated by the preceding
paragraph for any reason (including the failure of the related Mortgage Loan
Seller to satisfy any of the conditions set forth in the provisos to the first
sentence of the preceding paragraph), then, for purposes of this Section 2.03
and the related Mortgage Loan Purchase Agreement, including for purposes of
(i) determining whether the particular Breach or Document Defect that gave
rise to the repurchase obligation for such Cross-Collateralized Group is a
Material Breach or Material Document Defect, as the case may be, and (ii) the
application of remedies, such Cross-Collateralized Group shall be treated as a
single Mortgage Loan.

                                     -81-

<PAGE>

          In the event that the Master Servicer, the Special Servicer or the
Trustee is notified or otherwise has actual knowledge that Column has an
obligation to repurchase the Westfarms Mall Pari Passu Companion Loan from the
Series 2002-CP3 Trust by reason of a "Material Document Defect" or a "Material
Breach" (as such terms are defined in the Series 2002-CP3 PSA), then such
party shall promptly notify the other such parties, and the Master Servicer
shall, as and to the extent contemplated by the Column Mortgage Loan Purchase
Agreement, direct Column to repurchase the Westfarms Mall Mortgage Loan at the
Purchase Price contemporaneously with any repurchase of the Westfarms Mall
Pari Passu Companion Loan.

          In the event that the Master Servicer receives notice from the
Borrower under any Early Defeasance Mortgage Loan that such Borrower intends
to, and the related Mortgage Loan Documents permit such Borrower to, defease
such Mortgage Loan on or before the second anniversary of the Startup Day of
the related Loan REMIC, then the Master Servicer shall promptly (and, in any
event, within five Business Days of receiving such notice from such Borrower)
notify SBRC of such Borrower's intention, and the Master Servicer shall direct
SBRC to repurchase such Mortgage Loan at the Purchase Price within the time
frame contemplated by the SBRC Mortgage Loan Purchase Agreement.

          In connection with any repurchase of the Westfarms Mall Mortgage
Loan or any of the Early Defeasance Mortgage Loans pursuant to or as
contemplated by this Section 2.03(b), the Trustee shall effect a "qualified
liquidation" of the related Loan REMIC in accordance with the REMIC
Provisions.

          In the case of a Column Mortgage Loan, all references in this
Section 2.03(b) to "Mortgage Loan Seller" or "Column" shall be deemed to also
be references to the Column Performance Guarantor (but only if and to the
extent that the Column Performance Guarantor would, pursuant to the Column
Performance Guarantee, be liable for those obligations of Column as a Mortgage
Loan Seller under the Column Mortgage Loan Purchase Agreement that are
contemplated above in this Section 2.03(b)).

          The reasonable "out-of-pocket" costs and expenses incurred by the
Master Servicer, the Special Servicer and/or the Trustee pursuant to this
Section 2.03(b), including reasonable attorney fees and expenses, shall
constitute Servicing Advances to the extent not collected from the related
Mortgage Loan Seller.

          (c) If any Mortgage Loan is to be repurchased as contemplated by
this Section 2.03, the Master Servicer shall designate the Collection Account
as the account to which funds in the amount of the applicable Purchase Price
are to be wired, and the Master Servicer shall promptly notify the Trustee, by
delivery of an Officer's Certificate, when such deposit is made. Any such
repurchase of a Mortgage Loan shall be on a whole loan, servicing released
basis. Upon its receipt of an Officer's Certificate from the Master Servicer
to the effect that the full amount of the Purchase Price for any Mortgage Loan
repurchased by a Mortgage Loan Seller as contemplated by this Section 2.03 has
been deposited in the Collection Account, the Trustee shall release or cause
the release of the Mortgage File and any Additional Collateral held by or on
behalf of the Trustee for the Deleted Mortgage Loan to the party effecting the
repurchase or its designee, and the Trustee or the Master Servicer on behalf
of the Trustee shall execute and deliver such instruments of release, transfer
and/or assignment, in each case without recourse, as shall be provided to it
and are reasonably necessary to vest in the party effecting the

                                     -82-

<PAGE>

repurchase or its designee the ownership of the Deleted Mortgage Loan, and the
Master Servicer shall notify the applicable Borrower(s) of the transfers of
the Deleted Mortgage Loan(s). In connection with any such repurchase by a
Mortgage Loan Seller, each of the Master Servicer and the Special Servicer
shall deliver to the party effecting the repurchase or its designee any
portion of the related Servicing File, together with any Escrow Payments,
Reserve Funds and Additional Collateral, held by or on behalf of the Master
Servicer or the Special Servicer, as the case may be, with respect to the
Deleted Mortgage Loan, in each case at the expense of the party effecting the
repurchase.

          If any Mortgage Loan is to be repurchased as contemplated by this
Section 2.03, the Master Servicer shall direct the related Mortgage Loan
Seller to amend the Mortgage Loan Schedule to reflect the removal of the
Deleted Mortgage Loan and deliver the same to the Trustee. Upon the Trustee's
receipt of such amended Mortgage Loan Schedule, the Trustee shall deliver or
cause the delivery of such amended Mortgage Loan Schedule to the respective
parties hereto and to the Controlling Class Representative.

          (d) Except as contemplated by the next two sentences, the Mortgage
Loan Purchase Agreements (and, in the case of a Column Mortgage Loan, the
Column Performance Guarantee) provide the sole remedies available to the
Certificateholders, or the Trustee on their behalf, respecting any Breach or
Document Defect. If, in connection with any Material Document Defect or
Material Breach in respect of any Mortgage Loan, the related Mortgage Loan
Seller (and, in the case of a Column Mortgage Loan, the Column Performance
Guarantor) defaults on its obligations to cure such Material Document Defect
or Material Breach, as the case may be, in all material respects or to
repurchase the affected Mortgage Loan as contemplated by this Section 2.03, or
if, in connection with any repurchase of the Westfarms Mall Pari Passu
Companion Loan from the Series 2002-CP3 Trust, Column defaults on its
obligation to repurchase the Westfarms Mall Mortgage Loan, or if, in
connection with any defeasance of an Early Defeasance Mortgage Loan prior to
the second anniversary of the Startup Day of the related Loan REMIC, SBRC
defaults on its obligations to repurchase the affected Mortgage Loan as
contemplated by this Section 2.03, then with respect to the Westfarms Mall
Mortgage Loan and any Performing Serviced Mortgage Loans (except for Early
Defeasance Mortgage Loans) the Master Servicer shall (and the Special Servicer
may), and with respect to Specially Serviced Mortgage Loans and Early
Defeasance Mortgage Loans the Special Servicer shall, promptly notify the
Trustee and the Controlling Class Representative, and the Trustee shall notify
the Certificateholders. Thereafter, with respect to the Westfarms Mall
Mortgage Loan and any Performing Serviced Mortgage Loans (except for Early
Defeasance Mortgage Loans) the Master Servicer shall (and the Special Servicer
may), and with respect to Specially Serviced Mortgage Loans and Early
Defeasance Mortgage Loans the Special Servicer shall, take such actions on
behalf of the Trust with respect to the enforcement of such repurchase
obligations (and if the Master Servicer (or the Special Servicer) is notified
or otherwise becomes aware of a default on the part of any Mortgage Loan
Seller in respect of its obligations under the second paragraph of Section
2(c) of the related Mortgage Loan Purchase Agreement, then with respect to the
Westfarms Mall Mortgage Loan and any Performing Serviced Mortgage Loans
(except for Early Defeasance Mortgage Loans) the Master Servicer shall (and
the Special Servicer may), and with respect to Specially Serviced Mortgage
Loans and Early Defeasance Mortgage Loans the Special Servicer shall, also
take such actions on behalf of the Trust with respect to the enforcement of
such obligations of such Mortgage Loan Seller), including the institution and
prosecution of appropriate legal proceedings, as the Master Servicer or the
Special Servicer, as applicable, shall determine are in the best interests of
the Certificateholders (taken as a collective whole). Any and all reasonable
"out-of-pocket" costs and expenses incurred by the Master Servicer, the
Special Servicer and/or the Trustee pursuant to

                                     -83-

<PAGE>

this Section 2.03(d), including, reasonable attorney's fees and expenses, to
the extent not collected from the related Mortgage Loan Seller (or, in the
case of a Column Mortgage Loan, the Column Performance Guarantor), shall
constitute Servicing Advances in respect of the affected Mortgage Loan.

          SECTION 2.04. Representations and Warranties of the Depositor.

          (a) The Depositor hereby represents and warrants to each of the
other parties hereto and for the benefit of the Certificateholders, 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 and
     the Depositor's principal place of business and its chief executive
     office is located in the State of New York.

               (ii) The Depositor's execution and delivery of, performance
     under, and compliance with this Agreement, will not violate the
     Depositor'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 by which it is bound, which
     default or breach, in the reasonable judgment of the Depositor, 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.

               (iii) The Depositor has the full power and authority to own its
     properties, to conduct its business as presently conducted by it and to
     enter into and consummate all transactions involving the Depositor
     contemplated by this Agreement, has duly authorized the execution,
     delivery and performance of this Agreement, and has duly executed and
     delivered this Agreement.

               (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Depositor, enforceable against the
     Depositor in accordance with the terms hereof, subject to (A) applicable
     bankruptcy, insolvency, reorganization, receivership, 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, performance under and compliance with 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 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) No consent, approval, authorization or order of any state
     or federal court or governmental agency or body is required for the
     consummation by the Depositor of the transactions contemplated herein,
     except (A) for those consents, approvals, authorizations or orders that
     previously have been obtained, (B) such as may be required under the blue
     sky laws of any jurisdiction in connection with the purchase and sale of
     the Certificates by the

                                     -84-

<PAGE>

     Underwriters, and (C) any recordation of the assignments of Mortgage Loan
     Documents to the Trustee pursuant to Section 2.01(e), which has not yet
     been completed.

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

               (viii) The Depositor is not transferring the Mortgage Loans to
     the Trustee with any intent to hinder, delay or defraud its present or
     future creditors. In connection with its transfer of the Mortgage Loans
     hereunder, the Depositor will receive new value and consideration
     constituting at least reasonably equivalent value and fair consideration
     for the assets transferred.

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

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

               (xi) 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.

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

               (xiii) 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 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. The execution, delivery and
     performance of this Agreement by the Depositor constitutes bona fide and
     arm's-length transactions and are undertaken in the ordinary course of
     business of the Depositor.

               (xiv) Assuming the accuracy of the representations and
     warranties of the Mortgage Loan Sellers set forth in their respective
     Mortgage Loan Purchase Agreements, immediately prior to the transfer of
     the Mortgage Loans to the Trustee for the benefit of the
     Certificateholders pursuant to this Agreement, the Depositor had good
     title to, and was the sole owner and holder of, each Mortgage Loan, and
     the Depositor has full right and authority to sell, assign and transfer
     the Mortgage Loans.

                                     -85-

<PAGE>

               (xv) The Depositor is transferring all of its right, title and
     interest in and to the Mortgage Loans to the Trustee for the benefit of
     the Certificateholders free and clear of any and all liens, pledges,
     charges and security interests created by or through the Depositor.

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

          (b) The representations and warranties of the Depositor set forth in
Section 2.04(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 remains in existence. Upon discovery by any party hereto
of any breach of any of such representations and warranties that materially
and adversely affects the interests of the Certificateholders or any party
hereto, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto and the Controlling Class Representative.

          SECTION 2.05. Representations and Warranties of the Master Servicer.

          (a) The Master Servicer hereby represents and warrants to each of
the other parties hereto and for the benefit of the Certificateholders, as of
the Closing Date, that:

               (i) The Master Servicer is a corporation duly organized,
     validly existing and in good standing under the laws of the State of
     Ohio, 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 ensure the enforceability of each Mortgage Loan and to perform its
     obligations under this Agreement.

               (ii) The Master Servicer's execution and delivery of,
     performance under and compliance with this Agreement 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, which default or breach, in the reasonable
     judgment of the Master Servicer, 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.

               (iii) The Master Servicer has the full power and authority to
     enter into and consummate all transactions involving the Master Servicer
     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, insolvency, reorganization, receivership,
     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.

                                     -86-

<PAGE>

               (v) The Master Servicer is not in violation of, and its
     execution and delivery of, performance under and compliance with 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 reasonable judgment of the Master Servicer, is likely
     to affect materially and adversely either the ability of the Master
     Servicer to perform its obligations under this Agreement or the financial
     condition of the Master Servicer.

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

               (vii) The Master Servicer has errors and omissions insurance in
     the amounts and with the coverage required by Section 3.07(d).

               (viii) No consent, approval, authorization or order of any
     state or federal court or governmental agency or body is required for the
     consummation by the Master Servicer of the transactions contemplated
     herein, except for those consents, approvals, authorizations or orders
     that previously have been obtained and except where the lack of such
     consent, approval, authorization or order would not have a material
     adverse effect on the ability of the Master Servicer to perform its
     obligations under this Agreement.

               (ix) The Master Servicer has examined each of the Sub-Servicing
     Agreements entered into by the Master Servicer that will be in effect as
     of the Closing Date with respect to the Serviced Mortgage Loans, and each
     such Sub-Servicing Agreement complies with the requirements of Section
     3.22(a) in all material respects.

          (b) The representations and warranties of the Master Servicer set
forth in Section 2.05(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 remains in existence. Upon discovery by any
party hereto of a breach of any of such representations and warranties that
materially and adversely affects the interests of the Certificateholders or
any party hereto, the party discovering such breach shall give prompt written
notice thereof to the other parties hereto and the Controlling Class
Representative.

          (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 2.05(a), subject to such appropriate modifications to the
representation and warranty set forth in Section 2.05(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.

                                     -87-

<PAGE>

          SECTION 2.06. Representations and Warranties of the Special
                        Servicer.

          (a) The Special Servicer hereby represents and warrants to each of
the other parties hereto and for the benefit of the Certificateholders, as of
the Closing Date, that:

               (i) The Special Servicer is a corporation duly organized,
     validly existing and in good standing under the laws of the State of
     Delaware, 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 ensure the enforceability of each Mortgage Loan and to perform its
     obligations under this Agreement.

               (ii) The Special Servicer's execution and delivery of,
     performance under and compliance with this Agreement 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 instrument to which it is a party or which is applicable to it or
     any of its assets, which default or breach, in the reasonable judgment of
     the Special Servicer, 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.

               (iii) The Special Servicer has the full power and authority to
     enter into and consummate all transactions involving the Special Servicer
     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, receivership,
     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, performance under 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 reasonable judgment of the Special
     Servicer, 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 reasonable judgment, would
     prohibit the Special Servicer from entering into this Agreement or, in
     the Special Servicer's reasonable judgment, could reasonably be expected
     to materially and adversely affect either the ability of the Special
     Servicer to perform its obligations under this Agreement or the financial
     condition of the Special Servicer.

                                     -88-

<PAGE>

               (vii) The Special Servicer has errors and omissions insurance
     in the amounts and with the coverage required by Section 3.07(d).

               (viii) No consent, approval, authorization or order of any
     state or federal court or governmental agency or body is required for the
     consummation by the Special Servicer of the transactions contemplated
     herein, except for those consents, approvals, authorizations or orders
     that previously have been obtained and except where the lack of such
     consent, approval, authorization or order would not have a material
     adverse effect on the ability of the Special Servicer to perform its
     obligations under this Agreement.

               (ix) As of the Closing Date, the Special Servicer is not a
     party to any Sub-Servicing Agreement providing for the performance of
     duties of the Special Servicer by any Sub-Servicers with respect to any
     of the Serviced Mortgage Loans or Administered REO Properties.

          (b) The representations and warranties of the Special Servicer set
forth in Section 2.06(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 remains in existence. Upon discovery by any
party hereto of a breach of any of such representations and warranties that
materially and adversely affects the interests of the Certificateholders or
any party hereto, the party discovering such breach shall give prompt written
notice to each of the other parties hereto and the Controlling Class
Representative.

          (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 2.06(a), subject to such appropriate modifications to the
representation and warranty set forth in Section 2.06(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 2.07. Representations and Warranties of the Trustee.

          (a) The Trustee hereby represents and warrants to, and covenants
with, each of the other parties hereto and for the benefit of the
Certificateholders, as of the Closing Date, that:

               (i) The Trustee is duly organized and validly existing as a
     national banking association under the laws of the United States and is,
     shall be or, if necessary, shall appoint a co-trustee that is, in
     compliance with the laws of each State in which any Mortgaged Property is
     located to the extent necessary to ensure the enforceability of each
     Mortgage Loan (insofar as such enforceability is dependent upon
     compliance by the Trustee with such laws) and to perform its obligations
     under this Agreement.

               (ii) The Trustee's execution and delivery of, performance under
     and compliance with this Agreement 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 a breach of, any material agreement or other material
     instrument to which it is a party or by which it is bound, which default
     or breach, in the reasonable judgment of the Trustee 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.

                                     -89-

<PAGE>

               (iii) 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 each of 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, receivership, moratorium and other laws
     affecting the enforcement of creditors' rights generally and the rights
     of creditors of national banking associations, 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, performance under and compliance with 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
     reasonable judgment of the Trustee, 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 consent, approval, authorization or order of any state
     or federal court or governmental agency or body is required for the
     consummation by the Trustee of the transactions contemplated herein,
     except for those consents, approvals, authorizations or orders that
     previously have been obtained.

               (vii) 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 that, in the Trustee's 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.

               (viii) The Trustee is eligible to act as trustee hereunder in
     accordance with Section 8.06 and has errors and omissions insurance in
     such amount and with such coverage as is consistent with any criteria
     published by S&P as of the Closing Date (or, if permitted by such
     criteria, is self-insured).

          (b) The representations, warranties and covenants of the Trustee set
forth in Section 2.07(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 remains in existence. Upon discovery by any
party hereto of a breach of any such representations, warranties and covenants
that materially and adversely affects the interests of the Certificateholders
or any party hereto, the party discovering such breach shall give prompt
written notice thereof to the other parties hereto and the Controlling Class
Representative.

          (c) Any successor Trustee shall be deemed to have made, as of the
date of its succession, each of the representations, warranties and covenants
set forth in Section 2.07(a), subject to such appropriate modifications to the
representation and warranty set forth in Section 2.07(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.

                                     -90-

<PAGE>

          SECTION 2.08. Creation of REMIC I; Issuance of the REMIC I Regular
                        Interests and the REMIC I Residual Interest; Certain
                        Matters Involving REMIC I and the Loan REMICs.

          (a) It is the intention of the parties hereto that the following
segregated pool of assets constitute a REMIC for federal income tax purposes
and, further, that such segregated pool of assets be designated as "REMIC I":
(i) the Mortgage Loans that are from time to time subject to this Agreement
(other than the Westfarms Mall Mortgage Loan and the Early Defeasance Mortgage
Loans), together with (A) all payments under and proceeds of the Mortgage
Loans (other than the Westfarms Mall Mortgage Loan and the Early Defeasance
Mortgage Loans) received after the Closing Date (exclusive of any portion of
such payments and/or proceeds that represents scheduled payments of interest
and principal due on or before the Cut-off Date, Post-ARD Additional Interest
collected in respect of the ARD Mortgage Loans after their respective
Anticipated Repayment Dates and/or Excess Servicing Fees), (B) all Principal
Prepayments and corresponding interest payments on the Mortgage Loans (other
than the Westfarms Mall Mortgage Loan and the Early Defeasance Mortgage Loans)
received after the Cut-off Date through and including the Closing Date, and
(C) all documents included in the related Mortgage Files and Servicing Files
and any related Additional Collateral; (ii) any REO Property acquired in
respect of a Mortgage Loan that is not the Westfarms Mall Mortgage Loan or an
Early Defeasance Mortgage Loan; (iii) the Loan REMIC Regular Interests and all
payments under and proceeds of such Loan REMIC Regular Interests received
after the Closing Date; (iv) such funds and assets as from time to time are
deposited in the Collection Account, the Distribution Account, the Interest
Reserve Account, the Excess Liquidation Proceeds Account and the REO Account
(if established) (exclusive of any amounts that constitute Post-ARD Additional
Interest collected in respect of the ARD Mortgage Loans after their respective
Anticipated Repayment Dates and exclusive of Excess Servicing Fees); (v) the
rights of the Depositor under each Mortgage Loan Purchase Agreement; and (vi)
the rights of the Trustee under the Column Performance Guarantee and the
Aventine Guaranty. The Closing Date is hereby designated as the "Startup Day"
of REMIC I, within the meaning of Section 860G(a)(9) of the Code.

          A Loan REMIC Declaration has been made with respect to the Westfarms
Mall Mortgage Loan and each of the Early Defeasance Mortgage Loans. In the
case of the Westfarms Mall Mortgage Loan and each Early Defeasance Mortgage
Loan, the related Loan REMIC will include such Mortgage Loan and any REO
Property acquired in respect of such Mortgage Loan (or, in the case of the
Westfarms Mall Mortgage Loan, the Trust's interest in any Westfarms Mall REO
Property); provided that, if applicable, such Loan REMIC shall exclude any
collections of Post-ARD Additional Interest. The "Startup Day" for each Loan
REMIC within the meaning of Section 860G(a)(9) of the Code, is designated in
the related Loan REMIC Declaration.

          (b) Concurrently with the assignment of the Mortgage Loans (or, in
the case of the Westfarms Mall Mortgage Loan and the Early Defeasance Mortgage
Loans, the related Loan REMIC Regular Interests) and certain related assets to
the Trustee pursuant to Section 2.01(b) and in exchange therefor, the REMIC I
Regular Interests and the REMIC I Residual Interest shall be issued. A
separate REMIC I Regular Interest shall be issued with respect to each
Mortgage Loan and Loan REMIC Regular Interest that is an asset of REMIC I. For
purposes of this Agreement, each REMIC I Regular Interest shall relate to the
Mortgage Loan with respect to which it was issued (or, if applicable, to the
Loan REMIC Regular Interest in respect of which it was issued and also to the
corresponding Mortgage Loan) and to any successor REO Loan deemed outstanding
with respect to any REO Property acquired in

                                     -91-

<PAGE>

respect of any such Mortgage Loan. Neither the REMIC I Residual Interest nor
any of the REMIC I Regular Interests shall be certificated. The REMIC I
Regular Interests and the REMIC I Residual Interest shall collectively
constitute the entire beneficial ownership of REMIC I.

          (c) The REMIC I Regular Interests shall constitute the "regular
interests" (within the meaning of Section 860G(a)(1) of the Code), and the
REMIC I Residual Interest shall constitute the sole "residual interest"
(within the meaning of Section 860G(a)(2) of the Code), in REMIC I. Each Loan
REMIC Regular Interest shall constitute the "regular interest" (within the
meaning of Section 860G(a)(1) of the Code), and each Loan REMIC Residual
Interest shall constitute the sole "residual interest" (within the meaning of
Section 860G(a)(2) of the Code), in the related Loan REMIC. None of the
parties hereto, to the extent it is within the control thereof, shall create
or permit the creation of any other "interests" in REMIC I or any Loan REMIC
(within the meaning of Treasury regulation section 1.860D-1(b)(1)).

          (d) The designation for each REMIC I Regular Interest shall be the
identification number for the related Mortgage Loan set forth in the Mortgage
Loan Schedule.

          (e) Each REMIC I Regular Interest shall have an Uncertificated
Principal Balance. As of the Closing Date, the Uncertificated Principal
Balance of each REMIC I Regular Interest shall equal the Cut-off Date
Principal Balance of the related Mortgage Loan (as specified in the Mortgage
Loan Schedule). On each Distribution Date, the Uncertificated Principal
Balance of each REMIC I Regular Interest shall be permanently reduced by any
distributions of principal deemed made with respect to such REMIC I Regular
Interest on such Distribution Date pursuant to Section 4.01(l) and, further,
by any Unfunded Principal Balance Reduction made with respect to such REMIC I
Regular Interest on such Distribution Date pursuant to Section 4.04(c). Except
as provided in the preceding sentence, the Uncertificated Principal Balance of
each REMIC I Regular Interest shall not otherwise be increased or reduced.
Deemed distributions to REMIC II in reimbursement of Unfunded Principal
Balance Reductions with respect to a REMIC I Regular Interest shall not
constitute deemed distributions of principal and shall not result in any
reduction of the Uncertificated Principal Balance of such REMIC I Regular
Interest.

          (f) Each REMIC I Regular Interest shall have a REMIC I Remittance
Rate. The REMIC I Remittance Rate with respect to any particular REMIC I
Regular Interest for any Interest Accrual Period shall be calculated as
follows:

               (i) if, as of the Closing Date, the related Mortgage Loan bears
     or bore, as the case may be, interest calculated on a 30/360 Basis, then
     the REMIC I Remittance Rate with respect to the subject REMIC I Regular
     Interest for any Interest Accrual Period shall equal the Net Mortgage
     Rate in effect for the related Mortgage Loan as of the Closing Date; and

               (ii) if, as of the Closing Date, the related Mortgage Loan
     bears or bore, as the case may be, interest calculated on an Actual/360
     Basis, then the REMIC I Remittance Rate with respect to the subject REMIC
     I Regular Interest for any Interest Accrual Period shall (subject to
     adjustment as provided below) equal the product of (A) a fraction
     (expressed as a percentage), the numerator of which is the number of days
     in such Interest Accrual Period, and the denominator of which is 30,
     multiplied by (B) the Net Mortgage Rate in effect for the related
     Mortgage Loan as of the Closing Date; provided that, in the case of a
     REMIC I Regular Interest that corresponds to an Interest Reserve Loan, if
     the subject Interest Accrual Period occurs during

                                     -92-

<PAGE>

     January 2003 or during January of any year thereafter or during December
     2002 or during December of any year thereafter that does not immediately
     precede a leap year, the REMIC I Remittance Rate with respect to such
     REMIC I Regular Interest for such Interest Accrual Period shall equal (M)
     the REMIC I Remittance Rate with respect to such REMIC I Regular Interest
     for such Interest Accrual Period, as calculated without regard to this
     proviso, minus (N) a fraction (expressed as a percentage), the numerator
     of which is equal to 12 times the related Interest Reserve Amount that is
     to be transferred from the Distribution Account to the Interest Reserve
     Account with respect to such Interest Reserve Loan in the following
     calendar month in accordance with Section 3.04(c), and the denominator of
     which is equal to the Uncertificated Principal Balance of such REMIC I
     Regular Interest outstanding immediately prior to the related
     Distribution Date; and, provided, further, that, in the case of a REMIC I
     Regular Interest that corresponds to an Interest Reserve Loan, if the
     subject Interest Accrual Period occurs during February 2003 or during
     February of any year thereafter, the REMIC I Remittance Rate with respect
     to such REMIC I Regular Interest for such Interest Accrual Period shall
     equal (S) the REMIC I Remittance Rate with respect to such REMIC I
     Regular Interest for such Interest Accrual Period, as calculated without
     regard to this proviso, plus (T) a fraction (expressed as a percentage),
     the numerator of which is equal to 12 times any related Interest Reserve
     Amount(s) to be transferred from the Interest Reserve Account to the
     Distribution Account with respect to such Interest Reserve Loan pursuant
     to Section 3.05(c) for distribution on the related Distribution Date, and
     the denominator of which is equal to the Uncertificated Principal Balance
     of such REMIC I Regular Interest outstanding immediately prior to the
     related Distribution Date.

          (g) Each REMIC I Regular Interest shall bear interest, and such
interest shall commence accruing on September 1, 2002. In the case of each
REMIC I Regular Interest, such interest shall be calculated on a 30/360 Basis
and, during each Interest Accrual Period, shall accrue at the REMIC I
Remittance Rate with respect to such REMIC I Regular Interest for such
Interest Accrual Period on the Uncertificated Principal Balance of such REMIC
I Regular Interest outstanding immediately prior to the related Distribution
Date. The total amount of such interest accrued with respect to each REMIC I
Regular Interest during each Interest Accrual Period (herein referred to as
the "Interest Accrual Amount" with respect to such REMIC I Regular Interest
for such Interest Accrual Period) shall equal 1/12 of the product of (i) the
REMIC I Remittance Rate with respect 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. The portion of the Interest Accrual Amount with
respect to any REMIC I Regular Interest for any Interest Accrual Period that
shall be distributable to REMIC II, as the holder of such REMIC I Regular
Interest, on the related Distribution Date pursuant to Section 4.01(l), shall
be an amount (herein referred to as the "Current Interest Distribution Amount"
with respect to such REMIC I Regular Interest for the related Distribution
Date) equal to (i) the Interest Accrual Amount with respect to such REMIC I
Regular Interest for the related Interest Accrual Period, reduced (to not less
than zero) by (ii) the portion of any Net Aggregate Prepayment Interest
Shortfall for such Distribution Date that is allocable to such REMIC I Regular
Interest. For purposes of the foregoing, the Net Aggregate Prepayment Interest
Shortfall, if any, for each Distribution Date shall, to the extent
attributable to any particular Mortgage Loan, be allocated to the related
REMIC I Regular Interest. If the entire Current Interest Distribution Amount
with respect to any REMIC I Regular Interest for any Distribution Date is not
deemed distributed to REMIC II, as the holder of such REMIC I Regular
Interest, on such Distribution Date pursuant to Section 4.01(l), then the
unpaid portion of such Current Interest Distribution Amount shall be added to,
and be payable as part of, the Carryforward Interest Distribution Amount with
respect to

                                     -93-

<PAGE>

such REMIC I Regular Interest for future Distribution Dates. The "Carryforward
Interest Distribution Amount" with respect to any REMIC I Regular Interest for
any Distribution Date is the excess, if any, of (i) all Current Interest
Distribution Amounts with respect to such REMIC I Regular Interest for all
prior Distribution Dates, if any, over (ii) the total amount of interest
deemed distributed to REMIC II with respect to such REMIC I Regular Interest
on all such prior Distribution Dates, if any, pursuant to Section 4.01(l).

          (h) Solely for purposes of satisfying Treasury regulation section
1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each REMIC I
Regular Interest shall be the Rated Final Distribution Date, and the Latest
Possible Maturity Date for each Loan REMIC Regular Interest shall be the
Stated Maturity Date for the related Mortgage Loan.

          (i) Neither the REMIC I Residual Interest nor any Loan REMIC
Residual Interest shall have a principal balance or bear interest.

          SECTION 2.09. Conveyance of REMIC I Regular Interests; Acceptance of
                        REMIC I Regular Interests 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 of its right, title and interest in and to the REMIC I Regular Interests
to the Trustee for the benefit of the Holders of the REMIC III Regular
Interest Certificates and the Class R Certificates. 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 REMIC III Regular Interest Certificates and
the Class R Certificates.

          SECTION 2.10. Creation of REMIC II; Issuance of the REMIC II Regular
                        Interests and the REMIC II Residual Interest; Certain
                        Matters Involving REMIC II.

          (a) It is the intention of the parties hereto that the segregated
pool of assets consisting of the REMIC I Regular Interests constitute a REMIC
for federal income tax purposes and, further, that such segregated pool of
assets be designated as "REMIC II". The Closing Date is hereby designated as
the "Startup Day" of REMIC II within the meaning of Section 860G(a)(9) of the
Code.

          (b) Concurrently with the assignment of the REMIC I Regular
Interests to the Trustee pursuant to Section 2.09 and in exchange therefor,
the REMIC II Regular Interests and the REMIC II Residual Interest shall be
issued. There shall be 19 separate REMIC II Regular Interests. Neither the
REMIC II Residual Interest nor any of the REMIC II Regular Interests shall be
certificated. The REMIC II Regular Interests and the REMIC II Residual
Interest shall collectively constitute the entire beneficial ownership of
REMIC II.

          (c) The REMIC II Regular Interests shall constitute the "regular
interests" (within the meaning of Section 860G(a)(1) of the Code), and the
REMIC II Residual Interest shall constitute the sole "residual interest"
(within the meaning of Section 860G(a)(2) of the Code), in REMIC II. None of
the parties hereto, to the extent it is within the control thereof, shall
create or permit the creation of any other "interests" in REMIC II (within the
meaning of Treasury regulation section 1.860D-1(b)(1)).

                                     -94-

<PAGE>

          (d) The REMIC II Regular Interests shall have the following
alphabetic or alphanumeric designations: "A-1", "A-2A", "A-2B", "A-3", "B",
"C", "D", "E", "F", "H", "J", "K", "L", "M", "N", "P", "Q", "S" and "T",
respectively.

          (e) Each REMIC II Regular Interest shall have an Uncertificated
Principal Balance. The following table sets forth for each REMIC II Regular
Interest the initial Uncertificated Principal Balance thereof:

         Designation of
            REMIC II                      Initial Uncertificated
        Regular Interest                    Principal Balance
        ----------------                    -----------------

               A-1                          $       87,597,000
              A-2A                          $      340,000,000
              A-2B                          $       85,000,000
               A-3                          $      252,265,000
                B                           $       39,643,000
                C                           $        9,327,000
                D                           $        9,328,000
                E                           $       13,991,000
                F                           $        9,328,000
                H                           $        6,996,000
                J                           $       13,992,000
                K                           $        9,327,000
                L                           $       13,991,000
                M                           $        9,328,000
                N                           $        4,663,000
                P                           $        2,332,000
                Q                           $        6,996,000
                S                           $        6,996,000
                T                           $       11,659,715

          On each Distribution Date, the Uncertificated Principal Balance of
each REMIC II Regular Interest shall be permanently reduced by any
distributions of principal deemed made with respect to such REMIC II Regular
Interest on such Distribution Date pursuant to Section 4.01(k) and, further,
by any Unfunded Principal Balance Reduction made with respect to such REMIC II
Regular Interest on such Distribution Date pursuant to Section 4.04(b). Except
as provided in the preceding sentence, the Uncertificated Principal Balance of
each REMIC II Regular Interest shall not otherwise be increased or decreased.
Deemed distributions to REMIC III in reimbursement of Unfunded Principal
Balance Reductions with respect to a REMIC II Regular Interest, shall not
constitute deemed distributions of principal and shall not result in any
reduction of the Uncertificated Principal Balance of such REMIC II Regular
Interest.

          (f) Each REMIC II Regular Interest shall have a REMIC II Remittance
Rate that, with respect to any Interest Accrual Period, shall equal the
weighted average, expressed as a percentage and rounded to eight decimal
places, of the respective REMIC I Remittance Rates in effect for all the REMIC
I Regular Interests for such Interest Accrual Period, weighted on the basis of
the respective

                                     -95-

<PAGE>

Uncertificated Principal Balances of the REMIC I Regular Interests outstanding
immediately prior to the related Distribution Date.

          (g) Each REMIC II Regular Interest shall bear interest, and such
interest shall commence accruing on September 1, 2002. In the case of each
REMIC II Regular Interest, such interest shall be calculated on a 30/360 Basis
and, during each Interest Accrual Period, shall accrue at the REMIC II
Remittance Rate with respect to such REMIC II Regular Interest for such
Interest Accrual Period on the Uncertificated Principal Balance of such REMIC
II Regular Interest outstanding immediately prior to the related Distribution
Date. The total amount of such interest accrued with respect to each REMIC II
Regular Interest during each Interest Accrual Period (herein referred to as
the "Interest Accrual Amount" with respect to such REMIC II Regular Interest
for such Interest Accrual Period) shall equal 1/12 of the product of (i) the
REMIC II Remittance Rate with respect 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. The portion of the Interest Accrual Amount with
respect to any REMIC II Regular Interest for any Interest Accrual Period that
shall be distributable to REMIC III, as the holder of such REMIC II Regular
Interest, on the related Distribution Date pursuant to Section 4.01(k), shall
be an amount (herein referred to as the "Current Interest Distribution Amount"
with respect to such REMIC II Regular Interest for the related Distribution
Date) equal to (i) the Interest Accrual Amount with respect to such REMIC II
Regular Interest for the related Interest Accrual Period, reduced (to not less
than zero) by (ii) the portion of any Net Aggregate Prepayment Interest
Shortfall for such Distribution Date that is allocable to such REMIC II
Regular Interest. For purposes of the foregoing, the Net Aggregate Prepayment
Interest Shortfall, if any, for each Distribution Date shall be allocated
among all the REMIC II Regular Interests on a pro rata basis in accordance
with their respective Interest Accrual Amounts for the related Interest
Accrual Period. If the entire Current Interest Distribution Amount with
respect to any REMIC II Regular Interest for any Distribution Date is not
deemed distributed to REMIC III, as the holder of such REMIC II Regular
Interest, on such Distribution Date pursuant to Section 4.01(k), then the
unpaid portion of such Current Interest Distribution Amount shall be added to,
and be payable as part of, the Carryforward Interest Distribution Amount with
respect to such REMIC II Regular Interest for future Distribution Dates. The
"Carryforward Interest Distribution Amount" with respect to any REMIC II
Regular Interest for any Distribution Date is the excess, if any, of (i) all
Current Interest Distribution Amounts with respect to such REMIC II Regular
Interest for all prior Distribution Dates, if any, over (ii) the total amount
of interest deemed distributed to REMIC III with respect to such REMIC II
Regular Interest on all such prior Distribution Dates, if any, pursuant to
Section 4.01(k).

          (h) Solely for purposes of satisfying Treasury regulation section
1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each REMIC II
Regular Interest shall be the Rated Final Distribution Date.

          (i) The REMIC II Residual Interest shall not have a principal
balance and shall not bear interest.

          SECTION 2.11. Conveyance of REMIC II Regular Interests; Acceptance
                        of REMIC II Regular Interests 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 of its right, title and interest in and to the

                                     -96-

<PAGE>

REMIC II Regular Interests to the Trustee for the benefit of the Holders of
the REMIC III Regular Interest Certificates and the Class R 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 Regular
Interest Certificates and the Class R Certificates.

          SECTION 2.12. Creation of REMIC III; Issuance of the REMIC III
                        Regular Interest Certificates, the Group X-2 REMIC III
                        Regular Interests and the REMIC III Residual Interest;
                        Certain Matters Involving REMIC III.

          (a) It is the intention of the parties hereto that the segregated
pool of assets consisting of the REMIC II Regular Interests constitute a REMIC
for federal income tax purposes and, further, that such segregated pool of
assets be designated as "REMIC III". The Closing Date is hereby designated as
the "Startup Day" of REMIC III within the meaning of Section 860G(a)(9) of the
Code.

          (b) Concurrently with the assignment of the REMIC II Regular
Interests to the Trustee pursuant to Section 2.11 and in exchange therefor,
the Group X-2 REMIC III Regular Interests and the REMIC III Residual Interest
shall be issued, and the Trustee shall execute, and the Certificate Registrar
shall authenticate and deliver, to or upon the order of the Depositor, the
REMIC III Regular Interest Certificates in authorized denominations. There
shall be 20 Classes of REMIC III Regular Interest Certificates. The Class X-2
Certificates shall collectively represent all of the Group X-2 REMIC III
Regular Interests. The REMIC III Residual Interest shall not be certificated.
The interests evidenced by the REMIC III Regular Interest Certificates,
together with the REMIC III Residual Interest, shall collectively constitute
the entire beneficial ownership of REMIC III.

          (c) The respective Group X-2 REMIC III Regular Interests and the
respective interests evidenced by the Class X-1 Certificates and the 18
Classes of Principal Balance Certificates shall constitute the "regular
interests" (within the meaning of Section 860G(a)(1) of the Code), and the
REMIC III Residual Interest shall constitute the sole "residual interest"
(within the meaning of Section 860(G)(a)(2) of the Code), in REMIC III. None
of the parties hereto, to the extent it is within the control thereof, shall
create or permit the creation of any other "interests" in REMIC III (within
the meaning of Treasury regulation section 1.860D-1(b)(1)).

          (d) The REMIC III Regular Interest Certificates will have the
following respective alphabetic or alphanumeric class designations: "A-1",
"A-2", "A-3", "B", "C", "D", "E", "F", "H", "J", "K", "L", "M", "N", "P", "Q",
"S", "T", "X-1" and "X-2".

          The Group X-2 REMIC III Regular Interests will have the following
respective alphabetic or alphanumeric designations: "X-2-A-2B", "X-2-A-3",
"X-2-B", "X-2-C", "X-2-D" and "X-2-E".

          (e) Each Class of Principal Balance Certificates shall have a Class
Principal Balance. The following table sets forth for each Class of Principal
Balance Certificates the initial Class Principal Balance thereof.

                                     -97-

<PAGE>

                Class                                Initial Class
             Designation                           Principal Balance
             -----------                           -----------------

                 A-1                               $       87,597,000
                 A-2                               $      425,000,000
                 A-3                               $      252,265,000
                  B                                $       39,643,000
                  C                                $        9,327,000
                  D                                $        9,328,000
                  E                                $       13,991,000
                  F                                $        9,328,000
                  H                                $        6,996,000
                  J                                $       13,992,000
                  K                                $        9,327,000
                  L                                $       13,991,000
                  M                                $        9,328,000
                  N                                $        4,663,000
                  P                                $        2,332,000
                  Q                                $        6,996,000
                  S                                $        6,996,000
                  T                                $       11,659,715

          On each Distribution Date, the Class Principal Balance of each Class
of Principal Balance Certificates shall be permanently reduced by any
distributions of principal made with respect to such Class of Certificates on
such Distribution Date pursuant to Section 4.01(a) or Section 4.01(b), as
applicable, and, further, by any Unfunded Principal Balance Reduction made
with respect to such Class of Certificates on such Distribution Date pursuant
to Section 4.04(a). Except as provided in the preceding sentence, the Class
Principal Balance of each Class of Principal Balance Certificates shall not
otherwise be increased or reduced. Distributions to the Holders of any Class
of Principal Balance Certificates in reimbursement of any Unfunded Principal
Balance Reductions with respect to such Class of Certificates shall not
constitute distributions of principal and shall not result in any reduction of
the related Class Principal Balance.

          The Interest Only Certificates shall not have principal balances.
For purposes of accruing interest, however, the Class X-1 Certificates shall
have a Class Notional Amount that is, as of any date of determination, equal
to the total of the then Uncertificated Principal Balances of all the REMIC II
Regular Interests; and the Class X-2 Certificates shall have a Class Notional
Amount that is, as of any date of determination, equal to the total of the
Uncertificated Principal Balances of REMIC II Regular Interest A-2B, REMIC II
Regular Interest A-3, REMIC II Regular Interest B, REMIC II Regular Interest
C, REMIC II Regular Interest D and REMIC II Regular Interest E.

          None of the Group X-2 REMIC III Regular Interests shall have
principal balances. For purposes of accruing interest, however, each Group X-2
REMIC III Regular Interest shall have a notional amount that is, as of any
date of determination, equal to the Uncertificated Principal Balance of its
Corresponding REMIC II Regular Interest.

                                     -98-

<PAGE>

          (f) Each Class of REMIC III Regular Interest Certificates shall have
a Pass-Through Rate, and each Group X-2 REMIC III Regular Interest shall have
a REMIC III Remittance Rate.

          The Pass-Through Rate with respect to each Class of Principal
Balance Certificates for any Interest Accrual Period shall be as follows:

               (i) in the case of the Class A-1 Certificates, 3.2220% per
     annum;

               (ii) in the case of the Class A-2 Certificates, 4.4670% per
     annum;

               (iii) in the case of the Class A-3 Certificates, 4.8650% per
     annum;

               (iv) in the case of the Class B Certificates, the lesser of (A)
     5.0150% per annum and (B) the REMIC II Remittance Rate with respect to
     REMIC II Regular Interest B for such Interest Accrual Period;

               (v) in the case of the Class C Certificates, the lesser of (A)
     5.0450% per annum and (B) the REMIC II Remittance Rate with respect to
     REMIC II Regular Interest C for such Interest Accrual Period;

               (vi) in the case of the Class D Certificates, the lesser of (A)
     5.0740% per annum and (B) the REMIC II Remittance Rate with respect to
     REMIC II Regular Interest D for such Interest Accrual Period;

               (vii) in the case of the Class E Certificates, the lesser of
     (A) 5.0840% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest E for such interest Accrual Period;

               (viii) in the case of the Class F Certificates, the lesser of
     (A) 5.1630% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest F for such Interest Accrual Period; and

               (ix) in the case of the Class H Certificates, the lesser of (A)
     5.5590% per annum and (B) the REMIC II Remittance Rate with respect to
     REMIC II Regular Interest H for such Interest Accrual Period;

               (x) in the case of the Class J Certificates, the lesser of (A)
     5.6580% per annum and (B) the REMIC II Remittance Rate with respect to
     REMIC II Regular Interest J for such Interest Accrual Period;

               (xi) in the case of the Class K Certificates, the lesser of (A)
     5.9540% per annum and (B) the REMIC II Remittance Rate with respect to
     REMIC II Regular Interest K for such Interest Accrual Period;

               (xii) in the case of the Class L Certificates, the lesser of
     (A) 6.1500% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest L for such Interest Accrual Period;

                                     -99-

<PAGE>

               (xiii) in the case of the Class M Certificates, the lesser of
     (A) 6.1500% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest M for such Interest Accrual Period;

               (xiv) in the case of the Class N Certificates, the lesser of
     (A) 6.1500% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest N for such Interest Accrual Period;

               (xv) in the case of the Class P Certificates, the lesser of (A)
     6.1500% per annum and (B) the REMIC II Remittance Rate with respect to
     REMIC II Regular Interest P for such Interest Accrual Period;

               (xvi) in the case of the Class Q Certificates, the lesser of
     (A) 6.1500% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest Q for such Interest Accrual Period;

               (xvii) in the case of the Class S Certificates, the lesser of
     (A) 6.1500% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest S for such Interest Accrual Period; and

               (xviii) in the case of the Class T Certificates, the lesser of
     (A) 6.1500% per annum and (B) the REMIC II Remittance Rate with respect
     to REMIC II Regular Interest T for such Interest Accrual Period.

          With respect to the Class X-1 Certificates, the related Pass-Through
Rate for each Interest Accrual Period shall be a rate per annum equal to the
excess, if any, of (i) the weighted average, expressed as a percentage and
rounded to ten decimal places, of the respective REMIC II Remittance Rates in
effect during such Interest Accrual Period in respect of all of the REMIC II
Regular Interests, over (ii) the weighted average, expressed as a percentage
and rounded to ten decimal places, of the respective Adjusted REMIC II
Remittance Rates in effect during such Interest Accrual Period in respect of
all of the REMIC II Regular Interests. For purposes of the foregoing, the
relevant weighting shall be based on the Uncertificated Principal Balance of
each such REMIC II Regular Interest immediately prior to the related
Distribution Date.

          With respect to the Class X-2 Certificates, the Pass-Through Rate
for any Interest Accrual Period shall equal the weighted average, expressed as
a percentage and rounded to ten decimal places, of the respective REMIC III
Remittance Rates in effect for all of the Group X-2 REMIC III Regular
Interests for such Interest Accrual Period, weighted on the basis of the
respective notional amounts of the Group X-2 REMIC III Regular Interests
immediately prior to the related Distribution Date.

          The REMIC III Remittance Rate for any Group X-2 REMIC III Regular
Interest for any Interest Accrual Period shall equal the excess, if any, of
(i) the Adjusted REMIC II Remittance Rate in effect during such Interest
Accrual Period for the Corresponding REMIC II Regular Interest in respect of
such Group X-2 REMIC III Regular Interest, over (ii) the Net Adjusted REMIC II
Remittance Rate in effect during such Interest Accrual Period for the
Corresponding REMIC II Regular Interest in respect of such Group X-2 REMIC III
Regular Interest.

                                    -100-

<PAGE>

          (g) Each Class of REMIC III Regular Interest Certificates shall bear
interest, and such interest shall commence accruing on September 1, 2002. In
the case of each Class of REMIC III Regular Interest Certificates, such
interest shall be calculated on a 30/360 Basis and, during each Interest
Accrual Period, shall accrue at the Pass-Through Rate with respect to such
Class of Certificates for such Interest Accrual Period on the Class Principal
Balance (or, in the case of a Class of Interest Only Certificates, the Class
Notional Amount) of such Class of Certificates outstanding immediately prior
to the related Distribution Date. The total amount of such interest accrued
with respect to each Class of REMIC III Regular Interest Certificates during
each Interest Accrual Period (herein referred to as the "Interest Accrual
Amount" with respect to such Class of Certificates for such Interest Accrual
Period) shall equal 1/12 of the product of (i) the Pass-Through Rate with
respect to such Class of Certificates for such Interest Accrual Period,
multiplied by (ii) the Class Principal Balance (or, in the case of a Class of
Interest Only Certificates, the Class Notional Amount) of such Class of
Certificates outstanding immediately prior to the related Distribution Date.
The portion of the Interest Accrual Amount with respect to the Class X-2
Certificates for any Interest Accrual Period that is attributable to any
particular Group X-2 REMIC III Regular Interest shall be an amount (herein
referred to as the "Interest Accrual Amount" with respect to such Group X-2
REMIC III Regular Interest for such Interest Accrual Period) equal to 1/12 of
the product of (i) the REMIC III Remittance Rate with respect to such Group
X-2 REMIC III Regular Interest for such Interest Accrual Period, multiplied by
(ii) the notional amount of such Group X-2 REMIC III Regular Interest
immediately prior to the related Distribution Date.

          The portion of the Interest Accrual Amount with respect to any Class
of REMIC III Regular Interest Certificates for any Interest Accrual Period
that shall be distributable to the Holders thereof on the related Distribution
Date pursuant to Section 4.01(a) or Section 4.01(b), as applicable, shall be
an amount (herein referred to as the "Current Interest Distribution Amount"
with respect to such Class of Certificates for the related Distribution Date)
equal to (i) the Interest Accrual Amount with respect to such Class of
Certificates for the related Interest Accrual Period, reduced (to not less
than zero) by (ii) the portion of any Net Aggregate Prepayment Interest
Shortfall for such Distribution Date that is allocable to such Class of
Certificates. For purposes of the foregoing, the Net Aggregate Prepayment
Interest Shortfall, if any, for each Distribution Date shall be allocated
among all the Classes of REMIC III Regular Interest Certificates on a pro rata
basis in accordance with their respective Interest Accrual Amounts for the
related Interest Accrual Period. The portion of the Current Interest
Distribution Amount with respect to the Class of X-2 Certificates for any
Distribution Date that is attributable to any particular Group X-2 REMIC III
Regular Interest shall be an amount (herein referred to as the "Current
Interest Distribution Amount" with respect to such Group X-2 REMIC III Regular
Interest for such Distribution Date) equal to (i) the Interest Accrual Amount
with respect to such Group X-2 REMIC III Regular Interest for the related
Interest Accrual Period, reduced (to not less than zero) by (ii) such Group
X-2 REMIC III Regular Interest's share of the portion of any Net Aggregate
Prepayment Interest Shortfall for such Distribution Date that is allocable to
the Class X-2 Certificates. For purposes of the foregoing, any portion of the
Net Aggregate Prepayment Interest Shortfall for any Distribution Date that is
allocated to the Class X-2 Certificates shall in turn be allocated among the
Group X-2 REMIC III Regular Interests on a pro rata basis in accordance with
their respective Interest Accrual Amounts for the related Interest Accrual
Period.

          If the entire Current Interest Distribution Amount with respect to
any Class of REMIC III Regular Interest Certificates for any Distribution Date
is not distributed to the Holders thereof on such Distribution Date pursuant
to Section 4.01(a) or Section 4.01(b), as applicable, then the unpaid portion
of such Current Interest Distribution Amount shall be added to, and be payable
as part of, the

                                    -101-

<PAGE>

Carryforward Interest Distribution Amount with respect to such Class of
Certificates for future Distribution Dates. The "Carryforward Interest
Distribution Amount" with respect to any Class of REMIC III Regular Interest
Certificates for any Distribution Date is the excess, if any, of (i) all
Current Interest Distribution Amounts with respect to such Class of
Certificates for all prior Distribution Dates, if any, over (ii) the total
amount of interest distributed to the Holders of such Class of Certificates on
all such prior Distribution Dates, if any, pursuant to Section 4.01(a) or
Section 4.01(b), as applicable. The portion of the Carryforward Interest
Distribution Amount with respect to the Class X-2 Certificates for any
Distribution Date that is attributable to any particular Group X-2 REMIC III
Regular Interest shall be an amount (herein referred to as the "Carryforward
Interest Distribution Amount" with respect to such Group X-2 REMIC III Regular
Interest for such Distribution Date) equal the excess, if any, of (i) all
Current Interest Distribution Amounts with respect to such Group X-2 REMIC III
Regular Interest for all prior Distribution Dates, if any, over (ii) the total
amount of interest deemed distributed to the Holders of such Class of
Certificates with respect to such Group X-2 REMIC III Regular Interest on all
prior Distribution Dates, if any, pursuant to Section 4.01(a).

          (h) Solely for purposes of satisfying Treasury regulation section
1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each Class of REMIC
III Regular Interest Certificates (or, in the case of the Class X-2
Certificates, for each Group X-2 REMIC III Regular Interest) shall be the
Rated Final Distribution Date.

          (i) The REMIC III Residual Interest shall not have a principal
balance and shall not bear interest.

          SECTION 2.13. Acceptance of Grantor Trusts and Group Terrorism
                        Insurance Policy by Trustee; Issuance of the Class Y
                        and Class R Certificates.

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

          (b) The Depositor, as of the Closing Date, and concurrently with the
execution and delivery of this Agreement, does hereby assign without recourse,
all right, title and interest of the Depositor in and to the REMIC I Residual
Interest, the REMIC II Residual Interest, the REMIC III Residual Interest and
the Loan REMIC Residual Interests to the Trustee for the benefit of the
Holders of the Class R Certificates. It is the intention of the parties hereto
that the segregated pool of assets consisting of the REMIC I Residual
Interest, the REMIC II Residual Interest, the REMIC III Residual Interest and
the Loan REMIC Residual Interests constitute a Grantor Trust for federal
income tax

                                    -102-

<PAGE>

purposes and, further, that such segregated pool of assets be designated as
"Grantor Trust R". The Trustee, by its execution and delivery hereof,
acknowledges the assignment to it of the assets of Grantor Trust R and
declares that it will hold such assets in trust for the exclusive use and
benefit of all present and future Holders of the Class R Certificates.
Concurrently with the assignment to it of the assets included in Grantor Trust
R, the Trustee shall execute, and the Certificate Registrar shall authenticate
and deliver, to or upon the order of the Depositor, the Class R Certificates
in authorized denominations evidencing the entire beneficial ownership of
Grantor Trust R. The rights of the Holders of the Class R Certificates to
receive distributions from the proceeds of Grantor Trust R, and all ownership
interests of such Holders in and to such distributions, shall be as set forth
in this Agreement.

          (c) It is the intention of the parties hereto that the Group
Terrorism Insurance Policy and any amounts paid thereunder shall collectively
constitute an "outside reserve fund" within the meaning of Treasury regulation
section 1.860G-2(h), designated as the "Group Terrorism Insurance Policy
Reserve Fund". The Trustee, by execution and delivery hereof, acknowledges the
assignment to it of the assets of the Group Terrorism Insurance Policy Reserve
Fund and declares that it holds and will hold such assets, through the Special
Servicer, in accordance with Section 3.07(e), in trust and for the benefit of
Certificateholders and the Depositor, as their interests may appear.
Notwithstanding anything herein to the contrary, unless there is a change in
applicable law occurring after the date hereof, for all income and franchise
tax purposes, the Depositor shall be treated and reported as the sole
beneficial owner of the Group Terrorism Insurance Policy Reserve Fund.

                                    -103-

<PAGE>

                                  ARTICLE III

                ADMINISTRATION AND SERVICING OF THE TRUST FUND

          SECTION 3.01. Administration of the Mortgage Loans.

          (a) The Master Servicer and the Special Servicer shall each service
and administer the Serviced Mortgage Loans and any Administered REO Properties
that it is obligated to service and administer pursuant to this Agreement, for
the benefit of the Certificateholders, as a collective whole, in accordance
with any and all applicable laws, in accordance with the express terms of this
Agreement and the related Mortgage Loan Documents and, to the extent
consistent with the foregoing, in accordance with 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 Serviced Mortgage Loan as and when necessary and appropriate
consistent with the Servicing Standard and applicable law and in accordance
with this Agreement. Without limiting the foregoing, and subject to Section
3.21, (i) the Master Servicer shall service and administer all Performing
Serviced Mortgage Loans, and (ii) the Special Servicer shall service and
administer (X) each Serviced Mortgage Loan as to which a Servicing Transfer
Event has occurred and is continuing, and (Y) each Administered REO Property;
provided, however, that the Master Servicer shall continue to collect
information and, subject to its receipt of information from the Special
Servicer as provided herein, prepare and deliver all reports to the Trustee
required hereunder with respect to any Specially Serviced Mortgage Loans and
Administered REO Properties (and the related REO Loans), to process payments
at the direction of the Special Servicer with respect to any Specially
Serviced Mortgage Loans and Administered REO Properties, and to render such
incidental services with respect to any Specially Serviced Mortgage Loans and
Administered REO Properties as are specifically provided for herein; and
provided, further, that the Special Servicer may communicate with the Borrower
under any Performing Serviced Mortgage Loan in order to obtain information
required to be provided by such Borrower under the related Mortgage Loan
Documents that the Master Servicer has been unsuccessful in obtaining and
shall render such incidental services with respect to any Performing Serviced
Mortgage Loans as are specifically provided for herein. The Master Servicer
shall not, on behalf of the Trust, obtain title to a Mortgaged Property.

          (b) Subject to Section 3.01(a), the Master Servicer and the Special
Servicer shall each have full power and authority, acting alone or through
Sub-Servicers, to do or cause to be done any and all things in connection with
such servicing and administration referred to in 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 or in
the name of the Trustee, with respect to each of the Serviced Mortgage Loans
it is obligated to service hereunder, is hereby authorized and empowered by
the Trustee to execute and deliver, on behalf of the Certificateholders and
the Trustee 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 other related collateral; and (ii)
any and all instruments of satisfaction or cancellation, or of partial or full
release or discharge, and all other comparable instruments. In addition,
without limiting the generality of the foregoing, each of the Master Servicer
and the Special Servicer, with respect to each of the Serviced Mortgage Loans
it is obligated to service hereunder, is authorized and empowered by the
Trustee to execute and deliver, in accordance with the Servicing Standard and
subject to Sections 3.08 and 3.20, any and all assumptions, modifications,
waivers, substitutions, extensions, amendments or consents to or with respect
to any

                                    -104-

<PAGE>

documents contained in the related Mortgage File. Subject to Section 3.10, the
Trustee shall, at the written request of a Servicing Officer of the Master
Servicer or the Special Servicer, furnish, or cause to be so furnished, to the
Master Servicer or the Special Servicer, as appropriate, any limited powers of
attorney and other documents (each of which shall be prepared by the Master
Servicer or the Special Servicer, as applicable) necessary or appropriate to
enable it to carry out its servicing and administrative duties hereunder,
including for purposes of drawing on any letter of credit; 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.

          (c) The parties hereto acknowledge that, pursuant to the Westfarms
Mall Intercreditor Agreements: (i) until the occurrence of a Westfarms Mall
Change of Servicing Control Event, the Westfarms Mall Loan Group is to be
serviced and administered by the Series 2002-CP3 Master Servicer and the
Series 2002-CP3 Special Servicer in accordance with the Series 2002-CP3 PSA
(provided that the Master Servicer is responsible for performing such services
with respect to the Westfarms Mall Mortgage Loan as are specifically set forth
in Articles I through XI of this Agreement); and (ii) upon the occurrence of a
Westfarms Mall Change of Servicing Control Event, the Westfarms Mall Loan
Group will be serviced and administered by the Master Servicer and Special
Servicer in accordance with Article XII of this Agreement; provided that, if
the Series 2002-CP3 PSA is ever to be replaced by any other Westfarms Mall
Servicing Agreement, then prior to exercising any consent right that the
Trustee may have with respect to that successor Westfarms Mall Servicing
Agreement, the Trustee shall obtain written confirmation from each Rating
Agency that such successor Westfarms Mall Servicing Agreement will not result
in an Adverse Rating Event with respect to any Class of Rated Certificates.

          For so long as (i) the Westfarms Mall Mortgage Loan or any Westfarms
Mall REO Loan are part of the Mortgage Pool and (ii) the Westfarms Mall Loan
Group and/or any Westfarms Mall REO Property are being serviced and
administered under any Westfarms Mall Servicing Agreement, the Master Servicer
shall use reasonable efforts to monitor the performance and, to the extent
that it has standing to do so, enforce the obligations of the Westfarms Mall
Master Servicer and the Westfarms Mall Special Servicer, respectively, under
such Westfarms Mall Servicing Agreement. Such enforcement, including the legal
prosecution of claims 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, in its reasonable judgment, would require were it the owner of the
Westfarms Mall Mortgage Loan. The reasonable costs and expenses incurred by
the Master Servicer in connection with such enforcement shall be paid by, and
reimbursable as, Servicing Advances.

          (d) The relationship of each of the Master Servicer and the Special
Servicer to the Trustee and, unless they are the same Person, 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, except as
specifically set forth herein, agent.

          SECTION 3.02. Collection of Mortgage Loan Payments.

          (a) The Master Servicer (in the case of Performing Serviced Mortgage
Loans) and the Special Servicer (in the case of Specially Serviced Mortgage
Loans) shall each undertake reasonable efforts to collect all payments called
for under the terms and provisions of the Serviced Mortgage Loans and, in
connection therewith, shall follow such collection procedures as are
consistent with applicable law, the express terms of this Agreement and the
related Mortgage Loan Documents and, to the extent

                                    -105-

<PAGE>

consistent with the foregoing, the Servicing Standard; provided that the
Master Servicer shall not, with respect to any Serviced Mortgage Loan that is
an ARD Mortgage Loan after its Anticipated Repayment Date, take any
enforcement action with respect to the payment of Post-ARD Additional Interest
(other than the making of requests for its collection), and the Special
Servicer shall only do so if (i) the taking of an enforcement action with
respect to the payment of other amounts due under such Mortgage Loan is, in
the reasonable judgment of the Special Servicer, and without regard to such
Post-ARD Additional Interest, also necessary, appropriate and consistent with
the Servicing Standard or (ii) all other amounts due under such Mortgage Loan
have been paid, the payment of such Post-ARD Additional Interest has not been
forgiven in accordance with Section 3.20 and, in the 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 Advance Interest.
Consistent with the foregoing, the Master Servicer (as to Performing Serviced
Mortgage Loans) and the Special Servicer (as to Specially Serviced Mortgage
Loans) each may waive any Default Charges in connection with any specific
delinquent payment on a Serviced Mortgage Loan; provided that, to the extent
the Master Servicer, as to a Performing Serviced Mortgage Loan, and the
Special Servicer, as to a Specially Serviced Mortgage Loan, waives any Default
Charges, any outstanding Advance Interest, property inspection costs and other
Additional Trust Fund Expenses with respect to such Mortgage Loan that would
otherwise have been paid out of such Default Charges shall be paid out of the
Additional Master Servicing Compensation payable to the Master Servicer or
Additional Special Servicing Compensation payable to the Special Servicer, as
the case may be, with respect to such Mortgage Loan; and provided, further,
that if no Additional Master Servicing Compensation or Additional Special
Servicing Compensation, as applicable, is available to offset the outstanding
Advance Interest, property inspection costs and other Additional Trust Fund
Expenses with respect to such Mortgage Loan that would otherwise be offset by
the Default Charges, then the Master Servicer or the Special Servicer, as the
case may be, shall not waive such Default Charges unless (i) it is the first
such waiver with respect to the subject Serviced Mortgage Loan under such
circumstances (regardless of whether such first waiver is made by the Master
Servicer or the Special Servicer), or (ii) in the case of a Performing
Serviced Mortgage Loan, the Master Servicer has obtained the consent of the
Special Servicer which has, as and to the extent contemplated by Section 3.24,
obtained the consent of the Controlling Class Representative, or (iii) in the
case of a Specially Serviced Mortgage Loan, the Special Servicer has, as and
to the extent contemplated by Section 3.24, obtained the consent of the
Controlling Class Representative.

          (b) At least 90 days prior to the maturity date of each Serviced
Mortgage Loan that is a Balloon Mortgage Loan, the Master Servicer shall send
a notice to the related Borrower of such maturity date (with a copy to be sent
to the Special Servicer) and shall request confirmation that the Balloon
Payment will be paid by such maturity date; provided that if the Master
Servicer has not received such confirmation, the Master Servicer shall send a
second notice at least 60 days prior to such maturity date, and a third notice
at least 30 days prior to such maturity date.

          (c) Promptly following the Closing Date, the Trustee shall send
written notice to the Series 2002-CP3 Master Servicer and the Series 2002-CP3
Trustee stating that, as of the Closing Date, the Trustee is the holder of the
Westfarms Mall Mortgage Loan and directing the Series 2002-CP3 Master Servicer
to remit to the Master Servicer all amounts payable to, and to forward,
deliver or otherwise make available, as the case may be, to the Master
Servicer all reports, statements, documents, communications and other
information that are to be forwarded, delivered or otherwise made available
to, the holder of the Westfarms Mall Mortgage Loan under the Westfarms Mall
Intercreditor

                                    -106-

<PAGE>

Agreements and the Series 2002-CP3 PSA. In the event that the Series 2002-CP3
PSA is replaced by another Westfarms Mall Servicing Agreement and a
Responsible Officer of the Trustee is aware of such replacement, then the
Trustee shall promptly send a comparable written notice to the then holder of
the Westfarms Mall Pari Passu Companion Loan and to the Westfarms Mall Master
Servicer under such new Westfarms Mall Servicing Agreement. The Master
Servicer shall, on the day of receipt thereof, deposit into the Collection
Account all amounts received by it from the Westfarms Mall Master Servicer or
any other party under any Westfarms Mall Servicing Agreement with respect to
the Westfarms Mall Mortgage Loan, the Westfarms Mall Mortgaged Property or any
Westfarms Mall REO Property. In the event the Master Servicer fails to so
receive any amounts due to the holder of the Westfarms Mall Mortgage Loan
during any calendar month under the Westfarms Mall Intercreditor Agreements
and any Westfarms Mall Servicing Agreement by 2:00 p.m. (New York City time)
on the Master Servicer Remittance Date in such calendar month, the Master
Servicer shall (i) notify the Westfarms Mall Master Servicer or other
applicable party responsible for making such remittances, as well as the
holder of the Westfarms Mall Pari Passu Companion Loan, that such amounts due
with respect to the Westfarms Mall Mortgage Loan have not been received
(specifying the amount of such deficiency) and (ii) if and to the extent that
the amount in question is a Monthly Payment or Assumed Monthly Payment with
respect to the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Loan,
make a P&I Advance with respect to such amounts as required by the terms of
this Agreement in accordance with Section 4.03. Further, in accordance with
Section 4.03, in the event the Master Servicer fails to make such P&I Advance
with respect to the Westfarms Mall Mortgage Loan or any Westfarms Mall REO
Loan, then the Trustee shall make such P&I Advance.

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

          (a) The Master Servicer shall establish and maintain one or more
accounts (the "Servicing Accounts"), in which all Escrow Payments received by
it with respect to the Serviced Mortgage Loans shall be deposited and
retained. Subject to any terms of the related Mortgage Loan Documents that
specify the nature of the account in which Escrow Payments shall be held, each
Servicing Account shall be an Eligible Account. As and to the extent
consistent with the Servicing Standard, applicable law and the related
Mortgage Loan Documents, the Master Servicer may make withdrawals from the
Servicing Accounts maintained by it, and may apply Escrow Payments held
therein with respect to any Serviced Mortgage Loan (together with interest and
other income earned thereon), only as follows: (i) 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 related Mortgaged Property; (ii) to reimburse the
Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as
applicable, for any unreimbursed Servicing Advances made thereby with respect
to such Mortgage Loan to cover any of the items described in the immediately
preceding clause (i); (iii) to refund to the related Borrower any sums as may
be determined to be overages; (iv) to pay interest or other income, if
required and as described below, to the related Borrower on balances in the
Servicing Account (or, if and to the extent not payable to the related
Borrower to pay such interest or other income (up to the amount of any Net
Investment Earnings in respect of such Servicing Account for each Collection
Period) to the Master Servicer); (v) after an event of default, to pay the
principal of, accrued interest on and any other amounts payable with respect
to such Mortgage Loan; or (vi) to clear and terminate the Servicing Account at
the termination of this Agreement in accordance with Section 9.01. The Master
Servicer shall pay or cause to be paid to the related Borrowers interest and
other income, if any, earned on the investment of funds in Servicing

                                    -107-

<PAGE>

Accounts maintained thereby, if and to the extent required by law or the terms
of the related Mortgage Loan Documents. 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. Promptly after any Escrow Payments are
received by the Special Servicer from any Borrower, and in any event within
one Business Day after any such receipt, the Special Servicer shall remit such
Escrow Payments to the Master Servicer for deposit in the applicable Servicing
Account(s).

          (b) The Master Servicer shall as to each Serviced Mortgage Loan
(including each Specially Serviced 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 consistent
with the Servicing Standard to obtain, from time to time, all bills for the
payment of such items (including renewal premiums) and effect payment thereof
prior to the applicable penalty or termination date. For purposes of effecting
any such payment, the Master Servicer shall apply Escrow Payments as allowed
under the terms of the related Mortgage Loan Documents; provided, however,
that if the subject Serviced Mortgage Loan does not require the related
Borrower to escrow for the payment of real estate taxes, assessments,
insurance premiums, ground rents (if applicable) and similar items, the Master
Servicer and the Special Servicer each shall, as to those Serviced Mortgage
Loans it is obligated to service hereunder, and subject to and in accordance
with the Servicing Standard, enforce the requirement of the related Mortgage
that the Borrower make payments in respect of such items at the time they
first become due.

          (c) In accordance with the Servicing Standard, the Master Servicer
shall, as to all the Serviced Mortgage Loans (including all the Specially
Serviced Mortgage Loans, if any), advance with respect to the related
Mortgaged Properties all such funds as are necessary for the purpose of
effecting the timely payment of (i) real estate taxes, assessments and other
similar items, (ii) ground rents or other rents (if applicable), and (iii)
premiums on Insurance Policies (including Environmental Insurance Policies),
in each instance if and to the extent that Escrow Payments (if any) collected
from the related Borrower are insufficient to pay such item when due, and the
related Borrower has failed to pay such item on a timely basis; provided that,
in the case of amounts described in the preceding clause (i), the Master
Servicer shall not make a Servicing Advance of any such amount if the Master
Servicer reasonably anticipates (in accordance with the Servicing Standard)
that such amounts will be paid by the related Borrower on or before the
applicable penalty date, in which case the Master Servicer shall use its best
efforts consistent with the Servicing Standard to confirm whether such amounts
have been paid and shall make a Servicing Advance of such amounts, if
necessary, not later than five Business Days following confirmation by the
Master Servicer that such amounts have not been, or are not reasonably likely
to be, paid by the applicable penalty date. In no event shall the Master
Servicer be required to make any Servicing Advance under this Section 3.03(c)
to the extent such Advance would, if made, constitute a Nonrecoverable
Servicing Advance. All such Advances shall be reimbursable in the first
instance from related collections from the Borrowers and further as provided
in Section 3.05(a). No costs incurred by the Master Servicer or the Special
Servicer in effecting the payment of real estate taxes, assessments and
similar items and, if applicable, ground rents on or in respect of such
Mortgaged Properties shall, for purposes hereof, including calculating monthly
distributions to Certificateholders, be added to the unpaid principal balances
of the related Serviced Mortgage Loans, notwithstanding that the terms of such
Mortgage Loans so permit; provided, however, that this provision is in no way

                                    -108-

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intended to affect amounts actually due and owing from the related Borrower
under any such Mortgage Loan.

          (d) The Master Servicer shall establish and maintain one or more
accounts (the "Reserve Accounts"), in which all Reserve Funds, if any,
received by it with respect to the Serviced Mortgage Loans shall be deposited
and retained. Subject to any terms of the related Mortgage Loan Documents that
specify the nature of the account in which Reserve Funds shall be held, each
Reserve Account shall be an Eligible Account. As and to the extent consistent
with the Servicing Standard, applicable law and the related Mortgage Loan
Documents, the Master Servicer may make withdrawals from the Reserve Accounts,
and may apply Reserve Funds held therein with respect to any Serviced Mortgage
Loan (together with interest and other income earned thereon), only as
follows: (i) in the case of Reserve Funds that are intended to cover specific
costs and expenses, to pay for, or to reimburse the related Borrower in
connection with, the costs associated with the related tenant improvements,
leasing commissions, repairs, replacements, capital improvements,
environmental testing and remediation, litigation and/or other special
expenses at or with respect to the related Mortgaged Property for which such
Reserve Funds were intended and to refund the related Borrower any sums as may
be determined to be overages; (ii) in the case of Reserve Funds intended to
cover debt service payments, to apply amounts on deposit therein in respect of
principal and interest on such Mortgage Loan; (iii) to reimburse the Master
Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as
applicable, for any unreimbursed Advances made thereby with respect to such
Mortgage Loan to cover any of the items described in the immediately preceding
clauses (i) and (ii); (iv) to release such Reserve Funds to the related
Borrower if the conditions precedent for such release are satisfied or, in the
case of Earn-Out Reserve Funds, to otherwise apply such Reserve Funds in
accordance with the related Mortgage Loan Documents if the conditions
precedent for such release are not satisfied, including any requirements set
forth in this Agreement; (v) to pay interest or other income, if required and
as described below, to the related Borrower on balances in the Reserve Account
(or, if and to the extent not payable to the related Borrower, to pay such
interest or other income (up to the amount of any Net Investment Earnings in
respect of such Reserve Account for each Collection Period) to the Master
Servicer); (vi) after an event of default, to pay the principal of, accrued
interest on and any other amounts payable with respect to such Mortgage Loan;
or (vii) to clear and terminate the Reserve Account at the termination of this
Agreement in accordance with Section 9.01. If the Borrower under any Serviced
Mortgage Loan delivers a Letter of Credit in lieu of Reserve Funds, then the
Master Servicer shall make draws on such Letter of Credit at such times and
for such purposes as it would have made withdrawals from a Reserve Account
and, to the extent consistent with the Servicing Standard, applicable law and
the related Mortgage Loan Documents, in order to convert the amount of such
Letter of Credit into Reserve Funds. Notwithstanding the foregoing, the Master
Servicer shall not release any Earn-Out Reserve Funds, or return any related
Letter of Credit delivered in lieu of Earn-Out Reserve Funds, to the related
Borrower, unless and until: (i) the Master Servicer has so notified the
Special Servicer in writing and has provided the Special Servicer with any
written or electronic information in the Master Servicer's possession
regarding the subject Serviced Mortgage Loan or the related Mortgaged Property
that the Special Servicer may reasonably request within ten Business Days of
receiving such written notice; and (ii) subject to Section 3.24, the Special
Servicer has consented to such release of any such Earn-Out Reserve Funds or
return of any related Letter of Credit (such consent to be given or withheld
in accordance with the Servicing Standard and to be deemed given if the
Special Servicer does not object in writing to such release of any such
Earn-Out Reserve Funds or return of any such Letter of Credit within ten
Business Days after receiving such additional information from the Master
Servicer (or, if it did not request additional information, within ten
Business Days after receiving such notice)). The

                                    -109-

<PAGE>

Master Servicer shall pay or cause to be paid to the relevant Borrowers
interest and other income, if any, earned on the investment of funds in
Reserve Accounts maintained thereby, if and to the extent required by law or
the terms of the related Mortgage Loan Documents. If the Master Servicer shall
deposit in a Reserve Account any amount not required to be deposited therein,
it may at any time withdraw such amount from such Reserve Account, any
provision herein to the contrary notwithstanding. Promptly after any Reserve
Funds are received by the Special Servicer from any Borrower, and in any event
within two Business Days of such receipt, the Special Servicer shall remit
such Reserve Funds to the Master Servicer for deposit in the applicable
Reserve Account(s). Any out-of-pocket expenses, including reasonable
attorneys' fees and expenses, incurred by the Master Servicer or Special
Servicer to enable the Master Servicer or Special Servicer, as the case may
be, to make any draw under any Letter of Credit shall constitute a Servicing
Advance, and the Master Servicer or Special Servicer, as the case may be,
shall make reasonable efforts to recover such expenses from the related
Borrower to the extent the Borrower is required to pay such expenses under the
terms of the related Serviced Mortgage Loan.

          (e) To the extent an operations and maintenance plan is required to
be established and executed with respect to any Serviced Mortgage Loan
pursuant to the terms of the related Mortgage Loan Documents, the Master
Servicer shall request from the related Borrower written confirmation thereof
within a reasonable time after the later of the Closing Date and the date as
of which such plan is required to be established or completed. To the extent
any other action or remediation relating to environmental matters is required
to have been taken or completed with respect to any Serviced Mortgage Loan
pursuant to the terms of the related Mortgage Loan Documents, the Master
Servicer shall request from the related Borrower written confirmation of such
action and remediations within a reasonable time after the later of the
Closing Date and the date as of which such action or remediations are required
to have been taken or completed. To the extent that a Borrower shall fail to
promptly respond to any inquiry described in this Section 3.03(e), the Master
Servicer shall notify the Trustee, the Special Servicer and the Controlling
Class Representative. The Master Servicer shall promptly notify the Trustee,
the Special Servicer and the Controlling Class Representative if the Master
Servicer shall determine that the Borrower under any Serviced Mortgage Loan
has failed to perform its obligations under the related Mortgage Loan
Documents in respect of environmental matters.

          (f) Subject to applicable law and the terms of the related Mortgage
Loan Documents, funds in the Servicing Accounts and the Reserve Accounts may
be invested only in Permitted Investments in accordance with the provisions of
Section 3.06.

          SECTION 3.04. Collection Account, Distribution Account, Interest
                        Reserve Account and Excess Liquidation Proceeds
                        Account.

          (a) The Master Servicer shall segregate and hold all funds collected
and received by it in connection with the Mortgage Pool separate and apart
from its own funds and general assets. In connection therewith, the Master
Servicer shall establish and maintain one or more segregated accounts
(collectively, the "Collection Account"), in which the funds described below
are to be deposited and held on behalf of the Trustee in trust for the benefit
of the Certificateholders. Each account that constitutes the Collection
Account shall be an Eligible Account. The Master Servicer shall deposit or
cause to be deposited in the Collection Account, within one Business Day of
receipt by it (in the case of payments by Borrowers or other collections on
the Serviced Mortgage Loans) or as otherwise required hereunder, the following
payments and collections received or made by or on behalf of the Master

                                    -110-

<PAGE>

Servicer in respect of the Mortgage Pool subsequent to the Closing Date (other
than in respect of scheduled payments of principal and interest due and
payable on the Mortgage Loans on or before the Cut-off Date, which payments
shall be delivered promptly to the related Mortgage Loan Seller or its
designee, with negotiable instruments endorsed as necessary and appropriate
without recourse):

               (i) all payments, from whatever source, or transfers from a
     debt service reserve account, on account of principal of the Serviced
     Mortgage Loans, including Principal Prepayments;

               (ii) all payments, from whatever source, or transfers from a
     debt service reserve account, on account of interest on the Serviced
     Mortgage Loans, including Default Interest and Post-ARD Additional
     Interest;

               (iii) all Prepayment Premiums and late payment charges received
     in respect of the Serviced Mortgage Loans;

               (iv) all Insurance Proceeds, Condemnation Proceeds and
     Liquidation Proceeds received in respect of the Serviced Mortgage Loans
     and all Liquidation Proceeds of the type described in clauses (iv)
     through (vi) and clause (viii) of the definition of "Liquidation
     Proceeds" received in respect of the Westfarms Mall Mortgage Loan;

               (v) all remittances to the Trust under a Westfarms Mall
     Servicing Agreement with respect to the Westfarms Mall Mortgage Loan or
     any Westfarms Mall REO Property;

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

               (vii) any amounts required to be deposited by the Master
     Servicer or the Special Servicer pursuant to Section 3.07(b) in
     connection with losses resulting from a deductible clause in a blanket or
     master forced place hazard policy with respect to the Serviced Mortgage
     Loans;

               (viii) any amounts required to be transferred to the Collection
     Account from (A) any REO Account pursuant to Section 3.16(c) or (B) any
     Westfarms Mall Custodial Account pursuant to Section 12.04(b); and

               (ix) insofar as they do not constitute Escrow Payments, any
     amounts paid by the Borrower under any Serviced Mortgage Loan
     specifically to cover items for which a Servicing Advance has been made.

          The foregoing requirements for deposit in the Collection Account
shall be exclusive. Without limiting the generality of the foregoing, (A)
actual payments from Borrowers under the Serviced Mortgage Loans in the nature
of Escrow Payments, assumption fees, assumption application fees, earn-out
fees, extension fees, modification fees, charges for beneficiary statements or
demands, amounts collected for checks returned for insufficient funds and
other fees and amounts collected from Borrowers under the Serviced Mortgage
Loans that constitute Additional Master Servicing Compensation and/or
Additional Special Servicing Compensation need not be deposited by the Master

                                    -111-

<PAGE>

Servicer in the Collection Account, and (B) any amount representing a
sub-servicing fee that otherwise would be required to be deposited by the
Master Servicer in the Collection Account and that, once so deposited, would
have been permitted to be withdrawn immediately from the Collection Account,
pursuant to Section 3.05 as part of the payment of the Master Servicing Fee,
shall be deemed to have been deposited to and withdrawn from the Collection
Account for such purpose to the extent that such sum has been retained by the
Sub-Servicer pursuant to the related Sub-Servicing Agreement. The Master
Servicer shall promptly within one Business Day deliver to the Special
Servicer any of the foregoing items received by it with respect to any
Serviced Mortgage Loan, if and to the extent that such items constitute
Additional Special Servicing Compensation. If the Master Servicer shall
deposit in the Collection Account any amount not required to be deposited
therein, it may at any time withdraw such amount from the Collection Account,
any provision herein to the contrary notwithstanding.

          Upon receipt of any of the amounts described in clauses (i) through
(v), (vii) and (ix) of the first paragraph of this Section 3.04(a) with
respect to any Mortgage Loan, 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 Collection Account (together with
sufficient information to properly allocate such amount to the appropriate
Mortgage Loan), unless the Special Servicer determines, consistent with the
Servicing Standard, that a particular item should not be deposited because of
a restrictive endorsement. 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 (in its capacity as such), without
recourse, representation or warranty, 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. Any such amounts
received by the Special Servicer with respect to any Administered REO Property
shall be deposited by the Special Servicer into the REO Account and remitted
to the Master Servicer for deposit into the Collection Account (together with
sufficient information to properly allocate such amount to the appropriate REO
Property).

          (b) The Trustee shall establish and maintain one or more segregated
accounts (collectively, the "Distribution Account"), to be held in trust for
the benefit of the Certificateholders. Each account that constitutes the
Distribution Account shall be an Eligible Account. The Trustee shall, as a
bookkeeping matter, establish and maintain two sub-accounts of the
Distribution Account (i) one of which sub-accounts (such sub-account, the
"REMIC Sub-Account") shall be deemed to be held in trust for the benefit of
the Holders of the REMIC III Regular Interest Certificates and the Class R
Certificates and (ii) one of which sub-accounts (such sub-account, the "Class
Y Sub-Account") shall be deemed to be held in trust for the benefit of the
Holders of the Class Y Certificates. By 1:00 p.m. (New York City time) on each
Master Servicer Remittance Date, the Master Servicer shall deliver to the
Trustee, for deposit in the Distribution Account, an aggregate amount of
immediately available funds equal to the Master Servicer Remittance Amount for
such Master Servicer Remittance Date. Immediately upon deposit of the Master
Servicer Remittance Amount for any Master Servicer Remittance Date into the
Distribution Account, any portion thereof that represents any Post-ARD
Additional Interest related to the ARD Mortgage Loans shall be deemed to have
been deposited into the Class Y Sub-Account, and the remaining portion thereof
shall be deemed to have been deposited into the REMIC Sub-Account. In
addition, the Master Servicer shall, as and when required hereunder, deliver
to the Trustee for deposit in the Distribution Account any P&I Advances and
Compensating Interest Payments required to be made by the Master Servicer
hereunder with respect to the Mortgage Pool. Furthermore, any amounts paid by
any party hereto to indemnify the Trust Fund pursuant to any provision hereof
shall be delivered to the Trustee for deposit in the Distribution Account. The
Trustee shall, upon receipt, deposit in the

                                    -112-

<PAGE>

Distribution Account any and all amounts received or, pursuant to Section
4.03, advanced by the Trustee or any Fiscal Agent that are required by the
terms of this Agreement to be deposited therein. As and when required pursuant
to Section 3.05(c), the Trustee shall transfer Interest Reserve Amounts in
respect of the Interest Reserve Loans from the Interest Reserve Account to the
Distribution Account. Furthermore, as and when required pursuant to Section
3.05(d), the Trustee shall transfer monies from the Excess Liquidation
Proceeds Account to the Distribution Account. The Trustee shall also deposit
in the Distribution Account from its own funds any amounts required to be
deposited by the Trustee pursuant to Section 3.06 in connection with losses
incurred with respect to Permitted Investments of funds held in the
Distribution Account. If the Trustee shall deposit in the Distribution Account
any amount not required to be deposited therein, it may at any time withdraw
such amount from the Distribution Account, any provision herein to the
contrary notwithstanding.

          (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. Each account that constitutes the Interest
Reserve Account shall be an Eligible Account. On the Distribution Date in
January (except during a leap year) and February of each calendar year,
commencing in 2003, prior to any distributions being made in respect of the
Certificates on such Distribution Date, the Trustee shall, with respect to
each Interest Reserve Loan, withdraw from the Distribution Account and deposit
in the Interest Reserve Account an amount equal to the Interest Reserve
Amount, if any, in respect of such Interest Reserve Loan for such Distribution
Date; provided that no such transfer of monies from the Distribution Account
to the Interest Reserve Account shall be made on the Final Distribution Date.
The Trustee shall also deposit in the Interest Reserve Account from its own
funds any amounts required to be deposited by the Trustee pursuant to Section
3.06 in connection with losses incurred with respect to Permitted Investments
of funds held in the Interest Reserve Account.

          (d) Upon or prior to the receipt of any Excess Liquidation Proceeds
in connection with the liquidation of any defaulted Serviced Mortgage Loan or
Administered REO Property, the Trustee shall establish and maintain one or
more accounts (collectively, the "Excess Liquidation Proceeds Account") to be
held in trust for the benefit of the Certificateholders. Each account that
constitutes the Excess Liquidation Proceeds Account shall be an Eligible
Account. On each Master Servicer Remittance Date, the Master Servicer shall
withdraw from the Collection Account and shall deposit, or shall deliver to
the Trustee to deposit, into the Excess Liquidation Proceeds Account all
Excess Liquidation Proceeds received during the Collection Period ending on
the Determination Date immediately prior to such Master Servicer Remittance
Date. The Trustee shall also deposit in the Excess Liquidation Proceeds
Account from its own funds any amounts required to be deposited by the Trustee
pursuant to Section 3.06 in connection with losses incurred with respect to
Permitted Investments of funds held in the Excess Liquidation Proceeds
Account.

          (e) Funds in the Collection Account, the Distribution Account, the
Interest Reserve Account and the Excess Liquidation Proceeds Account may be
invested in Permitted Investments in accordance with the provisions of Section
3.06. The Master Servicer shall give notice to the other parties hereto of the
location of the Collection Account as of the Closing Date and of the new
location of the Collection Account prior to any change thereof. The
Distribution Account, Interest Reserve Account and Excess Liquidation Proceeds
Account shall initially be held at the Corporate Trust Office of the Trustee,
and the Trustee shall give notice to the other parties hereto of the new
location of each of the Distribution Account, Interest Reserve Account and
Excess Liquidation Proceeds Account prior to any change thereof.

                                    -113-

<PAGE>

          (f) Notwithstanding the foregoing or any other provision to the
contrary in this Agreement, the Trustee may maintain the Distribution Account,
the Interest Reserve Account and the Excess Liquidation Proceeds Account as
three separate subaccounts of a single Eligible Account; provided that: (i)
all deposits into and withdrawals from such single Eligible Account shall be
made in the same manner as would be the case if the Distribution Account, the
Interest Reserve Account and the Excess Liquidation Proceeds Account were
maintained as three separate accounts; (ii) all distributions on the
Certificates will be calculated and made in the same manner as would be the
case if the Distribution Account, the Interest Reserve Account and the Excess
Liquidation Proceeds Account were maintained as three separate accounts; (iii)
the Trustee shall make debits and credits to those three subaccounts in a
manner consistent with the provisions of this Agreement governing transfers of
funds between the Distribution Account, the Interest Reserve Account and the
Excess Liquidation Proceeds Account, as the case may be; (iv) the Trustee's
maintaining the Distribution Account, the Interest Reserve Account and the
Excess Liquidation Proceeds Account as three separate subaccounts of a single
Eligible Account (as opposed to in the form of three separate Eligible
Accounts) shall not materially and adversely affect any of the
Certificateholders; and (v) such single Eligible Account shall be entitled
"Wells Fargo Bank Minnesota, N.A. [or name of any successor trustee], as
trustee, in trust for the registered holders of Salomon Brothers Mortgage
Securities VII, Inc., Commercial Mortgage Pass-Through Certificates, Series
2002-KEY2, Distribution Account, Interest Reserve Account and Excess
Liquidation Proceeds Account".

          SECTION 3.05. Permitted Withdrawals From the Collection Account, the
                        Distribution Account, the Interest Reserve Account and
                        the Excess Liquidation Proceeds Account.

          (a) The Master Servicer may, from time to time, make withdrawals
from the Collection 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 Distribution
     Account the Master Servicer Remittance Amount for each Master Servicer
     Remittance Date 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 any Fiscal Agent, the Trustee or itself, in
     that order, for unreimbursed P&I Advances made by that Person (in each
     case, with its own funds) hereunder with respect to the Mortgage Pool,
     any Fiscal Agent's, the Trustee's and the 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, however, to amounts
     that represent Late Collections of interest and principal received in
     respect of the particular Mortgage Loan or REO Loan as to which such P&I
     Advance was made (net of related Master Servicing Fees);

               (iii) to pay to itself earned and unpaid Master Servicing Fees
     with respect to each Mortgage Loan and REO Loan to but not including the
     latest Due Date for such Mortgage Loan or REO Loan, as the case may be,
     the Master Servicer's rights to payment pursuant to this clause (iii)
     with respect to any particular Mortgage Loan or successor REO Loan being
     limited, however, to amounts received on or in respect of such Mortgage
     Loan (whether in the form of payments, Insurance Proceeds, Condemnation
     Proceeds or Liquidation Proceeds) or successor

                                    -114-

<PAGE>

     REO Loan (whether in the form of REO Revenues, Insurance Proceeds,
     Condemnation Proceeds or Liquidation Proceeds) that are allocable as
     interest thereon;

               (iv) to pay to the Special Servicer, out of such general
     collections on the Mortgage Loans and any REO Properties as are then on
     deposit in the Collection Account, earned and unpaid Special Servicing
     Fees with respect to each Specially Serviced Mortgage Loan and each REO
     Loan that relates to an Administered REO Property to but not including
     the latest Due Date for such Specially Serviced Mortgage Loan or REO
     Loan, as the case may be;

               (v) to pay the Special Servicer (or, if applicable, any
     predecessor thereto) earned and unpaid Workout Fees and Liquidation Fees
     to which it is entitled with respect to any Serviced Mortgage Loan or
     Administered REO Property pursuant to, and from the sources contemplated
     by, the second and third paragraphs of Section 3.11(c);

               (vi) to reimburse any Fiscal Agent, the Trustee, itself or the
     Special Servicer, in that order, for any unreimbursed Servicing Advances
     made by that Person (in each case, with its own funds) hereunder with
     respect to any Mortgage Loan or REO Property, any Fiscal Agent's, the
     Trustee's, the Master Servicer's and the Special Servicer's, as the case
     may be, respective rights to reimbursement pursuant to this clause (vi)
     with respect to any such Servicing Advance being limited, however, to (A)
     payments made by the related Borrower that are allocable to cover the
     item in respect of which such Servicing Advance was made, and (B)
     Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds and, if
     applicable, REO Revenues received in respect of the particular Mortgage
     Loan or REO Property as to which such Servicing Advance was made;

               (vii) to reimburse any Fiscal Agent, the Trustee, itself or the
     Special Servicer, in that order, out of such general collections on the
     Mortgage Loans and any REO Properties as are then on deposit in the
     Collection Account, for any unreimbursed Advances made by that Person (in
     each case, with its own funds) hereunder that have been determined to be
     Nonrecoverable Advances;

               (viii) to pay itself, the Special Servicer, the Trustee or any
     Fiscal Agent, as applicable, any unpaid Advance Interest accrued on
     Advances made by such Person, such payment to be made, as and to the
     extent contemplated by Section 1.04, out of Default Charges collected on
     the Mortgage Loan or REO Loan, as the case may be, as to which the
     subject Advance was made;

               (ix) to the extent that the Master Servicer has reimbursed or
     is reimbursing any Fiscal Agent, the Trustee, itself or the Special
     Servicer, as applicable, for any unreimbursed Advance (regardless of
     whether such reimbursement is pursuant to clause (ii), (vi) or (vii)
     above or pursuant to Section 3.03(c) or Section 3.03(d)), and insofar as
     payment has not already been made out of related Default Charges, and the
     related Default Charges then on deposit in the Collection Account are not
     sufficient to make such payment, pursuant to clause (viii) above, to pay
     itself, the Special Servicer, the Trustee or such Fiscal Agent, as the
     case may be, first out of the remaining Liquidation Proceeds, Insurance
     Proceeds and/or Condemnation Proceeds, if any, from the Mortgage Loan to
     which the Advance relates, and then out of such general collections on
     the Mortgage Loans and any REO Properties as are then on deposit in the
     Collection Account,

                                    -115-

<PAGE>

     any related Advance Interest accrued and payable on the portion of such
     Advance so reimbursed or being reimbursed;

               (x) to pay (A) any outstanding expenses that were incurred by
     the Special Servicer in connection with its inspecting, pursuant to
     Section 3.12(a), any Mortgaged Property securing a Specially Serviced
     Mortgage Loan or any Administered REO Property or (B) any other
     outstanding expenses incurred on behalf of the Trust with respect to any
     Mortgage Loan or REO Property (other than Advance Interest, which is
     covered by clause (viii) above, and other than Special Servicing Fees,
     Workout Fees and Liquidation Fees) that will likely otherwise become
     Additional Trust Fund Expenses, such payment to be made, as and to the
     extent contemplated by Section 1.04, out of Default Charges collected on
     the related Mortgage Loan or REO Loan, as the case may be, and then from
     Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if
     any, from the related Mortgage Loan or REO Loan;

               (xi) to pay itself any items of Additional Master Servicing
     Compensation, and to pay the Special Servicer any items of Additional
     Special Servicing Compensation, in each case on deposit in the Collection
     Account from time to time;

               (xii) to pay any unpaid Liquidation Expenses incurred with
     respect to any Serviced Mortgage Loan or Administered REO Property, such
     payments to be made, first, out of Insurance Proceeds, Condemnation
     Proceeds, Liquidation Proceeds and, if applicable, REO Revenues received
     in respect of such Serviced Mortgage Loan or Administered REO Property,
     as the case may be, and then, out of such general collections on other
     Mortgage Loans and REO Properties as are then on deposit in the
     Collection Account;

               (xiii) to pay, in accordance with Section 3.11(i), out of such
     general collections on the Mortgage Loans and any REO Properties as are
     then on deposit in the Collection Account, certain servicing expenses
     that would, if advanced, constitute Nonrecoverable Servicing Advances;

               (xiv) to pay, out of such general collections on the Mortgage
     Loans and any REO Properties as are then on deposit in the Collection
     Account, for costs and expenses incurred by the Trust Fund pursuant to
     Section 3.09(c) (other than those costs that are, as expressly set forth
     in Section 3.09(c), to be covered by, and reimbursable as, a Servicing
     Advance);

               (xv) to pay itself, the Special Servicer, the Depositor, the
     Trustee, any Fiscal Agent, or any of their respective directors,
     officers, members, managers, employees and agents, as the case may be,
     out of such general collections on the Mortgage Loans and any REO
     Properties as are then on deposit in the Collection Account, any
     expenses, reimbursements or indemnities payable to any such Person
     pursuant to Section 6.03, Section 7.01(b), Section 8.05(b), or Section
     8.13, as applicable;

               (xvi) to pay, out of such general collections on the Mortgage
     Loans and any REO Properties as are then on deposit in the Collection
     Account, for the cost of recording this Agreement in accordance with
     Section 11.02(a);

               (xvii) to pay, out of such general collections on the Mortgage
     Loans and any REO Properties as are then on deposit in the Collection
     Account, to the Westfarms Mall Master

                                    -116-

<PAGE>

     Servicer, the holder of the Westfarms Mall Pari Passu Companion Loan or
     the holder of the Westfarms Mall Subordinate Companion Loan, any amount
     payable or reimbursable to such party pursuant to the terms of either of
     the Westfarms Mall Intercreditor Agreements;

               (xviii) to pay, out of such general collections on the Mortgage
     Loans and any REO Properties as are then on deposit in the Collection
     Account, for (A) any fees earned and/or expenses (including the
     reasonable fees of tax accountants and attorneys) incurred by the Trustee
     pursuant to Section 3.17(a)(iii) in connection with providing advice to
     the Special Servicer, (B) any reasonable expense (including reasonable
     attorneys' fees and disbursements) that the Special Servicer incurs
     pursuant to its assuming the defense of the Controlling Class
     Representative in accordance with Section 3.23(e) and (C) any fee earned
     by the Master Servicer or the Trustee for making a Fair Value
     Determination in respect of any Specially Designated Defaulted Mortgage
     Loan pursuant to Section 3.18(b);

               (xix) to pay to the Master Servicer, the Special Servicer, the
     Trustee, any Fiscal Agent or the Depositor, as the case may be, any
     amount specifically required to be paid to such Person out of the
     Collection Account under any provision of this Agreement and to which
     reference is not made in any other clause of this Section 3.05(a), it
     being acknowledged that this clause (xix) shall not be construed to
     modify any limitation otherwise set forth in this Agreement on the time
     at which any Person is entitled to payment or reimbursement of any amount
     or the funds from which any such payment or reimbursement is permitted to
     be made;

               (xx) to pay itself, the Special Servicer, a Mortgage Loan
     Seller, a Controlling Class Certificateholder, the Sole
     Certificateholder(s) or any other particular Person, as the case may be,
     with respect to each Mortgage Loan, if any, previously purchased or
     otherwise removed from the Trust Fund by such Person(s) pursuant to or as
     contemplated by this Agreement, all amounts received thereon subsequent
     to the date of purchase or other removal;

               (xxi) to transfer any Excess Liquidation Proceeds on deposit in
     such Collection Account to the Excess Liquidation Proceeds Account in
     accordance with Section 3.04(d); and

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

          If amounts on deposit in the Collection Account at any particular
time (after withdrawing any portion of such amounts deposited in the
Collection Account in error) are insufficient to satisfy all payments,
reimbursements and remittances to be made therefrom as set forth in clauses
(ii) through (xxi) above, then the corresponding withdrawals from the
Collection Account shall be made in the following priority and subject to the
following rules: (A) if the payment, reimbursement or remittance is to be made
from a specific source of funds, then such payment, reimbursement or
remittance shall be made from that specific source of funds on a pro rata
basis with any and all other payments, reimbursements and remittances to be
made from such specific source of funds, provided that where, as in clauses
(ii) and (vi), an order of priority is set forth to govern the application of
funds withdrawn from the Collection Account pursuant to such clauses,
payments, reimbursements or remittances pursuant to any such clause shall be
made in such order of priority to the extent of available funds; and (B) if
the payment, reimbursement or remittance can be made from any funds on deposit
in the Collection Account, then (following any withdrawals made from the
Collection Account in accordance with the immediately preceding clause (A)
above) such payment, reimbursement or remittance shall be made

                                    -117-

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from the general funds remaining on deposit in the Collection Account on a pro
rata basis with any and all other payments, reimbursements or remittances to
be made from such general funds, provided that where, as in clause (vii), an
order of priority is set forth to govern the application of funds withdrawn
from the Collection Account pursuant to such clause, payments, reimbursements
or remittances pursuant to such clause shall be made in such order of priority
to the extent of available funds.

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

          The Master Servicer shall pay to the Special Servicer from the
Collection Account on each Master Servicer Remittance Date amounts permitted
to be paid to the Special Servicer therefrom based upon an Officer's
Certificate received from the Special Servicer on the first Business Day
following the immediately preceding Determination Date, describing the item
and amount to which the Special Servicer is entitled. The Master Servicer may
rely conclusively on any such certificate and shall have no duty to
re-calculate the amounts stated therein. The Special Servicer shall keep and
maintain separate accounting for each Specially Serviced Mortgage Loan and
Administered REO Property, on a loan-by-loan and property-by-property basis,
for the purpose of justifying any request thereby for withdrawal from a
Collection Account.

          (b) The Trustee shall, from time to time, make withdrawals from the
Distribution Account for each of the following purposes, to the extent not
previously paid (the order set forth below not constituting an order of
priority for such withdrawals):

               (i) to make distributions to Certificateholders on each
     Distribution Date pursuant to Section 4.01;

               (ii) to pay itself, pursuant to Section 8.05(a), the Trustee's
     Fee for each Distribution Date;

               (iii) to pay itself, any Fiscal Agent or any of their
     respective directors, officers, members, managers, employees and agents,
     as the case may be, any amounts payable or reimbursable to any such
     Person pursuant to Sections 8.05(b) and/or 8.13(a);

               (iv) to pay for the cost of the Opinions of Counsel sought by
     the Trustee 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;

               (v) to pay any and all federal, state and local taxes imposed
     on the Trust or on the assets or transactions of the Trust, together with
     all incidental costs and expenses, and any and all expenses relating to
     tax audits, if and to the extent that either (A) none of the parties
     hereto are liable therefor pursuant to Section 10.01(b) and/or Section
     10.01(f) or (B) any such Person that may be so liable has failed to
     timely make the required payment;

               (vi) to pay itself interest or other income earned on deposits
     in the Distribution Account, in accordance with Section 3.06(b) (but only
     to the extent of the Net Investment Earnings, if any, with respect to the
     Distribution Account for each Collection Period);

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<PAGE>

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

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

          (c) On the Master Servicer Remittance Date in March of each year
(commencing in March 2003), and in any event on the Master Servicer Remittance
Date that occurs in the same calendar month as the Final Distribution Date,
the Trustee shall withdraw from the Interest Reserve Account and deposit in
the Distribution Account all Interest Reserve Amounts in respect of the
Interest Reserve Loans then on deposit in the Interest Reserve Account. In
addition, the Trustee shall, from time to time, make withdrawals from the
Interest Reserve Account to pay itself interest or other income earned on
deposits in the Interest Reserve Account, in accordance with Section 3.06(b)
(but only to the extent of the Net Investment Earnings, if any, with respect
to the Interest Reserve Account for each Collection Period).

          (d) On each Distribution Date, prior to 11:00 a.m. New York City
time, the Trustee shall withdraw from the Excess Liquidation Proceeds Account
and deposit in the Distribution Account, for distribution on such Distribution
Date pursuant to Section 4.01, 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 on such
Distribution Date pursuant to Sections 4.01(a) and 4.01(b), over the Standard
Available Distribution Amount for such Distribution Date (calculated without
regard to such transfer from the Excess Liquidation Proceeds Account to the
Distribution Account); provided that on the Final Distribution Date, prior to
11:00 a.m. New York City time, the Trustee shall withdraw from the Excess
Liquidation Proceeds Account and deposit in the Distribution Account, for
distribution on such Distribution Date pursuant to Section 4.01, any and all
amounts then on deposit in the Excess Liquidation Proceeds Account. In
addition, the Trustee shall, from time to time, make withdrawals from the
Excess Liquidation Proceeds Account to pay itself interest or other income
earned on deposits in the Excess Liquidation Proceeds Account, in accordance
with Section 3.06(b) (but only to the extent of the Net Investment Earnings,
if any, with respect to the Excess Liquidation Proceeds Account for each
Collection Period).

          (e) The Trustee, any Fiscal Agent, the Depositor, the Master
Servicer and the Special Servicer, as applicable, shall in all cases have a
right prior to the Certificateholders to any particular funds on deposit in
the Collection Account and the Distribution Account from time to time for the
reimbursement or payment of compensation, Advances (with interest thereon at
the Reimbursement Rate) and their respective expenses hereunder, but only if
and to the extent such compensation, Advances (with interest) and expenses are
to be reimbursed or paid from such particular funds on deposit in the
Collection Account or the Distribution Account pursuant to the express terms
of this Agreement.

          SECTION 3.06. Investment of Funds in the Collection Account, the
                        Servicing Accounts, the Reserve Accounts and the REO
                        Account.

          (a) The Master Servicer may direct (pursuant to a standing order or
otherwise) any depository institution (including the Trustee) maintaining the
Collection Account or any Servicing Account or Reserve Account held by it, the
Special Servicer may direct (pursuant to a standing order or otherwise) any
depository institution (including the Trustee) maintaining the REO Account,
and the

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<PAGE>

Trustee may direct (pursuant to a standing order or otherwise) any depository
institution maintaining the Distribution Account, the Interest Reserve Account
or the Excess Liquidation Proceeds Account, to invest, or if it is such
depository institution, may itself invest, the funds held therein in (but only
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 or the
related Mortgage Loan Documents, as applicable (or with respect to Permitted
Investments of funds held in the Distribution Account, no later than 12:00
noon (New York City time) on the next succeeding Distribution Date); provided
that any such investment of funds in any Servicing Account or Reserve Account
shall be subject to applicable law and the terms of the related Mortgage Loan
Documents; and provided, further, that the funds in any Account shall remain
uninvested unless and until the Master Servicer, the Special Servicer or the
Trustee, as applicable, gives timely investment instructions with respect
thereto pursuant to this Section 3.06. All such Permitted Investments shall be
held to maturity, unless payable on demand. Any investment of funds in an
Account shall be made in the name of the Trustee (in its capacity as such).
The Master Servicer (with respect to Permitted Investments of amounts in the
Collection Account, the Servicing Accounts and the Reserve Accounts) and the
Special Servicer (with respect to Permitted Investments of amounts in the REO
Account), acting on behalf of the Trustee shall (and the Trustee hereby
designates the Master Servicer or the Special Servicer, as applicable, as the
Person that shall), and the Trustee (with respect to Permitted Investments of
amounts in the Distribution Account, the Interest Reserve Account or the
Excess Liquidation Proceeds Account), acting on behalf of itself, 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
either a "certificated security", "uncertificated security" or "deposit
account". For purposes of this Section 3.06(a), (i) the terms "entitlement
holder", "security entitlement", "control" (except with respect to deposit
accounts), "certificated security" and "uncertificated security" shall have
the meanings given such terms in Revised Article 8 (1994 Revision) of the UCC,
and the terms "control" (with respect to deposit accounts) and "deposit
account" shall have the meanings given to such terms in Revised Article 9
(1998 Revision) of the UCC, and (ii) "control" of any Permitted Investment by
the Master Servicer or the Special Servicer shall constitute "control" by a
Person designated by, and acting on behalf of, the Trustee 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 Account are
at any time invested in a Permitted Investment payable on demand, the Master
Servicer (in the case of the Collection Account or any Servicing Account or
Reserve Account), or the Special Servicer (in the case of the REO Account) or
the Trustee (in the case of the Distribution Account, the Interest Reserve
Account or the Excess Liquidation Proceeds Account) 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 at least equal to 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, the Special Servicer or
               the Trustee, as the case may be, that such Permitted Investment
               would not constitute a Permitted Investment in respect of funds
               thereafter on deposit in the Account.

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<PAGE>

          (b) Whether or not the Master Servicer directs the investment of
funds in the Collection Account, interest and investment income realized on
funds deposited therein, to the extent of the Net Investment Earnings, if any,
for such Account for each Collection Period, shall be for the sole and
exclusive benefit of the Master Servicer and shall be subject to its
withdrawal in accordance with Section 3.05(a). Whether or not the Master
Servicer directs the investment of funds in any Servicing Account or Reserve
Account, interest and investment income realized on funds deposited therein,
to the extent of the Net Investment Earnings, if any, for such Account for
each Collection Period and, further, if and to the extent not required to be
paid to the related Borrower pursuant to applicable law or the terms of the
related Mortgage Loan Documents, shall be for the sole and exclusive benefit
of the Master Servicer and shall be subject to withdrawal from time to time in
accordance with Section 3.03. Whether or not the Special Servicer directs the
investment of funds in the REO Account, interest and investment income
realized on funds deposited therein, to the extent of the Net Investment
Earnings, if any, for such 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). Whether or not the Trustee
directs the investment of funds in the Distribution Account, the Interest
Reserve Account or the Excess Liquidation Proceeds Account, interest and
investment income realized on funds deposited therein, to the extent of the
Net Investment Earnings, if any, for such Account for each Collection Period,
shall be for the sole and exclusive benefit of the Trustee and shall be
subject to its withdrawal in accordance with Section 3.05(b). If any loss
shall be incurred in respect of any Permitted Investment on deposit in any
Account (other than a loss of what would otherwise have constituted investment
earnings and, in the case of a Servicing Account or Reserve Account, other
than a loss of an investment made for the benefit of the related Borrower,
which is either invested at the direction of the related Borrower or as
required under the related Mortgage Loan Documents), the Master Servicer (in
the case of the Collection Account and any Servicing Account or Reserve
Account), the Special Servicer (in the case of the REO Account) and the
Trustee (in the case of the Distribution Account, the Interest Reserve Account
or the Excess Liquidation Proceeds Account) 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, in respect of such Account for such Collection
Period (or, in the case of a Servicing Account or Reserve Account, the entire
amount of such loss).

          (c) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of any payment due under any Permitted Investment
of funds in any Account, or if a default occurs in any other performance
required under any Permitted Investment of funds in any Account, and the
Master Servicer or the Special Servicer, as applicable, has not taken such
action, then the Trustee may (and, subject to Section 8.02, upon the request
of (i) Holders of Certificates entitled to not less than 25% of the Voting
Rights allocated to any Class of REMIC III Regular Interest Certificates or
(ii) the Controlling Class Representative, the Trustee shall) take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate legal proceedings. Any costs
incurred by the Trustee in taking any such action shall be reimbursed to it by
the party hereunder that maintains such Account (or, if it is the Trustee that
maintains such Account, shall be borne by the Trustee). This provision is in
no way intended to limit any actions that the Master Servicer or the Special
Servicer may take in this regard at its own expense.

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

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<PAGE>

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

          (a) In the case of each Serviced Mortgage Loan (including each
Specially Serviced Mortgage Loan), the Master Servicer shall use reasonable
efforts consistent with the Servicing Standard to cause the related Borrower
to maintain (and, if such Borrower does not so maintain, the Master Servicer
will itself cause to be maintained) for the related Mortgaged Property all
insurance coverage as is required, subject to applicable law, under the
related Mortgage Loan Documents (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 Serviced Mortgage Loan grants the lender
thereunder any discretion (by way of consent, approval or otherwise) as to the
insurance coverage that the related Borrower is required to maintain, the
Master Servicer shall exercise such discretion in a manner consistent with the
Servicing Standard, with a view towards requiring insurance coverage with
respect to the related Mortgaged Property no less favorable to that in place
with respect to the related Mortgaged Property on the Closing Date and
otherwise comparable to that required under other Serviced Mortgage Loans with
express provisions governing such matters and, in any event, including
insurance for property damage resulting from terrorist and similar acts
(either by way of an all-risk casualty policy with no exclusion for such risks
or a separate policy covering property damage from such risks), as well as
business interruption or rental loss insurance for at least 12 months; and
provided, further, that, if and to the extent that any Serviced Mortgage Loan
grants the lender thereunder any discretion (by way of consent, approval or
otherwise) as to the insurance provider from whom the related Borrower is to
obtain the requisite insurance coverage, the Master Servicer shall require the
related Borrower to obtain the requisite insurance coverage from Qualified
Insurers that possess (or whose obligations are, in any such case, guaranteed
or backed in writing by an entity that possesses) the Required Claims-Paying
Ratings; and provided, further, that, in the case of any Serviced Mortgage
Loan, the Master Servicer shall be required to maintain such insurance
coverage upon the related Borrower's failure to do so only to the extent that
(I) such insurance is available at commercially reasonable rates and the
Trustee as mortgagee has an insurable interest (provided that, subject to the
Trustee as mortgagee having an insurable interest, the Master Servicer shall
maintain insurance coverage for property damage resulting from terrorist or
similar acts, unless the Borrower's failure to maintain such insurance
constituted an Acceptable Insurance Default), and (II) the payment of premiums
for such insurance either would not constitute a Nonrecoverable Advance or may
be made directly from the Collection Account in accordance with Section
3.11(i). Subject to Section 3.17(b), the Special Servicer shall also cause to
be maintained for each Administered REO Property no less insurance coverage
(to the extent (I) such insurance is available at commercially reasonable
rates (except in the case of insurance coverage for property damage resulting
from terrorist or similar acts, which coverage the Special Servicer shall
maintain unless the Borrower's failure to maintain such insurance would have
constituted an Acceptable Insurance Default), and (II) the payment of premiums
for such insurance either would not constitute a Nonrecoverable Advance or may
be made directly from the Collection Account in accordance with Section
3.11(i)) than was previously required of the related Borrower under the
related Mortgage Loan Documents and, at a minimum, (i) hazard insurance with a
replacement cost rider and, unless it would have constituted an Acceptable
Insurance Default for the related Borrower, no exclusion for terrorist or
similar acts, (ii) business interruption or rental loss insurance for at least
12 months, and (iii) commercial general liability insurance, in each case, in
an amount customary for the type and geographic location of such REO Property
and consistent with the Servicing Standard; provided that all such insurance
shall be obtained from Qualified Insurers that possess (or whose obligations
are, in any such case, guaranteed or backed in writing by an entity that
possesses) the Required Claims-Paying Ratings. All such insurance

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<PAGE>

policies shall contain (if they insure against loss to property) a "standard"
mortgagee clause, with loss payable to the Master Servicer on behalf of the
Trustee (in the case of insurance maintained in respect of a Serviced Mortgage
Loan), or shall name the Trustee as the insured, with loss payable to the
Special Servicer on behalf of the Trustee (in the case of insurance maintained
in respect of an Administered REO Property), and shall be issued by an insurer
authorized under applicable law to issue such insurance. Any amounts collected
by the Master Servicer or 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 Borrower, in
each case in accordance with the Servicing Standard) shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 3.05(a), in the
case of amounts received in respect of a Serviced Mortgage Loan, or in the REO
Account, subject to withdrawal pursuant to Section 3.16(c), in the case of
amounts received in respect of an Administered REO Property. Any cost incurred
by the Master Servicer or Special Servicer in maintaining any such insurance
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 Serviced Mortgage Loan, notwithstanding that
the terms of such Mortgage Loan so permit; provided, however, that this
sentence shall not limit the rights of the Master Servicer or Special Servicer
on behalf of the Trust to enforce any obligations of the related Borrower
under such Mortgage Loan. Costs to the Master Servicer or Special Servicer of
maintaining insurance policies pursuant to this Section 3.07 shall be paid by
and reimbursable to the Master Servicer or Special Servicer, as the case may
be, as a Servicing Advance.

          (b) If the Master Servicer or Special Servicer shall obtain and
maintain, or cause to be obtained and maintained, a blanket policy or master
force placed policy insuring against hazard losses on some or all of the
Serviced Mortgage Loans and/or Administered REO Properties, as applicable, for
which it is responsible, then, to the extent such policy (i) is obtained from
a Qualified Insurer that possesses (or whose obligations are guaranteed or
backed in writing by an entity that possesses) the Required Claims-Paying
Ratings, and (ii) provides protection equivalent to the individual policies
otherwise required under Section 3.07(a), the Master Servicer or 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 or REO Properties, as applicable. Such a blanket or
master force placed policy may contain a deductible clause (not in excess of a
customary amount), in which case the Master Servicer or Special Servicer, as
the case may be, that maintains such policy shall, if there shall not have
been maintained on any Mortgaged Property (other than the Westfarms Mall
Mortgaged Property) or Administered REO Property thereunder a 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 an
individual policy, promptly deposit into the Collection Account, from its own
funds (without right of reimbursement), the amount not otherwise payable under
the blanket or master force placed policy in connection with such loss or
losses because of such deductible clause to the extent that any such
deductible exceeds the deductible limitation that pertained to the related
Mortgage Loan Documents (or, in the absence of any such deductible limitation,
the deductible limitation for an individual policy which is consistent with
the Servicing Standard). Each of the Master Servicer and the Special Servicer
shall prepare and present, on behalf of itself, the Trustee and
Certificateholders, claims under any such blanket or master force placed
policy maintained by it in a timely fashion in accordance with the terms of
such policy.

          (c) Within 45 days after the Closing Date, with respect to each of
the Environmentally Insured Mortgage Loans, the Master Servicer shall notify
the insurer under the related

                                    -123-

<PAGE>

Environmental Insurance Policy and take all other action necessary for the
Trustee, on behalf of the Certificateholders, to be an insured (and for the
Master Servicer, on behalf of the Trust, to make claims) under such
Environmental Insurance Policy. In the event that the Master 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 Borrower has not filed a
claim, the Master Servicer shall, in accordance with the terms of such
Environmental Insurance Policy and the Servicing Standard, timely make a claim
thereunder with the appropriate insurer and shall take such other actions in
accordance with the Servicing Standard which are necessary under such
Environmental Insurance Policy in order to realize the full value thereof for
the benefit of the Certificateholders. If any other party hereto has actual
knowledge of an Insured Environmental Event with respect to any
Environmentally Insured Mortgage Loan, such party shall promptly so notify the
Master Servicer. Any legal fees, premiums or other out-of-pocket costs
incurred in accordance with the Servicing Standard in connection with any such
claim under an Environmental Insurance Policy shall be paid by the Master
Servicer and shall be reimbursable to it as a Servicing Advance. With respect
to each Environmental Insurance Policy in respect of an Environmentally
Insured Mortgage Loan, the Master Servicer shall review and familiarize itself
with the terms and conditions relating to enforcement of claims and shall
monitor the dates by which any claim must be made or any action must be taken
under such policy in order to realize the full value thereof for the benefit
of the Certificateholders in the event the Master Servicer has actual
knowledge of an Insured Environmental Event giving rise to a claim under such
policy.

          The Master Servicer shall 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 action
as may be required to comply with the terms and provisions of such policies in
order to maintain such policies in full force and effect and to make claims
thereunder.

          In the event that the Master Servicer receives notice of any
termination of any Environmental Insurance Policy with respect to
Environmentally Insured Mortgage Loan, the Master Servicer shall, within five
Business Days after receipt of such notice, notify the Special Servicer, the
Controlling Class Representative, the Rating Agencies and the Trustee of such
termination in writing. Upon receipt of such notice, the Master Servicer shall
address such termination in accordance with Section 3.07(a) in the same manner
as it would the termination of any other Insurance Policy required under the
related Mortgage Loan Documents. 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 Borrower 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.

          (d) The Master Servicer and the Special Servicer each shall at all
times during the term of this Agreement keep in force with Qualified Insurers
that possess (or whose obligations are, in any such case, guaranteed or backed
in writing by an entity that possesses) the Required Claims-Paying Ratings, a
fidelity bond in such form and amount as would permit it to be a qualified
Fannie Mae or Freddie Mac seller-servicer of multifamily mortgage loans (or in
such other form and amount as would not result in an Adverse Rating Event with
respect to any Class of Rated Certificates (as confirmed in writing to the
Trustee by the relevant Rating Agency)). The Master Servicer and the Special
Servicer each 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

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<PAGE>

to the Master Servicer or the Special Servicer, as the case may be. Such
fidelity bond shall provide that it may not be canceled without 30 days' prior
written notice to the Trustee.

          In addition, the Master Servicer and the Special Servicer each shall
at all times during the term of this Agreement keep in force with Qualified
Insurers that possess (or whose obligations are, in any such case, guaranteed
or backed in writing by an entity that possesses) the Required Claims-Paying
Ratings, a policy or policies of insurance covering loss occasioned by the
errors and omissions of its officers and employees in connection with its
obligation to service the Serviced Mortgage Loans for which it is responsible
hereunder and, to the limited extent contemplated by Articles I through XI, to
administer the Westfarms Mall Mortgage Loan, which policy or policies shall be
in such form and amount as would permit it to be a qualified Fannie Mae or
Freddie Mac seller-servicer of multifamily mortgage loans (or in such other
form and amount as would not result in an Adverse Rating Event with respect to
any Class of Rated Certificates (as confirmed in writing to the Trustee by the
relevant Rating Agency)). A Master Servicer or Special Servicer shall be
deemed to have complied with the foregoing provisions if an Affiliate thereof
has such insurance and, by the terms of such policy or policies, the coverage
afforded thereunder extends to such Master Servicer or Special Servicer, as
the case may be. Any such errors and omissions policy shall provide that it
may not be canceled without 30 days' prior written notice to the Trustee.

          (e) On the Closing Date, the Depositor shall deliver to and deposit
with the Special Servicer the Group Terrorism Insurance Policy, and the
Special Servicer shall hold and maintain the Group Terrorism Insurance Policy
for so long as it is in effect. In the event that the Special Servicer gains
actual knowledge of any act of terrorism at any of the Mortgaged Properties
securing the Mortgage Loans identified on Exhibit B-1H, which gives rise to a
loss for which a claim can be made under the Group Terrorism Insurance Policy
(an "Insured Terrorism Event"), then the Special Servicer shall promptly
notify the Trustee and, in accordance with the terms of the Group Terrorism
Insurance Policy and the Servicing Standard, shall timely make a claim under
the Group Terrorism Insurance Policy with the appropriate insurer and shall
take such other actions in accordance with the Servicing Standard which are
necessary under the Group Terrorism Insurance Policy in order to realize the
full value thereof for the benefit of the Certificateholders. If any other
party hereto has actual knowledge of an Insured Terrorism Event with respect
to any Mortgage Loan identified on Exhibit B-1H, such party shall promptly so
notify the Special Servicer. Any legal fees, premiums or other out-of-pocket
costs incurred in accordance with the Servicing Standard in connection with
any such claim under the Group Terrorism Insurance Policy shall, at the
direction of the Special Servicer pursuant to Section 3.19(b), be paid by the
Master Servicer and shall be reimbursable to the Master Servicer as a
Servicing Advance. With respect to the Group Terrorism Insurance Policy, the
Special Servicer shall review and familiarize itself with the terms and
conditions relating to enforcement of claims and shall monitor the dates by
which any claim must be made or any action must be taken under such policy in
order to realize the full value thereof for the benefit of the
Certificateholders in the event the Special Servicer has actual knowledge of
an Insured Terrorism Event giving rise to a claim under such policy.

          The Special Servicer shall abide by the terms and conditions
precedent to payment of claims under the Group Terrorism Insurance Policy with
respect to the Mortgage Loans identified on Exhibit B-1H and take all such
action as may be required to comply with the terms and provisions of such
policy in order to maintain such policy in full force and effect and to make
claims thereunder.

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<PAGE>

          It is hereby acknowledged that the Depositor or its Affiliate will
be responsible for paying the premiums with respect to the Group Terrorism
Insurance Policy and that the Group Terrorism Insurance Policy will remain in
place with respect to any particular Mortgage Loan identified on Exhibit B-1H
only until the "renewal date" for such Mortgage Loan specified on Exhibit
B-1H. The Special Servicer shall not undertake any efforts to extend the term
of the Group Terrorism Insurance Policy with respect to any Mortgage Loan
identified on Exhibit B-1H, provided that in no event is this sentence
intended to relieve the Master Servicer or the Special Servicer of any
obligations relating to the maintenance of insurance in respect of the
Serviced Mortgage Loans and the related Mortgaged Properties under any other
provisions of this Agreement. At such time as the Group Terrorism Insurance
Policy is no longer in effect, the Special Servicer shall return such policy
to the Depositor.

          Any Insurance Proceeds received under the Group Terrorism Insurance
Policy shall be promptly delivered to the Master Servicer for deposit in the
Collection Account.

          SECTION 3.08. Enforcement of Alienation Clauses.

          The Master Servicer (with respect to a Performing Serviced Mortgage
Loan) and the Special Servicer (with respect to a Specially Serviced Mortgage
Loan), on behalf of the Trustee as the mortgagee of record, shall enforce any
"due-on-sale" or "due-on-encumbrance" clauses and any other restrictions
contained in the related Mortgage Loan Documents on transfers or further
encumbrances of the related Mortgaged Property and on transfers of interests
in the related Borrower, unless the Master Servicer or the Special Servicer,
as the case may be, has (i) determined, in its reasonable judgment, that
waiver of such restrictions would be in accordance with the Servicing Standard
and (ii) complied with the applicable requirements, if any, of Section 3.20(a)
and Section 3.24; provided that, subject to the related Mortgage Loan
Documents and applicable law, neither the Master Servicer nor the Special
Servicer shall waive any right it has, or grant any consent it is otherwise
entitled to withhold, in accordance with any related "due-on-encumbrance"
clause under any Serviced Mortgage Loan, until it has received written
confirmation from each Rating Agency that such action would not result in an
Adverse Rating Event with respect to any Class of Rated Certificates; and
provided, further, that, if the affected Serviced Mortgage Loan, individually
or together with all other Serviced Mortgage Loans, if any, that are in the
same Cross-Collateralized Group as such Mortgage Loan is one of the 10 largest
Mortgage Loans then in the trust or has a Cut-off Date Principal Balance in
excess of $18,000,000, then, subject to the related Mortgage Loan Documents
and applicable law, neither the Master Servicer nor the Special Servicer shall
waive any right it has, or grant any consent it is otherwise entitled to
withhold, in accordance with any related "due-on-sale" clause under any
Serviced Mortgage Loan until it has received written confirmation from each
Rating Agency that such action would not result in an Adverse Rating Event
with respect to any Class of Rated Certificates; and provided, further, that,
subject to the related Mortgage Loan Documents and applicable law, the Master
Servicer shall not waive any right it has, or grant any consent it is
otherwise entitled to withhold, in accordance with any related "due-on-sale"
or "due-on-encumbrance" clause under any Serviced Mortgage Loan, or approve
the assumption of any Serviced Mortgage Loan, until it has delivered to the
Special Servicer its recommendation and analysis of the request, together with
a copy of the materials and information upon which such recommendation is
based, and has received the consent of the Special Servicer (the giving of
which consent shall be subject to the Servicing Standard and Section 3.24),
which consent shall be deemed given if not denied in writing within ten
Business Days of receipt by the Special Servicer of the Master Servicer's
written recommendation and analysis and any additional information requested
by the Special Servicer or the Controlling Class Representative; and provided,
further, that, subject to the related Mortgage Loan Documents and applicable
law, neither the Master Servicer nor the Special Servicer

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<PAGE>

shall waive any right it has, or grant any consent it is otherwise entitled to
withhold, in accordance with any related "due-on-sale" or "due-on-encumbrance"
clause under any Serviced Mortgage Loan, or approve the assumption of any
Serviced Mortgage Loan, unless in any such case, all associated costs and
expenses are covered without any expense to the Trust (it being understood and
agreed that, except as expressly provided herein, neither the Master Servicer
nor the Special Servicer shall be obligated to cover or assume any such costs
or expenses); and provided, further, that neither the Master Servicer nor the
Special Servicer shall (to the extent that it is within the control thereof to
prohibit such event) consent to the transfer of any Mortgaged Property which
secures a Cross-Collateralized Group unless (i) all of the Mortgaged
Properties securing such Cross-Collateralized Group are transferred
simultaneously by the respective Borrower or (ii) it obtains the consent of
the Controlling Class Representative, which consent shall be deemed given if
not denied in writing within ten Business Days of receipt by the Controlling
Class Representative of written notice of such action and all reasonably
requested information related thereto. In the case of any Serviced Mortgage
Loan, the Master Servicer and the Special Servicer shall each provide the
other with all such information as each may reasonably request in order to
perform its duties under this section.

          In connection with any permitted assumption of any Serviced Mortgage
Loan or waiver of a "due-on-sale" or "due-on-encumbrance" clause thereunder,
the Master Servicer (in the case of a Performing Serviced Mortgage Loan) or
the Special Servicer (in the case of a Specially Serviced Mortgage Loan) shall
prepare all documents necessary and appropriate for such purposes and shall
coordinate with the related Borrower for the due execution and delivery of
such documents.

          If the Master Servicer or the Special Servicer collects an
assumption fee or an assumption application fee in connection with any
transfer or proposed transfer of any interest in a Borrower or a Mortgaged
Property, then the Master Servicer or the Special Servicer, as applicable,
will apply that fee to cover the costs and expenses associated with that
transfer or proposed transfer that are not otherwise paid by the related
Borrower and that would otherwise be payable or reimbursable out of the Trust
Fund, including any Rating Agency fees and expenses to the extent such fees
and expenses are collectible under applicable law and the Master Servicer or
the Special Servicer, as appropriate, fails to enforce such requirement in
accordance with the related Mortgage Loan Documents. Any remaining portion of
such assumption fee (such remaining portion, a "Net Assumption Fee") or of
such assumption application fee (such remaining portion, a "Net Assumption
Application Fee") will be applied as additional compensation to the Master
Servicer or the Special Servicer in accordance with Section 3.11. Neither the
Master Servicer nor the Special Servicer shall waive any assumption fee or
assumption application fee, to the extent it would constitute additional
compensation for the other such party, without the consent of such other
party.

          If and to the extent that, in the case of any Mortgage Loan,
approval of the lender is required in connection with the related Borrower's
incurring unsecured debt in addition to (A) trade receivables, (B) equipment
financing and (C) other debt incurred in the ordinary course of business, then
the Master Servicer (if the subject Mortgage Loan is a Performing Serviced
Mortgage Loan) or the Special Servicer (if the subject Mortgage Loan is a
Specially Serviced Mortgage Loan), as applicable, shall refuse to approve such
unsecured debt unless and until it has obtained (i) in the case of the Master
Servicer, the consent of the Special Servicer (the giving of which consent
shall be subject to the Servicing Standard and Section 3.24), which consent
shall be deemed given if not denied in writing within 10 Business Days of
receipt by the Special Servicer of the Master Servicer's written
recommendation and analysis and any additional information requested by the
Special Servicer, and (ii)

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in each such case, if the subject Mortgage Loan has an unpaid principal
balance in excess of $15,000,000, written confirmation from each Rating Agency
to the effect that the related Borrower's incurring such unsecured debt will
not result in an Adverse Rating Event with respect to any Class of Rated
Certificates; provided that neither the Master Servicer nor the Special
Servicer shall be obligated to obtain any such ratings confirmation if,
pursuant to the related Mortgage Loan Documents and/or applicable law, it
would not be able either (i) to withhold its consent based upon the failure of
either Rating Agency to provide such ratings confirmation or (ii) to obtain
payment from the related Borrower of the cost of obtaining such ratings
confirmation.

          SECTION 3.09. Realization Upon Defaulted Serviced Mortgage Loans.

          (a) The Special Servicer shall, subject to Sections 3.09(b),
3.09(c), 3.09(d) and 3.24 of this Agreement, exercise reasonable efforts,
consistent with the Servicing Standard, to foreclose upon or otherwise
comparably convert the ownership of the real property and other collateral
securing any Serviced Mortgage Loan that comes into and continues 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 the
Master Servicer shall not, with respect to any Serviced Mortgage Loan that is
an ARD Mortgage Loan, take any enforcement action with respect to the payment
of Post-ARD Additional Interest (other than the making of requests for its
collection), and the Special Servicer will do so only if such Mortgage Loan
has become a Specially Serviced Mortgage Loan and either (i) the taking of an
enforcement action with respect to the payment of other amounts due under such
Mortgage Loan is, in the reasonable judgment of the Special Servicer, and
without regard to such Post-ARD Additional Interest, also necessary,
appropriate and consistent with the Servicing Standard or (ii) all other
amounts due under such Mortgage Loan have been paid, the payment of such
Post-ARD Additional Interest has not been forgiven in accordance with Section
3.20 and, in the 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 Advance Interest. In connection with the foregoing,
in the event of a default under any Serviced Mortgage Loan or
Cross-Collateralized Group that is secured by real properties located in
multiple states, and such states include California or another state with a
statute, rule or regulation comparable to California's "one action rule", then
the Special Servicer shall consult Independent counsel regarding the order and
manner in which the Special Servicer should foreclose upon or comparably
proceed against such properties. The reasonable costs of such consultation
shall be paid by, and shall be reimbursable to, the Special Servicer (or,
subject to Section 3.19(b), the Master Servicer) as a Servicing Advance. In
addition, all other costs and expenses incurred in any foreclosure sale or
similar proceeding shall be paid by, and reimbursable to, the Special Servicer
(or, subject to Section 3.19(b), the Master Servicer) as a Servicing Advance.
Nothing contained in this Section 3.09 shall be construed so as to require the
Special Servicer, on behalf of the Trust, 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
taking into account the factors described in Section 3.18 and the results of
any appraisal obtained pursuant to the following sentence or otherwise, all
such bids to be made in a manner consistent with the Servicing Standard. If
and when the Special Servicer deems it necessary in accordance with the
Servicing Standard for purposes of establishing the fair market value of any
Mortgaged Property securing a defaulted Serviced Mortgage Loan, whether for
purposes of bidding at foreclosure or otherwise, the Special Servicer is
authorized to have an Appraisal completed with respect to such property (the
cost of which appraisal shall be covered by, and be reimbursable as, a
Servicing Advance).

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<PAGE>

          The Master Servicer shall not foreclose upon or otherwise comparably
convert, including by taking title thereto, any real property or other
collateral securing a defaulted Serviced Mortgage Loan (and, except as
expressly provided for in Article XII, neither the Master Servicer nor the
Special Servicer shall take any such action with respect to the Westfarms Mall
Mortgage Loan).

          (b) Notwithstanding any other provision of this Agreement, the
Special Servicer shall not acquire a Mortgaged Property on behalf of the Trust
under such circumstances, in such manner or pursuant to such terms as would
(i) cause such Mortgaged Property to fail to qualify as "foreclosure property"
within the meaning of Section 860G(a)(8) of the Code (unless the portion of
such REO Property that is not treated as "foreclosure property" and that is
held by any REMIC Pool at any given time constitutes not more than a de
minimis amount of the assets of such REMIC Pool within the meaning of Treasury
regulation section 1.860D-1(b)(3)(i) and (ii)), or (ii) except as permitted by
Section 3.17(a), subject the Trust to the imposition of any federal income or
prohibited transaction taxes under the Code. Subject to the foregoing,
however, a Mortgaged Property may be acquired through a single member limited
liability company pursuant to Section 3.16. In addition, the Special Servicer
shall not acquire any personal property (including the mortgage loan securing
the Exchange Place Mortgage Loan) on behalf of the Trust pursuant to this
Section 3.09 unless either:

               (i) such personal property is 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 reimbursable as, a
     Servicing Advance) to the effect that the holding of such personal
     property as part of the Trust Fund will not result in an Adverse REMIC
     Event with respect to any REMIC Pool or an Adverse Grantor Trust Event
     with respect to either Grantor Trust Pool.

          (c) Notwithstanding the foregoing provisions of this Section 3.09,
the Special Servicer shall not, on behalf of the Trust, 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,
could, in the reasonable 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, unless:

               (i) the Special Servicer has previously determined in
     accordance with the Servicing Standard, based on a Phase I Environmental
     Assessment (and any additional environmental testing that the Special
     Servicer deems necessary and prudent) of the subject Mortgaged Property
     conducted during the 12-month period preceding any such acquisition of
     title or other action by an Independent Person who regularly conducts
     Phase I Environmental Assessments, that such Mortgaged Property is in
     compliance with applicable environmental laws and regulations and there
     are no circumstances or conditions present at such 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

               (ii) subject to Section 3.24 of this Agreement, in the event
     that the determination described in clause (c)(i) above cannot be made,
     the Special Servicer has

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<PAGE>

     previously determined in accordance with the Servicing Standard, on the
     same basis as described in clause (c)(i) above, and taking into account
     the coverage provided under any related Environmental Insurance Policy,
     that it would maximize the recovery to the Certificateholders (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 Net Mortgage Rate) to acquire title to or
     possession of the subject Mortgaged Property and to take such remedial,
     corrective and/or other further actions as are necessary to bring the
     Mortgaged Property into compliance with applicable environmental laws and
     regulations and to appropriately address any of the circumstances and
     conditions referred to in clause (c)(i) above.

          Any such determination by the Special Servicer contemplated by
clause (i) or clause (ii) of the preceding paragraph shall be evidenced by an
Officer's Certificate to such effect delivered to the Trustee, the Master
Servicer and the Controlling Class Representative, specifying all of the bases
for such determination, such Officer's Certificate to be accompanied by all
related environmental reports. The cost of such Phase I Environmental
Assessment and any such additional environmental testing shall be advanced by
the Master Servicer at the direction of the Special Servicer in accordance
with Section 3.19(b) given in accordance with the Servicing Standard;
provided, however, that the Master Servicer shall not be obligated in
connection therewith to advance any funds which, if so advanced, would
constitute a Nonrecoverable Servicing Advance. Amounts so advanced shall be
subject to reimbursement as Servicing Advances in accordance with Section
3.05(a). The cost of any remedial, corrective or other further action
contemplated by clause (ii) of the preceding paragraph shall be payable out of
the Collection Account pursuant to Section 3.05.

                  (d) If neither of the conditions set forth in clause (i) and
clause (ii) of the first sentence of Section 3.09(c) has been satisfied with
respect to any Mortgaged Property securing a defaulted Serviced Mortgage Loan,
then (subject to Section 3.24 of this Agreement) the Special Servicer shall
take such action as is in accordance with the Servicing Standard (other than
proceeding against the Mortgaged Property) and, at such time as it deems
appropriate, may, on behalf of the Trust, release all or a portion of such
Mortgaged Property from the lien of the related Mortgage.

          (e) The Special Servicer shall report to the Trustee, the Master
Servicer and the Controlling Class Representative monthly in writing, in the
form of an Officer's Certificate, as to any actions taken by the Special
Servicer with respect to any Mortgaged Property as to which neither of the
conditions set forth in clauses (i) and (ii) of the first sentence of Section
3.09(c) has been satisfied, in each case until the earliest to occur of
satisfaction of either of such conditions, release of the lien of the related
Mortgage on such Mortgaged Property and the related Serviced Mortgage Loan's
becoming a Corrected Serviced Mortgage Loan.

          (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 with respect to any Serviced Mortgage Loan if the state
in which the related Mortgaged Property is located and the related Mortgage
Loan Documents permit such an action and shall, in accordance with the
Servicing Standard, seek such deficiency judgment if it deems advisable.

          (g) Annually in each January, the Special Servicer shall on a timely
basis forward to the Master Servicer the information required to prepare, and
the Master Servicer shall promptly prepare and file with the IRS on a timely
basis, the information returns with respect to the reports of foreclosures

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<PAGE>

and abandonments and reports relating to any cancellation of indebtedness
income with respect to any Serviced Mortgage Loan or related Mortgaged
Property required by Sections 6050H (as applicable), 6050J and 6050P of the
Code. Contemporaneously, the Master Servicer shall promptly forward to the
Trustee an Officer's Certificate stating that all such information returns
relating to any Specially Serviced Mortgage Loan or Administered REO Property
that were required to be filed during the prior twelve (12) months have been
properly completed and timely filed. The Master Servicer shall prepare and
file the information returns with respect to the receipt of any mortgage
interest received in a trade or business from individuals with respect to any
Serviced Mortgage Loan as required by Section 6050H of the Code. All
information returns shall be in form and substance sufficient to meet the
reporting requirements imposed by the relevant sections of the Code.

          (h) As soon as the Special Servicer (or, in the case of a Performing
Serviced Mortgage Loan, the Westfarms Mall Mortgage Loan or any Westfarms Mall
REO Property, the Master Servicer) makes in consultation with the Controlling
Class Representative a Final Recovery Determination with respect to any
Mortgage Loan or REO Property, it shall promptly notify the Trustee, the
Master Servicer, and the Controlling Class Representative. The Special
Servicer shall maintain accurate records, prepared by a Servicing Officer, of
each such Final Recovery Determination (if any) made by it 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 the
Controlling Class Representative no later than the third Business Day
following such Final Recovery Determination.

          SECTION 3.10. Trustee to Cooperate; Release of Mortgage Files.

          (a) Upon the payment in full of any Serviced Mortgage Loan, or the
receipt by the Master Servicer of a notification that such payment in full
shall be escrowed or made in a manner customary for such purposes, the Master
Servicer shall promptly so notify the Trustee and request delivery to it or
its designee of the related Mortgage File (such notice and request to be
effected by delivering to the Trustee a Request for Release in the form of
Exhibit D-1 attached hereto, which Request for Release shall be accompanied by
the form of any release or discharge to be executed by the Trustee 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
Collection Account pursuant to Section 3.04(a) have been or will be so
deposited). Upon receipt of such Request for Release, the Trustee shall
promptly release the related Mortgage File to the Master Servicer or its
designee and shall deliver to the Master Servicer or its designee such
accompanying release or discharge, duly executed. Customary expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance
shall not be chargeable to the Collection Account or the Distribution Account.

          (b) If from time to time, and as appropriate for servicing or
foreclosure of any Serviced Mortgage Loan, the Master Servicer or the Special
Servicer shall otherwise require any Mortgage File (or any portion thereof),
then, 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, the Trustee shall release or cause the release of
such Mortgage File (or portion thereof) to the Master Servicer or the Special
Servicer, as the case may be, or its designee. Upon return of such Mortgage
File (or portion thereof) to the Trustee, or upon the Special Servicer's
delivery to the Trustee of an Officer's Certificate stating that (i) the
subject Serviced Mortgage Loan was liquidated and all amounts received or to
be received in connection

                                    -131-

<PAGE>

with such liquidation that are required to be deposited into the Collection
Account pursuant to Section 3.04(a) have been or will be so deposited or (ii)
such Mortgage Loan has become an REO Property, a copy of the Request for
Release shall be returned by the Trustee to the Master Servicer or the Special
Servicer, as applicable.

          (c) Within five Business Days of the Special Servicer's request
therefor (or, if the Special Servicer notifies the Trustee of an exigency,
within such shorter period as is reasonable under the circumstances), the
Trustee shall execute and deliver to the Special Servicer, in the form
supplied to the Trustee by the Special Servicer, any court pleadings, requests
for trustee's sale or other documents 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 Borrower 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, the Master Servicer or the Special Servicer; provided that the
Trustee may alternatively execute and deliver to the Special Servicer, in the
form supplied to the Trustee by the Special Servicer, a limited power of
attorney issued in favor of the Special Servicer and empowering the Special
Servicer to execute and deliver any or all of such pleadings or documents on
behalf of the Trustee (however, the Trustee shall not be liable for any misuse
of such power of attorney by the Special Servicer). Together with such
pleadings or documents (or such power of attorney empowering the Special
Servicer to execute the same on behalf of the Trustee), the Special Servicer
shall deliver to the Trustee an Officer's Certificate requesting that such
pleadings or documents (or such power of attorney empowering the Special
Servicer to execute the same on behalf of the Trustee) be executed by the
Trustee and certifying as to the reason such pleadings or documents are
required and that the execution and delivery thereof by the Trustee (or by the
Special Servicer on behalf of the Trustee) 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.

          (d) If from time to time, pursuant to the terms of the Westfarms
Mall A/A Intercreditor Agreement and any Westfarms Mall Servicing Agreement,
and as appropriate for enforcing the terms of the Westfarms Mall Mortgage
Loan, the Westfarms Mall Master Servicer, the Westfarms Mall Special Servicer
or the holder of the Westfarms Mall Pari Passu Companion Loan requests
delivery to it of the original Mortgage Note for the Westfarms Mall Mortgage
Loan, then the Trustee shall release or cause the release of such original
Mortgage Note to the requesting party or its designee. In connection with the
release of the original Mortgage Note for the Westfarms Mall Mortgage Loan in
accordance with the preceding sentence, the Trustee shall obtain such
documentation as is appropriate to evidence the holding by the Westfarms Mall
Master Servicer, the Westfarms Mall Special Servicer or the holder of the
Westfarms Mall Pari Passu Companion Loan of such original Mortgage Note as
custodian on behalf of and for the benefit of the Trustee.

          SECTION 3.11. Master Servicing and Special Servicing Compensation;
                        Interest on and Reimbursement of Servicing Advances;
                        Payment of Certain Expenses; Obligations of the Trustee
                        and any Fiscal Agent Regarding Back-up Servicing
                        Advances.

          (a) As compensation for its activities hereunder, the Master
Servicer shall be entitled to receive monthly the Master Servicing Fee with
respect to each Mortgage Loan (including the Westfarms Mall Mortgage Loan and
each Specially Serviced Mortgage Loan) and each REO Loan. The

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Master Servicing Fee with respect to any Mortgage Loan shall commence accruing
on its Due Date in September 2002, and the Master Servicing Fee with respect
to any REO Loan shall commence accruing on the Acquisition Date for the
related REO Property. As to each Mortgage Loan and REO Loan, for any
particular one-month period from and including one related Due Date to but
excluding the immediately following related Due Date (or for any applicable
portion of any such one-month period), the Master Servicing Fee shall accrue
at the related Master Servicing Fee Rate on the same principal amount and for
the same number of days as interest accrues or is deemed to accrue during such
one-month period (or portion thereof) on such Mortgage Loan or REO Loan, as
the case may be. As to each Mortgage Loan and REO Loan, the Master Servicing
Fee shall be computed on the same Interest Accrual Basis as is applicable to
the accrual or deemed accrual of interest on such Mortgage Loan or REO Loan,
as the case may be. The Master Servicing Fee with respect to any Mortgage Loan
or REO Loan shall cease to accrue if a Liquidation Event occurs in respect
thereof. Master Servicing Fees earned with respect to any Mortgage Loan or REO
Loan shall be payable monthly from payments of interest on such Mortgage Loan
or REO Revenues allocable as interest on such REO Loan, as the case may be.
The Master Servicer shall be entitled to recover unpaid Master Servicing Fees
in respect of any Mortgage Loan or REO Loan out of the portion of any related
Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds allocable as
interest on such Mortgage Loan or REO Loan, as the case may be.

          KRECM and any holder of the Excess Servicing Fee Right shall be
entitled, at any time, at its own expense, to transfer, sell, pledge or
otherwise assign the Excess Servicing Fee Right in whole (but not in part) to
any Qualified Institutional Buyer or Institutional Accredited Investor (other
than a Plan), provided that no such transfer, sale, pledge or other assignment
shall be made unless (i) that transfer, sale, pledge or other assignment is
exempt from the registration and/or qualification requirements of the
Securities Act and any applicable state securities laws and is otherwise made
in accordance with the Securities Act and such state securities laws, (ii) the
prospective transferor shall have delivered to the Depositor a certificate
substantially in the form attached as Exhibit F-3A hereto, and (iii) the
prospective transferee shall have delivered to KRECM and the Depositor a
certificate substantially in the form attached as Exhibit F-3B hereto. None of
the Depositor, the Trustee or the Certificate Registrar is obligated to
register or qualify the Excess Servicing Fee Right under the Securities Act or
any other securities law or to take any action not otherwise required under
this Agreement to permit the transfer, sale, pledge or assignment of the
Excess Servicing Fee Right without registration or qualification. KRECM, and
each holder of the Excess Servicing Fee Right desiring to effect a transfer,
sale, pledge or other assignment of the Excess Servicing Fee Right shall, and
KRECM hereby agrees, and each such holder of the Excess Servicing Fee Right by
its acceptance of the Excess Servicing Fee Right shall be deemed to have
agreed, in connection with any transfer of the Excess Servicing Fee Right
effected by such Person, to indemnify the Certificateholders, the Trust, the
Depositor, the Underwriters, the Trustee, any Fiscal Agent, the Certificate
Registrar, the Master Servicer and the Special Servicer against any liability
that may result if such transfer is not exempt from registration and/or
qualification under the Securities Act or other applicable federal and state
securities laws or is not made in accordance with such federal and state laws
or in accordance with the foregoing provisions of this paragraph. By its
acceptance of the Excess Servicing Fee Right, the holder thereof shall be
deemed to have agreed (i) to keep all information relating to the Trust and
the Trust Fund and made available to it by the Master Servicer confidential
(except as permitted pursuant to clause (iii) below or, in the case of the
Master Servicer, as contemplated hereby in the performance of its duties and
obligations hereunder), (ii) not to use or disclose such information in any
manner that could result in a violation of any provision of the Securities Act
or other applicable securities laws or that would require

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registration of the Excess Servicing Fee Right or any Non-Registered
Certificate pursuant to the Securities Act, and (iii) not to disclose such
information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever,
in whole or in part, to any other Person other than such holder's auditors,
legal counsel and regulators, except to the extent such disclosure is required
by law, court order or other legal requirement or to the extent such
information is of public knowledge at the time of disclosure by such holder or
has become generally available to the public other than as a result of
disclosure by such holder; provided, however, that such holder may provide all
or any part of such information to any other Person who is contemplating an
acquisition of the Excess Servicing Fee Right if, and only if, such Person (x)
confirms in writing such prospective acquisition and (y) agrees in writing to
keep such information confidential, not to use or disclose such information in
any manner that could result in a violation of any provision of the Securities
Act or other applicable securities laws or that would require registration of
the Excess Servicing Fee Right or any Non-Registered Certificates pursuant to
the Securities Act and not to disclose such information, and to cause its
officers, directors, partners, employees, agents or representatives not to
disclose such information, in any manner whatsoever, in whole or in part, to
any other Person other than such Persons' auditors, legal counsel and
regulators. From time to time following any transfer, sale, pledge or
assignment of the Excess Servicing Fee Right, the Person then acting as Master
Servicer shall pay, out of each amount paid to the Master Servicer as Master
Servicing Fees, the related Excess Servicing Fees to the holder of the Excess
Servicing Fee Right within one Business Day following the payment of such
Master Servicing Fees to the Master Servicer, in each case in accordance with
payment instructions provided by such holder in writing to the Master
Servicer. The holder of the Excess Servicing Fee Right shall not have any
rights under this Agreement except as set forth in the preceding sentences of
this paragraph. Neither the Trustee nor the Certificate Registrar shall have
any obligation whatsoever regarding payment of the Excess Servicing Fee or the
assignment or transfer of the Excess Servicing Fee Right.

          Subject to the Master Servicer's right to employ Sub-Servicers, the
right to receive the Master Servicing Fee may not be transferred in whole or
in part except pursuant to the immediately preceding paragraph or in
connection with the transfer of all of the Master Servicer's responsibilities
and obligations under this Agreement.

          (b) Subject to offset as provided in Section 3.02(a), the Master
Servicer shall be entitled to receive the following items as additional
servicing compensation (the following items, collectively, "Additional Master
Servicing Compensation"):

               (i) any and all Net Default Charges collected with respect to a
     Performing Serviced Mortgage Loan or, to the extent remitted to the Trust
     under a Westfarms Mall Servicing Agreement or transferred from the
     Westfarms Mall Custodial Account to the Collection Account under Section
     12.04(b), with respect to the Westfarms Mall Mortgage Loan or any
     Westfarms Mall REO Loan;

               (ii) 50% of any and all Net Assumption Application Fees, Net
     Assumption Fees, modification fees, extension fees, consent fees, release
     fees, waiver fees, fees paid in connection with defeasance and earn-out
     fees actually paid by a Borrower with respect to a Performing Serviced
     Mortgage Loan;

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<PAGE>

               (iii) any and all charges for beneficiary statements or
     demands, amounts collected for checks returned for insufficient funds and
     other loan processing fees actually paid by a Borrower with respect to a
     Performing Serviced Mortgage Loan and, in the case of checks returned for
     insufficient funds, with respect to a Specially Serviced Mortgage Loan;

               (iv) any and all Prepayment Interest Excesses collected with
     respect to the Mortgage Loans, including Specially Serviced Mortgage
     Loans and, if applicable, the Westfarms Mall Mortgage Loan, to the extent
     not needed to pay Compensating Interest Payments; and

               (v) interest or other income earned on deposits in the Accounts
     maintained by the Master Servicer, in accordance with Section 3.06(b)
     (but only to the extent of the Net Investment Earnings, if any, with
     respect to any such Account for each Collection Period and, further, in
     the case of a Servicing Account or Reserve Account, only to the extent
     such interest or other income is not required to be paid to any Borrower
     under applicable law or under the related Mortgage).

          To the extent that any of the amounts described in clauses (i)
through (iv), inclusive, of the preceding paragraph are collected by the
Special Servicer, the Special Servicer shall promptly pay such amounts to the
Master Servicer.

          (c) As compensation for its activities hereunder, subject to the
proviso to clause (e) of the definition of "Servicing Transfer Event", the
Special Servicer shall be entitled to receive monthly the Special Servicing
Fee with respect to each Specially Serviced Mortgage Loan and each REO Loan
(other than any Westfarms Mall REO Loan). The Special Servicing Fee with
respect to any Specially Serviced Mortgage Loan shall commence accruing on the
related Servicing Transfer Date, and the Special Servicing Fee with respect to
any REO Loan (other than any Westfarms Mall REO Loan) shall commence accruing
on the Acquisition Date for the related REO Property. As to each Specially
Serviced Mortgage Loan and REO Loan (other than any Westfarms Mall REO Loan),
for any particular one-month period from and including one related Due Date to
but excluding the immediately following related Due Date (or for any
applicable portion of any such one-month period), the Special Servicing Fee
shall accrue at the Special Servicing Fee Rate on the same principal amount
and for the same number of days as interest accrues or is deemed to accrue
from time to time during such one-month period (or portion thereof) on such
Specially Serviced Mortgage Loan or such REO Loan, as the case may be. As to
each Specially Serviced Mortgage Loan and REO Loan (other than any Westfarms
Mall REO Loan), the Special Servicing Fee shall be computed on the same
Interest Accrual Basis as is applicable to the accrual or deemed accrual of
interest on such Specially Serviced Mortgage Loan or REO Loan, as the case may
be. The Special Servicing Fee with respect to any Specially Serviced Mortgage
Loan or REO Loan (other than any Westfarms Mall REO Loan) shall cease to
accrue as of the date a Liquidation Event occurs in respect thereof or, in the
case of a Specially Serviced Mortgage Loan, as of the date it ceases to be a
Specially Serviced Mortgage Loan. Earned but unpaid Special Servicing Fees
shall be payable first out of related Liquidation Proceeds and then monthly
out of general collections on the Mortgage Loans and any REO Properties on
deposit in the Collection Account.

          As further compensation for its activities hereunder, subject to the
proviso to clause (e) of the definition of "Servicing Transfer Event", the
Special Servicer shall be entitled to receive the Workout Fee with respect to
each Corrected Serviced Mortgage Loan. As to each Corrected Serviced Mortgage
Loan, the Workout Fee shall be payable out of, and shall be calculated by
application of the

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<PAGE>

applicable Workout Fee Rate to, each payment of interest (other than Post-ARD
Additional Interest and Default Interest) and principal received from the
related Borrower on such Mortgage Loan for so long as it remains a Corrected
Serviced Mortgage Loan. The Workout Fee with respect to any Corrected Serviced
Mortgage Loan will cease to be payable if a Servicing Transfer Event occurs
with respect thereto or if such Mortgage Loan otherwise ceases to be a
Corrected Serviced Mortgage Loan; provided that a new Workout Fee would become
payable if and when such Mortgage Loan again became a Corrected Serviced
Mortgage Loan with respect to such new Servicing Transfer Event. If the
Special Servicer is terminated (other than for cause), including pursuant to
Section 6.06, or resigns in accordance with Section 6.04, it shall retain the
right to receive any and all Workout Fees payable in respect of (i) any
Serviced Mortgage Loans that became Corrected Serviced Mortgage Loans during
the period that it acted as Special Servicer and that were still Corrected
Serviced Mortgage Loans at the time of such termination or resignation and
(ii) any Specially Serviced Mortgage Loan for which it has resolved the
circumstances and/or conditions causing such Mortgage Loan to be a Specially
Serviced Mortgage Loan, but which had not as of the time it was terminated or
resigned become a Corrected Serviced Mortgage Loan solely because the related
Borrower had not made three consecutive timely Monthly Payments and which
subsequently becomes a Corrected Serviced Mortgage Loan as a result of the
related Borrower making such three consecutive timely Monthly Payments (and
the successor special servicer shall not be entitled to any portion of such
Workout Fees), in each case until the Workout Fee for any such loan ceases to
be payable in accordance with the preceding sentence; provided that, in the
case of any Specially Serviced Mortgage Loan described in clause (ii) of this
sentence, the terminated/resigning Special Servicer shall immediately deliver
the related Servicing File to the Master Servicer, and the Master Servicer
shall (without further compensation) monitor that all conditions precedent to
such Mortgage Loan's becoming a Corrected Serviced Mortgage Loan are satisfied
and, further, shall immediately transfer such Servicing File to the new
Special Servicer if and when it becomes apparent to the Master Servicer that
such conditions precedent will not be satisfied.

          As further compensation for its activities hereunder, subject to the
proviso to clause (e) of the definition of "Servicing Transfer Event", and
further subject to the second succeeding sentence, the Special Servicer shall
also be entitled to receive a Liquidation Fee with respect to each Specially
Serviced Mortgage Loan, if any, as to which it receives any full, partial or
discounted payoff from the related Borrower and each Specially Serviced
Mortgage Loan and Administered REO Property, if any, as to which it receives
any Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds. As to
any such Specially Serviced Mortgage Loan or Administered REO Property, the
Liquidation Fee shall be payable out of, and shall be calculated by
application of the Liquidation Fee Rate to, any such full, partial or
discounted payoff, Condemnation Proceeds, Insurance Proceeds and/or
Liquidation Proceeds received or collected in respect thereof (other than any
portion of such payment or proceeds that represents Post-ARD Additional
Interest, Default Charges or a Prepayment Premium). Notwithstanding the
foregoing, no Liquidation Fee shall be payable based on, or out of,
Liquidation Proceeds received in connection with (A) the repurchase of any
Specially Serviced Mortgage Loan or Administered REO Property by or on behalf
of the related Mortgage Loan Seller as a result of a Material Document Defect
or a Material Breach, pursuant to the related Mortgage Loan Purchase Agreement
or as otherwise contemplated by Section 2.03, so long as such repurchase
occurs within the Initial Resolution Period and any applicable Resolution
Extension Period, (B) the repurchase of any Early Defeasance Mortgage Loan by
SBRC as a result of the defeasance of such Mortgage Loan prior to the second
anniversary of the Startup Day of the related Loan REMIC, pursuant to the
related Mortgage Loan Purchase Agreement, (C) the purchase of any Specially
Designated Defaulted Mortgage Loan by the Special Servicer, the Majority
Controlling Class Certificateholder(s) or any assignee thereof pursuant to
Section 3.18(c), (D)

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<PAGE>

the purchase of any Specially Serviced Mortgage Loan or Administered REO
Property by the Master Servicer, the Special Servicer or a Controlling Class
Certificateholder pursuant to Section 9.01, (E) the acquisition of any
Specially Serviced Mortgage Loan or Administered REO Property by the Sole
Certificateholder(s) in exchange for all the Certificates pursuant to Section
9.01, (F) the purchase of any Specially Serviced Mortgage Loan or Administered
REO Property by any other creditor of the related Borrower or any of its
Affiliates or other equity holders pursuant to a right under the related
Mortgage Loan Documents (provided that such right is exercised within the
period and in the manner required under such Mortgage Loan Documents and the
payment of the Liquidation Fee would not otherwise be covered by the price to
be paid by such creditor), (G) any payments under the Aventine Guaranty, or
any purchase of the Aventine Mortgage Loan, in either case as contemplated by
Section 3.19(j), (H) any payments under the Group Terrorism Insurance Policy
or (I) any Liquidation Event involving the Westfarms Mall Mortgage Loan or any
Westfarms Mall REO Property (including any purchase of such Mortgage Loan by
the holder of the Westfarms Mall Subordinate Companion Loan in accordance with
the Westfarms Mall A/B Intercreditor Agreement). The Liquidation Fee with
respect to any such Specially Serviced Mortgage Loan will not be payable if
such Mortgage Loan becomes a Corrected Serviced Mortgage Loan.

          Subject to the Special Servicer's right to employ Sub-Servicers, the
Special Servicer's right to receive any Special Servicing Fee, Workout Fee
and/or Liquidation Fee to which it is entitled 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) Subject to offset as provided in Section 3.02(a), the Special
Servicer shall be entitled to receive the following items as additional
special servicing compensation (the following items, collectively, the
"Additional Special Servicing Compensation"):

               (i) any and all Net Default Charges collected with respect to a
     Specially Serviced Mortgage Loan or an REO Loan (other than any Westfarms
     Mall REO Loan);

               (ii) any and all Net Assumption Fees, Net Assumption
     Application Fees, modification fees, extension fees, consent fees,
     release fees, waiver fees, fees paid in connection with defeasance,
     earn-out fees and charges for beneficiary statements or demands that are
     actually received on or with respect to a Specially Serviced Mortgage
     Loan or an REO Loan (other than any Westfarms Mall REO Loan);

               (iii) 50% of any and all Net Assumption Fees, Net Assumption
     Application Fees, modification fees, extension fees, consent fees,
     release fees, waiver fees, fees paid in connection with defeasance and
     earn-out fees that are actually received on or with respect to a
     Performing Serviced Mortgage Loan; and

               (iv) interest or other income earned on deposits in the REO
     Account maintained by the Special Servicer in accordance with Section
     3.06(b) (but only to the extent of the Net Investment Earnings, if any,
     with respect to the REO Account for each Collection Period).

          To the extent that any of the amounts described in clauses (i)
through (iii), inclusive, of the preceding paragraph are collected by the
Master Servicer, the Master Servicer shall promptly pay

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<PAGE>

such amounts to the Special Servicer and shall not be required to deposit such
amounts in the Collection Account pursuant to Section 3.04(a).

          (e) The Master Servicer and the Special Servicer each shall be
required (subject to Section 3.11(h) below) 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 Sub-Servicers
retained by it (including any termination fees) and the premiums for any
blanket policy or the standby fee or similar premium, if any, for any master
force place policy obtained by it insuring against hazard losses pursuant to
Section 3.07(b)), if and to the extent such expenses are not Servicing
Advances or expenses payable pursuant to Section 3.11(i) or otherwise pursuant
to this Agreement, directly out of the Collection Account, any Servicing
Account, any Reserve Account or the REO Account, and neither the Master
Servicer nor the Special Servicer shall be entitled to reimbursement for any
such expense incurred by it except as expressly provided in this Agreement. If
the Master Servicer is required to make any Servicing Advance hereunder at the
discretion of the Special Servicer in accordance with Section 3.19 or
otherwise, the Special Servicer shall promptly provide the Master Servicer
with such documentation regarding the subject Servicing Advance as the Master
Servicer may reasonably request.

          (f) If the Master Servicer or the Special Servicer is required under
this Agreement to make a Servicing Advance, but it does not do so within ten
days after such Advance is required to be made, then the Trustee shall, if it
has actual knowledge of such failure on the part of the Master Servicer or the
Special Servicer, as the case may be, give notice of such failure to the
defaulting party. If such Advance is not made by the Master Servicer or the
Special Servicer, as the case may be, within three Business Days after such
notice, then (subject to Section 3.11(h) below) the Trustee or a Fiscal Agent
appointed thereby shall make such Advance. If any Fiscal Agent makes any such
Servicing Advance, the Trustee shall be deemed not to be in default under this
Agreement for failing to do so.

          (g) The Master Servicer, the Special Servicer, the Trustee and any
Fiscal Agent shall each be entitled to receive interest at the Reimbursement
Rate in effect from time to time, accrued on the amount of each Servicing
Advance made by that Person (with its own funds) hereunder, for so long as
such Servicing Advance is outstanding; provided that the Master Servicer shall
not be entitled to Advance Interest on any Servicing Advance made thereby to
the extent a payment of the item covered by such Servicing Advance has been
made but is being held in suspense. Such interest with respect to any
Servicing Advance shall be payable: (i) first, in accordance with Sections
3.05 and 1.04, out of any and all Default Charges subsequently collected with
respect to the particular Mortgage Loan or successor REO Loan with respect
thereto as to which such Servicing Advance was made; and (ii) then, after such
Servicing Advance is reimbursed, but only if and to the extent that such
Default Charges described in the immediately preceding clause (i) are and have
been insufficient to cover such Advance Interest, out of general collections
on the Mortgage Loans and REO Properties on deposit in the Collection Account.
The Master Servicer shall reimburse itself, the Special Servicer, the Trustee
or any Fiscal Agent, as appropriate, for any Servicing Advance made by any
such Person as soon as practicable after funds available for such purpose are
deposited in the Collection Account.

          (h) Notwithstanding anything to the contrary set forth herein, none
of the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent
shall be required to make any Servicing Advance that it determines in its
reasonable judgment would constitute a Nonrecoverable Servicing Advance. The
determination by any Person with an obligation hereunder to make Servicing
Advances that it has made a Nonrecoverable Servicing Advance or that any
proposed Servicing Advance, if made,

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<PAGE>

would constitute a Nonrecoverable Servicing Advance, shall be made by such
Person in its reasonable judgment and shall be evidenced by an Officer's
Certificate delivered promptly to the Depositor, the Trustee (unless it is the
Person making such determination) and the Controlling Class Representative,
setting forth the basis for such determination, accompanied (in the case of
the Controlling Class Representative and otherwise upon request) by a copy of
an Appraisal (if and when available) of the related Mortgaged Property or REO
Property performed within the 12 months preceding such determination, and
further accompanied (in the case of the Controlling Class Representative and
otherwise upon request) by any other information, including engineers'
reports, environmental surveys or similar reports, that such Person may have
obtained and that support such determination. Notwithstanding the foregoing,
the Trustee and any Fiscal Agent shall be entitled to conclusively rely on any
determination of nonrecoverability that may have been made by the Master
Servicer or the Special Servicer with respect to a particular Servicing
Advance, and the Master Servicer and the Special Servicer shall each be
entitled to conclusively rely on any determination of nonrecoverability that
may have been made by the other such party with respect to a particular
Servicing Advance. A copy of any such Officer's Certificate (and, if
requested, any such accompanying information) of the Master Servicer shall
also be delivered promptly to the Special Servicer, a copy of any such
Officer's Certificate (and, if requested, any such accompanying information)
of the Special Servicer shall also be promptly delivered to the Master
Servicer, and a copy of any such Officer's Certificates (and accompanying
information) of the Trustee or the Fiscal Agent shall also be promptly
delivered to the Master Servicer, the Special Servicer and the Controlling
Class Representative. In the case of any Cross-Collateralized Mortgage Loan,
any determination regarding whether any related Servicing Advance constitutes
or would constitute a Nonrecoverable Servicing Advance shall take into account
the cross-collateralization of the related Cross-Collateralized Group.

          (i) Notwithstanding anything to the contrary set forth herein, the
Master Servicer may (and, at the direction of the Special Servicer if a
Specially Serviced Mortgage Loan or an Administered REO Property is involved,
shall) pay directly out of the Collection Account any servicing expense that,
if paid by the Master Servicer or the Special Servicer, would constitute a
Nonrecoverable Servicing Advance; provided that if the Master Servicer (or the
Special Servicer, if a Specially Serviced Mortgage Loan or an Administered REO
Property is involved) has determined in accordance with the Servicing Standard
that making such payment is in the best interests of the Certificateholders
(as a collective whole), as evidenced by an Officer's Certificate delivered
promptly to the Depositor, the Trustee and the Controlling Class
Representative, setting forth the basis for such determination and, in the
case of the Controlling Class Representative and otherwise upon request,
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 delivered
promptly 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.

          (j) If the Master Servicer and the Special Servicer are responsible
for servicing and administering the Westfarms Mall Loan Group or any Westfarms
Mall REO Property under Article XII, then each of the Master Servicer and the
Special Servicer shall be entitled to such compensation as is provided for in
Section 12.09, which shall be in addition to that provided for in this Section
3.11.

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<PAGE>

          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 (but in any
event not later than 60 days) after the related Serviced Mortgage Loan becomes
a Specially Serviced Mortgage Loan (and, in cases where the related Serviced
Mortgage Loan has become a Specially Serviced Mortgage Loan, the Special
Servicer shall continue to perform or cause to be performed a physical
inspection of the subject Mortgaged Property at least once per calendar year
thereafter for so long as the related Serviced Mortgage Loan remains a
Specially Serviced Mortgage Loan or if such Mortgaged Property becomes an
Administered REO Property); provided that the Special Servicer shall be
entitled to reimbursement of the reasonable and direct out-of-pocket expenses
incurred by it in connection with each such inspection as Servicing Advances
and otherwise as contemplated by Section 3.05(a). Beginning in 2003, the
Master Servicer, at its own expense, shall perform or cause to be performed an
inspection of each Mortgaged Property (other than the Westfarms Mall Mortgaged
Property) at least once every calendar year, in any event if the Special
Servicer has not already done so during that period pursuant to the preceding
sentence. The Master Servicer and the Special Servicer shall each prepare
(and, promptly following preparation, if there has been a material adverse
change in the condition of the subject Mortgaged Property or REO Property, as
applicable, deliver to the Controlling Class Representative) a written report
of each such inspection performed by it or on its behalf that sets forth in
detail the condition of the Mortgaged Property and that specifies the
occurrence or existence of: (i) any sale, transfer or abandonment of the
Mortgaged Property the Master Servicer or the Special Servicer, as applicable,
is aware, (ii) any change in the condition, occupancy or value of the
Mortgaged Property of which the Master Servicer or the Special Servicer, as
applicable, is aware and that it considers, in accordance with the Servicing
Standard, material, or (iii) any waste committed on the Mortgaged Property of
which the Master Servicer or the Special Servicer, as the case may be, is
aware and that it considers, in accordance with the Servicing Standard,
material. The Master Servicer and the Special Servicer shall each deliver to
the other such party, to the Controlling Class Representative (imaged with the
ARCap Naming Convention) and, upon request, to the Trustee a copy (or image in
suitable electronic media) of each such written report prepared by the Master
Servicer or the Special Servicer, as applicable, in each case within 30 days
following the later of completion of the related inspection if the inspection
is performed by the Master Servicer or Special Servicer, as appropriate, or
receipt of the related inspection report if the inspection is performed by a
third party.

          (b) Commencing with respect to the calendar quarter ended September
30, 2002, the Special Servicer, in the case of any Specially Serviced Mortgage
Loan, and the Master Servicer, in the case of each Performing Serviced
Mortgage Loan, shall make reasonable efforts to collect promptly from each
related Borrower quarterly and annual operating statements, budgets and rent
rolls of the related Mortgaged Property, and quarterly and annual financial
statements of such Borrower, whether or not delivery of such items is required
pursuant to the terms of the related Mortgage Loan Documents. In addition, the
Special Servicer shall cause quarterly and annual operating statements,
budgets and rent rolls to be regularly prepared in respect of each
Administered REO Property and shall collect all such items promptly following
their preparation. The Special Servicer shall deliver a copy or images in
suitable electronic media of all of the foregoing items so collected or
obtained by it to the Master Servicer within 30 days of its receipt thereof.
The Master Servicer shall deliver at least quarterly all items required to be
delivered to it by the Special Servicer pursuant to the second preceding
sentence to

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<PAGE>

the Controlling Class Representative and, upon request, the Trustee in an
electronic imaged format with the ARCap Naming Convention.

          The Master Servicer shall maintain a CMSA Operating Statement
Analysis Report with respect to each Mortgaged Property and REO Property.
Within 60 days after receipt by the Master Servicer from the related Borrower
or otherwise, as to a Performing Serviced Mortgage Loan, and within 30 days
after receipt by the Master Servicer from the Special Servicer, the Westfarms
Mall Master Servicer, the Westfarms Mall Special Servicer or otherwise, as to
the Westfarms Mall Mortgage Loan, a Specially Serviced Mortgage Loan or an REO
Property, of any quarterly and annual operating statements or rent rolls with
respect to any Mortgaged Property or REO Property, the Master Servicer shall,
based upon such operating statements or rent rolls, prepare (or, if previously
prepared, update) the CMSA Operating Statement Analysis Report for the subject
Mortgaged Property or REO Property. The Master Servicer shall remit
electronically an image with the ARCap Naming Convention of a copy of each
CMSA Operating Statement Analysis Report prepared or updated by it (promptly
following initial preparation and each update thereof), together with, if so
requested, the underlying operating statements, rent rolls and copies of any
leases entered into by each Borrower during such quarter and received by the
Master Servicer, to the Controlling Class Representative, the Special Servicer
and, upon request, the Trustee. The Trustee shall, upon request, request from
the Master Servicer (if necessary) and, to the extent such items have been
delivered to the Trustee by the Master Servicer, deliver to any
Certificateholder or, if the Trustee has in accordance with Section 5.06(b)
confirmed the Ownership Interest in the Certificates held thereby, any
Certificate Owner, a copy of the CMSA Operating Statement Analysis (or update
thereof) for any Mortgaged Property or REO Property and, if requested, the
related operating statement or rent rolls; provided that the Trustee may
direct the Master Servicer to deliver such items directly to the requesting
Certificateholder or Certificate Owner, as the case may be.

          Within 60 days (or, in the case of items received from the Special
Servicer, the Westfarms Mall Master Servicer, the Westfarms Mall Special
Servicer or otherwise with respect to the Westfarms Mall Mortgage Loan,
Specially Serviced Mortgage Loans and REO Properties, 30 days) after receipt
by the Master Servicer of any quarterly or annual operating statements with
respect to any Mortgaged Property or REO Property, the Master Servicer shall
prepare or update and forward to the Special Servicer, the Controlling Class
Representative and, upon request, the Trustee a CMSA NOI Adjustment Worksheet
using the same format and ARCap Naming Convention as the CMSA Operating
Statement Analysis Report for such Mortgaged Property or REO Property,
together with the related quarterly or annual operating statements.

          (c) Not later than 2:00 p.m. (New York City time) on the first
Business Day following each Determination Date, the Special Servicer shall
prepare and deliver or cause to be delivered to the Master Servicer and, upon
request, the Controlling Class Representative the following reports (or data
files relating to reports of the Master Servicer) with respect to any
Specially Serviced Mortgage Loans and Administered REO Properties that are
then part of the Trust Fund, providing the required information as of such
Determination Date: (i) a CMSA Property File; and (ii) a CMSA Loan Periodic
Update File (which, in each case, if applicable, will identify each subject
Mortgage Loan by loan number and property name). At or before 2:00 p.m. (New
York City time) on the first Business Day following each Determination Date,
the Special Servicer shall prepare and deliver or cause to be delivered to the
Master Servicer the following reports or the related data fields reflected in
the reports reasonably requested with respect to those Specially Serviced
Mortgage Loans and Administered REO Properties that are then part of the Trust
Fund, providing the information required of the Special

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<PAGE>

Servicer pursuant to Section 3.12(e) as of such Determination Date: (i) a CMSA
Delinquent Loan Status Report; (ii) a CMSA Comparative Financial Status
Report; (iii) a CMSA Historical Liquidation Report; (iv) a CMSA Historical
Loan Modification Report; and (v) a CMSA REO Status Report. In addition, the
Special Servicer shall from time to time provide the Master Servicer with such
information in the Special Servicer's possession regarding any Specially
Serviced Mortgage Loan or REO Property as may be requested by the Master
Servicer and is reasonably necessary for the Master Servicer to prepare each
report and any supplemental information required to be provided by the Master
Servicer to the Trustee.

          (d) Not later than 3:00 p.m. (New York City time) on the second
Business Day following each Determination Date, the Master Servicer, with
respect to all of the Mortgage Loans and REO Properties, shall prepare (if and
to the extent necessary) and deliver or cause to be delivered to the Trustee,
in a computer-readable medium downloadable by the Trustee (or, at the
Trustee's written request, in a form reasonably acceptable to the recipient,
including on a loan-by-loan basis), each of the files and reports comprising
the CMSA Investor Reporting Package (excluding any CMSA Operating Statement
Analysis Report, any CMSA NOI Adjustment Worksheet, the CMSA Bond Level File
and the CMSA Collateral Summary File), in each case providing the most recent
information with respect to the subject Mortgage Loans and REO Properties as
of the related Determination Date (and which, in each case, if applicable,
will identify each subject Mortgage Loan by loan number and property name);
provided that the Master Servicer shall not be required to prepare and deliver
any of the files and reports comprising the CMSA Investor Reporting Package
(other than the CMSA Loan Periodic Update File) before the second Business Day
following the second Determination Date following the Closing Date.

          Notwithstanding any other provision in this Agreement, the Master
Servicer, the Special Servicer and the Trustee shall deliver to the
Controlling Class Representative the reports (including the Payments Received
after Determination Date Report and the Mortgage Loans Delinquent Report) and
information set forth on Exhibit E-3 in the format and at the times set forth
therein.

          (e) The Special Servicer shall deliver to the Master Servicer the
reports set forth in Section 3.12(b) and Section 3.12(c), and the Master
Servicer shall deliver to the Trustee the reports set forth in Section
3.12(d), in an electronic format reasonably acceptable to the Special
Servicer, 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) and Section 3.12(c). The Trustee may,
absent manifest error, conclusively rely on the reports to be provided by the
Master Servicer pursuant to Section 3.12(d). To the extent that any report to
be prepared and provided to the Trustee and/or the Controlling Class
Representative by the Master Servicer pursuant to Section 3.12(d) is dependent
on information from the Special Servicer (or, in the case of the Westfarms
Mall Mortgage Loan or any Westfarms Mall REO Property, from a party under a
Westfarms Mall Servicing Agreement), and the Special Servicer (or, if
applicable, such party under such Westfarms Mall Servicing Agreement) has not
timely provided such information to the Master Servicer, the Master Servicer
shall on a timely basis provide to the Trustee and/or the Controlling Class
Representative, as applicable, as complete a report as the information
provided by the Special Servicer (or, if applicable, by such party under such
Westfarms Mall Servicing Agreement) permits and shall promptly update and
provide to the Trustee and/or the Controlling Class Representative, as
applicable, a complete report when the Special Servicer (or, if applicable,
such party under such Westfarms Mall Servicing Agreement) provides the Master
Servicer with the requisite missing information; and the Master Servicer shall
not be in breach hereunder for so providing an incomplete report under Section
3.12(d) under the foregoing

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circumstances. Furthermore, if any report to be provided to the Trustee and/or
the Controlling Class Representative by the Master Servicer pursuant to
Section 3.12(d) was to be prepared by the Special Servicer (or, in the case of
the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Property, by a
party under a Westfarms Mall Servicing Agreement) and delivered to the Master
Servicer, the Master Servicer shall not be in breach by reason of any delay in
its delivery of such report to the Trustee and/or the Controlling Class
Representative, as applicable, by reason of a delay on the part of the Special
Servicer (or, if applicable, on the part of such party under such Westfarms
Mall Servicing Agreement) to deliver such report to the Master Servicer; and
the Master Servicer shall deliver as promptly as reasonably practicable to the
Trustee and/or the Controlling Class Representative, as applicable, any such
report that it receives from the Special Servicer (or, if applicable, from
such party under such Westfarms Mall Servicing Agreement) after the requisite
delivery date.

          (f) Notwithstanding the foregoing, however, the failure of the
Master Servicer or the Special Servicer to disclose any information otherwise
required to be disclosed by this Section 3.12 shall not constitute a breach of
this Section 3.12 to the extent the Master Servicer or the Special Servicer so
fails because such disclosure, in the reasonable belief of the Master Servicer
or the Special Servicer, as the case may be, would violate any applicable law
or any provision of a Mortgage Loan Document prohibiting disclosure of
information with respect to the Mortgage Loans or Mortgaged Properties or
would constitute a waiver of the attorney-client privilege on behalf of the
Trust. The Master Servicer and the Special Servicer may each disclose any such
information or any additional information to any Person so long as such
disclosure is consistent with applicable law and the Servicing Standard. The
Master Servicer and the Special Servicer may each affix to any information
provided by it any disclaimer it deems appropriate in its reasonable
discretion (without suggesting liability on the part of any other party
hereto).

          (g) The Depositor shall provide (or, pursuant to the respective
Mortgage Loan Purchase Agreements shall obligate the Mortgage Loan Sellers to
provide) to the Master Servicer the initial data (as of the Cut-off Date or
the most recent earlier date for which such data is available) necessary to
complete the CMSA Loan Set-up File, the CMSA Loan Periodic Update File, the
CMSA Operating Statement Analysis Report and the CMSA Property File.

          (h) If the Master Servicer or the Special Servicer is required to
deliver any statement, report or information under any provision of this
Agreement, the Master Servicer or the Special Servicer, as the case may be,
may satisfy such obligation by (x) physically delivering a paper copy of such
statement, report or information, (y) delivering such statement, report or
information in a commonly used electronic format or (z) making such statement,
report or information available on the Master Servicer's Internet Website or
the Trustee's Internet Website, unless this Agreement expressly specifies a
particular method of delivery. Notwithstanding the foregoing, the Trustee may
request delivery in paper or electronic format of any statement, report or
information required to be delivered to the Trustee, and clause (z) shall not
apply to the delivery of any information required to be delivered to the
Trustee unless the Trustee consents to such delivery. Notwithstanding any
other provision of this Agreement to the contrary, if any portion of the CMSA
Investor Reporting Package is not timely delivered in electronic format to the
Trustee, then the Trustee shall not be in default of its obligations under
Section 4.02 of this Agreement so long as it is undertaking commercially
reasonable efforts to perform such obligations.

                                    -143-

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          SECTION 3.13. Annual Statement as to Compliance.

          Each of the Master Servicer and the Special Servicer shall deliver
to the Trustee, the Depositor, the Underwriters and the Controlling Class
Representative, on or before May 1 of each year, beginning in 2003, 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 and 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 obligations under this Agreement in all material
respects throughout such year (or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof), 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
either Grantor Trust Pool 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); provided that the Master Servicer and the
Special Servicer shall each be required to deliver its Annual Performance
Certification by March 15 in 2003 or in any given year thereafter if, in the
case of any year subsequent to 2003, it has received written confirmation from
the Trustee or the Depositor by January 31 of that year that a Report on Form
10-K is required to be filed in respect of the Trust for the preceding
calendar year.

          SECTION 3.14. Reports by Independent Public Accountants.

          On or before May 1 of each year, beginning in 2003, each of the
Master Servicer and Special Servicer, at its expense, shall cause a firm of
independent public accountants that is a member of the American Institute of
Certified Public Accountants to furnish a statement (the "Annual Accountants'
Report") to the Trustee, the Depositor, the Underwriters and the Controlling
Class Representative, to the effect that such firm has examined the servicing
operations of the Master Servicer or the Special Servicer, as the case may be,
for the previous calendar year and that, on the basis of such examination,
conducted substantially in compliance with USAP, such firm confirms that the
Master Servicer or the Special Servicer, as the case may be, has complied
during such previous calendar year with the minimum servicing standards (to
the extent applicable to commercial and multifamily mortgage loans) identified
in USAP in all material respects, except for such significant exceptions or
errors in records that, in the opinion of such firm, USAP requires it to
report; provided that the Master Servicer and the Special Servicer shall each
be required to cause the delivery of its Annual Accountants' Report by March
15 in 2003 or in any given year thereafter if, in the case of any year
subsequent to 2003, it has received written confirmation from the Trustee or
the Depositor by January 31 of that year that an Annual Report on Form 10-K is
required to be filed in respect of the Trust for the preceding calendar year.
In rendering its report such firm may rely, as to matters relating to the
direct servicing of securitized commercial and multifamily mortgage loans by
sub-servicers, upon comparable reports of firms of independent certified
public accountants rendered on the basis of examinations conducted in
accordance with the same standards (rendered within one year of such report)
with respect to those sub-servicers.

          Each of the Master Servicer and the Special Servicer will reasonably
cooperate with the Depositor in providing any other form of accountants'
reports as may be required by the Commission in connection with the
Commission's issuance of a no-action letter relating to the Depositor's
reporting

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<PAGE>

requirements in respect of the Trust pursuant to the Exchange Act, and the
reasonable additional costs of providing such other forms of accountants'
reports shall be borne by the Depositor.

          SECTION 3.15. Access to Certain Information.

          (a) The Master Servicer and the Special Servicer shall each provide
or cause to be provided to the other such party, the Depositor, the Trustee,
the Controlling Class Representative and the Rating Agencies, and to the OTS,
the FDIC and any other federal or state banking or insurance regulatory
authority that may exercise authority over any Certificateholder or
Certificate Owner, access to any documentation regarding the Mortgage Loans
and the other assets of the Trust Fund that are within its control, except to
the extent that (i) such documentation is subject to a claim of privilege
under applicable law that has been asserted by the Certificateholders and of
which the Master Servicer or the Special Servicer, as applicable, has received
written notice or (ii) the Master Servicer or the Special Servicer, as
applicable, is otherwise prohibited from making such disclosure under
applicable law, or may be subject to liability for making such disclosure in
the reasonable opinion of the counsel for the Master Servicer or the Special
Servicer, as applicable, which counsel may be a salaried employee of the
Master Servicer or the Special Servicer. Such access shall be afforded without
charge but 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. However, the Master Servicer and the
Special Servicer each may charge for any copies requested by said Persons
(other than the Rating Agencies and, to the extent that the requested number
of copies is reasonably limited and the request is not duplicative, the
Controlling Class Representative). The Master Servicer and the Special
Servicer each shall be permitted to affix a reasonable disclaimer to any
information provided by it pursuant to this Section 3.15.

          (b) Upon the request of the Controlling Class Representative made
not more frequently than once a month (which request may be a standing,
continuing request), or at such mutually acceptable time each month as the
Controlling Class Representative shall reasonably designate, each of the
Master Servicer and Special Servicer shall, without charge, make a
knowledgeable Servicing Officer available, at the option of the Controlling
Class Representative either by telephone or at the office of such Servicing
Officer, to answer questions from the Controlling Class Representative
regarding the performance and servicing of the Serviced Mortgage Loans and/or
the Administered REO Properties for which the Master Servicer or Special
Servicer, as the case may be, is responsible.

          SECTION 3.16. Title to Administered REO Property; REO Account.

          (a) If title to any Mortgaged Property (other than the Westfarms
Mall Mortgaged Property) is acquired, the deed or certificate of sale shall be
issued to the Trustee or its nominee on behalf of the Certificateholders or,
subject to Section 3.09(b), at the option of the Special Servicer, to a single
member limited liability company of which the Trust is the sole member, which
limited liability company is formed or caused to be formed by the Special
Servicer at the expense of the Trust for the purpose of taking title to one or
more Mortgaged Properties (other than the Westfarms Mall Mortgaged Property)
pursuant to this Agreement. Any such limited liability company formed by the
Special Servicer shall be a manager-managed limited liability company, with
the Special Servicer to serve as the initial manager to manage the property of
the limited liability company, including any Administered REO Property, in
accordance with the terms of this Agreement as if such property was held
directly in the name of the Trust or Trustee under this Agreement. The Special
Servicer shall sell or cause the sale

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<PAGE>

of any Administered REO Property by the end of the third taxable year
following the year in which the Trust 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 expiration of such
liquidation period, and is granted an extension of time (an "REO Extension")
by the Internal Revenue Service to sell such REO Property or (ii) obtains for
the Trustee an Opinion of Counsel, addressed to the Trustee, to the effect
that the holding by the Trust of such REO Property subsequent to the end of
the third taxable year following the year in which such acquisition occurred,
will not result in the imposition of taxes on "prohibited transactions" of any
REMIC Pool as defined in Section 860F of the Code or cause any REMIC Pool to
fail to qualify as a REMIC at any time that any Certificates are outstanding.
Regardless of whether the Special Servicer is granted the REO Extension
contemplated by clause (i) of the immediately preceding sentence or obtains
the Opinion of Counsel contemplated by clause (ii) of the immediately
preceding sentence, the Special Servicer shall act in accordance with the
Servicing Standard to liquidate the subject Administered REO Property on a
timely basis. If the Special Servicer is granted such REO Extension or obtains
such Opinion of Counsel with respect to any Administered REO Property, the
Special Servicer shall (i) promptly forward a copy of such REO Extension or
Opinion of Counsel to the Trustee, and (ii) sell such REO Property within such
extended period as is permitted by such REO Extension or contemplated by such
Opinion of Counsel, as the case may be. Any reasonable expense incurred by the
Special Servicer in connection with its applying for the REO Extension
contemplated by clause (i) of the third preceding sentence or its obtaining
the Opinion of Counsel contemplated by clause (ii) of the third preceding
sentence, and for the creation of and the operating of a limited liability
company to hold any Administered REO Property, shall be covered by and
reimbursable as a Servicing Advance. Any REO Extension shall be requested by
the Special Servicer no later than 60 days before the end of the third taxable
year following the year in which the Trust acquired ownership of the subject
Administered REO Property.

          (b) The Special Servicer shall segregate and hold all funds
collected and received by it in connection with any Administered REO Property
separate and apart from its own funds and general assets. If an REO
Acquisition shall occur, then the Special Servicer shall establish and
maintain one or more accounts (collectively, the "REO Account"), to be 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 Administered
REO Property. The REO Account shall be an Eligible Account and may consist of
one account for all the Administered REO Properties. The Special Servicer
shall deposit, or cause to be deposited, in the REO Account, within one (1)
Business Day of receipt, all REO Revenues, Liquidation Proceeds (net of all
Liquidation Expenses paid therefrom), Condemnation Proceeds and Insurance
Proceeds received by it in respect of an Administered REO Property. The
Special Servicer is authorized to pay out of related Liquidation Proceeds any
Liquidation Expenses incurred in respect of an Administered REO Property and
outstanding at the time such proceeds are received, as well as any other items
that otherwise may be paid by the Master Servicer out of such Liquidation
Proceeds as contemplated by Section 3.05(a). Funds in the REO Account may be
invested in Permitted Investments in accordance with Section 3.06. The Special
Servicer shall be entitled to make withdrawals from the REO Account to pay
itself, as Additional Special Servicing Compensation, interest and investment
income earned in respect of amounts held in the REO Account as provided in
Section 3.06(b) (but only to the extent of the Net Investment Earnings, if
any, with respect to the REO Account for any Collection Period). The Special
Servicer shall give notice to the other parties hereto of the location of the
REO Account when first established and of the new location of the REO Account
prior to any change thereof.

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<PAGE>

          (c) The Special Servicer shall withdraw from the REO Account funds
necessary for the proper operation, management, leasing, maintenance and
disposition of any Administered REO Property, but only to the extent of
amounts on deposit in the REO Account relating to such REO Property. Five (5)
Business Days prior to each Determination Date, and again on the first
Business Day following such Determination Date, the Special Servicer shall
withdraw from the REO Account and deposit into the Collection Account or
deliver to the Master Servicer, which shall deposit such amounts into the
Collection Account, the aggregate of all amounts received in respect of each
Administered REO Property during the Collection Period ending on such
Determination Date that are then on deposit in such REO Account, net of any
withdrawals made out of such amounts pursuant to the preceding sentence;
provided that in the case of each Administered REO Property, the Special
Servicer may retain in the REO Account such portion of such proceeds and
collections 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 improvements and other related expenses), such
reserve not to exceed an amount sufficient to cover such items reasonably
expected to be incurred during the following twelve-month period.

          (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, the REO Account pursuant to Section 3.16(b)
or 3.16(c).

          SECTION 3.17. Management of Administered REO Property.

          (a) Prior to the acquisition of title to any Mortgaged Property
securing a defaulted Serviced Mortgage Loan, 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. 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 an 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 reasonable
     judgment of the Special Servicer, it is commercially reasonable) so lease
     or operate such REO Property; or

               (iii) It would not be commercially reasonable to operate and
     manage such property as REO Property without the Trust incurring or
     possibly incurring an REO Tax on income from such property, then the
     Special Servicer shall deliver to the Trustee and the Controlling Class
     Representative, 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. Within a

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<PAGE>

     reasonable period of time after receipt of such plan, the Trustee shall
     consult with the Special Servicer and shall advise the Special Servicer
     of the Trust's federal income tax reporting position with respect to the
     various sources of income that the Trust would derive under the Proposed
     Plan. In addition, the Trustee shall (to the maximum extent reasonably
     possible and at a reasonable fee) advise the Special Servicer of the
     estimated amount of taxes that the Trust would be required to pay with
     respect to each such source of income from such REO Property. After
     receiving the information described in the two preceding sentences from
     the Trustee, the Special Servicer shall either (A) implement the Proposed
     Plan (after acquiring the respective Mortgaged Property as REO Property)
     or (B) manage and operate such property in a manner that would not result
     in the imposition of an REO Tax on the income derived from such property.

          Subject to Sections 3.16(a) and 3.17(b), the Special Servicer's
decision as to how each REO Property shall be managed and operated shall be in
accordance with the Servicing Standard. Both the Special Servicer and the
Trustee may consult with counsel knowledgeable in such matters at (to the
extent reasonable) the expense of the Trust in connection with determinations
required under this Section 3.17(a) with respect to any Administered REO
Property. Neither the Special Servicer nor the Trustee shall be liable to the
Certificateholders, the Trust, the other parties hereto or each other for
errors in judgment made in good faith in the reasonable exercise of their
discretion or in reasonable and good faith reliance on the advice of
knowledgeable counsel while performing their respective responsibilities under
this Section 3.17(a) or, to the extent it relates to federal income tax
consequences for the Trust, Section 3.17(b) below. Nothing in this Section
3.17(a) is intended to prevent the sale of an Administered REO Property
pursuant to the terms and subject to the conditions of Section 3.18(d).

          (b) If title to any Mortgaged Property (other than the Westfarms
Mall Mortgaged Property) is acquired, the Special Servicer shall manage,
conserve, protect and operate such Mortgaged Property for the benefit of the
Certificateholders solely for the purpose of its prompt disposition and sale
in a manner that does not cause such Mortgaged Property to fail to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code
or, except as contemplated by Section 3.17(a), 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 in an Adverse REMIC Event in respect of
any REMIC Pool. Except as provided in Section 3.17(a), the Special Servicer
shall not enter into any lease, contract or other agreement with respect to
any Administered REO Property that causes any REMIC Pool to receive, and
(unless required to do so under any lease, contract or agreement to which the
Special Servicer or the Trust may become a party or successor to a party due
to a foreclosure, deed-in-lieu of foreclosure or other similar exercise of a
creditor's rights or remedies with respect to a Serviced Mortgage Loan) shall
not cause or allow any REMIC Pool to receive any "net income from foreclosure
property" with respect to any Administered REO Property that is subject to
taxation under the REMIC Provisions. Subject to the foregoing, Section 3.16(a)
and Section 3.17(a), however, the Special Servicer shall have full power and
authority to do any and all things in connection with the administration of
any Administered REO Property 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 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;

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               (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 other 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
Administered REO Property are insufficient for the purposes set forth in the
preceding sentence with respect to such REO Property, the Special Servicer
shall (in accordance with Section 3.19(b)) direct the Master Servicer to make
(and the Master Servicer shall so make), Servicing Advances in such amounts as
are necessary for such purposes unless (as evidenced in the manner
contemplated by Section 3.11(h)) the Special Servicer or the Master Servicer
determines, in its reasonable judgment, that such payment would be a
Nonrecoverable Servicing Advance.

          (c) The Special Servicer may (and, except as otherwise permitted by
Section 3.17(a), shall if it would avoid an Adverse REMIC Event) contract with
any Independent Contractor for the operation and management of any
Administered 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
     expenses of the Trust) shall be reasonable and customary in consideration
     of the nature and locality of such REO Property;

               (iii) any such contract shall be consistent with the provisions
     of Treasury regulation section 1.856-4(b)(5) and, to the extent
     consistent therewith, shall be administered to require that the
     Independent Contractor, in a timely manner, (A) to the extent of
     available revenue from such REO Property, pay all costs and expenses
     incurred in connection with the operation and management of such REO
     Property, including those listed in Section 3.17(b) above, and (B) remit
     all related revenues collected (net of its fees and such costs and
     expenses) to the Special Servicer upon receipt;

               (iv) none of the provisions of this Section 3.17(c) 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 any 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, and the Special Servicer shall comply with the Servicing
     Standard in monitoring such Independent Contractor.

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 for indemnification of the

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Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

          SECTION 3.18. Fair Value Option; Sale of Administered REO
                        Properties.

          (a) The parties hereto may sell or purchase, or permit the sale or
purchase of, a Mortgage Loan or Administered REO Property only on the terms
and subject to the conditions set forth in this Section 3.18 or as otherwise
expressly provided in or contemplated by Section 2.03, Section 9.01 and/or the
related Mortgage Loan Documents (including, in the case of the Westfarms Mall
Mortgage Loan, the Westfarms Mall Intercreditor Agreements).

          (b) If any Serviced Mortgage Loan becomes a Specially Designated
Defaulted Mortgage Loan, then the Special Servicer shall promptly so notify in
writing the Trustee, the Controlling Class Representative and the Master
Servicer, and shall concurrently, or as soon as reasonably practical (and, in
any event, within 30 days) thereafter, make a Fair Value Determination with
respect to such Mortgage Loan based on the most recent Appraisal in respect of
the related Mortgaged Property then in the Special Servicer's possession,
together with such other third-party reports and other information then in the
Special Servicer's possession that the Special Servicer reasonably believes to
be relevant to the Special Servicer's Fair Value Determination with respect to
such Mortgage Loan, including information regarding any change in
circumstances regarding the related Mortgaged Property known to the Special
Servicer that has occurred subsequent to, and that would materially affect the
value of the related Mortgaged Property reflected in, the most recent
Appraisal of the related Mortgaged Property in the related Servicing File;
provided that, if the Special Servicer is then in the process of obtaining a
new Appraisal with respect to the related Mortgaged Property pursuant to
Section 3.19(c), then the Special Servicer shall make its Fair Value
Determination with respect to such Mortgage Loan in accordance with the
Servicing Standard as soon as reasonably practicable (but in any event within
30 days) after the Special Servicer's receipt of such new Appraisal. In
determining the Fair Value of any Specially Designated Defaulted Mortgage
Loan, the Special Servicer shall take into account, among other factors, the
period and amount of the delinquency on such Mortgage Loan, the occupancy
level and physical condition of the related Mortgaged Property, the state of
the local economy and the commercial real estate market in the area where the
related Mortgaged Property is located, and the time and expense associated
with and the expected recovery from a purchaser's foreclosing on the related
Mortgaged Property or working out such Mortgage Loan, but shall ignore the
purchase option provided for in Section 3.18(c). In addition, the Special
Servicer shall refer to all relevant information contained in the Servicing
File, including the most recent Appraisal obtained or conducted with respect
to the related Mortgaged Property in the preceding 12-month period in
accordance with this Agreement, and shall not determine the Fair Value of any
Specially Designated Defaulted Mortgage Loan without such an Appraisal;
provided that the Special Servicer shall take account of any change in
circumstances regarding the related Mortgaged Property known to the Special
Servicer that has occurred subsequent to, and that would, in the Special
Servicer's reasonable judgment, materially affect the value of the related
Mortgaged Property reflected in, such Appraisal. Furthermore, the Special
Servicer shall consider available objective third-party information obtained
from generally available sources, as well as information obtained from vendors
providing real estate services to the Special Servicer, concerning the market
for distressed real estate loans and the real estate market for the subject
property type in the area where the related Mortgaged Property is located. The
Special Servicer may, to the extent it is reasonable to do so in accordance
with the Servicing Standard, conclusively rely on any opinions or reports of
qualified Independent experts in real estate or commercial mortgage loan
matters with at least

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five years' experience in valuing or investing in loans similar to the subject
Specially Designated Defaulted Mortgage Loan, selected with reasonable care by
the Special Servicer, in making such determination. All reasonable costs and
expenses incurred by the Special Servicer pursuant to this Section 3.18(b)
shall constitute, and be reimbursable as, Servicing Advances. The other
parties to this Agreement shall cooperate with all reasonable requests for
information made by the Special Servicer in order to allow the Special
Servicer to perform its duties pursuant to this Section 3.18(b).

          Notwithstanding the foregoing, in the event that the Special
Servicer or any Affiliate of the Special Servicer exercises the purchase
option described in Section 3.18(c) with respect to any Specially Designated
Defaulted Mortgage Loan, including as a Controlling Class Certificateholder or
as the assignee of another option holder, then the Master Servicer will be
required to confirm that the Special Servicer's Fair Value Determination of
such Specially Designated Defaulted Mortgage Loan is no less than the amount
that the Master Servicer considers to be the fair value of such Specially
Designated Defaulted Mortgage Loan (such confirmation to be made within 10
days (or, if an Independent expert is to be retained as contemplated below, 20
days) after receipt of the Special Servicer's Fair Value Determination,
together with the Appraisal and other information contemplated in the next
sentence); provided that, if the Master Servicer is also acting as, or is an
Affiliate of, the Special Servicer, then the Trustee, instead of the Master
Servicer, shall so confirm the Special Servicer's Fair Value Determination. In
such event, the Special Servicer shall promptly deliver to the Master Servicer
or the Trustee, as applicable in accordance with the foregoing sentence, the
most recent Appraisal in respect of the related Mortgaged Property then in the
Special Servicer's possession, together with such other third-party reports
(including any determination of an Independent real estate expert) and other
information then in the Special Servicer's possession that the Master Servicer
or Trustee reasonably believes to be relevant to the Master Servicer's or
Trustee's, as the case may be, confirmation of the Special Servicer's Fair
Value Determination with respect to such Mortgage Loan, including information
regarding any change in circumstances regarding the related Mortgaged Property
known to the Special Servicer that has occurred subsequent to, and that would
materially affect the value of the related Mortgaged Property reflected in,
the most recent Appraisal of the related Mortgaged Property in the related
Servicing File. Notwithstanding the foregoing, and if the Special Servicer has
not already done so, the Master Servicer or the Trustee, as the case may be,
may (at its option) designate a qualified Independent expert in real estate or
commercial mortgage loan matters with at least five years' experience in
valuing or investing in loans similar to the subject Specially Designated
Defaulted Mortgage Loan, selected with reasonable care by the Master Servicer
or the Trustee, as the case may be, to confirm that the Special Servicer's
Fair Value Determination is consistent with or greater than what the
Independent expert considers to be the fair value of such Mortgage Loan. If
the Master Servicer, the Trustee or the Special Servicer designates such an
Independent expert to make such determination in accordance with this
paragraph, the Master Servicer or Trustee, as the case may be, shall be
entitled to rely upon such Independent expert's determination. The reasonable
costs of all third party opinions of value and any appraisals and inspection
reports incurred by the Master Servicer or Trustee, as the case may be,
pursuant to this paragraph shall be advanced by the Master Servicer or
Trustee, as the case may be, and shall constitute, and be reimbursable as,
Servicing Advances. In addition, the Master Servicer or the Trustee, as the
case may be, shall be entitled to receive out of the Collection Account a
$2,500 fee for the initial confirmation of the Special Servicer's Fair Value
Determination (but no fee for any subsequent confirmation of the Special
Servicer's Fair Value Determination required by Section 3.18(c)(vi) below)
that is made by it with respect to any Specially Designated Defaulted Mortgage
Loan, in accordance with this Section 3.18(b).

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          (c) Promptly following its determination of the Fair Value of any
Specially Designated Defaulted Mortgage Loan in accordance with Section
3.18(b), the Special Servicer shall deliver to the Master Servicer and the
Trustee an Officer's Certificate setting forth such Fair Value Determination.
Within five Business Days of the Special Servicer's providing the Trustee with
the Special Servicer's determination of the Fair Value of any Specially
Designated Defaulted Mortgage Loan in accordance with Section 3.18(b), the
Trustee shall promptly notify all of the Controlling Class Certificateholders
of such Fair Value Determination. Upon being informed of the Special
Servicer's initial Fair Value Determination with respect to any Specially
Designated Defaulted Mortgage Loan, any single Holder or group of Holders of
Certificates representing a majority of the Voting Rights allocated to the
Controlling Class may, at its or their option, purchase such Mortgage Loan
from the Trust, at a cash price equal to the Special Servicer's determination
of Fair Value for such Mortgage Loan; provided that:

               (i) the foregoing purchase option will last only until the
     earliest of (A) the date on which such Mortgage Loan becomes a Corrected
     Serviced Mortgage Loan or otherwise ceases to be at least 60 days'
     delinquent, (B) the date on which a Liquidation Event occurs with respect
     to such Mortgage Loan or the related Mortgaged Property becomes an REO
     Property, and (C) the second anniversary of the date on which such
     Mortgage Loan first became a Specially Designated Defaulted Mortgage Loan
     (the period during which any Specially Designated Defaulted Mortgage Loan
     is eligible for purchase pursuant to this Section 3.18(c) is herein
     referred to as the "Purchase Option Period" for such Mortgage Loan);

               (ii) any single Holder or group of Holders of Certificates
     representing a majority of the Voting Rights allocated to the Controlling
     Class may assign the foregoing option to any third party;

               (iii) if the foregoing purchase option has not been exercised
     by any single Holder or group of Holders of Certificates representing a
     majority of the Voting Rights allocated to the Controlling Class or any
     assignee thereof by the 60th day of the applicable Purchase Option
     Period, then the foregoing purchase option shall automatically be
     assigned, for a 30-day period only, to the Special Servicer;

               (iv) at any time during the 30-day period referred to in the
     immediately preceding clause (iii), the Special Servicer may exercise the
     foregoing purchase option or, for the remainder of such 30-day period,
     may assign the foregoing purchase option to any third party;

               (v) if the foregoing purchase option has not been exercised by
     the Special Servicer or any assignee thereof during the 30-day period
     referred to in the immediately preceding clauses (iii) and (iv), then the
     foregoing purchase option shall automatically revert to the Holder or
     group of Holders of Certificates representing a majority of the Voting
     Rights allocated to the Controlling Class, who will again have the option
     of assigning the foregoing purchase option to any third party;

               (vi) if any single Holder or group of Holders of Certificates
     representing a majority of the Voting Rights allocated to the Controlling
     Class or any assignee thereof desires to exercise the foregoing purchase
     option more than three months after the Special Servicer's most recent
     Fair Value Determination with respect to the subject Specially Designated
     Defaulted Mortgage Loan, then the Special Servicer shall, in accordance
     with Section 3.18(b), redetermine

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     (and the Master Servicer or Trustee, as applicable, shall, in accordance
     with Section 3.18(b), if necessary, reconfirm the Special Servicer's
     determination of) the Fair Value of the subject Specially Designated
     Defaulted Mortgage Loan, which redetermined (and, if necessary,
     reconfirmed) Fair Value shall thereafter become the new price for the
     foregoing purchase option; and

               (vii) if, and for so long as, the Depositor and/or its
     Affiliates and agents, or any Mortgage Loan Seller and/or its Affiliates
     and agents, shall at any time be the Majority Controlling Class
     Certificateholder(s), then the Depositor or such Mortgage Loan Seller
     may, solely as to itself and its Affiliates and agents, waive the right
     to exercise the foregoing purchase option as to any particular Serviced
     Mortgage Loan by delivering written notice to that effect to the Trustee,
     the Master Servicer and the Special Servicer at any time prior to, or
     within 15 days following, such Mortgage Loan's becoming a Specially
     Designated Defaulted Mortgage Loan (it being understood and agreed that
     such waiver shall be made on a loan-by-loan basis, shall not affect the
     right of the Depositor and/or its Affiliates and agents, or such Mortgage
     Loan Seller and/or its Affiliates and agents, as the case may be, to
     assign the foregoing purchase option with respect to the subject Mortgage
     Loan to an independent third party and shall remain in effect only until
     the Depositor and/or its Affiliates and agents, or such Mortgage Loan
     Seller and/or its Affiliates and agents, as the case may be, are no
     longer the Majority Controlling Class Certificateholder(s).

          Exercise of the purchase option in respect of any Specially
Designated Defaulted Mortgage Loan in accordance with this Section 3.18(c)
shall be effected by giving written notice to that effect to the Trustee, the
Master Servicer and, unless it is the party exercising such purchase option,
the Special Servicer. The price payable for any Specially Designated Defaulted
Mortgage Loan purchased under this Section 3.18(c) must be delivered to the
Master Servicer within 15 days of the prospective purchaser's delivery of such
notice (or, if later, within 15 days of the determination and, if necessary,
confirmation of, any updated Fair Value of such Specially Designated Defaulted
Mortgage Loan in accordance with Section 3.18(c)(vi) above) or such exercise
of the purchase option for such Specially Designated Defaulted Mortgage Loan
shall be void. The Special Servicer shall act on behalf of the Trust in taking
all actions necessary and appropriate in connection with the sale of any
Specially Designated Defaulted Mortgage Loan pursuant to this Section 3.18(c)
and the collection of all amounts payable in connection therewith. The price
payable for any Specially Designated Defaulted Mortgage Loan purchased under
this Section 3.18(c) shall be deposited into the Collection Account. Upon its
receipt of an Officer's Certificate from the Master Servicer to the effect
that such deposit has been made, the Trustee shall release or cause to be
released to or at the direction of the purchaser, the related Mortgage File,
and the Trustee or the Master Servicer on behalf of the Trustee shall execute
and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be provided to it by the purchaser and are reasonably
necessary to vest in the purchaser or any designee thereof the ownership of
such Mortgage Loan. In connection with any such purchase by any Person other
than it, the Special Servicer shall deliver the related Servicing File to or
at the direction of the purchaser. Any sale of a Specially Designated
Defaulted Mortgage Loan pursuant to this Section 3.18(c) shall be on a
servicing released basis.

          Nothing in this Section 3.18(c) is intended to prevent, impair or
delay the Special Servicer or the Master Servicer from taking any action
permitted to be taken thereby with respect to any Specially Designated
Defaulted Mortgage Loan pursuant to, and the Master Servicer and the Special

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Servicer shall proceed concurrently with respect to a Specially Designated
Defaulted Mortgage Loan (without regard to this Section 3.18(c)) in accordance
with, Section 3.09 and/or Section 3.20.

          (d) The Special Servicer shall use its reasonable efforts,
consistent with the Servicing Standard, to solicit bids for each Administered
REO Property in such manner as will be reasonably likely to realize a fair
price (determined pursuant to Section 3.18(e) below) as soon as reasonably
practicable (in light of the use and location of such REO Property) and, in
any event, within the time period provided for by Section 3.16(a). Subject to
Section 3.24 hereof, the Special Servicer shall accept the first (and, if
multiple bids are received by a specified bid date, the highest) cash bid
received from any Person that constitutes a fair price (determined pursuant to
Section 3.18(e) below) for any Administered REO Property; provided that, if
the Special Servicer receives more than two bids from Independent third
parties, it may also submit a bid. If the Special Servicer reasonably believes
that it will be unable to realize a fair price (determined pursuant to Section
3.18(e) below) for any Administered REO Property within the time constraints
imposed by Section 3.16(a), then the Special Servicer shall, consistent with
the Servicing Standard, 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. No Interested Person
shall be obligated to submit a bid to purchase any Administered REO Property,
and notwithstanding anything to the contrary herein, neither the Trustee, in
its individual capacity, nor any of its Affiliates and agents may bid for or
purchase any Administered REO Property pursuant hereto.

          The Special Servicer shall act on behalf of the Trust in negotiating
with independent third parties and taking any other action necessary or
appropriate in connection with the sale of any Administered REO Property, and
the collection of all amounts payable in connection therewith. In connection
therewith, the Special Servicer may charge prospective bidders, and may
retain, fees that approximate the Special Servicer's actual costs in the
preparation and delivery of information pertaining to such sales or evaluating
bids without obligation to deposit such amounts into the Collection Account or
the REO Account. Any sale of any Administered REO Property shall be final and
without recourse (except for warranties of title and condition) 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.

          (e) Whether any cash bid constitutes a fair price for any
Administered REO Property for purposes of Section 3.18(d) shall be determined
by the Special Servicer (or, if such cash bid is from the Special Servicer or
an Affiliate thereof, by the Master Servicer (or, if the Master Servicer or an
Affiliate thereof is also bidding, by the Trustee)). In determining whether
any bid received from the Special Servicer or an Affiliate thereof represents
a fair price for any Administered REO Property, the Master Servicer or
Trustee, as applicable, shall be supplied with and shall be entitled to rely
on the most recent Appraisal with respect to such REO Property obtained or
conducted in accordance with this Agreement within the preceding 12-month
period (or, in the absence of any such Appraisal or if there has been a
material change at the subject property since any such Appraisal, on a new
Appraisal to be obtained by the Special Servicer (the cost of which shall be
covered by, and be reimbursable as, a Servicing Advance)). The appraiser
conducting any such new Appraisal shall be a Qualified Appraiser that is (i)
selected by the Special Servicer if neither the Special Servicer nor any
Affiliate thereof is bidding with respect to an Administered REO Property and
(ii) selected by the Master Servicer (or, if the Master Servicer or an
Affiliate thereof is also bidding, by the Trustee) if either the Special
Servicer or

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<PAGE>

any Affiliate thereof is so bidding. Where any Interested Person is among
those bidding with respect to an Administered REO Property, the Special
Servicer shall require that all bids be submitted to it (or, if the Special
Servicer or an Affiliate thereof is bidding, shall be submitted by it to the
Master Servicer (or, if the Master Servicer or an Affiliate thereof is also
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 the Special Servicer or an Affiliate
thereof constitutes a fair price for any Administered REO Property, the
Special Servicer shall take into account the results of any Appraisal or
updated Appraisal that it or the Master Servicer may have obtained in
accordance with this Agreement within the preceding 12-month period, and any
Qualified 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 commercial real estate market
in the area where the subject REO Property is located and the obligation to
dispose of the subject REO Property within the time period specified in
Section 3.16(a). The Purchase Price for any Administered REO Property shall in
all cases be deemed a fair price. Notwithstanding the other provisions of this
Section 3.18(e), no cash bid from the Special Servicer or any Affiliate
thereof shall constitute a fair price for any Administered REO Property unless
such bid is the highest cash bid received and at least two independent bids
(not including the bid of the Special Servicer or any Affiliate thereof) have
been received. 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 real
property.

          (f) Any sale of a Specially Designated Defaulted Mortgage Loan or
any REO Property shall be for cash only.

          (g) The parties hereto acknowledge the right of the holder of the
Westfarms Mall Subordinate Companion Loan to purchase the Westfarms Mall
Mortgage Loan as and when provided in the Westfarms Mall A/B Intercreditor
Agreement.

          SECTION 3.19. Additional Obligations of the Master Servicer and the
                        Special Servicer.

          (a) The Master Servicer shall deliver to the Trustee for deposit in
the Distribution Account by 1:00 p.m. (New York City time) on each Master
Servicer Remittance Date, without any right of reimbursement therefor, a cash
payment (a "Compensating Interest Payment") in an amount equal to the sum of :

               (i) the lesser of (A) the aggregate amount of Prepayment
     Interest Shortfalls incurred in connection with Principal Prepayments
     received (including, in the case of the Westfarms Mall Mortgage Loan, by
     the Westfarms Mall Master Servicer or the Westfarms Mall Special Servicer
     on behalf of the Trust) during the most recently ended Collection Period
     with respect to the Mortgage Loans, and (B) the aggregate of (1) that
     portion of the Master Servicer's Master Servicing Fees for the most
     recently ended Collection Period that is, in the case of each and every
     Mortgage Loan and REO Loan for which such Master Servicing Fees are being
     paid in such Collection Period, calculated at 0.02% per annum, (2) all
     Prepayment Interest Excesses received by the Master Servicer during the
     most recently ended Collection Period and (3) all Net Investment Earnings
     earned on such Principal Prepayments; provided, however, that if such a

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<PAGE>

     Prepayment Interest Shortfall occurs as a result of the Master Servicer's
     allowing the Borrower under any Serviced Mortgage Loan to deviate from
     the terms of the related Mortgage Loan Documents regarding Principal
     Prepayments (other than (S) subsequent to a material default under the
     related Mortgage Loan Documents, (T) pursuant to applicable law or a
     court order, or (U) at the request or with the consent of the Controlling
     Class Representative), then, for purposes of calculating the Compensating
     Interest Payment for the subject Collection Period, the rate referred to
     in clause (B)(1) above shall be 0.05% per annum (except as to the
     Mortgage Loans that are, as of the Closing Date, Primary Serviced
     Mortgage Loans, for which it shall in each case be 0.02% per annum); and

               (ii) the lesser of (A) the aggregate amount of Prepayment
     Interest Shortfalls incurred in connection with Insurance Proceeds and
     Condemnation Proceeds received (including, in the case of the Westfarms
     Mall Mortgage Loan, by the Westfarms Mall Master Servicer or the
     Westfarms Mall Special Servicer on behalf of the Trust) during the most
     recently ended Collection Period with respect to the Mortgage Loans, and
     (B) all Net Investment Earnings earned on the portion of such Insurance
     Proceeds and Condemnation Proceeds that represents an early recovery of
     principal.

          The rights of the Certificateholders to offset the aggregate
Prepayment Interest Shortfalls shall not be cumulative from Collection Period
to Collection Period.

          (b) No later than 1:00 p.m. New York City time on the first
Determination Date that follows the date on which the Special Servicer makes
any Servicing Advance, the Special Servicer shall provide the Master Servicer
an Officer's Certificate (via facsimile) setting forth the details of the
Servicing Advance upon which the Master Servicer shall conclusively rely in
reimbursing the Special Servicer. The Master Servicer shall be obligated, out
of the Master Servicer's own funds, to reimburse the Special Servicer for any
unreimbursed Servicing Advance (other than a Nonrecoverable Servicing Advance)
made by the Special Servicer with respect to any Specially Serviced Mortgage
Loan or Administered REO Property, together with interest thereon at the
Reimbursement Rate from the date made to, but not including, the date of
reimbursement. Any such reimbursement, together with any accompanying payment
of interest, shall be made by the Master Servicer, by wire transfer of
immediately available funds to an account designated by the Special Servicer,
no later than the first Master Servicer Remittance Date that is at least three
(3) Business Days after the date on which the Master Servicer receives the
corresponding Officer's Certificate contemplated by the prior sentence;
provided that any such Officer's Certificate received after 1:00 p.m., New
York City time, on any particular date shall, for purposes of any such
reimbursement, be deemed received on the next succeeding Business Day. Upon
the Master Servicer's reimbursement to the Special Servicer of any Servicing
Advance and payment to the Special Servicer of interest thereon, all in
accordance with this Section 3.19(b), the Master Servicer shall for all
purposes of this Agreement be deemed to have made such Servicing Advance at
the same time as the Special Servicer actually made such Servicing Advance,
and accordingly, the Master Servicer shall be entitled to reimbursement for
such Servicing Advance, together with interest thereon in accordance with
Sections 3.05(a) and 3.11(g), at the same time, in the same manner and to the
same extent as the Master Servicer would otherwise have been entitled if it
had actually made such Servicing Advance at the time the Special Servicer did.

          Notwithstanding anything to the contrary contained in any other
Section of this Agreement, the Special Servicer shall notify the Master
Servicer whenever a Servicing Advance is

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<PAGE>

required to be made with respect to any Specially Serviced Mortgage Loan or
Administered REO Property, and the Master Servicer shall thereupon make such
Servicing Advance; provided that the Special Servicer may make any Servicing
Advance on a Specially Serviced Mortgage Loan or Administered REO Property
only as may be required on an urgent or emergency basis. Each such notice and
request shall be made, in writing, in a timely manner that does not adversely
affect the interests of any Certificateholder (and, in any event, to the
extent reasonably practicable, at least five Business Days in advance of the
date on which the subject Servicing Advance is to be made) and shall be
accompanied by such information and documentation regarding the subject
Servicing Advance as the Master Servicer may reasonably request; provided,
however, that the Special Servicer shall not be entitled to make such a
request (other than for emergency Servicing Advances) more frequently than
once per calendar month (although such request may relate to more than one
Servicing Advance). The Master Servicer shall have the obligation to make any
such Servicing Advance (other than a Nonrecoverable Servicing Advance) that it
is so requested by the Special Servicer to make, within five 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
with respect to any Specially Serviced Mortgage Loan or Administered REO
Property (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 Advance Interest in accordance with Sections 3.05(a) and
3.11(g), at the same time, in the same manner and to the same extent as the
Master Servicer is entitled with respect to any other Servicing Advances made
thereby.

          Notwithstanding the foregoing provisions of this Section 3.19(b),
the Master Servicer shall not be required to reimburse the Special Servicer
for, or to make at the direction of the Special Servicer, any Servicing
Advance if the Master Servicer determines in its reasonable 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 and, if applicable, such Nonrecoverable Servicing Advance
shall be reimbursed to the Special Servicer pursuant to Section 3.05(a).

          (c) Promptly following the occurrence of an Appraisal Trigger Event
with respect to any Serviced Mortgage Loan, the Special Servicer shall obtain
(or, if such Mortgage Loan has a Stated Principal Balance of $2,000,000 or
less, at the Special Servicer's option, conduct) an Appraisal of the related
Mortgaged Property, unless an Appraisal thereof had previously been obtained
(or, if applicable, conducted) within the preceding 12-month period and there
has been no subsequent material change in the circumstances surrounding the
related Mortgaged Property that, in the judgment of the Special Servicer,
would materially affect the value of the property, and shall deliver a copy of
such Appraisal to the Master Servicer, the Controlling Class Representative
and, upon request, the Trustee. If such Appraisal is obtained from a Qualified
Appraiser, the cost thereof shall be covered by, and be reimbursable as, a
Servicing Advance. Promptly following the receipt of, and based upon, such
Appraisal, the Special Servicer, in consultation with the Controlling Class
Representative, shall determine and report to the Trustee and the Master
Servicer the then applicable Appraisal Reduction Amount, if any, with respect
to the subject Required Appraisal Loan.

          For so long as any Serviced Mortgage Loan or any REO Loan that
relates to an Administered REO Property remains a Required Appraisal Loan, the
Special Servicer shall, within 30 days of each anniversary of such loan's
having become a Required Appraisal Loan, obtain (or, if such

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<PAGE>

Required Appraisal Loan has a Stated Principal Balance of $2,000,000 or less,
at the Special Servicer's option, conduct) an update of the prior Appraisal.
If such update is obtained from a Qualified Appraiser, the cost thereof shall
be covered by, and be reimbursable as, a Servicing Advance. Promptly following
the receipt of, and based upon, such update, the Special Servicer shall
redetermine, in consultation with the Controlling Class Representative, and
report to the Trustee and the Master Servicer the then applicable Appraisal
Reduction Amount, if any, with respect to the subject Required Appraisal Loan.

          The Controlling Class Representative shall have the right at any
time within six months of the date of the receipt of any Appraisal to require
that the Special Servicer obtain a new Appraisal of the subject Mortgaged
Property in accordance with MAI standards, at the expense of the Controlling
Class Certificateholders, and upon receipt of such Appraisal the Special
Servicer shall redetermine the Appraisal Reduction Amount.

          The Trustee shall disclose the existence of an Appraisal Reduction
Amount with respect to any Mortgage Loan or REO Loan on the Statement to
Certificateholders.

          (d) The Master Servicer shall not be required to pay without
reimbursement the fees charged by any Rating Agency for a (i) confirmation as
to the lack of an Adverse Rating Event with respect to any Class of Rated
Certificates or (ii) in connection with any other particular matter, unless
the Master Servicer has failed to use efforts consistent with the Servicing
Standard to collect such fees from the Borrower, which shall include, if it
has the right to do so under the applicable Mortgage Loan Documents,
conditioning its consent or approval on such payment by the related Borrower
unless such condition would be a violation of applicable law or the Servicing
Standard.

          (e) In connection with each prepayment of principal received
hereunder, the Master Servicer shall calculate any applicable Prepayment
Premium payable under the terms of the related Mortgage Note or loan
agreement. Upon written request of any Certificateholder, the Master Servicer
shall disclose to such Certificateholder its calculation of any such
Prepayment Premium.

          (f) The Master Servicer shall not permit defeasance of any Serviced
Mortgage Loan (x) before the earliest date on which defeasance is permitted
under the terms of such Mortgage Loan, or (y) subject to the terms of such
Mortgage Loan, unless (i) the defeasance collateral consists of government
securities (as defined in Section 2(a)(16) of the Investment Company Act),
(ii) the Master Servicer has determined that the defeasance will not result in
an Adverse REMIC Event in respect of any REMIC Pool, (iii) the Master Servicer
has notified the Rating Agencies, (iv) the Master Servicer has confirmed that
such defeasance will not result in an Adverse Rating Event with respect to any
Class of Rated Certificates (provided that the requirement to obtain such
confirmation will be a precondition to the defeasance only if the Master
Servicer is able under the related Mortgage Loan Documents and applicable law
to prevent the defeasance if such confirmation is not obtained and either (A)
the subject Serviced Mortgage Loan is one of the ten largest Mortgage Loans by
balance or has a Stated Principal Balance in excess of the lesser of
$20,000,000 and 5.0% of the then aggregate Stated Principal Balance of the
Mortgage Pool or (B) in the case of all Serviced Mortgage Loans not covered by
(A) above, the Master Servicer is unable to execute and deliver the
certification attached hereto as Exhibit M in connection with the subject
defeasance), and (v) the Master Servicer has requested and received from the
related Borrower (A) an Opinion of Counsel generally to the effect that the
Trustee will have a perfected, first priority security interest in such
defeasance collateral and (B) written confirmation from a firm of Independent
accountants stating that payments made on such defeasance collateral in

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accordance with the terms thereof will be sufficient to pay the subject
Serviced Mortgage Loan in full on or before its Stated Maturity Date (or, in
the case of a Serviced Mortgage Loan that is an ARD Mortgage Loan, on or
before its Anticipated Repayment Date) and to timely pay each Monthly Payment
scheduled to be due prior thereto but after the defeasance; provided that, if
under the terms of the related Mortgage Loan Documents, the related Borrower
delivers cash to purchase the defeasance collateral rather than the defeasance
collateral itself, the Master Servicer shall purchase the government
securities contemplated by the related Mortgage Loan Documents. Subsequent to
the second anniversary of the Startup Day for the REMIC Pool that holds the
subject Serviced Mortgage Loan, to the extent that the Master Servicer can, in
accordance with the related Mortgage Loan Documents, require defeasance of any
Serviced Mortgage Loan in lieu of accepting a prepayment of principal
thereunder, including a prepayment of principal accompanied by a Prepayment
Premium, the Master Servicer shall, to the extent it is consistent with the
Servicing Standard, require such defeasance, provided that the conditions set
forth in clauses (i) through (v) of the preceding sentence have been
satisfied. The Master Servicer and the Special Servicer each shall, consistent
with the Servicing Standard, enforce the provisions of the Serviced Mortgage
Loans it is obligated to service hereunder relating to defeasance and
prepayment restrictions; provided that, if at any time a court with
jurisdiction in the matter shall hold that the related Borrower may obtain a
release of the subject Mortgaged Property but is not obligated to deliver the
full amount of the defeasance collateral contemplated by the related Mortgage
Loan Documents (or cash sufficient to purchase such defeasance collateral),
then the Master Servicer shall (i) if consistent with such court holding and
the related Mortgage Loan Documents, refuse to allow the defeasance of the
Serviced Mortgage Loan or (ii) if the Master Servicer cannot so refuse and if
the related Borrower has delivered cash to purchase the defeasance collateral,
the Master Servicer shall either (A) buy such defeasance collateral or (B)
prepay the Serviced Mortgage Loan, in either case, in accordance with the
Servicing Standard.

          (g) The Master Servicer shall, as to each Serviced Mortgage Loan
which is secured by the interest of the related Borrower under a Ground Lease
as listed on the Mortgage Loan Schedule, in accordance with the related
Mortgage Loan Documents, promptly (and, in any event, within 45 days) after
the Closing Date notify the related ground lessor of the transfer of such
Mortgage Loan to the Trust 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.

          (h) If a Serviced Mortgage Loan provides or allows that the related
Borrower's failure to make any Monthly Payment due thereunder on the
applicable Due Date will not result in an event of default for which such
Mortgage Loan may be accelerated and/or the accrual of Default Charges unless
and until the Master Servicer notifies such Borrower of the failure or the
elapse of a specified number of days following the Master Servicer's delivery
of such notice, then the Master Servicer shall promptly (and in any event
within two Business Days following the applicable Due Date) notify the related
Borrower of such a failure.

          (i) The Master Servicer shall maintain at its Primary Servicing
Office and shall, upon reasonable advance written notice, make available
during normal business hours for review by the Trustee, the Depositor, each
Rating Agency, the Controlling Class Representative and, subject to the
succeeding paragraph, any Certificateholder or Certificate Owner, or any
Person identified to the Master Servicer by any Certificateholder or
Certificate Owner, as a prospective transferee of a Certificate or an interest
therein, originals and/or copies of the following items (to the extent such
items were prepared by or delivered to the Master Servicer): (i) the most
recent inspection report prepared by the Master

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Servicer or the Special Servicer in respect of each Mortgaged Property
pursuant to Section 3.12(a); (ii) the most recent quarterly and annual
operating statement and rent roll (together with any new leases entered into
by the related Borrower and received by the Master Servicer) of each related
Mortgaged Property and financial statements of the related Borrower collected
by the Master Servicer or the Special Servicer pursuant to Section 3.12(b);
(iii) any of the foregoing reports, statements and/or rent rolls which contain
information related to the Westfarms Mall Mortgage Loan, the Westfarms Mall
Mortgaged Property and/or the Westfarms Mall Borrower, to the extent such
items were received by the Master Servicer from the Westfarms Mall Master
Servicer; (iv) all files and reports comprising the CMSA Investor Reporting
Package prepared by the Master Servicer or the Special Servicer since the
Closing Date pursuant to Sections 3.12 and 4.02; (v) all Sub-Servicing
Agreements (including exhibits thereto) entered into by, or delivered by the
Special Servicer to, the Master Servicer that remain in effect and any
amendments thereof and supplements thereto; and (vi) all of the Servicing
Files in its possession; provided that, if the Master Servicer reasonably
determines that any item of information contained in such Servicing Files or
relating to the Westfarms Mall Mortgage Loan is of a nature that it should be
conveyed to all Certificateholders at the same time, it shall, as soon as
reasonably possible following its receipt of any such item of information,
disclose such item of information to the Trustee as part of the reports to be
delivered to the Trustee by the Master Servicer pursuant to Section 3.12
and/or Section 4.02, and until the Trustee has either disclosed such
information to all Certificateholders in a Statement to Certificateholders or
has properly filed such information with the Commission on behalf of the Trust
under the Exchange Act, the Master Servicer shall be entitled to withhold such
item of information from any Certificateholder or Certificate Owner or
prospective transferee of a Certificate or an interest therein; and provided,
further, that the Master Servicer shall not be required to make particular
items of information contained in the Servicing File for any Serviced Mortgage
Loan available to any Person if the disclosure of such particular items of
information is expressly prohibited by applicable law or the provisions of any
related Mortgage Loan Documents or if such documentation is subject to claim
of privilege under applicable law that can be asserted by the Master Servicer;
and provided, further, that, except in the case of the Rating Agencies and the
Controlling Class Representative, the Master Servicer shall be entitled to
recover from any Person reviewing the Servicing Files pursuant to this Section
3.19(i) its reasonable "out-of-pocket" expenses incurred in connection with
making the Servicing Files available at its offices to such Person. Except as
set forth in the provisos to the preceding sentence, copies of any and all of
the foregoing items are to be made available by the Master Servicer upon
request; provided that the Master Servicer shall be permitted to require,
except from the Rating Agencies and the Controlling Class Representative,
payment of a sum sufficient to cover the reasonable out-of-pocket costs and
expenses of providing such service; and provided, further, that the Master
Servicer shall be permitted to require from the Controlling Class
Representative payment of a sum sufficient to cover the reasonable costs and
expenses of providing such services with respect to the items described in
clause (v) of this sentence to the extent that such request is excessive or
duplicative. The Special Servicer shall, as to each Specially Serviced
Mortgage Loan and Administered REO Property, promptly deliver to the Master
Servicer a copy of each document or instrument added to the related Servicing
File, and the Master Servicer shall in no way be in default under this Section
3.19(i) solely by reason of the Special Servicer's failure to do so. The
Master Servicer shall not be liable for the dissemination of information in
accordance with this Section 3.19(i).

          In connection with providing access to or copies of the items
described in the preceding paragraph, the Master Servicer may require, (i) in
the case of Certificateholders and Certificate Owners, a written confirmation
executed by the requesting Person, in form reasonably satisfactory to the
Master Servicer, generally to the effect that such Person is a Holder or
Certificate Owner of Certificates and,

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subject to the last sentence of this paragraph, will otherwise keep such
information confidential (except that such Certificateholder or Certificate
Owner may provide such information to its auditors, legal counsel and
regulators and to any other Person that holds or is contemplating the purchase
of any Certificate or interest therein, provided that such other Person has
signed and delivered the written confirmation described in this clause (i) or
in the immediately succeeding clause (ii), as applicable), and (ii) in the
case of a prospective purchaser, written confirmation executed by the
requesting Person, in form reasonably satisfactory to the Master Servicer,
generally to the effect that such Person is a prospective purchaser of a
Certificate or an interest therein, is requesting the information for use in
evaluating a possible investment in Certificates and, subject to the last
sentence of this paragraph, will otherwise keep such information confidential.
Notwithstanding the foregoing, no Certificateholder, Certificate Owner or
prospective Certificateholder or Certificate Owner need keep confidential any
information received from the Master Servicer pursuant to this Section 3.19(i)
that has previously been filed with the Commission, and the Master Servicer
shall not require either of the certifications contemplated by the preceding
sentence in connection with providing any information pursuant to this Section
3.19(i) that has previously been filed with the Commission.

          (j) The Special Servicer shall maintain and hold the Aventine
Guaranty and shall make claims for payment thereunder, in accordance with the
terms thereof and subject to any limitations on payment set forth therein, in
connection with the occurrence of (i) any Realized Loss (calculated without
regard to payments under the Aventine Guaranty) with respect to the Aventine
Mortgage Loan or any related REO Property and/or (ii) any Additional Trust
Fund Expense (calculated without regard to payments under the Aventine
Guaranty and to the extent not otherwise offset by related Default Charges)
with respect to the Aventine Mortgage Loan or any related REO Property. The
Special Servicer shall promptly deliver to the Master Servicer for deposit in
the Collection Account any amounts paid under the Aventine Guaranty.

          The Special Servicer shall notify, and shall release the Aventine
Guaranty to, the Aventine Guarantor if and when the Aventine Guaranty
terminates in accordance with its terms.

          For so long as the Aventine Guaranty is in effect: (i) the Trustee
and the Special Servicer shall forward to SBRC and the Aventine Guarantor
copies of any and all documents, statements, reports and written or electronic
information with respect to, or insofar as they relate to, the Aventine
Mortgage Loan or any related REO Property that are required to be delivered to
the Controlling Class Representative; (ii) the Master Servicer shall forward
to SBRC and the Aventine Guarantor copies of all rent rolls and operating
statements with respect to the Aventine Mortgaged Property and such other
information in its possession as SBRC or the Aventine Guarantor may reasonably
request; and (iii) the Aventine Guarantor or its assignee shall be entitled to
purchase the Aventine Mortgage Loan at the related Purchase Price at any time
that the Aventine Mortgage Loan constitutes a Specially Serviced Mortgage
Loan. The foregoing purchase right shall be exercised by the option holder by
delivering to the Trustee, the Master Servicer and the Special Servicer
written notice of such option holder's intent to purchase the Aventine
Mortgage Loan and, within 10 Business Days following the delivery of such
notice, by delivering cash to the Master Servicer for deposit in the
Collection Account in the amount of the related Purchase Price. Upon its
receipt of an Officer's Certificate from the Master Servicer to the effect
that such deposit has been made, the Trustee shall release or cause to be
released to or at the direction of the purchaser the related Mortgage File,
and the Trustee or the Master Servicer on behalf of the Trustee shall execute
and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be provided to it by the purchaser and are reasonably
necessary to vest in the purchaser

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<PAGE>

or any designee thereof the ownership of such Mortgage Loan. In connection
with any such purchase, the Master Servicer and/or the Special Servicer, as
applicable, shall deliver the related Servicing File to or at the direction of
the purchaser. Any sale of the Aventine Mortgage Loan pursuant to this Section
3.19(j) shall be on a servicing released basis. The foregoing purchase right
shall supersede any purchase option with respect to the Aventine Mortgage Loan
pursuant to Section 3.18, so long as no party entitled to exercise such
purchase option under Section 3.18 has delivered the Fair Value purchase price
contemplated by Section 3.18. SBRC and the Aventine Guarantor shall be third
party beneficiaries with respect to their rights under this paragraph.

          SECTION 3.20. Modifications, Waivers, Amendments and Consents.

          (a) The Special Servicer (solely as to any Specially Serviced
Mortgage Loan) and the Master Servicer (solely as to any Performing Serviced
Mortgage Loan) each may (consistent with the Servicing Standard), agree to any
modification, waiver or amendment of any term of, extend the maturity of,
defer or forgive interest (including Default Interest and Post-ARD Additional
Interest) on and principal of, defer or forgive late payment charges and
Prepayment Premiums on, permit the release, addition or substitution of
collateral securing, and/or permit the release, addition or substitution of
the Borrower on or any guarantor of, any Serviced Mortgage Loan and/or provide
consents with respect to any leasing activity at a Mortgaged Property securing
any Serviced Mortgage Loan; provided that the Master Servicer's and the
Special Servicer's respective rights to do so shall be subject to Sections
3.08 and 3.24 of this Agreement and, further, to each of the following
limitations, conditions and restrictions:

               (i) other than as provided in Sections 2.03(b), 3.02, 3.07,
     3.08, 3.20(f) and 3.20(g), the Master Servicer shall not agree to any
     modification, waiver, forbearance, or amendment of any term of, or take
     any of the other acts referenced in this Section 3.20(a) with respect to,
     any Serviced Mortgage Loan, that would affect the amount or timing of any
     related payment of principal, interest or other amount payable under such
     Mortgage Loan or materially impair the security for such Mortgage Loan,
     unless the Master Servicer has obtained the consent of the Special
     Servicer (it being understood and agreed that (A) the Master Servicer
     shall promptly provide the Special Servicer with (1) notice of any
     Borrower request for such modification, waiver or amendment, (2) the
     Master Servicer's recommendations and analysis, and (3) all information
     reasonably available to the Master Servicer that the Special Servicer may
     reasonably request in order to withhold or grant any such consent, (B)
     the Special Servicer shall decide whether to withhold or grant such
     consent in accordance with the Servicing Standard and (C) if any such
     consent has not been expressly denied within 10 Business Days (or, in the
     case of consents relating to leasing activities at Mortgaged Properties
     securing KeyBank Mortgage Loans, three Business Days) of the Special
     Servicer's receipt from the Master Servicer of the Master Servicer's
     recommendations and analysis and all information reasonably requested by
     the Special Servicer and reasonably available to the Master Servicer in
     order to make an informed decision (or, if the Special Servicer did not
     request any information, within 10 Business Days (or, in the case of
     consents relating to leasing activities at Mortgaged Properties securing
     KeyBank Mortgage Loans, three Business Days) from such notice), such
     consent shall be deemed to have been granted);

               (ii) other than as provided in Sections 3.02, 3.07, 3.08 and
     3.20(f), the Special Servicer shall not agree to (or, in the case of a
     Performing Serviced Mortgage Loan, consent to the Master Servicer's
     agreeing to) any modification, waiver or amendment of any term of, or

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<PAGE>

     take (or, in the case of a Performing Serviced Mortgage Loan, consent to
     the Master Servicer's taking) any of the other acts referenced in this
     Section 3.20(a) with respect to, any Serviced Mortgage Loan that would
     affect the amount or timing of any related payment of principal, interest
     or other amount payable thereunder or, in the Special Servicer's
     reasonable judgment, would materially impair the security for such
     Mortgage Loan, unless a material default on such Mortgage Loan has
     occurred or, in the Special Servicer's reasonable judgment, a default in
     respect of payment on such Mortgage Loan is reasonably foreseeable, and
     such modification, waiver, amendment or other action is reasonably likely
     to produce a greater recovery to Certificateholders (as a collective
     whole) on a present value basis (the relevant discounting of anticipated
     collections that will be distributable to Certificateholders to be done
     at the related Net Mortgage Rate), than would liquidation;

               (iii) the Special Servicer shall not extend (or, in the case of
     a Performing Serviced Mortgage Loan, consent to the Master Servicer's
     extending) the date on which any Balloon Payment is scheduled to be due
     on any Serviced Mortgage Loan to a date beyond the earliest of (A) the
     fifth anniversary of such Mortgage Loan's Stated Maturity Date, (B) two
     years prior to the Rated Final Distribution Date, (C) if such Mortgage
     Loan is secured by a Mortgage solely or primarily on the related
     Borrower's leasehold interest in the related Mortgaged Property (but not
     by the corresponding fee interest), 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 end of the
     then current term of the related Ground Lease (plus any unilateral
     options to extend), and (D) if such Mortgage Loan is covered by an
     environmental insurance policy, two years prior to the expiration of the
     term of such policy unless the Special Servicer shall have first
     determined in its reasonable judgment, based upon a Phase I Environmental
     Assessment (and any additional environmental testing that the Special
     Servicer deems necessary and prudent) conducted by an Independent Person
     who regularly conducts Phase I Environmental Assessments, and at the
     expense of the Borrower, that there are no circumstances or conditions
     present at the related Mortgaged Property for which investigation,
     testing, monitoring, containment, clean-up or remediation would be
     required under any then applicable environmental laws or regulations;

               (iv) neither the Special Servicer nor the Master Servicer shall
     make or permit any modification, waiver or amendment of any term of, or
     take any of the other acts referenced in this Section 3.20(a) with
     respect to, any Serviced Mortgage Loan that would result in an Adverse
     REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust
     Event with respect to either Grantor Trust Pool;

               (v) subject to applicable law, the related Mortgage Loan
     Documents and the Servicing Standard, neither the Master Servicer nor the
     Special Servicer shall permit any modification, waiver or amendment of
     any term of any Performing Serviced Mortgage Loan unless all related fees
     and expenses are paid by the Borrower;

               (vi) neither the Special Servicer nor the Master Servicer shall
     permit (and, in the case of a Performing Serviced Mortgage Loan, the
     Special Servicer shall not consent to the Master Servicer's permitting)
     any Borrower to add or substitute any real estate collateral for any
     Serviced Mortgage Loan unless the Special Servicer shall have first (A)
     determined, in its reasonable judgment, based upon a Phase I
     Environmental Assessment (and any additional

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<PAGE>

     environmental testing that the Special Servicer deems necessary and
     prudent) conducted by an Independent Person who regularly conducts Phase
     I Environmental Assessments, at the expense of the Borrower, that such
     additional or substitute real estate collateral is in compliance with
     applicable environmental laws and regulations and that there are no
     circumstances or conditions present with respect to such new real estate
     collateral relating to the use, management or disposal of any Hazardous
     Materials for which investigation, testing, monitoring, containment,
     clean-up or remediation would be required under any then applicable
     environmental laws or regulations and (B) received written confirmation
     from each Rating Agency that such addition or substitution of such real
     estate collateral will not, in and of itself, result in an Adverse Rating
     Event with respect to any Class of Rated Certificates; and

               (vii) neither the Special Servicer nor the Master Servicer
     shall release (and, in the case of a Performing Serviced Mortgage Loan,
     the Special Servicer shall not consent to the Master Servicer's
     releasing), including in connection with a substitution contemplated by
     clause (vi) above, any real property collateral securing an outstanding
     Serviced Mortgage Loan, except as provided in Section 3.09(d) or Section
     3.20(g), or except in connection with a permitted defeasance, or except
     where a Serviced Mortgage Loan (or, in the case of a Cross-Collateralized
     Group, where such entire Cross-Collateralized Group) is satisfied, or
     except in the case of a release of real property collateral where (A) the
     Rating Agencies have been notified in writing, (B) either (1) such
     release will not, in the Special Servicer's reasonable judgment,
     materially and adversely affect the net operating income being generated
     by or the then current principal use of the related Mortgaged Property,
     or (2) there is a corresponding principal pay down of such Mortgage Loan
     in an amount at least equal to the appraised value of the collateral to
     be released (or substitute real property collateral with an appraised
     value at least equal to that of the collateral to be released, is
     delivered), (C) the remaining Mortgaged Property (together with any
     substitute real property collateral) is, in the Special Servicer's
     reasonable judgment, adequate security for the remaining Mortgage Loan
     and (D) if the real property collateral that is being released has an
     appraised value in excess of $1,500,000, such release would not, in and
     of itself, result in an Adverse Rating Event with respect to any Class of
     Rated Certificates (as confirmed in writing to the Trustee by each Rating
     Agency);

provided that (x) the limitations, conditions and restrictions set forth in
clauses (i) through (vii) above shall not apply to any act or event
(including, without limitation, a release, substitution or addition of
collateral) in respect of any Serviced Mortgage Loan that either occurs
automatically by its terms, or results from the exercise of a unilateral
option by the related Borrower within the meaning of Treasury regulation
section 1.1001-3(c)(2)(iii), in any event under the terms of such Mortgage
Loan in effect on the Closing Date, (y) notwithstanding clauses (i) through
(vii) above, neither the Master Servicer nor the Special Servicer shall be
required to oppose the confirmation of a plan in any bankruptcy or similar
proceeding involving a Borrower, if in its reasonable judgment, such
opposition would not ultimately prevent the confirmation of such plan or one
substantially similar, and (z) notwithstanding clause (vii) above, neither the
Master Servicer nor the Special Servicer shall be required to obtain any
confirmation of the Certificate ratings from the Rating Agencies in order to
grant easements or rights of way that do not materially affect the use or
value of a Mortgaged Property or the Borrower's ability to make any payments
with respect to the related Serviced Mortgage Loan.

          (b) Neither the Special Servicer nor the Master Servicer shall have
any liability to the Trust, the Certificateholders or any other Person if the
Special Servicer's analysis and determination that

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the modification, waiver, amendment or other action contemplated by Section
3.20(a) is reasonably likely to produce a greater recovery to
Certificateholders (as collective whole) on a present value basis than would
liquidation, should prove to be wrong or incorrect, so long as the analysis
and determination were made on a reasonable basis by the Special Servicer or
the Master Servicer, as applicable, and the Special Servicer or the Master
Servicer, as the case may be, has acted reasonably and complied with the
Servicing Standard in ascertaining the pertinent facts. Each such
determination shall be evidenced by a statement to such effect in the
Officer's Certificate contemplated by Section 3.20(e) to be delivered by the
Special Servicer or the Master Servicer, as applicable.

          (c) Any payment of interest, which is deferred pursuant to Section
3.20(a), shall not, for purposes of calculating monthly distributions and
reporting information to Certificateholders, be added to the unpaid principal
balance or Stated Principal Balance of the related Serviced Mortgage Loan,
notwithstanding that the terms of such Mortgage Loan so permit or that such
interest may actually be capitalized; provided, however, that this sentence
shall not limit the rights of the Master Servicer or the Special Servicer on
behalf of the Trust to enforce any obligations of the related Borrower under
such Mortgage Loan.

          (d) The Master Servicer and the Special Servicer each may, as a
condition to its granting any request by a Borrower for consent, modification,
waiver or indulgence or any other matter or thing, the granting of which is
within the discretion of the Master Servicer or the Special Servicer, as the
case may be, pursuant to the terms of the related Mortgage Loan Documents and
is permitted by the terms of this Agreement, require that such Borrower pay to
it a reasonable or customary fee (which shall in no event exceed 1.0% of the
unpaid principal balance of the related Serviced Mortgage Loan) for the
additional services performed in connection with such request, together with
any related costs and expenses incurred by it. All such fees collected by the
Master Servicer or the Special Servicer shall constitute Additional Special
Servicing Compensation or Additional Master Servicing Compensation, as
applicable, as provided in Section 3.11.

          (e) All modifications, amendments, material waivers and other
material actions entered into or taken in respect of the Serviced Mortgage
Loans pursuant to this Section 3.20 (other than waivers of Default Charges),
and all consents, shall be in writing. The Master Servicer (in the case of a
Performing Serviced Mortgage Loan) and the Special Servicer (in the case of a
Specially Serviced Mortgage Loan) shall notify the other such party, each
Rating Agency, the Trustee and the Controlling Class Representative, in
writing, of any modification, waiver, amendment or other action entered into
or taken thereby in respect of any Mortgage Loan pursuant to this Section 3.20
(other than waivers of Default Charges) and the date thereof, and shall
deliver to the Trustee for deposit in the related Mortgage File (with a copy
to the other such party), an original counterpart of the agreement relating to
such modification, waiver, amendment or other action, promptly (and in any
event within ten Business Days) following the execution thereof. In addition,
following the execution of any modification, waiver or amendment agreed to by
the Master Servicer (in the case of a Performing Serviced Mortgage Loan) and
the Special Servicer (in the case of a Specially Serviced Mortgage Loan)
pursuant to Section 3.20(a) above, the Master Servicer or the Special
Servicer, as the case may be, shall deliver to the other such party, the
Trustee and the Rating Agencies an Officer's Certificate describing such
modification, waiver or amendment, certifying that all of the requirements of
Section 3.20(a) have been met and, in the case of the Special Servicer,
setting forth in reasonable detail the basis of the determination made by it
pursuant to Section 3.20(a)(ii); provided that, if such modification, waiver
or amendment involves an extension of the maturity of any Serviced Mortgage
Loan, such Officer's Certificate shall be delivered to

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the other such party, the Trustee and the Rating Agencies before the
modification, waiver or amendment is agreed to.

          (f) With respect to any ARD Mortgage Loan that is a Performing
Serviced Mortgage Loan, after its Anticipated Repayment Date, the Master
Servicer shall be permitted, with the consent of the Special Servicer (which
consent shall be granted or withheld in a manner consistent with the Servicing
Standard), to waive (such waiver to be in writing addressed to the related
Borrower, with a copy to the Trustee) all or any portion of the accrued
Post-ARD Additional Interest in respect of such ARD Mortgage Loan if, prior to
the related maturity date, the related Borrower has requested the right to
prepay such ARD Mortgage Loan in full, together with all payments required by
the related Mortgage Loan Documents in connection with such prepayment, except
for such accrued Post-ARD Additional Interest, provided that the Master
Servicer has determined, in its reasonable judgment, that the waiver of the
Trust's right to receive such accrued Post-ARD Additional Interest is in
accordance with the Servicing Standard.

          (g) Notwithstanding anything in this Section 3.20 or Section 3.24 to
the contrary, the Master Servicer shall not be required to seek the consent of
the Special Servicer or any Certificateholder or obtain any confirmation of
the Certificate ratings from the Rating Agencies in order to approve the
following modifications, waivers or amendments of the Serviced Mortgage Loans
(but, in the case of the actions described in clauses (ii) and (iii) of this
sentence, shall notify the Controlling Class Representative thereof): (i)
waivers of minor covenant defaults (other than financial covenants), including
late financial statements; (ii) releases of parcels of a Mortgaged Property
(provided that any such releases (A) are releases as to which the related
Mortgage Loan Documents expressly require the mortgagee thereunder to make
such releases upon the satisfaction of certain conditions and such releases
shall be made as required by the related Mortgage Loan Documents, or (B) are
related to any pending or threatened condemnation action); (iii) grants of
easements or rights of way that do not materially affect the use or value of a
Mortgaged Property or the Borrower's ability to make any payments with respect
to the subject Serviced Mortgage Loan; (iv) if the subject Mortgage Loan is a
SBRC Mortgage Loan or a Column Mortgage Loan, approval of routine leasing
activities that affect less than the lesser of 30% of the net rentable area of
the related Mortgaged Property or 30,000 square feet of the related Mortgaged
Property; (v) if the subject Mortgage Loan is a KeyBank Mortgage Loan with an
unpaid principal balance of greater than $3,000,000, approval of routine
leasing activities that affect less than 30,000 square feet of the related
Mortgaged Property, (vi) if the subject Mortgage Loan is a KeyBank Mortgage
Loan with an unpaid principal balance of $3,000,000 or less, approval of any
routine leasing activity, and (vii) approval of annual budgets to operate the
Mortgaged Property; provided that any such modification, waiver or amendment,
or agreeing to any such modification, waiver or amendment, (w) would not in
any way affect a payment term of the subject Serviced Mortgage Loan, (x) would
not constitute a "significant modification" of such Mortgage Loan pursuant to
Treasury regulation section 1.860G-2(b) and would not otherwise constitute an
Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust
Event with respect to either Grantor Trust Pool, (y) would be consistent with
the Servicing Standard, and (z) shall not violate the terms, provisions or
limitations of this Agreement or any other document contemplated hereby.

          (h) The Master Servicer shall not terminate or replace, or consent
to the termination or replacement of, any property manager with respect to any
Mortgaged Property, in any event without the prior written consent of the
Special Servicer (it being understood and agreed that (A) the Master Servicer
shall promptly provide the Special Servicer with its analysis, recommendations
and all

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information that the Special Servicer may reasonably request and which
information is in the possession of the Master Servicer, in order to withhold
or grant any such consent, (B) subject to Section 3.24, the Special Servicer
shall decide whether to withhold or grant such consent in accordance with the
Servicing Standard and (C) if any such consent has not been expressly denied
within 10 Business Days of the Special Servicer's receipt from the Master
Servicer of such analysis, recommendation and all information reasonably
requested thereby in order to make an informed decision (or, if the Special
Servicer did not request any information, within 10 Business Days from such
notice), such consent shall be deemed to have been granted). Furthermore, the
Master Servicer shall not take any such action with respect to any Serviced
Mortgage Loan with an unpaid principal balance in excess of $20,000,000 unless
(subject to the related Mortgage Loan Documents) the Master Servicer has
obtained written confirmation from each Rating Agency that such action will
not result in an Adverse Rating Event.

          (i) In connection with granting an extension of the maturity date of
any Serviced Mortgage Loan in accordance with Section 3.20(a), the Special
Servicer, in the case of a Specially Serviced Mortgage Loan, and the Master
Servicer, in the case of a Performing Serviced Mortgage Loan, shall each cause
the related Borrower to agree, if it has not already done so pursuant to the
existing Mortgage Loan Documents, to thereafter deliver to the Special
Servicer, the Controlling Class Representative and, upon request, the Trustee
annual audited operating statements and quarterly unaudited operating
statements with respect to the related Mortgaged Property, provided that the
Special Servicer or the Master Servicer, as the case may be, may, in its sole
discretion, waive the requirement that such statements be audited.

          (j) Notwithstanding anything in this Agreement, including this
Section 3.20, to the contrary, for so long as the Master Servicer and the
Special Servicer are the same Person, the Master Servicer shall not be
obligated to obtain the consent or approval of the Special Servicer as
otherwise required in this Agreement but shall instead be required to request
the consent or approval of the Controlling Class Representative (in respect of
any matter as to which such consent is otherwise required hereunder) to the
extent, and on the same terms, subject to the same limitations, restrictions
and exclusions and within the same time periods as, the Special Servicer is
required to request such consent or approval of the Controlling Class
Representative pursuant to Section 3.24 or any other section or provision of
this Agreement.

          (k) None of the Master Servicer, the Special Servicer or the Trustee
shall agree to any amendment or supplement to or modification or termination
of either Westfarms Mall Intercreditor Agreement or any Westfarms Mall
Servicing Agreement unless (i) it shall have obtained (A) the consent of the
Controlling Class Representative and (B) written confirmation from each Rating
Agency that such amendment, supplement or modification will not result in an
Adverse Rating Event with respect to any Class of Rated Certificates and (ii)
it shall have received an Opinion of Counsel to the effect that such
amendment, supplement or modification will not result in an Adverse REMIC
Event or an Adverse Grantor Trust Event.

          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 Serviced Mortgage Loan, if the Master Servicer is not also
the Special Servicer, the Master Servicer shall immediately give notice
thereof, and shall deliver the related Servicing File, to the Special Servicer

                                    -167-

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and shall use its 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 and reasonably requested by the Special Servicer to
enable it to assume its functions hereunder with respect thereto without
acting through a Sub-Servicer. Without regard to whether the Master Servicer
and the Special Servicer are the same Person, the Master Servicer shall
immediately give notice of a Servicing Transfer Event in respect of any
Serviced Mortgage Loan to the Controlling Class Representative. The Master
Servicer shall use its reasonable efforts to comply with the preceding two
sentences within five Business Days of the occurrence of each related
Servicing Transfer Event. The Special Servicer may, as to any delinquent
Serviced Mortgage Loan, prior to the occurrence of a Servicing Transfer Event
with respect thereto, request and obtain the foregoing documents and
information in order to perform its duties described in Section 3.02.

          Upon determining that a Specially Serviced Mortgage Loan has become
a Corrected Serviced Mortgage Loan, the Special Servicer shall immediately
give notice thereof to the Controlling Class Representative. In addition, if
the Master Servicer is not also the Special Servicer, the Special Servicer
shall immediately give notice thereof, and shall return the related Servicing
File within five Business Days, to the Master Servicer; and, upon giving such
notice and returning such Servicing File to 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 Serviced
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-Collateralized Mortgage Loans constituting part of the same
Cross-Collateralized Group; provided that no Cross-Collateralized Mortgage
Loan may become a Corrected Serviced 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 Loan, the Special
Servicer shall provide to the Trustee originals of documents contemplated by
the definition of "Mortgage File" and generated while such Mortgage Loan is a
Specially Serviced Mortgage Loan, for inclusion in the related Mortgage File
(with a copy of each such original to the Master Servicer), and copies of any
additional related Mortgage Loan information, including correspondence with
the related Borrower generated while such Mortgage Loan is a Specially
Serviced Mortgage Loan.

          (c) The Master Servicer and the Special Servicer shall furnish to
each other, upon reasonable request, such reports, documents, certifications
and information in its possession, and access to such books and records
maintained thereby, as may relate to any Mortgage Loan or REO Property and as
shall be reasonably required by the requesting party in order to perform its
duties hereunder.

          (d) In connection with the performance of its obligations hereunder,
each of the Master Servicer and the Special Servicer shall be entitled to rely
upon written information provided to it by the other.

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          (e) Notwithstanding anything in this Agreement to the contrary, in
the event that the Master Servicer and the Special Servicer are the same
Person, all notices, certificates, information, consents and documents
required to be given or delivered by the Master Servicer to the Special
Servicer or vice versa shall be deemed to be given or delivered, as the case
may be, without the necessity of any action on such Person's part.

          SECTION 3.22. Sub-Servicing Agreements.

          (a) The Master Servicer and, subject to Section 3.22(f), the Special
Servicer may each enter into Sub-Servicing Agreements to provide for the
performance by third parties of any or all of its obligations hereunder,
provided that, in each case, the Sub-Servicing Agreement: (i) is not
inconsistent with this Agreement and does not subject the Trust to any
liability; (ii) expressly or effectively 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),
any successor to the Master Servicer or the Special Servicer, as the case may
be, hereunder (including the Trustee if the Trustee has become such successor
pursuant to Section 7.02) may thereupon either 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, subject to the provisions of Section 3.22(d), terminate such
rights and obligations, in either case without payment of any fee except as
set forth in Section 3.22(d); (iii) prohibits the Sub-Servicer from modifying
any Serviced Mortgage Loan or commencing any foreclosure or similar
proceedings with respect to any Mortgaged Property without the consent of the
Master Servicer or the Special Servicer, as the case may be; (iv) in the case
of a Sub-Servicing Agreement entered into by the Master Servicer, expressly or
effectively provides (unless the Special Servicer agrees otherwise) that such
agreement shall be suspended or terminated with respect to any Serviced
Mortgage Loan serviced thereunder at the time such Mortgage Loan becomes a
Specially Serviced Mortgage Loan, and also expressly or effectively provides
(unless the Special Servicer agrees otherwise) that the Sub-Servicer shall not
receive or accrue an entitlement to any sub-servicing compensation in respect
of a Specially Serviced Mortgage Loan or an REO Loan that relates to an
Administered REO Property; and (v) in the case of a Sub-Servicing Agreement
entered into by the Special Servicer, relates only to Specially Serviced
Mortgage Loans or Administered REO Properties and expressly or effectively
provides that such agreement shall terminate with respect to any such Mortgage
Loan that becomes a Corrected Serviced Mortgage Loan. References in this
Agreement to actions taken or to be taken by the Master Servicer or the
Special Servicer, as the case may be, 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, as the case may be, hereunder to make 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. Accordingly, such 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; and, for so long as they are outstanding, such Advances shall accrue
interest in accordance with Section 3.11(g) and/or Section 4.03(d), such
interest to be allocable between the Master Servicer or the Special Servicer,
as the case may be, and such Sub-Servicer as they may agree. For purposes of
this Agreement, the Master Servicer and the Special Servicer each shall be
deemed to have received any payment when a Sub-Servicer retained by it
receives such payment. The Master Servicer and the Special Servicer each shall
deliver to the other such party, the Trustee and the Depositor, promptly
following the appointment by it of any

                                    -169-

<PAGE>

Sub-Servicer, an Officer's Certificate disclosing such appointment and
confirming that the related Sub-Servicing Agreement complies with this Section
3.22(a).

          (b) Each Sub-Servicer 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.

          (c) The Master Servicer and the Special Servicer, for the benefit of
the Trustee and the Certificateholders, each shall (at no expense to the other
parties hereto or to the Trustee, the Certificateholders or the Trust) 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
reasonable judgment, would require were it the owner of the subject Serviced
Mortgage Loans. Subject to the terms of the related Sub-Servicing Agreement,
the Master Servicer and the Special Servicer shall each have the right to
remove a Sub-Servicer retained by it at any time it considers such removal to
be in the best interests of Certificateholders.

          (d) If the Master Servicer or the Special Servicer ceases to serve
as such under this Agreement for any reason (including by reason of an Event
of Default), then the Trustee or other successor Master Servicer or Special
Servicer, as the case may be, shall succeed to the rights and assume the
obligations of the Master Servicer or the Special Servicer, as the case may
be, under any Sub-Servicing Agreement unless the Trustee or other successor
Master Servicer or Special Servicer elects to terminate any such Sub-Servicing
Agreement in accordance with its terms and Section 3.22(a)(ii) hereof;
provided that a Designated Sub-Servicer Agreement may not be so terminated
except for cause. In any event, if a Sub-Servicing Agreement is to be assumed
by the Trustee or other successor Master Servicer or Special Servicer, then
the resigning or terminated Master Servicer or Special Servicer, as
applicable, at its expense shall, upon request of the Trustee, deliver to the
assuming party all documents and records relating to such Sub-Servicing
Agreement and the Serviced Mortgage Loans then being serviced thereunder and
an accounting of amounts collected and held on behalf of it thereunder, and
otherwise use its reasonable efforts to effect the orderly and efficient
transfer of the Sub-Servicing Agreement to the assuming party.

          (e) Notwithstanding any Sub-Servicing Agreement entered into by it,
each of the Master Servicer and the Special Servicer shall remain obligated
and liable to the Trustee and the Certificateholders for the performance of
their respective obligations and duties under this Agreement in accordance
with the provisions hereof to the same extent and under the same terms and
conditions as if each alone were servicing and administering the Serviced
Mortgage Loans and/or Administered REO Properties for which it is responsible.
No appointment of a Sub-Servicer shall result in any additional expense to the
Trustee, the Certificateholders or the Trust other than those contemplated
herein, and the fees of such Sub-Servicer shall be payable by the Master
Servicer or the Special Servicer, whichever retained it, regardless of whether
the Master Servicer's or the Special Servicer's, as the case may be,
compensation hereunder is sufficient to cover such fees.

          (f) The Special Servicer shall not enter into any Sub-Servicing
Agreement unless either: (i) the Rating Agencies have confirmed in writing
that entering into such agreement will not

                                    -170-

<PAGE>

result in an Adverse Rating Event; or (ii) such agreement relates to one or
more Specially Serviced Mortgage Loans that (together with any other Specially
Serviced Mortgage Loan or Loans sub-serviced in accordance with this Section
3.22) represent less than 25% of the aggregate outstanding principal balance
of all Specially Serviced Mortgage Loans.

          (g) Each successor Master Servicer hereunder shall, except as
provided in Section 7.01(c), agree to assume the responsibilities and
obligations of the Master Servicer under the applicable Designated
Sub-Servicer Agreement.

          SECTION 3.23. Controlling Class Representative.

          (a) The Holders (or, in the case of Book-Entry Certificates, the
Certificate Owners) of Certificates representing more than 50% of the Class
Principal Balance of the Controlling Class shall be entitled in accordance
with this Section 3.23 to select a representative (the "Controlling Class
Representative") having the rights and powers specified in this Agreement
(including those specified in Section 3.24) or to replace an existing
Controlling Class Representative; provided that, upon the acquisition by ARCap
CMBS Fund REIT, Inc. of the Certificates of the Controlling Class, ARCAP CMBS
Fund REIT, Inc. shall serve as the initial Controlling Class Representative.
Upon (i) the receipt by the Trustee of written requests for the selection of a
successor Controlling Class Representative from the Holders (or, in the case
of Book-Entry Certificates, the Certificate Owners) of Certificates
representing more than 50% of the Class Principal Balance of the Controlling
Class, (ii) the resignation or removal of the Person acting as Controlling
Class Representative or (iii) a determination by the Trustee that the
Controlling Class has changed, the Trustee shall promptly notify the Depositor
and the Holders (and, in the case of Book-Entry Certificates, to the extent
actually known to a Responsible Officer of the Trustee or identified thereto
by the Depository or the Depository Participants, at the expense of the
Certificateholder or Certificate Owner requesting information with respect to
clause (i) and clause (iii) above if the Depository charges a fee for such
identification, the Certificate Owners) of the Controlling Class that they may
select a Controlling Class Representative. Such notice shall set forth the
process established by the Trustee for selecting a Controlling Class
Representative, which process may include the designation of the Controlling
Class Representative by the Majority Controlling Class Certificateholder(s) by
a writing delivered to the Trustee. No appointment of any Person as a
successor Controlling Class Representative shall be effective until such
Person provides the Trustee with written confirmation of its acceptance of
such appointment, written confirmation that it will keep confidential all
information received by it as Controlling Class Representative hereunder or
otherwise with respect to the Certificates, the Trust Fund and/or this
Agreement, an address and telecopy number for the delivery of notices and
other correspondence and a list of officers or employees of such Person with
whom the parties to this Agreement may deal (including their names, titles,
work addresses and telecopy numbers).

          (b) Within 10 Business Days (or as soon thereafter as practicable if
the Controlling Class consists of Book-Entry Certificates) of any change in
the identity of the Controlling Class Representative of which a Responsible
Officer of the Trustee has actual knowledge, the Trustee shall deliver to the
Holders or Certificate Owners, as applicable, of the Controlling Class, the
Master Servicer and the Special Servicer the identity of the new Controlling
Class Representative and a list of each Holder (or, in the case of Book-Entry
Certificates, to the extent actually known to a Responsible Officer of the
Trustee or identified thereto by the Depository or the Depository
Participants, each Certificate Owner) of the Controlling Class, including, in
each case, names and addresses. With respect to such

                                    -171-

<PAGE>

information, the Trustee shall be entitled to conclusively rely on information
provided to it by the Holders (or, in the case of Book-Entry Certificates,
subject to Section 5.06, by the Depository or the Certificate Owners) of such
Certificates, and the Master Servicer and the Special Servicer shall be
entitled to rely on such information provided by the Trustee with respect to
any obligation or right hereunder that the Master Servicer or the Special
Servicer, as the case may be, may have to deliver information or otherwise
communicate with the Controlling Class Representative or any of the Holders
(or, if applicable, Certificate Owners) of the Controlling Class. In addition
to the foregoing, within two Business Days of the selection, resignation or
removal of a Controlling Class Representative, the Trustee shall notify the
other parties to this Agreement of such event.

          (c) A Controlling Class Representative may at any time resign as
such by giving written notice to the Trustee and to each Holder (or, in the
case of Book-Entry Certificates, Certificate Owner) of the Controlling Class.
The Holders (or, in the case of Book-Entry Certificates, the Certificate
Owners) of Certificates representing more than 50% of the Class Principal
Balance of the Controlling Class shall be entitled to remove any existing
Controlling Class Representative by giving written notice to the Trustee and
to such existing Controlling Class Representative.

          (d) Once a Controlling Class Representative has been selected
pursuant to this Section 3.23, each of the parties to this Agreement and each
Certificateholder (or Certificate Owner, if applicable) shall be entitled to
rely on such selection unless a majority of the Holders (or, in the case of
Book-Entry Certificates, the Certificate Owners) of the Controlling Class, by
aggregate Certificate Principal Balance, or such Controlling Class
Representative, as applicable, shall have notified the Trustee and each other
party to this Agreement and each Holder (or, in the case of Book-Entry
Certificates, Certificate Owner) of the Controlling Class, in writing, of the
resignation or removal of such Controlling Class Representative.

          (e) Any and all expenses of the Controlling Class Representative
shall be borne by the Holders (or, if applicable, the Certificate Owners) of
Certificates of the Controlling Class, pro rata according to their respective
Percentage Interests in such Class, and not by the Trust. Notwithstanding the
foregoing, if a claim is made against the Controlling Class Representative by
a Borrower with respect to this Agreement or any particular Mortgage Loan, the
Controlling Class Representative shall immediately notify the Trustee, the
Master Servicer and the Special Servicer, whereupon (if the Special Servicer,
the Master Servicer, the Trustee or the Trust are also named parties to the
same action and, in the reasonable judgment of the Special Servicer, (i) the
Controlling Class Representative had acted in good faith, without negligence
or willful misfeasance, with regard to the particular matter at issue, and
(ii) there is no potential for the Special Servicer, the Master Servicer, the
Trustee or the Trust to be an adverse party in such action as regards the
Controlling Class Representative) the Special Servicer on behalf of, and at
the expense of, the Trust shall, subject to Section 6.03, assume the defense
of any such claim against the Controlling Class Representative; provided that
the Controlling Class Representative shall be liable for any damages or
judgment against it arising solely from its actions. This provision shall
survive the termination of this Agreement and the termination or resignation
of the Controlling Class Representative.

          SECTION 3.24. Certain Rights and Powers of the Controlling Class
                        Representative.

          (a) The Special Servicer shall prepare a report (the "Asset Status
Report") recommending the taking of certain actions for each Serviced Mortgage
Loan that becomes a Specially

                                    -172-

<PAGE>

Serviced Mortgage Loan and deliver such Asset Status Report to the Controlling
Class Representative and the Master Servicer not later than 45 days after the
servicing of such Mortgage Loan is transferred to the Special Servicer. If (i)
after 10 Business Days from receipt of an Asset Status Report the Controlling
Class Representative does not object to such Asset Status Report or (ii)
within 10 Business Days after receipt of an Asset Status Report the
Controlling Class Representative objects to such Asset Status Report and the
Special Servicer makes a determination in accordance with the Servicing
Standard that such objection is not in the best interest of all the
Certificateholders, the Special Servicer shall take the recommended actions
described in the Asset Status Report. If within 10 Business Days after receipt
of an Asset Status Report the Controlling Class Representative objects to such
Asset Status Report and the Special Servicer does not make a determination in
accordance with the Servicing Standard that such objection is not in the best
interest of all the Certificateholders, the Special Servicer shall revise such
Asset Status Report as soon as practicable thereafter, but in no event later
than 30 days after the objection to the Asset Status Report by the Controlling
Class Representative. The Special Servicer shall continue to revise the Asset
Status Report until, as provided above, (i) the Controlling Class
Representative fails to object to the revised Asset Status Report or (ii) the
Controlling Class Representative objects to the revised Asset Status Report
and the Special Servicer makes a determination in accordance with the
Servicing Standard that such objection is not in the best interest of all the
Certificateholders; provided, however, that if the Special Servicer has not
taken the recommended actions described in an Asset Status Report in
accordance with this paragraph within 90 days of the Controlling Class
Representative's receipt of the initial Asset Status Report, the Special
Servicer shall take the recommended actions described in the most recent Asset
Status Report submitted to the Controlling Class Representative, which Asset
Status Report shall be deemed to have been approved by the Controlling Class
Representative.

          In addition, notwithstanding anything in any other Section of this
Agreement to the contrary, but in all cases subject to Section 3.24(b), the
Special Servicer will not be permitted to take, or consent to the Master
Servicer's taking, any of the actions identified in clauses (i) through (xii)
of this sentence not otherwise specifically covered by an approved Asset
Status Report, unless and until the Special Servicer has notified the
Controlling Class Representative in writing of the Special Servicer's intent
to take or permit the particular action and the Controlling Class
Representative has consented (or has failed to object) thereto in writing
within ten Business Days (or, in the case of any consent to leasing activity
at a Mortgaged Property securing a KeyBank Mortgage Loan as contemplated by
clause (viii) below, three Business Days) of having been notified thereof in
writing and having been provided with all reasonably requested information
with respect thereto:

               (i) any foreclosure upon or comparable conversion (which may
     include acquisitions of an Administered REO Property) of the ownership of
     the property or properties securing any Specially Serviced Mortgage Loan
     as comes into and continues in default;

               (ii) any modification, amendment or waiver of a monetary term
     (including a change in the timing of payments but excluding the waiver of
     Default Charges) or any material non-monetary term of a Serviced Mortgage
     Loan (excluding the waiver of any "due-on-sale" or "due-on-encumbrance"
     clause, which clauses are addressed in clause (ix) below) of (A) any
     Performing Serviced Mortgage Loan with a principal balance of $2,500,000
     or more (or, if the proposed modification/waiver is an extension of
     maturity or a waiver of Post-ARD Additional Interest under the
     circumstances contemplated by Section 3.20(f), any Performing Serviced
     Mortgage Loan without regard to balance) or (B) any Specially Serviced
     Mortgage Loan;

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<PAGE>

               (iii) any acceptance of a discounted payoff with respect to any
     Specially Serviced Mortgage Loan;

               (iv) any determination to bring an Administered REO Property
     into compliance with applicable environmental laws or to otherwise
     address Hazardous Materials located at an Administered REO Property;

               (v) any release of real property collateral for any Serviced
     Mortgage Loan (other than in circumstances (A) involving a Performing
     Serviced Mortgage Loan with a principal balance of less than $2,500,000
     or (B) where the release of collateral is not conditioned on obtaining
     the consent of the lender under the related Mortgage Loan Documents, and
     other than upon satisfaction of the subject Serviced Mortgage Loan);

               (vi) any acceptance of substitute or additional real property
     collateral for a Serviced Mortgage Loan (other than in circumstances (A)
     involving a Performing Serviced Mortgage Loan with a principal balance of
     less than $2,500,000 or (B) where the acceptance of the substitute or
     additional collateral is not conditioned on obtaining the consent of the
     lender);

               (vii) any releases of Earn-Out Reserve Funds or related Letters
     of Credit with respect to a Mortgaged Property securing a Serviced
     Mortgage Loan (other than in circumstances (A) involving a Performing
     Serviced Mortgage Loan with a principal balance of less than $2,500,000
     or (B) where the release of Earn-Out Reserve Funds or related Letters of
     Credit is not conditioned on obtaining the consent of the lender);

               (viii) any termination or replacement, or consent to the
     termination or replacement, of a property manager with respect to any
     Mortgaged Property securing a Serviced Mortgage Loan, or any consent to
     leasing activity that affects at least 30,000 square feet at any
     Mortgaged Property securing a Serviced Mortgage Loan that is a KeyBank
     Mortgage Loan, or any consent to leasing activity that affects at least
     the lesser of 30% of the net rentable area of any Mortgaged Property
     securing a Serviced Mortgage Loan that is a SBRC Mortgage Loan or a
     Column Mortgage Loan or 30,000 square feet of such Mortgaged Property
     (other than, in each such case, (A) in circumstances involving a
     Performing Serviced Mortgage Loan with a principal balance of less than
     $2,500,000 (or, in the case of a KeyBank Mortgage Loan and a situation
     involving leasing activity, $3,000,000) or (B) where the action is not
     conditioned on obtaining the consent of the lender);

               (ix) any waiver of a "due-on-sale" or "due-on-encumbrance"
     clause in any Serviced Mortgage Loan (other than in circumstances
     involving a Performing Serviced Mortgage Loan with a principal balance of
     less than $2,500,000);

               (x) any determination with respect to a Serviced Mortgage Loan
     with a principal balance of $2,500,000 or more as to whether a default
     under the related Mortgage Loan Documents arising by reason of any
     failure on the part of the related Borrower to maintain specific
     insurance coverage with respect to, or an all-risk casualty insurance
     policy that does not specifically exclude, terrorist or similar acts,
     and/or any failure on the part of the related Borrower to maintain
     insurance coverage with respect to terrorist or similar acts upon terms
     no less favorable than those in place as of the Closing Date, constitutes
     an Acceptable Insurance Default;

                                    -174-

<PAGE>

               (xi) any waiver of Default Charges with respect to a Serviced
     Mortgage Loan where there is no Additional Master Servicing Compensation
     or Additional Special Servicing Compensation, as applicable, to offset
     the outstanding Advance Interest, property inspection costs or other
     Additional Trust Fund Expenses with respect to such Mortgage Loan that
     would otherwise be offset by such Default Charges; provided that this
     clause (xi) shall not apply to the first such waiver with respect to any
     Serviced Mortgage Loan; and

               (xii) any approval of a Borrower incurring unsecured debt in
     addition to (A) trade receivables, (B) equipment financing and (C) other
     debt incurred in the ordinary course of business (other than, in each
     case, (X) in circumstances involving a Mortgage Loan with a principal
     balance of less than $2,500,000 or (Y) where the action is not
     conditioned on obtaining the consent of the lender);

provided that, with respect to Performing Serviced Mortgage Loans, the 10
Business Days (or, if applicable, three Business Days) within which the
Controlling Class Representative must object shall coincide with the Special
Servicer's 10-Business Day (or, if applicable, the three-Business Day) period
to object set forth in Sections 3.03(d), 3.08, 3.20(a)(i), 3.20(f) and
3.20(h); and provided, further, 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), the Special Servicer may take any
such action without waiting for the Controlling Class Representative's
response; and provided, further, that the foregoing rights of the Controlling
Class Representative shall not relate to the Westfarms Mall Mortgage Loan or
any Westfarms Mall REO Property; and provided, further, that the Special
Servicer shall notify the Controlling Class Representative (but shall not
require the consent or deemed consent thereof) with regard to any action
identified in clauses (v) through (vii) of this sentence that the Master
Servicer or the Special Servicer proposes to take that does not require the
consent of the Controlling Class Representative pursuant to the terms of such
clause.

          In addition, subject to Section 3.24(b), the Controlling Class
Representative may direct the Special Servicer to take, or to refrain from
taking, such actions with respect to any Serviced Mortgage Loan or
Administered 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, without limitation, its reasons for
determining to take a proposed action; provided that such information shall
also be provided, in an electronic format, to the Trustee, who shall make it
available for review pursuant to Section 8.12(b) unless making it so available
would cause material harm to the interests of the Trust.

          (b) Notwithstanding anything herein to the contrary, (i) neither the
Special Servicer nor the Master Servicer shall have any right or obligation to
consult with or to seek and/or obtain consent or approval from any Controlling
Class Representative prior to acting, and provisions of this Agreement
requiring such shall be of no effect, during the period following any
resignation or removal of a Controlling Class Representative until a
replacement is selected, and (ii) no advice, direction or objection from or by
the Controlling Class Representative, as contemplated by Section 3.24(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) (A) require or cause the Special Servicer or the Master Servicer to
violate applicable law, the terms of any Mortgage Loan or any other Section of
this Agreement, including the

                                    -175-

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Special Servicer's and Master Servicer's respective obligations to act in
accordance with the Servicing Standard, (B) result in an Adverse REMIC Event
with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect
to either Grantor Trust Pool, (C) expose the Trust, the Depositor, the
Underwriters, the Master Servicer, the Special Servicer, any Fiscal Agent or
the Trustee, or any of their respective Affiliates, officers, directors,
members, managers, employees or agents, to any material claim, suit or
liability, or (D) materially expand the scope of the Special Servicer's or the
Master Servicer's responsibilities under this Agreement. Furthermore, no Asset
Status Report shall provide for or contemplate the taking of any action that
would have any of the effects described in clause (ii)(A), clause (ii)(B),
clause (ii)(C) and/or clause (ii)(D) of the preceding sentence.

          (c) Each Certificateholder acknowledges and agrees, by its
acceptance of its Certificates or an interest therein that: (i) the
Controlling Class Representative may have special relationships and interests
that conflict with those of Holders of one or more Classes of Certificates;
(ii) the Controlling Class Representative may 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 and Certificate Owners
of any Class of Certificates other than the Controlling Class; (iv) the
Controlling Class Representative may 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; and (v) the Controlling Class
Representative shall have no liability whatsoever for having so acted, and no
Certificateholder may take any action whatsoever against the Controlling Class
Representative or any director, officer, employee, agent or principal thereof
for having so acted.

          (d) If the Westfarms Mall Mortgage Loan Group becomes specially
serviced in accordance with the terms of a Westfarms Mall Servicing Agreement
and, pursuant to the Westfarms Mall A/A Intercreditor Agreement, the Series
2002-CP3 Trustee or other holder of the Westfarms Mall Pari Passu Companion
Loan or its servicing agent notifies the Trustee or the Master Servicer that
the Trustee, as holder of the Westfarms Mall Mortgage Loan, or its designee,
is entitled to certain consultation rights with respect to the Westfarms Mall
Mortgage Loan or any Westfarms Mall REO Loan and/or forwards a copy of its
"Asset Status Report" (as defined in the Westfarms Mall A/A Intercreditor
Agreement) to the Trustee or the Master Servicer, then the Trustee or the
Master Servicer, as applicable, shall promptly within one Business Day so
notify, and shall forward the copy of such Asset Status Report to, the Special
Servicer and the Controlling Class Representative. For so long as the Trustee
or its designee is entitled to such consultation rights under the terms of the
Westfarms Mall A/A Intercreditor Agreement, the Trustee hereby delegates such
consultation rights to the Special Servicer, who shall exercise them in
consultation with the Controlling Class Representative.

          In addition, if pursuant to the terms of the Westfarms Mall A/A
Intercreditor Agreement, upon the occurrence of an event of default under the
Westfarms Mall Loan Group, the Trustee, as holder of the Westfarms Mall
Mortgage Loan, has the right to purchase the Westfarms Mall Pari Passu
Companion Loan at the price set forth in the Westfarms Mall A/A Intercreditor
Agreement, then the Trustee shall promptly so notify all of the Controlling
Class Certificateholders. Any single Certificateholder or group of
Certificateholders entitled to a majority of the Voting Rights allocated to
the Controlling Class may indicate to the Trustee in writing its or their
intent to purchase the Westfarms Mall Pari Passu Companion Loan in accordance
with Section 3.6 of the Westfarms Mall A/A Intercreditor Agreement and/or any
corresponding provision of a Westfarms Mall Servicing Agreement, whereupon the
Trustee shall designate such Certificateholder or group of Certificateholders
as its designee to so purchase the Westfarms Mall Pari Passu Companion Loan,
in its or their individual

                                    -176-

<PAGE>

capacity and not on behalf of the Trust, in accordance with such Section 3.6
of the Westfarms Mall A/A Intercreditor Agreement and/or any corresponding
provision of a Westfarms Mall Servicing Agreement. Any such purchase will be
subject to all applicable provisions of, and at the price set forth in, the
Westfarms Mall A/A Intercreditor Agreement (including those provisions that
mandate who may be a permitted transferee of the Westfarms Mall Pari Passu
Companion Loan). Upon any such purchase, such Certificateholder or group of
Certificateholders shall constitute the "A-1 Noteholder" under the Westfarms
Mall A/A Intercreditor Agreement, and the Westfarms Mall Mortgage Loan shall
be serviced and administered in accordance with Article XII of this Agreement.
The Trustee shall reasonably cooperate with such Certificateholder or
Certificateholders in effecting such purchase.

                                    -177-

<PAGE>

                                  ARTICLE IV

                        PAYMENTS TO CERTIFICATEHOLDERS

          SECTION 4.01. Distributions.

          (a) On each Distribution Date, the Trustee shall withdraw from the
Distribution Account the Standard Available Distribution Amount for such
Distribution Date and shall apply the withdrawn funds for the following
purposes and in the following order of priority, in each case to the extent of
the remaining portion of such Standard Available Distribution Amount:

          first, to make distributions of interest to the Holders of the Class
     A-1 Certificates, the Holders of the Class A-2 Certificates, the Holders
     of the Class A-3 Certificates, the Holders of the Class X-1 Certificates
     and the Holders of the Class X-2 Certificates, up to, and pro rata as
     among such Classes of Certificateholders based on, their respective
     Interest Distribution Amounts for such Distribution Date;

          second, to make distributions of principal to the Holders of the
     Class A-1 Certificates, the Holders of the Class A-2 and/or the Holders
     of the Class A-3 Certificates as follows--

               (i) prior to the occurrence of the Final Distribution Date or
          any Senior Principal Distribution Cross-Over Date, sequentially to
          the Holders of the Class A-1 Certificates, up to their Principal
          Distribution Amount for such Distribution Date, then to the Holders
          of the Class A-2 Certificates, up to their Principal Distribution
          Amount for such Distribution Date, and then to the Holders of the
          Class A-3 Certificates, up to their Principal Distribution Amount
          for such Distribution Date; and

               (ii) on and after the occurrence of any Senior Principal
          Distribution Cross-Over Date, and in any event on the Final
          Distribution Date, to the Holders of the Class A-1 Certificates, the
          Holders of the Class A-2 Certificates and the Holders of the Class
          A-3 Certificates, up to, and pro rata as between such Classes of
          Certificateholders based on, their respective Principal Distribution
          Amounts for such Distribution Date; and

          third, to reimburse the Holders of the Class A-1 Certificates, the
     Holders of the Class A-2 Certificates and the Holders of the Class A-3
     Certificates for any Unfunded Principal Balance Reductions previously
     incurred thereby, up to, and pro rata as between such Classes of
     Certificateholders based on, their respective Loss Reimbursement Amounts
     for such Distribution Date.

          Any distributions of interest made with respect to the Class X-2
Certificates on any Distribution Date pursuant to clause first of the prior
paragraph of this Section 4.01(a) shall be deemed allocated among the
respective Group X-2 REMIC III Regular Interests on a pro rata basis in
accordance with the respective Interest Distribution Amounts of the Group X-2
REMIC III Regular Interests for such Distribution Date.

          (b) On each Distribution Date, following the distributions on the
Senior Certificates to be made on such date pursuant to Section 4.01(a), the
Trustee shall apply any remaining portion of the

                                    -178-

<PAGE>

Standard Available Distribution Amount for such Distribution Date to make
distributions to the Holders of the respective Classes of the Subordinate
Principal Balance Certificates, in the following order and, in the case of
each such Class of Subordinate Principal Balance Certificates, up to the
lesser of (i) the total of the Interest Distribution Amount, the Principal
Distribution Amount and the Loss Reimbursement Amount with respect to such
Class of Certificates for such Distribution Date and (ii) the remaining
portion of the Standard Available Distribution Amount for such Distribution
Date (after taking into account all prior distributions made on such
Distribution Date pursuant to Section 4.01(a) and this Section 4.01(b)):
first, to the Holders of the Class B Certificates; second, to the Holders of
the Class C Certificates; third, to the Holders of the Class D Certificates;
fourth, to the Holders of the Class E Certificates; fifth, to the Holders of
the Class F Certificates; sixth, to the Holders of the Class H Certificates;
seventh, to the Holders of the Class J Certificates; eighth, to the Holders of
the Class K Certificates; ninth, to the Holders of the Class L Certificates;
tenth, to the Holders of the Class M Certificates; eleventh, to the Holders of
the Class N Certificates; twelfth, to the Holders of the Class P Certificates;
thirteenth, to the Holders of the Class Q Certificates; fourteenth, to the
Holders of the Class S Certificates; and fifteenth, to the Holders of the
Class T Certificates;.

          Amounts distributable to the Holders of any Class of Subordinate
Principal Balance Certificates on any Distribution Date pursuant to this
Section 4.01(b) shall be applied:

          first, to make distributions of interest to the Holders of such
     Class of Certificates, up to their Interest Distribution Amount for such
     Distribution Date;

          second, to make distributions of principal to the Holders of such
     Class of Certificates, up to their Principal Distribution Amount for such
     Distribution Date; and

          third, to reimburse the Holders of such Class of Certificates for
     any Unfunded Principal Balance Reductions previously incurred thereby, up
     to their Loss Reimbursement Amount for such Distribution Date.

          (c) On each Distribution Date, following the distributions on the
REMIC III Regular Interest Certificates to be made on such date pursuant to
Sections 4.01(a) and 4.01(b), the Trustee shall pay any remaining portion of
the Standard Available Distribution Amount for such Distribution Date to the
Holders of the Class R Certificates.

          (d) On each Distribution Date, the Trustee shall apply, for the
following purposes and in the following order of priority, any amount then on
deposit in the Distribution Account that represents a Prepayment Premium
collected (including, in the case of the Westfarms Mall Mortgage Loan or any
Westfarms Mall REO Loan, by the Westfarms Mall Master Servicer or the
Westfarms Mall Special Servicer on behalf of the Trust) with respect to any
Mortgage Loan or successor REO Loan as of the end of the Collection Period for
such Distribution Date:

          first, to make distributions of additional interest to the Holders
     of the respective Classes of the Yield Maintenance Certificates, up to,
     and pro rata as among such Classes of Certificateholders based on, their
     respective applicable Additional Yield Amounts; and

          second, to make distributions of additional interest to the Holders
     of the Class X-1 Certificates, up to the remaining portion, if any, of
     such Prepayment Premiums.

                                    -179-

<PAGE>

          For purposes of determining the portion of any Prepayment Premium
that is distributable to the Holders of any Class of Yield Maintenance
Certificates on any Distribution Date, the applicable "Additional Yield
Amount" shall be an amount equal to the product of: (i) the amount of such
Prepayment Premium; multiplied by (ii) a fraction (not greater than one or
less than zero), the numerator of which is equal to the excess, if any, of (A)
the Pass-Through Rate applicable to such Class of Yield Maintenance
Certificates for the corresponding Interest Accrual Period, over (B) the
relevant Discount Rate (as defined below), and the denominator of which is
equal to the excess, if any, of (X) the Mortgage Rate for the Mortgage Loan
(or any successor REO Loan) in respect of which such Prepayment Premium was
received, over (Y) the relevant Discount Rate; multiplied by (iii) a fraction
(not greater than one or less than zero), the numerator of which is equal to
the Principal Distribution Amount with respect to such Class of Yield
Maintenance Certificates for such Distribution Date, and the denominator of
which is equal to the Total Principal Distribution Amount for such
Distribution Date.

          For purposes of determining the portion of any Prepayment Premium
that is distributable to the Holders of any Class of Yield Maintenance
Certificates on any Distribution Date, the relevant "Discount Rate" shall
equal the Yield Maintenance Interest Rate for the prepaid Mortgage Loan (or
any successor REO Loan); provided that, if a "No" is indicated with respect to
the prepaid Mortgage Loan (or any successor REO Loan) on the Mortgage Loan
Schedule under the heading "Yield Maintenance Interest Rate Converted to
Monthly Mortgage Rate", then the relevant "Discount Rate" shall be the nominal
interest rate that when compounded monthly would have an annual yield that is
equivalent to the annual yield obtained by compounding the Yield Maintenance
Interest Rate for the prepaid Mortgage Loan (or any successor REO Loan) on a
semi-annual basis; and the relevant Yield Maintenance Interest Rate for any
prepaid Mortgage Loan (or any successor REO Loan) shall be determined by the
Trustee, in good faith, in accordance with the definition of "Yield
Maintenance Interest Rate".

          (e) On each Distribution Date, the Trustee shall withdraw from the
Distribution Account any amounts then on deposit in the Class Y Sub-Account of
the Distribution Account that represent Post-ARD Additional Interest collected
in respect of the ARD Mortgage Loans or any successor REO Loans during or
prior to the Collection Period for such Distribution Date and shall distribute
such amounts to the Holders of the Class Y Certificates.

          (f) All distributions made with respect to each Class of
Certificates on each Distribution Date shall be allocated pro rata among the
Holders of such Certificates based on their respective Percentage Interests.
Except as otherwise provided below, all such distributions made with respect
to each Class of Certificates on each Distribution Date shall be made to the
Holders of such Certificates of record at the close of business on the related
Record Date and, in the case of each such Holder, shall be made by wire
transfer of immediately available funds to the account thereof at a bank or
other entity having appropriate facilities therefor, if such Holder shall have
provided the Trustee with wiring instructions 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), and otherwise shall be made
by check mailed to the address of such Holder 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 portion of a previously incurred Unfunded Principal
Balance Reduction allocable to such Certificate) will be made in 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. Any distribution that is to be
made

                                    -180-

<PAGE>

with respect to a Principal Balance Certificate in reimbursement of any
portion of an Unfunded Principal Balance Reduction allocable to such
Certificate, 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 Holder that surrendered such Certificate at the
last address set forth for such Holder in the Certificate Register or at any
other address of which the Trustee was subsequently notified in writing.

          (g) 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 such indirect
participating brokerage firm shall be responsible for disbursing funds to the
related Certificate Owners that it represents. None of the parties hereto
shall have any responsibility therefor except as otherwise provided by this
Agreement or applicable law. The Trustee and the Depositor shall perform their
respective obligations under the Letters of Representations among the
Depositor, the Trustee and the initial Depository, copies of which Letters of
Representations are attached hereto as Exhibit C.

          (h) The rights of the Certificateholders to receive distributions
from the proceeds of the Trust Fund in respect of their Certificates, and all
rights and interests of the Certificateholders in and to such distributions,
shall be as set forth in this Agreement. Neither the Holders of any Class of
Certificates nor any party hereto shall in any way be responsible or liable to
the Holders of any other Class of Certificates in respect of amounts
previously distributed on the Certificates in accordance with this Agreement.

          (i) Except as otherwise provided in Section 9.01, whenever the
Trustee expects that the final distribution with respect to any Class of
Certificates will be made on the next Distribution Date (such final
distribution to be determined, in the case of a Class of Principal Balance
Certificates, without regard to any possible future reimbursement of any
portion of a previously incurred Unfunded Principal Balance Reduction in
respect of such Class), the Trustee shall, as promptly as possible (and, in
any event, no later than two Business Days) after the related Determination
Date, mail to each Holder of such Class of Certificates of record 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
credited to, and shall be held uninvested in trust in, 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(i) 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

                                    -181-

<PAGE>

with respect thereto. If within one year after the second notice all such
Certificates shall not have been surrendered for cancellation, then the
Trustee, directly or through an agent, shall take such steps to contact the
remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate. The costs and expenses of holding
such funds in trust and of contacting such Certificateholders following the
first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue
or be payable to any former Holder on any amount held in trust pursuant to
this paragraph. If any Certificates as to which notice has been given pursuant
to this Section 4.01(i), shall not have been surrendered for cancellation by
the second anniversary of the delivery of the second notice, then, subject to
applicable escheat laws, the Trustee shall distribute to the Class R
Certificateholders all unclaimed funds.

          (j) 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 payments or advances of interest or original
issue discount to any Certificateholder pursuant to federal withholding
requirements, the Trustee shall indicate the amount withheld to such
Certificateholder.

          (k) All distributions of accrued interest made with respect to the
Class X-1 Certificates on each Distribution Date pursuant to clause first of
Section 4.01(a) shall be deemed to have first been distributed from REMIC II
to REMIC III on such Distribution Date as accrued interest with respect to the
various REMIC II Regular Interests, up to, and pro rata as among the REMIC II
Regular Interests based on, the aggregate of the Class X-1 Portion of the
Current Interest Distribution Amount and the Class X-1 Portion of the
Carryforward Interest Distribution Amount with respect to each such REMIC II
Regular Interest for such Distribution Date. In addition, all distributions of
additional interest (in the form of Prepayment Premiums) made with respect to
the Class X-1 Certificates on each Distribution Date pursuant to Section
4.01(d) shall be deemed to have first been distributed from REMIC II to REMIC
III on such Distribution Date as additional interest (in the form of
Prepayment Premiums) with respect to the various REMIC II Regular Interests,
pro rata in accordance with the respective amounts of principal deemed
distributed with respect to each such REMIC II Regular Interest for such
Distribution Date as provided below in this Section 4.01(k).

          All distributions of accrued interest made with respect to the Class
X-2 Certificates on each Distribution Date pursuant to clause first of Section
4.01(a), and allocable to any particular Group X-2 REMIC III Regular Interest,
shall be deemed to have first been distributed from REMIC II to REMIC III on
such Distribution Date as accrued interest with respect to the Corresponding
REMIC II Regular Interest in respect of such Group X-2 REMIC III Regular
Interest as part of such REMIC II Regular Interest's Interest Distribution
Amount for such Distribution Date.

          All distributions made with respect to each Class of Principal
Balance Certificates on each Distribution Date pursuant to Section 4.01(a),
Section 4.01(b) or Section 4.01(d) shall be deemed to have first been
distributed from REMIC II to REMIC III on such Distribution Date with respect
to the Corresponding REMIC II Regular Interest(s) for such Class of
Certificates. In each case, if such distribution on any such Class of
Principal Balance Certificates was a distribution of accrued interest (as part
of the related Interest Distribution Amount for the subject Distribution
Date), of principal, of additional interest (in the form of Prepayment
Premiums) or in reimbursement of any related Unfunded

                                    -182-

<PAGE>

Principal Balance Reductions with respect to such Class of Certificates, then
the corresponding distribution deemed to be made on the Corresponding REMIC II
Regular Interest(s) for such Class of Certificates pursuant to the preceding
sentence shall be deemed also to be a distribution of accrued interest (as
part of the Interest Distribution Amount(s) in respect of such REMIC II
Regular Interest(s) for the subject Distribution Date), of principal, of
additional interest (in the form of Prepayment Premiums) or in reimbursement
of any related Unfunded Principal Balance Reductions with respect to such
REMIC II Regular Interest(s).

          Each Class of Principal Balance Certificates shall have one
Corresponding REMIC II Regular Interest, except for the Class A-2
Certificates, which shall have two Corresponding REMIC II Regular Interests.
Deemed distributions of accrued interest made on REMIC II Regular Interest
A-2A and REMIC II Regular Interest A-2B shall be allocated between those two
REMIC II Regular Interests on a pro rata basis in accordance with their
respective Interest Distribution Amounts for the subject Distribution Date.
Deemed distributions of principal made on REMIC II Regular Interest A-2A and
REMIC II Regular Interest A-2B shall be allocated first to REMIC II Regular
Interest A-2A, until its Uncertificated Principal Balance is reduced to zero,
and then to REMIC II Regular Interest A-2B. Deemed distributions of additional
interest (in the form of Prepayment Premiums) made on REMIC II Regular
Interest A-2A and REMIC II Regular Interest A-2B shall be allocated entirely
to REMIC II Regular Interest A-2A, for so long as its Uncertificated Principal
Balance is greater than zero, and then to REMIC II Regular Interest A-2B.
Deemed distributions in reimbursement of Unfunded Principal Balance Reductions
made on REMIC II Regular Interest A-2A and REMIC II Regular Interest A-2B
shall be allocated between those two REMIC II Regular Interests on a pro rata
basis in accordance with their respective Loss Reimbursement Amounts for the
subject Distribution Date.

          The actual distributions made by the Trustee on each Distribution
Date with respect to the Certificates pursuant to Section 4.01(a), Section
4.01(b), Section 4.01(c) (to the extent such distributions relate to the REMIC
III Residual Interest) or Section 4.01(d), 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(k). Notwithstanding the deemed distributions on the REMIC II Regular
Interests described in this Section 4.01(k), actual distributions of funds
from the Distribution 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 4.01(e),
as applicable.

          (l) On each Distribution Date, immediately prior to making any
actual distributions on the Certificates pursuant to Section 4.01(a), Section
4.01(b) or Section 4.01(c), or the corresponding deemed distributions on the
REMIC II Regular Interests pursuant to Section 4.01(k), the Trustee shall be
deemed to have made out of the Standard Available Distribution Amount for such
Distribution Date, the following distributions to REMIC II in the following
order of priority, in each case to the extent of the remaining portion of such
Standard Available Distribution Amount:

          first, distributions of interest with respect to all of the REMIC I
     Regular Interests, up to, and pro rata as among such REMIC I Regular
     Interests based on, their respective Interest Distribution Amounts for
     such Distribution Date;

          second, distributions of principal with respect to all of the REMIC
     I Regular Interests, up to, and pro rata as among such REMIC I Regular
     Interests based on, their respective Principal Distribution Amounts for
     such Distribution Date; and

                                    -183-

<PAGE>

          third, reimbursements of Unfunded Principal Balance Reductions with
     respect to all of the REMIC I Regular Interests (including any REMIC I
     Regular Interests whose Uncertificated Principal Balances have previously
     been reduced to zero), up to, and pro rata as among such REMIC I Regular
     Interests based on, their respective Loss Reimbursement Amounts for such
     Distribution Date.

          Furthermore, on each Distribution Date, immediately prior to making
any actual distributions on the REMIC III Regular Interest Certificates
pursuant to Section 4.01(d), or the corresponding deemed distributions on the
REMIC II Regular Interests pursuant to Section 4.01(k), the Trustee shall be
deemed to have distributed to REMIC II each Prepayment Premium then on deposit
in the Distribution Account that was received (including, in the case of the
Westfarms Mall Mortgage Loan or any Westfarms Mall REO Loan, by the Westfarms
Mall Master Servicer or the Westfarms Mall Special Servicer on behalf of the
Trust) on or with respect to any Mortgage Loan or successor REO Loan during or
prior to the Collection Period for such Distribution Date, such distribution
to be deemed made with respect to the REMIC I Regular Interest that relates to
such Mortgage Loan or REO Loan, as the case may be.

          The distributions deemed made by the Trustee on each Distribution
Date with respect to the REMIC II Regular Interests pursuant to Section
4.01(k), as well as the distributions actually made by the Trustee on each
Distribution Date with respect to the Certificates pursuant to Section
4.01(a), Section 4.01(b), Section 4.01(c) (to the extent such distributions
relate to the REMIC II Residual Interest or the REMIC III Residual Interest)
or Section 4.01(d), 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(l). Notwithstanding the deemed
distributions on the REMIC I Regular Interests described in this Section
4.01(l), actual distributions of funds from the Distribution 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 4.01(e), as applicable.

          SECTION 4.02. Statements to Certificateholders; Certain Other
                        Reports.

          (a) Based solely on information provided to the Trustee by the
Master Servicer and the Special Servicer pursuant to Sections 3.12, 4.02(b)
and 4.02(c), the Trustee shall prepare (or cause to be prepared) and, on each
Distribution Date, provide or make available electronically (or, upon request,
by first class mail) to the Depositor, the Master Servicer, the Special
Servicer, the Underwriters, the Rating Agencies, the Controlling Class
Representative, Charter Research Corporation, The Trepp Group, Intex
Solutions, Inc., each Certificateholder and, to the extent that the Trustee
has in accordance with Section 5.06(b) confirmed the Ownership Interest in the
Certificates held thereby, each Certificate Owner a statement substantially in
the form of, and containing the information set forth in, Exhibit E-1 hereto
(the "Statement to Certificateholders"), detailing the distributions on such
Distribution Date and the performance, both in the aggregate and individually
to the extent available, of the Mortgage Loans and the Mortgaged Properties;
provided that the Trustee need not deliver to the Depositor, the Master
Servicer, the Special Servicer, the Mortgage Loan Sellers, the Underwriters,
Charter Research Corporation, The Trepp Group, Intex Solutions, Inc., the
Rating Agencies or the Controlling Class Representative any Statement to
Certificateholders that has been made available via the Trustee's Internet
Website as provided below; and provided, further, that the Trustee has no
affirmative obligation to discover the identities of Certificate Owners and
need only react to Persons claiming to be Certificate Owners in accordance
with Section 5.06; and provided, further, that the Trustee shall not provide

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Charter Research Corporation, The Trepp Group and Intex Solutions, Inc. any
information regarding the Certificates until the Depositor confirms to the
Trustee that SSBI has sold all of its Non-Registered Certificates to
unaffiliated third parties; and provided, further, that during any period that
reports are required to be filed with the Commission with respect to the Trust
pursuant to Section 15(d) of the Exchange Act, each recipient of the Statement
to Certificateholders shall be deemed to have agreed to keep confidential the
information therein until such Statement to Certificateholders is filed with
the Commission, and the Statement to Certificateholders (or, if presented via
the Trustee's Internet Website, such website) shall bear a legend to the
following effect:

          No recipient shall use or disclose the information
          contained in this statement/report/file in any
          manner which could result in a violation of any
          provision of the Securities Act of 1933 or the
          Securities Exchange Act of 1934 or would require
          registration of any Non-Registered Certificates
          pursuant to Section 5 of the Securities Act of 1933.

          On each Distribution Date, the Trustee shall also provide or make
available electronically (or, upon request, by first class mail) to the
Depositor, the Master Servicer, the Special Servicer, the Underwriters, the
Rating Agencies, the Controlling Class Representative, each Certificateholder
(and each Certificate Owner that is receiving a Statement to
Certificateholders on such Distribution Date), at the same time that the
Statement to Certificateholders is delivered thereto, the CMSA Collateral
Summary File, the CMSA Bond Level File and, to the extent received by the
Trustee since the prior Distribution Date (or, in the case of the initial
Distribution Date, since the Closing Date), each other file and report
comprising the CMSA Investor Reporting Package; provided that 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
such CMSA Investor Reporting Package files and reports shall be deemed to have
agreed to keep confidential the information in any such file or report until
such particular file or report is filed with the Commission, and each such
file and report (or, if presented via the Trustee's Internet Website, such
website) shall bear a legend to the following effect:

          No recipient shall use or disclose the information
          contained in this statement/report/file in any
          manner which could result in a violation of any
          provision of the Securities Act of 1933 or the
          Securities Exchange Act of 1934 or would require
          registration of any Non-Registered Certificates
          pursuant to Section 5 of the Securities Act of 1933.

          The Trustee shall have no obligation to provide the information or
reports described in this Section 4.02(a) until it has received the requisite
information or reports from the Master Servicer, and the Trustee shall not be
in default hereunder due to a delay in providing the Certificateholder Reports
caused by the Master Servicer's failure to timely deliver any information or
reports hereunder. 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 Borrower or third party, and accepted by it in
good faith, 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. 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 Borrower, a third party or each
other.

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<PAGE>

          The Trustee shall make available each month, to Certificateholders,
Certificate Owners, prospective investors and any other interested party, via
the Trustee's Internet Website, in a downloadable format, all Statements to
Certificateholders, the CMSA Bond Level File, the CMSA Collateral Summary
File, the Unrestricted Servicer Reports (to the extent received) (which in
each case, if applicable will identify each Mortgage Loan by mortgage loan
number and property name, if any) and, with the consent or at the direction of
the Depositor, such other information regarding the Certificates and/or the
Mortgage Loans as the Trustee may have in its possession; provided that,
unless (i) the particular report or information has been filed with the
Commission pursuant to Section 8.15 or (ii) the Depositor has notified the
Trustee that SSBI has sold the Non-Registered Certificates to unaffiliated
third parties, access to such reports and information on the Trustee's
Internet Website will be restricted to the same extent, and limited to the
same Persons, as the Restricted Servicer Reports. The Trustee shall, to the
extent received, make the Restricted Servicer Reports available each month,
via the Trustee's Internet Website, to any Certificateholder, Certificate
Owner, any Person identified by any Certificateholder or Certificate Owner as
a prospective transferee of a Certificate or interest therein, the other
parties hereto, the Underwriters, the Controlling Class Representative or any
Rating Agency, on a restricted basis upon receipt by the Trustee from such
Person of a certification substantially in the form of Exhibit K-1 or Exhibit
K-2, as applicable; provided that the Trustee shall provide such access to
each party hereto, the Underwriters, the Controlling Class Representative and
each Rating Agency without requiring such certification. In addition, the
Trustee is hereby directed and authorized to make available, as a convenience
to interested parties (and not in furtherance of the distribution of the
Prospectus or the Prospectus Supplement under the securities laws), this
Agreement, the Prospectus and the Prospectus Supplement via the Trustee's
Internet Website. The Trustee will make no representations or warranties as to
the accuracy or completeness of such documents and will assume no
responsibility therefor.

          The Trustee's Internet Website shall be located at
"www.ctslink.com/cmbs" or at such other address as shall be specified by the
Trustee from time to time in the Statement to Certificateholders 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 and
electronic bulletin board, the Trustee may require registration and the
acceptance of a disclaimer. The Trustee shall not be liable for the
dissemination of information in accordance with this Agreement. 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, access to
information regarding the Trust on the Trustee's Internet Website will be
conditioned to the party attempting to gain such access electronically
agreeing to keep confidential any such information that has not been filed
with the Commission.

          The Trustee shall be entitled to rely on but shall not be
responsible for the content or accuracy of any information provided by third
parties for purposes of preparing the Statement to Certificateholders and may
affix thereto any disclaimer it deems appropriate in its reasonable discretion
(without suggesting liability on the part of any other party hereto).

          (b) The Master Servicer may maintain an Internet Website which may,
subject to applicable law, contain the information and reports required to be
produced by the Master Servicer. Access by Certificateholders, Certificate
Owners, the Controlling Class Representative, the Depositor and the Rating
Agencies may be subject to registration, using a password and user name.
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,
access to information regarding the Trust on the Master Servicer's

                                    -186-

<PAGE>

Internet Website will be conditioned to the party attempting to gain such
access electronically agreeing to keep confidential any such information that
has not been filed with the Commission.

          (c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall prepare, or cause to be prepared, and mail to
each Person who at any time during the calendar year was a Certificateholder
(i) a statement containing the aggregate information set forth on page 2 of
the Statement to Certificateholders, a form of which is attached hereto as
Exhibit E-1, for such calendar year or applicable portion thereof during which
such person was a Certificateholder and (ii) such other customary information
as the Trustee deems necessary or desirable for Certificateholders to prepare
their federal, state and local income tax returns, including the amount of
original issue discount accrued on the Certificates, if applicable. The
obligations of the Trustee in the immediately preceding sentence shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of
the Code. As soon as practicable following the request of any
Certificateholder in writing, the Trustee shall furnish to such
Certificateholder such information regarding the Mortgage Loans and the
Mortgaged Properties as such Certificateholder may reasonably request and, as
has been furnished to, or may otherwise be in the possession of, the Trustee.
The Master Servicer and the Special Servicer each shall promptly provide to
the Depositor and the Trustee such information regarding the Mortgage Loans
and the Mortgaged Properties as such party may reasonably request and at the
requesting party's expense, and that has been furnished to, or may otherwise
be in the possession of, the Master Servicer or the Special Servicer, as the
case may be.

          SECTION 4.03. P&I Advances.

          (a) On or before 1:00 p.m., New York City time, on each Master
Servicer Remittance Date, the Master Servicer shall, subject to Section
4.03(c), either (i) deposit into the Distribution Account from its own funds
an amount equal to the aggregate amount of P&I Advances, if any, to be made in
respect of the Mortgage Pool for the related Distribution Date, (ii) apply
amounts held in the Collection Account for future distribution to
Certificateholders in subsequent months in discharge of any such obligation to
make such P&I Advances, or (iii) make such P&I Advances in the form of any
combination of (i) and (ii) aggregating the total amount of such P&I Advances
to be made; provided that if Late Collections of any of the delinquent
principal and/or interest in respect of which it is to make such P&I Advances
on any Master Servicer Remittance Date are then on deposit in the Collection
Account, the Master Servicer shall use such Late Collections (net of any
Master Servicing Fees payable therefrom) to make such P&I Advances. Any
amounts held in the Collection Account for future distribution and so used to
make P&I Advances pursuant to the preceding sentence (other than the Late
Collections of the delinquent principal and/or interest contemplated by the
proviso to the preceding sentence) shall be appropriately reflected in the
Master Servicer's records and replaced by the Master Servicer by deposit in
the Collection Account on or before the next succeeding Determination Date (to
the extent not previously replaced through the deposit of Late Collections of
the delinquent principal and/or interest in respect of which such P&I Advances
were made).

          Unless and until the Westfarms Mall Loan Group or any Westfarms Mall
REO Property is being serviced and administered in accordance with Article
XII, all P&I Advances with respect to the Westfarms Mall Mortgage Loan or any
Westfarms Mall REO Loan are required to be made by the Westfarms Mall Master
Servicer (or in the event the Westfarms Mall Master Servicer fails to do so,
and if the Series 2002-CP3 PSA is the Westfarms Mall Servicing Agreement, by
the Series 2002-CP3 Trustee), pursuant to, and as and when required by, a
Westfarms Mall Servicing Agreement. If, as of

                                    -187-

<PAGE>

1:00 p.m., New York City time, on any Master Servicer Remittance Date, neither
the Westfarms Mall Master Servicer nor any other party under the Westfarms
Mall Servicing Agreement shall have made the portion of any P&I Advance
required to be made pursuant to a Westfarms Mall Servicing Agreement that is
allocable to the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Loan
(and shall not have delivered to the Master Servicer an officer's certificate
and documentation related to a determination of nonrecoverability of a P&I
Advance as contemplated by a Westfarms Mall Servicing Agreement), then
(subject to Section 4.03(c) below) the Master Servicer shall make the portion
of such P&I Advance that was required to be, but was not, made by the
Westfarms Mall Master Servicer or any other party under a Westfarms Mall
Servicing Agreement by such Master Servicer Remittance Date pursuant to the
Westfarms Mall Servicing Agreement and that is allocable to the Westfarms Mall
Mortgage Loan or any Westfarms Mall REO Loan. If the Master Servicer fails to
make any such P&I Advance on the related Master Servicer Remittance Date, then
the Trustee shall make such P&I Advance on the related Distribution Date in
accordance with the last paragraph of this Section 4.03(a).

          If the Master Servicer shall not have received, by 1:00 p.m. (New
York City time) on any Master Servicer Remittance Date, any remittance
required to be made under a Westfarms Mall Servicing Agreement with respect to
the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Loan on or before
such date in the subject calendar month (whether in the form of a P&I Advance
or the pass-through of collections), then the Master Servicer shall, subject
to a determination of recoverability, advance the amount of such required
remittance on such Master Servicer Remittance Date insofar as such remittance
constitutes or relates to a Monthly Payment or Assumed Monthly Payment with
respect to the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Loan.
Such advance shall be deemed to be a P&I Advance for all purposes hereunder;
provided that no interest shall accrue with respect to such P&I Advance
pursuant to Section 4.03(d) so long as the required remittance is received by
the Master Servicer on such Master Servicer Remittance Date in time for the
Master Servicer to reinvest the funds from such remittance.

          If, as of 1:00 p.m., New York City time, on any Master Servicer
Remittance Date, the Master Servicer shall not have made any P&I Advance
required to be made with respect to any Mortgage Loan or successor REO Loan on
such date pursuant to this Section 4.03(a) (and shall not have delivered to
the Trustee the requisite Officer's Certificate and documentation related to a
determination of nonrecoverability of a P&I Advance pursuant to Section
4.03(c)) or shall not have remitted any portion of the Master Servicer
Remittance Amount required to be remitted on such date, then the Trustee shall
provide notice of such failure to the Master Servicer, before 5:00 p.m., New
York City time, on such Master Servicer Remittance Date. If, after such
notice, the Trustee does not receive the full amount of such P&I Advances by
11:00 a.m. (New York City time) on the related Distribution Date, then the
Trustee, unless it determines that such Advance would be a Nonrecoverable P&I
Advance if made, shall (from its own funds) deposit in the Distribution
Account the portion of such P&I Advances that was required to be, but was not,
made by the Master Servicer on such Master Servicer Remittance Date.

          (b) The aggregate amount of P&I Advances to be made by the Master
Servicer with respect to the Mortgage Pool for any Distribution Date (subject
to Section 4.03(c) below and, in the case of the Westfarms Mall Mortgage Loan
or any Westfarms Mall REO Loan, further subject to the second paragraph of
Section 4.03(a) above) shall equal the aggregate of all Monthly Payments
(other than Balloon Payments) and any Assumed Monthly Payments, in each case
net of any related Master Servicing Fees, due or deemed due, as the case may
be, in respect of the Serviced Mortgage Loans (including Serviced Mortgage
Loans that are Balloon Mortgage Loans delinquent as to their respective

                                    -188-

<PAGE>

Balloon Payments) and any successor REO Loans on their respective Due Dates in
the calendar month in which such Distribution Date occurs, in each case to the
extent such amount was not paid by or on behalf of the related Borrower or
otherwise collected as of the close of business on the Determination Date in
such calendar month; provided that, if an Appraisal Reduction Amount exists
with respect to any Required Appraisal Loan in the Mortgage Pool, then the
interest portion of any P&I Advance required to be made in respect of such
Required Appraisal Loan during any calendar month shall be reduced (it being
herein acknowledged that there shall be no reduction in the principal portion
of such P&I Advance) to equal the product of (i) the amount of the interest
portion of such P&I Advance that would otherwise be required to be made in
respect of such Required Appraisal Loan during such calendar month without
regard to this proviso, multiplied by (ii) a fraction, expressed as a
percentage, the numerator of which shall equal the Stated Principal Balance of
such Required Appraisal Loan as of the commencement of such calendar month,
net of the related Appraisal Reduction Amount, and the denominator of which
shall equal the Stated Principal Balance of such Required Appraisal Loan as of
the commencement of such calendar month.

          (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. The determination by the Master
Servicer (or, if applicable, the Trustee or any Fiscal Agent) that it has made
a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would
constitute a Nonrecoverable P&I Advance, shall be made by such Person in its
reasonable judgment and shall be evidenced by an Officer's Certificate
delivered to the Depositor, to the Special Servicer, to the Controlling Class
Representative and, if made by the Master Servicer, to the Trustee (on or
before the date on which the proposed P&I Advance is to be made), setting
forth the basis for such determination, accompanied (in the case of the
Controlling Class Representative and otherwise upon request) by a copy of an
Appraisal of the related Mortgaged Property or REO Property performed within
the 12 months preceding such determination by a Qualified Appraiser, if
available, and further accompanied (in the case of the Controlling Class
Representative and otherwise upon request) by any other information, including
engineers' reports, environmental surveys or similar reports, that the Person
making such determination may have obtained and that support such
determination. The Trustee and any Fiscal Agent shall be entitled to
conclusively rely on any nonrecoverability determination made by the Master
Servicer with respect to a particular P&I Advance. With respect to P&I
Advances on the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Loan,
the Master Servicer and the Trustee shall be entitled to conclusively rely on
any nonrecoverability determination made by the Westfarms Mall Master Servicer
or any other party with advancing obligations under a Westfarms Mall Servicing
Agreement with respect to a particular P&I Advance. The Special Servicer shall
promptly furnish any party required to make P&I Advances hereunder with any
information in its possession regarding the Specially Serviced Mortgage Loans
and Administered REO Properties as such party required to make P&I Advances
may reasonably request. In the case of any Cross-Collateralized Mortgage Loan,
any determination regarding whether any related P&I Advance constitutes or
would constitute a Nonrecoverable P&I Advance shall take into account the
cross-collateralization of the related Cross-Collateralized Group.

          (d) The Master Servicer, the Trustee and any Fiscal Agent shall each
be entitled to receive interest at the Reimbursement Rate in effect from time
to time, accrued on the amount of each P&I Advance made thereby (with its own
funds), for so long as such P&I Advance is outstanding (or, if the P&I Advance
was made prior to the end of the grace period applicable to the subject
delinquent Monthly Payment, for so long as such P&I Advance is outstanding
after the end of that grace period).

                                    -189-

<PAGE>

Such interest with respect to any P&I Advance shall be payable: (i) first, in
accordance with Section 3.05(a) and/or Section 1.04, out of any Default
Charges collected (including, in the case of the Westfarms Mall Mortgage Loan
or any Westfarms Mall REO Loan, by the Westfarms Mall Master Servicer or the
Westfarms Mall Special Servicer on behalf of the Trust) with respect to the
particular Mortgage Loan or REO Loan as to which such P&I Advance was made;
and (ii) then, after such P&I Advance is reimbursed, but only if and to the
extent that such Default Charges described in the immediately preceding clause
(i) are and have been insufficient to cover such Advance Interest, out of
general collections on the Mortgage Loans and REO Properties on deposit in the
Collection Account. As and to the extent provided in Section 3.05(a), the
Master Servicer shall reimburse itself, the Trustee or any Fiscal Agent, as
applicable, for any outstanding P&I Advance made thereby as soon as
practicable after funds available for such purpose are deposited in the
Collection Account, and in no event shall interest accrue in accordance with
this Section 4.03(d) on any P&I Advance as to which the corresponding Late
Collection was received as of the related Master Servicer Remittance Date. The
Master Servicer shall not be entitled to Advance Interest on any particular
P&I Advance made thereby to the extent the payment as to which such P&I
Advance was made, is received but is being held by or on behalf of the Master
Servicer in suspense.

          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 Sections 4.01(a) and
4.01(b), 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 F, Class E, Class D, Class C and Class B
Certificates shall be reduced sequentially, in that order, until such excess
is reduced to zero; provided that, no such Class of Certificates shall have
its Class Principal Balance reduced unless and until the Class Principal
Balance of each other Class of Certificates, if any, listed in front of it has
been reduced to zero; and provided, further, that if after the foregoing
reductions, the amount described in clause (i) of the preceding sentence still
exceeds the amount described in clause (ii) of such sentence, then the
respective Class Principal Balances of the Class A-1, Class A-2 and Class A-3
Certificates shall be reduced on a pro rata basis in accordance with the
relative sizes of such Class Principal Balances, until any such remaining
excess is reduced to zero. All such reductions in the Class Principal Balances
of the respective Classes of the Principal Balance Certificates shall
constitute allocations of Realized Losses and Additional Trust Fund Expenses.

          (b) On each Distribution Date, following the deemed distributions to
be made in respect of the REMIC II Regular Interests on such date pursuant to
Section 4.01(k), the Trustee shall determine the amount, if any, by which (i)
the then aggregate Uncertificated Principal Balance of all 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,
REMIC II Regular Interest J, REMIC II Regular Interest H, REMIC II Regular
Interest F, REMIC II Regular Interest E, REMIC II Regular Interest D, REMIC II
Regular Interest C and REMIC II Regular Interest B shall be

                                    -190-

<PAGE>

reduced sequentially, in that order, until such excess is reduced to zero;
provided that no such REMIC II Regular Interest shall have its Uncertificated
Principal Balance reduced unless and until the Uncertificated Principal
Balance of each other REMIC II Regular Interest, if any, listed in front of it
has been reduced to zero; and provided, further, that if after the foregoing
reductions, the amount described in clause (i) of the 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, (B) REMIC II Regular Interest A-3 and (C) REMIC II Regular Interest A-2A
and REMIC II Regular Interest A-2B, as a collective matter in the order
described in the next 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 the REMIC II Regular Interest A-2A and
REMIC II Regular Interest A-2B pursuant to the prior sentence shall be made:
first, to the Uncertificated Principal Balance of REMIC II Regular Interest
A-2A, until such Uncertificated Principal Balance is reduced to zero; and
second, to the Uncertificated Principal Balance of REMIC II Regular Interest
A-2B. All such reductions in the Uncertificated Principal Balances of the
respective REMIC II Regular Interests shall be deemed to constitute
allocations of Realized Losses and Additional Trust Fund Expenses.

          (c) On each Distribution Date, following the deemed distributions to
be made in respect of the REMIC I Regular Interests pursuant to Section
4.01(l), the Uncertificated Principal Balance of each REMIC I Regular Interest
(after taking account of such deemed distributions) shall be reduced to the
extent necessary (if at all) to equal the Stated Principal Balance of the
related Mortgage Loan or successor REO Loan, as the case may be, that will be
outstanding immediately following such Distribution Date. All such reductions
in the Uncertificated Principal Balances of the respective REMIC I Regular
Interests shall be deemed to constitute allocations of Realized Losses and
Additional Trust Fund Expenses.

          SECTION 4.05. Calculations.

          Provided that the Trustee receives the necessary information from
the Master Servicer and/or the Special Servicer, the Trustee shall be
responsible for performing all calculations necessary in connection with the
actual and deemed distributions to be made pursuant to Section 4.01, the
preparation of the Statements to Certificateholders pursuant to Section
4.02(a) 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 Standard Available Distribution Amount for each
Distribution Date and shall allocate such amount among Certificateholders in
accordance with this Agreement. Absent actual knowledge of an error therein,
the Trustee shall have no obligation to recompute, recalculate or otherwise
verify any information provided to it by the Master Servicer. The calculations
by the Trustee contemplated by this Section 4.05 shall, in the absence of
manifest error, be presumptively deemed to be correct for all purposes
hereunder.

                                    -191-

<PAGE>

                                   ARTICLE V

                               THE CERTIFICATES

          SECTION 5.01. The Certificates.

          (a) The Certificates shall consist of twenty-two (22 Classes with
the following alphabetic or alphanumeric Class designations: "X-1", "X-2",
"A-1", "A-2", "A-3", "B", "C", "D", "E", "F", "H", "J", "K", "L", "M", "N",
"P", "Q", "R", "S", "T" and "Y", respectively. Any reference in any other
section or subsection of this Agreement to any Certificate or Certificates
preceded by a Class designation shall be to a Certificate or Certificates of
the Class so designated in this Section 5.01(a).

          (b) The Certificates will be substantially in the respective forms
attached hereto as Exhibits A-1 through A-5; provided, however, 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 all of the Principal Balance and Interest Only Certificates shall initially
be held and transferred through the book-entry facilities of the Depository.
The REMIC III Regular Interest Certificates will be issuable only in
denominations corresponding to initial Certificate Principal Balances (or, in
the case of the Interest Only Certificates, initial Certificate Notional
Amounts) as of the Closing Date of: (i) in the case of the Interest Only
Certificates, $1,000,000 and any whole dollar denomination in excess thereof;
(ii) in the case of the Class A-1, Class A-2, Class A-3, Class B, Class C,
Class D, Class E and Class F Certificates, $10,000 and any whole dollar
denomination in excess thereof; and (iii) in the case of the other REMIC III
Regular Interest Certificates, $100,000 and any whole dollar denomination in
excess thereof. The Class R and Class Y Certificates will be issuable only in
denominations representing Percentage Interests in the related Class of not
less than 10.0%.

          (c) The Certificates shall be executed by manual or facsimile
signature by an authorized officer or signatory of the Trustee. Certificates
bearing the manual or facsimile signatures of individuals who were at any time
the authorized officers or signatories of the Trustee 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
Certificate Registrar 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.

                                    -192-

<PAGE>

          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
(located as of the Closing Date at Wells Fargo Center, Sixth and Marquette,
MAC #N9303-121, Minneapolis, Minnesota 55479) 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 Trustee
may appoint, by a written instrument delivered to the other parties hereto,
any other bank or trust company to act as Certificate Registrar under such
conditions as the Trustee may prescribe, provided that the Trustee shall not
be relieved of any of its duties or responsibilities hereunder as Certificate
Registrar 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 predecessor's duties as Certificate Registrar. The Depositor,
the Master Servicer and the Special Servicer shall each 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 any Certificateholder makes a written request to the Trustee, and
such request states that such Certificateholder desires to communicate with
other Certificateholders with respect to their rights under this Agreement or
under the Certificates and is accompanied by a copy of the communication that
such requesting Certificateholder proposes 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 Certificateholder access
during normal business hours to, or deliver to the requesting
Certificateholder a copy of, the most recent list of Certificateholders held
by the Certificate Registrar (which list shall be current as of a date no
earlier than 30 days prior to the Trustee's receipt of such request). Every
Certificateholder, by receiving such access, acknowledges that neither the
Certificate Registrar nor the Trustee will be held accountable in any way by
reason of the disclosure of any information as to the names and addresses of
any Certificateholder regardless of the source from which such information was
derived.

          (b) No transfer, sale, pledge or other disposition of any
Non-Registered Certificate or interest therein shall be made unless that
transfer, sale, pledge or other disposition is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable
state securities laws, or is otherwise made in accordance with the Securities
Act and such state securities laws.

          If a transfer of any Non-Registered Certificate (other than a
Book-Entry Non-Registered Certificate) is to be made without registration
under the Securities Act (other than in connection with the initial issuance
of the Certificates or a transfer of such Non-Registered Certificate by the
Depositor or an Affiliate of the Depositor or, in the case of a Rule 144A
Global Certificate, any transfer of such Certificate to a successor Depository
or, in the case of a Definitive Certificate issued with respect to a Rule 144A
Global Certificate, any transfer of such Certificate to the applicable
Certificate Owner in accordance with Section 5.03(c)), 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-1A; or (ii) a certificate from the
Certificateholder desiring to effect such transfer substantially in the

                                    -193-

<PAGE>

form attached hereto as Exhibit F-1B 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 (iii) an Opinion of
Counsel satisfactory to the Certificate Registrar to the effect that such
transfer may be made without registration under the Securities Act (which
Opinion of Counsel shall not be an expense of the Trust or of the Depositor,
the Master Servicer, the Special Servicer, the Trustee, any 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.

          Each Global Certificate shall be deposited with the Trustee as
custodian for the Depository and registered in the name of Cede & Co. as
nominee of the Depository.

          If a transfer of an interest in any Rule 144A Global 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 an
interest in such Rule 144A Global Certificate by the Depositor or an Affiliate
of the Depositor), then (except as otherwise provided in the next succeeding
paragraph or in Section 5.03 the Certificate Owner desiring to effect such
transfer shall require from its prospective Transferee: (i) a certificate
substantially in the form attached either as Exhibit F-2C hereto; 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 (which Opinion of Counsel shall not be
an expense of the Trust or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, any Fiscal Agent or the Certificate Registrar in their
respective capacities as such). Except as otherwise provided in the next
paragraph or in Section 5.03, any interest in a Rule 144A Global Certificate
shall not be transferred to any Person other than a Qualified Institutional
Buyer that takes delivery in the form of an interest in such Rule 144A Global
Certificate. If any Transferee of an interest in a Rule 144A Global
Certificate does not, in connection with the subject transfer, deliver to the
Transferor the Opinion of Counsel or one of the certifications described in
the second 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 foregoing, any interest in a Rule 144A Global
Certificate 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 Trustee and
the Certificate Registrar of (i) a certificate from the Certificate Owner
desiring to effect such transfer substantially in the form attached hereto as
Exhibit F-1C, (ii) such transferee certification and/or opinion as is
contemplated by the second paragraph of this Section 5.02(b) 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 a denomination of the transferred interests in such
Rule 144A Global Certificate. Upon delivery to the Trustee and 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, and 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.

                                    -194-

<PAGE>

          None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify any Class of Non-Registered Certificates
under the Securities Act or any other securities law or to take any action not
otherwise required under this Agreement to permit the transfer of any
Non-Registered Certificate or interest therein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
transfer, sale, pledge or other disposition of any Non-Registered Certificate
or interest therein shall, and does hereby agree to, indemnify the Depositor,
SSBI, the Trustee, any Fiscal Agent, the Master Servicer, the Special Servicer
and the Certificate Registrar against any liability that may result if such
transfer, sale, pledge or other disposition 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 any Certificate or interest therein shall be made
to any Plan or to any Person who is directly or indirectly purchasing such
Certificate or interest therein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan, if the purchase and holding of such
Certificate or interest therein by the prospective Transferee would result in
a violation of Section 406 or 407 of ERISA or Section 4975 of the Code or
would result in the imposition of an excise tax under Section 4975 of the
Code.

          Except in connection with the initial issuance of the Certificates
or any transfer of a Non-Registered Certificate by the Depositor or an
Affiliate of the Depositor or, in the case of a Rule 144A Global Certificate,
any transfer of such Certificate to a successor Depositary or, in the case of
a Definitive Certificate issued with respect to a Rule 144A Global
Certificate, any transfer of such Certificate to the applicable Certificate
Owner in accordance with Section 5.03(c), the Certificate Registrar shall
refuse to register the transfer of a Non-Registered Certificate unless it has
received from the prospective Transferee one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing such Certificate or interest therein
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 continued holding
of such Certificate by such prospective Transferee is exempt from the
prohibited transaction provisions of Sections 406 and 407 of ERISA and Section
4975 of the Code by reason of Sections I and III of Prohibited Transaction
Class Exemption 95-60; or (iii) in the case of a Non-Registered Certificate
(other than a Class R or Class V Certificate) that is rated investment grade
by at least one of the Rating Agencies and is being acquired by or on behalf
of a Plan in reliance on the Underwriter 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, any
Exemption-Favored Party, the Depositor, any Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Person responsible for
servicing the Westfarms Mall Mortgage Loan or any Westfarms Mall REO Property
or any Borrower with respect to Mortgage Loans constituting more than 5% of
the aggregate unamortized principal of all the Mortgage Loans determined as of
the Closing Date, or by any Affiliate of any such Person, and (Z) agrees that
it will obtain from each of its Transferees a written representation that such
Transferee, if a Plan, satisfies 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) a certification
of facts and an Opinion of Counsel (which Opinion of Counsel shall not be an
expense of the Trustee, the Certificate Registrar or the Trust) which
otherwise establish to the reasonable satisfaction of the Certificate
Registrar that such transfer will not result in a violation of Section 406 or
407 of ERISA or

                                    -195-

<PAGE>

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 form of
certification attached hereto as Exhibit G-1 is acceptable for purposes of the
preceding sentence.

          Except in connection with the initial issuance of the Certificates
or any transfer of an interest in a Book-Entry Non-Registered Certificate by
the Depositor or an Affiliate of the Depositor, the Certificate Owner desiring
to effect a transfer of an interest in a Book-Entry Non-Registered Certificate
shall 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 interest in such Certificate 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 continued holding of
an interest in such Certificate by such prospective Transferee is exempt from
the prohibited transaction provisions of Sections 406 and 407 of ERISA and
Section 4975 of the Code by reason of Sections I and III of Prohibited
Transaction Class Exemption 95-60; or (iii) if such Certificate is not a Class
R or Class Y Certificate, if such Certificate is rated investment grade by at
least one of the Rating Agencies and if the interest in such Certificate is
being acquired by or on behalf of a Plan in reliance on the Underwriter
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 Person responsible for servicing the
Westfarms Mall Mortgage Loan or any Westfarms Mall REO Property or any
Borrower with respect to Mortgage Loans constituting more than 5% of the
aggregate unamortized principal of all the Mortgage Loans determined as of the
Closing Date, or by any Affiliate of any such Person, and (Z) agrees that it
will obtain from each of its Transferees a written representation that such
Transferee, if a Plan, satisfies the requirements of the immediately preceding
clauses (ii)(X) and (ii)(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 (ii)(X) and (ii)(Y); or (iv) a certification of
facts and an Opinion of Counsel to the effect 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 form of certification attached hereto
as Exhibit G-2 is acceptable for purposes of the preceding sentence.

          Each Transferee of any Registered Certificate or interest therein or
of an interest in any Book-Entry Non-Registered Certificate 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 continued holding of such Certificate or
interest therein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and Section 4975 of the Code.

          (d) (i) Each Person who has or who acquires any Ownership Interest
in a Class R 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 or cause the delivery of 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 Class R Certificate are expressly subject to the following
provisions:

                                    -196-

<PAGE>

               (A)  Each Person holding or acquiring any Ownership Interest in
                    a Class R Certificate shall be a Permitted Transferee and
                    shall promptly notify 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 Class R Certificate (other than in
                    connection with a transfer of a Class R Certificate by the
                    Depositor to an Affiliate of the Depositor), the
                    Certificate Registrar shall require delivery to it, and
                    shall not register the Transfer of any Class R 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
                    Class R 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 Class R 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 Class R Certificate
                    to such proposed Transferee shall be effected.

               (D)  Each Person holding or acquiring any Ownership Interest in
                    a Class R Certificate shall agree (1) to require a
                    Transfer Affidavit and Agreement from any prospective
                    Transferee (other than in connection with a transfer of a
                    Class R Certificate by the Depositor to an Affiliate of
                    the Depositor) to whom such Person attempts to transfer
                    its Ownership Interest in such Class R Certificate and (2)
                    not to transfer its Ownership Interest in such Class R
                    Certificate (other than in connection with a transfer of a
                    Class R Certificate by the Depositor or an Affiliate of
                    the Depositor) unless it provides to the Certificate
                    Registrar and the Trustee a certificate substantially in
                    the form attached hereto as Exhibit H-2 stating that,
                    among other things, it has no actual knowledge that such
                    prospective Transferee is not a Permitted Transferee.

               (E)  Each Person holding or acquiring an Ownership Interest in
                    a Class R Certificate, by purchasing such Ownership
                    Interest, agrees to give the Trustee written notice that
                    it is a "pass-through interest holder" within the meaning
                    of temporary Treasury regulation section
                    1.67-3T(a)(2)(i)(A) immediately upon acquiring an
                    Ownership Interest in a Class R Certificate if it is, or
                    is holding an Ownership Interest in a Class R Certificate
                    on behalf of, a "pass-through interest holder".

                                    -197-

<PAGE>

               (ii) (A) If any purported Transferee shall become a Holder of a
                    Class R Certificate in violation of the provisions of this
                    Section 5.02(d), then the last preceding Holder of such
                    Class R 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 Class R 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 Class R 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
                    Class R 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
                    Class R 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 Class R 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 Class R
                    Certificate or any other Person as a result of its
                    exercise of such discretion. Such purported Transferee
                    shall promptly endorse and deliver such Class R
                    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 Trustee 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 Class R Certificate
     to any Person who is a Disqualified Organization, including the
     information described in Treasury regulation sections 1.860D-1(b)(5) and
     1.860E-2(a)(5) with respect to the "excess inclusions" of the Loan REMIC
     Residual Interests, the REMIC I Residual Interest, the REMIC II Residual
     Interest and the REMIC III Residual Interest 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 Class R
     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 Trustee all information in its possession
     necessary for the Trustee to discharge such obligation. The Person
     holding such Ownership Interest shall be responsible for the reasonable
     compensation of the Trustee for providing such information.

                                    -198-

<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 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 result in an Adverse Rating Event
                    with respect to any Class of Rated Certificates; and

               (B)  an Opinion of Counsel, in form and substance satisfactory
                    to the Trustee, 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 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 Class R 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 Class R
                    Certificate to a Person that is not a Permitted
                    Transferee.

          (e) If a Person is acquiring any Non-Registered Certificate or any
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
a Book-Entry Certificate, the Transferor) a certification to the effect that,
and such other evidence as may be reasonably required by the Certificate
Registrar (or, in the case of a Book-Entry Certificate, the Transferor) 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/or 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 Trustee shall
execute, and the Certificate Registrar shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates
of authorized denominations of the same Class evidencing a like aggregate
Percentage Interest.

          (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, 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 Trustee shall execute, and the Certificate Registrar 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.

                                    -199-

<PAGE>

          (i) No service charge shall be imposed for any 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.

          (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.

          (k) The Certificate Registrar shall provide to each of the other
parties hereto, upon reasonable written request and at the expense of the
requesting party, an updated copy of the Certificate Register.

          SECTION 5.03. Book-Entry Certificates.

          (a) The Principal Balance Certificates and the Interest Only
Certificates shall, in the case of each Class thereof, initially be issued as
one or more Certificates registered in the name of the Depository or its
nominee and, except as provided in Section 5.02(b) or Section 5.03(c),
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, subject to Section
5.02(c), transfer their respective Ownership Interests in and to such
Certificates through the book-entry facilities of the Depository; and, except
as provided in Section 5.02(b) or Section 5.03(c) below, such Certificate
Owners shall not be entitled to fully registered, physical Certificates
("Definitive Certificates") in respect of such Ownership Interests. 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 indirect participating 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 indirect participating brokerage firms
for which it acts as agent in accordance with the Depository's normal
procedures.

          (b) Except as expressly provided to the contrary herein, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, any Fiscal
Agent 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. Except as expressly provided to the contrary herein, 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 indirect participating brokerage
firms representing such Certificate Owners. Multiple requests and directions
from, and votes of, the Depository as Holder of the Book-Entry Certificates
with respect to any particular matter shall not be deemed inconsistent if they
are made with respect to different Certificate Owners. The Trustee may
establish a reasonable record date in connection with solicitations of
consents from or voting by Certificateholders and shall give notice to the
Depository of such record date.

          (c) If (i)(A) the Depositor advises the Trustee and the Certificate
Registrar in writing that the Depository is no longer willing or able to
discharge properly its responsibilities as depository with respect to any
Class of Book-Entry Certificates, and (B) the Depositor is unable to locate a

                                    -200-

<PAGE>

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 any Class of
Book-Entry Certificates (or any portion of such Class), 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 any Class of Book-Entry Certificates
(or any portion of such Class) by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Trustee
shall execute, and the Certificate Registrar shall authenticate and deliver,
the Definitive Certificates in respect of such Class (or portion thereof) 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
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 Book-Entry 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.

          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 Trustee shall execute, and the Certificate Registrar 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 reasonable expenses (including the
reasonable 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 Trust Fund, 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, any Fiscal
Agent, the Certificate Registrar and any agent of any of them may treat the
Person in whose name any Certificate is registered as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section
4.01 and for all other purposes whatsoever, and none of the Depositor, the
Master Servicer, the Special Servicer, the Trustee, any Fiscal Agent, the
Certificate Registrar or any agent of any of them shall be affected by notice
to the contrary.

          SECTION 5.06. Certification by Certificate Owners.

          (a) Each Certificate Owner is hereby deemed by virtue of its
acquisition of an Ownership Interest in the Book-Entry Certificates to agree
to comply with the transfer requirements of Section 5.02(c).

                                    -201-

<PAGE>

          (b) To the extent that under the terms of this Agreement, it is
necessary to determine whether any Person is a Certificate Owner, the Trustee
shall make such determination based on a certificate of such Person, which
certificate shall be substantially in the form of paragraph 1 of Exhibit K-1
hereto (or such other form as shall be reasonably acceptable to the Trustee)
and shall specify the Class and Certificate Principal Balance or Certificate
Notional Amount, as the case may be, of the Book-Entry Certificate
beneficially owned; provided, however, that neither the Trustee nor the
Certificate Registrar shall knowingly recognize such Person as a Certificate
Owner if such Person, to the actual knowledge of a Responsible Officer of the
Trustee or the Certificate Registrar, as the case may be, acquired its
Ownership Interest in a Book-Entry Certificate in violation of Section
5.02(c), or if such Person's certification that it is a Certificate Owner is
in direct conflict with information actually known by a Responsible Officer of
the Trustee or the Certificate Registrar, as the case may be, with respect to
the identity of a Certificate Owner. The Trustee and the Certificate Registrar
shall each exercise its reasonable discretion in making any determination
under this Section 5.06(b) and shall afford any Person providing information
with respect to its beneficial ownership of any Book-Entry Certificate an
opportunity to resolve any discrepancies between the information provided and
any other information available to the Trustee or the Certificate Registrar,
as the case may be.

                                    -202-

<PAGE>

                                  ARTICLE VI

          THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER

          SECTION 6.01. Liability of the Depositor, the Master Servicer and
                        the 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.

          SECTION 6.02. Merger, Consolidation or Conversion of the Depositor,
                        the Master Servicer or the 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 corporation, bank, trust company,
partnership, limited liability company, association or other legal entity
under the laws of the jurisdiction wherein it was organized, and each shall
obtain and preserve its qualification to do business as a foreign entity in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, the Certificates or
any of the Mortgage Loans and to perform its respective duties under this
Agreement.

          The Depositor, the Master Servicer and the Special Servicer each may
be merged or consolidated with or into any Person, or transfer all or
substantially all of its assets 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 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 such succession will not result in an
Adverse Rating Event with respect to any Class of Rated Certificates (as
confirmed in writing to the Trustee by each Rating Agency).

          SECTION 6.03. Limitation on Liability of the Depositor, the Master
                        Servicer, and the Special Servicer.

          None of the Depositor, the Master Servicer, the Special Servicer or
any director, manager, member, officer, employee or agent of any of the
foregoing shall be under any liability to the Trust, the Trustee or the
Certificateholders for any action taken, or not taken, in good faith pursuant
to this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Depositor, the Master Servicer, the Special
Servicer or any such other Person against any liability to the Trust, the
Trustee or the Certificateholders for the breach of a representation or
warranty made herein, or against any expense or liability specifically
required to be borne thereby without right of reimbursement pursuant to the
terms hereof, or against any liability which would otherwise be imposed by
reason of misfeasance, bad faith or negligence in the performance of
obligations or duties hereunder, or by reason of negligent disregard of such
obligations and duties. The Depositor, the Master Servicer, the Special

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Servicer and any director, officer, manager, member, employee or agent of any
of the foregoing 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, officer, manager, member, employee or agent of any
of the foregoing shall be indemnified and held harmless by the Trust out of
the Collection Account, as provided in Section 3.05(a), against any loss,
liability or reasonable out-of-pocket cost or expense (including reasonable
legal fees and expenses) incurred in connection with any legal action or claim
relating to this Agreement, the Certificates or any asset of the Trust, other
than any such loss, liability, cost or expense: (i) specifically required to
be borne thereby pursuant to the terms hereof, including Section 10.01(f);
(ii) that constitutes (or, but for the failure of the subject expense to be
customary, reasonable or necessary, would constitute) a Servicing Advance that
is otherwise reimbursable pursuant to this Agreement; or (iii) which was
incurred in connection with any legal action or claim against such party
resulting from (A) any breach of a representation or warranty made herein by
such party, (B) misfeasance, bad faith or negligence in the performance of
obligations or duties hereunder by such party, or (C) negligent disregard of
obligations or duties hereunder by such party. 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, except in the case of a
legal action as to which the related costs are to be borne by such party
without right of reimbursement, in its opinion does not involve it in any
ultimate expense or liability for which reimbursement is not reasonably
assured hereunder; provided, however, that the Depositor, the Master Servicer
or the Special Servicer may in its discretion undertake any such action which
it may reasonably 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 hereunder. 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, and the Depositor, the
Master Servicer and the Special Servicer each shall be entitled to the direct
payment of such expenses or to be reimbursed therefor from the Collection
Account as provided in Section 3.05(a).

          In addition, neither the Master Servicer nor the Special Servicer
shall have any liability with respect to, and the Master Servicer and Special
Servicer shall each be entitled to rely as to the truth of the statements made
and the correctness of the opinions expressed therein on, any certificates or
opinions furnished to, and reasonably accepted in good faith by, the Master
Servicer or Special Servicer, as the case may be, and conforming to the
requirements of this Agreement. The Master Servicer and Special Servicer may
each rely in good faith on information provided to it by the other parties
hereto (unless the provider and the recipient of such information are the same
Person or Affiliates) and by the Borrowers, and will have no duty to
investigate or verify the accuracy thereof.

          SECTION 6.04. Resignation of Master Servicer and Special Servicer.

          The Master Servicer and the Special Servicer each may 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, with a copy to the Controlling

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Class Representative. Unless applicable law requires the Master Servicer's or
the Special Servicer's (as the case may be) 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 6.06 or Section
7.02 hereof; provided that, if no successor master servicer or special
servicer, as applicable, shall have been so appointed and have accepted
appointment within 90 days after the Master Servicer or the Special Servicer,
as the case may be, has given notice of such resignation, the resigning Master
Servicer or Special Servicer, as applicable, may petition any court of
competent jurisdiction for the appointment of a successor thereto; and
provided, further, that the resigning Master Servicer or Special Servicer, as
the case may be, shall, at least 10 days prior to resigning and assigning or
transferring any of its rights, benefits or privileges hereunder, inform the
Controlling Class Representative in writing of its intent to resign and
disclose to the Controlling Class Representative the name of such assignee or
transferee and the date of the proposed resignation and transfer of servicing
and the Controlling Class Representative shall not have reasonably objected to
the proposed assignee or transferee within such 10-day period.

          In addition, the Master Servicer and the Special Servicer each shall
have the right to resign at any other time, provided that (i) a willing
successor thereto (including any such successor proposed by the resigning
party) reasonably acceptable to the Depositor, the Controlling Class
Representative and the Trustee has been found, (ii) each of the Rating
Agencies confirms to the Trustee in writing that the successor's appointment
will not result in an Adverse Rating Event with respect to any Class of Rated
Certificates, (iii) the resigning party pays all costs and expenses in
connection with such transfer, and (iv) the successor accepts appointment
prior to the effectiveness of such resignation.

          Neither the Master Servicer nor the Special Servicer shall be
permitted to resign except as contemplated above in this Section 6.04.
Consistent with the foregoing, neither the Master Servicer nor the Special
Servicer shall (except in connection with any resignation thereby permitted
pursuant to the prior paragraph or as otherwise expressly provided herein,
including the provisions of Section 3.22 and/or Section 6.02) assign or
transfer any of its rights, benefits or privileges hereunder to any other
Person or delegate to, 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 Special Servicer are transferred to a successor thereto,
the entire amount of compensation payable to the Master Servicer or Special
Servicer, as the case may be, that accrues pursuant hereto from and after the
date of such transfer shall be payable to such successor, except to the extent
provided in Section 3.11(c).

          SECTION 6.05. Rights of the Depositor and the Trustee in Respect of
                        the Master Servicer and the Special Servicer.

          Upon reasonable request, the Master Servicer and the Special
Servicer each shall furnish the Depositor and, upon request, the Trustee with
its most recent publicly available annual audited financial statements (or, if
not available, the most recent publicly available audited annual financial
statements of its corporate parent, on a consolidated basis) and such other
information as is publicly available regarding its business, affairs, property
and condition, financial or otherwise; provided that neither the Depositor nor
the Trustee may disclose the contents of such financial statements or other
information to non-affiliated third parties (other than accountants,
attorneys, financial advisors and other representatives retained to help it
evaluate such financial statements or other information), unless it is
required to do so

                                    -205-

<PAGE>

under applicable securities laws or is otherwise compelled to do so as a
matter of law. The Master Servicer and the Special Servicer each may affix to
any such information described in this Section 6.05 provided by it any
disclaimer it deems appropriate in its reasonable discretion. The Depositor
may, but is not obligated to, enforce the respective 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 the Special Servicer hereunder or exercise the rights of
the Master Servicer or 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. 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. Designation of Special Servicer by Certain
                        Certificateholders.

          (a) The Holder or Holders of Certificates representing more than 50%
of the Class Principal Balance of the Controlling Class may at any time and
from time to time designate a Person (other than the Trustee) to replace any
existing Special Servicer or any Special Servicer that has resigned or
otherwise ceased to serve as Special Servicer. Such Holder or Holders shall so
designate a Person to so serve as successor special servicer by the delivery
to the Trustee, the Master Servicer 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. The designated
Person shall become the Special Servicer on the date as of which the Trustee
shall have received: (i) written confirmation from each of the Rating Agencies
that the appointment of such Person as Special Servicer will not result in an
Adverse Rating Event with respect to any Class of Rated Certificates; (ii) an
Acknowledgment of Proposed Special Servicer in the form attached hereto as
Exhibit I-2, executed by the designated Person; and (iii) an Opinion of
Counsel (which shall not be an expense of the Trustee or the Trust)
substantially to the effect that (A) the designation of such Person to serve
as Special Servicer is in compliance with this Section 6.06, (B) the
designated Person is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, (C) the Acknowledgment
of Proposed Special Servicer has been duly authorized, executed and delivered
by the designated Person and (D) 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 bankruptcy and
insolvency exceptions and customary equity exceptions, that this Agreement
shall be enforceable against the designated Person in accordance with its
terms. Any existing Special Servicer shall be deemed to have been terminated
simultaneously with such designated Person's becoming the Special Servicer
hereunder; provided that (i) the terminated Special Servicer shall be entitled
to receive, in connection with its termination, payment out of the Collection
Account of all of its accrued and unpaid Special Servicing Fees to which it is
entitled and reimbursement from the successor special servicer of all
outstanding Servicing Advances made by the terminated Special Servicer and all
unpaid Advance Interest accrued on such outstanding Servicing Advances (in
which case the successor special servicer shall be deemed to have made such
Servicing Advances at the same time that the terminated Special Servicer had
actually made them), (ii) the terminated Special Servicer shall be entitled to
any Workout Fees thereafter received on any Serviced Mortgage Loans as to
which it was the Special Servicer and that were Corrected Serviced Mortgage
Loans at the time of the termination (but only if and to the extent permitted
by Section 3.11(c)), and (iii) the terminated Special Servicer shall continue
to be entitled to the benefits of Section 6.03, notwithstanding any such
termination; and provided, further, that the terminated Special Servicer shall

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<PAGE>

continue to be obligated to pay and entitled to receive all other amounts
accrued or owing by or to it under this Agreement on or prior to the effective
date of such termination. Such terminated Special Servicer shall cooperate
with the Trustee and the replacement Special Servicer in effecting the
transfer of the terminated Special Servicer's responsibilities and rights
hereunder to its successor, including the transfer within two Business Days to
the replacement Special Servicer for administration by it of all cash amounts
that at the time are or should have been credited by the Special Servicer to
the REO Account or to any Servicing Account or 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. If the
termination of the Special Servicer was without cause, the reasonable
out-of-pocket costs and expenses of any such transfer shall in no event be
paid out of the Trust Fund, and instead shall be paid by the successor special
servicer or the Holders of the Controlling Class that voted to remove the
Special Servicer, as such parties may agree.

          (b) If the Controlling Class of Certificates are Book-Entry
Certificates, then the rights set forth in Section 6.06(a) with respect to
replacing the Special Servicer may be exercised by the related Certificate
Owners holding beneficial ownership of Certificates representing more than 50%
of the Class Principal Balance of the Controlling Class.

          SECTION 6.07. Master Servicer or Special Servicer as Owner of a
                        Certificate.

          The Master Servicer or an Affiliate of the Master Servicer or the
Special Servicer or an Affiliate of the Special Servicer 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, as the case may be, 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, as the case may be, proposes to take any action (including
for this purpose, omitting to take a particular action) that is not expressly
prohibited by the terms hereof and would not, in the reasonable judgment of
the Master Servicer or the Special Servicer, as the case may be, violate the
Servicing Standard, but that, if taken, might nonetheless, in the reasonable
judgment of the Master Servicer or the Special Servicer, as the case may be,
be considered by other Persons to violate the Servicing Standard, then the
Master Servicer or the Special Servicer, as the case may be, 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 6.07, (b) identifies the Percentage Interest in each Class of
Certificates beneficially owned by the Master Servicer or the Special
Servicer, as the case may be, or by an Affiliate thereof and (c) describes in
reasonable detail the action that the Master Servicer or the Special Servicer,
as the case may be, 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 a request for approval by the Certificateholders
of each such proposed action. 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 the case may
be) shall have consented in writing to the proposal described in the written
notice, and if the Master Servicer or the Special Servicer, as the case may
be, shall act as proposed in the written notice, such action shall be deemed
to comply with the Servicing Standard. The Trustee shall be entitled to
reimbursement from the Master Servicer or the Special Servicer, as applicable,
for the reasonable

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<PAGE>

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 in the case of unusual
circumstances.

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                                  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 the
     Collection Account any amount required to be so deposited under this
     Agreement, which failure continues unremedied for three Business Days
     following the date on which such deposit was first required to be made;
     or

               (ii) any failure by the Special Servicer to deposit into the
     REO Account, or to deposit, or remit to the Master Servicer for deposit,
     into the Collection Account, any amount required to be so deposited or
     remitted under this Agreement, which failure continues unremedied for
     three Business Days following the date on which such deposit or
     remittance, as the case may be, was first required to be made; or

               (iii) any failure by the Master Servicer to remit to the
     Trustee for deposit into the Distribution Account, on any Master Servicer
     Remittance Date, the full amount of P&I Advances required to be made, or
     the full amount of the Master Servicer Remittance Amount or the
     Compensating Interest Payment required to be remitted, which failure
     continues unremedied until 11:00 a.m. (New York City time) on the
     relevant Distribution Date; or

               (iv) any failure by the Master Servicer to timely make any
     Servicing Advance required to be made by it hereunder, which Servicing
     Advance remains unmade for a period of three Business Days following the
     date on which notice shall have been given to the Master Servicer by the
     Trustee as provided in Section 3.11(f); or

               (v) any failure by the Special Servicer to timely make (or
     request the Master Servicer to 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 has been given
     to the Special Servicer by the Trustee as provided in Section 3.11(f); or

               (vi) any failure on the part of the Master Servicer or the
     Special Servicer duly to observe or perform in any material respect any
     other of the 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 after the date
     on which written notice of such failure, requiring the same to be
     remedied, shall have been given to the Master Servicer or the Special
     Servicer, as the case may be, by any other party hereto or to the Master
     Servicer or the Special Servicer, as the case may be, with a copy to each
     other party hereto, by the Holders of Certificates entitled to at least
     25% of the Voting Rights, or by the Controlling Class Representative;
     provided, however, that with respect to any such failure that is not
     curable within such 30-day period, the Master Servicer or the Special
     Servicer, as the case may be, shall have an additional cure period of 30
     days to effect such cure so long as the Master Servicer or the Special
     Servicer, as the case may be, has commenced to cure such failure within

                                    -209-

<PAGE>

     the initial 30-day period and has provided the Trustee with an Officer's
     Certificate certifying that it has diligently pursued, and is continuing
     to pursue, a full cure; or

               (vii) any breach on the part of the Master Servicer or the
     Special Servicer of any representation or warranty contained in this
     Agreement that materially and adversely affects the interests of any
     Class of Certificateholders and which continues unremedied for a period
     of 30 days after the date on which notice of such breach, requiring the
     same to be remedied, shall have been given to the Master Servicer or the
     Special Servicer, as the case may be, by any other party hereto or to the
     Master Servicer or the Special Servicer, as the case may be, with a copy
     to each other party hereto, by the Holders of Certificates entitled to at
     least 25% of the Voting Rights or by the Controlling Class
     Representative; provided, however, that, with respect to any such breach
     that is not curable within such 30-day period, the Master Servicer or the
     Special Servicer, as the case may be, shall have an additional cure
     period of 30 days to effect such cure so long as the Master Servicer or
     the Special Servicer, as the case may be, has commenced to cure such
     breach within the initial 30-day period and has provided the Trustee with
     an Officer's Certificate certifying that it has diligently pursued, and
     is continuing to pursue, a full cure; or

               (viii) a decree or order of a court or agency or supervisory
     authority having jurisdiction in the premises in an involuntary case
     under any present or future federal or state bankruptcy, insolvency or
     similar law for the appointment of a conservator, receiver, liquidator,
     trustee or similar official in any bankruptcy, insolvency, readjustment
     of debt, marshalling of assets and liabilities or similar proceedings, or
     for the winding-up or liquidation of its affairs, shall have been entered
     against the Master Servicer 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

               (ix) 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,
     marshalling 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

               (x) 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

               (xi) Moody's has (A) qualified, downgraded or withdrawn its
     rating or ratings of one or more Classes of Certificates, or (B) placed
     one or more Classes of Certificates on "watch status" in contemplation of
     possible rating downgrade or withdrawal (and such "watch status"
     placement shall not have been withdrawn by Moody's within 60 days of such
     placement, and, in the case of either clause (A) or (B), cited servicing
     concerns with the Master Servicer or the Special Servicer as the sole
     factor or a contributory factor in such rating action (it being
     understood and agreed that servicing concerns shall be deemed not to be a
     "contributory factor" if the Master Servicer or Special Servicer
     establishes to a reasonable degree that such rating action would have
     occurred without regard to such servicing concerns); or

                                    -210-

<PAGE>

               (xii) the Master Servicer is removed from S&P's approved master
     servicer list or the Special Servicer is removed from S&P's approved
     special servicer list, and the Master Servicer or Special Servicer, as
     the case may be, is not restored to such list within 60 days after its
     removal from such list (or within such longer period (not to exceed an
     additional 30 days) so long as S&P has not qualified, downgraded or
     withdrawn (or threatened in writing to qualify, downgrade or withdraw)
     any of its ratings of the respective Classes of Rated Certificates
     because of such removal).

          When a single entity acts as Master Servicer and Special Servicer,
an Event of Default (other than an event described in clauses (xi) and (xii)
above) in one capacity shall constitute an Event of Default in the other such
capacity.

          (b) If any Event of Default with respect to the Master Servicer or
the Special Servicer (in either case, for purposes of this Section 7.01(b),
the "Defaulting Party") shall occur and be continuing, then, and in each and
every such case, so long as the Event of Default shall not have been remedied,
the Depositor and Trustee each may, and at the written direction of either the
Controlling Class Representative or the Holders of Certificates entitled to
not less than 25% of the Voting Rights, the Trustee shall (subject to
applicable bankruptcy or insolvency law in the case of clauses (viii) through
(x) of Section 7.01(a)), terminate, by notice in writing to the Defaulting
Party (with a copy of such notice to each other party hereto), all of the
rights and obligations (accruing from and after such notice) of the Defaulting
Party under this Agreement and in and to the Trust Fund (other than as a
Holder of any Certificate). From and after the receipt by the Defaulting Party
of such written notice, 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) or the Mortgage Loans 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
agrees that, if it is terminated pursuant to this Section 7.01(b), it shall
promptly (and in any event no later than ten Business Days subsequent to its
receipt of the notice of termination) provide the Trustee or its designee with
all documents and records requested thereby to enable the Trustee to assume
the Master Servicer's or the Special Servicer's, as the case may be, functions
hereunder, and shall otherwise cooperate with the Trustee in effecting the
termination of the Master Servicer's or the Special Servicer's, as the case
may be, responsibilities and rights hereunder, including the transfer within
two Business Days to the Trustee or its designee for administration by it of
all cash amounts that at the time are or should have been credited by the
Master Servicer to the Collection Account, the Distribution Account or any
Servicing Account or Reserve Account held by it (if it is the Defaulting
Party) or by the Special Servicer to the REO Account, the Collection Account
or any Servicing Account or Reserve Account held by it (if it is the
Defaulting Party) 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 obligated to pay and entitled to receive
all amounts accrued or owing by or to it (including any which will be payable
after termination) under this Agreement on or prior to the date of such
termination, whether in respect of Advances or otherwise, and it and its
members, managers, directors, officers, employees and agents shall continue to
be entitled to the benefits of Section 6.03 notwithstanding any such
termination). Any costs or expenses (including

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<PAGE>

those of any other party hereto) incurred in connection with any actions to be
taken by a terminated Master Servicer or Special Servicer pursuant to this
paragraph shall be borne by the Master Servicer or the Special Servicer, as
the case may be (and, in the case of the Trustee's costs and expenses, if not
paid within a reasonable time, shall be borne by the Trust out of the
Collection Account.

          SECTION 7.02. Trustee to Act; Appointment of Successor.

          On and after the time the Master Servicer or the Special Servicer
resigns pursuant to the first paragraph of Section 6.04 or receives a notice
of termination pursuant to Section 7.01, the Trustee shall, subject to Section
6.06, 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 be subject to all
the responsibilities, duties and liabilities relating thereto and arising
thereafter placed on the Master Servicer or the Special Servicer, as the case
may be, by the terms and provisions hereof, including, if the Master Servicer
is the resigning or terminated party, the Master Servicer's obligation to make
P&I Advances; provided, however, 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 cooperate or to provide information or monies as
required by Section 7.01 shall not be considered a default by the Trustee
hereunder. Neither the Trustee nor any other successor shall 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 nor any other successor be
required to purchase any Mortgage Loan hereunder. As compensation therefor,
the Trustee shall be entitled to all fees and other compensation (exclusive,
if applicable, of the Excess Servicing Fees) which the resigning or terminated
party would have been entitled to for future services rendered if the
resigning or terminated party had continued to act hereunder. Notwithstanding
the above, if it is unwilling to so act, the Trustee may (and, if it is unable
to so act, or if the Trustee is not approved as an acceptable master servicer
or special servicer, as the case may be, by each Rating Agency, or if the
Holders of Certificates entitled to a majority of all the Voting Rights or the
Controlling Class Representative so request in writing, the Trustee shall),
subject to Section 6.06 (if applicable), promptly appoint, or petition a court
of competent jurisdiction to appoint, any established and qualified
institution with a net worth of at least $10 million as the successor to the
resigning or terminated Master Servicer or Special Servicer, as the case may
be, hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the Master Servicer or the Special Servicer, as the
case may be, hereunder; provided, however, that such appointment does not
result in an Adverse Rating Event with respect to any Class of Rated
Certificates (as confirmed in writing to the Trustee by each Rating Agency);
and, provided, further, that such successor is reasonably acceptable to the
Controlling Class Representative. No appointment of a successor to the Master
Servicer or the Special Servicer hereunder shall be effective until the
assumption by such successor of all its responsibilities, duties and
liabilities hereunder, and pending such appointment and assumption, the
Trustee shall act in such capacity as hereinabove provided. In connection with
any such appointment and assumption, the Trustee may make such arrangements
for the compensation of such successor out of payments on the Mortgage Loans
or otherwise as it and such successor shall agree; provided, however, that no
such compensation shall be in excess of that permitted the resigning or
terminated party hereunder. The Depositor, the Trustee, such successor and
each other party hereto shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession.

          If the Trustee or an Affiliate acts pursuant to this Section 7.02 as
successor to the Master Servicer, it may reduce the Excess Servicing Fee Rate
to the extent that its or such Affiliate's

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compensation as successor Master Servicer would otherwise be below the market
rate servicing compensation. If the Trustee elects to appoint a successor to
the Master Servicer other than itself or an Affiliate pursuant to this Section
7.02, it may reduce the Excess Servicing Fee Rate to the extent reasonably
necessary (in the sole discretion of the Trustee) for the Trustee to appoint a
qualified successor Master Servicer that meets the requirements of this
Section 7.02.

          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 6.02, 6.04
or 7.02 or the effectiveness of any designation of a new Special Servicer
pursuant to Section 6.06, the Trustee shall give prompt written notice thereof
to Certificateholders at their respective addresses appearing in the
Certificate Register.

          (b) Not later than the later of (i) 60 days after the occurrence of
any event which constitutes or, with notice or lapse of time or both, would
constitute an Event of Default and (ii) five days after a Responsible Officer
of the Trustee has actual knowledge of the occurrence of such an event, the
Trustee shall transmit by mail to the Depositor and the Certificateholders
notice of such occurrence, unless such default shall have been cured.

          SECTION 7.04. Waiver of Events of Default.

          The Holders of Certificates 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 that an Event of
Default under clause (i), clause (ii), clause (iii), clause (xi) or clause
(xii) of Section 7.01(a) may be waived only by all of the Certificateholders;
and provided, further, that if the Trustee was required to expend any monies
in connection with any Event of Default, then such Event of Default may not be
waived unless and until those monies have been reimbursed to the Trustee, with
interest, by the Defaulting Party. 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 the same
Voting Rights with respect to the matters described above as they would if
registered in the name of any other Person.

          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 (exercisable subject to
Section 8.01(a)), in its own name and as trustee of an express trust, 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 (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

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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.

          SECTION 7.06. Replacement of Westfarms Mall Special Servicer.

          The Trustee may (and, at the direction of the Controlling Class
Representative or of Certificateholders representing at least 25% of the
Voting Rights, shall) consent to the termination and replacement of, or
exercise such rights as may be granted to it under the Westfarms Mall
Intercreditor Agreements and/or any Westfarms Mall Servicing Agreement to
terminate and replace, the Westfarms Mall Special Servicer; provided that the
Trustee shall first obtain written confirmation from each Rating Agency that
its granting such consent or exercising such rights shall not result in an
Adverse Rating Event with respect to any Class of Rated Certificates. The
Trustee and the Master Servicer shall each notify the other such party, the
Certificateholders, the Controlling Class Representative and the Rating
Agencies of any Series 2002-CP3 Event of Default known to a Responsible
Officer of the Trustee or a Servicing Officer of the Master Servicer, as the
case may be, in the same manner as it would notify such parties of an Event of
Default hereunder.

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                                 ARTICLE VIII

                                  THE TRUSTEE

          SECTION 8.01. Duties of the 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 person would exercise or use under the circumstances in the conduct of
his own affairs. Any permissive right of the Trustee contained in this
Agreement shall not be construed as a duty. The Trustee shall be liable in
accordance herewith only to the extent of the respective obligations
specifically imposed upon and undertaken by the Trustee.

          (b) 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), the Trustee 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 or liable for the accuracy or content of any resolution,
certificate, statement, opinion, report, document, order or other instrument
furnished by the Depositor, the Master Servicer, the Special Servicer, any
actual or prospective Certificateholder or Certificate Owner or either Rating
Agency, and reasonably 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 willful misconduct; provided, however, that:

               (i) Prior to the occurrence of an Event of Default, and after
     the curing or waiver of all 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.

               (ii) 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.

               (iii) The Trustee shall not be liable for an error of judgment
     made in good faith by a Responsible Officer or Responsible Officers of
     such entity unless it shall be proved that such entity was negligent in
     ascertaining the pertinent facts.

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<PAGE>

               (iv) The Trustee shall not be liable with respect to any action
     taken, suffered or omitted to be taken by the Trustee, in good faith in
     accordance with the direction of Holders of Certificates entitled to at
     least 51% (or, as to any particular matter, any higher percentage as may
     be specifically provided for hereunder) 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.

               (v) The Trustee shall not be required to take action with
     respect to, or be deemed to have notice or knowledge of, any default or
     Event of Default or the Master Servicer's failure to deliver any monies,
     including P&I Advances, or to provide any report, certificate or
     statement, to the Trustee when required pursuant to this Agreement,
     unless a Responsible Officer of the Trustee shall have received written
     notice or otherwise have actual knowledge thereof. Otherwise, the Trustee
     may conclusively assume that there is no such default or Event of
     Default.

               (vi) Subject to the other provisions of this Agreement, and
     without limiting the generality of this Section 8.01, the Trustee shall
     not have any duty, except as expressly provided in Section 2.01(c) or
     Section 2.01(e) or in its capacity as successor Master Servicer or
     successor Special Servicer, (A) to cause any recording, filing, or
     depositing of this Agreement or any agreement referred to herein or any
     financing statement or continuation statement evidencing a security
     interest, or to cause the maintenance of any such recording or filing or
     depositing or to any re-recording, refiling or redepositing of any
     thereof, (B) to cause the maintenance of any insurance, (C) to confirm or
     verify the truth, accuracy or contents of any reports or certificates of
     the Master Servicer, the Special Servicer, any actual or prospective or
     any Certificateholder or Certificate Owner or either Rating Agency,
     delivered to the Trustee pursuant to this Agreement and reasonably
     believed by the Trustee to be genuine and without error and to have been
     signed or presented by the proper party or parties, (D) subject to
     Section 10.01(f), to see to the payment or discharge of any tax levied
     against any part of the Trust Fund other than from funds available in the
     Collection Account or the Distribution Account, and (E) to see to the
     payment of any assessment or other governmental charge or any lien or
     encumbrance of any kind owing with respect to, or assessed or levied
     against, any part of the Trust Fund other than from funds available in
     the Collection Account or Distribution Account (provided that such
     assessment, charge, lien or encumbrance did not arise out of the
     Trustee's willful misfeasance, bad faith or negligence).

               (vii) For as long as the Trustee hereunder also serves as
     Custodian and/or Certificate Registrar, the protections, immunities and
     indemnities afforded to that Person in its capacity as Trustee hereunder
     shall also be afforded to such Person in its capacity as Custodian and/or
     Certificate Registrar, as the case may be.

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<PAGE>

          SECTION 8.02. Certain Matters Affecting the Trustee.

          Except as otherwise provided in Section 8.01:

               (i) the Trustee may rely upon and shall be protected in acting
     or refraining from acting upon any resolution, Officers' 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
     without error and to have been signed or presented by the proper party or
     parties;

               (ii) the Trustee may consult with counsel and any written
     advice or opinion of such 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 to institute, conduct or
     defend any litigation hereunder or in relation hereto at the request,
     order or direction of any of the Certificateholders, unless (in the
     Trustee's reasonable opinion) such Certificateholders shall have provided
     to the Trustee reasonable security or indemnity against the costs,
     expenses and liabilities which may be incurred therein or thereby; the
     Trustee shall not be required to expend or risk its own funds (except to
     pay expenses that could reasonably be expected to be incurred in
     connection with the performance of its normal duties) 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; provided, however, that nothing contained herein shall
     relieve the Trustee of the obligation, upon the occurrence of an Event of
     Default which has not been waived or 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) neither the Trustee nor any Fiscal Agent appointed thereby
     shall 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 and after
     the waiver or curing of all Events of Default which may have occurred,
     the Trustee shall not be bound to make any investigation into the facts
     or matters stated in any resolution, certificate, statement, instrument,
     opinion, report, notice, request, consent, order, approval, bond or other
     paper or document, unless requested in writing to do so by Holders of
     Certificates entitled to at least 25% of the Voting Rights; provided,
     however, 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 an indemnity
     satisfactory to the Trustee, in its reasonable discretion, against such
     expense or liability as a condition to taking any such action;

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<PAGE>

               (vi) except as contemplated by Sections 8.06 and 8.14, the
     Trustee shall not be required to give any bond or surety in respect of
     the execution of the trusts created hereby or the powers granted
     hereunder;

               (vii) the Trustee may execute any of the trusts or powers
     vested in it by this Agreement and perform any of its duties hereunder,
     either directly or by or through agents or attorneys-in-fact, provided
     that the use of agents or attorneys-in-fact shall not be deemed to
     relieve the Trustee of any of its duties and obligations hereunder
     (except as expressly set forth herein);

               (viii) neither the Trustee nor any Fiscal Agent appointed
     thereby shall be responsible for any act or omission of the Master
     Servicer or the Special Servicer (unless, in the case of the Trustee, it
     is acting as Master Servicer or Special Servicer, as the case may be) or
     of the Depositor; and

               (ix) neither the Trustee nor the Certificate Registrar shall
     have any obligation or duty to monitor, determine or inquire as to
     compliance with any restriction on transfer imposed under Article V under
     this Agreement or under applicable law with respect to any transfer of
     any Certificate or any interest therein, other than to require delivery
     of the certification(s) and/or Opinions of Counsel described in said
     Article applicable with respect to changes in registration or record
     ownership of Certificates in the Certificate Register and to examine the
     same to determine substantial compliance with the express requirements of
     this Agreement; and the Trustee and the Certificate Registrar shall have
     no liability for transfers, including transfers made through the
     book-entry facilities of the Depository or between or among Depository
     Participants or beneficial owners of the Certificates, made in violation
     of applicable restrictions except for its failure to perform its express
     duties in connection with changes in registration or record ownership in
     the Certificate Register.

          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, and the representations and warranties of, the
Trustee and/or any Fiscal Agent in Article II and/or any Fiscal Agent
Agreement, and the signature of the Certificate Registrar set forth on each
outstanding Certificate) shall not be taken as the statements of the Trustee
or any Fiscal Agent, and neither the Trustee nor any Fiscal Agent assumes any
responsibility for their correctness. Neither the Trustee nor any Fiscal Agent
makes any representation as to the validity or sufficiency of this Agreement
(except as regards the enforceability of this Agreement against it) or of any
Certificate (other than as to the signature of the Trustee or the Certificate
Registrar set forth thereon) or of any Mortgage Loan or related document.
Neither the Trustee nor any Fiscal Agent shall be accountable for the use or
application by the Depositor of any of the Certificates issued to it or of the
proceeds of such Certificates, or for the use or application of any funds paid
to the Depositor in respect of the assignment of the Mortgage Loans to the
Trust, or any funds deposited in or withdrawn from the Collection Account or
any other account by or on behalf of the Depositor, the Master Servicer or the
Special Servicer (unless, in the case of the Trustee, it is acting in such
capacity). Neither the Trustee nor any Fiscal Agent shall be responsible for
the legality or validity of this Agreement (other than insofar as it relates
to the obligations of the Trustee or such Fiscal Agent, as the case may be,
hereunder) or the validity, priority, perfection or sufficiency of

                                    -218-

<PAGE>

any security, lien or security interest granted to it hereunder or the filing
of any financing statements or continuation statements, except to the extent
set forth in Section 2.01(c) and Section 2.01(e) or to the extent the Trustee
is acting as Master Servicer or Special Servicer and the Master Servicer or
the Special Servicer, as the case may be, would be so responsible hereunder.
Neither the Trustee nor any Fiscal Agent shall be required to record this
Agreement.

          SECTION 8.04. Trustee and Fiscal Agent May Own Certificates.

          The Trustee (in its individual or any other capacity), any Fiscal
Agent or any of their respective Affiliates 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,
such Fiscal Agent or one of their Affiliates, as the case may be.

          SECTION 8.05. Fees and Expenses of the Trustee and any Fiscal Agent;
                        Indemnification of and by the Trustee and any Fiscal
                        Agent.

          (a) On each Distribution Date, the Trustee shall withdraw from the
Distribution Account, out of general collections on the Mortgage Loans and REO
Properties on deposit therein, prior to any distributions to be made therefrom
to Certificateholders on such date, and pay to itself all Trustee's Fees
earned in respect of the Mortgage Pool for such Distribution Date and, to the
extent not previously paid, for any prior Distribution Date, as compensation
for all services rendered by it hereunder. As to each Mortgage Loan and REO
Loan in the Mortgage Pool, for any Distribution Date, the Trustee's Fee shall
accrue during the related Interest Accrual Period for the Certificates, at the
Trustee's Fee Rate on a principal amount equal to the Stated Principal Balance
of such Mortgage Loan or REO Loan, as the case may be, immediately prior to
such Distribution Date. With respect to each Mortgage Loan and REO Loan in the
Mortgage Pool, the Trustee's Fee shall be calculated on the same Interest
Accrual Basis as is applicable to the accrual or deemed accrual of interest on
such Mortgage Loan or REO Loan, as the case may be. The Trustee's 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 sole compensation of the
Trustee for such services to be rendered by it. The Trustee shall be
responsible for the fees of any Fiscal Agent, Custodian and Certificate
Registrar.

          (b) The Trustee, any Fiscal Agent and any of their respective
directors, officers, employees or agents are entitled to be indemnified and
held harmless out of the Collection Account and/or the Distribution Account,
as and to the extent provided in Section 3.05, for and against any loss,
liability, claim or expense (including 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,
the Certificates, the Mortgage Loans (unless, in the case of the Trustee, it
incurs any such expense or liability in the capacity of successor Master
Servicer or Special Servicer, in which case such expense or liability will be
reimbursable thereto in the same manner as it would be for any other Master
Servicer or Special Servicer, as the case may be) or any act or omission of
the Trustee or such Fiscal Agent, as the case may be, relating to the exercise
and performance of any of its rights and duties in such capacity hereunder;
provided, however, that neither the Trustee nor any Fiscal Agent shall be
entitled to indemnification pursuant to this Section 8.05(b) for (1) allocable
overhead, such as costs for office space, office equipment, supplies and
related expenses, employee salaries and related expenses and similar internal
costs and expenses, (2) any cost or expense that does not constitute an
"unanticipated expense" within the meaning of Treasury regulation section
1.860G-1(b)(3)(ii), (3) any expense or

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<PAGE>

liability specifically required to be borne thereby pursuant to the terms
hereof or (4) any loss, liability, claim or expense incurred by reason of any
breach on the part of the Trustee or such Fiscal Agent, as the case may be, of
any of their respective representations, warranties or covenants contained
herein or any willful misfeasance, bad faith or negligence in the performance
of, or negligent disregard of, the Trustee's or such Fiscal Agent's, as the
case may be, obligations and duties hereunder.

          (c) The Master Servicer and the Special Servicer each shall
indemnify the Trustee and any Fiscal Agent for and hold each of them harmless
against any loss, liability, claim or expense that is a result of the Master
Servicer's or the Special Servicer's, as the case may be, negligence in the
performance of, or negligent disregard of, its obligations and duties under
this Agreement (including the negligent use by the Master Servicer or the
Special Servicer, as the case may be, of any powers of attorney delivered to
it by the Trustee pursuant to the provisions hereof) and the Mortgage Loans
serviced by the Master Servicer or the Special Servicer, as the case may be;
provided, however, that, if the Trustee or any Fiscal Agent has been
reimbursed for such loss, liability, claim or expense pursuant to Section
8.05(b) or any Fiscal Agent has been reimbursed for such loss, liability,
claim or expense pursuant to Section 8.13, then the indemnity in favor of such
Person provided for in this Section 8.05(c) with respect to such loss,
liability, claim or expense shall be for the benefit of the Trust.

          (d) Each of the Trustee and any Fiscal Agent shall indemnify the
Master Servicer and the Special Servicer for and hold each of them harmless
against any loss, liability, claim or expense that is a result of the
Trustee's or such Fiscal Agent's, as the case may be, negligence in the
performance of, or negligent disregard of, its obligations and duties under
this Agreement; provided, however, that if the Master Servicer or the Special
Servicer has been reimbursed for such loss, liability, claim or expense
pursuant to Section 6.03, then the indemnity in favor of such Person provided
for in this Section 8.05(d) with respect to such loss, liability, claim or
expense shall be for the benefit of the Trust.

          (e) This Section 8.05 shall survive the termination of this
Agreement or the resignation or removal of the Trustee, any Fiscal Agent, the
Master Servicer or the Special Servicer as regards rights and obligations
prior to such termination, resignation or removal.

          SECTION 8.06. Eligibility Requirements for Trustee.

          The Trustee shall at all times be a corporation, bank, trust company
or association that: (i) is organized and doing business under the laws of the
United States of America or any State thereof or the District of Columbia;
(ii) is authorized under such laws to exercise trust powers; (iii) has a
combined capital and surplus of at least $50,000,000; and (iv) is subject to
supervision or examination by federal or state authority. If such corporation,
bank, trust company or association publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section the combined
capital and surplus of such corporation, bank, trust company or association
shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. In addition: (i) the Trustee
shall at all times meet the requirements of Section 26(a)(1) of the Investment
Company Act; and (ii) the Trustee shall not have any affiliations or, except
as contemplated by Section 7.02, act in any other capacity with respect to the
transactions contemplated hereby that would cause the Underwriter Exemption to
be unavailable with respect to any Class of Certificates as to which it would
otherwise be available. Furthermore, the Trustee shall at all times maintain a
long-term unsecured debt rating of no less than "Aa3" from Moody's and "AA-"
from S&P (or, in the case of either Rating Agency, such lower rating

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<PAGE>

as will not result in an Adverse Rating Event with respect to any Class of
Rated Certificates (as confirmed in writing to the Trustee and the Depositor
by such Rating Agency)); provided that the Trustee shall not cease to be
eligible to serve as such based on a failure to satisfy such rating
requirements so long as either: (i) the Trustee maintains a long-term
unsecured debt rating of no less than "Baa2" from Moody's and "BBB" from 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 Rated Certificates (as
confirmed in writing to the Trustee and the Depositor by such Rating Agency))
and a Fiscal Agent meeting the requirements of Section 8.13 has been appointed
by the Trustee and is then currently serving in such capacity; or (ii) the
Trustee maintains a long-term unsecured debt rating of no less than "A1" from
Moody's 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 with respect to any Class
of Rated Certificates (as confirmed in writing to the Trustee and the
Depositor by such Rating Agency)) and an Advance Security Arrangement meeting
the requirements of Section 8.14 has been established by the Trustee and is
then currently being maintained. In case at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section 8.06, the
Trustee shall resign immediately in the manner and with the effect specified
in Section 8.07. The corporation, bank, trust company or association serving
as Trustee may have normal banking and trust relationships with the Depositor,
each Mortgage Loan Seller, the Master Servicer, the Special Servicer and their
respective Affiliates; provided, however, that none of (i) the Depositor, (ii)
any Person involved in the organization or operation of the Depositor or the
Trust, (iii) any Mortgage Loan Seller or (iv) any Affiliate of any of them,
may be the Trustee hereunder.

          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
Controlling Class Representative, the Master Servicer, the Special Servicer
and all the Certificateholders. Upon receiving such notice of resignation, the
Depositor shall promptly appoint a successor trustee reasonably acceptable to
the Controlling Class Representative meeting the eligibility requirements of
Section 8.06, 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 other parties hereto and to the
Certificateholders 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 the Master Servicer 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's continuing to act in such
capacity would (as confirmed in writing to any party hereto by either Rating
Agency) result in an Adverse Rating Event with respect to any Class of Rated
Certificates, then the Depositor may (and, if it fails to do so within ten
Business Days, the Master Servicer shall as soon as practicable) remove the
Trustee and appoint a successor trustee 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 other
parties hereto and to the Certificateholders by the Depositor (or the Master
Servicer, as the case may be).

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          (c) The Holders of Certificates entitled to not less than 51% of the
Voting Rights may at any time remove the Trustee and appoint a successor
trustee by written instrument or instruments, in triplicate, signed by such
Holders or their attorneys-in-fact duly authorized, one complete set of which
instruments shall be delivered to the Depositor (with copies to the Master
Servicer and the Special Servicer), one complete set to the Trustee so removed
and one complete set to the successor so appointed. All expenses incurred by
the Trustee in connection with its transfer of the Mortgages Files to a
successor trustee following the removal of the Trustee without cause pursuant
to this Section 8.07(c), shall be reimbursed to the removed Trustee within 30
days of demand therefor, such reimbursement to be made by the
Certificateholders that terminated the Trustee. A copy of such instrument
shall be delivered to the other parties hereto and to the remaining
Certificateholders by the successor so appointed.

          (d) 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 (i) acceptance of appointment by the successor
trustee as provided in Section 8.08 and (ii) if neither the successor trustee
nor any Fiscal Agent appointed by it has a long-term unsecured debt rating of
at least "Aa3" from Moody's and "AA" from S&P, the Trustee and the Depositor
have received written confirmation from each Rating Agency that has not so
assigned such a rating, to the effect that the appointment of such successor
trustee shall not result in an Adverse Rating Event with respect to any Class
of Rated Certificates.

          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 its 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. If the Trustee is being
replaced, the predecessor trustee shall deliver to the successor trustee 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 Custodian,
which Custodian shall become the agent of the successor trustee), and the
Depositor, the Master Servicer, the Special Servicer and the predecessor
trustee shall execute and deliver such instruments and do such other things as
may reasonably be required to more fully and certainly vest and confirm in the
successor trustee all such rights, powers, duties and obligations, and to
enable the successor trustee to perform its obligations hereunder.

          (b) No successor trustee shall accept appointment as provided in
this Section 8.08 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06.

          (c) Upon acceptance of appointment by a successor trustee as
provided in this Section 8.08, such successor trustee shall mail notice of the
succession of such trustee hereunder to the Depositor and the
Certificateholders.

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          SECTION 8.09. Merger or Consolidation of Trustee.

          Any entity into which the Trustee may be merged or converted or with
which it may be consolidated or any entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
entity succeeding to the corporate trust business of the Trustee shall be the
successor of the Trustee hereunder, provided such entity shall be eligible
under the provisions of Section 8.06, 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 Master Servicer and the Trustee acting jointly 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. If the Master Servicer shall not have joined in such appointment
within 15 days after the receipt by it of a request to do so, or in case an
Event of Default in respect of the Master Servicer shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.
No co-trustee or separate trustee hereunder shall be required to meet the
terms of eligibility as a successor trustee under Section 8.06, 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.

          (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 when acting as Master Servicer or Special Servicer
hereunder), the Trustee shall be incompetent or unqualified to perform such
act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Fund or any portion thereof in
any such jurisdiction) shall be exercised and performed by such separate
trustee or co-trustee at the direction of the Trustee.

          (c) Any notice, request or other writing given to the Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article VIII. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates
or property specified in its instrument of appointment, either jointly with
the Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee. Every such instrument shall be filed with the
Trustee.

          (d) Any separate trustee or co-trustee may, at any time, constitute
the Trustee, its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any

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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 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, upon prior written notice to the Master Servicer,
the Special Servicer and the Controlling Class Representative, appoint at the
Trustee's own expense one or more Custodians to hold all or a portion of the
Mortgage Files as agent for the Trustee; provided that each Custodian shall be
a depositary 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, shall not be the Depositor, any Mortgage Loan Seller
or any Affiliate of the Depositor or any Mortgage Loan Seller, and shall have
in place a fidelity bond and errors and omissions policy, each in such form
and amount as is customarily required of custodians acting on behalf of
Freddie Mac or Fannie Mae. Each Custodian shall be subject to the same
obligations, standard of care, protection and indemnities as would be imposed
on, or would protect, the Trustee hereunder in connection with the retention
of Mortgage Files directly by the Trustee. 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.

          SECTION 8.12. Access to Certain Information.

          (a) The Trustee shall afford to the Depositor, the Underwriters, the
Master Servicer, the Special Servicer, the Controlling Class Representative
and each Rating Agency and to the OTS, the FDIC and any other banking or
insurance regulatory authority that may exercise authority over any
Certificateholder or Certificate Owner, access to any documentation regarding
the Mortgage Loans or the other assets of the Trust Fund that are in its
possession or within its control. 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 at its offices and, upon reasonable
prior written request and during normal business hours, shall make available,
or cause to be made available, for review by the Rating Agencies, the other
parties hereto, 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 (to the
extent such items were prepared by or delivered to the Trustee): (i) the
Prospectus, the 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 Mortgage Loan Purchase Agreement, and any amendments and exhibits hereto
or thereto; (iii) all Statements to Certificateholders and any files and
reports comprising the CMSA Investor Reporting Package actually delivered or
otherwise made available by the Trustee to Certificateholders pursuant to
Section 4.02(a) since the Closing Date; (iv) all Annual Performance
Certifications delivered by the Master Servicer and the Special Servicer,
respectively, to the Trustee since the Closing Date; (v) all Annual
Accountants' Reports caused to be delivered by the Master

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<PAGE>

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 neither of the conditions set
forth in clauses (i) and (ii) of the first sentence thereof was satisfied;
(vii) each of the Mortgage Files, including any and all modifications, waivers
and amendments of the terms of a Mortgage Loan entered into or consented to by
the Special Servicer and delivered to the Trustee or any Custodian on its
behalf pursuant to Section 3.20, and a current report from the Trustee listing
all outstanding exceptions to the Mortgage File review conducted pursuant to
Section 2.02; (viii) 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 any Fiscal Agent's, as the case may be, determination
that any Advance was (or, if made, would be) a Nonrecoverable Advance; and
(ix) any other information that may be necessary to satisfy the requirements
of subsection (d)(4)(i) of Rule 144A under the Securities Act. The Trustee
shall provide, or cause to be provided, copies of any and all of the foregoing
items upon request of any of the parties set forth in the previous sentence;
however, except in the case of the Rating Agencies and the Controlling Class
Representative, the Trustee shall be permitted to require payment of a sum
sufficient to cover the reasonable costs and expenses of providing such
copies.

          In connection with providing, or causing to be provided, access to
or copies of the items described in the preceding paragraph pursuant to this
Section 8.12(b), the Trustee shall require: (a) in the case of
Certificateholders and Certificate Owners, a written confirmation executed by
the requesting Person substantially in the form of Exhibit K-1 hereto (or such
other form as may be reasonably acceptable to the Trustee) generally to the
effect that such Person is a Holder or Certificate Owner of Certificates and,
subject to the last sentence of this paragraph, will keep such information
confidential (except that such Certificateholder or Certificate Owner may
provide such information to its auditors, legal counsel and regulators and 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 (b) 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 K-2 hereto (or such
other form as may be reasonably acceptable to the Trustee) generally to the
effect that such Person is a prospective purchaser of a Certificate or an
interest therein, is requesting the information for use in evaluating a
possible investment in Certificates and, subject to the last sentence of this
paragraph, will otherwise keep such information confidential. Notwithstanding
the foregoing, no Certificateholder, Certificate Owner or prospective
Certificateholder or Certificate Owner need keep confidential any information
received from the Trustee pursuant to this Section 8.12(b) that has previously
been filed with the Commission, and the Trustee shall not require either of
the certifications contemplated by the preceding sentence in connection with
providing any information pursuant to this Section 8.12(b) that has previously
been filed with the Commission.

          (c) The Trustee shall not be liable for providing or disseminating
information in accordance with the terms of this Agreement.

          SECTION 8.13. Appointment of Fiscal Agent.

          (a) Insofar as the Trustee would not otherwise satisfy the rating
requirements of Section 8.06, the Trustee may appoint, at the Trustee's own
expense, a Fiscal Agent for purposes of making Advances hereunder that are
otherwise required to be made by the Trustee. Any Fiscal Agent

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<PAGE>

shall at all times maintain a long-term unsecured debt rating of no less than
"Aa2" from Moody's and "AA" from 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 Rated Certificates (as confirmed in writing to the Trustee and
the Depositor by such Rating Agency)). Any Person so appointed by the Trustee
pursuant to this Section 8.13(a) shall become the Fiscal Agent on the date as
of which the Trustee and the Depositor have received: (i) if the long-term
unsecured debt of the designated Person is not rated at least "Aa2" by Moody's
and "AA-" by S&P, written confirmation from each Rating Agency that the
appointment of such designated Person will not result in an Adverse Rating
Event with respect to any Class of Rated Certificates; (ii) a written
agreement whereby the designated Person is appointed as, and agrees to assume
and perform the duties of, Fiscal Agent hereunder, executed by such designated
Person and the Trustee (such agreement, the "Fiscal Agent Agreement"); and
(iii) an Opinion of Counsel (which shall be paid for by the designated Person
or the Trustee) substantially to the effect that (A) the appointment of the
designated Person to serve as Fiscal Agent is in compliance with this Section
8.13, (B) the designated Person is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, (C) the
related Fiscal Agent Agreement has been duly authorized, executed and
delivered by the designated Person and (D) upon execution and delivery of the
related Fiscal Agent Agreement, the designated Person shall be bound by the
terms of this Agreement and, subject to customary bankruptcy and insolvency
exceptions and customary equity exceptions, that this Agreement shall be
enforceable against the designated Person in accordance with its terms. Any
Person that acts as Fiscal Agent shall, for so long as it so acts, be deemed a
party to this Agreement for all purposes hereof. Pursuant to the related
Fiscal Agent Agreement, each Fiscal Agent, if any, shall make representations
and warranties with respect to itself that are comparable to those made by the
Trustee pursuant to Section 2.07. Notwithstanding anything contained in this
Agreement to the contrary, any Fiscal Agent shall be entitled to all
limitations on liability, rights of reimbursement and indemnities to which the
Trustee is entitled hereunder (including pursuant to Sections 8.05(b) and
8.05(c)) as if it were the Trustee.

          (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 (if any) shall make such Advance when and as required
by the terms of this Agreement on behalf the Trustee as if such Fiscal Agent
were the Trustee hereunder. To the extent that the Fiscal Agent (if any) makes
an Advance pursuant to this Section 8.13 or otherwise pursuant to this
Agreement, the obligations of the Trustee under this Agreement in respect of
such Advance shall be satisfied.

          (c) Notwithstanding anything contained in this Agreement to the
contrary, any Fiscal Agent shall be entitled to all limitations on liability,
rights of reimbursement and indemnities to which the Trustee is entitled
hereunder (including pursuant to Sections 8.05(b) and 8.05(c)) as if it were
the Trustee, except that all fees and expenses of any Fiscal Agent (other than
interest owed to such Fiscal Agent in respect of unreimbursed Advances)
incurred by such Fiscal Agent in connection with the transactions contemplated
by this Agreement shall be borne by the Trustee, and neither the Trustee nor
such Fiscal Agent shall be entitled to reimbursement therefor from any of the
Trust, the Depositor, the Master Servicer or the Special Servicer.

          (d) The obligations of any Fiscal Agent set forth in this Section
8.13 or otherwise pursuant to this Agreement shall exist only for so long as
the Trustee that appointed it shall act as Trustee hereunder. Any Fiscal Agent
may resign or be removed by the Trustee only if and when the

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existence of such Fiscal Agent is no longer necessary for such Trustee to
satisfy the eligibility requirements of Section 8.06; provided that any Fiscal
Agent shall be deemed to have resigned at such time as the Trustee that
appointed it resigns or is removed as Trustee hereunder (in which case the
responsibility for appointing a successor fiscal agent in accordance with this
Section 8.13(a) shall belong to the successor trustee insofar as such
appointment is necessary for such successor trustee to satisfy the eligibility
requirements of Section 8.06).

          (e) The Trustee shall promptly notify the other parties hereto and
the Certificateholders in writing of the appointment, resignation or removal
of any Fiscal Agent.

          SECTION 8.14. Advance Security Arrangement.

          Insofar as the Trustee would not otherwise satisfy the rating
requirements of Section 8.06, the Trustee may, at is own expense with the
approval of the Depositor, arrange for the pledging of collateral, the
establishment of a reserve fund or the delivery of a letter of credit, surety
bond or other comparable instrument or for any other security or financial
arrangement (any or all of the foregoing, individually and collectively, an
"Advance Security Arrangement") for purposes of supporting its back-up
advancing obligations hereunder; provided that any Advance Security
Arrangement shall be in such form and amount, and shall be maintained in such
manner, as (i) would permit the Trustee to act in such capacity without an
Adverse Rating Event in respect of any Class of Rated Certificates (as
confirmed in writing to the Trustee and the Depositor by each Rating Agency)
and (ii) would not result in an Adverse REMIC Event (as evidenced by an
Opinion of Counsel addressed and delivered to the Trustee and the Depositor).
The Trustee may terminate any Advance Security Arrangement established by it
only if and when (i) the existence of such Advance Security Arrangement is no
longer necessary for the Trustee to satisfy the eligibility requirements of
Section 8.06 or (ii) when such Trustee resigns or is removed as Trustee
hereunder.

          SECTION 8.15. Filings with the Securities and Exchange Commission.

          (a) With respect to the Trust's fiscal year 2002 (and any other
subsequent fiscal year for the Trust, if as of the beginning of such other
subsequent 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), or if reporting under the Exchange Act
is required during or for, as applicable, such fiscal year because the Trustee
failed to make the requisite filing suspending such rporting), the Trustee
shall:

               (i) on each Distribution Date 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 and properly file with the Commission monthly, with
     respect to the Trust, a Current Report on Form 8-K, which shall include
     as an exhibit a copy of the Statement to Certificateholders disseminated
     by the Trustee on such Distribution Date, all reports received by the
     Trustee from the Master Servicer or the Special Servicer pursuant to
     Section 3.12 since the preceding Distribution Date (or, in the case of
     the initial Distribution Date, since the Closing Date), any Officer's
     Certificates received by the Trustee from the Master Servicer or the
     Special Servicer pursuant to Section 3.09(c), Section 3.09(e), Section
     3.09(g), Section 3.11(h), Section 3.11(i), Section 3.18(c), Section
     3.20(e), Section 3.22(a), Section 4.03(c) or Section 7.01(a) since the
     preceding Distribution Date (or, in the case of the initial Distribution
     Date, since the Closing Date), any information delivered to the Trustee
     pursuant to the last paragraph of Section 3.24(a) since the preceding
     Distribution Date (or, in the case of the initial Distribution Date,
     since the Closing Date) and any Proposed Plan, other items of servicing
     information received by the Trustee from the Master Servicer or the
     Special Servicer as required by this

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     Agreement since the preceding Distribution Date (or, in the case of the
     initial Distribution Date, since the Closing Date);

               (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 11.09(a) and/or Section 8.15(b) (in each case to
     the extent that a Responsible Officer of the Trustee has actual knowledge
     thereof), (B) cooperate with the Depositor in obtaining all necessary
     information in order to enable the Depositor to prepare a Current Report
     on Form 8-K reporting any such matter in accordance with the Exchange
     Act, the rules and regulations promulgated thereunder and applicable
     "no-action letters" issued by the Commission, and (C) promptly file with
     the Commission any such Current Report on Form 8-K prepared by or on
     behalf of the Depositor and delivered to the Trustee; and

               (iii) at the reasonable request of, and in accordance with the
     reasonable directions of, any other party hereto, prepare for filing 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 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, which shall include as exhibits the Annual Performance
     Certifications and Annual Accountants' Reports with respect to the Master
     Servicer and the Special Servicer for such fiscal year, and which shall
     further include such certification(s) as may be required under the
     Sarbanes-Oxley Act of 2002 and any interpretive guidance from the
     Commission (such certification(s), individually and collectively, insofar
     as they are required to be part of any particular Annual Report on Form
     10-K, a "Sarbanes-Oxley Certification") (which Sarbanes-Oxley
     Certifications shall be signed by the party or parties contemplated by
     Section 8.15(d));

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 for (or readily convertible to a format suitable for)
electronic filing via the EDGAR system (including "ASCII", "Microsoft Excel"
(solely in the case of reports from the Master Servicer or the Special
Servicer pursuant to Section 3.12), "Microsoft Word" or another format
reasonably acceptable to the Trustee) and shall not have any responsibility to
convert any such items to such format (other than those items generated by it
or readily convertible to such format) and (y) the Depositor shall be
responsible for preparing, executing and filing (via the EDGAR system within
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 for (or readily convertible to a format suitable for)
electronic filing via the EDGAR system (including "ASCII", "Microsoft Excel"
(solely in the case of reports from the Master Servicer or the Special
Servicer pursuant to Section 3.12), "Microsoft Word" or another format
reasonably acceptable to the Trustee) any and all items 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
(collectively, together with the exhibits thereto, the "Exchange Act
Reports"), other than 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 (the Exchange Act Reports, exclusive
of such initial Current Report on Form 8-K, the "Subsequent Exchange Act
Reports"), shall be executed: (i) by the Trustee, but only if the Master
Servicer is to execute and deliver each Sarbanes-Oxley Certification in its
entirety with respect to the Trust or if the Trustee is to execute any
certification that constitutes part of each

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Sarbanes-Oxley Certification with respect to the Trust; and (ii) in all other
cases, the Depositor. If the Depositor is to sign the Subsequent Exchange Act
Reports, then the Depositor hereby grants to the Trustee a limited power of
attorney to execute and file each such Subsequent Exchange Act Report on
behalf of the Depositor, which power of attorney shall continue until the
earlier of (i) receipt by the Trustee from the Depositor of written notice
terminating such power of attorney or (ii) the termination of the Trust. The
Trustee shall have no liability to the Certificateholders or the Trust with
respect to any failure to properly prepare or file any of the Subsequent
Exchange Act Reports to the extent that such failure is not the result of any
negligence, bad faith or willful misconduct on its part.

          (b) At all times during the Trust's fiscal year 2002 (and, if as of
the beginning of any other fiscal year for the Trust, the Registered
Certificates are held (directly or, in the case of Registered Certificates
held in book-entry form, through the Depository) by at least 300 Holders
and/or Depository Participants having accounts with the Depository, or if
reporting under the Exchange Act is required during or for, as applicable, any
other fiscal year because the Trustee failed to make the requisite filing
suspending such reporting, at all times during such other fiscal year, the
Trustee shall monitor for and promptly notify the Depositor of the occurrence
or existence of any of the following matters of which a Responsible Officer of
the Trustee has actual knowledge:

               (i) any failure of the Trustee to make any monthly
     distributions to the Holders of any Class of Certificates, which failure
     is not otherwise reflected in the Certificateholder Reports filed with
     the Commission or has not otherwise been reported to the Depositor
     pursuant to any other Section of this Agreement;

               (ii) any acquisition or disposition by the Trust of a Mortgage
     Loan or an REO Property (or, in the case of any Westfarms Mall REO
     Property, any interest therein), which acquisition or disposition has not
     otherwise been reflected in the Certificateholder Reports filed with the
     Commission or has not otherwise been reported to the Depositor pursuant
     to any other Section of this Agreement;

               (iii) any other acquisition or disposition by the Trust of a
     significant amount of assets (other than Permitted Investments, Mortgage
     Loans and REO Properties (or, in the case of any Westfarms Mall REO
     Property, any interest therein)), other than in the normal course of
     business;

               (iv) any change in the fiscal year of the Trust;

               (v) any material legal proceedings, other than ordinary routine
     litigation incidental to the business of the Trust, to which the Trust
     (or any party to this Agreement on behalf of the Trust) is a party or of
     which any property included in the Trust Fund is subject, or any threat
     by a governmental authority to bring any such legal proceedings;

               (vi) any event of bankruptcy, insolvency, readjustment of debt,
     marshalling of assets and liabilities, or similar proceedings in respect
     of or pertaining to the Trust or any party to this Agreement, or any
     actions by or on behalf of the Trust or any party to this Agreement
     indicating its bankruptcy, insolvency or inability to pay its
     obligations; and

               (vii) any change in the rating or ratings assigned to any Class
     of Certificates not otherwise reflected in the Certificateholder Reports
     filed with the Commission;

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<PAGE>

provided that (x) the actual knowledge of a Responsible Officer of any 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 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 (y) 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 such Responsible Officer was notified in writing.

          (c) If as of the beginning of any fiscal year for the Trust (other
than fiscal year 2002), the Registered Certificates are held (directly or, in
the case of Registered Certificates held in book-entry form, through the
Depository) by less than 300 Holders and/or Depository Participants having
accounts with the Depository, the Trustee shall, in accordance with the
Exchange Act and the rules and regulations promulgated thereunder, timely file
a Form 15 with respect to the Trust suspending all reporting requirements
under the Exchange Act.

          (d) If the Depositor, the Master Servicer and the Trustee reasonably
determine that the Commission will accept a Sarbanes-Oxley Certification with
respect to the Trust in the form of multiple certifications individually
covering separate matters but collectively covering all information required
under applicable law to be included in such Sarbanes-Oxley Certification, then
the Trustee shall cause the appropriate officer thereof to execute and deliver
a certification for filing with the Commission which certification (i) shall
constitute a part of such Sarbanes-Oxley Certification and (ii) shall be
substantially in the form of the Trustee Backup Certification (as defined
below) that would otherwise have been provided with respect to such
Sarbanes-Oxley Certification; provided that no officer of the Trustee shall be
responsible for being the sole signatory of the Sarbanes-Oxley Certification
to be filed as part of an Annual Report on Form 10-K relating to the Trust.
The Depositor and the Master Servicer agree to negotiate in good faith
regarding which of them is the appropriate party for purposes of signing any
Sarbanes-Oxley Certification with respect to the Trust (exclusive of any
certification to be executed and delivered by the Trustee in accordance with
the preceding sentence), taking into account all relevant factors, including
the prevalent practice in the commercial mortgage securitization industry and
the relative knowledge of the respective parties relating to the subject
matter of such Sarbanes-Oxley Certification. In connection with the Trustee's
filing of any Annual Report on Form 10-K with respect to the Trust as
contemplated by Section 8.15(a), the Depositor or the Master Servicer, as
applicable in accordance with the preceding sentence, shall, no later than 10
days prior to the date on which the Trustee has indicated its intention to
file such report, cause the appropriate officer thereof 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 with manual singature that is
to be included as part of such Annual Report on Form 10-K (exclusive of any
certification constituting part of such Sarbanes-Oxley Certification with
manual signature that is to be executed and delivered by an officer of the
Trustee in accordance with the first sentence of this Section 8.15(d)). Any
party hereto whose officer is to sign all or part of any Sarbanes-Oxley
Certification with respect to the Trust is herein referred to as a "Certifying
Party" and such officer is herein referred to as a "Certifying Officer".

                                    -230-

<PAGE>

          (e) No later than 15 days prior to any filing of an Annual Report on
Form 10-K that is to be made by the Trustee 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, the
Master Servicer and the Special Servicer. Promptly upon receipt of any such
report and the accompanying exhibits, the Depositor, the Master Servicer 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.

          Promptly following its filing of any Current Report on Form 8-K with
respect to the Trust 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, the Master Servicer and the Special Servicer. Promptly upon
receipt of any such report and the accompanying exhibits, the Depositor, the
Master Servicer and the Special Servicer shall promptly 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) by filing an amendment to such Current Report on Form 8-K.

          (f) No later than 10 days prior to the date on which the Trustee has
indicated its intention to file any Annual Report on Form 10-K with respect to
the Trust, unless the Trustee is to be a Certifying Party with respect to the
Sarbanes-Oxley Certification to be included as part of such Annual Report on
Form 10-K, the Trustee shall cause the appropriate officer of the Trustee
(i.e., the officer thereof that would have been authorized to sign the subject
Sarbanes-Oxley Certification if the Trustee were the Certifying Party) to
execute and deliver to each Certifying Party and Certifying Officer a
certification (a "Trustee Backup Certification"), substantially in the form of
the subject Sarbanes-Oxley Certification, which Trustee Backup Certification
(i) shall include a statement acknowledging that the officer of the Trustee
signing such certification has reviewed all Subsequent Exchange Act Reports to
be covered by the subject Sarbanes-Oxley Certification, (ii) shall state,
based on the knowledge of the officer of the Trustee that is signing such
certification, that the information in the Subsequent Exchange Act Reports to
be covered by such Sarbanes-Oxley Certification relating to distributions on
and/or characteristics (including Certificate Principal Balances, Certificate
Notional Amounts and Pass-Through Rates) of the Certificates, taken as a
whole, does not contain any untrue statement of material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by the subject Annual Report on Form 10-K,
(iii) shall state, based on the knowledge of the officer of the Trustee
signing such certification, that the information in the Subsequent Exchange
Act Reports to be covered by such Sarbanes-Oxley Certification relating to
distributions on and/or characteristics (including Certificate Principal
Balances, Certificate Notional Amounts and Pass-Through Rates) of the
Certificates includes all information of such type required to be included in
the Statements to Certificateholders for the relevant period covered by the
subject Annual Report on Form 10-K and (iv) shall state, based on the
knowledge of the officer of the Trustee signing such certification, that the

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<PAGE>

information in the Subsequent Exchange Act Reports to be covered by such
Sarbanes-Oxley Certification includes all servicing information provided to
the Trustee by the Master Servicer and/or the Special Servicer hereunder
(insofar as such servicing information was required to be delivered by the
Master Servicer and/or the Special Servicer to the Trustee hereunder). The
Trustee shall indemnify and hold harmless each Certifying Party and Certifying
Officer to whom it is required to deliver 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.

          (g) No later than 10 days prior to the date on which the Trustee has
indicated its intention to file any Annual Report on Form 10-K with respect to
the Trust, unless the Master Servicer is to be a Certifying Party with respect
to the Sarbanes-Oxley Certification to be included as part of such Annual
Report on Form 10-K, the Master Servicer shall cause the appropriate officer
of the Master Servicer (i.e., the officer thereof that would have been
authorized to sign the subject Sarbanes-Oxley Certification if the Master
Servicer were the Certifying Party) to execute and deliver to each Certifying
Party and Certifying Officer a certification (a "Master Servicer Backup
Certification"), substantially in the form of the subject Sarbanes-Oxley
Certification, which Master Servicer Backup Certification (i) shall include a
statement acknowledging that the officer of the Master Servicer signing such
certification has reviewed all Subsequent Exchange Act Reports to be covered
by the subject Sarbanes-Oxley Certification, (ii) shall state, based on the
knowledge of the officer of the Master Servicer that is signing such
certification, that the information in the Subsequent Exchange Act Reports to
be covered by such Sarbanes-Oxley Certification relating to servicing
information, including information relating to actions of the Master Servicer
and/or payments and other collections on and characteristics of the Mortgage
Loans and REO Properties, taken as a whole, does not contain any untrue
statement of material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading as of the last day of the period covered by the
subject Annual Report on Form 10-K, (iii) shall state, based on the knowledge
of the officer of the Master Servicer signing such certification, that the
information in the Subsequent Exchange Act Reports to be covered by such
Sarbanes-Oxley Certification relating to servicing information, including
information relating to actions of the Master Servicer and/or payments and
other collections on and characteristics of the Mortgage Loans and REO
Properties, includes all information of such type required to be delivered
to the Trustee under this Agreement for the relevant period covered by the
subject Annual Report on Form 10-K, (iv) shall state that the officer of the
Master Servicer signing such certification is responsible for reviewing the
activities performed by the Master Servicer under this Agreement and, based
upon the review required under this Agreement, and except as disclosed in the
subject Annual Report on Form 10-K, the Master Servicer has fulfilled its
obligations under this Agreement, and (v) the officer of the Master Servicer
signing such certification has disclosed to the Depositor's certified public
accountants and the accountants that are to deliver the Annual Accountants'
Report in respect of the Master Servicer with respect to the relevant period
covered by the subject Annual Report on Form 10-K all significant deficiencies
relating to the Master Servicer's compliance with the minimum servicing
standards in accordance with a review conducted in compliance with the Uniform
Single Attestation Program for Mortgage Bankers or similar standard as set
forth in this Agreement. The Master Servicer shall indemnify and hold harmless
each Certifying Party and

                                    -232-

<PAGE>

Certifying Officer to whom it is required to deliver 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 resulting from the
negligence, bad faith or willful misfeasance of the Master Servicer in
connection with the performance by the Master Servicer of its duties
hereunder.

          (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, the Special Servicer shall cause the appropriate officer of the
Special Servicer (i.e., the officer thereof that would have been authorized to
sign the subject Sarbanes-Oxley Certification if the Special Servicer were the
Certifying Party) to execute and deliver to each Certifying Party and
Certifying Officer a certification (a "Special Servicer Backup
Certification"), substantially in the form of the subject Sarbanes-Oxley
Certification, which Special Servicer Backup Certification (i) shall include a
statement acknowledging that the officer of the Special Servicer signing such
certification has reviewed all Subsequent Exchange Act Reports to be covered
by the subject Sarbanes-Oxley Certification, (ii) shall state, based on the
knowledge of the officer of the Special Servicer that is signing such
certification, that the information in the Subsequent Exchange Act Reports to
be covered by such Sarbanes-Oxley Certification relating to servicing
information, including information relating to actions of the Special Servicer
and/or payments and other collections on and characteristics of the Specially
Serviced Mortgage Loans and REO Properties, taken as a whole, does not contain
any untrue statement of material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading as of the last day of the
period covered by the subject Annual Report on Form 10-K, (iii) shall state,
based on the knowledge of the officer of the Special Servicer signing such
certification, that the information in the Subsequent Exchange Act Reports to
be covered by such Sarbanes-Oxley Certification relating to servicing
information, including information relating to actions of the Special Servicer
and/or payments and other collections on and characteristics of the Specially
Serviced Mortgage Loans and REO Properties, includes all information of such
type required to be delivered to the Master Servicer or the Trustee for the
relevant period covered by the subject Annual Report on Form 10-K, (iv) shall
state that the officer of the Special Servicer signing such certification is
responsible for reviewing the activities performed by the Special Servicer
under this Agreement and, based upon the review required under this Agreement,
and except as disclosed in the subject Annual Report on Form 10-K, the Special
Servicer has fulfilled its obligations under this Agreement, and (v) the
officer of the Special Servicer signing such certification has disclosed to
the Depositor's certified public accountants and the accountants that are to
deliver the Annual Accountants' Report in respect of the Special Servicer with
respect to the relevant period covered by the subject Annual Report on Form
10-K all significant deficiencies relating to the Special Servicer's
compliance with the minimum servicing standards in accordance with a review
conducted in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar standard as set forth in this Agreement. The
Special Servicer shall indemnify and hold harmless each Certifying Party and
Certifying Officer to whom it is required to deliver 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

                                    -233-

<PAGE>

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.

          (i) No later than 10 days prior to the date on which the Trustee has
indicated its intention to file any Annual Report on Form 10-K with respect to
the Trust, unless the Depositor is the Certifying Party, the Depositor shall
provide such backup certification to each Certifying Party and Certifying
Officer as shall be reasonably requested, but only insofar as such backup
certification covers matters which are uniquely known to the Depositor, as
opposed to the Trustee, the Master Servicer and/or the Special Servicer. The
Depositor shall indemnify and hold harmless each Certifying Party and
Certifying Officer to whom it is required to deliver any such 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 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 Depositor in connection with the performance by the
Depositor of its duties hereunder.

          (j) No later than 15 days prior to the date on which the Trustee has
indicated its intention to file the subject Annual Report on Form 10-K, the
Depositor shall cause a firm of Independent Accountants to deliver an
agreed-upon procedures letter to the Master Servicer (provided that the Master
Servicer is to be the sole Certifying Party with respect to the Sarbanes-Oxley
Certification to be included in such Annual Report on Form 10-K) verifying the
accuracy in all material respects of that portion of the information in any
Statements to Certificateholders to be covered by the related Sarbanes-Oxley
Certification that was prepared by the Trustee, including any information
included in the Statements to Certificateholders covered by such
Sarbanes-Oxley Certification that relates to distributions on, and Certificate
Principal Balances, Certificate Notional Amounts, Pass-Through Rates and other
characteristics of, the Certificates.

          (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,
at least 10 Business Days prior to the date on which the Trustee intends to
file any Annual Report on Form 10-K as contemplated by Section 8.15(a), any
items required to be delivered by such party that are to be an exhibit to such
Annual Report on Form 10-K.

                                    -234-

<PAGE>

                                  ARTICLE IX

                                  TERMINATION

          SECTION 9.01. Termination Upon Repurchase or Liquidation of All
                        Mortgage Loans.

          (a) Subject to Section 9.02, the Trust and the respective
obligations and responsibilities under this Agreement of the parties hereto
(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) 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: (i) the purchase by any single
Controlling Class Certificateholder or group of Controlling Class
Certificateholders, the Master Servicer or the Special Servicer of all
Mortgage Loans and each REO Property remaining in the Trust Fund at a price
(the "Termination Price") equal to (A) the aggregate Purchase Price of all the
Mortgage Loans remaining in the Trust Fund (exclusive of any such Mortgage
Loan that is an REO Loan), plus (B) the appraised value of each REO Property,
if any, included in the Trust Fund, such appraisal to be conducted by a
Qualified Appraiser selected by the Special Servicer and approved by the
Trustee and the Master Servicer, minus (C) if the purchaser is the Master
Servicer or the Special Servicer, the aggregate amount of unreimbursed
Advances made by such Person, together with any unpaid Advance Interest in
respect of such unreimbursed Advances and any unpaid servicing compensation
payable to such Person (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); (ii) the exchange by the Sole
Certificateholder(s) of all the Certificates for all the Mortgage Loans and
each REO Property remaining in the Trust Fund; and (iii) the final payment or
other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in the Trust Fund; provided, however, that in
no event shall the Trust continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
ambassador of the United States to the Court of St. James, living on the date
hereof.

          (b) Any single Controlling Class Certificateholder or group of
Controlling Class Certificateholders, the Master Servicer or the Special
Servicer, in that order of preference, may at its option elect to purchase all
the Mortgage Loans and each REO Property remaining in the Trust Fund as
contemplated by clause (i) of Section 9.01(a) by giving written notice to the
other parties hereto (and, in the case of an election by the Master Servicer
or Special Servicer, to the Holders of the Controlling Class) no later than 60
days prior to the anticipated date of purchase; provided, however, that 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; and provided, further,
that within 30 days after written notice of such election is so given, no
Person with a higher right of priority to make such an election does so; and
provided, further, that if more than one Controlling Class Certificateholder
or group of Controlling Class Certificateholders desire to purchase all of the
Mortgage Loans and any REO Properties, preference shall be given to the
Controlling Class Certificateholder or group of Controlling Class
Certificateholders with the largest Percentage Interest in the Controlling
Class. If the Trust is to be terminated in connection with the purchase of all
the Mortgage Loans and each REO Property remaining in the Trust Fund by the
Master Servicer, the Special Servicer or any Controlling Class
Certificateholder(s), such Person(s) shall: (i) deliver to the Master Servicer
for deposit (or, if the Master Servicer is the purchaser, it shall deposit) in
the Collection Account (after the Determination Date, and prior to the Master

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<PAGE>

Servicer Remittance Date, relating to the anticipated Final Distribution Date)
an amount in immediately available funds equal to the Termination Price; and
(ii) reimburse all of the parties hereto (other than itself, if applicable)
for all reasonable out-of-pocket costs and expenses incurred by such parties
in connection with such purchase. On the Master Servicer Remittance Date for
the Final Distribution Date, the Master Servicer shall transfer to the
Distribution Account all amounts required to be transferred thereto on such
Master Servicer Remittance Date from the Collection Account pursuant to the
first paragraph of Section 3.04(b), together with any other amounts on deposit
in the Collection Account that would otherwise be held for future
distribution. Upon confirmation that the deposit of the Termination Price has
been made to the Collection Account and the reimbursement contemplated by the
second preceding sentence has been made to the parties hereto, the Custodian
(on behalf of the Trustee) shall release or cause to be released to the
purchasing party (or its designee) the Mortgage Files for the remaining
Mortgage Loans, and the Trustee shall execute all assignments, endorsements
and other instruments furnished to it by the purchasing party as shall be
necessary to effectuate transfer of the Mortgage Loans and REO Properties to
the purchasing party (or its designee).

          (c) The Sole Certificateholder(s) shall have the right to exchange
all the of Certificates for all of the Mortgage Loans and each REO Property
remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
by giving written notice to all the parties hereto no later than 60 days prior
to the anticipated date of exchange. In the event that the Sole
Certificateholder(s) shall elect to exchange all of the Certificates for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund in
accordance with the preceding sentence, the Sole Certificateholder(s), not
later than the Master Servicer Remittance Date relating to the Distribution
Date on which the final distribution on the Certificates is to occur, shall
deposit in the Collection Account an amount in immediately available funds
equal to all amounts then due and owing to the Master Servicer, the Special
Servicer, the Trustee and/or any Fiscal Agent hereunder that may be withdrawn
from the Collection Account pursuant to Section 3.05(a) or that may be
withdrawn from the Distribution Account pursuant to Section 3.05(b). In
addition, the Master Servicer shall transfer to the Distribution Account all
amounts required to be transferred to such account on such Master Servicer
Remittance Date from the Collection Account pursuant to the first paragraph of
Section 3.04(b). Upon confirmation that such final deposits have been made and
following the surrender of all the Certificates on the Final Distribution
Date, the Trustee shall release or cause to be released to the Sole
Certificateholder(s) or any designee thereof, the Mortgage Files for the
remaining Mortgage Loans, and the Trustee shall execute all assignments,
endorsements and other instruments furnished to it by the Sole
Certificateholder(s) as shall be necessary to effectuate transfer of the
Mortgage Loans and REO Properties remaining in the Trust Fund.

          (d) Notice of any termination shall be given promptly by the Trustee
by letter to Certificateholders mailed (x) if such notice is given in
connection with the purchase or other acquisition of all the Mortgage Loans
and each REO Property remaining in the Trust Fund by the Master Servicer, the
Special Servicer, any Controlling Class Certificateholder(s) or the Sole
Certificateholder(s), 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 and (y) otherwise during the month of such final distribution
on or before the Master Servicer Remittance Date in such month, in any event
specifying (i) the Distribution Date upon which the Trust Fund will terminate
and final payment on the Certificates will be made, (ii) the amount of any
such final payment in respect of each Class of Certificates 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 office or agency of the Certificate Registrar

                                    -236-

<PAGE>

therein designated. The Trustee shall give such notice to the other parties
hereto at the time such notice is given to Certificateholders.

          (e) 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 on deposit in the Distribution Account that is allocable to
payments on the relevant Class in accordance with Section 4.01. 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 escheat laws, the Trustee shall
distribute to the Class R Certificateholders all unclaimed funds and other
assets which remain subject hereto.

          SECTION 9.02. Additional Termination Requirements.

          (a) If the Master Servicer, the Special Servicer or any single
Controlling Class Certificateholder or group of Controlling Class
Certificateholders purchases, or the Sole Certificateholder(s) shall exchange
all of the Certificates for, all the Mortgage Loans and each REO Property
remaining in the Trust Fund as provided in Section 9.01, the Trust and each
REMIC Pool shall be terminated in accordance with the following additional
requirements, unless the purchasing party obtains at its own expense and
delivers to the Trustee an Opinion of Counsel, addressed to the Trustee, to
the effect that the failure of the Trust to comply with the requirements of
this Section 9.02 will not result in an Adverse REMIC Event with respect to
any REMIC Pool:

               (i) the Trustee shall specify the first day in the 90-day
     liquidation period in a statement attached to the final Tax Return for
     each REMIC Pool, pursuant to Treasury regulation section 1.860F-1 and
     shall satisfy all requirements of a qualified liquidation under Section
     860F of the Code and any regulations thereunder (as evidenced by an
     Opinion of Counsel to such effect delivered on behalf and at the expense
     of the purchasing party);

               (ii) during such 90-day liquidation period and at or prior to
     the time of making the final payment on the Certificates, the Trustee
     shall sell/transfer all the Mortgage Loans and each REO Property to the
     Master Servicer, the Special Servicer, the applicable Controlling Class
     Certificateholder(s) or the Sole Certificateholder(s), as the case may
     be, in exchange for cash and/or Certificates in accordance with Section
     9.01; and

                                    -237-

<PAGE>

               (iii) immediately following the making of the final payment on
     the Certificates, the Trustee shall distribute or credit, or cause to be
     distributed or credited, to the Holders of the Class R Certificates all
     remaining 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 hereby
authorize the Trustee to prepare and adopt, on behalf of the Trust, a plan of
complete liquidation of each REMIC Pool in accordance with the terms and
conditions of this Agreement, which authorization shall be binding upon all
successor Certificateholders.

          SECTION 9.03. Westfarms Mall REO Property.

          References to "REO Property" and "REO Properties" in Section 9.01
and Section 9.02 shall mean, in the context of any Westfarms Mall REO
Property, solely the Trust's interest in the Westfarms Mall REO Property.

                                    -238-

<PAGE>

                                   ARTICLE X

                           ADDITIONAL TAX PROVISIONS

          SECTION 10.01. Tax Administration.

          (a) Subject to Section 10.01(c), the Trustee shall elect to treat
each REMIC Pool as a REMIC under the Code and, if necessary, under applicable
state law. Each such election will be made on Form 1066 or other appropriate
federal tax or information return or any appropriate state Tax Returns for the
taxable year ending on the last day of the calendar year in which the
Certificates are issued.

          (b) The Plurality Class R Certificateholder is hereby designated as
the Tax Matters Person of each REMIC Pool and, in such capacity, shall be
responsible to act on behalf of such REMIC Pool in relation to any tax matter
or controversy, to represent such REMIC Pool in any administrative or judicial
proceeding relating to an examination or audit by any governmental taxing
authority, to request an administrative adjustment as to any taxable year of
such REMIC Pool, to enter into settlement agreements with any governmental
taxing agency with respect to such REMIC Pool, to extend any statute of
limitations relating to any tax item of such REMIC Pool and otherwise to act
on behalf of such REMIC Pool in relation to any tax matter or controversy
involving such REMIC Pool; provided that the Trustee is hereby irrevocably
appointed and agrees to 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. The legal expenses
and costs of any action described in this Section 10.01(b) and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust
payable out of amounts on deposit in the Distribution Account as provided by
Section 3.05(b) unless such legal expenses and costs are incurred by reason of
a Tax Matters Person's or the Trustee's misfeasance, bad faith or negligence
in the performance of, or such Person's reckless disregard of, its obligations
or are expressly provided by this Agreement to be borne by any party hereto.

          (c) The Trustee shall prepare (or cause to be prepared), sign and
file all of the Tax Returns in respect of each REMIC Pool (other than Tax
Returns required to be filed by the Master Servicer and/or the Special
Servicer pursuant to Section 3.09) and all of the applicable income tax and
other information returns for each Grantor Trust Pool and, if required on any
future date pursuant to a change in applicable law, the Group Terrorism
Insurance Policy Reserve Fund. For the avoidance of doubt, the Trustee shall
prepare (or cause to be prepared), sign and file all Tax Returns in respect of
each Loan REMIC only beginning with the taxable year ending December 31, 2002.
The expenses of preparing and filing such returns shall be borne by the
Trustee without any right of reimbursement therefor.

          (d) The Trustee shall perform on behalf of each REMIC Pool all
reporting and other tax compliance duties that are the responsibility of 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 Trustee shall provide: (i) to any Transferor of a Class R
Certificate, such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee; (ii) to 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

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as required); and (iii) to the IRS, the name, title, address and telephone
number of the Person who will serve as the representative of each REMIC Pool.

          (e) The Trustee shall take such action and shall cause each REMIC
Pool to take such action as shall be necessary to create or maintain the
status thereof as a REMIC under the REMIC Provisions (and the other parties
hereto shall assist it, to the extent reasonably requested by the Trustee), to
the extent that the Trustee has actual knowledge that any particular action is
required; provided that the Trustee shall be deemed to have knowledge of
relevant tax laws. Except as contemplated by Section 3.17(a), the Trustee
shall not knowingly take or fail to take any action, or cause any REMIC Pool
to take or fail to take any action, that under the REMIC Provisions, if taken
or not taken, as the case may be, could result in an Adverse REMIC Event in
respect of any REMIC Pool or an Adverse Grantor Trust Event with respect to
either Grantor Trust Pool, unless the Trustee has received an Opinion of
Counsel (at the expense of the person requesting such action or non-action) to
the effect that the contemplated action or non-action, as the case may be,
will not result in an Adverse REMIC Event or an Adverse Grantor Trust Event.
Except as contemplated by Section 3.17(a), none of the other parties hereto
shall take or fail to take any action (whether or not authorized hereunder) as
to which the Trustee has advised it in writing that it has received an Opinion
of Counsel to the effect that an Adverse REMIC Event or an Adverse Grantor
Trust Event could occur with respect to such action. In addition, prior to
taking any action with respect to any REMIC Pool or the assets thereof, or
causing any REMIC Pool to take any action, which is not contemplated by the
terms of this Agreement, each of the other parties hereto will consult with
the Trustee, in writing, with respect to whether such action could cause an
Adverse REMIC Event or an Adverse Grantor Trust Event to occur, and no such
other party shall take any such action or cause any REMIC Pool to take any
such action as to which the Trustee has advised it in writing that an Adverse
REMIC Event or an Adverse Grantor Trust Event could occur. The Trustee 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.

          (f) 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 on behalf of the Trust
pursuant to Section 3.17(a)), then such tax, together with all incidental
costs and expenses (including penalties and reasonable attorneys' fees), shall
be charged to and paid by: (i) the Trustee, if such tax arises out of or
results from a breach by the Trustee of any of its obligations hereunder
(which breach constitutes negligence, bad faith or willful misconduct); (ii)
any Fiscal Agent, if such tax arises out of or results from a breach by such
Fiscal Agent of any of its obligations hereunder (which breach constitutes
negligence, bad faith or willful misconduct); (iii) the Master Servicer, if
such tax arises out of or results from a breach by the Master Servicer of any
of its obligations hereunder (which breach constitutes negligence, bad faith
or willful misconduct); (iv) the Special Servicer, if such tax arises out of
or results from a breach by the Special Servicer of any of its obligations
hereunder (which breach constitutes negligence, bad faith or willful
misconduct); or (v) the Trust, out of the Trust Fund (exclusive of Grantor
Trust Pools), in all other instances. If any tax is imposed on either Grantor
Trust Pool, such tax, together with all incidental costs and expenses
(including, without limitation, penalties and reasonable attorneys' fees),
shall be charged to and paid by: (i) the Trustee, if such tax arises out of or
results from a breach by the Trustee of any of its obligations hereunder
(which breach constitutes negligence, bad faith or willful misconduct); (ii)
any Fiscal Agent,

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if such tax arises out of or results from a breach by such Fiscal Agent of any
of its obligations hereunder (which breach constitutes negligence, bad faith
or willful misconduct); (iii) the Master Servicer, if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations
hereunder (which breach constitutes negligence, bad faith or willful
misconduct); (iv) the Special Servicer, if such tax arises out of or results
from a breach by the Special Servicer of any of its obligations hereunder
(which breach constitutes negligence, bad faith or willful misconduct); or (v)
the Trust, out of the portion of the Trust Fund constituting such Grantor
Trust Pool, 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. Any such amounts payable by the Trust in respect of taxes shall be
paid by the Trustee out of amounts on deposit in the Distribution Account.

          (g) The Trustee and, to the extent that records are maintained
thereby in the normal course of its business, each of the other parties hereto
shall, for federal income tax purposes, maintain books and records with
respect to each REMIC Pool and each Grantor Trust Pool on a calendar year and
an accrual basis.

          (h) Following the Startup Day for each REMIC Pool, the Trustee shall
not (except as contemplated by Section 3.06) 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) to the effect
that the inclusion of such assets in such REMIC Pool will not result in an
Adverse REMIC Event in respect of such REMIC Pool or an Adverse Grantor Trust
Event with respect to either Grantor Trust Pool.

          (i) None of the Master Servicer, the Special Servicer, the Trustee
or any Fiscal Agent shall consent to or, to the extent it is within the
control of such Person, permit: (i) the sale or disposition of any Mortgage
Loan (except as contemplated by Section 2.03, 3.18 or 3.19(j) or otherwise in
connection with (A) the foreclosure, default or reasonably foreseeable
material default of the subject Mortgage Loan, including the sale or other
disposition of a Mortgaged Property acquired by foreclosure, deed in lieu of
foreclosure or otherwise, (B) the bankruptcy of any REMIC Pool, or (C) the
termination of the Trust pursuant to Article IX of this Agreement); (ii) the
sale or disposition of any investments in any Account for gain; or (iii) the
acquisition of any assets for the Trust (other than a Mortgaged Property
acquired through foreclosure, deed in lieu of foreclosure or otherwise in
respect of a defaulted Mortgage Loan, other than Permitted Investments
acquired in connection with the investment of funds in an Account or an
interest in a single member limited liability company, as provided in Section
3.16); 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)
to the effect that such sale, disposition, or acquisition will not result in
an Adverse REMIC Event in respect of any REMIC Pool or an Adverse Grantor
Trust Event with respect to either Grantor Trust Pool.

          (j) Except as otherwise permitted by Section 3.17(a), none of the
Master Servicer, the Special Servicer or the Trustee shall enter into any
arrangement by which any REMIC Pool will receive a fee or other compensation
for services or, to the extent it is within the control of such Person, 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. At all times as may
be required by the Code, each of the respective parties hereto (to the extent
it is within its control) shall ensure that substantially all of the assets of
each REMIC Pool will consist of

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"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.

          (k) Within 30 days after the related Startup Day, the Trustee shall
prepare and file with the IRS, with respect to each REMIC Pool, Form 8811
"Information Return for Real Estate Mortgage Investment Conduits (REMICs) and
Issuers of Collateralized Debt Obligations".

          (l) The parties intend that the portion of the Trust Fund consisting
of Post-ARD Additional Interest on the ARD Mortgage Loans and the Class Y
Sub-Account shall constitute, and that the affairs of such portion of the
Trust Fund shall be conducted so as to qualify as, a Grantor Trust, and the
provisions hereof shall be interpreted consistently with this intention. In
addition, the parties intend that the portion of the Trust Fund consisting of
the REMIC I Residual Interest, the REMIC II Residual Interest, the REMIC III
Residual Interest and the Loan REMIC Residual Interests shall constitute, and
the affairs of such portion of the Trust Fund shall be conducted so as to
qualify as, a Grantor Trust, and the provisions hereof shall be interpreted
consistently with this intention. The Trustee shall perform on behalf of each
Grantor Trust Pool all reporting and other tax compliance duties that are the
responsibility of such Grantor Trust Pool under the Code or any compliance
guidance issued by the IRS or any state or local taxing authorities. The
expenses of preparing and filing such returns shall be borne by the Trustee.

          (m) The Trustee, the Master Servicer and the Special Servicer shall
comply with the terms of each Loan REMIC Declaration to the extent that such
Loan REMIC Declaration is not inconsistent with the provisions of this
Agreement.

          SECTION 10.02. Depositor, Master Servicer, Special Servicer and
                         Fiscal Agent to Cooperate with Trustee.

          (a) The Depositor shall provide or cause to be provided to the
Trustee, within 10 days after the Closing Date, all information or data that
the Trustee reasonably determines to be relevant for tax purposes as to the
valuations and issue prices of the Certificates, including the price, yield,
prepayment assumption and projected cash flow of the Certificates.

          (b) Each of the Master Servicer, the Special Servicer and any Fiscal
Agent shall furnish such reports, certifications and information in its
possession, and access to such books and records maintained thereby, as may
relate to the Certificates or the Trust Fund and as shall be reasonably
requested by the Trustee in order to enable it to perform its duties
hereunder.

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<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, (i) to cure any ambiguity, (ii) to correct, modify or
supplement any provision herein which may be inconsistent with any other
provision herein, (iii) to add any other provisions with respect to matters or
questions arising hereunder which shall not be inconsistent with the already
existing provisions hereof, (iv) as evidenced by an Opinion of Counsel
delivered to 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
REMIC Pool or either Grantor Trust Pool 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 either Grantor Trust Pool,
(v) as provided in Section 5.02(d)(iv), to modify, add to or eliminate any of
the provisions of Section 5.02(d)(i), (ii) or (iii), or (vi) to otherwise
modify or delete existing provisions of this Agreement; provided that no such
amendment (other than any amendment for any of the specific purposes described
in clauses (iv) and (v) above) shall adversely affect in any material respect
the interests of any Certificateholder, as evidenced by an Opinion of Counsel
to that effect addressed and delivered to each of the parties to this
Agreement; and provided, further, that no such amendment shall significantly
change the activities of the Trust.

          (b) This Agreement may also be amended from time to time by the
mutual agreement of the parties hereto, with the consent of the Holders of
Certificates entitled to not less than 51% of the Voting Rights allocated to
all of 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 and/or REO Properties which are required to be distributed on any
Certificate, without the consent of the Holder of such Certificate, (ii)
adversely affect in any material respect the interests of the Holders of any
Class of Certificates in a manner other than as described in clause (i) above,
without the consent of the Holders of all Certificates of such Class, (iii)
significantly change the activities of the Trust without the consent of
Holders of Certificates entitled to not less than 51% of all the Voting Rights
(without taking into account Certificates held by the Depositor or any of its
Affiliates and/or agents), or (iv) modify the provisions of this Section 11.01
or the definition of "Servicing Standard", 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 the Depositor
or any Affiliate of the Depositor shall (except as expressly contemplated by
clause (iii) of the prior sentence) be entitled to the same Voting Rights with
respect to the matters described above as they would if registered in the name
of any other Person.

          (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

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<PAGE>

Opinion of Counsel to the effect that neither such amendment nor the exercise
of any power granted to any party hereto in accordance with such amendment
will result in an Adverse REMIC Event with respect to any REMIC Pool or an
Adverse Grantor Trust Event with respect to either Grantor Trust Pool. In
addition, prior to the execution of any amendment to this Agreement, the
Trustee shall be entitled to receive and rely upon an Opinion of Counsel
(addressed to each of the parties to this Agreement) stating that the
execution of such amendment is authorized or permitted by this Agreement.

          (d) Promptly after the execution and delivery of any amendment by
all parties thereto, the Trustee shall send a copy thereof to each
Certificateholder and to each Rating Agency.

          (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, execution and delivery thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.

          (f) The Trustee may but shall not be obligated to enter into any
amendment pursuant to this Section 11.01 that affects its rights, duties and
immunities under this Agreement or otherwise.

          (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 11.01(a) or (c) shall be borne by the Person seeking the related
amendment, except that if the Trustee requests any amendment of this Agreement
that it reasonably believes 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 Distribution Account.

          SECTION 11.02. Recordation of Agreement; Counterparts.

          (a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer at the expense of the Trust (payable out of
the Collection Account), but only if (i) the Master Servicer determines in its
reasonable good faith judgment that such recordation materially and
beneficially affects the interests of the Certificateholders and (ii) the
Controlling Class Representative consents.

          (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.

          (a) The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
to take any action or proceeding in any court for a partition or winding up of
the Trust, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

                                    -244-

<PAGE>

          (b) No Certificateholder shall have any right to vote (except as
expressly provided for herein) 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 from
time to time as partners or members of an association; nor shall any
Certificateholder 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 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 Holder previously shall have
given to the Trustee a written notice of default hereunder, and of the
continuance thereof, as hereinbefore provided, and unless also (except in the
case of a default by the Trustee) the Holders of Certificates entitled to at
least 25% of the Voting Rights shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of
such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding. It is understood and
intended, and expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatsoever by virtue of any provision of
this Agreement to affect, disturb or prejudice the rights of any other Holders
of 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 11.03, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

          SECTION 11.04. Governing Law.

          THIS AGREEMENT AND THE CERTIFICATES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY IN SAID STATE, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

          SECTION 11.05. Notices.

          Any communications provided for or permitted hereunder shall be in
writing (including by telecopy) and, unless otherwise expressly provided
herein, shall be deemed to have been duly given when delivered to or, in the
case of telecopy notice, when received: (i) in the case of the Depositor,
Salomon Brothers Mortgage Securities VII, Inc., 388 Greenwich Street, New
York, New York 10013, Attention: Angela Vleck, telecopy number: (212)
816-8306; (ii) in the case of the Master Servicer, KeyCorp Real Estate Capital
Markets, Inc. d/b/a Key Commercial Mortgage, 911 Main Street, Suite 1500,
Kansas City, Missouri 64105, Attention: E.J. Burke, telecopy number: (816)
221-8848 (with a copy to Robert C. Bowes, KeyBank National Association, 127
Public Square, Cleveland, Ohio 44114,

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<PAGE>

telecopy: (216) 689-5681); (iii) in the case of the Special Servicer, ARCap
Special Servicing, Inc., 5605 N. MacArthur Boulevard, Suite 950, Irving, Texas
75038, Attention: Larry Duggins, telecopy number (972) 580-2808 (with a copy
to Chris Crouch, ARCap Special Servicing, Inc., 5605 N. MacArthur Boulevard,
Suite 950, Irving, Texas 75038, telecopy number (972) 580-1688); (iv) in the
case of the Trustee, Wells Fargo Bank Minnesota, N.A., 9062 Old Annapolis
Road, Columbia, Maryland 21045-3562, Attention: Corporate Trust Administration
(CMBS), Salomon Brothers Mortgage Securities VII, Inc., Series 2002-KEY2,
telecopy number: (410) 715-2380; (v) in the case of the Rating Agencies, (A)
Moody's Investors Service, Inc., 99 Church Street, New York, New York 10007,
Attention: Commercial MBS Monitoring Department, telecopy number: (212)
553-0300; and (B) Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
Attention: CMBS Surveillance Department, telecopy number: (212) 438-2662; (vi)
in the case of any Mortgage Loan Seller, the address for notices to it under
the related Mortgage Loan Purchase Agreement; and (vii) in the case of the
Column Performance Guarantor, the address for notices to it under the Column
Performance Guarantee or as to each such Person such other address and/or
telecopy number 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
covenant(s), agreement(s), provision(s) or term(s) 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. Successors and Assigns; Beneficiaries.

          The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto, their respective successors and assigns
and, as third party beneficiaries (with all right to enforce the obligations
hereunder intended for their benefit as if a party hereto), the Underwriters
and the non-parties referred to in Sections 6.03, 8.05 and 3.22(g), and all
such provisions shall inure to the benefit of the Certificateholders. No other
person, including any Borrower, shall be entitled to any benefit or equitable
right, remedy or claim under this Agreement.

          SECTION 11.08. 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 11.09. Notices to and from the Rating Agencies and the
Depositor.

          (a) The Trustee shall promptly provide notice to each Rating Agency
and the Depositor with respect to each of the following of which a Responsible
Officer of the Trustee has actual knowledge:

               (i) any material change or amendment to this Agreement;

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<PAGE>

               (ii) the occurrence of any Event of Default that has not been
     cured;

               (iii) the resignation, termination, merger or consolidation of
     the Master Servicer or the Special Servicer and the appointment of a
     successor;

               (iv) the appointment, resignation or removal of a Fiscal Agent;

               (v) any change in the location of the Distribution Account, the
     Interest Reserve Account or the Excess Liquidation Proceeds Account;

               (vi) any repurchase of a Mortgage Loan by or on behalf of a
     Mortgage Loan Seller as contemplated by Section 2.03; and

               (vii) the final payment to any Class of Certificateholders.

          (b) The Master Servicer shall promptly provide notice to each Rating
Agency and the Depositor with respect to each of the following of which it has
actual knowledge:

               (i) the resignation or removal of the Trustee and the
     appointment of a successor; and

               (ii) any change in the location of the Collection Account.

          (c) Each of the Master Servicer and the Special Servicer, as the
case may be, shall furnish each Rating Agency such information with respect to
the Mortgage Loans as such Rating Agency shall reasonably request and which
the Master Servicer or the Special Servicer, as the case may be, can
reasonably provide to the extent consistent with applicable law and the
related Mortgage Loan Documents. In any event, the Master Servicer and the
Special Servicer shall notify each Rating Agency with respect to each of the
following of which it has actual knowledge:

               (i) any change in the lien priority of the Mortgage securing
     any Mortgage Loan;

               (ii) in the case of any Performing Serviced Mortgage Loan that
     constitutes one of the ten largest Mortgage Loans (by unpaid principal
     balance) in the Mortgage Pool and that is secured by a Mortgaged Property
     used for retail purposes, any change in the identity of the anchor tenant
     (i.e., a tenant representing more than 20% of the total net rentable
     square feet of space) at the related Mortgaged Property or any change in
     the term of the lease for an anchor tenant at the related Mortgaged
     Property;

               (iii) any assumption of, or release or substitution of
     collateral for, a Mortgage Loan that represents greater than 2% of the
     then aggregate Stated Principal Balance of the Mortgage Pool; and

               (iv) any defeasance of a Mortgage Loan or any material damage
     to a Mortgaged Property.

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<PAGE>

          (d) Each of the Master Servicer and the Special Servicer, as the
case may be, shall promptly furnish to each Rating Agency copies of the
following items (in each case, at or about the same time that it delivers or
causes the delivery of such item to the Trustee):

               (i) each of its Annual Performance Certifications;

               (ii) each of its Annual Accountants' Reports; and

               (iii) upon request, to the extent not already delivered,
     through hard copy format or electronic format, each report prepared
     pursuant to Section 3.09(e).

          (e) The Trustee shall promptly deliver to each Rating Agency (in
hard copy format or through use of the Trustee's Internet Website for Moody's)
a copy of each Statement to Certificateholders, Unrestricted Servicer Report
and Restricted Servicer Report forwarded to the Holders of the Certificates
(in each case, at or about the same time that it delivers such
Certificateholder Report to such Holders), subject to the timing requirements
of Section 4.02(d). Any Restricted Servicer Reports delivered electronically
as aforesaid shall be accessible on the Trustee's Internet Website on a
restricted basis to each Rating Agency.

          (f) The parties intend that each Rating Agency provide to the
Trustee, upon request, a listing of the then-current rating (if any) assigned
by such Rating Agency to each Class of Certificates then outstanding.

          SECTION 11.10. Notices to Controlling Class Representative.

          The Trustee, the Master Servicer or the Special Servicer, as the
case may be, shall deliver to the Controlling Class Representative a copy of
each notice or other item of information such Person is required to deliver to
the Rating Agencies pursuant to Section 11.09, in each case simultaneously
with the delivery thereof to the Rating Agencies and to the extent not already
delivered thereto pursuant to this Agreement.

          SECTION 11.11. 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.

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                                  ARTICLE XII

                  SERVICING OF THE WESTFARMS MALL LOAN GROUP
         FOLLOWING A WESTFARMS MALL CHANGE OF SERVICING CONTROL EVENT

          SECTION 12.01. General.

          (a) The terms of this Article XII shall apply only if and when a
Westfarms Mall Change of Servicing Control Event shall occur, and shall remain
in effect only for so long as the Westfarms Mall Mortgage Loan or any interest
in any Westfarms Mall REO Property remains an asset of the Trust.

          (b) If and when a Westfarms Mall Change of Servicing Control Event
shall occur, each of the Master Servicer and the Special Servicer shall
diligently service and administer the Westfarms Mall Loan Group (and, with
respect to the Special Servicer, any Westfarms Mall REO Property) as and when
it is required to do so, pursuant to this Article XII on behalf of the Trustee
and in the best interests of and for the benefit of the Certificateholders and
the holders of the Westfarms Mall Companion Loans, taken as a collective whole
(as determined by the Master Servicer or the Special Servicer, as the case may
be, in its reasonable judgment), in accordance with applicable law, the terms
of the Westfarms Mall Loan Group, the terms of the Westfarms Mall
Intercreditor Agreements and, to the extent consistent with the foregoing, the
Series 2002-CP3 Servicing Standard. Without limiting the foregoing, subject to
Section 12.14 hereunder, the Special Servicer shall be obligated to service
and administer the Westfarms Mall Loan Group while a Series 2002-CP3 Servicing
Transfer Event has occurred and is continuing with respect thereto and to
service and administer any Westfarms Mall REO Property; provided that the
Master Servicer shall continue to make all calculations, and prepare, and
deliver to the Trustee, all reports required to be prepared by the Master
Servicer hereunder with respect to the Westfarms Mall Mortgage Loan as if no
Series 2002-CP3 Servicing Transfer Event had occurred with respect thereto or
as if the Westfarms Mall Mortgaged Property had not become an REO Property, as
the case may be, and to render such incidental services with respect to the
Westfarms Mall Loan Group while any Series 2002-CP3 Servicing Transfer Event
exists with respect thereto or while the Westfarms Mall Mortgaged Property
constitutes an REO Property, as the case may be. Also without limiting the
foregoing, the Master Servicer shall be obligated to service and administer
the Westfarms Mall Loan Group prior to the occurrence of the Series 2002-CP3
Servicing Transfer Event and after all Series 2002-CP3 Transfer Events have
ceased to exist, in either case with respect to the Westfarms Mall Loan Group.
In connection with the foregoing, the Master Servicer and the Special Servicer
shall have all right, power and authority granted to, and all duties and
obligations imposed upon, the Series 2002-CP3 Master Servicer and the Series
2002-CP3 Special Servicer, respectively, pursuant to Section 3.01(b) and
Section 3.01(d) of the Series 2002-CP3 PSA, except that all references in such
sections of the Series 2002-CP3 PSA to "Certificateholders" and "Trustee"
shall be deemed to mean the "Certificateholders" and "Trustee", respectively,
hereunder.

          (c) Whenever the Master Servicer or the Special Servicer is required
to act under this Article XII in accordance with the Series 2002-CP3 Servicing
Standard, such standard shall be applied with the following changes:

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               (i) the reference to "Certificateholders" in clause (ii) of the
     first paragraph of Section 3.01(a) of the Series 2002-CP3 PSA shall be
     deemed a reference to the holder of the Westfarms Mall Pari Passu
     Companion Loan; and

               (ii) the reference to "Certificate" in subclause (iii)(b) of
     the first paragraph of Section 3.01(a) of the Series 2002-CP3 PSA shall
     be deemed a reference to any ownership interest in the Westfarms Mall
     Mortgage Loan or in either of the Westfarms Mall Companion Loans.

          In addition, even when the Master Servicer or the Special Servicer
is required to act under this Article XII with respect to the Westfarms Mall
Loan Group as if it constituted Serviced Mortgage Loans or any Westfarms Mall
REO Property as if it constituted an Administered REO Property, the Series
2002-CP3 Servicing Standard (with the foregoing changes) will apply rather
than the Servicing Standard hereunder.

          (d) The Controlling Class Representative shall, subject to Section
3.24(b) hereunder, be entitled to exercise all rights and powers that would
otherwise be exercisable by the Series 2002-CP3 Directing Certificateholder in
connection with the matters contemplated by this Article XII. To the extent
that the Master Servicer or the Special Servicer would have any obligation to
notify, seek direction or approval from, obtain the consent of or otherwise
interact with the Series 2002-CP3 Directing Certificateholder in accordance
with this Article XII, it shall, subject to Section 3.24(b) hereunder, instead
notify, seek direction or approval from, obtain the consent of or otherwise
interact with the Controlling Class Representative. The Controlling Class
Representative shall be entitled to receive from each of the Master Servicer
and the Special Servicer all reports, statements, documents, certifications,
information and communications with respect to the Westfarms Mall Loan Group
that would otherwise have been delivered to the Series 2002-CP3 Directing
Certificateholder by the Series 2002-CP3 Master Servicer and the Series
2002-CP3 Special Servicer, respectively, under the Series 2002-CP3 PSA.

          (e) To the extent that the Master Servicer or the Special Servicer
would have any obligation to notify, seek a ratings confirmation from or
otherwise interact with the Series 2002-CP3 Rating Agencies in accordance with
this Article XII, it shall instead notify, seek a ratings confirmation from or
otherwise interact with the Rating Agencies, and any such ratings confirmation
shall relate to the ratings on the Certificates issued hereunder. S&P and
Moody's shall continue to be entitled to receive from each of the Master
Servicer, the Special Servicer and the Trustee all reports, statements,
documents, certifications, information and communications with respect to the
Westfarms Mall Loan Group that it would otherwise have been entitled to
receive from the Series 2002-CP3 Master Servicer, the Series 2002-CP3 Special
Servicer and the Series 2002-CP3 Trustee, respectively, under the Series
2002-CP3 PSA.

          (f) Any Holder of a Class L, Class M, Class N, Class P, Class Q,
Class S or Class T Certificate shall be entitled to exercise all rights and
powers that would otherwise be exercisable by a Series 2002-CP3 Requesting
Subordinate Certificateholder in connection with the matters contemplated by
this Article XII. To the extent that the Master Servicer or the Special
Servicer would have any obligation to notify or otherwise interact with the
Series 2002-CP3 Requesting Subordinate Certificateholders in accordance with
this Article XII, it shall instead notify or otherwise interact with the
Holders of the Class L, Class M, Class N, Class P, Class Q, Class S or Class T
Certificates.  The

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<PAGE>

Holders of the Class L, Class M, Class N, Class P, Class Q, Class S or Class T
Certificates shall be entitled to receive from each of the Master Servicer and
the Special Servicer all reports, statements, documents, certifications,
information and communications with respect to the Westfarms Mall Loan Group
that would otherwise have been delivered to the Series 2002-CP3 Requesting
Subordinate Certificateholders by the Series 2002-CP3 Master Servicer and the
Series 2002-CP3 Special Servicer, respectively, under the Series 2002-CP3 PSA.

          SECTION 12.02. Collection of Loan Payments.

          (a) The Master Servicer and the Special Servicer shall perform all
such duties and obligations and have all such right, power and authority with
respect to the Westfarms Mall Loan Group as did the Series 2002-CP3 Master
Servicer and the Series 2002-CP3 Special Servicer, respectively, pursuant to
Section 3.02(a), Section 3.02(c) and the first sentence of Section 3.02(d) of
the Series 2002-CP3 PSA.

          (b) Amounts collected with respect to the Westfarms Mall Loan Group
or any Westfarms Mall REO Property shall, subject to the Westfarms Mall
Intercreditor Agreements, be applied as contemplated by Section 3.02(b) of the
Series 2002-CP3 PSA.

          SECTION 12.03. Collection of Taxes, Assessments and Similar Items;
                         Servicing Accounts.

          (a) The Master Servicer and the Special Servicer shall perform all
such duties and obligations and have all such right, power and authority with
respect to the Westfarms Mall Loan Group and any Westfarms Mall REO Property
as did the Series 2002-CP3 Master Servicer and the Series 2002-CP3 Special
Servicer, respectively, pursuant to Section 3.03 of the Series 2002-CP3 PSA.

          (b) The Trustee and any Fiscal Agent shall have the same backup
advancing obligation with respect to the Westfarms Mall Loan Group and any
Westfarms Mall REO Property as did the Series 2002-CP3 Trustee and the Series
2002-CP3 Fiscal Agent pursuant to Section 3.03 of the Series 2002-CP3 PSA.

          (c) Each of the Master Servicer, the Special Servicer, the Trustee
and the Fiscal Agent shall be entitled to reimbursement of Advance Interest in
respect of any advance made by it in accordance with this Article XII as if it
had made such advance with respect to any Serviced Mortgage Loan or
Administered REO Property.

          (d) For purposes of this Section 12.03, the reference to
"Certificateholders" in the penultimate paragraph of Section 3.03(c) shall be
deemed to be a reference to the holder of the Westfarms Mall Pari Passu
Companion Loan and the reference to "Certificateholders" in the last paragraph
of Section 3.03(c) of the Series 2002-CP3 PSA shall be deemed to be a
reference to the Certificateholders hereunder.

          SECTION 12.04. Westfarms Mall Custodial Account.

          (a) The Master Servicer shall establish and maintain, or cause to be
established and maintained, solely with respect to the Westfarms Mall Loan
Group, an Eligible Account for purposes of holding the same types of
collections with respect to the Westfarms Mall Loan Group as were to be

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<PAGE>

deposited into the Series 2002-CP3 Collection Account and such Eligible
Account shall constitute the "Westfarms Mall Custodial Account". The Master
Servicer shall, solely with respect to the Westfarms Mall Loan Group, make
deposits to the Westfarms Mall Custodial Account in the same manner and at the
same times as the Series 2002-CP3 Master Servicer would have made such
deposits to the Series 2002-CP3 Collection Account pursuant to Section 3.04(a)
of the Series 2002-CP3 PSA. In connection with the foregoing, the Master
Servicer shall establish and maintain two subaccounts of the Westfarms Mall
Custodial Account that are substantially similar to the Series 2002-CP3
Companion Loan Custodial Account and the Series 2002-CP3 A/B Loan Custodial
Account, respectively. The Master Servicer shall deposit from the Westfarms
Mall Custodial Account into the subaccount thereof that is substantially
similar to the Series 2002-CP3 A/B Loan Custodial Account any amounts
described in Section 3.04(a) of the Series 2002-CP3 PSA that are required to
be paid to the holder of the Westfarms Mall Subordinate Companion Loan
pursuant to the terms of the Westfarms Mall A/B Intercreditor Agreement, in
each case on the same day as the deposit thereof into the Westfarms Mall
Custodial Account. The subaccount of the Westfarms Mall Custodial Account that
is substantially similar to the Series 2002-CP3 A/B Loan Custodial Account
shall be held in trust for the benefit of the holder of the Westfarms Mall
Subordinate Companion Loan and shall not be part of any REMIC created under
this Agreement. The Master Servicer shall deposit from the Westfarms Mall
Custodial Account into the subaccount thereof that is substantially similar to
the Series 2002-CP3 Companion Loan Custodial Account any amounts described in
Section 3.04(a) of the Series 2002-CP3 PSA that are required to be paid to the
holder of the Westfarms Mall Pari Passu Companion Loan pursuant to the terms
of the Westfarms Mall A/A Intercreditor Agreement, in each case on the same
day as the deposit thereof into the Westfarms Mall Custodial Account. The
subaccount of the Westfarms Mall Custodial Account that is substantially
similar to the Series 2002-CP3 Companion Loan Custodial Account (i) shall be
held in trust for the benefit of the holder of the Westfarms Mall Pari Passu
Companion Loan, (ii) shall not be part of any REMIC created under this
Agreement, and (iii) for purposes of this Agreement, except as otherwise
specified in Section 12.04(b), shall be administered such that all references
to the holder of the "Companion Loan" with respect to such account under the
Series 2002-CP3 PSA shall be deemed to be references to the holder of the
Westfarms Mall Pari Passu Companion Loan.

          (b) The Master Servicer may, from time to time, make withdrawals
from the Westfarms Mall Custodial Account and the various subaccounts thereof
contemplated by Section 12.04(a) in respect of the Westfarms Mall Loan Group
or any Westfarms Mall REO Property for the same purposes, in the same amounts
and at the same times as the Series 2002-CP3 Master Servicer would have been
permitted to make such withdrawals from the similar accounts/subaccounts
pursuant to Section 3.05 of the Series 2002-CP3 PSA; provided that no
withdrawals shall be made from the Westfarms Mall Custodial Account for
purposes of making P&I Advances; and provided, further, that any remittance
that would otherwise be required to be made to the holder of the Westfarms
Mall Mortgage Loan shall be made through a transfer on the relevant date from
the Westfarms Mall Custodial Account to the Collection Account; and provided,
further, that any other remittances that would have been made pursuant to
Section 3.05(a)(i) of the Series 2002-CP3 PSA to the Series 2002-CP3 Trustee
as the holder of the Westfarms Mall Pari Passu Companion Loan shall instead be
remitted from the subaccount of the Westfarms Mall Custodial Account that is
substantially similar to the Series 2002-CP3 Companion Loan Custodial Account
to the holder of the Westfarms Mall Pari Passu Companion Loan pursuant to the
second proviso of Section 3.05(a) of the Series 2002-CP3 PSA; and provided,
further, that remittances to the holder of the Westfarms Mall Subordinate
Companion Loan shall be made from the subaccount of the Westfarms Mall
Custodial Account that is substantially similar to the Series 2002-CP3 A/B
Loan Custodial Account pursuant to the first proviso of Section 3.05(a) of the
Series 2002-CP3

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<PAGE>

PSA; and provided, further, that any withdrawals that would have been made
pursuant to Section 3.05(a) of the Series 2002-CP3 PSA to pay compensation
and/or interest on advances and/or to reimburse any costs or expenses incurred
by a party to the Series 2002-CP3 PSA shall instead be paid or reimbursed, as
the case may be, to the corresponding party under this Agreement. The Master
Servicer shall account for all withdrawals from the Westfarms Mall Custodial
Account and the various subaccounts thereof contemplated by Section 12.04(a)
in the same manner as the Series 2002-CP3 Master Servicer is required to
account for withdrawals from the similar accounts/subaccounts under the Series
2002-CP3 PSA.

          SECTION 12.05. Maintenance of Insurance Policies; Errors and
                         Omissions and Fidelity Coverage.

          (a) The Master Servicer and the Special Servicer shall perform all
such duties and obligations and have all such right, power and authority with
respect to the Westfarms Mall Loan Group and any Westfarms Mall REO Property
as did the Series 2002-CP3 Master Servicer and the Series 2002-CP3 Special
Servicer, respectively, pursuant to Sections 3.07(a), 3.07(b), 3.07(d),
3.07(e), 3.07(f), 3.07(g) and 3.07(h) of the Series 2002-CP3 PSA (taking into
account that each is now acting on behalf of the Trustee and the
Certificateholders hereunder). Any references to "Trustee", "Certificates"
and/or "Certificateholders" in any such sections of the Series 2002-CP3 PSA
shall be deemed to be references to the Trustee hereunder, the Certificates
issued hereunder and the Certificateholders hereunder, respectively.

          (b) The obligations of the Master Servicer and the Special Servicer
to maintain errors and omissions insurance and fidelity bond coverage pursuant
to Section 3.07 hereunder shall, so long as this Article XII is in effect, be
required to be in an amount that is calculated assuming that the Westfarms
Mall Loan Group constitutes Serviced Mortgage Loans.

          SECTION 12.06. Enforcement of Due-on-Sale and Due-on-Encumbrance
                         Clauses; Assumption Agreements; Defeasance Provisions;
                         Other Provisions.

          The Master Servicer and the Special Servicer shall perform all such
duties and obligations and have all such right, power and authority with
respect to the Westfarms Mall Loan Group as did the Series 2002-CP3 Master
Servicer and the Series 2002-CP3 Special Servicer, respectively, pursuant to
Section 3.08 of the Series 2002-CP3 PSA (taking into account that each is now
acting on behalf of the Trustee and the Certificateholders hereunder). Any
references to "Trustee" and "Certificates" in such section of the Series
2002-CP3 PSA shall be deemed to be references to the Trustee hereunder and the
Certificates issued hereunder, respectively. Furthermore, the references to
"Trust REMIC" in Section 3.08(f) of the Series 2002-CP3 PSA shall be deemed to
be references to a REMIC Pool hereunder.

          SECTION 12.07. Realization Upon Defaulted Mortgage Loans.

          (a) The Master Servicer and the Special Servicer shall, subject to
Section 3.29(c) of the Series 2002-CP3 PSA and, further, subject to Sections
3.09(b), 3.09(c) and 3.09(d) hereunder (applied as if the Westfarms Mall Loan
Group constituted Serviced Mortgage Loans), perform all such duties and
obligations and have all such right, power and authority with respect to the
Westfarms Mall Loan Group and any Westfarms Mall REO Property as did the
Series 2002-CP3 Master Servicer and the

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<PAGE>

Series 2002-CP3 Special Servicer, respectively, pursuant to Section 3.09(a) of
the Series 2002-CP3 PSA (taking into account that it is now acting on behalf
of the Trustee and the Certificateholders hereunder). Any references to
"Certificateholders" in Section 3.09(a) of the Series 2002-CP3 PSA shall be
deemed to be references to the holder of the Westfarms Mall Pari Passu
Companion Loan.

          (b) The Master Servicer and the Special Servicer shall have the same
respective rights, duties and obligations with respect to the Westfarms Mall
Loan Group as they do with respect to the Serviced Mortgage Loans under
Sections 3.09(e), 3.09(f), 3.09(g) and 3.09(h) hereunder.

          SECTION 12.08. Mortgage Loan Documents.

          The Master Servicer and the Special Servicer shall obtain from the
respective holders of the Westfarms Mall Mortgage Loan and the Westfarms Mall
Companion Loans such documentation as is necessary to perform servicing and
administration of the Westfarms Mall Loan Group. If and to the extent that the
Trustee holds any loan documents with respect to the Westfarms Mall Loan
Group, and if the Westfarms Mall Loan Group is being serviced under this
Article XII, then the Trustee is authorized to release any or all of those
loan documents to the Master Servicer and the Special Servicer under the same
circumstances as it would release such Mortgage Loan Documents to the Master
Servicer or the Special Servicer, as the case may be, with respect to a
Serviced Mortgage Loan.

          SECTION 12.09. Servicing Compensation.

          The Master Servicer and the Special Servicer shall be entitled, for
performing their respective servicing and administration duties with respect
to the Westfarms Mall Loan Group and any Westfarms Mall REO Property, to the
same compensation as would the Series 2002-CP3 Master Servicer and the Series
2002-CP3 Special Servicer pursuant to Section 3.11 of the Series 2002-CP3 PSA.

          SECTION 12.10. Reports and Statements.

          (a) The Master Servicer and the Special Servicer each shall, with
respect to the Westfarms Mall Loan Group and any Westfarms Mall REO Property,
prepare or obtain, as applicable, and deliver to the Trustee, the holder of
the Westfarms Mall Pari Passu Companion Loan and the holder of the Westfarms
Mall Subordinate Companion Loan any and all reports, statements, documentation
and other information as are required to be delivered by the Series 2002-CP3
Master Servicer and the Series 2002-CP3 Special Servicer, respectively, to the
holder of the Westfarms Mall Mortgage Loan, the Series 2002-CP3 Trustee and
the holder of the Westfarms Mall Subordinate Companion Loan, respectively,
pursuant to Section 3.12 of the Series 2002-CP3 PSA.

          (b) The Master Servicer and the Special Servicer each shall, with
respect to the Westfarms Mall Loan Group and any Westfarms Mall REO Property,
prepare or obtain, as applicable, and deliver to each other any and all
reports, statements, documentation and other information as are required to be
delivered by the Series 2002-CP3 Master Servicer and the Series 2002-CP3
Special Servicer to each other pursuant to Section 3.12 of the Series 2002-CP3
PSA.

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<PAGE>

          SECTION 12.11. Annual Statement as to Compliance; Reports by
                         Independent Public Accountants; Access to Certain
                         Information.

          The Master Servicer and the Special Servicer shall, in fulfilling
their obligations pursuant to Sections 3.13, 3.14 and 3.15 hereunder, take
into account their respective obligations under this Article XII and treat the
Westfarms Mall Loan Group as Serviced Mortgage Loans and any Westfarms Mall
REO Property as an Administered REO Property.

          SECTION 12.12. Westfarms Mall REO Property.

          If the Westfarms Mall Mortgaged Property becomes an REO Property,
then the Westfarms Mall REO Property shall be serviced and administered under
Section 3.16, Section 3.17, Section 3.18(d), Section 3.18(e) and Section
3.18(f) hereunder as if it were an Administered REO Property; except that (i)
it is hereby acknowledged that such REO Property and any related account in
the nature of an REO Account would be held on behalf of the Certificateholders
and the respective holders of the Westfarms Mall Companion Loans, as their
interests may appear, (ii) the account contemplated by the immediately
preceding clause (i) shall not include any amounts in respect of any other REO
Property and (iii) any transfers from the account contemplated by clause (i)
above that would in accordance with Section 3.16 hereunder ordinarily be made
to the Collection Account shall instead be made to the Westfarms Mall
Custodial Account.

          SECTION 12.13. Modifications, Waivers, Amendments and Consents;
                         Inspections; Appraisals; Lock-Box Accounts and
                         Servicing Accounts; and Other Additional Obligations.

          The Master Servicer and the Special Servicer shall perform all such
duties and obligations and have all such right, power and authority with
respect to the Westfarms Mall Loan Group as did the Series 2002-CP3 Master
Servicer and the Series 2002-CP3 Special Servicer, respectively, pursuant to
Section 3.19, Section 3.20, Section 3.27, Section 3.29(b), Section 3.29(f) and
Section 3.29(g) of the Series 2002-CP3 PSA (taking into account that each is
now acting on behalf of the Trustee and the Certificateholders hereunder). Any
references to "Trustee" and "Certificates" in such sections of the Series
2002-CP3 PSA shall be deemed to be references to the Trustee hereunder and the
Certificates issued hereunder, respectively. In addition, any references to
"Certificate Owners of the Controlling Class" in such sections of the Series
2002-CP3 PSA shall be deemed to be references to the Controlling Class
Representative hereunder. Furthermore, the references to "Certificateholders"
in Section 3.20(c) and Section 3.20(e) of the Series 2002-CP3 PSA shall be
deemed to be references to the holder of the Westfarms Mall Pari Passu
Companion Loan.

          SECTION 12.14. Transfer of Servicing Between Master Servicer and
                         Special Servicer; Record Keeping; Asset Status Report.

          The Master Servicer and the Special Servicer shall perform all such
duties and obligations, including the transfer of servicing, and have all such
right, power and authority with respect to the Westfarms Mall Loan Group as
did the Series 2002-CP3 Master Servicer and the Series 2002-CP3 Special
Servicer, respectively, pursuant to Section 3.21 of the Series 2002-CP3 PSA
(taking into account that each is now acting on behalf of the Trustee and the
Certificateholders hereunder); provided that, consistent with Section 12.01(d)
hereunder, all references to "Directing Certificateholder" in Section 3.21(e)
of the Series 2002-CP3 PSA shall be deemed to be references to the Controlling
Class

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<PAGE>

Representative and any and all rights of the holder of the Westfarms Mall
Mortgage Loan contemplated by Section 3.21(e) of the Series 2002-CP3 PSA shall
instead be exercised by the holder of the Westfarms Mall Pari Passu Companion
Loan. Any references to "Trustee", "Fiscal Agent", "Depositor" and
"Certificateholders" in Section 3.21 of the Series 2002-CP3 PSA shall be
deemed to be references to the Trustee, Fiscal Agent, Depositor and
Certificateholders, respectively, hereunder. In addition, any references to
"Trust REMIC" in Section 3.21 of the Series 2002-CP3 PSA shall be deemed to be
references to a REMIC Pool hereunder.

          SECTION 12.15. Sub-Servicing.

          Each of 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 its respective obligations under this Article XII to the same
extent, and subject to the same terms, conditions and limitations, as would be
applicable to entering into Sub-Servicing Agreements with respect to the
Serviced Mortgage Loans under Section 3.22 hereunder.

          SECTION 12.16. Rights of the Holder of the Westfarms Mall
                         Subordinate Companion Loan.

          The respective parties hereto recognize and acknowledge the rights
of the holder of the Westfarms Mall Subordinate Companion Loan provided for
under the Series 2002-CP3 PSA, including under Section 3.32 thereof, and under
the Westfarms Mall A/B Intercreditor Agreement. The Master Servicer and the
Special Servicer shall perform all such duties and obligations and have all
such right, power and authority with respect to the Westfarms Mall Loan Group
as did the Series 2002-CP3 Master Servicer and the Series 2002-CP3 Special
Servicer, respectively, pursuant to Section 3.32 of the Series 2002-CP3 PSA.

          SECTION 12.17. P&I Advances.

          The Master Servicer shall have the same advancing obligations with
respect to the Westfarms Mall Loan Group as did the Series 2002-CP3 Master
Servicer under Section 4.03 of the Series 2002-CP3 PSA.

          SECTION 12.18. Limitation on Liability; Certain Indemnities.

          Solely insofar as it relates to the matters contemplated by this
Article XII, Section 6.03 of the Series 2002-CP3 PSA is incorporated herein by
reference and made a part hereof; provided that capitalized terms that are
used therein and are defined in this Agreement shall have the respective
meanings assigned thereto in this Agreement; and provided, further, that the
terms "Companion Loan" and "B Note", as used therein, shall be deemed to mean
the Westfarms Mall Pari Passu Companion Loan and the Westfarms Mall
Subordinate Companion Loan, respectively. Section 6.03 of this Agreement shall
not be applicable to, and is replaced in its entirety with respect to, the
matters contemplated by this Article XII.

          SECTION 12.19. Events of Default.

          (a) If any Event of Default shall occur hereunder that materially
and adversely affects the rights and interests of the holder of the Westfarms
Mall Pari Passu Companion Loan, then such

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<PAGE>

holder shall have the same rights (and be subject to the same constraints,
including the obtaining of any required rating confirmations) in respect of
such Event of Default as did the holder of the Westfarms Mall Mortgage Loan
upon the occurrence of a Series 2002-CP3 Event of Default.

          (b) If any Event of Default shall occur hereunder that materially
and adversely affects the rights and interests of the holder of the Westfarms
Mall Subordinate Companion Loan, then such holder shall have the same rights
(and be subject to the same constraints, including the obtaining of any
required rating confirmations) in respect of such Event of Default as it did
upon the occurrence of a Series 2002-CP3 Event of Default.

          (c) In the event that the Master Servicer or the Special Servicer
may be terminated under this Section 12.19, but is not otherwise terminated
under Article VII hereof, then such party shall be replaced solely as to its
duties and obligations, and its right, power and authority, with respect to
the Westfarms Mall Loan Group and any Westfarms Mall REO Property, and all
references to "Master Servicer" or "Special Servicer" in this Article XII
shall be deemed to refer to its successor under this Article XII. Articles I
through XI hereof shall apply to such successor master servicer or special
servicer, as applicable, but only to the extent that they would if the
Westfarms Mall Loan Group and/or any Westfarms Mall REO Property were the only
asset being serviced and administered hereunder and there were no Serviced
Mortgage Loans or Administered REO Properties. The Master Servicer or Special
Servicer, as the case may be, that was so replaced with respect to the
Westfarms Mall Loan Group and/or any Westfarms Mall REO Property shall
continue to have the same duties and obligations, and the same right, power
and authority, with respect to the Serviced Mortgage Loans and/or any
Administered REO Properties that it otherwise would without regard to this
Article XII, and Articles I through XI hereof shall apply to such replaced
Master Servicer or Special Servicer, as the case may be, as if this Article
XII did not exist.

          SECTION 12.20. Amendments to the Series 2002-CP3 PSA.

          All references to the Series 2002-CP3 PSA throughout this Article
XII are intended to be references to such agreement as in effect on the
Closing Date, with such amendments and modifications as either (i) have been
agreed to by the Trustee in accordance with Article XI hereof or (ii) do not
materially and adversely affect the interests of the holder of the Westfarms
Mall Mortgage Loan.

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<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.

                           SALOMON BROTHERS MORTGAGE SECURITIES
                           VII, INC.,
                             as Depositor

                           By:
                                ------------------------------------------------
                           Name:
                           Title:

                           KEYCORP REAL ESTATE CAPITAL MARKETS, INC.
                           d/b/a KEY COMMERCIAL MORTGAGE,
                             as Master Servicer

                           By:
                                ------------------------------------------------
                           Name:
                           Title:

                           ARCAP SPECIAL SERVICING, INC.,
                             as Special Servicer

                           By:
                                ------------------------------------------------
                           Name:
                           Title:

                           WELLS FARGO BANK MINNESOTA, N.A.,
                             as Trustee

                           By:
                                ------------------------------------------------
                           Name:
                           Title:

<PAGE>

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

          On the ______ day of September 2002, before me, a notary public in
and for said State, personally appeared _____________________________,
personally known to me to be a _______________________________ of SALOMON
BROTHERS MORTGAGE SECURITIES VII, INC., one of the entities that executed the
within instrument, and also known to me to be the person who executed it on
behalf of such entity, and acknowledged to me that such entity executed the
within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                      ----------------------------------------
                                                Notary Public

[Notarial Seal]

<PAGE>

STATE OF ___________________        )
                                    )  ss.:
COUNTY OF __________________        )

          On the ______ day of September 2002, before me, a notary public in
and for said State, personally appeared _____________________________, known
to me to be a _______________________ of KEYCORP REAL ESTATE CAPITAL MARKETS,
INC. d/b/a KEY COMMERCIAL MORTGAGE, one of the entities that executed the
within instrument, and also known to me to be the person who executed it on
behalf of such entity, and acknowledged to me that such entity executed the
within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                      ----------------------------------------
                                                Notary Public

[Notarial Seal]

<PAGE>

STATE OF ___________________        )
                                    )  ss.:
COUNTY OF __________________        )

          On the ______ day of September 2002, before me, a notary public in
and for said State, personally appeared ____________________________, known to
me to be a ________________________ of ARCAP SPECIAL SERVICING, INC., one of
the entities that executed the within instrument, and also known to me to be
the person who executed it on behalf of such entity, and acknowledged to me
that such entity executed the within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                      ----------------------------------------
                                                Notary Public

[Notarial Seal]

<PAGE>

STATE OF ___________________        )
                                    )  ss.:
COUNTY OF __________________        )

          On the ______ day of September 2002, before me, a notary public in
and for said State, personally appeared _____________________________, known
to me to be a _______________________ of WELLS FARGO BANK MINNESOTA, N.A., one
of the entities that executed the within instrument, and also known to me to
be the person who executed it on behalf of such entity, and acknowledged to me
that such entity executed the within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                      ----------------------------------------
                                                Notary Public

[Notarial Seal]

<PAGE>

                                  EXHIBIT A-1

                     FORM OF CLASS X-1 AND X-2 CERTIFICATES

        CLASS [X-1] [X-2] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                SERIES 2002-KEY2

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 fund (the "Trust Fund") consisting primarily of a
pool of multifamily and commercial mortgage loans (the "Mortgage Loans"), such
pool being formed and sold by

<TABLE>
<CAPTION>
                                SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.

<S>                                              <C>
Pass-Through Rate:  Variable                     Class Notional Amount of the Class [X-1] [X-2]
                                                 Certificates as of the Closing Date:
                                                 $________________

Closing Date:  September 26, 2002                Initial Certificate Notional Amount of this
                                                 Certificate as of the Closing Date:
                                                 $_______________

First Distribution Date:  October 18, 2002       Aggregate Stated Principal Balance of the Mortgage
                                                 Loans as of the Closing Date ("Initial Pool
                                                 Balance"):  $___________

Master Servicer:                                 Trustee:
KeyCorp Real Estate Capital Markets, Inc.        Wells Fargo Bank Minnesota, N.A.
d/b/a Key Commercial Mortgage
</TABLE>

Special Servicer:
ARCap Special Servicing, Inc.

Certificate No. [X-1] [X-2]-___                  CUSIP No.:  ________________
                                                 Common Code:  ________________
                                                 ISIN No.:  ________________

<PAGE>

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE 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 (A) TO 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) TO 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.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN SALOMON
BROTHERS MORTGAGE SECURITIES VII, INC., KEYCORP REAL ESTATE CAPITAL MARKETS,
INC. D/B/A KEY COMMERCIAL MORTGAGE, ARCAP SPECIAL SERVICING, INC., WELLS FARGO
BANK MINNESOTA, N.A., OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE").

                                    A-1-2
<PAGE>

THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL
BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

          This certifies that [CEDE & CO.] is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
notional amount of this Certificate (its "Certificate Notional Amount") as of
the Closing Date by the aggregate notional amount of all the Class [X-1] [X-2]
Certificates (their "Class Notional Amount") as of the Closing Date) in that
certain beneficial ownership interest in the Trust Fund evidenced by all the
Class [X-1] [X-2] Certificates. The Trust Fund was created and the
Certificates were issued pursuant to a Pooling and Servicing Agreement, dated
as of September 11, 2002 (the "Agreement"), among Salomon Brothers Mortgage
Securities VII, Inc., as depositor (the "Depositor", which term includes any
successor entity under the Agreement), KeyCorp Real Estate Capital Markets,
Inc. d/b/a/ Key Commercial Mortgage as master servicer (in such capacity, the
"Master Servicer", which term includes any successor entity under the
Agreement), ARCap Special Servicing, Inc. as special servicer (in such
capacity, the "Special Servicer", which term includes any successor entity
under the Agreement) and Wells Fargo Bank Minnesota, N.A. as trustee (in such
capacity, the "Trustee", 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, capitalized terms used
herein have the respective meanings assigned thereto 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 its acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, beginning on the First
Distribution Date specified above, distributions will be made on the 18th day
of each month or, if such 18th day is not a Business Day, the Business Day
immediately following (each a "Distribution Date"), 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 to all the Holders of the Class [X-1] [X-2] Certificates on the
applicable Distribution Date pursuant to the Agreement. All distributions made
under the Agreement on this Certificate will be made by the Trustee by wire
transfer of 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 wiring
instructions no later than the related Record Date (which wiring instructions
may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding
the foregoing, the final distribution on this Certificate will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution.

          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 Distribution Account, the Collection Account
and, if established, the REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of

                                    A-1-3
<PAGE>

advances made, or certain expenses incurred, with respect to the Mortgage
Loans and the payment of interest on such advances and expenses.

          This Certificate is issuable in fully registered form only without
coupons. As provided in the Agreement and subject to certain limitations
therein set forth, this Certificate is 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.

          No transfer, sale, pledge or other disposition of this Certificate
or any interest herein shall be made unless that transfer, sale, pledge or
other disposition is exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws,
or is otherwise made in accordance with the Securities Act and such state
securities laws. If a transfer of this Certificate is to be made without
registration under the Securities Act, then (except in limited circumstances)
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-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the
Agreement; or (iii) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that such transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust or of the Depositor, the Master Servicer, either Special Servicer,
the Trustee, any 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.

          Any Certificateholder desiring to effect a transfer, sale, pledge or
other disposition of this Certificate or any interest herein shall, and does
hereby agree to, indemnify the Depositor, Salomon Smith Barney Inc., the
Trustee, any Fiscal Agent, the Master Servicer, the Special Servicer and the
Certificate Registrar against any liability that may result if such transfer,
sale, pledge or other disposition 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.

          If this Certificate constitutes a Rule 144A Global Certificate and a
transfer of any interest in this Certificate is to be made without
registration under the Securities Act, then (except under limited
circumstances specified in the Agreement) 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 prospective Transferee is a Qualified Institutional Buyer
and such transfer may be made without registration under the Securities Act.
Except as discussed below, if this Certificate constitutes a Rule 144A Global
Certificate, then interests herein shall not be transferred to any Person who
takes delivery in the form of an interest in that Global Certificate.

          Notwithstanding the foregoing, any interest in a Rule 144A Global
Certificate may be transferred by any Certificate Owner holding such interest
to any Person who 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) a certificate from the
Certificate Owner desiring to effect such

                                    A-1-4
<PAGE>

transfer substantially in the form attached as Exhibit F-1C to the Agreement,
(ii) such transferee certification and/or opinion as are contemplated above
with respect to transfers of this Certificate in definitive form 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 a denomination of interests in such Rule 144A Global
Certificate. Upon delivery to the Certificate Registrar of the certifications
and/or opinions contemplated above with respect to transfers of this
Certificate in definitive form, 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, and 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.

          None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class [X-1] [X-2] Certificates under the
Securities Act or any other securities law or to take any action not otherwise
required under the Agreement to permit the transfer of this Certificate or any
interest herein without registration or qualification.

          No transfer of this Certificate or any interest herein shall be made
(A) to any retirement plan or other employee benefit plan or 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 Section 4975 of the Code (each, a
"Plan"), or (B) to 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 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 limited circumstances, the Certificate Registrar shall refuse
to register the transfer of this Certificate (and, if applicable, any
Certificate Owner shall refuse to transfer an interest in 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 to the effect that the purchase and holding of this Certificate
by such prospective Transferee is exempt from the prohibited transaction
provisions of Sections 406(a) and (b) and 407 of ERISA and the excise taxes on
such prohibited transactions imposed under Section 4975 of the Code, by reason
of Sections I and III of Prohibited Transaction Class Exemption 95-60; or
(iii) if this Certificate is being acquired by, on behalf of or with assets of
a Plan in reliance upon Prohibited Transaction Exemption 91-23, 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 Exemption-Favored Party, any Mortgage Loan Seller, the
Master Servicer, the Special Servicer, any Sub-Servicer, any party responsible
for servicing the Westfarms Mall Mortgage Loan or Westfarms Mall REO Property
or any Borrower with respect to Mortgage Loans constituting 5% of the
aggregate unamortized principal of all the Mortgage Loans determined as of the
Closing Date, or by an Affiliate of any such Person, and (Z) agrees that it
will obtain from each of its Transferees a written representation that such
Transferee, if a Plan, satisfies 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) a certification
of facts

                                    A-1-5
<PAGE>

and an Opinion of Counsel which otherwise establish to the reasonable
satisfaction of the Certificate Registrar (or, if applicable, the Certificate
Owner effecting the transfer) 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 a Person is acquiring this Certificate or any interest herein as
a fiduciary or agent for one or more accounts, such Person shall be required
to deliver to the Certificate Registrar (or, for so long as this Certificate
is a Book-Entry Certificate, the related Certificate Owner) a certification to
the effect that, and such other evidence as may be reasonably required by the
Certificate Registrar (or, for so long as this Certificate is a Book-Entry
Certificate, the related Certificate Owner) to confirm that, it has (i) sole
investment discretion with respect to each such account and (ii) full power to
make the foregoing acknowledgments, representations, warranties,
certifications and/or agreements with respect to each such account as
described above in this Certificate.

          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 this Certificate, 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 this
Certificate.

          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, and
accordingly, this Certificate shall constitute a Book-Entry Certificate.

          The Depositor, the Master Servicer, each Special Servicer, the
Trustee, any Fiscal Agent, the Certificate Registrar and any agent of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, any Fiscal
Agent or the Certificate Registrar 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, any
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 Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase
by the Master Servicer, the Special Servicer or any single Controlling Class
Certificateholder or group of Controlling Class Certificateholders, at a price
determined as provided in the Agreement, of all the Mortgage Loans and each
REO Property remaining in the Trust Fund, and (iii) the exchange by the Sole
Economic Certificateholder(s) of all the Certificates held thereby for all

                                    A-1-6
<PAGE>

the Mortgage Loans and each REO Property remaining in the Trust Fund. The
Agreement permits, but does not require, the Master Servicer, the Special
Servicer or any single Controlling Class Certificateholder or group of
Controlling Class Certificateholders to purchase from the Trust Fund all the
Mortgage Loans and each REO Property remaining therein. The exercise of such
right may effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1.0% of the Initial Pool Balance.

          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 any
Fiscal Agent and the rights of the Certificateholders under the Agreement at
any time by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent with the consent of the Holders of Certificates
entitled to not less than 51% of the Voting Rights allocated to all of the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof,
in certain limited 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 Fund (to the extent of its rights therein)
for distributions hereunder.

          This Certificate shall be construed in accordance with the
substantive laws of the State of New York applicable to agreements made and to
be performed entirely in said State, and the obligations, rights and remedies
of the Holder hereof shall be determined in accordance with such laws.

                                    A-1-7
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed on its behalf by the Certificate Registrar.

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                         CERTIFICATE OF AUTHENTICATION

          This is one of the Class [X-1] [X-2] Certificates referred to in the
within-mentioned Agreement.

Dated:

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                                    A-1-8
<PAGE>

                                   ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
   (please print or typewrite name and address including postal zip code of
                                   assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

          I (we) further direct the Certificate Registrar to issue a new
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to
the above named assignee and deliver such 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-1-9
<PAGE>

                                  EXHIBIT A-2

          FORM OF CLASS A-1, A-2, A-3, B, C, D, E AND F CERTIFICATES

 CLASS [A-1] [A-2] [A-3] [B] [C] [D] [E] [F] COMMERCIAL MORTGAGE PASS-THROUGH
                         CERTIFICATE, SERIES 2002-KEY2

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 fund (the "Trust Fund") consisting primarily of a
pool of multifamily and commercial mortgage loans (the "Mortgage Loans"), such
pool being formed and sold by

<TABLE>
<CAPTION>
                                SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.

<S>                                              <C>
Pass-Through Rate:                               Class Principal Balance of the Class [A-1]
[___% per annum] [Variable]                      [A-2] [A-3] [B] [C] [D] [E] [F] Certificates as of
                                                 the Closing Date:
                                                 $_______________

Closing Date:  September 26, 2002                Initial Certificate Principal Balance of
                                                 this Certificate as of the Closing Date:
                                                 $_______________

First Distribution Date:  October 18, 2002       Aggregate Stated Principal Balance of the
                                                 Mortgage Loans as of the Closing Date ("Initial
                                                 Pool Balance"): $_______________
Master Servicer:
KeyCorp Real Estate Capital Markets, Inc.        Trustee:
d/b/a Key Commercial Mortgage                    Wells Fargo Bank Minnesota, N.A.

Special Servicer:
ARCap Special Servicing, Inc.

Certificate No. [A-1] [A-2] [A-3] [B]            CUSIP No.:  ________________
[C] [D] [E] [F]-
</TABLE>

<PAGE>

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE 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 (A) TO 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) TO 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.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN SALOMON
BROTHERS MORTGAGE SECURITIES VII, INC., KEYCORP REAL ESTATE CAPITAL MARKETS,
INC. D/B/A KEY COMMERCIAL MORTGAGE, ARCAP SPECIAL SERVICING, INC., WELLS FARGO
BANK MINNESOTA, N.A., OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

[SOLELY IN THE CASE OF THE CLASS B, C, D, E AND F CERTIFICATES: THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE SAME
SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.]

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (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 amount of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal amount of all the Class [A-1]
[A-2] [A-3] [B] [C] [D] [E] [F] Certificates (their "Class Principal Balance")
as of the

                                    A-2-2
<PAGE>

Closing Date) in that certain beneficial ownership interest in the Trust Fund
evidenced by all the Class [A-1] [A-2] [A-3] [B] [C] [D] [E] [F] Certificates.
The Trust Fund was created and the Certificates were issued pursuant to a
Pooling and Servicing Agreement, dated as of September 11, 2002 (the
"Agreement"), among Salomon Brothers Mortgage Securities VII, Inc., as
depositor (the "Depositor", which term includes any successor entity under the
Agreement), KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as master servicer (in such capacity, the "Master Servicer", which
term includes any successor entity under the Agreement), ARCap Special
Servicing, Inc. as special servicer (in such capacity, the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank Minnesota, N.A. as trustee (in such capacity, the "Trustee", 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, capitalized terms used herein have the respective meanings
assigned thereto 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 its acceptance hereof
assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, beginning on the First
Distribution Date specified above, distributions will be made on the 18th day
of each month or, if such 18th day is not a Business Day, the Business Day
immediately following (each a "Distribution Date") 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 to all
the Holders of the Class [A-1] [A-2] [A-3] [B] [C] [D] [E] [F] Certificates on
the applicable Distribution Date pursuant to the Agreement. All distributions
made under the Agreement on this Certificate will be made by the Trustee by
wire transfer of 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
wiring instructions no later than the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all
subsequent distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding
the foregoing, the final distribution on this Certificate (determined without
regard to any possible future reimbursement of any portion of an Unfunded
Principal Balance Reduction in respect of this Certificate) will be made in
like manner, but only upon presentation and surrender of this Certificate at
the offices of the Certificate Registrar or such other location specified in
the notice to the Holder hereof of such final distribution.

          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 Distribution Account, the Collection Account
and, if established, the REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances
made, or certain expenses incurred, with respect to the Mortgage Loans and the
payment of interest on such advances and expenses.

          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.

                                    A-2-3
<PAGE>

          This Certificate is issuable in fully registered form only without
coupons. As provided in the Agreement and subject to certain limitations
therein set forth, this Certificate is 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.

          No transfer of this Certificate or any interest herein shall be made
(A) to any retirement plan or other employee benefit plan or 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 Section 4975 of the Code (each, a
"Plan"), or (B) to 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 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.

          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 this Certificate, 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 this
Certificate.

          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, and
accordingly, this Certificate shall constitute a Book-Entry Certificate.

          The Depositor, the Master Servicer, the Special Servicer, the
Trustee, any Fiscal Agent, the Certificate Registrar and any agent of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, any Fiscal
Agent or the Certificate Registrar 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, any
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 Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase
by the Master Servicer, the Special Servicer or any single Controlling Class
Certificateholder or group of Controlling Class Certificateholders, at a price
determined as provided in the Agreement, of all the Mortgage Loans and each
REO Property remaining in the Trust Fund, and (iii)

                                    A-2-4
<PAGE>

the exchange by the Sole Economic Certificateholder(s) of all the Certificates
held thereby for all the Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or any single Controlling Class Certificateholder or
group of Controlling Class Certificateholders to purchase from the Trust Fund
all the Mortgage Loans and each REO Property remaining therein. The exercise
of such right may effect early retirement of the Certificates; however, such
right to purchase is subject to the aggregate Stated Principal Balance of the
Mortgage Pool at the time of purchase being less than 1.0% of the Initial Pool
Balance.

          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 any
Fiscal Agent and the rights of the Certificateholders under the Agreement at
any time by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent with the consent of the Holders of Certificates
entitled to not less than 51% of the Voting Rights allocated to all of the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof,
in certain limited 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 Fund (to the extent of its rights therein)
for distributions hereunder.

          This Certificate shall be construed in accordance with the
substantive laws of the State of New York applicable to agreements made and to
be performed entirely in said State, and the obligations, rights and remedies
of the Holder hereof shall be determined in accordance with such laws.

                                    A-2-5
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed on its behalf by the Certificate Registrar.

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                         CERTIFICATE OF AUTHENTICATION

          This is one of the Class [A-1] [A-2] [A-3] [B] [C] [D] [E] [F]
Certificates referred to in the within-mentioned Agreement.

Dated:

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                                    A-2-6
<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 Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

          I (we) further direct the Certificate Registrar to issue a new
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to
the above named assignee and deliver such 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-2-7
<PAGE>

                                  EXHIBIT A-3

          FORM OF CLASS H, J, K, L, M, N, P, Q, S AND T CERTIFICATES

 CLASS [H] [J] [K] [L] [M] [N] [P] [Q] [S] [T] COMMERCIAL MORTGAGE PASS-THROUGH
                         CERTIFICATE, SERIES 2002-KEY2

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 fund (the "Trust Fund") consisting primarily of a
pool of multifamily and commercial mortgage loans (the "Mortgage Loans"), such
pool being formed and sold by

<TABLE>
<CAPTION>
                                SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.

<S>                                              <C>
Pass-Through Rate:                               Class Principal Balance of the Class [H] [J] [K]
[___% per annum] [Variable]                      [L] [M] [N] [P] [Q] [S] [T] Certificates as of the
                                                 Closing Date:
                                                 $____________________

Closing Date: September 26, 2002                 Initial Certificate Principal Balance of this
                                                 Certificate as of the Closing Date:  $_________________

First Distribution Date:  October 18, 2002       Aggregate Stated Principal Balance of the
                                                 Mortgage Loans as of the Closing Date ("Initial
                                                 Pool Balance"): $____________________
Master Servicer:
KeyCorp Real Estate Capital Markets, Inc.        Trustee:
d/b/a Key Commercial Mortgage                    Wells Fargo Bank Minnesota, N.A.

Special Servicer:
ARCap Special Servicing, Inc.

Certificate No. [H] [J] [K] [L] [M] [N] [P] [Q]  CUSIP No.:  ___________
[S] [T]-____                                     Common Code:  ___________
                                                 ISIN No.:  ___________
</TABLE>

<PAGE>

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE 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 (A) TO 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) TO 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.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN SALOMON
BROTHERS MORTGAGE SECURITIES VII, INC., KEYCORP REAL ESTATE CAPITAL MARKETS,
INC. D/B/A KEY COMMERCIAL MORTGAGE, ARCAP SPECIAL SERVICING, INC., WELLS FARGO
BANK MINNESOTA N.A., OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE
SAME SERIES AS AND TO THE EXTENT DESCRIBED 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

                                    A-3-2
<PAGE>

"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 registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
principal amount of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal amount of all the Class [H] [J]
[K] [L] [M] [N] [P] [Q] [S] [T] Certificates (their "Class Principal Balance")
as of the Closing Date) in that certain beneficial ownership interest in the
Trust Fund evidenced by all the Class [H] [J] [K] [L] [M] [N] [P] [Q] [S] [T]
Certificates. The Trust Fund was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as of September 11, 2002
(the "Agreement"), among Salomon Brothers Mortgage Securities VII, Inc., as
depositor (the "Depositor", which term includes any successor entity under the
Agreement), KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as master servicer (in such capacity, the "Master Servicer", which
term includes any successor entity under the Agreement), ARCap Special
Servicing, Inc. as special servicer (in such capacity, the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank Minnesota, N.A. as trustee (in such capacity, the "Trustee", 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, capitalized terms used herein have the respective meanings
assigned thereto 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 its acceptance hereof
assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, beginning on the First
Distribution Date specified above, distributions will be made on the 18th day
of each month or, if such 18th day is not a Business Day, the Business Day
immediately following (each a "Distribution Date"), 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 to all the Holders of the Class [H] [J] [K] [L] [M] [N] [P] [Q]
[S] [T] Certificates on the applicable Distribution Date pursuant to the
Agreement. All distributions made under the Agreement on this Certificate will
be made by the Trustee by wire transfer of 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 wiring instructions no later than the related Record Date
(which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or otherwise by check mailed to the address
of such Certificateholder as it appears in the Certificate Register.
Notwithstanding the foregoing, the final distribution on this Certificate
(determined without regard to any possible future reimbursement of any portion
of an Unfunded Principal Balance Reduction in respect of this Certificate)
will be made in like manner, but only upon presentation and surrender of this
Certificate at the offices of the Certificate Registrar or such other location
specified in the notice to the Holder hereof of such final distribution.

          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 Distribution Account, the Collection Account
and, if

                                    A-3-3
<PAGE>

established, the REO Account may be made from time to time for purposes other
than, and, in certain cases, prior to, distributions to Certificateholders,
such purposes including the reimbursement of advances made, or certain
expenses incurred, with respect to the Mortgage Loans and the payment of
interest on such advances and expenses.

          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.

          This Certificate is issuable in fully registered form only without
coupons. As provided in the Agreement and subject to certain limitations
therein set forth, this Certificate is 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.

          No transfer, sale, pledge or other disposition of this Certificate
or any interest herein shall be made unless that transfer, sale, pledge or
other disposition is exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws,
or is otherwise made in accordance with the Securities Act and such state
securities laws. If a transfer of this Certificate is to be made without
registration under the Securities Act, then (except in limited circumstances)
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-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the
Agreement; or (iii) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that such transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, any 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.

          Any Certificateholder desiring to effect a transfer, sale, pledge or
other disposition of this Certificate or any interest herein shall, and does
hereby agree to, indemnify the Depositor, Salomon Smith Barney Inc., the
Trustee, any Fiscal Agent, the Master Servicer, the Special Servicer and the
Certificate Registrar against any liability that may result if such transfer,
sale, pledge or other disposition 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.

          If this Certificate constitutes a Rule 144A Global Certificate and a
transfer of any interest in this Certificate is to be made without
registration under the Securities Act, then (except under limited
circumstances specified in the Agreement) 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 prospective Transferee is a Qualified Institutional Buyer
and such transfer may be made without registration under the Securities Act.
Except as discussed below, if this Certificate constitutes a

                                    A-3-4
<PAGE>

Rule 144A Global Certificate, then interests herein shall not be transferred to
any Person who takes delivery other than in the form of an interest in that
Global Certificate.

          Notwithstanding the foregoing, any interest in a Rule 144A Global
Certificate may be transferred by any Certificate Owner holding such interest
to any Person who 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) a certificate from such
Certificate Owner's prospective Transferee substantially in the form attached
as Exhibit F-2C to the Agreement, or (ii) such transferee certification and/or
opinion as are contemplated above with respect to transfers of this
Certificate in definitive form 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 a denomination
of interests in such Rule 144A Global Certificate. Upon delivery to the
Certificate Registrar of the certifications and/or opinions contemplated above
with respect to transfers of this Certificate in definitive form, 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, and
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.

          No transfer of this Certificate or any interest herein shall be made
(A) to any retirement plan or other employee benefit plan or 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 Section 4975 of the Code (each, a
"Plan"), or (B) to 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 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 limited circumstances, the Certificate Registrar shall refuse
to register the transfer of this Certificate (and, if applicable, any
Certificate Owner shall refuse to transfer an interest in 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 to the effect that the purchase and holding of this Certificate
by such prospective Transferee is exempt from the prohibited transaction
provisions of Sections 406(a) and (b) and 407 of ERISA and the excise taxes on
such prohibited transactions imposed under Section 4975 of the Code, by reason
of Sections I and III of Prohibited Transaction Class Exemption 95-60; or
(iii) if this Certificate is being acquired by, on behalf of or with assets of
a Plan in reliance upon Prohibited Transaction Exemption 91-23, 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 Exemption-Favored Party, any Mortgage Loan Seller, the
Master Servicer, the Special Servicer, any Sub-Servicer, any party responsible
for servicing the Westfarms Mall Mortgage Loan or Westfarms Mall REO Property
or any Borrower with respect to Mortgage Loans constituting 5% of the
aggregate unamortized principal of all the Mortgage Loans determined as of the
Closing Date, or by an Affiliate of any such Person, and (Z) agrees that it
will obtain

                                    A-3-5
<PAGE>

from each of its Transferees a written representation that such Transferee, if
a Plan, satisfies 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) a certification of facts and
an Opinion of Counsel which otherwise establish to the reasonable satisfaction
of the Certificate Registrar (or, if applicable, the Certificate Owner
effecting the transfer) 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 a Person is acquiring this Certificate or any interest herein as
a fiduciary or agent for one or more accounts, such Person shall be required
to deliver to the Certificate Registrar (or, for so long as this Certificate
is a Book-Entry Certificate, the related Certificate Owner) a certification to
the effect that, and such other evidence as may be reasonably required by the
Certificate Registrar (or, for so long as this Certificate is a Book-Entry
Certificate, the related Certificate Owner) to confirm that, it has (i) sole
investment discretion with respect to each such account and (ii) full power to
make the foregoing acknowledgments, representations, warranties,
certifications and/or agreements with respect to each such account as
described in the three preceding paragraphs.

          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 this Certificate, 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 this
Certificate.

          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, and
accordingly, this Certificate shall constitute a Book-Entry Certificate.

          The Depositor, the Master Servicer, each Special Servicer, the
Trustee, any Fiscal Agent, the Certificate Registrar and any agent of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, any Fiscal
Agent or the Certificate Registrar 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, either Special Servicer, the Trustee, any
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 Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase
by the Master Servicer, the Special Servicer or any single Controlling Class
Certificateholder or group of Controlling Class Certificateholders, at a price
determined as provided in

                                    A-3-6
<PAGE>

the Agreement, of all the Mortgage Loans and each REO Property remaining in
the Trust Fund, and (iii) the exchange by the Sole Economic
Certificateholder(s) of all the Certificates held thereby for all the Mortgage
Loans and each REO Property remaining in the Trust Fund. The Agreement
permits, but does not require, the Master Servicer, the Special Servicer or
the any single Controlling Class Certificateholder or group of Controlling
Class Certificateholders to purchase from the Trust Fund all the Mortgage
Loans and each REO Property remaining therein. The exercise of such right may
effect early retirement of the Certificates; however, such right to purchase
is subject to the aggregate Stated Principal Balance of the Mortgage Pool at
the time of purchase being less than 1.0% of the Initial Pool Balance.

          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 any
Fiscal Agent and the rights of the Certificateholders under the Agreement at
any time by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent with the consent of the Holders of Certificates
entitled to not less than 51% of the Voting Rights allocated to all of the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof,
in certain limited 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 Fund (to the extent of its rights therein)
for distributions hereunder.

          This Certificate shall be construed in accordance with the
substantive laws of the State of New York applicable to agreements made and to
be performed entirely in said State, and the obligations, rights and remedies
of the Holder hereof shall be determined in accordance with such laws.

                                    A-3-7
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed on its behalf by the Certificate Registrar.

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                         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:

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                                    A-3-8
<PAGE>

                                   ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
   (please print or typewrite name and address including postal zip code of
                                  assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

          I (we) further direct the Certificate Registrar to issue a new
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to
the above named assignee and deliver such 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-3-9
<PAGE>

                                  EXHIBIT A-4

                         FORM OF CLASS Y CERTIFICATES

             CLASS Y COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                               SERIES 2002-KEY2

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 fund (the "Trust Fund") consisting primarily of a
pool of multifamily and commercial mortgage loans (the "Mortgage Loans"), such
pool being formed and sold by

<TABLE>
<CAPTION>
                                SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.

<S>                                              <C>
Closing Date: September 26, 2002                 Percentage Interest evidenced by this Class Y
                                                 Certificate:  ______%

First Distribution Date: October 18, 2002        Aggregate Stated Principal Balance of the
                                                 Mortgage Loans as of the Closing Date ("Initial
                                                 Pool Balance"): $________________
Master Servicer:
KeyCorp Real Estate Capital Markets, Inc.        Trustee:
d/b/a Key Commercial Mortgage                    Wells Fargo Bank Minnesota, N.A.

Special Servicer:
ARCap Special Servicing, Inc.

Certificate No. Y-___                            CUSIP No.:  ________________
</TABLE>

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN
A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND
WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE (A) TO 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) TO 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.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN SALOMON
BROTHERS MORTGAGE SECURITIES VII, INC., KEYCORP REAL ESTATE CAPITAL MARKETS,
INC. D/B/A KEY COMMERCIAL MORTGAGE, ARCAP SPECIAL SERVICING, INC., WELLS FARGO
BANK MINNESOTA, N.A. OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS ENTITLED ONLY TO CERTAIN ADDITIONAL INTEREST (IF ANY)
RECEIVED IN RESPECT OF THE ARD LOANS, SUBJECT TO THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

          This certifies that __________________ is the registered owner of
the Percentage Interest evidenced by this Certificate (as specified above) in
that certain beneficial ownership interest in the Trust Fund evidenced by all
the Class Y Certificates. The Trust Fund was created and the Certificates were
issued pursuant to a Pooling and Servicing Agreement, dated as of September
11, 2002 (the "Agreement"), among Salomon Brothers Mortgage Securities VII,
Inc., as depositor (the "Depositor", which term includes any successor entity
under the Agreement), KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key
Commercial Mortgage as master servicer (in such capacity, the "Master
Servicer", which term includes any successor entity under the Agreement),
ARCap Special Servicing, Inc. as special servicer (in such capacity, the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank Minnesota, N.A. as trustee (in such capacity,
the "Trustee", 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, capitalized terms used herein
have the respective meanings assigned thereto in the Agreement. This
Certificate is issued

                                    A-4-2
<PAGE>

under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of its acceptance
hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, beginning on the First
Distribution Date specified above, distributions will be made on the 18th day
of each month or, if such 18th day is not a Business Day, the Business Day
immediately following (each a "Distribution Date"), 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 to all the Holders of the Class Y Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on this Certificate will be made by the Trustee by wire transfer of
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 wiring instructions no
later than the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it
appears in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution.

          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 Distribution Account, the Collection Account
and, if established, the REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances
made, or certain expenses incurred, with respect to the Mortgage Loans and the
payment of interest on such advances and expenses.

          This Certificate is issuable in fully registered form only without
coupons. As provided in the Agreement and subject to certain limitations
therein set forth, this Certificate is 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.

          No transfer, sale, pledge or other disposition of this Certificate
or any interest herein shall be made unless that transfer, sale, pledge or
other disposition is exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws,
or is otherwise made in accordance with the Securities Act and such state
securities laws. If a transfer of this Certificate is to be made without
registration under the Securities Act, then (except in limited circumstances)
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-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the
Agreement; or (iii) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that such transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, any Fiscal Agent or the Certificate

                                    A-4-3
<PAGE>

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.

          Any Certificateholder desiring to effect a transfer, sale, pledge or
other disposition of this Certificate or any interest herein shall, and does
hereby agree to, indemnify the Depositor, Salomon Smith Barney Inc., the
Trustee, any Fiscal Agent, the Master Servicer, the Special Servicer and the
Certificate Registrar against any liability that may result if such transfer,
sale, pledge or other disposition 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
except to a Qualified Institutional Buyer or an Institutional Accredited
Investor. The Certificate Registrar shall refuse to register the transfer of
this Certificate unless it has received from the prospective Transferee a
certification to the effect that such prospective Transferee is a Qualified
Institutional Buyer or an Institutional Accredited Investor.

          No transfer of this Certificate or any interest herein shall be made
(A) to any retirement plan or other employee benefit plan or 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 Section 4975 of the Code (each, a
"Plan"), or (B) to 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 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 limited circumstances, 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 to the effect that the
purchase and holding of this Certificate by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406(a) and (b)
and 407 of ERISA and the excise taxes on such prohibited transactions imposed
under Section 4975 of the Code, by reason of Sections I and III of Prohibited
Transaction Class Exemption 95-60; or (iii) a certification of facts and an
Opinion of Counsel which otherwise establish to the reasonable satisfaction of
the Certificate Registrar 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 a Person is acquiring this Certificate as a fiduciary or agent
for one or more accounts, such Person shall be required to deliver to the
Certificate Registrar a certification to the effect that, and such other
evidence as may be reasonably required by the Certificate Registrar to confirm
that, it has (i) sole investment discretion with respect to each such account
and (ii) full power to make the foregoing acknowledgments, representations,
warranties, certifications and/or agreements with respect to each such account
as described in the preceding paragraphs.

          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

                                    A-4-4
<PAGE>

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 this Certificate, 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 this
Certificate.

          The Depositor, the Master Servicer, each Special Servicer, the
Trustee, any Fiscal Agent, the Certificate Registrar and any agent of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, any Fiscal
Agent or the Certificate Registrar 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, any
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 Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase
by the Master Servicer, the Special Servicer or any single Controlling Class
Certificateholder or group of Controlling Class Certificateholders, at a price
determined as provided in the Agreement, of all the Mortgage Loans and each
REO Property remaining in the Trust Fund, and (iii) the exchange by the Sole
Economic Certificateholder(s) of all the Certificates held thereby for all the
Mortgage Loans and each REO Property remaining in the Trust Fund. The
Agreement permits, but does not require, the Master Servicer, the Special
Servicer or any single Controlling Class Certificateholder or group of
Controlling Class Certificateholders to purchase from the Trust Fund all the
Mortgage Loans and each REO Property remaining therein. The exercise of such
right may effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1.0% of the Initial Pool Balance.

          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 any
Fiscal Agent and the rights of the Certificateholders under the Agreement at
any time by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent with the consent of the Holders of Certificates
entitled to not less than 51% of the Voting Rights allocated to all of the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof,
in certain limited 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-4-5
<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 Fund (to the extent of its rights therein)
for distributions hereunder.

          This Certificate shall be construed in accordance with the
substantive laws of the State of New York applicable to agreements made and to
be performed entirely in said State, and the obligations, rights and remedies
of the Holder hereof shall be determined in accordance with such laws.

                                    A-4-6
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed on its behalf by the Certificate Registrar.

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                         CERTIFICATE OF AUTHENTICATION

          This is one of the Class Y Certificates referred to in the
within-mentioned Agreement.

Dated:

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:__________________________________________
                               Authorized Signatory

                                    A-4-7
<PAGE>

                                   ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
   (please print or typewrite name and address including postal zip code of
                                  assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

          I (we) further direct the Certificate Registrar to issue a new
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to
the above named assignee and deliver such 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-4-8
<PAGE>

                                  EXHIBIT A-5

                         FORM OF CLASS R CERTIFICATES

             CLASS R COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                SERIES 2002-KEY2

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 fund (the "Trust Fund") consisting primarily of a
pool of multifamily and commercial mortgage loans (the "Mortgage Loans"), such
pool being formed and sold by

<TABLE>
<CAPTION>
                                SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.

<S>                                              <C>
Closing Date: September 26, 2002                 Percentage Interest evidenced by this Class R
                                                 Certificate: ___%

First Distribution Date: October 18, 2002        Aggregate Stated Principal Balance of the
                                                 Mortgage Loans as of the Closing Date ("Initial
                                                 Pool Balance"): $___________________
Master Servicer:
KeyCorp Real Estate Capital Markets, Inc.        Trustee:
d/b/a Key Commercial Mortgage                    Wells Fargo Bank Minnesota, N.A.

Special Servicer:
ARCap Special Servicing, Inc.

Certificate No. R-__                             CUSIP No.:  _______________
</TABLE>

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN
A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND
WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE (A) TO 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) TO 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.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN SALOMON
BROTHERS MORTGAGE SECURITIES VII, INC., KEYCORP REAL ESTATE CAPITAL MARKETS,
INC. D/B/A KEY COMMERCIAL MORTGAGE, ARCAP SPECIAL SERVICING, INC., WELLS FARGO
BANK MINNESOTA, N.A. OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE
SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES
OWNERSHIP OF THE "RESIDUAL INTEREST" IN MULTIPLE "REAL ESTATE MORTGAGE
INVESTMENT CONDUITS" (EACH A "REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTIONS 860G AND 860D OF THE CODE. CONSEQUENTLY, 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 BE
DEEMED NOT 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, IF ANY, ON THIS CERTIFICATE.

                                    A-5-2
<PAGE>

          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 Fund evidenced by all
the Class R Certificates. The Trust Fund was created and the Certificates were
issued pursuant to a Pooling and Servicing Agreement, dated as of September
11, 2002 (the "Agreement"), among Salomon Brothers Mortgage Securities VII,
Inc., as depositor (the "Depositor", which term includes any successor entity
under the Agreement), KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key
Commercial Mortgage as master servicer (in such capacity, the "Master
Servicer", which term includes any successor entity under the Agreement),
ARCap Special Servicing, Inc. as special servicer (in such capacity, the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank Minnesota, N.A. as trustee (in such capacity,
the "Trustee", 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, capitalized terms used herein
have the respective meanings assigned thereto 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 its acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, beginning on the First
Distribution Date specified above, distributions will be made on 18th day of
each month or, if such 18th day is not a Business Day, the Business Day
immediately following (each a "Distribution Date") 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 to all
the Holders of the Class R Certificates on the applicable Distribution Date
pursuant to the Agreement. All distributions made under the Agreement on this
Certificate will be made by the Trustee by wire transfer of 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 wiring instructions no later than the
related Record Date (which wiring instructions may be in the form of a
standing order applicable to all subsequent distributions), or otherwise by
check mailed to the address of such Certificateholder as it appears in the
Certificate Register. Notwithstanding the foregoing, the final distribution on
this Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

          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 Distribution Account, the Collection Account
and, if established, the REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances
made, or certain expenses incurred, with respect to the Mortgage Loans and the
payment of interest on such advances and expenses.

          This Certificate is issuable in fully registered form only without
coupons. As provided in the Agreement and subject to certain limitations
therein set forth, this Certificate is exchangeable for new Certificates of
the same Class in authorized denominations evidencing the same aggregate
Percentage Interest, as requested by the Holder surrendering the same.

                                    A-5-3
<PAGE>

          No transfer, sale, pledge or other disposition of this Certificate
or any interest herein shall be made unless that transfer, sale, pledge or
other disposition is exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws,
or is otherwise made in accordance with the Securities Act and such state
securities laws. If a transfer of this Certificate is to be made without
registration under the Securities Act, then (except in limited circumstances)
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-1A to the Agreement; or (ii) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit F-1B to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A or as Exhibit F-2B to the
Agreement; or (iii) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that such transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, any 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.

          Any Certificateholder desiring to effect a transfer, sale, pledge or
other disposition of this Certificate or any interest herein shall, and does
hereby agree to, indemnify the Depositor, Salomon Smith Barney Inc., the
Trustee, any Fiscal Agent, the Master Servicer, the Special Servicer and the
Certificate Registrar against any liability that may result if such transfer,
sale, pledge or other disposition 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
(A) to any retirement plan or other employee benefit plan or 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 Section 4975 of the Code (each, a
"Plan"), or (B) to 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 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 limited circumstances, 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
Certificate Registrar 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.

          Each Person who has or who acquires any Ownership Interest in this
Certificate shall be deemed by its 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 (i) to deliver payments to a Person other
than such Person and (ii) to negotiate the terms of

                                    A-5-4
<PAGE>

any mandatory disposition, 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 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 a Responsible Officer of either the
Certificate Registrar or the Trustee has actual knowledge that the proposed
Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
in this Certificate to such proposed Transferee shall be effected. In
connection therewith, 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 written notice that it is a "pass-through interest holder" within the
meaning of temporary Treasury regulation section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding
such Ownership Interest on behalf of, a "pass-through interest holder".

          If a Person is acquiring this Certificate as a fiduciary or agent
for one or more accounts, such Person shall be required to deliver to the
Certificate Registrar a certification to the effect that, and such other
evidence as may be reasonably required by the Certificate Registrar to confirm
that, it has (i) sole investment discretion with respect to each such account
and (ii) full power to make the foregoing acknowledgments, representations,
warranties, certifications and/or agreements with respect to each such account
as described in the preceding paragraphs.

          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 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 result in an Adverse Rating Event with respect to any Class of Rated
Certificates; and (b) an Opinion of Counsel, in form and substance
satisfactory to the Trustee, to the effect that such modification of, addition
to or elimination of such provisions will not cause any REMIC Pool to cease to
qualify as a REMIC or be subject to an entity-level tax caused by the Transfer
of a Class R Certificate to a Person that is not a Permitted Transferee, or
cause a Person other than the prospective

                                    A-5-5
<PAGE>

Transferee to be subject to a REMIC-related tax caused by the Transfer of a
Class R Certificate to a Person that is not a Permitted Transferee.

          A "Permitted Transferee" is any Transferee other than a
"Disqualified Organization", a "Non-United States Person" and/or a foreign
permanent establishment or fixed base (each within the meaning of an
applicable income tax treaty) of a United States Person. In addition, if such
Transferee is classified as a partnership under the Code, such Transferee can
only be a "Permitted Transferee" if all of its beneficial owners are United
States Persons.

          A "Disqualified Organization" is any of (i) the United States or a
possession thereof, any State or political subdivision thereof or any agency
or instrumentality of any of the foregoing (other than an instrumentality
which is a corporation if all of its activities are subject to tax and, except
for Freddie Mac, a majority of its board of directors is not selected by such
governmental unit), (ii) a foreign government, international organization, or
any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives described in Section 521 of the
Code) which is exempt from the tax imposed by Chapter 1 of the Code (unless
such organization is subject to the tax imposed by Section 511 of the Code on
unrelated business taxable income), (iv) rural electric and telephone
cooperatives described in Section 1381 of the Code and (v) any other Person so
designated by the Trustee based upon an Opinion of Counsel that the holding of
an Ownership Interest in a Class R 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 Class R 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 "Non-United States Person" is any Person other than a United
States Person. A "United States 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 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.

          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 this Certificate, 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 this
Certificate.

                                    A-5-6
<PAGE>

          The Depositor, the Master Servicer, each Special Servicer, the
Trustee, any Fiscal Agent, the Certificate Registrar and any agent of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, any Fiscal
Agent or the Certificate Registrar 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, any
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 Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the Certificateholders of
all amounts held by or on behalf of the Trustee and required to be distributed
to them pursuant to the Agreement following the earlier of (i) the final
payment or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan or REO Property remaining in the Trust Fund, (ii) the purchase
by the Master Servicer, the Special Servicer or any single Controlling Class
Certificateholder or group of Controlling Class Certificateholders, at a price
determined as provided in the Agreement, of all the Mortgage Loans and each
REO Property remaining in the Trust Fund, and (iii) the exchange by the Sole
Economic Certificateholder(s) of all the Certificates held thereby for all the
Mortgage Loans and each REO Property remaining in the Trust Fund. The
Agreement permits, but does not require, the Master Servicer, the Special
Servicer or any single Controlling Class Certificateholder or group of
Controlling Class Certificateholders to purchase from the Trust Fund all the
Mortgage Loans and each REO Property remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1.0% of the Initial Pool Balance.

          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 any
Fiscal Agent and the rights of the Certificateholders under the Agreement at
any time by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent with the consent of the Holders of Certificates
entitled to not less than 51% of the Voting Rights allocated to all of the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof,
in certain limited 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 Fund (to the extent of its rights therein)
for distributions hereunder.

          This Certificate shall be construed in accordance with the
substantive laws of the State of New York applicable to agreements made and to
be performed entirely in said State, and the obligations, rights and remedies
of the Holder hereof shall be determined in accordance with such laws.

                                    A-5-7
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed on its behalf by the Certificate Registrar.

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                         CERTIFICATE OF AUTHENTICATION

          This is one of the Class R Certificates referred to in the
within-mentioned Agreement.

Dated:

                            WELLS FARGO BANK MINNESOTA, N.A.
                            not in its individual capacity but solely
                            as Certificate Registrar

                            By:_________________________________________
                               Authorized Signatory

                                    A-5-8
<PAGE>

                                   ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
   (please print or typewrite name and address including postal zip code of
                                  assignee)

the beneficial ownership interest in the Trust Fund evidenced by the within
Mortgage Pass-Through Certificate and hereby authorize(s) the registration of
transfer of such interest to assignee on the Certificate Register of the Trust
Fund.

          I (we) further direct the Certificate Registrar to issue a new
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to
the above named assignee and deliver such 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-5-9
<PAGE>

                                  EXHIBIT B-1A

                        SCHEDULE OF SBRC MORTGAGE LOANS

                            [See Attached Schedule]

                                    B-1A-1

<PAGE>

<TABLE>
<CAPTION>
                                                   Schedule of SBRC Mortgage Loans

Control                                                Loan       Loan
Number             Loan/Property Name                 Number     Seller              Property Address                    City
-------  -----------------------------------------  ----------- --------  --------------------------------------  -----------------

<S>      <C>                                        <C>         <C>       <C>                                     <C>
101      Exchange Place                             7001724      SBRC     53 State Street                         Boston

-----------------------------------------------------------------------------------------------------------------------------------
106      The Commons and Greentree Apartments       7003343      SBRC
106a     Greentree Apartments                       7003343a              5201 North Dixie Highway                Oakland Park
106b     The Commons Apartments                     7003343b              3408 Lancaster Court                    Tampa
-----------------------------------------------------------------------------------------------------------------------------------
107      Del Oro Apartments                         7003339      SBRC     7001-7081 Northwest 16th Street         Ft. Lauderdale
108      Country Club Villas Apartments             7003346      SBRC     4450 Ridgemont Drive                    Abilene
109      Royal Crest Apartments                     7003350      SBRC     1909 Sybil Lane                         Tyler
111      Wilton Executive Campus                    7003003      SBRC     11-15 River Road & 21 River Road        Wilton
112      Berlin Circle Plaza                        7002858      SBRC     116 Walker Avenue                       West Berlin
113      Northlake Apartments                       7004458      SBRC     12622 Grey Eagle Court                  Germantown
114      The Aventine Apartments                    7003330      SBRC     3257 South Parker Road                  Denver
115      Cedar Crest Apartments                     7004284      SBRC     2050 West 10th Avenue                   Broomfield
116      Villas at Sunrise Mountain                 7004771      SBRC     6360 East Sahara Avenue                 Las Vegas
117      The Shops at Town Center                   7003378      SBRC     19700-19738 Germantown Road             Germantown

120      Overlook at Central Pointe                 7003983      SBRC     801 Northwest 47th Avenue               Miami
121      Reserve at Jacksonville Commons            7002525      SBRC     500 Talon Drive                         Jacksonville
122      Oak Mill Apartments                        7004456      SBRC     20010 Frederick Road                    Germantown
123      Plaza de Hacienda                          7004294      SBRC     1735-1869 Hacienda Boulevard            La Puente
124      Shenandoah Square                          7003587      SBRC     13600-13802 West State Road 84          Davie
126      Heritage Mall                              7003287      SBRC     1895 14th Avenue Southeast              Albany
127      Seekonk Crossing                           7003996      SBRC     145-201 Highland Avenue                 Seekonk
128      Pines of Northwest Crossing Apartments     7005181      SBRC     7200 Pinemont Drive                     Houston
130      Three Fountain Apartments                  7003564      SBRC     2208 Lester Northeast                   Albuquerque
133      Phoenix Hazeltree Apartments               7004177      SBRC     2928 East Osborn Road                   Phoenix
134      Parker Towne Centre                        7001097      SBRC     3320 Avenue K                           Plano
135      Food 4 Less                                7002471      SBRC     12222 Carson Street                     Hawaiian Gardens
136      AAA Quality Storage-Long Beach             7003632      SBRC     3390 Long Beach Boulevard               Long Beach
137      Chatsworth Imperial Mobile Home Park       6602999      SBRC     20652 Lassen Street                     Chatsworth
140      Oak Tree Plaza Shopping Center             7004072      SBRC     1435-1449 Loop 288 South                Denton

141      202 Tillary Street                         7004263      SBRC     202 Tillary Street                      Brooklyn
143      Dana Point Marina Mobile Home Park         6603000      SBRC     34202 Del Obispo Road                   Dana Point
144      Parkview Towers Apartments                 7003565      SBRC     27200 Parkview Boulevard                Warren
146      Broad Creek Crossing Shopping Center       7003456      SBRC     1209-1241 North Military Highway        Norfolk
147      Country Woods Village                      7001600      SBRC     7450 Country Village Drive              Cleves
148      Lincoln Plaza Shopping Center              7003332      SBRC     2915-2995 Van Buren Boulevard           Riverside
149      East-West Medical Center                   7001423      SBRC     2081 Mesa Valley Way                    Austell
150      Phoenix Square Apartments                  7004056      SBRC     7000 Phoenix Avenue Northeast           Albuquerque
152      Villatree Apartments                       7003667      SBRC     1750 South Price Road                   Tempe
153      Hubbard's Ridge                            7003586      SBRC     4351 Point Boulevard                    Garland
154      Three Fountains III Apartments             6603083      SBRC     1617 Fountainview Drive                 Houston
155      Normandy Business Center                   7001555      SBRC     1225 West 190th Street                  Gardena
156      Addison Plaza                              7003050      SBRC     3711-3771 Belt Line Road                Addison
157      Northbrook Atrium Plaza Office Building    7003969      SBRC     2351 West Northwest Highway             Dallas
161      Oxford Crest Apartments                    7004350      SBRC     1400 Boren Avenue                       Seattle
163      35 Engel Street                            6601322      SBRC     35 Engel Street                         Hicksville

164      Northwest Plaza Shopping Center            6603456      SBRC     U.S. Highway 51                         Senatobia

<CAPTION>

                                                  Property
Control                           Property        Size Unit
Number    State     Zip Code        Size            Type
-------  -------  ------------  -------------  --------------

<S>       <C>      <C>           <C>            <C>
101        MA          02109       1,121,606           SF

-------------------------------------------------------------
106                                     496
106a       FL          33334            296          Units
106b       FL          33614            200          Units
-------------------------------------------------------------
107        FL          33313            174          Units
108        TX          79606            258          Units
109        TX          75703            128          Units
111        CT          06897        188,130           SF
112        NJ          08091        285,263           SF
113        MD          20874            301          Units
114        CO          80014            334          Units
115        CO          80020            282          Units
116        NV          89142            302          Units
117        MD          20874        107,048           SF

120        FL          33126            351          Units
121        NC          28546            263          Units
122        MD          20876            207          Units
123        CA          91744        127,132           SF
124        FL          33325        119,332           SF
126        OR          97321        269,526           SF
127        MA          02771        213,994           SF
128        TX          77040            412          Units
130        NM          87112            410          Units
133        AZ          85016            310          Units
134        TX          75074        208,794           SF
135        CA          90716         58,944           SF
136        CA          90807         95,256           SF
137        CA          91311            184          Pads
140        TX          76205         69,263           SF

141        NY          11201         65,583           SF
143        CA          92629             90          Pads
144        MI          48092            156          Units
146        VA          23502         66,796           SF
147        OH          45002            100          Units
148        CA          92503         59,988           SF
149        GA          30106         41,398           SF
150        NM          87110            122          Units
152        AZ          85281            150          Units
153        TX          75043            196          Units
154        TX          77057            199          Units
155        CA          90248         76,635           SF
156        TX          75001         32,114           SF
157        TX          75220        140,248           SF
161        WA          98101             63          Units
163        NY          11801        120,280           SF

164        MS          38668         50,900           SF

</TABLE>

                                                               B-1A-2

<PAGE>

<TABLE>
<CAPTION>
                                                  Schedule of SBRC Mortgage Loans

                                                                              Cross
                                                                         Collateralized
                                                                             Mortgage
                                                      Cross                 Loan Group
                                                  Collateralized            Aggregate
                                                    (Mortgage             Cut-Off Date                       Original
Control                                                Loan                 Principal       Ownership        Principal     Mortgage
Number        Loan/Property Name                      Group)                 Balance        Interest          Balance        Rate
-------  -------------------------------------  ------------------    ------------------  -------------  ---------------- --------
<S>      <C>                                    <C>                    <C>                <C>            <C>              <C>
101      Exchange Place                                 No                153,096,151      Leasehold         165,000,000    6.91%

-----------------------------------------------------------------------------------------------------------------------------------
106      The Commons and Greentree Apartments         Yes (X1)             40,241,559                         21,200,000    7.39%
106a     Greentree Apartments                                                              Fee Simple
106b     The Commons Apartments                                                            Fee Simple
-----------------------------------------------------------------------------------------------------------------------------------
107      Del Oro Apartments                           Yes (X1)             40,241,559      Fee Simple          8,760,000    7.39%
108      Country Club Villas Apartments               Yes (X1)             40,241,559      Fee Simple          7,520,000    7.39%
109      Royal Crest Apartments                       Yes (X1)             40,241,559      Fee Simple          2,964,000    7.39%
111      Wilton Executive Campus                        No                 24,430,112      Fee Simple         24,634,000    7.96%
112      Berlin Circle Plaza                            No                 19,984,902      Fee Simple         20,135,000    7.10%
113      Northlake Apartments                           No                 19,803,900      Fee Simple         19,872,000    7.15%
114      The Aventine Apartments                        No                 19,248,639      Fee Simple   19,390,885.44 (d)   6.95%
115      Cedar Crest Apartments                         No                 16,944,314      Fee Simple         17,000,000    7.33%
116      Villas at Sunrise Mountain                     No                 16,465,347      Fee Simple         16,500,000    6.97%

117      The Shops at Town Center                       No                 16,000,000      Fee Simple         16,000,000    7.34%
120      Overlook at Central Pointe                     No                 14,263,571      Fee Simple         14,300,000    7.24%
121      Reserve at Jacksonville Commons                No                 13,964,829      Fee Simple         14,000,000    7.29%
122      Oak Mill Apartments                            No                 13,600,749      Fee Simple         13,648,000    7.11%
123      Plaza de Hacienda                              No                 12,959,763      Fee Simple         13,000,000    7.54%
124      Shenandoah Square                              No                 12,934,050      Fee Simple         13,000,000    7.33%
126      Heritage Mall                                  No                 12,384,773      Fee Simple         12,500,000    7.17%
127      Seekonk Crossing                               No                 12,331,089      Fee Simple         12,400,000    7.41%
128      Pines of Northwest Crossing Apartments         No                 10,983,360      Fee Simple         11,000,000    6.35%

130      Three Fountain Apartments                      No                 10,177,880      Fee Simple         10,240,000    7.03%
133      Phoenix Hazeltree Apartments                   No                  8,976,172      Fee Simple          9,000,000    7.10%
134      Parker Towne Centre                            No                  8,382,039      Fee Simple          8,500,000    7.72%
135      Food 4 Less                                    No                  8,054,457      Fee Simple          8,100,000    7.36%
136      AAA Quality Storage-Long Beach                 No                  7,259,432      Fee Simple          7,300,000    7.41%
137      Chatsworth Imperial Mobile Home Park           No                  7,243,657      Fee Simple          7,440,000    7.82%

140      Oak Tree Plaza Shopping Center                 No                  6,086,340      Fee Simple          6,100,000    7.69%
141      202 Tillary Street                             No                  5,970,564      Fee Simple          6,000,000    7.74%
143      Dana Point Marina Mobile Home Park             No                  5,426,235      Fee Simple          5,600,000    7.37%
144      Parkview Towers Apartments                     No                  5,327,484      Fee Simple          5,360,000    7.03%
146      Broad Creek Crossing Shopping Center           No                  5,067,562      Leasehold           5,100,000    7.26%

147      Country Woods Village                          No                  4,937,313      Fee Simple          5,000,000    7.15%
148      Lincoln Plaza Shopping Center                  No                  4,840,871      Fee Simple          4,866,000    7.25%
149      East-West Medical Center                       No                  4,763,378      Fee Simple          4,800,000    7.35%
150      Phoenix Square Apartments                      No                  4,743,646      Fee Simple          4,760,000    7.14%
152      Villatree Apartments                           No                  4,615,286      Fee Simple          4,640,000    7.11%
153      Hubbard's Ridge                                No                  4,572,973      Fee Simple          4,600,000    7.17%
154      Three Fountains III Apartments                 No                  4,557,766      Fee Simple          4,600,000    7.90%
155      Normandy Business Center                       No                  4,448,759      Fee Simple          4,500,000    7.55%
156      Addison Plaza                                  No                  4,390,830      Fee Simple          4,425,000    7.30%
157      Northbrook Atrium Plaza Office Building        No                  4,288,069      Fee Simple          4,300,000    7.94%
161      Oxford Crest Apartments                        No                  3,590,469      Fee Simple          3,600,000    7.10%

163      35 Engel Street                                No                  3,024,623      Fee Simple          3,360,000    7.15%
164      Northwest Plaza Shopping Center                No                  2,937,849      Fee Simple          3,000,000    8.31%

<CAPTION>

                                   Interest                                        Anticipated      Scheduled
Control Administrative   Rate       Accrual                          Note           Repayment       Maturity
Number   Fee Rate        Type       Method        Loan Type          Date             Date            Date
-------  ------------  --------  -------------  -------------  ---------------   -------------   -------------
<S>                    <C>       <C>            <C>            <C>               <C>             <C>
101       0.06%         Fixed     Actual/360        ARD            04/01/98       03/31/08         03/31/23

--------------------------------------------------------------------------------------------------------------
106       0.06%         Fixed     Actual/360       Balloon         01/17/02         NAP            02/01/12
106a
106b
--------------------------------------------------------------------------------------------------------------
107       0.06%         Fixed     Actual/360       Balloon         01/17/02         NAP            02/01/12
108       0.06%         Fixed     Actual/360       Balloon         01/17/02         NAP            02/01/12
109       0.06%         Fixed     Actual/360       Balloon         01/17/02         NAP            02/01/12
111       0.08%         Fixed     Actual/360       Balloon         06/06/01         NAP            07/01/11
112       0.06%         Fixed     Actual/360       Balloon         10/24/01         NAP            11/01/11
113       0.07%         Fixed     Actual/360       Balloon         03/21/02         NAP            04/01/12
114       0.06%         Fixed     Actual/360       Balloon         01/15/02         NAP            10/01/08
115       0.10%         Fixed     Actual/360       Balloon         04/01/02         NAP            04/01/12
116       0.08%         Fixed     Actual/360       Balloon         05/02/02         NAP            06/01/12
                                                   Partial IO
117       0.10%         Fixed     Actual/360       Balloon         03/28/02         NAP            04/01/12
120       0.06%         Fixed     Actual/360       Balloon         04/11/02         NAP            05/01/12
121       0.06%         Fixed     Actual/360       Balloon         04/09/02         NAP            05/01/12
122       0.07%         Fixed     Actual/360       Balloon         03/21/02         NAP            04/01/12
123       0.10%         Fixed     Actual/360       Balloon         03/21/02         NAP            04/01/12
124       0.09%         Fixed     Actual/360       Balloon         01/31/02         NAP            02/01/12
126       0.09%         Fixed     Actual/360       Balloon         12/03/01         NAP            01/01/12
127       0.07%         Fixed     Actual/360       Balloon         12/28/01         NAP            01/01/12
128       0.06%         Fixed     Actual/360       Balloon         07/01/02         NAP            07/01/07

130       0.06%         Fixed     Actual/360       Balloon         12/11/01         NAP            01/01/12
133       0.06%         Fixed     Actual/360       Balloon         04/30/02         NAP            05/01/12
134       0.11%         Fixed     Actual/360       Balloon         11/27/00         NAP            12/01/10
135       0.08%         Fixed     Actual/360       Balloon         12/19/01         NAP            01/01/12
136       0.10%         Fixed     Actual/360       Balloon         12/13/01         NAP            01/01/07
137       0.06%         Fixed     Actual/360       Balloon         05/10/99         NAP            06/01/09

140       0.06%         Fixed     Actual/360       Balloon         04/05/02         NAP            05/01/12
141       0.10%         Fixed     Actual/360       Balloon         03/04/02         NAP            04/01/12
143       0.06%         Fixed     Actual/360       Balloon         03/23/99         NAP            04/01/09
144       0.06%         Fixed     Actual/360       Balloon         12/14/01         NAP            01/01/12
146       0.12%         Fixed     Actual/360       Balloon         11/30/01         NAP            12/01/11

147       0.06%         Fixed     Actual/360       Balloon         03/29/01         NAP            04/01/11
148       0.12%         Fixed     Actual/360       Balloon         01/17/02         NAP            02/01/12
149       0.11%         Fixed     Actual/360       Balloon         09/10/01         NAP            10/01/11
150       0.06%         Fixed     Actual/360       Balloon         03/01/02         NAP            04/01/12
152       0.06%         Fixed     Actual/360       Balloon         01/18/02         NAP            02/01/12
153       0.06%         Fixed     Actual/360       Balloon         12/28/01         NAP            01/01/12
154       0.12%         Fixed     Actual/360       Balloon         08/22/01         NAP            07/01/09
155       0.11%         Fixed     Actual/360       Balloon         03/06/01         NAP            04/01/06
156       0.06%         Fixed     Actual/360       Balloon         09/26/01         NAP            10/01/11
157       0.06%         Fixed     Actual/360       Balloon         04/01/02         NAP            04/01/12
161       0.12%         Fixed     Actual/360       Balloon         04/30/02         NAP            05/01/12
                                                    Fully
163       0.06%         Fixed     Actual/360      Amortizing       08/10/98         NAP            09/01/18
164       0.10%         Fixed     Actual/360        Balloon        09/15/99         NAP            10/01/09

</TABLE>

Footnotes:
-----------------------------
(d) The Original Balance, Mortgage Rate, Note Date and First Payment Date were
    $17,000,000, 6.590%, September 8, 1998 and November 1, 1998, respectively.
    On January 15, 2002, the then outstanding loan amount of $16,406,244.30 was
    increased to $19,406,244.30 and the Mortgage Rate was changed to 6.950%. The
    Original Balance shown above represents the loan amount as of February 1,
    2002, following the application of the specified February 2002 debt service
    payment of $108,459.74, which consisted of $2,723.97 of principal and
    $105,735.77 of interest, and an extraordinary principal payment of
    $12,634.89 that was paid during the month of January 2002.

                                                               B-1A-3

<PAGE>

<TABLE>
<CAPTION>

                                                  Schedule of SBRC Mortgage Loans

                                                                                                                           Stated
                                                                                                             Original     Original
                                                                                                             Term to       Amort-
                                                    Monthly Debt                            Interest         Maturity/    ization
Control                                               Service               Grace             Only             ARD         Term
Number        Loan / Property Name                    Payment               Period           Period          (months)     (months)
-------  -------------------------------------  ------------------    ------------------  -------------  ---------------- --------
<S>      <C>                                    <C>                    <C>                <C>            <C>              <C>
101      Exchange Place                            1,156,730.00               3               NAP              120          300
-----------------------------------------------------------------------------------------------------------------------------------
106      The Commons and Greentree Apartments        146,639.92               5               NAP              120          360
106a     Greentree Apartments
106b     The Commons Apartments
-----------------------------------------------------------------------------------------------------------------------------------
107      Del Oro Apartments                           60,592.72               5               NAP              120          360
108      Country Club Villas Apartments               52,015.67               5               NAP              120          360
109      Royal Crest Apartments                       20,501.92               5               NAP              120          360
111      Wilton Executive Campus                     180,069.12               5               NAP              120          360
112      Berlin Circle Plaza                         135,313.64               5               NAP              120          360
113      Northlake Apartments                        134,216.83               5               NAP              120          360
114      The Aventine Apartments                     133,308.89              10               NAP               80          320
115      Cedar Crest Apartments                      116,836.02               5               NAP              120          360
116      Villas at Sunrise Mountain                  109,442.67               5               NAP              120          360
117      The Shops at Town Center                    110,126.62               5                11              120          360

120      Overlook at Central Pointe                   97,454.23               5               NAP              120          360
121      Reserve at Jacksonville Commons              95,884.81               5               NAP              120          360
122      Oak Mill Apartments                          91,810.97               5               NAP              120          360
123      Plaza de Hacienda                            91,254.22               5               NAP              120          360
124      Shenandoah Square                            89,389.41               5               NAP              120          360
126      Heritage Mall                                89,707.60               5               NAP              120          300
127      Seekonk Crossing                             85,939.70               5               NAP              120          360
128      Pines of Northwest Crossing Apartments       68,445.93               5               NAP               60          360
130      Three Fountain Apartments                    68,333.41               5               NAP              120          360
133      Phoenix Hazeltree Apartments                 60,482.88               5               NAP              120          360
134      Parker Towne Centre                          60,718.92              10               NAP              120          360
135      Food 4 Less                                  55,861.90               5               NAP              120          360
136      AAA Quality Storage-Long Beach               50,593.53               5               NAP               60          360
137      Chatsworth Imperial Mobile Home Park         53,661.41              10               NAP              120          360
140      Oak Tree Plaza Shopping Center               43,448.50               5               NAP              120          360

141      202 Tillary Street                           45,280.34               5               NAP              120          300
143      Dana Point Marina Mobile Home Park           38,658.73              10               NAP              120          360
144      Parkview Towers Apartments                   35,768.27               5               NAP              120          360
146      Broad Creek Crossing Shopping Center         34,825.59               5               NAP              120          360
147      Country Woods Village                        33,770.34               5               NAP              120          360
148      Lincoln Plaza Shopping Center                33,194.70               5               NAP              120          360
149      East-West Medical Center                     33,070.66               5               NAP              120          360
150      Phoenix Square Apartments                    32,117.21               5               NAP              120          360
152      Villatree Apartments                         31,213.58               5               NAP              120          360
153      Hubbard's Ridge                              31,130.89               5               NAP              120          360
154      Three Fountains III Apartments               34,092.67               5               NAP               94          334
155      Normandy Business Center                     31,618.87               5               NAP               60          360
156      Addison Plaza                                30,336.51               5               NAP              120          360
157      Northbrook Atrium Plaza Office Building      31,372.21               5               NAP              120          360
161      Oxford Crest Apartments                      24,193.15               5               NAP              120          360
163      35 Engel Street                              26,353.43              10               NAP              240          240

164      Northwest Plaza Shopping Center              22,664.66              10               NAP              120          360

<CAPTION>

              Remain-               Stated
             ing Term              Remaining
                to                  Amort-
             Maturity/              ization          Cut-off Date
Control         ARD                  Term             Principal      Loan Balance at
Number        (months)             (months)            Balance        Maturity/ARD
-------  ------------------    ------------------  --------------  -------------------
<S>      <C>                    <C>                <C>              <C>
101              67                   247          153,096,151.10    131,647,547.04
--------------------------------------------------------------------------------------
106             113                   353           21,093,883.90     18,667,734.59
106a
106b
--------------------------------------------------------------------------------------
107             113                   353            8,716,152.04      7,713,649.12
108             113                   353            7,482,358.82      6,621,762.41
109             113                   353            2,949,163.77      2,609,960.79
111             106                   346           24,430,112.23     22,011,725.22
112             110                   350           19,984,901.78     17,601,551.08
113             115                   355           19,803,899.89     17,403,236.65
114              73                   313           19,248,639.03     17,413,114.17
115             115                   355           16,944,314.21     14,955,655.42
116             117                   357           16,465,347.37     14,381,277.58
117             115                   360           16,000,000.00     14,327,617.58

120             116                   356           14,263,571.30     12,554,348.49
121             116                   356           13,964,829.12     12,306,867.42
122             115                   355           13,600,749.44     11,939,949.12
123             115                   355           12,959,762.99     11,499,228.26
124             113                   353           12,934,050.48     11,429,767.75
126             112                   292           12,384,772.73     10,048,252.27
127             112                   352           12,331,089.11     10,926,185.38
128              58                   358           10,983,359.99     10,337,626.00
130             112                   352           10,177,880.29      8,934,814.56
133             116                   356            8,976,171.77      7,872,504.79
134              99                   339            8,382,038.68      7,548,598.18
135             112                   352            8,054,456.94      7,128,218.99
136              52                   352            7,259,431.52      6,946,445.29
137              81                   321            7,243,656.88      6,627,196.42
140             116                   356            6,086,339.86      5,416,715.63

141             115                   295            5,970,563.95      4,909,679.35
143              79                   319            5,426,235.04      4,932,658.13
144             112                   352            5,327,484.21      4,676,816.87
146             111                   351            5,067,561.69      4,477,377.90
147             103                   343            4,937,313.46      4,377,712.25
148             113                   353            4,840,871.29      4,269,501.76
149             109                   349            4,763,377.89      4,223,897.76
150             115                   355            4,743,646.03      4,167,559.43
152             113                   353            4,615,285.62      4,056,476.96
153             112                   352            4,572,973.49      4,028,408.47
154              82                   322            4,557,765.70      4,159,912.96
155              43                   343            4,448,758.82      4,289,158.71
156             109                   349            4,390,830.41      3,888,928.02
157             115                   355            4,288,068.57      3,841,145.79
161             116                   356            3,590,468.72      3,149,002.27
163             192                   192            3,024,622.84        112,923.04

164              85                   325            2,937,848.59      2,703,328.35

</TABLE>

                                                               B-1A-4

<PAGE>

<TABLE>
<CAPTION>
                                                                                    Yield         Yield
                                                     Defease-                      Mainten-      Mainten-
                                                       ance         Defease-        ance          ance         Prepayment
Control                                               Start         ance End       Period        Period         Penalty
Number        Loan / Property Name                     Date           Date      Start Date       End Date      Start Date
-------  -------------------------------------     ------------   ------------  ------------  ------------   --------------
<S>      <C>                                        <C>           <C>           <C>           <C>                <C>
101      Exchange Place                              10/1/04       10/31/07      05/1/02      10/31/07          NAP
-----------------------------------------------------------------------------------------------------------------------------
106      The Commons and Greentree Apartments        10/1/04       12/31/11       NAP           NAP             NAP
106a     Greentree Apartments
106b     The Commons Apartments
-----------------------------------------------------------------------------------------------------------------------------
107      Del Oro Apartments                          10/1/04       12/31/11       NAP           NAP             NAP
108      Country Club Villas Apartments              10/1/04       12/31/11       NAP           NAP             NAP
109      Royal Crest Apartments                      10/1/04       12/31/11       NAP           NAP             NAP
111      Wilton Executive Campus                     10/1/04       05/31/11       NAP           NAP             NAP
112      Berlin Circle Plaza                         10/1/04       09/30/11       NAP           NAP             NAP
113      Northlake Apartments                        10/1/04       01/31/12       NAP           NAP             NAP
114      The Aventine Apartments                     10/1/04       06/30/08       NAP           NAP             NAP
115      Cedar Crest Apartments                      10/1/04       01/31/12       NAP           NAP             NAP
116      Villas at Sunrise Mountain                  10/1/04       04/30/12       NAP           NAP             NAP
117      The Shops at Town Center                    10/1/04       01/31/12       NAP           NAP             NAP

120      Overlook at Central Pointe                  10/1/04       02/29/12       NAP           NAP             NAP
121      Reserve at Jacksonville Commons             10/1/04       02/29/12       NAP           NAP             NAP
122      Oak Mill Apartments                         10/1/04       01/31/12       NAP           NAP             NAP
123      Plaza de Hacienda                           10/1/04       01/31/12       NAP           NAP             NAP
124      Shenandoah Square                           10/1/04       12/31/11       NAP           NAP             NAP
126      Heritage Mall                               10/1/04       11/30/11       NAP           NAP             NAP
127      Seekonk Crossing                            10/1/04       11/30/11       NAP           NAP             NAP
128      Pines of Northwest Crossing Apartments      10/1/04       05/31/07       NAP           NAP             NAP
130      Three Fountain Apartments                   10/1/04       10/31/11       NAP           NAP             NAP
133      Phoenix Hazeltree Apartments                10/1/04       02/29/12       NAP           NAP             NAP
134      Parker Towne Centre                         10/1/04       09/30/10       NAP           NAP             NAP
135      Food 4 Less                                 10/1/04       10/31/11       NAP           NAP             NAP
136      AAA Quality Storage-Long Beach              10/1/04       10/31/06       NAP           NAP             NAP
137      Chatsworth Imperial Mobile Home Park        06/1/03       02/28/09       NAP           NAP             NAP

140      Oak Tree Plaza Shopping Center              10/1/04       02/29/12       NAP           NAP             NAP

141      202 Tillary Street                          10/1/04       01/31/12       NAP           NAP             NAP
143      Dana Point Marina Mobile Home Park          04/1/03       01/31/09       NAP           NAP             NAP
144      Parkview Towers Apartments                  10/1/04       10/31/11       NAP           NAP             NAP
146      Broad Creek Crossing Shopping Center        10/1/04       09/30/11       NAP           NAP             NAP
147      Country Woods Village                       10/1/04       01/31/11       NAP           NAP             NAP
148      Lincoln Plaza Shopping Center               10/1/04       11/30/11       NAP           NAP             NAP
149      East-West Medical Center                    10/1/04       07/31/11       NAP           NAP             NAP
150      Phoenix Square Apartments                   10/1/04       01/31/12       NAP           NAP             NAP
152      Villatree Apartments                        10/1/04       01/30/11       NAP           NAP             NAP
153      Hubbard's Ridge                             10/1/04       10/31/11       NAP           NAP             NAP
154      Three Fountains III Apartments              10/1/04       04/30/09       NAP           NAP             NAP
155      Normandy Business Center                    10/1/04       01/31/06       NAP           NAP             NAP
156      Addison Plaza                               10/1/04       07/31/11       NAP           NAP             NAP
157      Northbrook Atrium Plaza Office Building     10/1/04       01/31/12       NAP           NAP             NAP

161      Oxford Crest Apartments                     10/1/04       02/29/12       NAP           NAP             NAP
163      35 Engel Street                             10/1/01       06/30/18       NAP           NAP             NAP

164      Northwest Plaza Shopping Center             10/1/03       07/31/09       NAP           NAP             NAP

<CAPTION>

                                                       Yield
                                                     Maintenance
                                                    Interest Rate        Yield
                          Yield                     Converted to      Maintenance
        Prepayment      Maintenance     Yield          Monthly       Interest Rate
Control Penalty End    Calculation   Maintenance      Mortgage         Reference
Number      Date         Method      Interest Rate      Rate             Date
------- ------------   ------------  -------------  -------------   --------------
<S>         <C>       <C>               <C>            <C>             <C>
101         NAP       Present Value     T-Flat          No            Maturity
----------------------------------------------------------------------------------
106         NAP            NAP           NAP            NAP              NAP
106a
106b
----------------------------------------------------------------------------------
107         NAP            NAP           NAP            NAP              NAP
108         NAP            NAP           NAP            NAP              NAP
109         NAP            NAP           NAP            NAP              NAP
111         NAP            NAP           NAP            NAP              NAP
112         NAP            NAP           NAP            NAP              NAP
113         NAP            NAP           NAP            NAP              NAP
114         NAP            NAP           NAP            NAP              NAP
115         NAP            NAP           NAP            NAP              NAP
116         NAP            NAP           NAP            NAP              NAP
117         NAP            NAP           NAP            NAP              NAP

120         NAP            NAP           NAP            NAP              NAP
121         NAP            NAP           NAP            NAP              NAP
122         NAP            NAP           NAP            NAP              NAP
123         NAP            NAP           NAP            NAP              NAP
124         NAP            NAP           NAP            NAP              NAP
126         NAP            NAP           NAP            NAP              NAP
127         NAP            NAP           NAP            NAP              NAP
128         NAP            NAP           NAP            NAP              NAP
130         NAP            NAP           NAP            NAP              NAP
133         NAP            NAP           NAP            NAP              NAP
134         NAP            NAP           NAP            NAP              NAP
135         NAP            NAP           NAP            NAP              NAP
136         NAP            NAP           NAP            NAP              NAP
137         NAP            NAP           NAP            NAP              NAP

140         NAP            NAP           NAP            NAP              NAP

141         NAP            NAP           NAP            NAP              NAP
143         NAP            NAP           NAP            NAP              NAP
144         NAP            NAP           NAP            NAP              NAP
146         NAP            NAP           NAP            NAP              NAP
147         NAP            NAP           NAP            NAP              NAP
148         NAP            NAP           NAP            NAP              NAP
149         NAP            NAP           NAP            NAP              NAP
150         NAP            NAP           NAP            NAP              NAP
152         NAP            NAP           NAP            NAP              NAP
153         NAP            NAP           NAP            NAP              NAP
154         NAP            NAP           NAP            NAP              NAP
155         NAP            NAP           NAP            NAP              NAP
156         NAP            NAP           NAP            NAP              NAP
157         NAP            NAP           NAP            NAP              NAP

161         NAP            NAP           NAP            NAP              NAP
163         NAP            NAP           NAP            NAP              NAP

164         NAP            NAP           NAP            NAP              NAP

</TABLE>

                                                               B-1A-5

<PAGE>

<TABLE>
<CAPTION>

                                                  Schedule of SBRC Mortgage Loans

                                                                                              Holdback
                                                                                  Holdback     Current      Holdback
Control                                                                           Original    Balance as   is a Letter
Number        Loan / Property Name                     Loan Originator             Balance     of 6/1/02    of Credit
-------  -------------------------------------   ----------------------------     ---------  -----------   -----------
<S>      <C>                                      <C>                             <C>        <C>             <C>
101      Exchange Place                           Citicorp Real Estate, Inc.        NAP          NAP          NAP
------------------------------------------------------------------------------------------------------------------------
106      The Commons and Greentree Apartments     Salomon Brothers Realty Co.       NAP          NAP          NAP
106a     Greentree Apartments                                                       NAP          NAP          NAP
106b     The Commons Apartments                                                     NAP          NAP          NAP
------------------------------------------------------------------------------------------------------------------------
107      Del Oro Apartments                       Salomon Brothers Realty Co.       NAP          NAP          NAP
108      Country Club Villas Apartments           Salomon Brothers Realty Co.       NAP          NAP          NAP
109      Royal Crest Apartments                   Salomon Brothers Realty Co.       NAP          NAP          NAP
111      Wilton Executive Campus                  Salomon Brothers Realty Co.       NAP          NAP          NAP
112      Berlin Circle Plaza                      Midland Loan Services, Inc.       NAP          NAP          NAP
113      Northlake Apartments                     Salomon Brothers Realty Co.       NAP          NAP          NAP
114      The Aventine Apartments                  Citicorp Real Estate, Inc.        NAP          NAP          NAP
115      Cedar Crest Apartments                   Salomon Brothers Realty Co.       NAP          NAP          NAP
116      Villas at Sunrise Mountain               Salomon Brothers Realty Co.       NAP          NAP          NAP
117      The Shops at Town Center                 Salomon Brothers Realty Co.       NAP          NAP          NAP

120      Overlook at Central Pointe               Salomon Brothers Realty Co.       NAP          NAP          NAP
121      Reserve at Jacksonville Commons          Salomon Brothers Realty Co.       NAP          NAP          NAP
122      Oak Mill Apartments                      Salomon Brothers Realty Co.       NAP          NAP          NAP
123      Plaza de Hacienda                        L.J. Melody & Company             NAP          NAP          NAP
124      Shenandoah Square                        L.J. Melody & Company             NAP          NAP          NAP
126      Heritage Mall                            L.J. Melody & Company             NAP          NAP          NAP
127      Seekonk Crossing                         L.J. Melody & Company             NAP          NAP          NAP
128      Pines of Northwest Crossing Apartments   Salomon Brothers Realty Co.       NAP          NAP          NAP

130      Three Fountain Apartments                Midland Loan Services, Inc.       NAP          NAP          NAP
133      Phoenix Hazeltree Apartments             Midland Loan Services, Inc.       NAP          NAP          NAP
134      Parker Towne Centre                      L.J. Melody & Company             NAP          NAP          NAP
135      Food 4 Less                              Salomon Brothers Realty Co.       NAP          NAP          NAP
136      AAA Quality Storage-Long Beach           L.J. Melody & Company             NAP          NAP          NAP
137      Chatsworth Imperial Mobile Home Park     Midland Loan Services, Inc.       NAP          NAP          NAP

140      Oak Tree Plaza Shopping Center           Salomon Brothers Realty Co.     350,000     350,547         No
141      202 Tillary Street                       L.J. Melody & Company             NAP          NAP          NAP
143      Dana Point Marina Mobile Home Park       Midland Loan Services, Inc.       NAP          NAP          NAP
144      Parkview Towers Apartments               Salomon Brothers Realty Co.       NAP          NAP          NAP
146      Broad Creek Crossing Shopping Center     Salomon Brothers Realty Co.       NAP          NAP          NAP

147      Country Woods Village                    Salomon Brothers Realty Co.       NAP          NAP          NAP
148      Lincoln Plaza Shopping Center            Salomon Brothers Realty Co.       NAP          NAP          NAP
149      East-West Medical Center                 L.J. Melody & Company             NAP          NAP          NAP
150      Phoenix Square Apartments                Midland Loan Services, Inc.       NAP          NAP          NAP
152      Villatree Apartments                     Midland Loan Services, Inc.       NAP          NAP          NAP
153      Hubbard's Ridge                          Salomon Brothers Realty Co.       NAP          NAP          NAP
154      Three Fountains III Apartments           Salomon Brothers Realty Co.       NAP          NAP          NAP
155      Normandy Business Center                 L.J. Melody & Company             NAP          NAP          NAP
156      Addison Plaza                            Salomon Brothers Realty Co.       NAP          NAP          NAP
157      Northbrook Atrium Plaza Office Building  Salomon Brothers Realty Co.     450,000     450,752         No
161      Oxford Crest Apartments                  Salomon Brothers Realty Co.       NAP          NAP          NAP
163      35 Engel Street                          Citicorp Real Estate, Inc.        NAP          NAP          NAP

164      Northwest Plaza Shopping Center          Financial Federal Savings Bank    NAP          NAP          NAP

<CAPTION>

Control
Number                            Holdback Description
-------  ----------------------------------------------------------------------
<S>      <C>
101              NAP
-------------------------------------------------------------------------------
106              NAP
106a             NAP
106b             NAP
-------------------------------------------------------------------------------
107              NAP
108              NAP
109              NAP
111              NAP
112              NAP
113              NAP
114              NAP
115              NAP
116              NAP
117              NAP

120              NAP
121              NAP
122              NAP
123              NAP
124              NAP
126              NAP
127              NAP
128              NAP

130              NAP
133              NAP
134              NAP
135              NAP
136              NAP
137              NAP

140              Released upon DSCR of 1.25, 90% occupancy and delivery of
                 Tenant Estoppels for PetsMart, DIS Diagnostic and Quizno's
141              NAP
143              NAP
144              NAP
146              NAP

147              NAP
148              NAP
149              NAP
150              NAP
152              NAP
153              NAP
154              NAP
155              NAP
156              NAP
157              Released upon achievement by Borrower of gross rental income
                 of $1,445,331 and occupancy of 70%.
161              NAP
163              NAP

164              NAP

</TABLE>

                                                               B-1A-6

<PAGE>

                                  EXHIBIT B-1B

                       SCHEDULE OF KEYBANK MORTGAGE LOANS

                             [See Attached Schedule]

                                     B-1B-1

<PAGE>

<TABLE>
<CAPTION>
                                                 KeyBank Mortgage Loan Schedule

Control
Number            Loan / Property Name                 Loan Number      Loan Seller            Property Address
-------  ---------------------------------------     ---------------   -------------  -----------------------------------
<S>      <C>                                           <C>                  <C>        <C>
103      Jefferson Mall                                10016984             Key        4801 Outer Loop
104      Regency Mall                                  10016989             Key        5538 Durand Avenue
-------------------------------------------------------------------------------------------------------------------------
110      Columbia Portfolio                            10016748             Key
110a     Columbia Park Mobile Home Park                10016748a                       7100 Columbia Road
110b     Columbia Shopping Center                      10016748b                       7062-7100 Columbia Road
110c     Brook Park Mobile Home Park                   10016748c                       11800 Brook Park Road
-------------------------------------------------------------------------------------------------------------------------
118      Shurgard Portfolio                            10016548             Key
118a     Shurgard of Westpark Self Storage             10016548a                       17052 Jamboree Road
118b     Shurgard of Cabot Road Self Storage           10016548b                       27201 Cabot Road
118c     Shurgard of Costa Mesa Self Storage           10016548c                       1604 Newport Boulevard
-------------------------------------------------------------------------------------------------------------------------
119      Cathedral City Marketplace                    10015249             Key        34051-34491 Date Palm Drive
125      460 West 34th Street                          10015881             Key        460 West 34th Street
129      Coral Creek Shops                             10017019             Key        6500-6588 North State Road 7
131      The Seville Apartments                        10016543             Key        4501 Alhambra Drive
132      The Commons at Sauk Trail Shopping Center     10013117             Key        1335 East Michigan Avenue
138      Hammonton Square                              10015165             Key        71 South White Horse Pike
139      Big Creek Apartments Phases I & II             4161505             Key        11385 Cheyenne Trail
142      Safeway at Ocotillo Retail Shops              10016939             Key        4960 & 4980 South Alma School Road
145      Annex Apartments-Grigsby
         Apartments-Gaston Apartments                  10016485             Key        1001 & 1002 Annex Avenue
151      Pheasant Run Apartments                       10016993             Key        2002 East 73rd Street
158      Otay Mesa Self Storage                        10016528             Key        6630 Camino Maquiladora
159      Villa Primavera Apartments                    10016583             Key        2005-2025 F Avenue
160      Waterford Place Apartments                    10016454             Key        300 Towne Drive
162      Ashley Park Plaza                             10016021             Key        4035 & 4075 Durango Drive
165      Walgreens                                     10016173             Key        3376 Virginia Beach Boulevard
166      Amber Glen Apartments                         10016152             Key        8530 5th Avenue West

<CAPTION>

                                                               Property
Control                                            Property   Size Unit
Number           City          State    Zip Code     Size       Type
-------   ------------------  --------  ---------- ---------  ---------
<S>       <C>                   <C>      <C>        <C>        <C>
103        Louisville            KY      22003      269,317      SF
104        Racine                WI      53408      268,675      SF
-----------------------------------------------------------------------
110
110a       Olmsted Township      OH      44138        1,098     Pads
110b       Olmsted Township      OH      44108       28,634      SF
110c       Cleveland             OH      44130          112     Pads
-----------------------------------------------------------------------
118                                                 214,203
118a       Irvine                CA      92614      109,749      SF
118b       Laguna Niguel         CA      92677       64,237      SF
118c       Costa Mesa            CA      92637       40,217      SF
-----------------------------------------------------------------------
119        Cathedral City        CA      92234      188,718      SF
125        New York              NY      10001      523,250      SF
129        Coconut Creek         FL      33073      105,812      SF
131        Davis                 CA      95616           84     Units
132        Saline                MI      48176       96,726      SF
138        Hammonton             NJ      08037       76,366      SF
139        Parma Heights         OH      44130          160     Units
142        Chandler              AZ      85248       40,764      SF
145        Dallas                TX      75204          106     Units
151        Tulsa                 OK      74136          220     Units
158        San Diego             CA      92154       87,540      SF
159        National City         CA      91950           96     Units
160        Elizabethtown         KY      42701           88     Units
162        Las Vegas             NV      89117       26,712      SF
165        Virginia Beach        VA      23452       12,825      SF
166        Everett               WA      98204           72     Units

</TABLE>

                                                            B-1B-2

<PAGE>

<TABLE>
<CAPTION>
                                                 Schedule of KeyBank Mortgage Loans

                                                                                     Cross
                                                                                 Collateralized
                                                                Cross               Mortgage
                                                             Collateralized        Loan Group
                                                               (Mortgage            Aggregate                             Original
Control                                                           Loan        Cut-Off Date Principal      Ownership       Principal
Number   Loan / Property Name                                    Group)              Balance              Interest         Balance
-----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>                                                <C>                <C>                       <C>             <C>
103      Jefferson Mall                                            No               45,278,606           Fee Simple      45,400,000
104      Regency Mall                                              No               35,504,810           Fee Simple      35,600,000
-----------------------------------------------------------------------------------------------------------------------------
110      Columbia Portfolio                                        No               32,975,721                           33,000,000
110a     Columbia Park Mobile Home Park                                                                  Fee Simple
110b     Columbia Shopping Center                                                                        Fee Simple
-----------------------------------------------------------------------------------------------------------------------------
110c     Brook Park Mobile Home Park                                                                     Fee Simple
118      Shurgard Portfolio                                        No               14,711,708                           14,760,000
118a     Shurgard of Westpark Self Storage                                                               Fee Simple
118b     Shurgard of Cabot Road Self Storage                                                             Fee Simple
118c     Shurgard of Costa Mesa Self Storage                                                             Fee Simple
-----------------------------------------------------------------------------------------------------------------------------
119      Cathedral City Marketplace                                No               14,404,267           Fee Simple      14,475,000
125      460 West 34th Street                                      No               12,449,923           Fee Simple      12,500,000
129      Coral Creek Shops                                         No               10,258,245           Fee Simple      10,272,000
131      The Seville Apartments                                    No                9,700,000           Fee Simple       9,700,000

132      The Commons at Sauk Trail Shopping Center                 No                9,031,499           Fee Simple       9,040,000
138      Hammonton Square                                          No                6,986,778           Fee Simple       7,000,000
139      Big Creek Apartments Phases I & II                        No                6,756,086           Fee Simple       7,100,000
142      Safeway at Ocotillo Retail Shops                          No                5,913,960           Fee Simple       5,925,000
145      Annex Apartments-Grigsby Apartments-Gaston Apartments     No                5,139,627           Fee Simple       5,150,000
151      Pheasant Run Apartments                                   No                4,649,892           Fee Simple       4,656,000
158      Otay Mesa Self Storage                                    No                4,187,198           Fee Simple       4,200,000
159      Villa Primavera Apartments                                No                4,086,689           Fee Simple       4,100,000
160      Waterford Place Apartments                                No                3,787,409           Fee Simple       3,808,000
162      Ashley Park Plaza                                         No                3,585,988           Fee Simple       3,600,000
165      Walgreens                                                 No                2,914,591           Fee Simple       2,920,000
166      Amber Glen Apartments                                     No                1,994,848           Fee Simple       2,000,000

<CAPTION>

                                                      Interest                                    Anticipated    Scheduled
Control    Mortgage     Administrative     Rate       Accrual                                     Repayment       Maturity
Number       Rate          Fee Rate        Type       Method        Loan Type       Note Date        Date           Date
------------------------------------------------------------------------------------------------------------------------------
<S>        <C>          <C>                <C>        <C>           <C>             <C>            <C>            <C>
103          6.51%          0.06%          Fixed       30/360        Balloon        06/20/02          NAP         07/11/12
104          6.51%          0.06%          Fixed       30/360        Balloon        06/20/02          NAP         07/11/12
------------------------------------------------------------------------------------------------------------------------------
110          6.44%          0.06%          Fixed     Actual/360      Balloon        07/19/02          NAP         08/01/07
110a
110b
------------------------------------------------------------------------------------------------------------------------------
110c
118          7.10%          0.06%          Fixed     Actual/360      Balloon        05/28/02          NAP         06/01/12
118a
118b
118c
------------------------------------------------------------------------------------------------------------------------------
119          7.76%          0.06%          Fixed     Actual/360      Balloon        03/27/02          NAP         04/01/09
125          7.46%          0.06%          Fixed     Actual/360      Balloon        04/18/02          NAP         05/01/12
129          6.78%          0.06%          Fixed     Actual/360        ARD          06/04/02        07/01/12      07/01/32
131          7.25%          0.06%          Fixed     Actual/360      Partial IO/    04/01/02          NAP         04/01/12
                                                                       Balloon
132          7.88%          0.06%          Fixed     Actual/360      Balloon        06/26/02          NAP         07/01/12
138          7.37%          0.06%          Fixed     Actual/360      Balloon        05/06/02          NAP         06/01/12
139          6.88%          0.06%          Fixed       30/360        Balloon        06/02/98          NAP         07/01/08
142          7.42%          0.06%          Fixed     Actual/360      Balloon        05/10/02          NAP         06/01/12
145          7.13%          0.06%          Fixed     Actual/360      Balloon        05/31/02          NAP         06/01/12
151          6.85%          0.06%          Fixed     Actual/360      Balloon        06/07/02          NAP         07/01/12
158          7.46%          0.06%          Fixed     Actual/360      Balloon        05/14/02          NAP         06/01/12
159          7.14%          0.06%          Fixed     Actual/360      Balloon        05/13/02          NAP         06/01/12
160          7.24%          0.06%          Fixed     Actual/360      Balloon        03/21/02          NAP         04/01/12
162          7.60%          0.06%          Fixed     Actual/360        ARD          04/18/02        05/01/12      05/01/27
165          7.54%          0.11%          Fixed     Actual/360        ARD          06/07/02        07/01/12      07/01/27
166          7.20%          0.06%          Fixed     Actual/360      Balloon        04/25/02          NAP         05/01/12

</TABLE>

                                                               B-1B-3

<PAGE>

<TABLE>
<CAPTION>

                                                 Schedule of KeyBank Mortgage Loans

                                                                                              Original
                                                                                                Term            Stated
                                                         Monthly                                 to            Original
                                                          Debt                   Interest     Maturity/        Amortization
Control                                                  Service        Grace      Only          ARD             Term
Number     Loan / Property Name                          Payment        Period    Period       (months)        (months)
-------  -----------------------------------------    -------------    -------- ---------    -----------      -----------
<S>        <C>                                         <C>                 <C>     <C>           <C>              <C>
103        Jefferson Mall                              306,827.80          0       NAP           120              300
104        Regency Mall                                240,596.25          0       NAP           120              300
--------------------------------------------------------------------------------------------------------------------------------
110        Columbia Portfolio                          207,282.01          5       NAP            60              360
110a       Columbia Park Mobile Home Park
110b       Columbia Shopping Center
110c       Brook Park Mobile Home Park
--------------------------------------------------------------------------------------------------------------------------------
118        Shurgard Portfolio                          105,264.08          5       NAP           120              300
118a       Shurgard of Westpark Self Storage
118b       Shurgard of Cabot Road Self Storage
118c       Shurgard of Costa Mesa Self Storage
--------------------------------------------------------------------------------------------------------------------------------
119        Cathedral City Marketplace                  109,428.89          5       NAP            84              300
125        460 West 34th Street                         92,048.91          5       NAP           120              300
129        Coral Creek Shops                            66,828.97          5       NAP           120              360
131        The Seville Apartments                       66,171.10          5        6            120              360
132        The Commons at Sauk Trail Shopping Center    65,577.65          5       NAP           120              360
138        Hammonton Square                             48,323.41          5       NAP           120              360
139        Big Creek Apartments Phases I & II           46,665.67         10       NAP           120              360
142        Safeway at Ocotillo Retail Shops             41,104.37          5       NAP           120              360
145        Annex Apartments-Grigsby                     34,713.89          5       NAP           120              360
           Apartments-Gaston Apartments
151        Pheasant Run Apartments                      30,508.87          5       NAP           120              360
158        Otay Mesa Self Storage                       30,928.43          5       NAP           120              300
159        Villa Primavera Apartments                   29,345.14          5       NAP           120              300
160        Waterford Place Apartments                   27,499.96          5       NAP           120              300
162        Ashley Park Plaza                            26,838.29          5       NAP           120              300
165        Walgreens                                    21,654.57          5       NAP           120              300
166        Amber Glen Apartments                        13,575.76          5       NAP           120              360

<CAPTION>

                                  Stated
              Remaining          Remaining         Cut-off
               Term to          Amortization         Date            Loan
Control     Maturity/ARD           Term            Principal       Balance at
Number        (months)           (months)           Balance        Maturity/ARD
-------    --------------      --------------     -----------     --------------

<S>        <C>                 <C>                <C>             <C>
103             118                 298           45,278,606.01    35,200,512.50
104             118                 298           35,504,810.00    27,602,163.73
-----------------------------------------------------------------------------------
110              59                 359           32,975,721.32    31,046,845.46
110a
110b
110c
-----------------------------------------------------------------------------------
118             117                 297           14,711,707.94    11,846,122.16
118a
118b
118c
-----------------------------------------------------------------------------------
119
125              79                 295          14,404,266.65     12,863,549.21
129             116                 296          12,449,922.77     10,145,066.18
131             118                 358          10,258,244.74      8,908,319.54
132             115                 360           9,700,000.00      8,597,656.49
138             118                 358           9,031,498.80      8,064,529.25
139             117                 357           6,986,778.25      6,165,112.71
142              70                 310           6,756,085.65      6,075,370.26
145             117                 357           5,913,960.03      5,224,975.54
                117                 357           5,139,627.38      4,507,704.33
151             118                 358           4,649,892.17      4,045,549.44
158             117                 297           4,187,197.91      3,408,108.55
159             117                 297           4,086,689.42      3,294,662.90
160             115                 295           3,787,409.37      3,069,551.05
162             116                 296           3,585,988.27      2,934,069.49
165             118                 298           2,914,591.18      2,375,502.03
166             116                 356           1,994,848.30      1,754,030.17
</TABLE>

                                                               B-1B-4
<PAGE>

<TABLE>
<CAPTION>

                                                  Schedule of KeyBank Mortgage Loans

                                                                                               Yield              Yield
                                                                                              Mainten-           Mainten-
                                                           Defease-                             ance              ance
                                                            ance            Defease-           Period            Period
Control                                                     Start           ance End           Start              End
Number     Loan / Property Name                             Date              Date             Date               Date
-------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                            <C>                <C>               <C>                <C>
103        Jefferson Mall                                 07/11/05           01/10/12           NAP                NAP
104        Regency Mall                                   07/11/05           01/10/12           NAP                NAP
-------------------------------------------------------------------------------------------------------------------------------
110        Columbia Portfolio                             10/01/04           05/30/07           NAP                NAP
110a       Columbia Park Mobile Home Park
110b       Columbia Shopping Center
110c       Brook Park Mobile Home Park
-------------------------------------------------------------------------------------------------------------------------------
118        Shurgard Portfolio                             10/01/04           03/31/12           NAP                NAP
118a       Shurgard of Westpark Self Storage
118b       Shurgard of Cabot Road Self Storage
118c       Shurgard of Costa Mesa Self Storage
-------------------------------------------------------------------------------------------------------------------------------
119        Cathedral City Marketplace                     10/01/04           01/31/09           NAP                NAP
125        460 West 34th Street                           10/01/04           02/29/12           NAP                NAP
129        Coral Creek Shops                              10/01/04           03/31/12           NAP                NAP
131        The Seville Apartments                         10/01/04           01/31/12           NAP                NAP

132        The Commons at Sauk Trail Shopping Center      10/01/04           04/30/12           NAP                NAP
138        Hammonton Square                               10/01/04           03/31/12           NAP                NAP
139        Big Creek Apartments Phases I & II             NAP                NAP             06/01/03            12/31/07

142        Safeway at Ocotillo Retail Shops
145        Annex Apartments-Grigsby Apartments-           10/01/04           03/31/12           NAP                NAP
           Gaston Apartments                              10/01/04           03/31/12           NAP                NAP
151        Pheasant Run Apartments                        10/01/04           04/30/12           NAP                NAP
158        Otay Mesa Self Storage                         NAP                NAP             05/14/02            01/31/12

159        Villa Primavera Apartments                     10/01/04           03/31/12           NAP                NAP
160        Waterford Place Apartments                     10/01/04           01/31/12           NAP                NAP
162        Ashley Park Plaza                              10/01/04           01/31/12           NAP                NAP
165        Walgreens                                      10/01/04           03/31/12           NAP                NAP
166        Amber Glen Apartments                          10/01/04           02/29/12           NAP                NAP

<CAPTION>

                                                                          Yield
                                                                        Maintenance
                                                                         Interest
         Prepayment      Prepayment      Yield            Yield            Rate                 Yield
          Penalty         Penalty     Maintenance      Maintenance     Converted to          Maintenance
Control    Start            End       Calculation        Interest        Monthly             Interest Rate
Number     Date             Date         Method            Rate        Mortgage Rate        Reference Date
--------------------------------------------------------------------------------------------------------------
<S>      <C>             <C>           <C>               <C>             <C>                   <C>
103         NAP             NAP          NAP                 NAP             NAP                   NAP
104         NAP             NAP          NAP                 NAP             NAP                   NAP
--------------------------------------------------------------------------------------------------------------
110         NAP             NAP          NAP                 NAP             NAP                   NAP
110a
110b
110c
---------------------------------------------------------------------------------------------------------------
118         NAP            NAP           NAP                 NAP             NAP                   NAP
118a
118b
118c
---------------------------------------------------------------------------------------------------------------
119         NAP            NAP           NAP                 NAP             NAP                   NAP
125         NAP            NAP           NAP                 NAP             NAP                   NAP
129         NAP            NAP           NAP                 NAP             NAP                   NAP
131         NAP            NAP           NAP                 NAP             NAP                   NAP

132         NAP            NAP           NAP                 NAP             NAP                   NAP
138         NAP            NAP           NAP                 NAP             NAP                   NAP
139         NAP            NAP           Present             T-Flat          Yes                   Maturity
                                         Value
142
145         NAP            NAP           NAP                 NAP             NAP                   NAP
            NAP            NAP           NAP                 NAP             NAP                   NAP
151         NAP            NAP           NAP                 NAP             NAP                   NAP
158         NAP            NAP           Present             T-Flat          Yes                   Maturity
                                         Value

159         NAP            NAP           NAP                 NAP             NAP                   NAP
160         NAP            NAP           NAP                 NAP             NAP                   NAP
162         NAP            NAP           NAP                 NAP             NAP                   NAP
165         NAP            NAP           NAP                 NAP             NAP                   NAP
166         NAP            NAP           NAP                 NAP             NAP                   NAP

</TABLE>

                                                               B-1B-5

<PAGE>

<TABLE>
<CAPTION>
                                                 Schedule of KeyBank Mortgage Loans

                                                                                                Holdback
                                                                                 Holdback        Current         Holdback is
Control                                                                          Original       Balance as       a Letter of
Number        Loan / Property Name                               Originator      Balance        of 6/1/02          Credit
----------------------------------------------------------------------------------------------------------------------------
<S>     <C>                                                     <C>              <C>            <C>              <C>
103     Jefferson Mall                                          KeyBank, N.A.      NAP             NAP              NAP
104     Regency Mall                                            KeyBank, N.A.      NAP             NAP              NAP
----------------------------------------------------------------------------------------------------------------------------
110     Columbia Portfolio                                      KeyBank, N.A.   6,000,000      6,000,000            No

110a    Columbia Park Mobile Home Park                          KeyBank, N.A.      NAP             NAP              NAP
110b    Columbia Shopping Center                                KeyBank, N.A.      NAP             NAP              NAP
110c    Brook Park Mobile Home Park                             KeyBank, N.A.      NAP             NAP              NAP
----------------------------------------------------------------------------------------------------------------------------
118     Shurgard Portfolio                                      KeyBank, N.A.      NAP             NAP              NAP
118a    Shurgard of Westpark Self Storage                       KeyBank, N.A.      NAP             NAP              NAP
118b    Shurgard of Cabot Road Self Storage                     KeyBank, N.A.      NAP             NAP              NAP
118c    Shurgard of Costa Mesa Self Storage                     KeyBank, N.A.      NAP             NAP              NAP
----------------------------------------------------------------------------------------------------------------------------
119     Cathedral City Marketplace                              KeyBank, N.A.      NAP             NAP              NAP
125     460 West 34th Street                                    KeyBank, N.A.      NAP             NAP              NAP
129     Coral Creek Shops                                       KeyBank, N.A.      NAP             NAP              NAP

131     The Seville Apartments                                  KeyBank, N.A.      NAP             NAP              NAP
132     The Commons at Sauk Trail Shopping Center               KeyBank, N.A.      NAP             NAP              NAP
138     Hammonton Square                                        KeyBank, N.A.    442,000         442,000            Yes
139     Big Creek Apartments Phases I & II                      KeyBank, N.A.      NAP             NAP              NAP

142     Safeway at Ocotillo Retail Shops                        KeyBank, N.A.      NAP             NAP              NAP
145     Annex Apartments-Grigsby Apartments-Gaston Apartments   KeyBank, N.A.    325,000         325,093            No
151     Pheasant Run Apartments                                 KeyBank, N.A.      NAP             NAP              NAP
158     Otay Mesa Self Storage                                  KeyBank, N.A.    300,000         300,180            No
159     Villa Primavera Apartments                              KeyBank, N.A.      NAP             NAP              NAP

160     Waterford Place Apartments                              KeyBank, N.A.      NAP             NAP              NAP
162     Ashley Park Plaza                                       KeyBank, N.A.      NAP             NAP              NAP
165     Walgreens                                               KeyBank, N.A.      NAP             NAP              NAP
166     Amber Glen Apartments                                   KeyBank, N.A.      NAP             NAP              NAP

<CAPTION>

Control
Number               Holdback Description
--------------------------------------------------------------------------------------
<S>        <C>
103        NAP
104        NAP
--------------------------------------------------------------------------------------
110        To be released upon achieving specified operating income
           and dismissal, final settlement or final order with respect to pending
           litigation.If not satisfied within 18 months, the reserve will be applied
           against the outstanding principal balance of the loan.
110a       NAP
110b       NAP
110c       NAP
--------------------------------------------------------------------------------------
118        NAP
118a       NAP
118b       NAP
118c       NAP
--------------------------------------------------------------------------------------
119        NAP
125        NAP
129        NAP

131        NAP
132        NAP
138        Letter of Credit; Cost to relocate other tenants if Super Fresh expands.
139        NAP

142        NAP
145        Occupancy & EGI driven holdback.
151        NAP
158        Performance holdback.
159        NAP

160        NAP
162        NAP
165        NAP
166        NAP

</TABLE>

                                                               B-1B-6

<PAGE>

                                  EXHIBIT B-1C

                       SCHEDULE OF COLUMN MORTGAGE LOANS

                            [See Attached Schedule]

                                    B-1C-1

<PAGE>

<TABLE>
<CAPTION>
                                                   Column Mortgage Loan Schedule

                                                                                                                        Property
Control                            Loan      Loan                                                           Property    Size Unit
Number    Loan / Property Name    Number    Seller      Property Address         City      State  Zip Code    Size        Type
---------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                       <C>        <C>     <C>                       <C>          <C>    <C>       <C>         <C>
102    Westgate Mall             10016990   Column  205 West Blackstock Road  Spartanburg   SC     29301     432,856       SF

105    Westfarms Mall (a)        10017088   Column  500 Westfarms Mall        Farmington    CT     06032     600,148       SF

Footnotes:
---------------------------
(a)  Represents one of two pari passu A notes with equal Cut-off date principal balances. All LTV and DSCR statistics are
     calculated based upon both A notes, which have a combined Cut-off date principal balance of $157,744,298.39. All DSCR
     statistics are calculated based upon the highest Debt Service Payment shown in Annex A-3 of the Prospectus Supplement dated
     September 17, 2002.
</TABLE>

                                                               B-1C-2

<PAGE>

<TABLE>
<CAPTION>
                                                 Schedule of Column Mortgage Loans

                                                          Cross
                                                      Collateralized
                                                         Mortgage
                                         Cross          Loan Group
                                    Collateralized      Aggregate
                                       (Mortgage       Cut-Off Date                        Original                  Administrative
Control                                   Loan          Principal          Ownership       Principal     Mortgage         Fee
Number      Loan / Property Name         Group)          Balance           Interest        Balance         Rate           Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>                         <C>               <C>               <C>                 <C>            <C>         <C>
102    Westgate Mall                      No           56,248,958      Fee in part and     56,400,000      6.50%          0.06%
                                                                         Leasehold in
                                                                              part

105    Westfarms Mall (a)                 No           78,872,149      Fee Simple          79,000,000      5.89%          0.06%

<CAPTION>

                     Interest                                 Anticipated      Scheduled
Control  Rate         Accrual                       Note       Repayment        Maturity
Number   Type         Method        Loan Type       Date         Date             Date
------------------------------------------------------------------------------------------------
<S>      <C>         <C>            <C>
102      Fixed        30/360         Balloon       06/20/02       NAP           07/11/12

105      Fixed       Actual/360        ARD         07/01/02     07/11/12        07/11/32

Footnotes:
----------------------
(a)  Represents one of two pari passu A notes with equal Cut-off date principal balances. All LTV and DSCR statistics are calculated
     based upon both A notes, which have a combined Cut-off date principal balance of $157,744,298.39. All DSCR statistics are
     calculated based upon the highest Debt Service Payment shown in Annex A-3 of the Prospectus Supplement dated September 17,
     2002.
(b)  Based on the amortization schedule shown in Annex A-3 of the Prospectus Supplement dated September 17, 2002.
</TABLE>

                                                               B-1C-3

<PAGE>

<TABLE>
<CAPTION>
                                                 Schedule of Column Mortgage Loans

                                                                                   Original         Stated        Remaining
                                                                                    Term to        Original        Term to
                                          Monthly                   Interest       Maturity     Amortization      Maturity
Control                                Debt Service     Grace         Only           / ARD           Term           / ARD
Number      Loan / Property Name          Payment       Period       Period         (months)       (months)       (months)
------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                           <C>               <C>         <C>            <C>          <C>               <C>
102     Westgate Mall                   380,816.84        0            NAP            120            300             118

105     Westfarms Mall (a)              463,888.93        0            NAP            120            360             118

<CAPTION>

            Stated
           Remaining
          Amortization
Control       Term           Cut-off Date         Loan Balance at
Number      (months)       Principal Balance      Maturity / ARD
--------------------------------------------------------------------
<S>       <C>              <C>
102           298           56,248,958.35         43,716,406.58

105           358           78,872,149.20(b)      67,212,359.92(a)

Footnotes:
-----------------------
(a)  Represents one of two pari passu A notes with equal Cut-off date principal balances. All LTV and DSCR statistics are calculated
     based upon both A notes, which have a combined Cut-off date principal balance of $157,744,298.39. All DSCR statistics are
     calculated based upon the highest Debt Service Payment shown in Annex A-3 of the Prospectus Supplement dated September 17,
     2002.
(b)  Based on the amortization schedule shown in Annex A-3 of the Prospectus Supplement dated September 17, 2002.

</TABLE>

                                                               B-1C-4

<PAGE>

<TABLE>
<CAPTION>
                                                 Schedule of Column Mortgage Loans

                                                                         Yield           Yield
                                                                       Maintenance     Maintenance    Prepayment      Prepayment
Control                                   Defeaseance    Defeaseance     Period         Period          Penalty         Penalty
Number        Loan / Property Name        Start Date      End Date     Start Date      End Date       Start Date        End Date
---------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                               <C>           <C>           <C>              <C>            <C>             <C>
102     Westgate Mall                      07/11/05       01/10/12        NAP            NAP             NAP              NAP

105     Westfarms Mall (a)                 10/11/04       04/10/12        NAP            NAP             NAP              NAP

<CAPTION>

                                                 Yield
                                              Maintenance
              Yield                           Interest Rate            Yield
          Maintenance         Yeild           Converted to          Maintenance
Control   Calculation      Maintenance           Monthly            Interest Rate
Number       Method        Interest Rate      Mortgage Rate        Reference Date
---------------------------------------------------------------------------------------
<S>       <C>              <C>                <C>                  <C>
102           NAP              NAP                NAP                   NAP

105           NAP              NAP                NAP                   NAP

Footnotes:
----------------------
(a)  Represents one of two pari passu A notes with equal Cut-off date principal balances. All LTV and DSCR statistics are
     calculated based upon both A notes, which have a combined Cut-off date principal balance of $157,744,298.39. All DSCR
     statistics are calculated based upon the highest Debt Service Payment shown in Annex A-3 of the Prospectus Supplement
     dated September 17, 2002.
</TABLE>

                                                               B-1C-5

<PAGE>

<TABLE>
<CAPTION>
                                                 Schedule of Column Mortgage Loans

                                                              Holdback       Holdback        Holdback is a
Control                                                       Original    Current Balance     Letter of
Number      Loan / Property Name          Originator          Balance      as of 6/1/02        Credit         Holdback Description
----------------------------------------------------------------------------------------------------------------------------------

<S>      <C>                         <C>                      <C>         <C>                <C>              <C>
102      Westgate Mall               Column Finacial, Inc.      NAP            NAP               NAP                   NAP

105      Westfarms Mall (a)          Column Finacial, Inc.      NAP            NAP               NAP                   NAP

Footnotes:
------------------
(a) Represents one of two pari passu A notes with equal Cut-off date principal balances. All LTV and DSCR statistics are calculated
    based upon both A notes, which have a combined Cut-off date principal balance of $157,744,298.39. All DSCR statistics are
    calculated based upon the highest Debt Service Payment shown in Annex A-3 of the Prospectus Supplement dated September 17, 2002.
</TABLE>

                                                               B-1C-6

<PAGE>

<TABLE>
<CAPTION>
                                                       EXHIBIT B-1D

                                       SCHEDULE OF EARLY DEFEASANCE MORTGAGE LOANS

  Control                                          Loan                    Cut-off Date Principal
  Number        Loan / Property Name              Number     Originator           Balance                Defeasance Date
---------------------------------------------------------------------------------------------------------------------------

<S>         <C>                                  <C>         <C>           <C>                           <C>
137         Chatsworth Imperial Mobile           6602999        SBRC            7,243,656.88                03/21/03
            Home Park
143         Dana Point Marina Mobile Home        6603000        SBRC            5,426,235.04                03/21/03
            Park
163         35 Engel Street                      6601322        SBRC            3,024,622.84                10/01/01
164         Northwest Plaza Shopping Center      6603456        SBRC            2,937,848.59                09/30/03
</TABLE>

                                                         B-1D-1

<PAGE>

                                  EXHIBIT B-1E

               SCHEDULE OF ENVIRONMENTALLY INSURED MORTGAGE LOANS

                                     [None]

                                      B-1E-1

<PAGE>

                                  EXHIBIT B-1F

                  SCHEDULE OF PRIMARY SERVICED MORTGAGE LOANS

<TABLE>
<CAPTION>
Control                                     Loan                      Cut-off Date                                        Primary
 Number        Loan / Property Name         Number   Originator     Principal Balance       Primary Servicer           Servicing Fee
------------------------------------------------------------------------------------------------------------------------------------

<S>      <C>                               <C>          <C>         <C>                <C>                             <C>
  111    Wilton Executive Campus           7003003      SBRC         24,430,112.23     L.J. Melody & Company/GEMSA         0.060%
                                                                                       Loan Services, L.P.
  113    Northlake Apartments              7004458      SBRC         19,803,899.89     GMAC Commercial Mortgage Corp.      0.050%
  115    Cedar Crest Apartments            7004284      SBRC         16,944,314.21     GMAC Commercial Mortgage Corp.      0.075%
  116    Villas at Sunrise Mountain        7004771      SBRC         16,465,347.37     L.J. Melody & Company/GEMSA         0.060%
                                                                                       Loan Services, L.P.
  117    The Shops at Town Center          7003378      SBRC         16,000,000.00     GMAC Commercial Mortgage Corp.      0.080%
  122    Oak Mill Apartments               7004456      SBRC         13,600,749.44     GMAC Commercial Mortgage Corp.      0.050%
  123    Plaza de Hacienda                 7004294      SBRC         12,959,762.99     L.J. Melody & Company/GEMSA         0.080%
                                                                                       Loan Services, L.P.
  124    Shenandoah Square                 7003587      SBRC         12,934,050.48     L.J. Melody & Company/GEMSA         0.070%
                                                                                       Loan Services, L.P.
  126    Heritage Mall                     7003287      SBRC         12,384,772.73     L.J. Melody & Company/GEMSA         0.070%
                                                                                       Loan Services, L.P.
  127    Seekonk Crossing                  7003996      SBRC         12,331,089.11     L.J. Melody & Company/GEMSA         0.050%
                                                                                       Loan Services, L.P.
  134    Parker Towne Centre               7001097      SBRC          8,382,038.68     L.J. Melody & Company/GEMSA         0.090%
                                                                                       Loan Services, L.P.
  135    Food 4 Less                       7002471      SBRC          8,054,456.94     GMAC Commercial Mortgage Corp.      0.060%
  136    AAA Quality Storage-Long Beach    7003632      SBRC          7,259,431.52     L.J. Melody & Company/GEMSA         0.080%
                                                                                       Loan Services, L.P.
  141    202 Tillary Street                7004263      SBRC          5,970,563.95     L.J. Melody & Company/GEMSA         0.080%
                                                                                       Loan Services, L.P.
  146    Broad Creek Crossing Shopping     7003456      SBRC          5,067,561.69     GMAC Commercial Mortgage Corp.      0.100%
           Center
  148    Lincoln Plaza Shopping Center     7003332      SBRC          4,840,871.29     GMAC Commercial Mortgage Corp.      0.100%
  149    East-West Medical Center          7001423      SBRC          4,763,377.89     L.J. Melody & Company/GEMSA         0.090%
                                                                                       Loan Services, L.P.
  154    Three Fountains III Apartments    6603083      SBRC          4,557,765.70     L.J. Melody & Company/GEMSA         0.100%
                                                                                       Loan Services, L.P.
  155    Normandy Business Center          7001555      SBRC          4,448,758.82     L.J. Melody & Company/GEMSA         0.090%
                                                                                       Loan Services, L.P.
  161    Oxford Crest Apartments           7004350      SBRC          3,590,468.72     GMAC Commercial Mortgage Corp.      0.100%
  164    Northwest Plaza Shopping Center   6603456      SBRC          2,937,848.59     Financial Federal Savings Bank      0.080%
</TABLE>

                                                               B-1F-1

<PAGE>

                                  EXHIBIT B-1G

                     SCHEDULE OF CLASS X-2 REFERENCE RATES

   Interest                      Class X-2    Interest               Class X-2
    Accrual                      Reference     Accrual    Payment    Reference
    Period      Payment Date        Rate       Period       Date        Rate
   -----------------------------------------------------------------------------
       1          10/18/02        6.8557%        43       04/18/06    7.0536%
       2          11/18/02        7.0527%        44       05/18/06    6.8563%
       3          12/18/02        6.8558%        45       06/18/06    7.0537%
       4          01/18/03        6.8559%        46       07/18/06    6.8565%
       5          02/18/03        6.8560%        47       08/18/06    7.0539%
       6          03/18/03        6.8566%        48       09/18/06    7.0540%
       7          04/18/03        7.0531%        49       10/18/06    6.8567%
       8          05/18/03        6.8561%        50       11/18/06    7.0542%
       9          06/18/03        7.0533%        51       12/18/06    6.8538%
       10         07/18/03        6.8563%        52       01/18/07    6.8549%
       11         08/18/03        7.0534%        53       02/18/07    6.8560%
       12         09/18/03        7.0535%        54       03/18/07    6.8548%
       13         10/18/03        6.8565%        55       04/18/07    7.0511%
       14         11/18/03        7.0537%        56       05/18/07    6.8541%
       15         12/18/03        6.8566%        57       06/18/07    7.0513%
       16         01/18/04        7.0539%        58       07/18/07    6.8804%
       17         02/18/04        6.8578%        59       08/18/07    7.0771%
       18         03/18/04        6.8570%        60       09/18/07    7.0774%
       19         04/18/04        7.0541%        61       10/18/07    6.8811%
       20         05/18/04        6.8570%        62       11/18/07    7.0779%
       21         06/18/04        7.0543%        63       12/18/07    6.8970%
       22         07/18/04        6.8571%        64       01/18/08    7.0881%
       23         08/18/04        7.0545%        65       02/18/08    6.9001%
       24         09/18/04        7.0546%        66       03/18/08    6.8995%
       25         10/18/04        6.8573%        67       04/18/08    7.0920%
       26         11/18/04        7.0547%        68       05/18/08    6.9000%
       27         12/18/04        6.8575%        69       06/18/08    7.0928%
       28         01/18/05        6.8586%        70       07/18/08    6.9008%
       29         02/18/05        6.8597%        71       08/18/08    7.0941%
       30         03/18/05        6.8584%        72       09/18/08    7.0943%
       31         04/18/05        7.0551%        73       10/18/08    6.9032%
       32         05/18/05        6.8578%        74       11/18/08    7.0948%
       33         06/18/05        7.0553%        75       12/18/08    6.9036%
       34         07/18/05        6.8580%        76       01/18/09    6.9048%
       35         08/18/05        7.0555%        77       02/18/09    6.9192%
       36         09/18/05        7.0556%        78       03/18/09    6.8875%
       37         10/18/05        6.8582%        79       04/18/09    7.0675%
       38         11/18/05        7.0558%        80       05/18/09    6.8784%

                                    B-1G-1

<PAGE>

       39         12/18/05        6.8584%        81       06/18/09    7.0616%
       40         01/18/06        6.8595%        82       07/18/09    6.8728%
       41         02/18/06        6.8628%        83       08/18/09    7.0616%
       42         03/18/06        6.8569%        84       09/18/09    7.0557%

                                    B-1G-2

<PAGE>

                                 EXHIBIT B-1H

                     SCHEDULE OF MORTGAGE LOANS COVERED BY
                       GROUP TERRORISM INSURANCE POLICY

Control Number      Loan / Property Name                       Renewal Date
--------------      --------------------                       ------------

    106a         Greentree Apartments                       Septemeber 24, 2003

    106b         The Commons Apartments                     Septemeber 24, 2003

    107          Del Oro Apartments                         Septemeber 24, 2003

    108          Country Club Villas Apartments             Septemeber 24, 2003

    109          Royal Crest Apartments                     Septemeber 24, 2003

    127          Seekonk Crossing                           Septemeber 24, 2003

    128          Pines of Northwest Crossing Apartments     Septemeber 24, 2003

    164          Northwest Plaza Shopping Center            Septemeber 24, 2003

                                    B-1H-1

<PAGE>

                                  EXHIBIT B-2

                SCHEDULE OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

<TABLE>
<CAPTION>
September 30, 2002                                                                                               Exception Report

                                           Salomon Brothers Mortgage Securities, VII, Inc.
                                   Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2

-----------------------------------------------------------------------------------------------------------------------------
Collateral ID     Borrower Name                       Investor ID  Alternate Loan ID  Loan Amount      Doc Type   Exception
-------------     -------------                       -----------  -----------------  -----------      --------   ---------
-----------------------------------------------------------------------------------------------------------------------------
<S>             <C>                                   <C>          <C>                <C>              <C>        <C>
  1022002KEY2   Westgate Mall                         Column             10016990     56,400,000.00    MORT       20
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
  1512002KEY2   Pheasant Run Apartments               Key                10016993     4,656,000.00     MORT       04

-----------------------------------------------------------------------------------------------------------------------------
  1512002KEY2   Pheasant Run Apartments               Key                10016993     4,656,000.00     MORT       68
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
  1012002KEY2   Exchange Place                        SBRC               7001724      165,000,000.00   MORT       20
-----------------------------------------------------------------------------------------------------------------------------
  1412002KEY2   202 Tillary Street                    SBRC               7004263      6,000,000.00     MORT       20
-----------------------------------------------------------------------------------------------------------------------------
  1462002KEY2   Broad Creek Crossing Shopping Center  SBRC               7003456      5,100,000.00     MORT       20
-----------------------------------------------------------------------------------------------------------------------------
  1632002KEY2   35 Engel Street                       SBRC               6601322      3,360,000.00     MORT       20
-----------------------------------------------------------------------------------------------------------------------------
  1612002KEY2   Oxford Crest Apartments               SBRC               7004350      3,600,000.00     MORT       68
-----------------------------------------------------------------------------------------------------------------------------

<CAPTION>

-----------------------------------------------------------------------
Collateral ID     Exception Description      Notation
-------------     ---------------------      --------
-----------------------------------------------------------------------
<S>               <C>                        <C>
  1022002KEY2     UNRECORDED ORIGINAL
-----------------------------------------------------------------------

-----------------------------------------------------------------------
  1512002KEY2     PAGES ARE MISSING FROM     PAGES 22,23,24,25 MISSING
                  DOCUMENT
-----------------------------------------------------------------------
  1512002KEY2     CERTIFIED TRUE COPY
-----------------------------------------------------------------------

-----------------------------------------------------------------------
  1012002KEY2     UNRECORDED ORIGINAL
-----------------------------------------------------------------------
  1412002KEY2     UNRECORDED ORIGINAL
-----------------------------------------------------------------------
  1462002KEY2     UNRECORDED ORIGINAL
-----------------------------------------------------------------------
  1632002KEY2     UNRECORDED ORIGINAL
-----------------------------------------------------------------------
  1612002KEY2     CERTIFIED TRUE COPY
-----------------------------------------------------------------------
</TABLE>

                                                               B-2-1

<PAGE>

                                  EXHIBIT B-3

                        FORM OF CUSTODIAL CERTIFICATION

                                     [date]

Salomon Brothers Mortgage             Wells Fargo Bank Minnesota, N.A.
  Securities VII, Inc.                45 Broadway, 12th Floor
388 Greenwich Street                  New York, New York  10006
New York, New York  10013

Salomon Brothers Realty Corp.         KeyCorp Real Estate Capital Markets, Inc.
388 Greenwich Street                  d/b/a Key Commercial Mortgage
New York, New York  10013             911 Main Street, Suite 1500
                                      Kansas City, Missouri 64105

ARCap Special Servicing, Inc.         KeyBank National Association
ARCap CMBS Fund REIT, Inc.            911 Main Street, Suite 1500
5605 North MacArthur Blvd.            Kansas City, Missouri 64105
Irving, Texas 75038

Column Financial, Inc.
3414 Peachtree Road, N.E., Suite 1140
Atlanta, Georgia 30326

          Re:  Salomon Brothers Mortgage Securities VII, Inc.,
               Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2
               ---------------------------------------------------------------

Ladies and Gentlemen:

          Pursuant to Section 2.02(b) of the Pooling and Servicing Agreement
dated as of September 11, 2002 and related to the above-referenced
Certificates (the "Agreement"), Wells Fargo Bank Minnesota, N.A. as trustee
(the "Trustee"), hereby certifies as to each Original Mortgage Loan subject to
the Agreement (except as identified in the exception report attached hereto)
that: if such Mortgage Loan is a Serviced Mortgage Loan, the original Mortgage
Note specified in clause (a)(i) of the definition of "Mortgage File" in the
Agreement and all allonges thereto, if any (or a copy of such Mortgage Note,
together with a "lost note affidavit and

                                    B-3-1

<PAGE>

indemnity" certifying that the original of such Mortgage Note has been lost),
the original or a copy of each document specified in clauses (a)(ii), (a)(iv),
and (a)(vii) of the definition of "Mortgage File" in the Agreement, originals
or copies of any documents specified in clauses (a)(iii), (a)(v), (a)(ix),
(a)(x), (a)(xi), (a)(xii), (a)(xiii) and (a)(xiv) of the definition of
"Mortgage File" in the Agreement (to the extent that the Trustee has actual
knowledge that such documents exist), and any other Specially Designated
Mortgage Loan Documents (without regard to modification agreements and
assumption agreements), have been received by the Trustee or a Custodian on
its behalf; (ii) if such Mortgage Loan is the Westfarms Mall Mortgage Loan,
the original Mortgage Note specified in clause (b)(i) of the definition of
"Mortgage File" in the Agreement and all allonges thereto, if any (or a copy
of such Mortgage Note, together with a "lost note affidavit and indemnity"
certifying that the original of such Mortgage Note has been lost), and the
original or a copy of each document specified in clauses (b)(ii), (b)(iii) and
(b)(iv) of the definition of "Mortgage File" in the Agreement, have been
received by the Trustee or a Custodian on its behalf; (iii) if such report is
more than 180 days after the Closing Date, the recordation/filing contemplated
by Section 2.01(e) in the Agreement (except in the case of the Westfarms Mall
Mortgage Loan) has been completed (based solely on receipt by the Trustee or a
Custodian on its behalf of the particular recorded/filed documents or an
appropriate receipt of recording/filing therefor); (iv) 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 Borrower and Lender), (B) appear to have
been executed and (C) purport to relate to such Mortgage Loan; and (iv) based
on the examinations referred to in Section 2.02(a) and Section 2.02(b) of the
Agreement and only as to the foregoing documents, the information set forth in
the Mortgage Loan Schedule with respect to the items specified in clauses
(iii)(A) and (vi)(B) of the definition of "Mortgage Loan Schedule" in the
Agreement accurately reflects the information set forth in the Mortgage File.

          Pursuant to Section 2.02(c) of the Agreement, the Trustee is not
under any 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, except as expressly provided in Section 2.01(e) of the Agreement,
the Trustee shall not 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 reviews contemplated by Section 2.02(a) and
Section 2.02(b) of the Agreement, the Trustee or a Custodian on its behalf may
have conclusively relied on the related Mortgage Loan Seller as to the
purported genuineness of any such document and any signature thereon. It is
understood that the scope of the Trustee's and any Custodian's review of the
Mortgage Files is limited solely to confirming that the documents specified in
clauses (a)(i), (a)(ii), (a)(iii) (to the extent that the Trustee has actual
knowledge that such documents exist), (a)(iv), (a)(v) (to the extent that the
Trustee has actual knowledge that such documents exist), (a)(vi) (to the
extent that the Trustee has actual knowledge that such documents exist),
(a)(vii), (a)(ix) through (a)(xiii) (to the extent that the Trustee has actual
knowledge that such documents exist), (a)(xiv), (b)(i), (b)(ii), (b)(iii) and
(b)(iv) of the definition of "Mortgage File" in the Agreement have been
received and such additional information as will be necessary for making
and/or delivering the certifications required by Section 2.02(a) and Section
2.02(b) of the Agreement. Further, with respect to UCC filings, absent actual
knowledge or copies of UCC filings in the Mortgage File indicating otherwise,
the Trustee shall assume for purposes of the certifications delivered pursuant
to Section 2.02 of the Agreement, that one state level UCC filing and one
county level UCC filing was made for each Mortgaged Property operated as a
healthcare or hospitality property.

                                    B-3-2

<PAGE>

          Capitalized terms used herein and not otherwise defined shall have
the respective meanings assigned to them in the Agreement.

                                     Respectfully,

                                     WELLS FARGO BANK MINNESOTA, N.A.
                                     not in its individual capacity but solely
                                     as Custodian

                                     By:   ____________________________________
                                     Name:
                                     Title:

                                    B-3-3

<PAGE>

                                   EXHIBIT C

                        LETTERS OF REPRESENTATIONS AMONG
                        DEPOSITOR AND INITIAL DEPOSITORY

                                    C-1-1

<PAGE>

                                                                     Exhibit C

                                  [DTC LOGO]

         Book-Entry-Only Collateralized Mortgage Obligations (CMOs)--
           Without Owner Option to Redeem/Pass-Through Securities/
                          and Asset-Backed Securities

                           Letter of Representations
                    [To be Completed by Issuer and Agent]

               Salomon Brothers Mortgage Securities VII, Inc.**
          ---------------------------------------------------------
                               [Name of Issuer]

                       Wells Fargo Bank Minnesota, N.A.
          ---------------------------------------------------------
                                [Name of Agent]

                                                        September 26, 2002
                                                        -----------------------
                                                                   [Date]

Attention: General Counsel's Office
The Depository Trust Company
55 Water Street 49th Floor
New York, NY 10041-0099

                Re:  SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
                     --------------------------------------------------

                     COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                     --------------------------------------------------

                     SERIES 2002-KEY2
                     --------------------------------------------------
                          [Issue description (the "Securities")]

Ladies and Gentlemen:

       This letter sets forth our understanding with respect to certain
matters relating to the Securities. Agent shall act as trustee, paying agent,
fiscal agent, or other such agent of Issuer with respect to the Securities.
The Securities have been issued pursuant to a Pooling and Servicing Agreement
dated as of September 11, 2002 (the "Pooling and Servicing Agreement") among
Salomon Brothers among Salomon Brothers Mortgage Securities VII, Inc. as
Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a Key Commercial
Mortgage, as Master Servicer, ARCap Special Servicing, Inc., as Special
Servicer and Wells Fargo Bank Minnesota, N.A., as Trustee.  Salomon Smith
Barney Inc., Credit Suisse First Boston Corporation, McDonald
Investments Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated
(collectively, the "Underwriters") are distributing the Securities through The
Depository Trust Company ("DTC").

-------------------
**All obligations hereunder of the Issuer will be performed by the Depositor
or the Depositor will cause the Issuer to perform such obligations.

<PAGE>

       To induce DTC to accept the Securities as eligible for deposit at DTC,
and to act in accordance with its Rules with respect to the Securities, Issuer
and Agent make the following representations to DTC:

       1. Prior to closing on the Securities on September 26, 2002 there shall
be deposited with DTC one or more Security certificates registered in the name
of DTC's nominee, Cede & Co., for each stated maturity of the Securities in
the face amounts set forth on Schedule A hereto, the total of which represents
100% of the principal amount of such Securities. If, however, the aggregate
principal amount of any maturity exceeds $400 million, one certificate shall
be issued with respect to each $400 million of principal amount and an
additional certificate shall be issued with respect to any remaining principal
amount. Each Security certificate shall bear the following legend:

          Unless this certificate is presented by an authorized representative
     of The Depository Trust Company, a New York corporation ("DTC"), to
     Issuer or its agent for registration of transfer, exchange, or payment,
     and any certificate issued is registered in the name of Cede & Co. or in
     such other name as is requested by an authorized representative of DTC
     (and any payment 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.

Issuer represents: [Note: Issuer must represent one of the following, and
shall cross out the other.]

       [The Security certificate(s) shall remain in Agent's custody as a
"Balance Certificate" subject to the provisions of the Balance Certificate
Agreement between Agent and DTC currently in effect.

       On each day on which Agent is open for business and on which it
receives an instruction originated by a DTC participant ("Participant")
through DTC's Deposit/Withdrawal at Custodian ("DWAC") system to increase the
Participant's account by a specified number of Securities (a "Deposit
Instruction"), Agent shall, no later than 6:30 p.m. (Eastern Time) that day,
either approve or cancel the Deposit Instruction through the DWAC system.

       On each day on which Agent is open for business and on which it
receives an instruction originated by Participant through the DWAC system to
decrease the Participant's account by a specified number of Securities (a
"Withdrawal Instruction"), Agent shall, no later than 6:30 p.m. (Eastern Time)
that day, either approve or cancel the Withdrawal Instruction through the DWAC
system.

                                      -2-
<PAGE>

       Agent agrees that its approval of a Deposit or Withdrawal Instruction
shall be deemed to be the receipt by DTC of a new reissued or reregistered
certificated Security on registration of transfer to the name of Cede & Co.
for the quantity of Securities evidenced by the Balance Certificate after the
Deposit or Withdrawal Instruction is effected.]

       2. Issuer: (a) understands that DTC has no obligation to, and will not,
communicate to its Participants or to any person having an interest in the
Securities any information contained in the Security certificate(s); and (b)
acknowledges that neither DTC's Participants nor any person having an interest
in the Securities shall be deemed to have notice of the provisions of the
Security certificates by virtue of submission of such certificate(s) to DTC.

       3. In the event of any solicitation of consents from or voting by
holders of the Securities, Issuer or Agent shall establish a record date for
such purposes (with no provision for revocation of consents or votes by
subsequent holders) and shall send notice of such record date to DTC no fewer
than 15 calendar days in advance of such record date. Notices to DTC pursuant
to this Paragraph by telecopy shall be directed to DTC's Reorganization
Department, Proxy Unit at (212) 855-5181 or (212) 855-5182. If the party
sending the notice does not receive a telecopy receipt from DTC confirming
that the notice has been received, such party shall telephone (212) 855-5202.
Notices to DTC pursuant to this Paragraph, by mail or by any other means,
shall be sent to:

                        Supervisor, Proxy Unit
                        Reorganization Department
                        The Depository Trust Company
                        55 Water Street 50th Floor
                        New York, NY 10041-0099

       4. In the event of a full or partial redemption, Issuer or Agent shall
send a notice to DTC specifying: (a) the amount of the redemption or
refunding; (b) in the case of a refunding, the maturity date(s) established
under the refunding; and (c) the date such notice is to be distributed to
Security holders (the "Publication Date"). Such notice shall be sent to DTC by
a secure means (e.g., legible telecopy, registered or certified mail,
overnight delivery) in a timely manner designed to assure that such notice is
in DTC's possession no later than the close of business on the business day
before or, if possible, two business days before the Publication Date. Issuer
or Agent shall forward such notice either in a separate secure transmission
for each CUSIP number or in a secure transmission for multiple CUSIP numbers
(if applicable) which includes a manifest or list of each CUSIP number
submitted in that transmission. (The party sending such notice shall have a
method to verify subsequently the use of such means and the timeliness of such
notice.) The Publication Date shall be no fewer than 30 days nor more than 60
days prior to the redemption date or, in the case of an advance refunding, the
date that the proceeds are deposited in escrow. Notices to DTC pursuant to
this Paragraph by telecopy shall be directed to DTC's Call Notification
Department at (516) 227-4164 or (516) 227-4190. If the party sending the
notice does not receive a telecopy receipt from DTC confirming that the notice
has been received, such party shall telephone (516) 227-4070. Notices to DTC
pursuant to this Paragraph, by mail or by any other means, shall be sent to:

                                      -3-
<PAGE>

                        Manager, Call Notification Department
                        The Depository Trust Company
                        711 Stewart Avenue
                        Garden City, NY 11530-4719

       5. In the event of an invitation to tender the Securities (including
mandatory tenders, exchanges, and capital changes), notice by Issuer or Agent
to Security holders shall be sent to DTC specifying the terms of the tender
and the Publication Date of such notice. Such notice shall be sent to DTC by a
secure means (e.g., legible telecopy, registered or certified mail, overnight
delivery) in a timely manner designed to assure that such notice is in DTC's
possession no later than the close of business on the business day before or,
if possible, two business days before the Publication Date. Issuer or Agent
shall forward such notice either in a separate secure transmission for each
CUSIP number or in a secure transmission for multiple CUSIP numbers (if
applicable) which includes a manifest or list of each CUSIP number submitted
in that transmission. (The party sending such notice shall have a method to
verify subsequently the use and timeliness of such notice.) Notices to DTC
pursuant to this Paragraph and notices of other corporate actions by telecopy
shall be directed to DTC's Reorganization Department at (212) 855-5488. If the
party sending the notice does not receive a telecopy receipt from DTC
confirming that the notice has been received, such party shall telephone (212)
855-5290. Notices to DTC pursuant to this Paragraph, by mail or by any other
means, shall be sent to:

                      Manager, Reorganization Department
                      Reorganization Window
                      The Depository Trust Company
                      55 Water Street 50th Floor
                      New York, NY  10041-0099

       6. It is understood that if the Security holders shall at any time have
the right to tender the Securities to Issuer and require that Issuer
repurchase such holders' Securities pursuant to the Document and Cede & Co.,
as nominee of DTC, or its registered assigns, as the record owner, is entitled
to tender the Securities, such tenders will be effected by means of DTC's
Repayment Option Procedures. Under the Repayment Option Procedures, DTC shall
receive, during the applicable tender period, instructions from its
Participants to tender Securities for purchase. Issuer and Agent agree that
such tender for purchase may be made by DTC by means of a book-entry credit of
such Securities to the account of Agent, provided that such credit is made on
or before the final day of the applicable tender period. DTC agrees that
promptly after the recording of any such book-entry credit, it will provide to
Agent an Agent Receipt and Confirmation or the equivalent, in accordance with
the Repayment Option Procedures, identifying the Securities and the aggregate
principal amount thereof as to which such tender for purchase has been made.

       Agent shall send DTC notice regarding such optional tender by hand or
by a secure means (e.g., legible facsimile transmission, registered or
certified mail, overnight delivery) in a timely manner designed to assure that
such notice is in DTC's possession no later than the close of business two
business days before the Publication Date. The Publication Date shall be no
fewer than 15 days prior to the expiration date of the applicable tender
period. Such notice shall state whether any partial redemption of the
Securities is scheduled to occur during the applicable optional tender

                                      -4-
<PAGE>
period. Notices to DTC pursuant to this Paragraph by telecopy shall be
directed to DTC's Put Bond Unit at (212) 855-5235. If the party sending the
notice does not receive a telecopy receipt from DTC confirming that the notice
has been received, such party shall telephone (212) 855-5230. Notices to DTC
pursuant to this Paragraph, by mail or by any other means, shall be sent to:

                        Supervisor, Put Bond Unit
                        Reorganization Department
                        The Depository Trust Company
                        55 Water Street 50th Floor
                        New York, NY 10041-0099

       7. All notices and payment advices sent to DTC shall contain the CUSIP
number of the Securities.

       8. Issuer or Agent shall send DTC written notice with respect to the
dollar amount per $1,000 original face value (or other minimum authorized
denomination if less than $1,000 face value) payable on each payment date
allocated as to the interest and principal portions thereof preferably five,
but no fewer than two, business days prior to such payment date. Such notices,
which shall also contain the current pool factor, any special adjustments to
principal/interest rates (e.g., adjustments due to deferred interest or
shortfall), and Agent contact's name and telephone number, shall be sent by
telecopy to DTC's Dividend Department at (212) 855-4555, and receipt of such
notices shall be confirmed by telephoning (212) 855-4550. Notices to DTC,
pursuant to this Paragraph, by mail or by any other means, shall be sent to:

                        Manager, Announcements
                        Dividend Department
                        The Depository Trust Company
                        55 Water Street 25th Floor
                        New York, NY 10041-0099

       9. Issuer represents: [Note: Issuer must represent one of the
following, and shall cross out the other.] The interest accrual period for any
distribution date will be the calendar month immediately preceding the month
in which that distribution date occurs.

       10. Issuer or Agent shall provide a written notice of interest payment
information, including the stated coupon rate information, to DTC as soon as
the information is available. Issuer or Agent shall provide such notice
directly to DTC electronically, as previously arranged by Issuer or Agent and
DTC. If electronic transmission has not been arranged, absent any other
arrangements between Issuer or Agent and DTC, such information shall be sent
by telecopy to DTC's Dividend Department at (212) 855-4555 or (212) 855-4556.
If the party sending the notice does not receive a telecopy receipt from DTC
confirming that the notice has been received, such party shall telephone (212)
855-4550. Notices to DTC pursuant to this Paragraph, by mail or by any other
means, shall be sent to DTC's Dividend Department as indicated in Paragraph 8.

                                      -5-
<PAGE>
       11. Interest payments and principal payments that are part of periodic
principal-and-interest payments shall be received by Cede & Co., as nominee of
DTC, or its registered assigns, in same-day funds no later than 2:30 p.m.
(Eastern Time) on each payment date. Issuer shall remit by 1:00 p.m. (Eastern
Time) on the payment date all such interest payments due Agent, or at such
earlier time as may be required by Agent to guarantee that DTC shall receive
payment in same-day funds no later than 2:30 p.m. (Eastern Time) on the
payment date. Absent any other arrangements between Issuer or Agent and DTC,
such funds shall be wired to the Dividend Deposit Account number that will be
stamped on the signature page hereof at the time DTC executes this Letter of
Representations.

       12. Issuer or Agent shall provide DTC's Dividend Department, no later
than 12:00 noon (Eastern Time) on the payment date, automated notification of
CUSIP-level detail. If the circumstances prevent the funds paid to DTC from
equaling the dollar amount associated with the detail payments by 12:00 noon
(Eastern Time), Issuer or Agent must provide CUSIP-level reconciliation to DTC
no later than 2:30 p.m. (Eastern Time). Reconciliation must be provided by
either automated means or written format. Such reconciliation notice, if sent
by telecopy, shall be directed to DTC Dividend Department at (212) 855-4633
and receipt of such reconciliation notice shall be confirmed by telephoning
(212) 855-4430.

       13. Maturity and redemption payments allocated with respect to each
CUSIP number shall be received by Cede & Co., as nominee of DTC, or its
registered assigns, in same-day funds no later than 2:30 p.m. (Eastern Time)
on the payment date. Issuer shall remit by 1:00 p.m. (Eastern Time) on the
payment date all such maturity and redemption payments due Agent, or at such
earlier time as required by Agent to guarantee that DTC shall receive payment
in same-day funds no later than 2:30 p.m. (Eastern Time) on the payment date.
Absent any other arrangements between Issuer or Agent and DTC, such funds
shall be wired to the Redemption Deposit Account number that will be stamped
on the signature page hereof at the time DTC executes this Letter of
Representations.

       14. Principal payments (plus accrued interest, if any) as the result of
optional tenders for purchase effected by means of DTC's Repayment Option
Procedures shall be received by Cede & Co., as nominee of DTC, or its
registered assigns, in same-day funds no later than 2:30 p.m. (Eastern Time)
on the payment date. Issuer shall remit by 1:00 p.m. (Eastern Time) on the
payment date all such reorganization payments due Agent, or at such earlier
time as required by Agent to guarantee that DTC shall receive payment in
same-day funds no later than 2:30 p.m. (Eastern Time) on the payment date.
Absent any other arrangements between Issuer or Agent and DTC, such funds
shall be wired to the Reorganization Deposit Account number that will be
stamped on the signature page hereof at the time DTC executes this Letter of
Representations.

       15. Agent shall send DTC all periodic certificate holders remittance
reports with respect to the Securities. If sent by facsimile transmission,
such reports shall be sent to (212) 855-4777. If the party sending the report
does not receive a telecopy receipt from DTC confirming that the notice has
been received, such party shall telephone (212) 855-4590.

       16. DTC may direct Issuer or Agent to use any other number or address
as the number or address to which notices or payments of interest or principal
may be sent.

                                      -6-
<PAGE>

       17. In the event of a redemption, acceleration, or any other similar
transaction (e.g., tender made and accepted in response to Issuer's or Agent's
invitation) necessitating a reduction in the aggregate principal amount of
Securities outstanding or an advance refunding of part of the Securities
outstanding, DTC, in its discretion: (a) may request Issuer or Agent to issue
and authenticate a new Security certificate; or (b) may make an appropriate
notation on the Security certificate indicating the date and amount of such
reduction in principal except in the case of final maturity, in which case the
certificate will be presented to Issuer or Agent prior to payment, if
required.

       18. In the event that Issuer determines that beneficial owners of
Securities shall be able to obtain certificated Securities, Issuer or Agent
shall notify DTC of the availability of certificates. In such event, Issuer or
Agent shall issue, transfer, and exchange certificates in appropriate amounts,
as required by DTC and others.

       19. DTC may discontinue providing its services as securities depository
with respect to the Securities at any time by giving reasonable notice to
Issuer or Agent (at which time DTC will confirm with Issuer or Agent the
aggregate principal amount of Securities outstanding). Under such
circumstances, at DTC's request Issuer and Agent shall cooperate fully with
DTC by taking appropriate action to make available one or more separate
certificates evidencing Securities to any Participant having Securities
credited to its DTC accounts.

       20. Nothing herein shall be deemed to require Agent to advance funds on
behalf of Issuer.

       21. This Letter of Representations may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an
original, but all such counterparts together shall constitute but one and the
same instrument.

       22. This Letter of Representations shall be governed by, and construed
in accordance with, the laws of the State of New York, without giving effect
to principles of conflicts of law.

       23. The sender of each notice delivered to DTC pursuant to this Letter
of Representations is responsible for confirming that such notice was properly
received by DTC.

       24. Issuer recognizes that DTC does not in any way undertake to, and
shall not have any responsibility to, monitor or ascertain the compliance of
any transactions in the Securities with the following, as amended from time to
time: (a) any exemptions from registration under the Securities Act of 1933;
(b) the Investment Company Act of 1940; (c) the Employee Retirement Income
Security Act of 1974; (d) the Internal Revenue Code of 1986; (e) any rules of
any self-regulatory organizations (as defined under the Securities Exchange Act
of 1934); or (f) any other local, state, or federal laws or regulations
thereunder.

       25. Issuer hereby authorizes DTC to provide to Agent listings of
Participants' holdings, known as Securities Position Listings ("SPLs") with
respect to the Securities from time to time at the request of the Agent. DTC
charges a fee for such SPLs. This authorization, unless revoked by Issuer,
shall continue with respect to the Securities while any Securities are on
deposit

                                      -7-
<PAGE>

at DTC, until and unless Agent shall no longer be acting. In such event,
Issuer shall provide DTC with similar evidence, satisfactory to DTC, of the
authorization of any successor thereto so to act. Requests for SPLs shall be
sent by telecopy to the Proxy Unit of DTC's Reorganization Department at (212)
855-5181 or (212) 855-5182. Receipt of such requests shall be confirmed by
telephoning (212) 855-5202. Requests for SPLs, sent by mail or by any other
means, shall be directed to the address indicated in Paragraph 3.

       26. Issuer and Agent shall comply with the applicable requirements
stated in DTC's Operational Arrangements, as they may be amended from time to
time. DTC's Operational Arrangements are posted on DTC's website at
"www.DTC.org."

       27. The following rider(s), attached hereto, are hereby incorporated
into this Letter of Representations:

RIDER 1: Representations for Rule 144A Securities
-------------------------------------------------------------------------

RIDER 2: Representations for Rule 144A Securities (Portal)
-------------------------------------------------------------------------

                                      -8-
<PAGE>

Notes:
-----

A. If there is an Agent (as defined in this Letter of Representations), Agent
as well as Issuer must sign this Letter. If there is no Agent, in signing this
Letter Issuer itself undertakes to perform all of the obligations set forth
herein.

B. Schedule B contains statements that DTC believes accurately describe DTC,
the method of effecting book-entry transfers of securities distributed through
DTC, and certain related matters.

                               Very truly yours,

                                 Salomon Brothers Mortgage Securities VII, Inc.
                                 -----------------------------------------------
                                                  [Issuer]

                                 By: ___________________________________________
                                        [Authorized Officer's Signature]

                                 Wells Fargo Bank Minnesota, N.A.
                                 -----------------------------------------------
                                                [Agent]

                                 By: ___________________________________________
                                        [Authorized Officer's Signature]

Received and Accepted:
THE DEPOSITORY TRUST COMPANY

cc:    Underwriter/Placement Agent
       Underwriter's/Placement Agent's Counsel

                                      -9-
<PAGE>
<TABLE>

                                                                SCHEDULE A
                                                                -----------

                Salomon Brothers Mortgage Securities VII, Inc.
                 Commercial Mortgage Pass-Through Certificates
                               Series 2002-KEY2

---------------- ------------------- --------------------- ------------------ -----------------------
Class                CUSIP No.         Principal Amount        Maturity       Initial Pass-Through
-----                ---------         ----------------        --------       --------------------
                                                                                     Rate(1)
                                                                                     -------
<S>              <C>                 <C>                   <C>                <C>
---------------- ------------------- --------------------- ------------------ -----------------------
A-1                  79548CCN4       $        87,597,000       July 2007             3.2220%
---------------- ------------------- --------------------- ------------------ -----------------------
A-2                  79548CCP9       $       425,000,000     February 2012           4.4670%
---------------- ------------------- --------------------- ------------------ -----------------------
A-3                  79548CCQ7       $       252,265,000       July 2012             4.8650%
---------------- ------------------- --------------------- ------------------ -----------------------
B                    79548CCR5       $        39,643,000       July 2012             5.0150%
---------------- ------------------- --------------------- ------------------ -----------------------
C                    79548CCS3       $         9,327,000       July 2012             5.0450%
---------------- ------------------- --------------------- ------------------ -----------------------
D                    79548CCT1       $         9,328,000       July 2012             5.0740%
---------------- ------------------- --------------------- ------------------ -----------------------
E                    79548CCU8       $        13,991,000       July 2012             5.0840%
---------------- ------------------- --------------------- ------------------ -----------------------
F                    79548CCV6       $         9,328,000       July 2012             5.1630%
---------------- ------------------- --------------------- ------------------ ----------------------
H(3)                 79548CCZ7       $        6,996,000        July 2012             5.5590%
---------------- ------------------- --------------------- ------------------ ----------------------
J(3)                 79548CDA1       $       13,992,000        July 2012             5.6580%
---------------- ------------------- --------------------- ------------------ ----------------------
K(3)                 79548CDB9       $        9,327,000        July 2012             5.9540%
---------------- ------------------- --------------------- ------------------ ----------------------
L(3)                 79548CDC7       $       13,991,000        July 2012             6.1500%
---------------- ------------------- --------------------- ------------------ ----------------------
M(3)                 79548CDD5       $        9,328,000        July 2012             6.1500%
---------------- ------------------- --------------------- ------------------ ----------------------
N(3)                 79548CDE3       $        4,663,000        July 2012             6.1500%
---------------- ------------------- --------------------- ------------------ ----------------------
P(3)                 79548CDF0       $        2,332,000        July 2012             6.1500%
---------------- ------------------- --------------------- ------------------ ----------------------
Q(3)                 79548CDG8       $        6,996,000        July 2012             6.1500%
---------------- ------------------- --------------------- ------------------ ----------------------
S(3)                 79548CDH6       $        6,996,000        July 2012             6.1500%
---------------- ------------------- --------------------- ------------------ ----------------------
T(3)                 79548CDJ2       $       11,659,715     September 2018           6.1500%
---------------- ------------------- --------------------- ------------------ ----------------------
X-1(3)               79548CDK9       $     932,759,715(2)   September 2018           1.3579%
---------------- ------------------- --------------------- ------------------ ----------------------
X-2(3)               79548CDL7       $     409,554,000(2)   September 2009           2.0424%
---------------- ------------------- --------------------- ------------------ ----------------------

</TABLE>

(1) Approximate
(2) Notional Amount
(3) Rule 144A Securities

                                     -10-
<PAGE>

                                                                SCHEDULE B
                                                                ----------

                      SAMPLE OFFERING DOCUMENT LANGUAGE
                      DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
                      -----------------------------------
 (Prepared by DTC--bracketed material may be applicable only to certain issues)

       1. The Depository Trust Company ("DTC"), New York, NY, will act as
securities depository for the securities (the "Securities"). The Securities
will be issued as fully-registered securities registered in the name of Cede &
Co. (DTC's partnership nominee) or such other name as may be requested by an
authorized representative of DTC. One fully-registered Security certificate
will be issued for [each issue of] the Securities, [each] in the aggregate
principal amount of such issue, and will be deposited with DTC. [If, however,
the aggregate principal amount of [any] issue exceeds $400 million, one
certificate will be issued with respect to each $400 million of principal
amount and an additional certificate will be issued with respect to any
remaining principal amount of such issue.]

       2. DTC is a limited-purpose trust company organized under the New York
Banking Law, a "banking organization" within the meaning of the New York
Banking Law, a member of the Federal Reserve System, a "clearing corporation"
within the meaning of the New York Uniform Commercial Code, and a "clearing
agency" registered pursuant to the provisions of Section 17A of the Securities
Exchange Act of 1934. DTC holds securities that its participants ("Direct
Participants") deposit with DTC. DTC also facilitates the settlement among
Direct Participants of securities transactions, such as transfers and pledges,
in deposited securities through electronic computerized book-entry changes in
Direct Participants' accounts, thereby eliminating the need for physical
movement of securities certificates. Direct Participants include securities
brokers and dealers, banks, trust companies, clearing corporations, and
certain other organizations. DTC is owned by a number of its Direct
Participants and by the New York Stock Exchange, Inc., the American Stock
Exchange LLC, and the National Association of Securities Dealers, Inc. Access
to the DTC system is also available to others such as securities brokers and
dealers, banks, and trust companies that clear through or maintain a custodial
relationship with a Direct Participant, either directly or indirectly
("Indirect Participants"). The Rules applicable to DTC and its Direct and
Indirect Participants are on file with the Securities and Exchange Commission.

       3. Purchases of Securities under the DTC system must be made by or
through Direct Participants, which will receive a credit for the Securities on
DTC's records. The ownership interest of each actual purchaser of each
Security ("Beneficial Owner") is in turn to be recorded on the Direct and
Indirect Participants' records. Beneficial Owners will not receive written
confirmation from DTC of their purchase, but Beneficial Owners are expected to
receive written confirmations providing details of the transaction, as well as
periodic statements of their holdings, from the Direct or Indirect Participant
through which the Beneficial Owner entered into the transaction. Transfers of
ownership interests in the Securities are to be accomplished by entries made
on the books of Direct and Indirect Participants acting on behalf of
Beneficial Owners. Beneficial Owners will not receive certificates
representing their ownership interests in Securities, except in the event that
use of the book-entry system for the Securities is discontinued.

                                     -11-
<PAGE>

       4. To facilitate subsequent transfers, all Securities deposited by
Direct Participants with DTC are registered in the name of DTC's partnership
nominee, Cede & Co. or such other name as may be requested by an authorized
representative of DTC. The deposit of Securities with DTC and their
registration in the name of Cede & Co. or such other nominee do not effect any
change in beneficial ownership. DTC has no knowledge of the actual Beneficial
Owners of the Securities; DTC's records reflect only the identity of the
Direct Participants to whose accounts such Securities are credited, which may
or may not be the Beneficial Owners. The Direct and Indirect Participants will
remain responsible for keeping account of their holdings on behalf of their
customers.

       5. Conveyance of notices and other communications by DTC to Direct
Participants, by Direct Participants to Indirect Participants, and by Direct
Participants and Indirect Participants to Beneficial Owners will be governed
by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time. [Beneficial Owners of
Securities may wish to take certain steps to augment transmission to them of
notices of significant events with respect to the Securities, such as
redemptions, tenders, defaults, and proposed amendments to the security
documents. Beneficial Owners of Securities may wish to ascertain that the
nominee holding the Securities for their benefit has agreed to obtain and
transmit notices to Beneficial Owners, or in the alternative, Beneficial
Owners may wish to provide their names and addresses to the registrar and
request that copies of the notices be provided directly to them.]

       [6. Redemption notices shall be sent to DTC. If less than all of the
Securities within an issue are being redeemed, DTC's practice is to determine
by lot the amount of the interest of each Direct Participant in such issue to
be redeemed.]

       7. Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent
or vote with respect to the Securities. Under its usual procedures, DTC mails
an Omnibus Proxy to Issuer as soon as possible after the record date. The
Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct
Participants to whose accounts the Securities are credited on the record date
(identified in a listing attached to the Omnibus Proxy).

       8. Redemption proceeds, distributions, and dividend payments on the
Securities will be made to Cede & Co., or such other nominee as may be
requested by an authorized representative of DTC. DTC's practice is to credit
Direct Participants' accounts, upon DTC's receipt of funds and corresponding
detail information from Issuer or Agent on payable date in accordance with
their respective holdings shown on DTC's records. Payments by Participants to
Beneficial Owners will be governed by standing instructions and customary
practices, as is the case with securities held for the accounts of customers
in bearer form or registered in "street name," and will be the responsibility
of such Participant and not of DTC, Agent, or Issuer, subject to any statutory
or regulatory requirements as may be in effect from time to time. Payment of
redemption proceeds, distributions, and dividends to Cede & Co. (or such other
nominee as may be requested by an authorized representative of DTC) is the
responsibility of Issuer or Agent, disbursement of such payments to Direct
Participants shall be the responsibility of DTC, and disbursement of such
payments to the Beneficial Owners shall be the responsibility of Direct and
Indirect Participants.

                                     -12-
<PAGE>

       [9. A Beneficial Owner shall give notice to elect to have its
Securities purchased or tendered, through its Participant, to
[Tender/Remarketing] Agent, and shall effect delivery of such Securities by
causing the Direct Participant to transfer the Participant's interest in the
Securities, on DTC's records, to [Tender/Remarketing] Agent. The requirement
for physical delivery of Securities in connection with an optional tender or a
mandatory purchase will be deemed satisfied when the ownership rights in the
Securities are transferred by Direct Participants on DTC's records and
followed by a book-entry credit of tendered Securities to [Tender/Remarketing]
Agent's DTC account.]

       10. DTC may discontinue providing its services as securities depository
with respect to the Securities at any time by giving reasonable notice to
Issuer or Agent. Under such circumstances, in the event that a successor
securities depository is not obtained, Security certificates are required to
be printed and delivered.

       11. Issuer may decide to discontinue use of the system of book-entry
transfers through DTC (or a successor securities depository). In that event,
Security certificates will be printed and delivered.

       12. The information in this section concerning DTC and DTC's book-entry
system has been obtained from sources that Issuer believes to be reliable, but
Issuer takes no responsibility for the accuracy thereof.

                                     -13-

<PAGE>

                                  [DTC LOGO]

                  Representations for Rule 144A Securities--
               to be included in DTC Letter of Representations
               ------------------------------------------------

                         (Class X-1, X-2, H, J and K)

       1. Issuer represents that at the time of initial registration in the
name of DTC's nominee, Cede & Co., the Securities were Legally or
Contractually Restricted Securities,/1/ eligible for transfer under Rule 144A
under the Securities Act of 1933, as amended (the "Securities Act"), and
identified by a CUSIP or CINS number assigned to any securities of the same
class that were not Legally or Contractually Restricted Securities. Issuer
shall ensure that a CUSIP or CINS identification number is obtained for all
unrestricted securities of the same class that is different from any CUSIP or
CINS identification number assigned to a Legally or Contractually Restricted
Security of such class, and shall notify DTC promptly in the event that it is
unable to do so. Issuer represents that it has agreed to comply with all
applicable information requirements of Rule 144A.

       2. Issuer represents that the Securities are: [Note: Issuer must
represent one of the following, and shall cross out the other.]

[an issue of nonconvertible debt securities or nonconvertible preferred stock
which is rated in one of the top four categories by a nationally recognized
statistical rating organization ("Investment Grade Securities").]

       3. If the Securities are not Investment-Grade Securities, Issuer and
Agent acknowledge that if such Securities cease to be included in an SRO Rule
144A System during any period in which such Securities are Legally or
Contractually Restricted Securities, such Securities shall no longer be
eligible for DTC's services. Furthermore, DTC may discontinue providing its
services as securities depository with respect to the Securities at any time
by giving reasonable notice to Issuer or Agent. Under any of the
aforementioned circumstances, at DTC's request, Issuer and Agent shall
cooperate fully with DTC by taking appropriate action to make available one or
more separate certificates evidencing Securities to any DTC Participant
("Participant") having Securities credited to its DTC accounts.

       4. Issuer and Agent acknowledge that, so long as Cede & Co. is a record
owner of the Securities, Cede & Co. shall be entitled to all applicable voting
rights and receive the full amount of all distributions payable with respect
thereto. Issuer and Agent acknowledge that DTC shall treat any Participant
having Securities credited to its DTC accounts as entitled to the full
benefits of ownership of such Securities.

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

(1)  A "Legally Restricted Security" is a security that is a restricted
security, as defined in Rule 144(a)(3). A "Contractually Restricted Security"
is a security that upon issuance and continually thereafter can only be sold
pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in
a transaction exempt from the registration requirements of the Securities Act
pursuant to Section 4 of the Securities Act and not involving any public
offering; provided, however, that once the security is sold pursuant to the
provisions of Rule 144, including Rule 144(k), it will thereby cease to be a
"Contractually Restricted Security."  For purposes of this definition, in
order for a depositary receipt to be considered a "Legally or Contractually
Restricted Security," the underlying security must also be a "Legally or
Contractually Restricted Security."

<PAGE>

Without limiting the generality of the preceding sentence, Issuer and
Agent acknowledge that DTC shall treat any Participant having Securities
credited to its DTC accounts as entitled to receive distributions (and voting
rights, if any) in respect of the Securities, and to receive from DTC
certificates evidencing Securities. Issuer and Agent recognize that DTC does
not in any way undertake to, and shall not have any responsibility to, monitor
or ascertain the compliance of any transactions in the Securities with any of
the provisions: (a) of Rule 144A; (b) of other exemptions from registration
under the Securities Act or any other state or federal securities laws; or (c)
of the offering documents.

                                     -2-

<PAGE>

                                  [DTC LOGO]

                  Representations for Rule 144A Securities--
               to be included in DTC Letter of Representations
               -----------------------------------------------
                        (Class L, M, N, P, Q, S and T)

       1. Issuer represents that at the time of initial registration in the
name of DTC's nominee, Cede & Co., the Securities were Legally or
Contractually Restricted Securities,1 eligible for transfer under Rule 144A
under the Securities Act of 1933, as amended (the "Securities Act"), and
identified by a CUSIP or CINS number assigned to any securities of the same
class that were not Legally or Contractually Restricted Securities. Issuer
shall ensure that a CUSIP or CINS identification number is obtained for all
unrestricted securities of the same class that is different from any CUSIP or
CINS identification number assigned to a Legally or Contractually Restricted
Security of such class, and shall notify DTC promptly in the event that it is
unable to do so. Issuer represents that it has agreed to comply with all
applicable information requirements of Rule 144A.

       2. Issuer represents that the Securities are: [Note: Issuer must
represent one of the following, and shall cross out the other.]

[included within PORTAL (for the Class, L, M, N, P, Q, S and T), a
Self-Regulatory Organization System approved by the Securities and Exchange
Commission for the reporting of quotation and trade information of securities
eligible for transfer pursuant to Rule 144A) an "SRO Rule 144A System").]

       3. If the Securities are not Investment-Grade Securities, Issuer and
Agent acknowledge that if such Securities cease to be included in an SRO Rule
144A System during any period in which such Securities are Legally or
Contractually Restricted Securities, such Securities shall no longer be
eligible for DTC's services. Furthermore, DTC may discontinue providing its
services as securities depository with respect to the Securities at any time
by giving reasonable notice to Issuer or Agent. Under any of the
aforementioned circumstances, at DTC's request, Issuer and Agent shall
cooperate fully with DTC by taking appropriate action to make available one or
more separate certificates evidencing Securities to any DTC Participant
("Participant") having Securities credited to its DTC accounts.

       4. Issuer and Agent acknowledge that, so long as Cede & Co. is a record
owner of the Securities, Cede & Co. shall be entitled to all applicable voting
rights and receive the full amount of all distributions payable with respect
thereto. Issuer and Agent acknowledge that DTC shall treat any Participant
having Securities credited to its DTC accounts as entitled to the full
benefits of ownership of such Securities.

-----------------------------
       1 A "Legally Restricted Security" is a security that is a restricted
security, as defined in Rule 144(a)(3). A "Contractually Restricted Security"
is a security that upon issuance and continually thereafter can only be sold
pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in
a transaction exempt from the registration requirements of the Securities Act
pursuant to Section 4 of the Securities Act and not involving any public
offering; provided, however, that once the security is sold pursuant to the
provisions of Rule 144, including Rule 144(k), it will thereby cease to be a
"Contractually Restricted Security." For purposes of this definition, in order
for a depositary receipt to be considered a "Legally or Contractually
Restricted Security," the underlying security must also be a "Legally or
Contractually Restricted Security."

<PAGE>

Without limiting the generality of the preceding sentence, Issuer and Agent
acknowledge that DTC shall treat any Participant having Securities credited to
its DTC accounts as entitled to receive distributions (and voting rights, if
any) in respect of the Securities, and to receive from DTC certificates
evidencing Securities. Issuer and Agent recognize that DTC does not in any way
undertake to, and shall not have any responsibility to, monitor or ascertain
the compliance of any transactions in the Securities with any of the
provisions: (a) of Rule 144A; (b) of other exemptions from registration under
the Securities Act or any other state or federal securities laws; or (c) of
the offering documents.

                                     -2-

<PAGE>

                Salomon Brothers Mortgage Securities VII, Inc.
                Commercial Mortgage Pass-Through Certificates,
                               Series 2002-KEY2

                    Riders to DTC Letter of Representations

Rider 1

Pooling and Servicing Agreement dated as of September 11, 2002 (the "Pooling
and Servicing Agreement") among Salomon Brothers among Salomon Brothers
Mortgage Securities VII, Inc. as Depositor, KeyCorp Real Estate Capital
Markets, Inc. d/b/a Key Commercial Mortgage, as Master Servicer, ARCap Special
Servicing, Inc., as Special Servicer and Wells Fargo Bank Minnesota, N.A., as
Trustee.

Rider 2

Salomon Smith Barney Inc., Credit Suisse First Boston Corporation, McDonald
Investments Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated
(collectively, the "Underwriters") are

Rider 3

The interest accrual period for any distribution date will be the calendar
month immediately preceding the month in which that distribution date occurs.

**All obligations hereunder of the Issuer will be performed by the Depositor
or the Depositor will cause the Issuer to perform such obligations.

<PAGE>

<TABLE>
<CAPTION>

                                                                               Schedule A

                Salomon Brothers Mortgage Securities VII, Inc.
                 Commercial Mortgage Pass-Through Certificates
                               Series 2002-KEY2

Class        CUSIP No.         Principal Amount        Maturity       Initial Pass-Through
                                                                             Rate(1)
-----        ---------         ----------------        --------       --------------------

<S>          <C>             <C>                       <C>            <C>
A-1          79548CCN4       $        87,597,000       July 2007             3.2220%
A-2          79548CCP9       $       425,000,000     February 2012           4.4670%
A-3          79548CCQ7       $       252,265,000       July 2012             4.8650%
B            79548CCR5       $        39,643,000       July 2012             5.0150%
C            79548CCS3       $         9,327,000       July 2012             5.0450%
D            79548CCT1       $         9,328,000       July 2012             5.0740%
E            79548CCU8       $        13,991,000       July 2012             5.0840%
F            79548CCV6       $         9,328,000       July 2012             5.1630%
H(3)         79548CCZ7       $        6,996,000        July 2012             5.5590%
J(3)         79548CDA1       $       13,992,000        July 2012             5.6580%
K(3)         79548CDB9       $        9,327,000        July 2012             5.9540%
L(3)         79548CDC7       $       13,991,000        July 2012             6.1500%
M(3)         79548CDD5       $        9,328,000        July 2012             6.1500%
N(3)         79548CDE3       $        4,663,000        July 2012             6.1500%
P(3)         79548CDF0       $        2,332,000        July 2012             6.1500%
Q(3)         79548CDG8       $        6,996,000        July 2012             6.1500%
S(3)         79548CDH6       $        6,996,000        July 2012             6.1500%
T(3)         79548CDJ2       $       11,659,715     September 2018           6.1500%
X-1(3)       79548CDK9       $     932,759,715(2)   September 2018           1.3579%
X-2(3)       79548CDL7       $     409,554,000(2)   September 2009           2.0424%
</TABLE>

(1) Approximate
(2) Notional Amount
(3) Rule 144A Securities

<PAGE>

                                  EXHIBIT D-1

                  FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                    [date]

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention:  Corporate Trust Services, Salomon Brothers Commercial Mortgage
            Trust 2002-KEY2, Salomon Brothers Mortgage Securities VII, Inc.,
            Series 2002-KEY2

           Re:  Salomon Brothers Mortgage Securities VII, Inc.,
                Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2
                ---------------------------------------------------------------

         In connection with the administration of the Mortgage Files held by
you as Custodian on behalf of the trustee under a certain Pooling and
Servicing Agreement, dated as of September 11, 2002 (the "Pooling and
Servicing Agreement"), among Salomon Brothers Mortgage Securities VII, Inc. as
Depositor, the undersigned as Master Servicer, ARCap Special Servicing, Inc.
as Special Servicer and Wells Fargo Bank Minnesota, N.A. as Trustee, the
undersigned as Master Servicer hereby requests a release of the Mortgage File
(or the portion thereof specified below) held by you with respect to the
following described Mortgage Loan for the reason indicated below.

Property Name:

Address:

Prospectus No.:

If only particular documents in the Mortgage File are requested, please
specify which:

Reason for requesting Mortgage 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 Collection
                  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 days of our receipt thereof, unless the Mortgage
Loan has

                                    D-1-1
<PAGE>

been paid in full, in which case the Mortgage File (or such portion thereof)
will be retained by us permanently.

         Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement.

                                   KEYCORP REAL ESTATE CAPITAL MARKETS, INC.
                                   d/b/a KEY COMMERCIAL MORTGAGE
                                   as Master Servicer

                                   By:_______________________________________
                                      Name:
                                      Title:

                                    D-1-2
<PAGE>

                                  EXHIBIT D-2

                 FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                    [date]

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention:   Corporate Trust Services,
             Salomon Brothers Mortgage Securities VII, Inc., Series 2002-KEY2

                 Re:   Salomon Brothers Mortgage Securities VII, Inc.,
                       Commercial Pass-Through Certificates, Series 2002-KEY2
                       ------------------------------------------------------

         In connection with the administration of the Mortgage Files held by
you as Custodian on behalf of the Trustee (as defined below) under a certain
Pooling and Servicing Agreement, dated as of September 11, 2002 (the "Pooling
and Servicing Agreement"), among Salomon Brothers Mortgage Securities VII,
Inc. as Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key
Commercial Mortgage as Master Servicer, the undersigned as Special Servicer
and Wells Fargo Bank Minnesota, N.A. as Trustee, the undersigned hereby
requests a release of the Mortgage File (or the portion thereof specified
below) held by you as Custodian on behalf of the Trustee with respect to the
following described Mortgage Loan for the reason indicated below.

Property Name:

Address:

Prospectus No.:

If only particular documents in the Mortgage File are requested, please
specify which:

Reason for requesting Mortgage File (or portion thereof):

         ______   1.       The Mortgage Loan is being foreclosed.

         ______   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 days of our receipt thereof, unless the Mortgage
Loan is being foreclosed, in which case the Mortgage File (or such portion
thereof) will be returned when no longer required by us for such purpose.

                                    D-2-1
<PAGE>

         Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement.

                                       ARCAP SPECIAL SERVICING, INC.,
                                       as Special Servicer

                                       By:__________________________________
                                          Name:
                                          Title:

                                    D-2-2
<PAGE>

                                  EXHIBIT E-1

                    FORM OF STATEMENT TO CERTIFICATEHOLDERS

                                [See Attached]

                                    E-1-1

<PAGE>

<TABLE>
<CAPTION>

                                                                                                                       EXHIBIT E-1

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                              DISTRIBUTION DATE STATEMENT

                                                   Table of Contents

                    STATEMENT SECTIONS                                                    PAGE(s)
                    Certificate Distribution Detail                                          2
                    Certificate Factor Detail                                                3
                    Reconciliation Detail                                                    4
                    Other Required Information                                               5
                    Ratings Detail                                                           6
                    Current Mortgage Loan and Property Stratification Tables                7-9
                    Mortgage Loan Detail                                                    10
                    Principal Prepayment Detail                                             11
                    Historical Detail                                                       12
                    Delinquency Loan Detail                                                 13
                    Specially Serviced Loan Detail                                        14 - 15
                    Modified Loan Detail                                                    16
                    Liquidated Loan Detail                                                  17

                  Depositor                               Master Servicer                            Special Servicer

Salomon Brothers Mortgage Securities VII, Inc.   KeyCorp Real Estate Capital Markets,  Inc.
388 Greenwich Street                             d/b/a Key Commercial Mortgage                 ARCap Special Servicing, Inc.
New York, NY 10013                               911 Main Street, Suite 1500                   5605 N. MacArthur Blvd.
                                                 Kansas City, MO 64105                         Irving, TX 75038

Contact:       General Information Number        Contact:       Marty O'Conner                 Contact:  Chris Crouch
Phone Number:  (212) 816-6000                    Phone Number:  (816) 221-8800                 Phone Number: (972) 580-1688 Ext 30

This report has been compiled from information provided to Wells Fargo Bank MN, N.A. by various third parties, which may
include the Master Servicer, Special Servicer, and others. Wells Fargo Bank MN, N.A. has not independently confirmed the
accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank MN, N.A.
expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties.

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 1 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                  Certificate Distribution Detail

                                                                                               Realized Loss/
                      Pass-                                                                      Additional
  Class\             Through      Original   Beginning   Principal     Interest     Prepayment     Trust         Total
Component   CUSIP     Rate        Balance     Balance  Distribution   Distribution    Premium   Fund Expenses  Distribution

   A-1               0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
   A-2               0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
   A-3               0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    B                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    C                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    D                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    E                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    F                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    H                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    J                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    K                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    L                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    M                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    N                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    P                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    Q                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    S                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    T                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    R                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00
    Y                0.000000%      0.00        0.00       0.00           0.00         0.00        0.00          0.00

Totals                              0.00        0.00       0.00           0.00         0.00        0.00          0.00

                         Current
  Class\     Balance   Subordination
Component    Ending      Level(1)

   A-1        0.00        0.00
   A-2        0.00        0.00
   A-3        0.00        0.00
    B         0.00        0.00
    C         0.00        0.00
    D         0.00        0.00
    E         0.00        0.00
    F         0.00        0.00
    H         0.00        0.00
    J         0.00        0.00
    K         0.00        0.00
    L         0.00        0.00
    M         0.00        0.00
    N         0.00        0.00
    P         0.00        0.00
    Q         0.00        0.00
    S         0.00        0.00
    T         0.00        0.00
    R         0.00        0.00
    Y         0.00        0.00

Totals        0.00        0.00

</TABLE>

<TABLE>
<CAPTION>

                        Pass-       Original    Beginning                                               Ending
                       Through     Notional     Notional      Interest     Prepayment     Total        Notional
  Class      CUSIP      Rate        Amount       Amount     Distribution    Premium     Distribution    Amount

<S>                   <C>            <C>          <C>          <C>            <C>          <C>            <C>
   X-1                0.000000       0.00         0.00         0.00           0.00         0.00           0.00
   X-2                0.000000       0.00         0.00         0.00           0.00         0.00           0.00

(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum
of (i) the ending balance of the designated class and (ii) the ending certificate balance of all
classes which are not subordinate to the designated class and deviding the result by (A).

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 2 of 17
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                      Certificate Factor Detail

                                                                                                   Realized Loss/
    Class/                    Beginning         Principal          Interest         Prepayment    Additional Trust       Ending
  Component      CUSIP         Balance         Distribution      Distribuiton        Premium        Fund Expenses       Balance

       A-1                    0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
       A-2                    0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
       A-3                    0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        B                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        C                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        D                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        E                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        F                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        H                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        J                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        K                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        L                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        M                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        N                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        P                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        Q                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        S                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        T                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        R                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000
        Y                     0.00000000        0.00000000         0.00000000       0.00000000        0.00000000       0.00000000

                                  Beginning                                                  Ending
                                  Notional             Interest           Prepayment        Notional
  Class         CUSIP              Amount            Distribution           Premium          Amount

   X-1                           0.00000000           0.00000000          0.00000000        0.00000000
   X-2                           0.00000000           0.00000000          0.00000000        0.00000000

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 3 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                       Reconciliation Detail

             Advance Summary                                                     Master Servicing Fee Summary

P & I Advances Outstanding                    0.00           Current Period Accrued Master Servicing Fees                    0.00
Servicing Advances Outstanding                0.00           Less Master Servicing Fees on Delinquent Payments               0.00
Reimbursements for Interest on P&I            0.00           Less Reductions to Master Servicing Fees                        0.00
Advances paid from general collections                       Plus Master Servicing Fees on Delinquent Payments Received      0.00
                                                             Plus Adjustments for Prior Master Servicing Calculation         0.00
Reimbursements for Interest on Servicing      0.00           Total Master Servicing Fees Collected                           0.00
Advances paid from general collections

                              Certificate Interest Reconciliation

                                                              Distributable
              Accrued      Net Aggregate       Distributable   Certificate    Additional                      Remaining Unpaid
            Certificate     Prepayment         Certificate     Interest       Trust Fund      Interest         Distributable
  Class      Interest    Interest Shortfall     Interest       Adjustment      Expenses     Distribution    Certificate Interest

   A-1         0.00            0.00               0.00            0.00           0.00           0.00                 0.00
   A-2         0.00            0.00               0.00            0.00           0.00           0.00                 0.00
   A-3         0.00            0.00               0.00            0.00           0.00           0.00                 0.00
   X-1         0.00            0.00               0.00            0.00           0.00           0.00                 0.00
   X-2         0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    B          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    C          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    D          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    E          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    F          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    H          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    J          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    K          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    L          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    M          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    N          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    P          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    Q          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    S          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    T          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    R          0.00            0.00               0.00            0.00           0.00           0.00                 0.00
    Y          0.00            0.00               0.00            0.00           0.00           0.00                 0.00

 Totals        0.00            0.00               0.00            0.00           0.00           0.00                 0.00

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 4 of 17
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                    Other Required Information

                                                                                 Appraisal Reduction Amount

               Available Distribution Amount                           0.00                Appraisal     Cumulative    Most Recent
                                                                                 Loan      Reduction       ASER          App. Red.
                                                                                Number     Effected       Amount            Date

               Aggregate Number of Outstanding Loans                      0
               Aggregate Unpaid Principal Balance of Loans             0.00
               Aggregate Stated Principal Balance of Loans             0.00

               Aggregate Amount of Servicing Fee                       0.00
               Aggregate Amount of Special Servicing Fee               0.00
               Aggregate Primary Servicing Fee                         0.00

               Aggregate Amount of Trustee Fee                         0.00

               Aggregate Trust Fund Expenses                           0.00       Total

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 5 of 17
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                          Ratings Detail

                                               Original Ratings                 Current Ratings  (1)
     Class             CUSIP
                                       Fitch      Moody's      S & P        Fitch      Moody's      S & P

     A-1
     A-2
     A-3
     X-1
     X-2
      B
      C
      D
      E
      F
      H
      J
      K
      L
      M
      N
      P
      Q
      S
      T

NR - Designates that the class was not rated by the above agency at the time of original issuance.
X  - Designates that the above rating agency did not rate any classes in this transaction at the time of original issuance.
N/A - Data not available this period.

1) For any class not rated at the time of original issuance by any particular rating agency, no request has been made subsequent
to issuance to obtain rating information, if any, from such rating agency. The current ratings were obtained directly from the
applicable rating agency within 30 days of the payment date listed above. The ratings may have changed since they were obtained.
Because the ratings may have changed, you may want to obtain current ratings directly from the rating agencies.

Fitch, Inc.                                   Moody's Investors Service                Standard & Poor's Rating Services
One State Street Plaza                        99 Church Street                         55 Water Street
New York, New York 10004                      New York, New York 10007                 New York, New York 10041
(212) 908-0500                                (212) 553-0300                           (212) 438-2430

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 6 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                     Current Mortgage Loan and Property Stratification Tables

                         Scheduled Balance                                                        State   (3)

                                 % of                                                             % of
Scheduled    # of    Scheduled    Agg.   WAM           Weighted               # of     Scheduled   Agg.   WAM           Weighted
 Balance     loans    Balance     Bal.   (2)   WAC    Avg DSCR(1)     State   Props.    Balance    Bal.   (2)    WAC   Avg DSCR(1)

Totals                                                                  Totals

See footnotes on last page of this section.

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 7 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

           Current Mortgage Loan and Property Stratification Tables

                  Debt Service Coverage Ratio

                                            % of
  Debt Service       # of     Scheduled      Agg.     WAM           Weighted
 Coverage Ratio     loans       Balance      Bal.     (2)   WAC    Avg DSCR(1)

   Totals

                              Property Type (3)

                                         % of
                 # of     Scheduled       Agg.    WAM            Weighted
Property Type    Props.    Balance        Bal.    (2)   WAC     Avg DSCR(1)

   Totals

                                   Note Rate

                                         % of
                 # of     Scheduled       Agg.    WAM            Weighted
  Note Rate      loans     Balance        Bal.    (2)   WAC     Avg DSCR(1)

   Totals

                                   Seasoning

                                         % of
                 # of     Scheduled       Agg.    WAM            Weighted
 Seasoning       loans     Balance        Bal.    (2)   WAC     Avg DSCR(1)

   Totals

See footnotes on last page of this section.
Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 8 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

           Current Mortgage Loan and Property Stratification Tables

              Anticipated Remaining Term (ARD and Balloon Loans)

Anticipated                               % of
 Remaining        # of     Scheduled       Agg.    WAM            Weighted
  Term (2)        loans     Balance        Bal.    (2)   WAC     Avg DSCR(1)

   Totals

                Remaining Stated Term (Fully Amortizing Loans)

Remaining                                 % of
 Stated           # of     Scheduled       Agg.    WAM            Weighted
  Term            loans     Balance        Bal.    (2)   WAC     Avg DSCR(1)

   Totals

              Remaining Amortization Term (ARD and Balloon Loans)

Remaining                                 % of
Amortization      # of     Scheduled       Agg.    WAM            Weighted
  Term            loans     Balance        Bal.    (2)   WAC     Avg DSCR(1)

   Totals

                            Age of Most Recent NOI

                                          % of
Age of Most       # of     Scheduled       Agg.    WAM            Weighted
Recent NOI        loans     Balance        Bal.    (2)   WAC     Avg DSCR(1)

   Totals

(1) Debt Service Coverage Ratios are updated periodically as new NOI figures
become available from borrowers on an asset level. In all cases the most
recent DSCR provided by the Servicer is used. To the extent that no DSCR is
provided by the Servicer, information from the offering document is used. The
Trustee makes no representations as to the accuracy of the data provided by
the borrower for this calculation.

(2) Anticipated Remaining Term and WAM are each calculated based upon the term
from the current month to the earlier of the Anticipated Repayment Date, if
applicable, and the maturity date.

(3) Data in this table was calculated by allocating pro-rata the current loan
information to the properties based upon the Cut-off Date balance of each
property as disclosed in the offering document.

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 9 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                       Mortgage Loan Detail

                                                                                            Anticipated                   Neg.
 Loan                 Property                        Interest      Principal     Gross      Repayment      Maturity     Amort
Number      ODCR       Type(1)    City      State      Payment       Payment      Coupon       Date           Date        (Y/N)

         Totals

             Beginning      Ending      Paid      Appraisal      Appraisal       Res.        Mod.
 Loan       Scheduled     Scheduled     Thru      Reduction      Reduction      Strat.       Code
Number       Ba;amce       Balance      Date        Date          Amount         (2)         (3)

         Totals

       (1)  Property Type Code                                         (2)  Resolution Strategy Code

MF - Multi-Family        OF - Office               1 - Modification      6 - DPO                     10 - Deed In Lieu Of
RT - Retail              MU - Mixed Use            2 - Foreclosure       7 - REO                          Foreclosure
HC - Health Care         LO - Lodging              3 - Bankruptcy        8 - Resolved                11 - Full Payoff
IN - Industrial          SS - Self Storage         4 - Extension         9 - Pending Return          12 - Reps and Warranties
WH - Warehouse           OT - Other                5 - Note Sale             to Master Servicer      13 - Other or TBD
MH - Mobile Home Park

(3)  Modification Code

1 - Maturity Date Extension
2 - Authorization Change
3 - Principal Write-Off
4 - Combination

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 10 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                    Principal Prepayment Detail

                 Offering Document           Principal Prepayment Amount                    Prepayment Penalties
Loan Number       Cross-Reference        Payoff Amount    Curtailment Amount     Prepayment Premium       Yeild Maintenance Charge

 Totals

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 11 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                         Historical Detail

                                Delinquencies                                                                   Prepayments

Distribution   30-59 Days     60-89 Days   90 Days or More  Foreclosure       REO         Modifications   Curtailments     Payoff
   Date       #  Balance     #  Balance     #  Balance     #  Balance     #  Balance     #  Balance      #  Balance     #  Balance

                             Rate and Maturities
Distribution       Net Weighted Avg.
   Date            Coupon          Remit          WAM

Note: Foreclosure and REO Totals are excluded from the delinquencies aging categories.

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 12 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                      Delinquency Loan Detail

                   Offering            # of                        Current       Outstanding      Status of      Resolution
                   Document           Months      Paid Through      P & I          P & I          Mortgage        Strategy
Loan Number     Cross-Reference       Delinq.         Date         Advances       Advances         Loan(1)         Code(2)

  Totals

                                                       Actual       Outstanding
                    Servicing         Foreclosure       Loan         Servicing     Bankruptcy      REO
Loan Number       Transfer Date         Date           Balance        Advances        Date         Date

  Totals

                   (1) Status of Mortgage Loan

A - Payments Not Received            2 - Two Months Delinquent
    But Still in Grace Period        3 - Three or More Months Delinquent
B - Late Payment But Less            4 - Assumed Scheduled Payment
    Than 1 Month Delinquent              (Performing Matured Loan)
0 - Current                          7 - Foreclosure
1 - One Month Deliquent              9 - REO

                     (2) Resolution Strategy Code

1 - Modification       6 - DPO                  10 - Deed In Lieu Of
2 - Foreclosure        7 - REO                       Foreclosure
3 - Bankruptcy         8 - Resolved             11 - Full Payoff
4 - Extension          9 - Pending Return       12 - Reps and Warranties
5 - Note Sale              to Master Servicer   13 - Other or TBD

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 13 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                              Specially Serviced Loan Detail - Part 1

                                 Offering        Servicing      Resolution
 Distribution       Loan         Document         Transfer       Strategy        Scheduled      Property                 Interest
   Date            Number     Cross-Reference       Date          Code(1)         Balance        Type(2)      State        Rate

                                   Net                                                                   Remaining
 Distribution     Actual         Operating        NOI                           Note       Maturity     Amoritization
   Date          Balance          Income          Date          DSCR            Date         Date           Term

                     (1) Resolution Strategy Code                                  (2)  Property Type Code

1 - Modification       6 - DPO                  10 - Deed In Lieu Of        MF - Multi-Family        OF - Office
2 - Foreclosure        7 - REO                       Foreclosure            RT - Retail              MU - Mixed Use
3 - Bankruptcy         8 - Resolved             11 - Full Payoff            HC - Health Care         LO - Lodging
4 - Extension          9 - Pending Return       12 - Reps and Warranties    IN - Industrial          SS - Self Storage
5 - Note Sale              to Master Servicer   13 - Other or TBD           WH - Warehouse           OT - Other
                                                                            MH - Mobile Home Park

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 14 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                              Specially Serviced Loan Detail - Part 2

                               Offering         Resolution        Site
Distribution      Loan         Document          Strategy       Inspection                       Appraisal      Appraisal
    Date         Number     Cross-Reference       Code(1)         Date         Phase 1 Date         Date          Value

Distribution                 Other REO
    Date                   Property Revenue                    Comment

                     (1) Resolution Strategy Code

1 - Modification       6 - DPO                  10 - Deed In Lieu Of
2 - Foreclosure        7 - REO                       Foreclosure
3 - Bankruptcy         8 - Resolved             11 - Full Payoff
4 - Extension          9 - Pending Return       12 - Reps and Warranties
5 - Note Sale              to Master Servicer   13 - Other or TBD

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 15 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                       Modified Loan Detail

               Offering
 Loan          Document          Pre-Modification
Number      Cross-Reference         Balance          Modification DAte                  Modification Description

 Totals

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 16 of 17

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

   WELLS
   FARGO

<S>                                  <C>                                                 <C>
                                                                                         For Additional Information please contact
                                     Salomon Brothers Mortgage Securities VII, Inc.                 CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.     Commercial Mortgage Pass-Through Certificates                     (301) 815-6600
Corporate Trust Services                          Series 2002-KEY2                        Reports Available on the World Wide Web
9062 Old Annapolis Road                                                                               @ www.ctslink.com/cmbs
Columbia, MD 21045-1951
                                                                                            Payment Date:           10/18/2002
                                                                                            Record Date:            09/30/2002

                                                      Liquidated Loan Detail

                         Final Recovery       Offering                                                              Gross Proceeds
 Loan                    Determination        Document          Appraisal     Appraisal      Actual       Gross       as a % of
Number                      Date          Cross-Reference        Date          Value        Balance     Proceeds    Actual Balance

  Current Total

Cumulative Total

                             Aggregate         Net          Net Proceeds                     Repurchased
 Loan                        Liquidation      Liqidation      as a % of        Realized        by Seller
Number                       Expenses*       Proceeds      Actual Balance       Loss           (Y/N)

  Current Total

Cumulative Total

* Aggregate liquidation expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).

Copyright 1997, Wells Fargo Bank Minnesota, N.A.                                                                Page 17 of 17

</TABLE>

<PAGE>

                                                       EXHIBIT E-2

                                            CMSA Servicer Watch List Criteria
<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------------------------------
Property Type:  ALL
----------------------------------------------------------------------------------------------------------------------------------
Reference
Code           Criteria                                     Review Threshold                    Release Threshold
----------------------------------------------------------------------------------------------------------------------------------
Financial Conditions
----------------------------------------------------------------------------------------------------------------------------------
   <S>         <C>                                          <C>                                 <C>
   1 A         Delinquent P&I Payments                      >2 payments. Due                    Current
----------------------------------------------------------------------------------------------------------------------------------
   1 B         Delinquent taxes.                            Servicer has knowledge that the     Taxes are brought current including
                                                            taxes are more than 30 days past    all interest and penalties
                                                            due
----------------------------------------------------------------------------------------------------------------------------------
   1 C         Delinquent or Forced Placed Insurance        The earlier of 30 days delinquent   Receipt of proof of satisfactory
                                                            or insurance is forced placed       insurance in force
----------------------------------------------------------------------------------------------------------------------------------
   1 D         Outstanding servicing advances (L38 and/or   >30 days delinquent                 Servicing Advances have been repaid
               L39)
----------------------------------------------------------------------------------------------------------------------------------
   1 E         DSCR Absolute Level based on normalized Net  < 1.10; <1.20 for healthcare &      DSCR above threshold or at
               Cash Flow.  Use yr. End normalized numbers   lodging; exclude CTL, ground        servicer's discretion after 3 mos.
               or use the most recent  trailing 12 mos.     leases and single tenant NNN
               Normalized or most recent ytd normalized if
               available.  (Ytd normalized should only be
               used if the property is not impacted by
               seasonality issues).
---------------------------------------------------------------------------------------------------------------------------------
   1 F         DSCR Decrease from U/W.  Absolute Level      <75% UW DSCR; Excludes CTL,         DSCR above threshold or at
               based on normalized Net Cash Flow.  Use yr.  ground leases and single tenant     servicer's discretion after 3 mos.
               End normalized numbers or use the most       NNN.
               recent trailing 12 mos. Normalized or most
               recent ytd normalized if available.
               (Ytd normalized should only be used
               the property is not impacted by seasonality
               issues).
----------------------------------------------------------------------------------------------------------------------------------
   1 G         Floater DSCR - DSCR Decrease from U/W or     DSCR <.95 or <70% U/W stablized     DSCR above threshold or at
               absolute level based on annualized Net Cash  NCF number.  Excludes CTL, ground   servicer's discretion after 3 mos.
               Flow.  Absolute Level based on annualized    leases and single tenant NNN
               normalized Net Cash Flow.  Use yr. End
               normalized numbers for the most recent
               trailing 12 mos. Normalized or most recent
               ytd normalized if available.  (Ytd
               normalized should only be used the property
               is not impacted by seasonality issues).
----------------------------------------------------------------------------------------------------------------------------------
   1 H         Defaulted or matured senior lien and/or      When notice received by Servicer    Default cured or lien paid off
               mechanics lien in excess of 5% of UPB.
----------------------------------------------------------------------------------------------------------------------------------
   1 I         Defaulted, matured, or discovery of          When notice received by Servicer    Default has been cured or loan
               previously undisclosed, subordinate lien                                         assumed by subordinate lienholder
               including mezzanine debt                                                         or mezzanine debt is approved by
                                                                                                the Servicer.
----------------------------------------------------------------------------------------------------------------------------------
   1 J         Any unplanned draw on a LOC or reserve to    Any Occurrence                      After funds or LOC replaced if
               pay debt service.                                                                required by the documents
----------------------------------------------------------------------------------------------------------------------------------
Borrower Issues
----------------------------------------------------------------------------------------------------------------------------------
   2 A         Substantive required repairs reserved for    If required repair not completed    Satisfactory verification that
               at closing or otherwise disclosed to         within 60 days following the due    repairs have been completed
               Servicer not completed by due date.          date (including extensions
                                                            approved by Servicer)
----------------------------------------------------------------------------------------------------------------------------------

                                                          E-2-1
<PAGE>

----------------------------------------------------------------------------------------------------------------------------------
Property Type:  ALL
----------------------------------------------------------------------------------------------------------------------------------
Reference
Code           Criteria                                     Review Threshold                    Release Threshold
----------------------------------------------------------------------------------------------------------------------------------
   2 B         Remediation or O & M plan                    Any knowledge of deficiency that    When plan deficiencies have been
               deficiencies/non-compliance reservied for    adversely affects the               cured
               at closing or otherwise disclosed to         performance/value of the property.
               Servicer
----------------------------------------------------------------------------------------------------------------------------------
   2 C         Occurrence of servicing trigger event in     Any Occurrence                      Cure of the event that required
               the mortgage loan documents (for example:                                        action under the mortgage
               Springing Lockbox, Management or Franchise                                       documents, or satisfying relevant
               change based on minimum NOI/DSCR threshold                                       mortgage loan provisions or after
               levels)                                                                          the establishment of reserve, LOC
                                                                                                or lockbox.
----------------------------------------------------------------------------------------------------------------------------------
   2 D         Unsubordinated or subordinated ground lease  When notice received by Servicer    When default cured
               default
----------------------------------------------------------------------------------------------------------------------------------
   2 E         Expiration of unsubordinated ground lease    Any Occurrence                      New lease or option has been
               within 6 months                                                                  exercised
----------------------------------------------------------------------------------------------------------------------------------
   2 F         Operating license or franchise agreement     When notice received by Servicer    New franchise or license in place,
               default                                                                          or default under franchise or
                                                                                                license has been cured
----------------------------------------------------------------------------------------------------------------------------------
   2 G         Bankruptcy of Borrower/owner, principal      Upon receipt of notice by Servicer  Bankruptcy resolved or six months
               backer or guarantor bankruptcy that comes                                        after bankruptcy is filed,
               to the knowledge of Lender/Servicer                                              whichever occurs first.
----------------------------------------------------------------------------------------------------------------------------------
   2 H         Federal/State Survey for Nursing Homes that  Servicer has not received a new     Annual survey submitted or
               require the report per the loan documents.   survey within 18 months of the      deficiency cured
                                                            last survey received by the
                                                            Servicer or the latest survey
                                                            indicates a deficiency level of F
                                                            or higher
----------------------------------------------------------------------------------------------------------------------------------
Property Condition Issues
----------------------------------------------------------------------------------------------------------------------------------
   3 A         Inspection reveals Poor or Not Accessible    Any Occurrence                      Determination by Servicer in its
               condition as defined by the MBA/CMSA                                             discretion that property
               Property Inspection Form                                                         deficiencies have been cured, or
                                                                                                access allowed and inspection
                                                                                                completed
----------------------------------------------------------------------------------------------------------------------------------
   3 B         Inspection reveals new and uninsured         The Servicer becomes aware in       Determination by Servicer in its
               potentially harmful environmental issue      ordinary course of an inspection.   discretion that property
                                                                                                deficiencies have been cured
----------------------------------------------------------------------------------------------------------------------------------
   3 C         When notice received by lender of a          When Servicer becomes aware of a    Determination by Servicer in its
               property affected by major casualty or       casualty or condemnation equal to   discretion that all necessary
               condemnation proceeding affecting future     the lesser of 10% of UPB or         repairs have been completed
               cashflows.                                   $500,000                            satisfactorily or that condemnation
                                                                                                proceedings have been completed and
                                                                                                that the asset can perform at
                                                                                                satisfactory levels
----------------------------------------------------------------------------------------------------------------------------------
Lease Rollover, Tenant Issues and Vacancy
----------------------------------------------------------------------------------------------------------------------------------
   4 A         Occupancy decrease (excludes lodging)        <80% of UW                          When condition no longer exists
----------------------------------------------------------------------------------------------------------------------------------
   4 B         Reduced EGI for all property types           <80% U/W EGI and <1.10 DSCR all     DSCR above threshold
               (including lodging) Use yr. End normalized   property types except use <80% U/W
               numbers or the most recent  trailing 12      EGI and <1.20 for healthcare and
               mos. Normalized or most recent ytd           lodging
               normalized if available.  (Ytd normalized
               should only be used if the property is not
               impacted by seasonality issues).
----------------------------------------------------------------------------------------------------------------------------------
   4 C         Single tenant or any tenant with a lease>    Single tenant or any one tenant>    When condition no longer exists
               30% NRA expiring within the next 12 months.  30% NRA; Excludes Multifamily,
                                                            Lodging, Healthcare, MH Park &
                                                            Self Storage as well as
                                                            fully

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

                                                          E-2-2
<PAGE>
----------------------------------------------------------------------------------------------------------------------------------
Property Type:  ALL
----------------------------------------------------------------------------------------------------------------------------------
Reference
Code           Criteria                                     Review Threshold                    Release Threshold
----------------------------------------------------------------------------------------------------------------------------------
                                                            amortizing CTL loans
                                                            when the lease expires
                                                            co-terminus with
                                                            the loan.
----------------------------------------------------------------------------------------------------------------------------------
   4 D         Any top 3 tenant with a lease expiring that  Cumulative lease expirations        When condition no longer exists
               occupies > 5% of the NRA and the             within the next 12 months are >
               combination of those expiring leases within  30% of the NRA and each underlying
               the next 12 months that are > 30% of the     lease of the Cumulative lease
               NRA.                                         expirations is > 5%
----------------------------------------------------------------------------------------------------------------------------------
   4 E         Bankruptcy of major tenant, licenser or      > 30% NRA; Excludes Multifamily,    When condition no longer exists
               franchiser.                                  Lodging, MH Park & Self Storage;
                                                            For Healthcare bankruptcy of
                                                            tenant under master lease or of
                                                            management company
----------------------------------------------------------------------------------------------------------------------------------
   4 F         Major tenant lease is in default,            > 30% NRA and < 1.20 DSCR;          When condition no longer exists
               terminated or is dark                        Excludes Multifamily, Lodging, MH
                                                            Park & Self Storage; For
                                                            Healthcare failure to comply with
                                                            Regulatory Requirements
----------------------------------------------------------------------------------------------------------------------------------
Maturity
----------------------------------------------------------------------------------------------------------------------------------
   5 A         Pending loan maturity or anticipated         < 90 days                           Until loans is extended or paid
               repayment date with balloon balance due                                          off, or for ARD loans not other WL
                                                                                                trigger or event has occurred.
----------------------------------------------------------------------------------------------------------------------------------
Other
----------------------------------------------------------------------------------------------------------------------------------
   6 A         Any other situation that indicates an        As determined by Servicer           When condition no longer exists
               increased level of default risk that may
               create potential losses to investors.
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                          E-2-3
<PAGE>

<TABLE>
<CAPTION>

                                                       EXHIBIT E-3

                                  CONTROLLING CLASS REPRESENTATIVE'S REPORTS CHECKLIST

---------------------------------------------------------------------------------------------------------------------
    <S>                                         <C>                  <C>            <C>
               Information                                           Format                    Frequency
---------------------------------------------------------------------------------------------------------------------
       Property Operating Statement              Actual              PDF/TIF             As received/Quarterly
---------------------------------------------------------------------------------------------------------------------
            Property Rent Roll                   Actual              PDF/TIF             As received/Quarterly
---------------------------------------------------------------------------------------------------------------------
   Other Financials as required by loan          Actual              PDF/TIF                  As received
                documents
----------------------------------------------------------------------------------- ---------------------------------
           Property Inspection                   Actual              PDF/TIF             As received/Quarterly
----------------------------------------------------------------------------------- ---------------------------------
  Payments Received After Determination          Monthly              Excel         Master Servicer Remittance Date
             Date Report (1)
---------------------------------------------------------------------------------------------------------------------
   Mortgage Loans Delinquent Report (2)          Monthly              Excel                30th of each month
---------------------------------------------------------------------------------------------------------------------
    Interest on Advance Reconciliation           Monthly              Excel                Distribution Date
---------------------------------------------------------------------------------------------------------------------
CMSA Setup File (Issuer/Trustee/Servicer)       CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
            CMSA Property File                  CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
      CMSA Loan Periodic Update File            CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
           CMSA Financial File                  CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
     Distribution Statement (Trustee)            Monthly            Excel/PDF          Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
         CMSA Bond File (Trustee)               CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
      CMSA Collateral File (Trustee)            CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
        CMSA Supplemental Reports               CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
   Operating Statement Analysis Report          CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
         NOI Adjustment Worksheet               CMSA IRP          Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------
Documentation Exceptions Report (Trustee)       Quarterly         Access/Excel         Monthly/Distribution Date
---------------------------------------------------------------------------------------------------------------------

</TABLE>

Footnotes:

(1) On the Master Servicer Remittance Date following the Determination Date
for the related Bond Certificateholder Distribution, a list of all mortgage
loans which are delinquent as to the applicable Distribution Period on the
Master Servicer Remittance Date. This list should represent all delinquent
loans that required a P and I Advance be made.

(2) On the last day of the month (30th), for all delinquencies reported in #1
above, a list of a) all mortgage loans which remain delinquent for such
Distribution period (along with the number of days delinquent) accompanied
with any reason, in Master Servicer's opinion, for the mortgage loans
continued delinquency, along with an explanation of Master Servicer's attempts
to cure.

                                     E-3-1
<PAGE>

<PAGE>

(3) ARCap requests that the above information be organized in ascending
Prospectus Loan I.D. order and forwarded on each of the above listed dates via
E-Mail to the following address or all reports and data files shall be
available via the Servicer's or Trustee's Website.

Ricka Moore                                        Larry Duggins
Director Bond/Mortgage Surveillance                President
ARCap REIT, Inc.                                   ARCap REIT, Inc.
rmoore@arcap.com                                   lduggins@arcap.com
(972) 580-1688 ext. 29                             (972) 580-1688 ext. 11

                                    E-3-2
<PAGE>

<TABLE>
<CAPTION>

                                                       EXHIBIT E-4

                                Form of Payments Received after Determination Date Report

Servicer

Deal Name                                                                                      EXHIBIT

For the Collection Period Ending:

Master Servicer Remittance Date:

PAYMENTS RECEIVED AFTER DETERMINATION DATE REPORT

   Primary                                       Scheduled   Scheduled      Current      Current      Paid To      Updated
  Servicer          Prospectus     Primary       Principal    Interest     Principal     Interest     Date at      Paid To
     ID             Loan Number  Loan Number       Amount      Amount        Amount      Advance   Determination    Date
------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>           <C>         <C>         <C>           <C>         <C>           <C> <C>    <C>   <C>
07                      66            1           3,418.94    26,389.96     3,418.94    26,389.96     1/1/2001   02/01/2001
                                              ----------------------------------------------------
Count for Servicer:      1                        3,418.94    26,389.96     3,418.94    26,389.96

67                      81            10          3,514.47    21,633.35     3,514.47    21,633.35     1/1/2001   02/01/2001
                                              ----------------------------------------------------
Count for Servicer:      1                        3,514.47    21,633.35     3,514.47    21,633.35

68                      10            12         11,963.80   101,994.57    11,963.80   101,994.57     1/1/2001   02/01/2001
                                              ----------------------------------------------------
Count for Servicer:      1                       11,963.80   101,994.57    11,963.80   101,994.57

01                      15            25         15,938.77    85,512.32    15,938.77    85,512.32     1/1/2001
01                      26            26          5,613.32    62,169.85     5,613.32    62,169.85     1/1/2001   02/01/2001
01                      28            78          4,670.62    61,305.46     4,670.62    61,305.46     1/1/2001   02/01/2001
01                      32            66          3,795.11    56,680.17     3,795.11    56,680.17     1/1/2001   02/01/2001
01                      40            58          8,045.30    38,453.73     8,045.30    38,453.73     1/1/2001
01                      53            51          6,682.28    34,856.39     6,682.28    19,715.89     1/1/2001
01                      54            52          6,336.59    35,769.60     6,336.59    24,573.61     1/1/2001
01                      56            53          4,529.09    29,973.27     4,529.09    29,973.27     1/1/2001   02/01/2001
01                      58            56          4,022.52    30,914.96     4,022.52    30,914.96     1/1/2001   02/01/2001
01                      64            45          6,101.99    31,228.53     6,101.99    31,228.53     1/1/2001
01                      69            15          5,580.88    27,630.09     5,580.88    27,630.09     1/1/2001   02/01/2001
01                      95            49          6,299.93    16,815.46     6,299.93    16,815.46     1/1/2001   02/01/2001
01                     100            70          1,232.52    14,268.98     1,232.52    14,268.98     1/1/2001
01                     102            39          1,097.59    13,299.82     1,097.59    13,299.82     1/1/2001
01                     104            84            881.08    14,115.78       881.08    14,115.78     1/1/2001   02/01/2001
01                     115            67            808.33    11,402.47       808.33    11,402.47     1/1/2001   02/01/2001
01                     118           206          1,639.27    10,278.41     1,639.27    10,278.41     1/1/2001   02/01/2001
                                         -----------------------------------------------------------------
Count for Servicer:   17                         83,275.19   574,675.29    83,275.19   548,338.80

                                         -----------------------------------------------------------------
Grand Total:   20                               102,172.40   724,693.17   102,172.40   698,356.68

<CAPTION>

   Primary               Primary       Sub         Master
  Servicer               Servicer    Servicer     Servicer      Retained
     ID                    Fees        Fees         Fees          Fees          Net Advance
-----------------------------------------------------------------------------------------
<C>                         <C>        <C>          <C>            <C>
07                          0.00       193.33       225.56         0.00
                       ----------------------------------------------------------------------
Count for Servicer:         0.00       193.33       225.56         0.00             0.00

67                          0.00       201.64       201.64         0.00
                       ----------------------------------------------------------------------
Count for Servicer:         0.00       201.64       201.64         0.00             0.00

68                          0.00       912.99       912.99         0.00
                       ----------------------------------------------------------------------
Count for Servicer:         0.00       912.99       912.99         0.00             0.00

01                        577.79         0.00       231.11         0.00       100,642.19
01                        409.01         0.00       163.60         0.00
01                        537.09         0.00       537.09         0.00
01                        345.19         0.00       138.08         0.00
01                        222.28         0.00        88.91         0.00        46,187.84
01                        195.82         0.00        78.33         0.00        26,124.02
01                        194.61         0.00        77.84         0.00        30,637.75
01                        193.88         0.00        77.55         0.00
01                        188.51         0.00        75.40         0.00
01                        176.83         0.00        70.73         0.00        37,082.96
01                        157.35         0.00        62.94         0.00
01                        101.91         0.00        40.76         0.00
01                         85.34         0.00        34.14         0.00        15,382.02
01                         85.26         0.00        34.10         0.00        14,278.05
01                        118.05         0.00       118.05         0.00
01                         70.47         0.00        28.19         0.00
01                         67.71         0.00        27.08         0.00
                       ----------------------------------------------------------------------
Count for Servicer:     3,727.10         0.00     1,883.90         0.00       270,334.83

                       ----------------------------------------------------------------------
Grand Total:   20       3,727.10     1,307.96     3,224.09         0.00       270,334.83
                                                                             ================
</TABLE>

                                                         E-4-1
<PAGE>

<TABLE>
<CAPTION>

                                                       EXHIBIT E-5

                                        Form of Mortgage Loans Delinquent Report

                                            Mortgage Loans Delinquency Report
                                             As of Month End ______________
                                    Deal Name

                                                                                                    Outstanding  Outstanding
Loan          Loan      Pro-Sup   Property      Ending      Scheduled      Late      Unallocated      P & I       Servicing
Nbr           Officer     Id        Name      Sch.Prin.Bal.  Payment       Fees        Suspense      Advances      Advances

<S>           <C>       <C>     <C>           <C>            <C>            <C>        <C>            <C>            <C>
010012213     abby              34 XYZ         519,504.30    5,059.04       787.73         0.00       10,118.00      400.00
                                  Building

                                                                                                      .

Specially Serviced Loans
------------------------
010003938     an                 43 xxx        541,866.64    6,461.77     6,718.74          0.00
010007088     an                 44 bbb      1,638,421.35   12,354.52     3,989.05          0.00
010003604     an                 45 ccc      2,994,388.87   33,671.76    11,785.13    388,686.54

<CAPTION>

Loan              Paid      First Due   Grace
Nbr              To Date      Date       Days   Comments

<S>               <C>        <C>           <C>  <C>
010012213         01/01/01   11/01/2000     6   2/26/01: Servicer has begun legal action.
                                                Borrower states that additional time is
                                                needed to become current. Servicer will not
                                                stop legal action until loan is brought
                                                completely current. 2/22/01: Drafted final
                                                default letter for approval by management.
                                                Pending management approval, will also
                                                instruct Servicer counsel to send final
                                                default notice.

Specially
Serviced
 Loans
-----------
010003938 an      10/10/00   06/01/1998     11  Loan in Special Servicing
010007088 an      10/10/00   12/01/1998      8  Loan in Special Servicing
010003604 an      10/10/00   03/01/1999      6  Loan in Special Servicing

</TABLE>

                                                         E-5-1
<PAGE>

                                  EXHIBIT E-6

             ARCap Naming Convention for Electronic File Delivery

ARCap Naming Convention for Electronic File Delivery

Deal Name - Prospectus Loan I.D. - Statement Type - Statement Date - Months
Covered by Statement

For Example:

JPM2000C10-00001.1-OS-12312000-12
JPM2000C10-00001.2-OS-12312000-12
JPM2000C10-00001.1-OSAR-12312000-12
JPM2000C10-00001.1-FS-12312000-12
JPM2000C10-00001.1-RR-12312000

DLJ2000CKP1-00150.1-OS-12312000-12
DLJ2000CKP1-00001.1-OSAR-12312000-12
DLJ2000CKP1-00001.1-FS-12312000-12
DLJ2000CKP1-00001.1-RR-12312000
DLJ2000CKP1-00001.1-PI-12312000

Please note there should not be any special characters in the Deal Name, i.e.
no spaces, no dashes, no underscores, etc.

The Prospectus I.D. should have five leading characters, a decimal point, and
the Property # (1,2,3,etc).

The Statement Types are:  OS   - Operating Statement  (PDF or TIF format)
                          OSAR - Operating Statement Analysis Report &
                                 NOI ADJ Worksheet (Excel Format
                                 named individually, not rolling
                                 format)
                          FS  -  Borrower Financial Statement (PDF or TIF)
                          RR  -  Rent Roll (Excel or PDF or TIF)
                          PI --  Property Inspection (Excel format)
                          HS  -  Healthcare Survey
                          FR  -  Franchise Annual Compliance Report

The Statement Date should be eight characters long - MODAYEAR where MO =
months from 01 to 12, DAY = day of month from 01 to 31, YEAR = year such as
1999 or 2000 or 2001.

The Months Covered by the Statement should range from 01 to 12.

                                    E-6-1
<PAGE>

                                 EXHIBIT F-1A

                       FORM I OF TRANSFEROR CERTIFICATE
                 FOR TRANSFERS OF NON-REGISTERED CERTIFICATES
                             HELD IN PHYSICAL FORM

                                    [date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention: Corporate Trust Services, Salomon Brothers Commercial Mortgage
           Trust 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
           Series 2002-KEY2

          Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
               Mortgage Pass-Through Certificates, Series 2002-KEY2, Class
               ____, [having an initial aggregate Certificate [Principal
               Balance] [Notional Amount] as of September 26, 2002 (the
               "Closing Date") of $__________] [evidencing a____%
               Percentage Interest in the related Class] (The "Transferred
               Certificates")
               ---------------------------------------------------------------

Ladies and Gentlemen:

              This letter is delivered to you in connection with the transfer
by _________________ (the "Transferor") to _________________ (the
"Transferee") of the Transferred Certificates, pursuant to Section 5.02 of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of September 11, 2002, among Salomon Brothers Mortgage Securities VII, Inc.
as Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as Master Servicer, ARCap Special Servicing, Inc. as Special Servicer
and Wells Fargo Bank Minnesota, N.A. as Trustee. All capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth
in the Pooling and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Certificate Registrar, that:

                    1. The Transferor is the lawful owner of the Transferred
          Certificates with the full right to transfer such Certificates free
          from any and all claims and encumbrances whatsoever.

                    2. Neither the Transferor nor anyone acting on its behalf
          has (a) offered, transferred, pledged, sold or otherwise disposed of
          any Transferred Certificate, any interest in a Transferred Certificate
          or any other similar security to any person in any manner, (b)
          solicited any offer to buy or accept a transfer, pledge or other
          disposition of any Transferred Certificate, any interest in a
          Transferred Certificate or any other similar security from any
          person in any manner, (c) otherwise approached or negotiated with
          respect to any Transferred Certificate, any interest in a

                                    F-1A-1
<PAGE>

          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"),
          or 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.

                    3. The Transferor and any person acting on behalf of the
          Transferor in this matter reasonably believe that the Transferee is
          a "qualified institutional buyer" as that term is defined in Rule
          144A ("Rule 144A") under the Securities Act (a "Qualified
          Institutional Buyer") purchasing for its own account or for the
          account of another person that is itself a Qualified Institutional
          Buyer. In determining whether the Transferee is a Qualified
          Institutional Buyer, the Transferor and any person acting on behalf
          of the Transferor in this matter has relied upon the following
          method(s) of establishing the Transferee's ownership and
          discretionary investments of securities (check one or more):

          ___  (a) The Transferee's most recent publicly available financial
               statements, which statements present the information as of a
               date within 16 months preceding the date of sale of the
               Transferred Certificates in the case of a U.S. purchaser and
               within 18 months preceding such date of sale in the case of a
               foreign purchaser; or

          ___  (b) The most recent publicly available information appearing in
               documents filed by the Transferee with the Securities and
               Exchange Commission or another United States federal, state, or
               local governmental agency or self-regulatory organization, or
               with a foreign governmental agency or self-regulatory
               organization, which information is as of a date within 16
               months preceding the date of sale of the Transferred
               Certificates in the case of a U.S. purchaser and within 18
               months preceding such date of sale in the case of a foreign
               purchaser; or

          ___  (c) The most recent publicly available information appearing in
               a recognized securities manual, which information is as of a
               date within 16 months preceding the date of sale of the
               Transferred Certificates in the case of a U.S. purchaser and
               within 18 months preceding such date of sale in the case of a
               foreign purchaser; or

          ___  (d) A certification by the chief financial officer, a person
               fulfilling an equivalent function, or other executive officer
               of the Transferee, specifying the amount of securities owned
               and invested on a discretionary basis by the Transferee as of a
               specific date on or since the close of the Transferee's most
               recent fiscal year, or, in the case of a Transferee that is a
               member of a "family of investment companies", as that term is
               defined in Rule 144A, a certification by an executive officer
               of the investment adviser specifying the amount of securities
               owned by the "family of investment companies" as of a specific
               date on or since the close of the Transferee's most recent
               fiscal year.

          ___  (e) Other. (Please specify brief description of method)

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

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

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

                                    F-1A-2
<PAGE>

                    4. The Transferor and any person acting on behalf of the
          Transferor understand that in determining the aggregate amount of
          securities owned and invested on a discretionary basis by an entity
          for purposes of establishing whether such entity is a Qualified
          Institutional Buyer:

                        (a) the following instruments and interests shall be
               excluded: securities of issuers that are affiliated with such
               entity; securities that are part of an unsold allotment to or
               subscription by such entity, if such entity is a dealer;
               securities of issuers that are part of such entity's "family of
               investment companies", if such entity is a registered
               investment company; bank deposit notes and certificates of
               deposit; loan participations; repurchase agreements; securities
               owned but subject to a repurchase agreement; and currency,
               interest rate and commodity swaps;

                         (b) the aggregate value of the securities shall be the
               cost of such securities, except where the entity 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 may be valued at market; and

                         (c) securities owned by subsidiaries of the entity that
               are consolidated with the entity in its financial statements
               prepared in accordance with generally accepted accounting
               principles may be included if the investments of such
               subsidiaries are managed under the direction of the entity,
               except that, unless the entity is a reporting company under
               Section 13 or 15(d) of the Securities Exchange Act of 1934, as
               amended, securities owned by such subsidiaries may not be
               included if the entity itself is a majority-owned subsidiary
               that would be included in the consolidated financial statements
               of another enterprise.

               5. The Transferor or a person acting on its behalf has taken
     reasonable steps to ensure that the Transferee is aware that the
     Transferor is relying on the exemption from the provisions of Section 5
     of the Securities Act provided by Rule 144A.P. 6. The Transferor or a
     person acting on its behalf has furnished, or caused to be furnished, to
     the Transferee 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 (e) all related matters, that the Transferee has
     requested.

                                        Very truly yours,

                                        (Transferor)

                                        By:
                                             ---------------------------------
                                             Name:
                                             Title:

                                    F-1A-3
<PAGE>

                                 EXHIBIT F-1B

                       FORM II OF TRANSFEROR CERTIFICATE
                 FOR TRANSFERS OF NON-REGISTERED CERTIFICATES
                             HELD IN PHYSICAL FORM

                                    [date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479

Attention: Corporate Trust Services, Salomon Brothers Commercial Mortgage
           Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
           Series 2002-KEY2

           Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
                Mortgage Pass-Through Certificates, Series 2002-KEY2, Class
                ____, [having an initial aggregate Certificate [Principal
                Balance] [Notional Amount] as of September 26, 2002 (the
                "Closing Date") of $__________] [evidencing a _______________
                ____% Percentage Interest in the related Class] (the
                "Transferred Certificates")
                _____________________________________________________________

Dear Sirs:

              This letter is delivered to you in connection with the transfer
by _________________ (the "Transferor") to _________________ (the
"Transferee") of the Transferred Certificates, pursuant to Section 5.02 of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of September 11, 2002, among Salomon Brothers Mortgage Securities VII, Inc.
as Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as Master Servicer, ARCap Special Servicing, Inc. as Special Servicer
and Wells Fargo Bank Minnesota, N.A. as Trustee. All capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth
in the Pooling and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Certificate Registrar, that:

               1. The Transferor is the lawful owner of the Transferred
     Certificates with the full right to transfer such Certificates free from
     any and all claims and encumbrances whatsoever.

               2. Neither the Transferor nor anyone acting on its behalf has (a)
     offered, transferred, pledged, sold or otherwise disposed of any
     Transferred Certificate, any interest in a Transferred Certificate or any
     other similar security to any person in any manner, (b) solicited any
     offer to buy or accept a transfer, pledge or other disposition of any
     Transferred Certificate, any interest in a Transferred Certificate or any
     other similar security from any person in any manner, (c) otherwise
     approached or negotiated with respect to any Transferred Certificate, any
     interest in a

                                    F-1B-1
<PAGE>

     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-1B-2
<PAGE>

                                 EXHIBIT F-1C

                        FORM OF TRANSFEROR CERTIFICATE
          FOR TRANSFERS OF INTERESTS IN RULE 144A GLOBAL CERTIFICATES
                  FOR CLASSES OF NON-REGISTERED CERTIFICATES

                                    [Date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479

Attention: Corporate Trust Services, Salomon Brothers Commercial Mortgage
           Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
           Series 2002-KEY2

           Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
                Mortgage Pass-Through Certificates, Series 2002-KEY2, Class
                ____, [having an initial aggregate Certificate [Principal
                Balance] [Notional Amount] as of September 26, 2002 (the
                "Closing Date") of $_________] the "Transferred Certificates")
                _____________________________________________________________

Ladies and Gentlemen:

              This letter is delivered to you in connection with the Transfer
by ______________________ (the "Transferor") to ______________________ (the
"Transferee") 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 Transferred Certificates, which
beneficial ownership interest is to be converted into a Definitive
Certificate. The Certificates, including the Transferred Certificates, were
issued pursuant to the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of September 11, 2002, among Salomon Brothers
Mortgage Securities VII, Inc., as Depositor, KeyCorp Real Estate Capital
Markets, Inc. d/b/a Key Commercial Mortgage, as Master Servicer, ARCap Special
Servicing, Inc., as Special Servicer, and Wells Fargo Bank Minnesota, N.A., as
Trustee. All capitalized terms used herein and not otherwise defined shall
have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferor hereby certifies, represents and warrants to and agrees with
you, as Certificate Registrar, and for the benefit of the Depositor and the
Trustee, that:

               1. The Transferor is the lawful owner of the Transferred
     Certificates with the full right to transfer such Certificates free from
     any and all claims and encumbrances whatsoever.

               2. Neither the Transferor nor anyone acting on its behalf has (a)
     offered, transferred, pledged, sold or otherwise disposed of any
     Transferred Certificate, any interest in a Transferred Certificate or any
     other similar security to any person in any

                                    F-1C-1
<PAGE>

     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-1C-2

<PAGE>

                                 EXHIBIT F-2A

                       FORM I OF TRANSFEREE CERTIFICATE
                 FOR TRANSFERS OF NON-REGISTERED CERTIFICATES
                             HELD IN PHYSICAL FORM

                                    [date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479

Attention: Corporate Trust Services, Salomon Brothers Commercial Mortgage
           Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
           Series 2002-KEY2

           Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
                Mortgage Pass-Through Certificates, Series 2002-KEY2, Class
                ____, [having an initial aggregate Certificate [Principal
                Balance] [Notional Amount] as of September 26, 2002 (the
                "Closing Date") of $__________] [evidencing a _______________
                ____% Percentage Interest in the related Class] (the
                "Transferred Certificates")
                _____________________________________________________________

Ladies and Gentlemen::

              This letter is delivered to you in connection with the transfer
by _________________ (the "Transferor") to _________________ (the
"Transferee") of the Transferred Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of September 11,
2002, among Salomon Brothers Mortgage Securities VII, Inc. as Depositor,
KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial Mortgage as
Master Servicer, ARCap Special Servicing, Inc. as Special Servicer and Wells
Fargo Bank Minnesota, N.A. as Trustee. All capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferee hereby certifies, represents
and warrants to you, as Certificate Registrar, that:

              1. The Transferee is a "qualified institutional buyer" (a
     "Qualified Institutional Buyer") as that term is defined in Rule 144A
     ("Rule 144A") under the Securities Act of 1933, as amended (the
     "Securities Act"), and has completed one of the forms of certification to
     that effect attached hereto as Annex 1 and Annex 2. The Transferee is
     aware that the sale to it is being made in reliance on Rule 144A. The
     Transferee is acquiring the Transferred Certificates for its own account
     or for the account of another Qualified Institutional Buyer, 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.

                                    F-2A-1

<PAGE>

               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.

               3. If the Transferee proposes that the Transferred Certificates
     be registered in the name of a nominee, such nominee has completed the
     Nominee Acknowledgment below.

                                         Very truly yours,

                                         (Transferee)

                                         By:
                                              ---------------------------------
                                              Name:
                                              Title:

                            Nominee Acknowledgment
                            ----------------------

              The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial
owner thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                            (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
being transferred (the "Transferred Certificates") as described in the
Transferee certificate to which this certification relates and to which this
certification is an Annex:

               1. As indicated below, the undersigned is the chief financial
     officer, a person fulfilling an equivalent function, or other executive
     officer of the entity purchasing the Transferred Certificates (the
     "Transferee").

              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 the Transferee's most
     recent fiscal year (such amount being calculated in accordance with Rule
     144A) and (ii) the Transferee satisfies the criteria in the category
     marked below.

     ___  Corporation, etc. The Transferee is a corporation (other than a
          bank, savings and loan association or similar institution),
          Massachusetts or similar business trust, partnership, or any
          organization described in Section 501(c)(3) of the Internal Revenue
          Code of 1986.

     ___  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

--------
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>

          months preceding the date of sale of the Transferred Certificates in
          the case of a U.S. savings and loan association, and not more than
          18 months preceding such date of sale in the case of a foreign
          savings and loan association or equivalent institution.

     ___  Broker-dealer. The Transferee is a dealer registered pursuant to
          Section 15 of the Securities Exchange Act of 1934, as amended.

     ___  Insurance Company. The Transferee is an insurance company whose
          primary and predominant business activity is the writing of
          insurance or the reinsuring of risks underwritten by insurance
          companies and which is subject to supervision by the insurance
          commissioner or a similar official or agency of a State, U.S.
          territory or the District of Columbia.

     ___  State or Local Plan. The Transferee is a plan established and
          maintained by a State, its political subdivisions, or any agency or
          instrumentality of the State or its political subdivisions, for the
          benefit of its employees.

     ___  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

                                    F-2A-4
<PAGE>

     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 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 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, 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

                                    F-2A-6

<PAGE>

     Companies, (ii) bank deposit notes and certificates of deposit, (iii)
     loan participations, (iv) repurchase agreements, (v) securities owned but
     subject to a repurchase agreement and (vi) currency, interest rate and
     commodity swaps. For purposes of determining the aggregate amount of
     securities owned and/or invested on a discretionary basis by the
     Transferee, or owned by the Transferee's Family of Investment Companies,
     the securities referred to in this paragraph were excluded.

               5. The Transferee is familiar with Rule 144A and understands
     that the 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
               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 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:

                             IF AN ADVISER:

                             Print Name of Transferee

                             ---------------------------------------------------
                             Date:

                                    F-2A-7

<PAGE>

                                 EXHIBIT F-2B

                       FORM II OF TRANSFEREE CERTIFICATE
                 FOR TRANSFERS OF NON-REGISTERED CERTIFICATES
                             HELD IN PHYSICAL FORM

                                    [date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:  Corporate Trust Services, Salomon Brothers Commercial Mortgage
            Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
            Series 2002-KEY2

                Re:  Salomon Brothers Mortgage Securities VII, Inc.,
                     Commercial Mortgage Pass-Through Certificates, Series
                     2002-KEY2, Class ____, [having an initial aggregate
                     Certificate [Principal Balance] [Notional Amount] as of
                     September 26, 2002 (the "Closing Date") of $__________]
                     [evidencing a ____% Percentage Interest in the
                     related Class] (the "Transferred Certificates")
                     ---------------------------------------------------------

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by
_______________________ (the "Transferor") to _______________________________
(the "Transferee") of the Transferred Certificates, pursuant to Section 5.02
of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 11, 2002, among Salomon Brothers Mortgage
Securities VII, Inc. as Depositor, KeyCorp Real Estate Capital Markets, Inc.
d/b/a/ Key Commercial Mortgage as Master Servicer, ARCap Special Servicing,
Inc. as Special Servicer and Wells Fargo Bank Minnesota, N.A. as Trustee. All
capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferee hereby certifies, represents and warrants to you, as Certificate
Registrar, that:

               1. Transferee is acquiring the Transferred Certificates for its
     own account for investment and not with a view to or for sale or transfer
     in connection with any distribution thereof, in whole or in part, in any
     manner which would violate the Securities Act of 1933, as amended (the
     "Securities Act"), or any applicable state securities laws.

               2. Transferee understands that (a) the Transferred Certificates
     have not been and will not be registered under the Securities Act or
     registered or qualified under any applicable state securities laws, (b)
     none of the Depositor, the Trustee or Certificate Registrar is obligated
     so to register or qualify the Transferred Certificates, and (c) neither
     the Transferred Certificates nor any security issued in exchange therefor
     or in lieu thereof may be resold or transferred unless it is (i)
     registered pursuant to the Securities Act and registered or qualified
     pursuant to any applicable state securities laws or (ii) sold or
     transferred in a transaction which is exempt from

                                    F-2B-1

<PAGE>

     such registration and qualification and the Certificate Registrar has
     received (A) a certificate from the prospective transferor substantially
     in the form attached as Exhibit F-1A to the Pooling and Servicing
     Agreement; (B) a certificate from the prospective transferor
     substantially in the form attached as Exhibit F-1B to the Pooling and
     Servicing Agreement and a certificate from the prospective transferee
     substantially in the form attached either as Exhibit F-2A or as Exhibit
     F-2B to the Pooling and Servicing Agreement; or (C) an Opinion of Counsel
     satisfactory to the Certificate Registrar that the transfer may be made
     without registration under the Securities Act, together with the written
     certification(s) as to the facts surrounding the transfer from the
     prospective transferor and/or prospective transferee upon which such
     Opinion of Counsel is based.

               3. The Transferee understands that it may not sell or otherwise
     transfer the Transferred Certificates, any security issued in exchange
     therefor or in lieu thereof or any interest in the foregoing except in
     compliance with the provisions of Section 5.02 of the Pooling and
     Servicing Agreement, which provisions it has carefully reviewed, and that
     the Transferred Certificates will bear legends substantially to the
     following effect:

          THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED
          UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
          "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY
          RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS
          CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY
          BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
          REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE
          WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
          SERVICING AGREEMENT REFERRED TO HEREIN.

          NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY
          BE MADE TO (A) ANY EMPLOYEE BENEFIT PLAN OR OTHER
          RETIREMENT ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OR
          407 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
          1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
          INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) TO 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.

               4. Neither the Transferee nor anyone acting on its behalf has
     (a) offered, transferred, pledged, sold or otherwise disposed of any
     Transferred Certificate, any interest in a Transferred Certificate or any
     other similar security to any person in any manner, (b) solicited any
     offer to buy or accept a transfer, pledge or other disposition of any
     Transferred Certificate, any interest in a Transferred Certificate or any
     other similar security from any person in any

                                    F-2B-2

<PAGE>

     manner, (c) otherwise approached or negotiated with respect to any
     Transferred Certificate, any interest in a Transferred Certificate or any
     other similar security with any person in any manner, (d) made any
     general solicitation by means of general advertising or in any other
     manner, or (e) taken any other action, that (in the case of any of the
     acts described in clauses (a) through (e) above) would constitute a
     distribution of the Transferred Certificates under the Securities Act,
     would render the disposition of the Transferred Certificates a violation
     of Section 5 of the Securities Act or any state securities law or would
     require registration or qualification of the Transferred Certificates
     pursuant thereto. The Transferee will not act, nor has it authorized nor
     will it authorize any person to act, in any manner set forth in the
     foregoing sentence with respect to the Transferred Certificates, any
     interest in the Transferred Certificates or any other similar security.

               5. The Transferee has been furnished with all information
     regarding (a) the Depositor, (b) the Transferred Certificates and
     distributions thereon, (c) nature, performance and servicing of the
     Mortgage Loans, (d) the Pooling and Servicing Agreement and the Trust
     Fund created pursuant thereto and (e) all related matters, that it has
     requested.

               6. The Transferee is an "accredited investor" within the
     meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) under the
     Securities Act or an entity in which all the equity owners come within
     such paragraphs and has such knowledge and experience in financial and
     business matters as to be capable of evaluating the merits and risks of
     an investment in the Transferred Certificates; the Transferee has sought
     such accounting, legal and tax advice as it has considered necessary to
     make an informed investment decision; and the Transferee is able to bear
     the economic risks of such an investment and can afford a complete loss
     of such investment.

               7. If the Transferee proposes that the Transferred Certificates
     be registered in the name of a nominee, such nominee has completed the
     Nominee Acknowledgment below.

                                Very truly yours,

                                (Transferee)

                                By:
                                    ----------------------------------------
                                         Name:
                                         Title:
                                         Date:

                                    F-2B-3

<PAGE>

                            Nominee Acknowledgment
                            ----------------------

          The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial
owner thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                 (Nominee)

                                 By:
                                     ---------------------------------------
                                          Name:
                                          Title:

                                    F-2B-4

<PAGE>

                                 EXHIBIT F-2C

                        FORM OF TRANSFEREE CERTIFICATE
          FOR TRANSFERS OF INTERESTS IN RULE 144A GLOBAL CERTIFICATES
                  FOR CLASSES OF NON-REGISTERED CERTIFICATES

                                    [Date]

[TRANSFEROR]

          Re:  Salomon Brothers Mortgage Securities VII, Inc. Commercial
               Mortgage Pass-Through Certificates, Series 2002-KEY2, Class
               _________, having an initial aggregate Certificate [Principal
               Balance] [Notional Amount] as of September 26, 2002 (the
               "Closing Date" of $__________ (the "Transferred 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 Company ("DTC") and the Depository Participants) in the
Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of September 11, 2002, among
Salomon Brothers Mortgage Securities VII, Inc. as Depositor, KeyCorp Real
Estate Capital Markets, Inc. d/b/a/ Key Commercial Mortgage as Master
Servicer, ARCap Special Servicing, Inc. as Special Servicer and Wells Fargo
Bank Minnesota, N.A. as Trustee. All capitalized terms used and 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, the Trustee and
the Certificate Registrar, that:

               1. The Transferee is a "qualified institutional buyer" (a
     "Qualified Institutional Buyer") as that term is defined in Rule 144A
     ("Rule 144A") under the Securities Act of 1933, as amended (the
     "Securities Act") and has completed one of the forms of certification to
     that effect attached hereto as Annex 1 and Annex 2. The Transferee is
     aware that the 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 a 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) neither the Depositor nor the Trustee is obligated
     so to register or qualify the Transferred Certificates, and (c) neither
     the Transferred Certificates nor any interest therein may be resold or
     transferred unless it is (i) registered pursuant to the Securities Act
     and registered or qualified pursuant any applicable state securities laws
     or (ii) sold or transferred in transactions which are exempt from such
     registration and qualification.

                                    F-2C-1

<PAGE>

               3. The Transferee understands that it may not sell or otherwise
     transfer any Transferred Certificate 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
     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 (A) TO ANY EMPLOYEE BENEFIT PLAN OR OTHER
          RETIREMENT ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OR
          407 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
          1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
          INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) TO 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 ARRANGEMENT,
          EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02
          OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

               4. The Transferee has been furnished with all information
     regarding (a) The Depositor, (b) the Transferred Certificates and
     distributions thereon, (c) the nature, performance and servicing of the
     Mortgage Loans, (d) the Pooling and Servicing Agreement, and (e) all
     related matters, that it has requested.

                             Very truly yours,

                             (Transferee)

                             By:
                                  ---------------------------------------------
                                      Name:
                                      Title:

                                    F-2C-2

<PAGE>

                                                       ANNEX 1 TO EXHIBIT F-2C
                                                       -----------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
         [for Transferees other than Registered Investment Companies]

          The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and for the benefit of Salomon Brothers Mortgage Securities
VII, Inc. 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 the Transferee's most
     recent fiscal year (such amount being calculated in accordance with Rule
     144A) and (ii) the Transferee satisfies the criteria in the category
     marked below.

     ___  Corporation, etc. The Transferee is a corporation (other than a
          bank, savings and loan association or similar institution),
          Massachusetts or similar business trust, partnership, or any
          organization described in Section 501(c)(3) of the Internal Revenue
          Code of 1986.

     ___  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 for 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

--------
1     Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or
any such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on
a discretionary basis at least $10,000,000 in securities.

                                    F-2C-3

<PAGE>

          months preceding the date of sale of the Transferred Certificates in
          the case of a U.S. savings and loan association, and not more than
          18 months preceding such date of sale in the case of a foreign
          savings and loan association or equivalent institution.

     ___  Broker-dealer. The Transferee is a dealer registered pursuant to
          Section 15 of the Securities Exchange Act of 1934, as amended.

     ___  Insurance Company. The Transferee is an insurance company whose
          primary and predominant business activity is the writing of
          insurance or the reinsuring of risks underwritten by insurance
          companies and which is subject to supervision by the insurance
          commissioner or a similar official or agency of a State, U.S.
          territory or the District of Columbia.

     ___  State or Local Plan. The Transferee is a plan established and
          maintained by a State, its political subdivisions, or any agency or
          instrumentality of the State or its political subdivisions, for the
          benefit of its employees.

     ___  ERISA Plan. The Transferee is an employee benefit plan within the
          meaning of Title I of the Employee Retirement Income Security Act of
          1974.

     ___  Investment Advisor. The Transferee is an investment advisor
          registered under the Investment Advisers Act of 1940, as amended.

     ___  QIB Subsidiary. All of the Transferee's equity owners are "qualified
          institutional buyers" within the meaning of Rule 144A.

     ___  Other. (Please supply a brief description of the entity and a
          cross-reference to the paragraph and subparagraph under subsection
          (a)(1) of Rule 144A pursuant to which it qualifies. Note that
          registered investment companies should complete Annex 2 rather than
          this Annex 1.)______________________________________________________
          ____________________________________________________________________
          ____________________________________________________________________

               3. For purposes of determining the aggregate amount of
     securities owned and/or invested on a discretionary basis by the
     Transferee, 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 such
     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

                                    F-2C-4

<PAGE>

     Person in its financial statements prepared in accordance with generally
     accepted accounting principles and if the investments of such
     subsidiaries are managed under such Person's direction. However, such
     securities were not included if such Person is a majority-owned,
     consolidated subsidiary of another enterprise and such Person is not
     itself a reporting company under the Securities Exchange Act of 1934, as
     amended.

               5. The Transferee acknowledges that it is familiar with Rule
     144A and understands that the Transferor and other parties related to the
     Transferred Certificates are relying and will continue to rely on the
     statements made herein because one or more Transfers to the Transferee
     may be in reliance on Rule 144A.

          ___      ___      Will the Transferee be acquiring interests in the
          Yes      No       Transferred Certificates only for the Transferee's
                            own account?

               6. If the answer to the foregoing question is "no", then in
     each case where the Transferee is acquiring any interest in the
     Transferred Certificates for an account other than its own, such account
     belongs to a third party that is itself a "qualified institutional buyer"
     within the meaning of Rule 144A, and the "qualified institutional buyer"
     status of such third party has been established by the Transferee through
     one or more of the appropriate methods contemplated by Rule 144A.

               7. The Transferee will notify each of the parties to which this
     certification is made of any changes in the information and conclusions
     herein. Until such notice is given, the Transferee's acquisition of any
     interest in of the Transferred Certificates will constitute a
     reaffirmation of this certification as of the date of such acquisition.
     In addition, if the Transferee is a bank or savings and loan as provided
     above, the Transferee agrees that it will furnish to such parties any
     updated annual financial statements that become available on or before
     the date of such acquisition, promptly after they become available.

               8. Capitalized terms used but not defined herein have the
     meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
     to which the Transferred Certificates were issued.

                                (Transferee)

                                By:
                                     ------------------------------------------
                                         Name:
                                         Title:
                                         Date:

                                    F-2C-5

<PAGE>

                                                       ANNEX 2 TO EXHIBIT F-2C
                                                       -----------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
          [for Transferees that are Registered Investment Companies]

          The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and for the benefit of Salomon Brothers Mortgage Securities
VII, Inc. 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") 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

                                    F-2C-6

<PAGE>

     Companies, (ii) bank deposit notes and certificates of deposit, (iii)
     loan participations, (iv) repurchase agreements, (v) securities owned but
     subject to a repurchase agreement and (vi) currency, interest rate and
     commodity swaps. For purposes of determining the aggregate amount of
     securities owned and/or invested on a discretionary basis by the
     Transferee, or owned by the Transferee's Family of Investment Companies,
     the securities referred to in this paragraph were excluded.

               5. The Transferee is familiar with Rule 144A and understands
     that the 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.

                                    F-2C-7

<PAGE>

               8. Capitalized terms used but not defined herein have the
     meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
     to which the Transferred Certificates were issued.

                                 (Transferee or Adviser)

                                 By:
                                      ------------------------------------------
                                          Name:
                                          Title:

                                 IF AN ADVISER:

                                 -----------------------------------------------
                                 Print Name of Transferee

                                 Date:

                                    F-2C-8

<PAGE>

                                 EXHIBIT F-3A

                        FORM OF TRANSFEROR CERTIFICATE
                FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

                                    [Date]

Salomon Brothers Mortgage Securities VII, Inc.
388 Greenwich Street
New York, New York 10013

          Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
               Mortgage Pass-Through Certificates, Series 2002-KEY2 (the
               "Certificates")
               ----------------------------------------------------------

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee")
of the Excess Servicing Fee Right established under the Pooling and Servicing
Agreement, dated as of September 11, 2002 (the "Pooling and Servicing
Agreement"), among Salomon Brothers Mortgage Securities VII, Inc., as
Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as Master Servicer, ARCap Special Servicing, Inc. as Special Servicer
and Wells Fargo Bank Minnesota, N.A. as Trustee. 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 Depositor, that:

               1. The Transferor is the lawful owner of the Excess Servicing
     Rights, with the full right to transfer the Excess Servicing Fee Right
     free from any and all claims and encumbrances whatsoever.

               2. Neither the Transferor nor anyone acting on its behalf has
     (a) offered, transferred, pledged, sold or otherwise disposed of the
     Excess Servicing Fee Right, any interest in the Excess Servicing Fee
     Right 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 the Excess Servicing Fee Right, any interest in the Excess
     Servicing Fee Right or any other similar security from any person in any
     manner, (c) otherwise approached or negotiated with respect to the Excess
     Servicing Fee Right, any interest in the Excess Servicing Fee Right or
     any other similar security with any person in any manner, (d) made any
     general solicitation with respect to the Excess Servicing Fee Right, any
     interest in the Excess Servicing Fee Right or any other similar security
     by means of general advertising or in any other manner, or (e) taken any
     other action, which (in the case of any of the acts described in clauses
     (a) through (e) hereof) would constitute a distribution of the Excess
     Servicing Fee Right under the Securities Act of 1933, as amended (the
     "Securities Act"), or would render the disposition of the Excess
     Servicing Fee Right a violation of Section 5 of the Securities Act or any
     state securities laws, or would require registration or qualification of
     the Excess Servicing Fee Right pursuant to the Securities Act or any
     state securities laws.

                                    F-3A-1
<PAGE>

                                Very truly yours,

                                -----------------------------------------------
                                (Transferor)

                                By:
                                     ------------------------------------------
                                         Name:
                                               --------------------------------
                                         Title:
                                                -------------------------------

                                    F-3A-2

<PAGE>

                                 EXHIBIT F-3B

                        FORM OF TRANSFEREE CERTIFICATE
                FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

                                    [Date]

Salomon Brothers Mortgage Securities VII, Inc.
388 Greenwich Street
New York, New York 10013

KeyCorp Real Estate Capital Markets, Inc.
d/b/a Key Commercial Mortgage
911 Main Street, Suite 1500
Kansas City, Missouri 64105

          Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
               Mortgage Pass-Through Certificates, Series 2002-KEY2
               ----------------------------------------------------

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by
_______________________ (the "Transferor") to _______________________________
(the "Transferee") of the Excess Servicing Fee Right established pursuant to
the Pooling and Servicing Agreement, dated as of September 11, 2002 (the
"Pooling and Servicing Agreement"), among Salomon Brothers Mortgage Securities
VII, Inc. as Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key
Commercial Mortgage as Master Servicer, ARCap Special Servicing, Inc. as
Special Servicer and Wells Fargo Bank Minnesota, N.A. as Trustee. 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 Depositor and
initial Master Servicer, respectively, that:

               1. The Transferee is acquiring the Excess Servicing Fee Right
     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 Excess Servicing Fee
     Right has not been and will not be registered under the Securities Act or
     registered or qualified under any applicable state securities laws, (b)
     neither the Depositor nor the Trustee is obligated so to register or
     qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee
     Right may not be resold or transferred unless it is (i) registered
     pursuant to the Securities Act and registered or qualified pursuant any
     applicable state securities laws or (ii) sold or transferred in
     transactions which are exempt from such registration and qualification
     and (A) the Depositor has received a certificate from the prospective
     transferor substantially in the form attached as Exhibit F-3A to the
     Pooling and Servicing Agreement, and (B) the Master Servicer and the
     Depositor have

                                    F-3B-1

<PAGE>

     received a certificate from the prospective transferee substantially in
     the form attached as Exhibit F-3B to the Pooling and Servicing Agreement.

               3. The Transferee understands that it may not sell or otherwise
     transfer the Excess Servicing Fee Right or any interest therein except in
     compliance with the provisions of Section 3.11 of the Pooling and
     Servicing Agreement, which provisions it has carefully reviewed.

               4. Neither the Transferee nor anyone acting on its behalf has
     (a) offered, pledged, sold, disposed of or otherwise transferred the
     Excess Servicing Fee Right, any interest in the Excess Servicing Fee
     Right 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 the Excess Servicing Fee Right, any interest in the Excess
     Servicing Fee Right or any other similar security from any person in any
     manner, (c) otherwise approached or negotiated with respect to the Excess
     Servicing Fee Right, any interest in the Excess Servicing Fee Right or
     any other similar security with any person in any manner, (d) made any
     general solicitation with respect to the Excess Servicing Fee Right, any
     interest in the Excess Servicing Fee Right or any other similar security
     by means of general advertising or in any other manner, or (e) taken any
     other action with respect to the Excess Servicing Fee Right, any interest
     in the Excess Servicing Fee Right 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 Excess Servicing Fee Right
     under the Securities Act, would render the disposition of the Excess
     Servicing Fee Right a violation of Section 5 of the Securities Act or any
     state securities law or would require registration or qualification of
     the Excess Servicing Fee Right 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 the Excess
     Servicing Fee Right, any interest in the Excess Servicing Fee Right or
     any other similar security.

               5. The Transferee has been furnished with all information
     regarding (a) the Depositor, (b) the Excess Servicing Fee Right and
     payments thereon, (c) the Pooling and Servicing 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 (a) a "qualified institutional buyer"
     within the meaning of Rule 144A under the Securities Act or (b) 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 Excess
     Servicing Fee Right; 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. The Transferee agrees (i) to keep all information relating
     to the Trust and the Trust Fund, and made available to it by the Master
     Servicer, confidential, (ii) not to use or disclose such information in
     any manner which could result in a violation of any provision of the
     Securities Act or would require registration of the Excess Servicing Fee
     Right or any Certificate

                                    F-3B-2

<PAGE>

     pursuant to the Securities Act, and (iii) not to disclose such
     information, and to cause its officers, directors, partners employees,
     agents or representatives not to disclose such information, in any manner
     whatsoever, in whole or in part, to any other Person other than such
     holder's auditors, legal counsel and regulators, except to the extent
     such disclosure is required by law, court order or other legal
     requirement or to the extent such information is of public knowledge at
     the time of disclosure by such holder or has become generally available
     to the public other than as a result of disclosure by such holder;
     provided, however, that such holder may provide all or any part of such
     information to any other Person who is contemplating an acquisition of
     the Excess Servicing Fee Right if, and only if, such Person (x) confirms
     in writing such prospective acquisition and (y) agrees in writing to keep
     such information confidential, not to use or disclose such information in
     any manner which could result in a violation of any provision of the
     Securities Act or would require registration of the Excess Servicing Fee
     Right or any Certificates pursuant to the Securities Act and not to
     disclose such information, and to cause its officers, directors,
     partners, employees, agents or representatives not to disclose such
     information, in any manner whatsoever, in whole or in part, to any other
     Person other than such Persons' auditors, legal counsel and regulators.

               8. The Transferee acknowledges that the holder of the Excess
     Servicing Fee Right shall not have any rights under the Pooling and
     Servicing Agreement except as set forth in Section 3.11(a) of the Pooling
     and Servicing Agreement, and that the Excess Servicing Fee Rate may be
     reduced to the extent provided in the Pooling and Servicing Agreement.

                                Very truly yours,

                                -----------------------------------------------
                                (Transferor)

                                By:
                                     ------------------------------------------
                                         Name:
                                               --------------------------------
                                         Title:
                                                -------------------------------

                                    F-3B-3

<PAGE>

                                  EXHIBIT G-1

               FORM OF TRANSFEREE CERTIFICATE IN CONNECTION WITH
                ERISA (DEFINITIVE NON-REGISTERED CERTIFICATES)

                                    [date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:    Corporate Trust Services, Salomon Brothers Commercial Mortgage
              Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
              Series 2002-KEY2

                  Re:     Salomon Brothers Mortgage Securities VII, Inc.
                          Commercial Mortgage Pass-Through Certificates,
                          Series 2002-KEY2, Class _____ Certificates [having
                          an initial aggregate Certificate [Principal Balance]
                          [Notional Amount] as of September 26, 2002 (the
                          "Closing Date") of $________] [evidencing a ____%
                          Percentage Interest in the related Class] (the
                          "Transferred Certificates")
                          ----------------------------------------------------

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee")
of the Transferred Certificates, pursuant to Section 5.02 of the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
September 11, 2002, among Salomon Brothers Mortgage Securities VII, Inc. as
Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as Master Servicer, ARCap Special Servicing, Inc. as Special Servicer
and Wells Fargo Bank Minnesota, N.A. as Trustee. 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 is neither (A) a retirement plan or other
               employee benefit plan or 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 an insurance
               company general account, that is subject to ERISA or Section
               4975 of the Code (each, a "Plan"), nor (B) a Person who is
               directly or indirectly purchasing 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 the Transferred Certificates, however, the
               purchase and holding of such Certificates by such Person is
               exempt from the prohibited transaction provisions of Section
               406 or 407 of ERISA and the excise taxes on such prohibited
               transactions imposed under Section 4975 of the Code under
               Sections I and III of Prohibited Transaction Class Exemption
               95-60.

                                    G-1-1

<PAGE>

          ___  The Transferred Certificates are Class _____ Certificates, an
               interest in which is being acquired by or on behalf of a Plan
               in reliance on Prohibited Transaction Exemption 91-23, 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 Fiscal Agent, any of the Mortgage
               Loan Sellers, the Master Servicer, any Exemption-Favored Party,
               a Special Servicer, any Sub-Servicer, any Person responsible
               for servicing the Westfarms Mall Mortgage Loan or any Westfarms
               Mall REO Property or any Borrower with respect to any Mortgage
               Loan or group of Mortgage Loans that represents more than 5% of
               the aggregate unamortized principal balance of the Mortgage
               Loans determined on the date of the initial issuance of the
               Certificates, or by an Affiliate of any such Person, and (Z)
               agrees that it will obtain from each of its Transferees to
               which it transfers an interest in the Transferred Certificates,
               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 OF TRANSFEREE CERTIFICATE IN CONNECTION WITH ERISA
                   (BOOK-ENTRY NON-REGISTERED CERTIFICATES)

                                    [Date]

[TRANSFEROR]

          Re:  Salomon Brothers Mortgage Securities VII, Inc. Commercial
               Mortgage Pass-Through Certificates, Series 2002-KEY2, Class
               _____ Certificates [having an initial aggregate Certificate
               [Principal Balance] [Notional Amount] as of September 26, 2002
               (the "Closing Date") of $________] [evidencing a ____%
               Percentage Interest in the related Class] (the "Transferred
               Certificates")
               --------------------------------------------------------------

Ladies and Gentlemen:

          This letter is delivered to you in connection with the Transfer by
______________________ (the "Transferor") to _________________ (the
"Transferee") through our respective DTC 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 Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement,
dated as of September 11, 2002 (the "Pooling and Servicing Agreement"), among
Salomon Brothers Mortgage Securities VII, Inc. as Depositor, KeyCorp Real
Estate Capital Markets, Inc. d/b/a/ Key Commercial Mortgage as Master
Servicer, ARCap Special Servicing, Inc. as Special Servicer and Wells Fargo
Bank Minnesota, N.A. as Trustee. 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 is neither (A) a retirement plan, 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 an
               insurance company general account, that is subject to Section
               406 of ERISA or Section 4975 of the Code (each, a "Plan"), nor
               (B) a Person who is 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
               Section 406 or 407 of ERISA and the excise taxes on such
               prohibited transactions imposed under Section 4975 of the Code
               under Sections I and III of Prohibited Transaction Class
               Exemption 95-60.

                                    G-2-1

<PAGE>

          ___  The Transferred Certificates are Class ____ Certificates, an
               interest in which is being acquired by or on behalf of a Plan
               in reliance on Prohibited Transaction Exemption 91-23, 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 Fiscal Agent, any of the Mortgage
               Loan Sellers, the Master Servicer, any Exemption-Favored Party,
               a Special Servicer, any Sub-Servicer, any Person responsible
               for servicing the Westfarms Mall Mortgage Loan or any Westfarms
               Mall REO Property or any Borrower with respect to any Mortgage
               Loan or group of Mortgage Loans that represents more than 5% of
               the aggregate unamortized principal balance of the Mortgage
               Loans determined on the date of the initial issuance of the
               Certificates, or by an Affiliate of any such Person, and (Z)
               agrees that it will obtain from each of its Transferees to
               which it transfers an interest in the Transferred Certificates,
               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).

                                          (Transferee)

                                          By:
                                                ------------------------------
                                                Name:
                                                Title:

                                    G-2-2

<PAGE>

                                  EXHIBIT H-1

                   FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
                     FOR TRANSFERS OF CLASS R CERTIFICATES

STATE OF                            )
                                    ) ss:
COUNTY OF                           )

          ____________________, being first duly sworn, deposes and says that:

          1. He/She is the ____________________ of ____________________ (the
prospective transferee (the "Transferee") of Salomon Brothers Mortgage
Securities Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2,
Class R, evidencing a ___% Percentage Interest in such Class (the "Residual
Interest Certificates")), a _________________ duly organized and validly
existing under the laws of ____________________, on behalf of which he/she
makes this affidavit. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and
Servicing Agreement pursuant to which the Residual Interest Certificates were
issued (the "Pooling and Servicing Agreement").

          2. The Transferee (i) is, and as of the date of transfer will be, a
"Permitted Transferee" and will endeavor to remain a "Permitted Transferee"
for so long as it holds the Residual Certificates, and (ii) is acquiring the
Residual Certificates for its own account or for the account of another
prospective transferee from which it has received an affidavit in
substantially the same form as this affidavit. A "Permitted Transferee" is any
Person other than a Disqualified Organization, a possession of the United
States, a Non-United States Person, a domestic partnership whose beneficial
interests are not all held by United States Persons (as defined below) or a
foreign permanent establishment or fixed base (each within the meaning of an
applicable income tax treaty) of a United States Person. (For this purpose, a
"Disqualified Organization" means the United States, any state or political
subdivision thereof, any agency or instrumentality of any of the foregoing
(other than an instrumentality, all of the activities of which are subject to
tax and, except for the Federal Home Loan Mortgage Corporation, a majority of
whose board of directors is not selected by any such governmental entity) or
any foreign government, international organization or any agency or
instrumentality of such foreign government or organization, any rural electric
or telephone cooperative, or any organization (other than certain farmers'
cooperatives) that is generally exempt from federal income tax unless such
organization is subject to the tax on unrelated business taxable income).

          3. The Transferee is aware (i) of the tax that would be imposed
under the Code on transfers of the Residual Interest Certificates to
non-Permitted Transferees; (ii) that such tax would be on the transferor or,
if such transfer is through an agent (which Person includes a broker, nominee
or middleman) for a non-Permitted Transferee, on the agent; (iii) that the
Person otherwise liable for the tax shall be relieved of liability for the tax
if the transferee furnishes to such Person an affidavit that the transferee is
a Permitted Transferee and, at the time of transfer, such Person does not have
actual knowledge that the affidavit is false; and (iv) that the Residual
Interest Certificates may be a "noneconomic residual interest" within the
meaning of Treasury regulation Section 1.860E-1(c) and that the transferor of
a noneconomic residual interest will remain liable for any taxes due with
respect to the

                                    H-1-1

<PAGE>

income on such residual interest, unless no significant purpose of the
transfer is to enable the transferor to impede the assessment or collection of
tax.

          4. The Transferee is aware of the tax imposed on a "pass-through
entity" holding the Residual Interest Certificates if at any time during the
taxable year of the pass-through entity a non-Permitted Transferee is the
record holder of an interest in such entity. (For this purpose, a
"pass-through entity" includes a regulated investment company, a real estate
investment trust or common trust fund, a partnership, trust or estate, and
certain cooperatives.)

          5. The Transferee is aware that the Certificate Registrar will not
register any transfer of the Residual Interest Certificates by the Transferee
unless the Transferee's transferee, or such transferee's agent, delivers to
the Certificate Registrar, among other things, an affidavit and agreement in
substantially the same form as this affidavit and agreement. The Transferee
expressly agrees that it will not consummate any such transfer if it knows or
believes that any representation contained in such affidavit and agreement is
false.

          6. The Transferee consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to
constitute a reasonable arrangement to ensure that the Residual Interest
Certificates will only be owned, directly or indirectly, by a Permitted
Transferee. In addition, the Transferee will honor all the restrictions set
forth herein upon any subsequent transfers of the Class R Certificate.

          7. The Transferee's taxpayer identification number is
_________________.

          8. The Transferee has reviewed the provisions of Section 5.02(d) of
the Pooling and Servicing Agreement, a description of which provisions is set
forth in the Residual Interest Certificates (in particular, clause (ii)(A) of
Section 5.02(d) which authorizes the Trustee to deliver payments on the
Residual Interest Certificates to a Person other than the Transferee and
clause (ii)(B) of Section 5.02(d) which authorizes the Trustee to negotiate a
mandatory sale of the Residual Interest Certificates, in either case, in the
event that the Transferee holds such Residual Interest Certificates in
violation of Section 5.02(d)); and the Transferee expressly agrees to be bound
by and to comply with such provisions.

          9. No purpose of the Transferee relating to its purchase or any sale
of the Residual Certificates is or will be to impede the assessment or
collection of any tax.

          10. In accordance with Treasury Regulation Section 1.860E-1 [check
the statement that applies]:

          (a) The consideration paid to the Transferee for accepting the Class
R 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,
the Transferee has regularly borrowed, 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
Transferee is greater than the Tax Liability Present Value using such lower
interest rate as the discount rate and the transactions in question with
unrelated third party lenders, the interest rate or rates, the date or dates
of such transactions, and the maturity dates or,

                                    H-1-2

<PAGE>

in the case of adjustable rate debt instruments, the relevant adjustment dates
or periods, with respect to such borrowings, are accurately reflected in
Exhibit A to this letter;                                              _______

          or

          (b) the Transferee (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 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)(i) of the
Treasury Regulations or any other assets if a principal purpose for holding or
acquiring such other assets 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 this letter.                                                        _______

          11. The Transferee will not cause the income from the Class R
Certificate to be attributable to a foreign permanent establishment or fixed
base.

          12. The Transferee hereby represents to and for the benefit of the
transferor that the Transferee intends to pay any taxes associated with
holding the Residual Certificates as they become due, fully understanding that
it may incur tax liabilities in excess of any cash flows generated by the
Residual Certificates.

          13. For purposes of this Affidavit, a "United States 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, 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 as to which (i) a court in the
United States is able to exercise primary supervision over the administration
of the trust and (ii) one or more United States fiduciaries have the right to
control all substantial decisions of the trust.

                                    H-1-3

<PAGE>

          IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors,
by its ____________________ and its corporate seal to be hereunto attached,
attested by its [Assistant] Secretary, this ______ day of ______________.

                                      [TRANSFEREE]

                                      By:
                                           ----------------------------
                                      [Name of Officer]
                                      [Title of Officer]

[Corporate Seal]

ATTEST:

---------------------------------
[Assistant] Secretary

          Personally appeared before me the above-named ____________________,
known or proved to me to be the same person who executed the foregoing
instrument and to be the ____________________ of the Transferee, and
acknowledged to me that he/she executed the same as his/her free act and deed
and the free act and deed of the Transferee

          Subscribed and sworn before me this ______ day of
__________________, ________.

-----------------------------
NOTARY PUBLIC

COUNTY OF ____________________

STATE OF ______________________

My Commission expires the _________ day of ___________, 20__.

                                    H-1-4

<PAGE>

                                  EXHIBIT H-2

                FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF
                             CLASS R CERTIFICATES

                                    [date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:    Corporate Trust Services, Salomon Brothers Commercial Mortgage
              Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
              Series 2002-KEY2

               Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
                    Mortgage Pass-Through Certificates, Series 2002-KEY2,
                    Class R Certificates, evidencing ____% Percentage Interest
                    in such Class (the "Residual Interest Certificates")
                    ----------------------------------------------------------

Ladies and Gentlemen:

          This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee")
of the Residual Interest Certificates, pursuant to the Pooling and Servicing
Agreement, dated as of September 11, 2002 (the "Pooling and Servicing
Agreement"), among Salomon Brothers Mortgage Securities VII, Inc. as
Depositor, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as Master Servicer, ARCap Special Servicing, Inc. as Special Servicer
and Wells Fargo Bank Minnesota, N.A. as Trustee. 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.

               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 the Transferee is classified
     as a partnership under the Code) as contemplated by Treasury regulation
     section 1.860E-1(c)(4)(i) and, as a result of that investigation, the
     Transferor has determined that the Transferee has historically paid its
     debts as they became due and has found no significant evidence to
     indicate that the Transferee will not continue to pay its debts as they
     become due in the future. The Transferor understands that the transfer of
     the Residual

                                    H-2-1

<PAGE>

     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,

                                   (Transferor)

                                   By:
                                       ------------------------------------
                                            Name:
                                            Title:

                                    H-2-2

<PAGE>

                                  EXHIBIT I-1

                       FORM OF NOTICE AND ACKNOWLEDGMENT
                  CONCERNING REPLACEMENT OF SPECIAL SERVICER

                                    [date]

Moody's Investors Service
99 Church Street, 6th Floor
New York, New York  10007
Attention:  Commercial MBS Monitoring Department

Standard & Poor's Ratings Services
55 Water Street, 41st Floor
New York, New York  10041

          Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
               Mortgage Pass-Through Certificates, Series 2002-KEY2
               ----------------------------------------------------

Ladies and Gentlemen:

          This notice is being delivered pursuant to Section 6.06 of the
Pooling and Servicing Agreement, dated as of September 11, 2002, and relating
to Salomon Brothers Mortgage Securities VII, Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-KEY2 (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 each Rating Agency delivers to
Wells Fargo Bank Minnesota, N.A. 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 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,

                           WELLS FARGO BANK MINNESOTA, N.A., as Trustee

                           By:
                               --------------------------------------------
                                    Name:
                                    Title:

Receipt acknowledged:

MOODY'S INVESTORS SERVICE

By:  ____________________________________
         Name:
         Title:
         Date:

STANDARD & POOR'S RATINGS SERVICES

By:  _____________________________________
         Name:
         Title:
         Date:

                                    I-1-2

<PAGE>

                                  EXHIBIT I-2

              FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                    [date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:     Corporate Trust Services, Salomon Brothers Commercial Mortgage
               Trust 2002-KEY2, Salomon Brothers Mortgage Securities VII,
               Inc., Series 2002-KEY2

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbus, Maryland 21045

KeyCorp Real Estate Capital Markets, Inc.
d/b/a Key Commercial Mortgage
911 Main Street, Suite 1500
Kansas City, Missouri 64105

Salomon Brothers Mortgage Securities VII, Inc.
388 Greenwich Street
New York, New York  10013

          Re:  Salomon Brothers Mortgage Securities VII, Inc. Commercial
               Mortgage Pass-Through Certificates, Series 2002-KEY2
               ---------------------------------------------------------

Ladies and Gentlemen:

          Pursuant to Section 6.06 of the Pooling and Servicing Agreement,
dated as of September 11, 2002 relating to Salomon Brothers Mortgage
Securities VII, Inc., Commercial Mortgage Pass-Through Certificates, Series
2002-KEY2 (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 2.06 of the Agreement,
with the following corrections with respect to type of entity and jurisdiction
of organization: ___________________________.

                                    I-2-1

<PAGE>

                                   By:
                                       ---------------------------------------
                                            Name:
                                            Title:

                                    I-2-2

<PAGE>

                                   EXHIBIT J

                       FORM OF UCC-1 FINANCING STATEMENT

Debtor:

Salomon Brothers Mortgage Securities VII, Inc.
388 Greenwich Street
New York, New York  10013

Secured Party:

Wells Fargo Bank Minnesota, N.A.

as Trustee for the registered holders of
Salomon Brothers Mortgage Securities VII, Inc.,
Commercial Mortgage Pass-Through Certificates,
Series 2002-KEY2
9062 Old Annapolis Road
Columbia, Maryland 21045

Text:

See Exhibit 1 Attached Hereto

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

*    Notices to the Secured Party should be sent to 9062 Old Annapolis Road,
     Columbia, Maryland 21045, Attention: Corporate Trust Services, SBMS VII,
     Series 2002-KEY2.

                                     J-1

<PAGE>

                                                        EXHIBIT 1 to EXHIBIT J
                                                        ----------------------

          This Schedule I is attached to and incorporated in a financing
statement pertaining to Salomon Brothers Mortgage Securities VII, Inc. as
depositor (referred to as the "Debtor" for the purpose of this financing
statement only), and Wells Fargo Bank Minnesota, N.A. as trustee for the
holders of the Series 2002-KEY2 Certificates (referred to as the "Secured
Party" for purposes of this financing statement only), under that certain
Pooling and Servicing Agreement, dated as of September 11, 2002 (the "Pooling
and Servicing Agreement"), among the Debtor as Depositor, the Secured Party as
Trustee, KeyCorp Real Estate Capital Markets, Inc. d/b/a/ Key Commercial
Mortgage as Master Servicer and ARCap Special Servicing, Inc. as Special
Servicer, relating to the issuance of the Debtor's Commercial Mortgage
Pass-Through Certificates, Series 2002-KEY2 (collectively, the "Series
2002-KEY2 Certificates") and pursuant to which the Debtor has transferred to
the Secured Party certain commercial and multifamily mortgage loans identified
on the schedule attached hereto as Exhibit A (such mortgage loans, the
"Mortgage Loans"). 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, including,
without limitation, the following:

     1.   The mortgage notes or other evidence of indebtedness of a borrower
          (the "Mortgage Notes") with respect to the mortgage loans;

     2.   The related mortgages, deeds of trust or other similar instruments
          securing such Mortgage Notes (the "Mortgages");

     3.   With respect to each Mortgage Note and each Mortgage, each other
          legal, credit and servicing document related to such Mortgage Note
          and Mortgage (collectively, with such related Mortgage Note and
          Mortgage, the "Mortgage Loan Documents");

     4.   (a) the Collection Account maintained by the Master Servicer
          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;

     5.   All REO Property;

     6.   (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;

                                     J-2

<PAGE>

     7.   (a) the Servicing Account(s) and Reserve Account(s) required to be
          maintained by the Master Servicer or the Special Servicer pursuant
          to the Pooling and Servicing Agreement, and (b) all funds from time
          to time on deposit in the Servicing Account(s) and Reserve
          Account(s);

     8.   (a) the Distribution Account, Interest Reserve Account and Gain on
          Sale 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 Distribution 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 the Special Servicer; and

     10.  All income, payments, products and proceeds of any of the foregoing,
          together with any additions thereto or substitutions therefor.

THE DEBTOR AND THE SECURED PARTY INTEND THE TRANSACTIONS CONTEMPLATED BY THE
POOLING AND SERVICING AGREEMENT TO CONSTITUTE A SALE OF THE INTEREST IN THE
MORTGAGE NOTES, THE RELATED MORTGAGES AND THE OTHER MORTGAGE LOAN DOCUMENTS,
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 OR THAT A FILING IS NECESSARY TO PERFECT THE
OWNERSHIP OR SECURITY INTEREST OF THE SECURED PARTY 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 (INCLUDING, WITHOUT LIMITATION, ANY
PERMITTED INVESTMENT). 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 Exhibit 1 to Exhibit J
                                           -----------------------------------

                            MORTGAGE LOAN SCHEDULE

                            [See Attached Schedule]

                                     J-4

<PAGE>

                                  EXHIBIT K-1

                  INFORMATION REQUEST FROM CERTIFICATEHOLDER
                             OR CERTIFICATE OWNER

                                    [date]

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention:  Corporate Trust Services, Salomon Brothers Commercial Mortgage
            Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
            Series 2002-KEY2

                  Re:  Salomon Brothers Mortgage Securities VII, Inc.,
                       Commercial Mortgage Pass-Through Certificates,
                       Series 2002-KEY2
                       -----------------------------------------------

          In accordance with the Pooling and Servicing Agreement, dated as of
September 11, 2002 (the "Pooling and Servicing Agreement"), among Salomon
Brothers Mortgage Securities VII, Inc. as Depositor, KeyCorp Real Estate
Capital Markets, Inc. d/b/a/ Key Commercial Mortgage as Master Servicer, ARCap
Special Servicing, Inc. as Special Servicer and Wells Fargo Bank Minnesota,
N.A. as Trustee, with respect to the Salomon Brothers Mortgage Securities VII,
Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2 (the
"Certificates"), the undersigned hereby certifies and agrees as follows:

     1.   The undersigned is a beneficial holder of $___________ aggregate
          [Certificate Principal Balance/Certificate Notional Amount] of the
          Class ____ Certificates.

     2.   The undersigned is requesting access to the following information
          (the "Information"):

          ___  The information on the Trustee's Internet Website pursuant to
               Section 4.02(a) of the Pooling and Servicing Agreement.

          ___  The information identified on the schedule attached hereto
               pursuant to Section 8.12(b) of the Pooling and Servicing
               Agreement.

     3.   In consideration of the Trustee's disclosure to the undersigned of
          the Information, the undersigned will keep the Information
          confidential (except from such outside persons as are assisting it
          in evaluating the Information), and such Information will not,
          without the prior written consent of the Trustee, be disclosed by
          the undersigned or by its officers, directors, partners, employees,
          agents or representatives (collectively, the "Representatives") in
          any manner whatsoever, in whole or in part; 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; and provided
          that the undersigned may provide all or any part of the Information
          to its auditors, legal counsel and regulators.

                                    K-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 Privately Offered Certificate (as defined in the
          Pooling and Servicing Agreement) pursuant to Section 5 of the
          Securities Act.

          Capitalized terms used herein but not defined shall have the
respective meanings given to them in the Pooling and Servicing Agreement.

          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 HOLDER OF A CERTIFICATE]

                             By:
                                 ---------------------------------------------
                                      Name:
                                      Title:
                                      Telephone No.:

                                    K-1-2

<PAGE>

                                  EXHIBIT K-2

                 INFORMATION REQUEST FROM PROSPECTIVE INVESTOR

                                    [date]

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention:  Corporate Trust Services, Salomon Brothers Commercial Mortgage
            Trust, 2002-KEY2 Salomon Brothers Mortgage Securities VII, Inc.,
            Series 2002-KEY2

               Re:  Salomon Brothers Mortgage Securities VII, Inc., Commercial
                    Mortgage Pass-Through Certificates, Series 2002-KEY2
                    ----------------------------------------------------

          In accordance with the Pooling and Servicing Agreement, dated as of
September 11, 2002 (the "Pooling and Servicing Agreement"), among Salomon
Brothers Mortgage Securities VII, Inc. as Depositor, KeyCorp Real Estate
Capital Markets, Inc. d/b/a/ Key Commercial Mortgage as Master Servicer, ARCap
Special Servicing, Inc. as Special Servicer and Wells Fargo Bank Minnesota,
N.A. as Trustee, with respect to the Salomon Brothers Mortgage Securities VII,
Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2 (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 access to the following information
(the "Information") for use in evaluating such possible investment:

          ___  The information on the Trustee's Internet Website pursuant to
               Section 4.02(a) of the Pooling and Servicing Agreement.

          ___  The information identified on the schedule attached hereto
               pursuant to Section 8.12(b) of the Pooling and Servicing
               Agreement.

          3. In consideration of the Trustee's disclosure to the undersigned
of the Information, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making the investment
decision described in paragraphs 1 and 2), and such Information will not,
without the prior written consent of the Trustee, be disclosed by the
undersigned or by its officers, directors, partners, employees, agents or
representatives (collectively, the "Representatives") in any manner
whatsoever, in whole or in part; provided that in the event the undersigned
purchases any Certificate or any interest in any Certificate, 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;
and provided that the undersigned may provide all or any part of the
Information to its auditors, legal counsel and regulators.

                                    K-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 Privately Offered
Certificate (as defined in the Pooling and Servicing Agreement) pursuant to
Section 5 of the Securities Act.

          Capitalized terms used herein and not defined shall have the
respective meanings given to them in the Pooling and Servicing Agreement.

          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]

                                  By:
                                      -----------------------------------------
                                           Name:
                                           Title:
                                           Telephone No.:

                                    K-2-2

<PAGE>

                                   EXHIBIT L

                     SCHEDULE OF DESIGNATED SUB-SERVICERS

<TABLE>
<CAPTION>
                                                                     Cut-off Date
  Control     Loan                                                     Principal      Primary
  Number     Number          Loan / Property Name        Originator     Balance    Servicing Rate        Primary Servicer
  ------     ------          --------------------        ----------     -------    --------------        ----------------

<S>        <C>       <C>                                    <C>      <C>              <C>        <C>
                                                                                                  L.J. Melody & Company/GEMSA
    111     7003003   Wilton Executive Campus                SBRC     24,430,112.23    0.060%     Loan Services, L.P.

    113     7004458   Northlake Apartments                   SBRC     19,803,899.89    0.050%     GMAC Commercial Mortgage Corp.

    115     7004284   Cedar Crest Apartments                 SBRC     16,944,314.21    0.075%     GMAC Commercial Mortgage Corp.
                                                                                                  L.J. Melody & Company/GEMSA
    116     7004771   Villas at Sunrise Mountain             SBRC     16,465,347.37    0.060%     Loan Services, L.P.

    117     7003378   The Shops at Town Center               SBRC     16,000,000.00    0.080%     GMAC Commercial Mortgage Corp.

    122     7004456   Oak Mill Apartments                    SBRC     13,600,749.44    0.050%     GMAC Commercial Mortgage Corp.
                                                                                                  L.J. Melody & Company/GEMSA
    123     7004294   Plaza de Hacienda                      SBRC     12,959,762.99    0.080%     Loan Services, L.P.
                                                                                                  L.J. Melody & Company/GEMSA
    124     7003587   Shenandoah Square                      SBRC     12,934,050.48    0.070%     Loan Services, L.P.
                                                                                                  L.J. Melody & Company/GEMSA
    126     7003287   Heritage Mall                          SBRC     12,384,772.73    0.070%     Loan Services, L.P.
                                                                                                  L.J. Melody & Company/GEMSA
    127     7003996   Seekonk Crossing                       SBRC     12,331,089.11    0.050%     Loan Services, L.P.
                                                                                                  L.J. Melody & Company/GEMSA
    134     7001097   Parker Towne Centre                    SBRC     8,382,038.68     0.090%     Loan Services, L.P.

    135     7002471   Food 4 Less                            SBRC     8,054,456.94     0.060%     GMAC Commercial Mortgage Corp.
                                                                                                  L.J. Melody & Company/GEMSA
    136     7003632   AAA Quality Storage-Long Beach         SBRC     7,259,431.52     0.080%     Loan Services, L.P.
                                                                                                  L.J. Melody & Company/GEMSA
    141     7004263   202 Tillary Street                     SBRC     5,970,563.95     0.080%     Loan Services, L.P.

    146     7003456   Broad Creek Crossing Shopping          SBRC     5,067,561.69     0.100%     GMAC Commercial Mortgage Corp.
                      Center

    148     7003332   Lincoln Plaza Shopping Center          SBRC     4,840,871.29     0.100%     GMAC Commercial Mortgage Corp.
                                                                                                  L.J. Melody & Company/GEMSA
    149     7001423   East-West Medical Center               SBRC     4,763,377.89     0.090%     Loan Services, L.P.
                                                                                                  L.J. Melody & Company/GEMSA
    154     6603083   Three Fountains III Apartments         SBRC     4,557,765.70     0.100%     Loan Services, L.P.
                                                                                                  L.J. Melody & Company/GEMSA
    155     7001555   Normandy Business Center               SBRC     4,448,758.82     0.090%     Loan Services, L.P.

    161     7004350   Oxford Crest Apartments                SBRC     3,590,468.72     0.100%     GMAC Commercial Mortgage Corp.

    164     6603456   Northwest Plaza Shopping Center        SBRC     2,937,848.59     0.080%     Financial Federal Savings Bank

                                                                 L-1
</TABLE>

<PAGE>

                                   EXHIBIT M

                     FORM OF S&P DEFEASANCE CERTIFICATION

      For any loan that is not among ten (10) largest loans in pool, with
    outstanding balance of (a) $20,000,000 or less, or (b) less than 5% of
                  outstanding pool balance, whichever is less

To:      Standard & Poor's Ratings Services
         55 Water Street
         New York, New York 10041
         Attn:  Commercial Mortgage Surveillance

         Moody's Investors Service, Inc.
         99 Church Street, 6th floor
         New York, New York 10007

From:    KeyCorp Real Estate Capital Markets, Inc. d/b/a Key Commercial
         Mortgage, in its capacity as Master Servicer (the "Master Servicer")
         under the Pooling and Servicing Agreement dated as of September 11,
         2002 (the "Pooling and Servicing Agreement"), among the Master
         Servicer, Salomon Brothers Mortgage Securities VII, Inc. as
         Depositor, ARCap Special Servicing, Inc. as Special Servicer and
         Wells Fargo Bank Minnesota, N.A. as Trustee.

Date:    _________, 20___

Re:      Salomon Brothers Mortgage Securities VII, Inc.
         Commercial Mortgage Pass-Through Certificates, Series 2002-KEY2

         Mortgage loan (the "Mortgage Loan") identified by loan number _____
         on the Mortgage Loan Schedule attached to the Pooling and Servicing
         Agreement and heretofore secured by the Mortgaged Properties
         identified on the Mortgage Loan Schedule by the following
         names:____________________

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

     Reference is made to the Pooling and Servicing Agreement described above.
Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Pooling and Servicing Agreement.

     As Master Servicer under the Pooling and Servicing Agreement, we hereby:

          1.   Notify you that the Borrower has consummated a defeasance of
               the Mortgage Loan pursuant to the terms of the Mortgage Loan,
               of the type checked below:

                    ____ a full defeasance of the payments scheduled to be due
                         in respect of the entire Principal Balance of the
                         Mortgage Loan; or

                    ____ a partial defeasance of the payments scheduled to be
                         due in respect of a portion of the Principal Balance
                         of the Mortgage Loan that represents ___% of the
                         entire Principal Balance of the Mortgage Loan and,
                         under the Mortgage, has an allocated loan amount of
                         $____________ or _______% of the entire Principal
                         Balance;

                                     M-1

<PAGE>

          2.   Certify that each of the following is true, subject to those
               exceptions set forth with explanatory notes on Exhibit A
               hereto, which exceptions the Master Servicer has determined,
               consistent with the Servicing Standard, will have no material
               adverse effect on the Mortgage Loan or the defeasance
               transaction:

               a.   The Mortgage Loan Documents permit the defeasance, and the
                    terms and conditions for defeasance specified therein were
                    satisfied in all material respects in completing the
                    defeasance.

               b.   The defeasance was consummated on __________, 20__.

               c.   The defeasance collateral consists of securities that (i)
                    constitute "government securities" as defined in Section
                    2(a)(16) of the Investment Company Act of 1940 as amended
                    (15 U.S.C. 80A1), (ii) are listed as "Qualified
                    Investments for `AAA' Financings" under Paragraphs 1, 2 or
                    3 of "Cash Flow Approach" in Standard & Poor's Public
                    Finance Criteria 2000, as amended to the date of the
                    defeasance, (iii) are rated 'AAA' by Standard & Poor's,
                    (iv) if they include a principal obligation, the principal
                    due at maturity cannot vary or change, and (v) are not
                    subject to prepayment, call or early redemption. Such
                    securities have the characteristics set forth below:

                        CUSIP RATE MAT PAY DATES ISSUED
                        -------------------------------

               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 Borrower was a Single-Purpose Entity (as
                         defined in Standard & Poor's Structured Finance
                         Ratings Real Estate Finance Criteria, as amended to
                         the date of the defeasance (the "S&P Criteria")) as
                         of the date of the defeasance, and after the
                         defeasance owns no assets other than the defeasance
                         collateral and real property securing Mortgage Loans
                         included in the pool.

                    ____ the related Borrower 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

                                     M-2

<PAGE>

                    Account (as defined in the S&P Criteria) in the name of
                    the Defeasance Obligor, which account is maintained as a
                    securities account by the Trustee acting as a securities
                    intermediary.

               g.   As securities intermediary, the Trustee is obligated to
                    make the scheduled payments on the Mortgage Loan from the
                    proceeds of the defeasance collateral directly to the
                    Master Servicer's collection account in the amounts and on
                    the dates specified in the Mortgage Loan Documents or, in
                    a partial defeasance, the portion of such scheduled
                    payments attributed to the allocated loan amount for the
                    real property defeased, increased by any defeasance
                    premium specified in the Mortgage Loan Documents (the
                    "Scheduled Payments").

               h.   The Master Servicer received from the Borrower 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), (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 Master Servicer in accordance with the
                    Servicing Standard, that (i) the agreements executed by
                    the Borrower and/or the Defeasance Obligor in connection
                    with the defeasance are enforceable against them in
                    accordance with their terms except as such enforcement may
                    be limited by bankruptcy, insolvency, reorganization or
                    other similar laws affecting the enforcement of creditor's
                    rights generally, and by general principles of equity
                    (regardless of whether such enforceability is considered
                    in a proceeding in equity or at law), 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 Borrower 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

                                     M-3

<PAGE>

                    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 Mortgage Loan is not among the ten (10) largest loans
                    in the pool. The entire Principal Balance of the Mortgage
                    Loan as of the date of defeasance was $___________
                    [$20,000,000 or less or less than five percent of pool
                    balance, whichever is less] which is less than 5% of the
                    aggregate Certificate Principal Balance of the
                    Certificates as of the date of the most recent
                    Certificateholder Report received by us (the "Current
                    Report").

               l.   The defeasance described herein, together with all prior
                    and simultaneous defeasances of Mortgage Loans, brings the
                    total of all fully and partially defeased Mortgage Loans
                    to $__________________, which is _____% of the Aggregate
                    Certificate Balance of the Certificates as of the date of
                    the Current Report.

          3.   Certify that, in addition to the foregoing, Master Servicer has
               imposed such additional conditions to the defeasance (or waived
               such conditions), subject to the limitations imposed by the
               Mortgage Loan Documents, as are consistent with the Servicing
               Standard.

          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 or will be
               transmitted to the Trustee or Custodian on its behalf 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.

          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.

                                     M-4

<PAGE>

     IN WITNESS WHEREOF, the Master Servicer has caused this Notice and
Certification to be executed as of the date captioned above.

                                    KeyCorp Real Estate Capital Markets, Inc.
                                    d/b/a Key Commercial Mortgage
                                    as Master Servicer

                                    By:_______________________________________
                                         Name:
                                         Title:

                                     M-5<Page>

                                                                  Execution Copy

                                                                    EXHIBIT 10.1

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

                                CREDIT AGREEMENT

                                      AMONG

                   STARWOOD HOTELS & RESORTS WORLDWIDE, INC.,
         CERTAIN ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,

                                VARIOUS LENDERS,

                       DEUTSCHE BANK AG, NEW YORK BRANCH,
                            AS ADMINISTRATIVE AGENT,

                              JPMORGAN CHASE BANK,
                              AS SYNDICATION AGENT,

                 BANK OF AMERICA, N.A., FLEET NATIONAL BANK AND
                                SOCIETE GENERALE,
                           AS CO-DOCUMENTATION AGENTS,

                                       AND

         DEUTSCHE BANK SECURITIES INC. AND J.P. MORGAN SECURITIES INC.,
              AS CO-LEAD ARRANGERS AND JOINT BOOK RUNNING MANAGERS

                    ========================================
                           Dated as of October 9, 2002
                    ========================================

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

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                         Page
                                                                                                         ----
<S>                                                                                                        <C>
SECTION 1.   AMOUNT AND TERMS OF CREDIT.....................................................................1

     1.01    The Commitments................................................................................1
     1.02    Minimum Amount of Each Borrowing...............................................................4
     1.03    Notice of Borrowing............................................................................4
     1.04    Competitive Bid Borrowings.....................................................................5
     1.05    Disbursement of Funds..........................................................................7
     1.06    Notes..........................................................................................8
     1.07    Conversions...................................................................................12
     1.08    Pro Rata Borrowings...........................................................................14
     1.09    Interest......................................................................................14
     1.10    Interest Periods..............................................................................16
     1.11    Increased Costs, Illegality, etc..............................................................17
     1.12    Compensation..................................................................................20
     1.13    Lending Offices; Changes Thereto..............................................................20
     1.14    Replacement of Lenders........................................................................21
     1.15    Bankers' Acceptance Provisions................................................................22
     1.16    European Monetary Union.......................................................................23
     1.17    Special Provisions Regarding RL Lenders and Alternate Currency Revolving Loans................23
     1.18    Special Provisions Applicable to the Total Canadian Dollar Revolving Loan Sub-Commitment......26
     1.19    Incremental Term Loan Commitments.............................................................27
     1.20    Incremental Revolving Loan Commitments........................................................30
     1.21    Maturity Date Extension.......................................................................32

SECTION 2.   LETTERS OF CREDIT.............................................................................32

     2.01    Letters of Credit.............................................................................32
     2.02    Maximum Letter of Credit Outstandings; Final Maturities; etc..................................34
     2.03    Letter of Credit Requests; Notices of Issuance................................................34
     2.04    Letter of Credit Participations...............................................................35
     2.05    Agreement to Repay Letter of Credit Drawings..................................................37
     2.06    Increased Costs...............................................................................38

SECTION 3.   COMMITMENT COMMISSION; FEES; REDUCTIONS OF COMMITMENT.........................................39

     3.01    Fees..........................................................................................39
     3.02    Voluntary Termination or Reduction of Total Unutilized Revolving Loan Commitment..............40
     3.03    Mandatory Reduction of Commitments............................................................41
</Table>

                                       (i)
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SECTION 4.   PREPAYMENTS; PAYMENTS; TAXES..................................................................41

     4.01    Voluntary Prepayments.........................................................................41
     4.02    Mandatory Repayments and Commitment Reductions................................................43
     4.03    Method and Place of Payment...................................................................45
     4.04    Net Payments..................................................................................46

SECTION 5.   CONDITIONS PRECEDENT TO INITIAL CREDIT EVENTS.................................................48

     5.01    Execution of Agreement; Notes.................................................................48
     5.02    Opinions of Counsel...........................................................................48
     5.03    Corporate Documents; Proceedings; etc.........................................................48
     5.04    Fees, etc.....................................................................................49
     5.05    Refinancing; etc..............................................................................49
     5.06    Outstanding Indebtedness and Preferred Stock..................................................49
     5.07    Adverse Change, etc...........................................................................50
     5.08    Litigation....................................................................................50
     5.09    Sheraton Guaranty.............................................................................50
     5.10    Projections; Solvency Certificate.............................................................51

SECTION 6.   CONDITIONS PRECEDENT TO ALL CREDIT EVENTS.....................................................51

     6.01    No Default; Representations and Warranties....................................................51
     6.02    Requirements of Law...........................................................................51
     6.03    Notice of Borrowing; Competitive Bid Loans; Letter of Credit Request..........................51
     6.04    Election to Become a Alternate Currency Revolving Loan Borrower...............................52

SECTION 7.   REPRESENTATIONS, WARRANTIES AND AGREEMENTS....................................................52

     7.01    Existence; Compliance with Law................................................................53
     7.02    Power; Authorization; Enforceable Obligations.................................................53
     7.03    Financial Statements; Financial Condition; Undisclosed Liabilities; Projections; etc..........54
     7.04    Litigation....................................................................................55
     7.05    True and Complete Disclosure..................................................................55
     7.06    Use of Proceeds...............................................................................56
     7.07    Taxes.........................................................................................56
     7.08    Compliance with ERISA.........................................................................56
     7.09    Property......................................................................................58
     7.10    Status as a REIT..............................................................................58
     7.11    Compliance with Statutes, etc.................................................................58
     7.12    Investment Company Act........................................................................58
     7.13    Public Utility Holding Company Act............................................................58
     7.14    Environmental Matters.........................................................................59
     7.15    Labor Relations...............................................................................59
     7.16    Intellectual Property, Licenses, Franchises and Formulas......................................60
     7.17    Scheduled Existing Indebtedness, etc..........................................................60
</Table>

                                      (ii)
<Page>

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SECTION 8.   AFFIRMATIVE COVENANTS.........................................................................60

     8.01    Information Covenants.........................................................................60
     8.02    Books, Records and Inspections................................................................63
     8.03    Maintenance of Insurance......................................................................63
     8.04    Corporate Franchises..........................................................................63
     8.05    Compliance with Statutes, etc.................................................................63
     8.06    ERISA.........................................................................................64
     8.07    End of Fiscal Years; Fiscal Quarters..........................................................65
     8.08    Performance of Obligations....................................................................65
     8.09    Maintenance of Properties.....................................................................65
     8.10    REIT Requirements.............................................................................65
     8.11    Payment of Taxes..............................................................................66
     8.12    Ownership of Certain Subsidiaries.............................................................66
     8.13    Assigned Starwood Note; etc...................................................................66

SECTION 9.   NEGATIVE COVENANTS............................................................................66

     9.01    Liens.........................................................................................66
     9.02    Consolidation, Merger, Purchase or Sale of Assets, Lease Obligations, etc.....................69
     9.03    Restricted Payments...........................................................................70
     9.04    Subsidiary Indebtedness.......................................................................70
     9.05    Consolidated Interest Coverage Ratio..........................................................71
     9.06    Maximum Consolidated Leverage Ratio...........................................................71
     9.07    Business......................................................................................72
     9.08    Unencumbered EBITDA Ratio.....................................................................72
     9.09    Restriction on Incurrence of Intercompany Debt, etc...........................................72
     9.10    No Negative Pledge............................................................................72

SECTION 10.  EVENTS OF DEFAULT.............................................................................73

     10.01   Payments......................................................................................73
     10.02   Representations, etc..........................................................................73
     10.03   Covenants.....................................................................................73
     10.04   Default Under Other Agreements................................................................73
     10.05   Bankruptcy, etc...............................................................................74
     10.06   ERISA.........................................................................................74
     10.07   Guaranties....................................................................................75
     10.08   Judgments.....................................................................................75
     10.09   Change of Control.............................................................................75
     10.10   REIT Status...................................................................................75
     10.11   Subordination Agreement.......................................................................75

SECTION 11.  DEFINITIONS AND ACCOUNTING TERMS..............................................................76

     11.01   Defined Terms.................................................................................76

SECTION 12.  THE AGENTS...................................................................................117

     12.01   Appointment..................................................................................117
</Table>

                                      (iii)
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     12.02   Nature of Duties.............................................................................117
     12.03   Lack of Reliance on the Agents...............................................................118
     12.04   Certain Rights of the Agents.................................................................118
     12.05   Reliance.....................................................................................118
     12.06   Indemnification..............................................................................118
     12.07   Each Agent in its Individual Capacity........................................................119
     12.08   Holders......................................................................................119
     12.09   Resignation by, or Removal of, the Agents....................................................119

SECTION 13.  MISCELLANEOUS................................................................................120

     13.01   Payment of Expenses, etc.....................................................................120
     13.02   Right of Setoff..............................................................................121
     13.03   Notices......................................................................................121
     13.04   Benefit of Agreement; Assignments; Participations............................................122
     13.05   No Waiver; Remedies Cumulative...............................................................125
     13.06   Payments Pro Rata............................................................................125
     13.07   Calculations; Computations...................................................................125
     13.08   GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL.......................126
     13.09   Counterparts.................................................................................127
     13.10   Effectiveness................................................................................127
     13.11   Headings Descriptive.........................................................................127
     13.12   Amendment or Waiver; etc.....................................................................127
     13.13   Survival.....................................................................................131
     13.14   Domicile of Loans............................................................................131
     13.15   Register.....................................................................................132
     13.16   Judgment Currency............................................................................132
     13.17   Confidentiality..............................................................................133
     13.18   Special Provisions Regarding Collateral, Additional Subsidiaries Guaranty and Release
             of Collateral and Subsidiaries from Additional Subsidiaries Guaranty.........................134

SECTION 14.  CORPORATION GUARANTY.........................................................................136

     14.01   The Guaranty.................................................................................136
     14.02   Bankruptcy...................................................................................136
     14.03   Nature of Liability..........................................................................137
     14.04   Independent Obligation.......................................................................137
     14.05   Authorization................................................................................137
     14.06   Reliance.....................................................................................138
     14.07   Subordination................................................................................139
     14.08   Waiver.......................................................................................139
     14.09   Payments.....................................................................................140
</Table>

SCHEDULE I-A        Commitments
SCHEDULE I-B        Alternate Currency Revolving Loan Sub-Commitments

                                      (iv)
<Page>

SCHEDULE II         Lender Addresses and Applicable Lending Offices
SCHEDULE III        Certain Provisions Relating to Bankers' Acceptances
SCHEDULE IV         Calculation of the Mandatory Costs
SCHEDULE 1.15(b)    Existing Bankers' Acceptances
SCHEDULE 2.01(c)    Existing Letters of Credit
SCHEDULE 5.06       Subsidiary Preferred Stock
SCHEDULE 7.07       Taxes
SCHEDULE 7.17       Scheduled Existing Indebtedness
SCHEDULE 9.01       Existing Liens

EXHIBIT A           Notice of Borrowing
EXHIBIT B           Notice of Competitive Bid Borrowing
EXHIBIT C-1         Term Note
EXHIBIT C-2         Dollar Revolving Note
EXHIBIT C-3         Canadian Dollar Revolving Note
EXHIBIT C-4         Sterling Revolving Note
EXHIBIT C-5         Euro Revolving Note
EXHIBIT C-6         Swingline Note
EXHIBIT D           Letter of Credit Request
EXHIBIT E           Section 4.04(b)(ii) Certificate
EXHIBIT F-1         Opinion of Sidley Austin Brown & Wood LLP, special
                    counsel to the Credit Parties
EXHIBIT F-2         Opinion of Lionel Sawyer & Collins, special Nevada
                    counsel to the Credit Parties
EXHIBIT F-3         Opinion of Ballard Spahr Andrews & Ingersoll, LLP,
                    special Maryland counsel to the Corporation
EXHIBIT F-4         Opinion of Sidley Austin Brown & Wood LLP, special
                    counsel to the Credit Parties (Post-Closing)
EXHIBIT G           Officers' Certificate
EXHIBIT H           Sheraton Guaranty
EXHIBIT I           Election to Become an Alternate Currency Revolving Loan
                    Borrower
EXHIBIT J           Subordination Agreement
EXHIBIT K           Assignment and Assumption Agreement
EXHIBIT L           Incremental Term Loan Commitment Agreement
EXHIBIT M           Incremental Revolving Loan Commitment Agreement

                                       (v)
<Page>

          CREDIT AGREEMENT, dated as of October 9, 2002, among STARWOOD HOTELS &
RESORTS WORLDWIDE, INC., a Maryland corporation (the "CORPORATION"), each
additional ALTERNATE CURRENCY REVOLVING LOAN BORROWER from time to time party
hereto, the LENDERS party hereto from time to time, DEUTSCHE BANK AG, NEW YORK
BRANCH, as Administrative Agent (in such capacity, the "ADMINISTRATIVE AGENT"),
JPMORGAN CHASE BANK, as Syndication Agent (in such capacity, the "SYNDICATION
AGENT"), BANK OF AMERICA, N.A., Fleet National Bank and Societe Generale, as
Co-Documentation Agents (in such capacity, collectively, the "CO-DOCUMENTATION
AGENTS" and each, a "CO-DOCUMENTATION AGENT"), and DEUTSCHE BANK SECURITIES INC.
and J.P. MORGAN SECURITIES INC., as Co-Lead Arrangers and Joint Book Running
Managers (all capitalized terms used herein and defined in Section 11 are used
herein as therein defined).

                              W I T N E S S E T H:

          WHEREAS, subject to and upon the terms and conditions set forth
herein, the Lenders are willing to make available to the Borrowers the
respective credit facilities provided for herein;

          NOW, THEREFORE, IT IS AGREED:

          SECTION 1. AMOUNT AND TERMS OF CREDIT.

          1.01 THE COMMITMENTS. (a) Subject to and upon the terms and conditions
set forth herein, each Lender with an Initial Term Loan Commitment severally
agrees to make, on the Initial Borrowing Date, a term loan or term loans (each,
an "INITIAL TERM LOAN" and, collectively, the "INITIAL TERM LOANS") to the
Corporation, which Initial Term Loans (i) shall be made and maintained in
Dollars, (ii) shall be incurred and initially maintained as a single Borrowing
of Base Rate Loans (subject to the option to convert such Initial Term Loans
pursuant to Section 1.07) and (iii) shall be made by each Lender with an Initial
Term Loan Commitment in that initial aggregate principal amount as is equal to
the Initial Term Loan Commitment of such Lender on the Initial Borrowing Date
(before giving effect to any reductions thereto on such date pursuant to Section
3.03(b)). Once repaid, Initial Term Loans incurred hereunder may not be
reborrowed.

          (b)     Subject to and upon the terms and conditions set forth herein
(including, on and after the initial Incremental Revolving Loan Commitment Date,
in Section 1.20), (x) each RL Lender severally agrees, at any time and from time
to time during the Revolving Credit Period, to make a revolving loan or
revolving loans, which revolving loans shall be made and maintained in Dollars
(each, a "DOLLAR REVOLVING LOAN" and, collectively, the "DOLLAR REVOLVING
LOANS") to the Corporation and (y) each Alternate Currency Lender with an
Alternate Currency Revolving Loan Sub-Commitment relating to the respective
Alternate Currency severally agrees, at any time and from time to time during
the Revolving Credit Period, to make a revolving loan or revolving loans, which
revolving loans shall be made and maintained in the respective Alternate
Currency elected by the respective Alternate Currency Revolving Loan Borrower
(each, an "ALTERNATE CURRENCY REVOLVING LOAN" and, collectively, the "ALTERNATE
CURRENCY REVOLVING LOANS") to the respective Alternate Currency Revolving Loan
Borrower (with the

<Page>

revolving loans made to the various Borrowers pursuant to this Section 1.01(b)
being herein called a "REVOLVING LOAN" and, collectively, the "REVOLVING
LOANS"), which Revolving Loans:

          (i)     shall, in the case of Dollar Revolving Loans, at the option of
     the Corporation, be incurred and maintained as, and/or converted into, Base
     Rate Loans or Eurodollar Loans, PROVIDED that except as otherwise
     specifically provided herein, all Dollar Revolving Loans comprising the
     same Borrowing shall be of the same Type,

          (ii)    shall, in the case of Alternate Currency Revolving Loans, be
     made and maintained in the respective Alternate Currency elected by the
     respective Alternate Currency Revolving Loan Borrower, PROVIDED that all
     Canadian Dollar Revolving Loans shall, at the option of the respective
     Alternate Currency Revolving Loan Borrower, be made by each Alternate
     Currency Lender with a Canadian Dollar Revolving Loan Sub-Commitment either
     by means of (x) Canadian Prime Rate Loans in Canadian Dollars or (y) the
     creation and discount of Bankers' Acceptances in Canadian Dollars on the
     terms and conditions provided for herein and in Schedule III hereto (the
     terms and conditions of which shall be deemed incorporated by reference
     into this Agreement),

          (iii)   may be repaid and reborrowed in accordance with the provisions
     hereof,

          (iv)    shall not, in the case of Alternate Currency Revolving Loans
     made in a single Alternate Currency by any Alternate Currency Lender, be
     made at any time if at the time of making any such Alternate Currency
     Revolving Loans and after giving effect thereto, the aggregate principal
     amount or Face Amount, as the case may be, of all Alternate Currency
     Revolving Loans made in such Alternate Currency by such Alternate Currency
     Lender and then outstanding (for this purpose, using the Dollar Equivalent
     of the principal or Face Amount, as the case may be, thereof), would exceed
     the related Alternate Currency Revolving Loan Sub-Commitment of such
     Alternate Currency Lender at such time, and

          (v)     shall not, in the case of all Revolving Loans, be made at any
     time if, after giving effect thereto, the Aggregate Revolving Credit
     Exposure would exceed the Total Revolving Loan Commitment at such time.

          (c)     Subject to and upon the terms and conditions set forth herein,
the Swingline Lender agrees to make, from time to time on and after the Initial
Borrowing Date and prior to the Swingline Expiry Date, a revolving loan or
revolving loans (each, a "SWINGLINE LOAN" and, collectively, the "SWINGLINE
LOANS") to the Corporation, which Swingline Loans (i) shall be made and
maintained in Dollars, (ii) shall be made and maintained as Base Rate Loans,
(iii) may be repaid and reborrowed in accordance with the provisions hereof,
(iv) shall not be made (or be required to be made) on any date if, after giving
effect thereto, the Aggregate Revolving Credit Exposure would exceed the Total
Revolving Loan Commitment as then in effect and (v) shall not exceed in
aggregate principal amount at any time outstanding, the Maximum Swingline
Amount. The Swingline Lender shall not be obligated to make any Swingline Loans
at a time when a Lender Default exists unless the Swingline Lender has entered
into arrangements satisfactory to it to eliminate the Swingline Lender's risk
with respect to the Defaulting Lender's or Lenders' participation in such
Swingline Loans, including by cash collateralizing

                                       -2-
<Page>

such Defaulting Lender's or Lenders' Dollar Percentage of the outstanding
Swingline Loans. Notwithstanding anything to the contrary contained in this
Section 1.01(c), the Swingline Lender shall not make any Swingline Loan after it
has received written notice from any Borrower, the Administrative Agent or the
Required Lenders stating that a Default or an Event of Default exists and is
continuing until such time as the Swingline Lender shall have received written
notice (i) of rescission of all such notices from the party or parties
originally delivering such notice, (ii) of the waiver of such Default or Event
of Default by the Required Lenders or (iii) that the Administrative Agent in
good faith believes such Default or Event of Default has ceased to exist.

          (d)     On any Business Day, the Swingline Lender may, in its sole
discretion, give notice to the Lenders that its outstanding Swingline Loans
shall be funded with a Borrowing of Dollar Revolving Loans (PROVIDED that such
notice shall be deemed to have been automatically given upon the occurrence of a
Default or an Event of Default under Section 10.05 or upon the exercise of any
of the remedies provided in the last paragraph of Section 10). In such case, a
Borrowing (or Borrowings) of Dollar Revolving Loans by the Corporation
constituting Base Rate Loans (each such Borrowing, a "MANDATORY BORROWING")
shall be made on the immediately succeeding Business Day by all RL Lenders
(without giving effect to any reductions thereto pursuant to the last paragraph
of Section 10) PRO RATA based on each Lender's Dollar Percentage or, if a
Sharing Event then exists, PRO RATA based on each RL Lender's RL Percentage (in
each case determined on such date, but before giving effect to any termination
of the Revolving Loan Commitments pursuant to the last paragraph of Section 10)
and the proceeds thereof shall be applied directly to the Swingline Lender to
repay the Swingline Lender for such outstanding Swingline Loans. Each RL Lender
hereby irrevocably agrees to make Dollar Revolving Loans upon one Business Day's
notice pursuant to each Mandatory Borrowing in the amount and in the manner
specified in the preceding sentence and on the date specified in writing by the
Swingline Lender notwithstanding (i) that the amount of any Mandatory Borrowing
may not comply with the Minimum Borrowing Amount otherwise required hereunder,
(ii) whether any conditions specified in Section 6 are then satisfied, (iii)
whether a Default or an Event of Default then exists, (iv) the date of such
Mandatory Borrowing and (v) the amount of the Total Revolving Loan Commitment at
such time. If any Mandatory Borrowing cannot for any reason be made on the date
otherwise required above (including, without limitation, as a result of the
commencement of a proceeding under the Bankruptcy Code with respect to the
Corporation), then each such RL Lender hereby agrees that it shall forthwith
purchase (as of the date the Mandatory Borrowing would otherwise have occurred,
but adjusted for any payments received from the Corporation on or after such
date and prior to such purchase) from the Swingline Lender such participations
in the outstanding Swingline Loans as shall be necessary to cause such RL
Lenders to share in such Swingline Loans ratably based upon their respective
Dollar Percentages or, if a Sharing Event exists on the date otherwise required
above, PRO RATA based upon their respective RL Percentages (in each case
determined before giving effect to any termination of the Revolving Loan
Commitments pursuant to the last paragraph of Section 10), PROVIDED that (x) all
interest payable on the Swingline Loans shall be for the account of the
Swingline Lender until the date as of which the respective participation is
required to be purchased and, to the extent attributable to the purchased
participation, shall be payable to the participant from and after such date and
(y) at the time any purchase of participations pursuant to this sentence is
actually made, the purchasing RL Lender shall be required to pay the Swingline
Lender interest on the principal amount of the participation purchased for each
day from and including the day upon which the

                                       -3-
<Page>

respective participation would otherwise have occurred to but excluding the date
of payment for such participation, at the overnight Federal Funds Rate for the
first day and at the rate otherwise applicable to Revolving Loans maintained as
Base Rate Loans hereunder for each day thereafter.

          (e)     Subject to and upon the terms and conditions set forth herein,
each Lender severally agrees that the Corporation may, in accordance with the
procedures established pursuant to Section 1.04, incur a loan or loans (each, a
"COMPETITIVE BID LOAN" and, collectively, the "COMPETITIVE BID LOANS"),
denominated in Dollars, pursuant to a Competitive Bid Borrowing at any time and
from time to time on and after the Initial Borrowing Date and prior to the date
which is the Business Day preceding the date which is 30 days prior to the
Maturity Date, PROVIDED that (i) each Competitive Bid Loan shall be incurred by,
and made to, the Corporation and (ii) no Competitive Bid Loan may be made if,
after giving effect thereto, the Aggregate Revolving Credit Exposure would
exceed the Total Revolving Loan Commitment as then in effect. Within the
foregoing limits and subject to the terms and conditions set forth in Sections
1.04 and 6, Competitive Bid Loans may be repaid and reborrowed in accordance
with the provisions hereof.

          (f)     Subject to Section 1.19 and the other terms and conditions set
forth herein, each Lender with an Incremental Term Loan Commitment severally
agrees to make a term loan or term loans (each, an "INCREMENTAL TERM LOAN" and,
collectively, the "INCREMENTAL TERM LOANS") to the Corporation, which
Incremental Term Loans: (i) shall be incurred by the Corporation pursuant to a
single drawing on the respective Incremental Term Loan Borrowing Date (which
date, in any event, shall be the date of the effectiveness of the applicable
Incremental Term Loan Commitment Agreement pursuant to which such Incremental
Term Loans are to be made), (ii) shall be denominated in Dollars, (iii) shall be
added to the then outstanding Borrowings of Initial Term Loans as provided in
Section 1.19(c) and (iv) shall be made by each such Lender in that aggregate
principal amount which does not exceed the Incremental Term Loan Commitment of
such Lender on the respective Incremental Term Loan Borrowing Date. Once repaid,
Incremental Term Loans incurred hereunder may not be reborrowed.

          1.02 MINIMUM AMOUNT OF EACH BORROWING. The aggregate principal amount
of each Borrowing of Loans shall not be less than the respective Minimum
Borrowing Amount for the respective Type and Tranche of Loans to be made or
maintained pursuant to the respective Borrowing; PROVIDED that Mandatory
Borrowings shall be made in the amounts required by Section 1.01(d). More than
one Borrowing may occur on the same date, but at no time shall there be
outstanding more than (x) 6 Borrowings of Term Loans maintained as Eurodollar
Loans or (y) 10 Borrowings of Revolving Loans maintained as Euro Rate Loans.

          1.03 NOTICE OF BORROWING. (a) Whenever a Borrower desires to incur
Loans hereunder (excluding (w) Borrowings of Swingline Loans, (x) Borrowings of
Revolving Loans incurred pursuant to a Mandatory Borrowing, (y) Borrowings of
Competitive Bid Loans and (z) Borrowings of Canadian Prime Rate Loans to the
extent resulting from automatic conversions of Bankers' Acceptance Loans as
provided in clause (i) of Schedule III), it shall give the Administrative Agent
at the Notice Office at least one Business Day's prior written notice (or
telephonic notice promptly confirmed in writing) of each Base Rate Loan or
Canadian Prime Rate Loan and at least three Business Days' prior written notice
(or telephonic notice promptly confirmed in

                                       -4-
<Page>

writing) of each Euro Rate Loan or Bankers' Acceptance Loan to be incurred
hereunder, PROVIDED that any such notice shall be deemed to have been given on a
certain day only if given before 12:00 Noon (New York time) on such day. Each
such written notice or written confirmation of telephonic notice (each, a
"NOTICE OF BORROWING"), except as otherwise expressly provided in Section 1.11,
shall be irrevocable and shall be given by the respective Borrower in the form
of Exhibit A, appropriately completed to specify (i) the name of such Borrower,
(ii) the purpose of such Borrowing, (iii) the aggregate principal amount (or
Face Amount, as the case may be) of the Loans to be incurred pursuant to such
Borrowing (stated in the Applicable Currency), (iv) the date of such Borrowing
(which shall be a Business Day), (v) whether the Loans being incurred pursuant
to such Borrowing shall constitute Initial Term Loans, Incremental Term Loans or
Revolving Loans, (vi) in the case of Dollar Loans, whether the Loans being
incurred pursuant to such Borrowing are to be initially maintained as Base Rate
Loans or Eurodollar Loans, (vii) in the case of Canadian Dollar Revolving Loans,
whether the Loans being made pursuant to such Borrowing are to be initially
maintained as Canadian Prime Rate Loans or Bankers' Acceptance Loans and, if
Bankers' Acceptance Loans, the term thereof (which shall comply with the
requirements of clause (a) of Schedule III) and (viii) in the case of Euro Rate
Loans, the initial Interest Period to be applicable thereto. The Administrative
Agent shall promptly give each Lender which is required to make Loans of the
Tranche specified in the respective Notice of Borrowing, notice of such proposed
Borrowing, of such Lender's proportionate share thereof and of the other matters
required by the immediately preceding sentence to be specified in the Notice of
Borrowing.

          (b)     (i) Whenever the Corporation desires to incur Swingline Loans
hereunder, it shall give the Swingline Lender not later than 12:00 Noon (New
York time) on the date (or, in the case of any Swingline Loan to be incurred on
the last Business Day of a calendar quarter, at least one Business Day prior to
the date) that a Swingline Loan is to be incurred, written notice or telephonic
notice promptly confirmed in writing of each Swingline Loan to be incurred
hereunder. Each such notice shall be irrevocable and specify in each case (A)
the date of Borrowing (which shall be a Business Day) and (B) the aggregate
principal amount of the Swingline Loans to be made pursuant to such Borrowing.

          (ii)    Mandatory Borrowings shall be made upon the notice specified
in Section 1.01(d), with the Corporation irrevocably agreeing, by its incurrence
of any Swingline Loan, to the making of the Mandatory Borrowings by it as set
forth in Section 1.01(d).

          (c)     Without in any way limiting the obligation of any Borrower to
confirm in writing any telephonic notice permitted to be given hereunder, the
Administrative Agent, the Swingline Lender (in the case of a Borrowing of
Swingline Loans) or the respective Issuing Bank (in the case of issuances of
Letters of Credit), as the case may be, may act without liability upon the basis
of such telephonic notice, believed by the Administrative Agent, the Swingline
Lender or such Issuing Bank, as the case may be, in good faith to be from an
Authorized Officer of such Borrower (or of the Corporation) prior to receipt of
written confirmation. In each such case, each Borrower hereby waives the right
to dispute the Administrative Agent's, the Swingline Lender's or such Issuing
Bank's record of the terms of such telephonic notice.

          1.04 COMPETITIVE BID BORROWINGS. (a) Whenever the Corporation desires
to incur a Competitive Bid Borrowing, it shall deliver to the Administrative
Agent at the Notice

                                       -5-
<Page>

Office prior to 11:00 A.M. (New York time), at least three Business Days prior
to the date of such proposed Competitive Bid Borrowing, a written notice
substantially in the form of Exhibit B (each, a "NOTICE OF COMPETITIVE BID
BORROWING"), such notice to specify in each case (i) the date (which shall be a
Business Day) of the proposed Competitive Bid Borrowing, (ii) the aggregate
principal amount of the proposed Competitive Bid Borrowing (which shall not be
less than $20,000,000), (iii) the maturity date (each, a "COMPETITIVE BID LOAN
MATURITY DATE") for repayment of each Competitive Bid Loan to be made as part of
such Competitive Bid Borrowing (which maturity date may not be earlier than
seven days after the date of such Competitive Bid Borrowing or later than 360
days after the date of such Competitive Bid Borrowing (but in no event later
than the thirtieth day preceding the Maturity Date)), (iv) the interest payment
date or dates relating thereto (which shall be at least every three months in
the case of maturities in excess of three months), and (v) any other terms to be
applicable to such Competitive Bid Borrowing (although all Competitive Bid
Borrowings shall be required to be made, and maintained, in Dollars). The
Administrative Agent shall promptly notify each Bidder RL Lender of each such
request for a Competitive Bid Borrowing received by it from the Corporation by
telecopying to each such Bidder RL Lender a copy of the related Notice of
Competitive Bid Borrowing.

          (b)     Each Bidder RL Lender shall, if in its sole discretion it
elects to do so, irrevocably offer to make one or more Competitive Bid Loans to
the Corporation as part of such proposed Competitive Bid Borrowing at a rate or
rates of interest specified by such Bidder RL Lender in its sole discretion and
determined by such Bidder RL Lender independently of each other Bidder RL
Lender, by notifying the Administrative Agent in writing (which notice shall be
promptly distributed to the Corporation, PROVIDED that the Administrative Agent
shall not be liable to any Bidder RL Lender or to the Corporation for failure to
distribute any such notice to the Corporation unless such failure resulted from
the gross negligence or willful misconduct on the part of the Administrative
Agent (as determined by a court of competent jurisdiction)), before 10:00 A.M.
(New York time) on the date (the "REPLY DATE") which is two Business Days before
the date of such proposed Competitive Bid Borrowing, of the minimum amount, if
any, and maximum amount of each Competitive Bid Loan which such Bidder RL Lender
would be willing to make as part of such proposed Competitive Bid Borrowing
(which amounts may, subject to the proviso to the first sentence of Section
1.01(e), exceed such RL Lender's Revolving Loan Commitment) and the rate or
rates of interest therefor; PROVIDED that if the Administrative Agent in its
capacity as a Bidder RL Lender shall, in its sole discretion, elect to make any
such offer, it shall notify the Corporation in writing of such offer before 9:30
A.M. (New York time) on the Reply Date. If any Bidder RL Lender shall elect not
to make such an offer, such Bidder RL Lender shall so notify the Administrative
Agent, before 10:00 A.M. (New York time) on the Reply Date, and such Bidder RL
Lender shall not be obligated to, and shall not, make any Competitive Bid Loan
as part of such Competitive Bid Borrowing; PROVIDED that the failure by any
Bidder RL Lender to give such notice shall not cause such Bidder RL Lender to be
obligated to, and such Bidder RL Lender shall not, make any Competitive Bid Loan
as part of such proposed Competitive Bid Borrowing.

          (c)     The Corporation shall, in turn, before 12:00 Noon (New York
time) on the Reply Date, either:

                                       -6-
<Page>

          (1)     cancel such Competitive Bid Borrowing by giving the
     Administrative Agent notice (in writing or by telephone promptly confirmed
     in writing) to that effect, or

          (2)     accept one or more of the offers made by any Bidder RL Lender
     or Bidder RL Lenders pursuant to clause (b) above by giving notice (in
     writing or by telephone confirmed in writing) to the Administrative Agent
     of the amount of each Competitive Bid Loan (which amount shall be equal to
     or greater than the minimum amount, if any, and equal to or less than the
     maximum amount, notified to the Corporation by the Administrative Agent on
     behalf of each such Bidder RL Lender for such Competitive Bid Borrowing)
     and reject any remaining offers made by Bidder RL Lenders pursuant to
     clause (b) above by giving the Administrative Agent notice to that effect;
     PROVIDED that acceptance of offers may only be made on the basis of
     ascending Absolute Rates commencing with the lowest rate so offered;
     PROVIDED FURTHER, HOWEVER, if offers are made by two or more Bidder RL
     Lenders at the same rate and acceptance of all such equal offers would
     result in a greater principal amount of Competitive Bid Loans being
     accepted than the aggregate principal amount requested by the Corporation,
     the Corporation shall have the right to accept one or more such equal
     offers in their entirety and reject the other equal offer or offers or to
     allocate acceptance among all such equal offers (but giving effect to the
     minimum amounts, if any, and maximum amounts specified for each such offer
     pursuant to clause (b) above), as the Corporation may elect in its sole
     discretion.

          (d)     If the Corporation notifies the Administrative Agent that such
Competitive Bid Borrowing is canceled pursuant to clause (c)(1) above, the
Administrative Agent shall give prompt written notice thereof to the Bidder RL
Lenders and such Competitive Bid Borrowing shall not be made.

          (e)     If the Corporation accepts one or more of the offers made by
any Bidder RL Lender or Bidder RL Lenders pursuant to clause (c)(2) above, the
Administrative Agent shall in turn promptly notify (in writing or by telephone
confirmed in writing) (x) each Bidder RL Lender that has made an offer as
described in clause (b) above, of the date and aggregate amount of such
Competitive Bid Borrowing and whether or not any offer or offers made by such
Bidder RL Lender pursuant to clause (b) above have been accepted by the
Corporation and (y) each Bidder RL Lender that is to make a Competitive Bid Loan
as part of such Competitive Bid Borrowing, of the amount of each Competitive Bid
Loan to be made by such Bidder RL Lender as part of such Competitive Bid
Borrowing.

          (f)     On the last Business Day of each calendar quarter, the
Administrative Agent shall notify the Corporation and the RL Lenders of the
aggregate principal amount of Competitive Bid Loans outstanding to the
Corporation at such time.

          1.05 DISBURSEMENT OF FUNDS. No later than 12:00 Noon (local time in
the city in which the proceeds of such Loans are to be made available in
accordance with the terms hereof) on the date specified in each Notice of
Borrowing (or (x) in the case of Swingline Loans, no later than 2:00 P.M. (New
York time) on the date specified in Section 1.03(b)(i), (y) in the case of
Mandatory Borrowings, not later than 12:00 Noon (New York time) on the date
specified in Section 1.01(d) or (z) in the case of Competitive Bid Loans, no
later than 10:00 A.M. (New York

                                       -7-
<Page>

time) on the date specified pursuant to Section 1.04(a)), each Lender with a
Commitment of the respective Tranche will make available its PRO RATA portion
(determined in accordance with Section 1.08) of each such Borrowing requested to
be made on such date (or (x) in the case of Swingline Loans, the Swingline
Lender shall make available the full amount thereof and (y) in the case of
Competitive Bid Loans, the respective Bidder RL Lenders which are to make such
loans in accordance with Section 1.04(e) shall make available their respective
amounts thereof) in the manner provided below. All such amounts will be made
available in Dollars (in the case of Dollar Loans) or the applicable Alternate
Currency (in the case of Alternate Currency Revolving Loans), as the case may
be, and in immediately available funds at the appropriate Payment Office of the
Administrative Agent, and the Administrative Agent will make available to the
relevant Borrower by depositing to its relevant account as directed by such
Borrower, the aggregate of the amounts so made available by the Lenders in the
type of funds received. Unless the Administrative Agent shall have been notified
by any Lender prior to the date of Borrowing that such Lender does not intend to
make available to the Administrative Agent such Lender's portion of any
Borrowing to be made on such date, the Administrative Agent may assume that such
Lender has made such amount available to the Administrative Agent on such date
of Borrowing and the Administrative Agent may, in reliance upon such assumption,
make available to the relevant Borrower a corresponding amount. If such
corresponding amount is not in fact made available to the Administrative Agent
by such Lender, the Administrative Agent shall be entitled to recover such
corresponding amount on demand from such Lender. If such Lender does not pay
such corresponding amount forthwith upon the Administrative Agent's demand
therefor, the Administrative Agent shall promptly notify the respective Borrower
and, to the extent such corresponding amount has previously been disbursed to
such Borrower, such Borrower shall immediately pay such corresponding amount to
the Administrative Agent. The Administrative Agent shall also be entitled to
recover on demand from such Lender or such Borrower interest on such
corresponding amount in respect of each day from the date such corresponding
amount was made available by the Administrative Agent to the respective Borrower
until the date such corresponding amount is recovered by the Administrative
Agent, at a rate per annum equal to (i) if recovered from such Lender, the
overnight Federal Funds Rate as in effect from time to time for the first three
days and the interest rate applicable to Dollar Revolving Loans maintained as
Base Rate Loans for each day thereafter and (ii) if recovered from the
respective Borrower, the rate of interest applicable to the respective
Borrowing, as determined pursuant to Section 1.09. Nothing in this Section 1.05
shall be deemed to relieve any Lender from its obligation to make Loans
hereunder or to prejudice any rights which the relevant Borrower may have
against any Lender as a result of any failure by such Lender to make Loans
required to be made by it hereunder.

          1.06 NOTES. (a) Subject to the provisions of the following clause (i),
each Borrower's obligation to pay the principal of (or the Face Amount of, as
the case may be), and interest on, the Loans (other than Competitive Bid Loans)
made by each Lender to such Borrower shall be evidenced (i) if Term Loans, by a
promissory note duly executed and delivered by the Corporation substantially in
the form of Exhibit C-1, with blanks appropriately completed in conformity
herewith (each, a "TERM NOTE" and, collectively, the "TERM NOTES"), (ii) if
Dollar Revolving Loans, by a promissory note duly executed and delivered by the
Corporation substantially in the form of Exhibit C-2, with blanks appropriately
completed in conformity herewith (each, a "DOLLAR REVOLVING NOTE" and,
collectively, the "DOLLAR REVOLVING NOTES"), (iii) if Canadian Dollar Revolving
Loans, by a promissory note duly executed and

                                       -8-
<Page>

delivered by the respective Alternate Currency Revolving Loan Borrower
substantially in the form of Exhibit C-3, with blanks appropriately completed in
conformity herewith (each, a "CANADIAN DOLLAR REVOLVING NOTE" and, collectively,
the "CANADIAN DOLLAR REVOLVING NOTES"), (iv) if Sterling Revolving Loans, by a
promissory note duly executed and delivered by the respective Alternate Currency
Revolving Loan Borrower substantially in the form of Exhibit C-4, with blanks
appropriately completed in conformity herewith (each, a "STERLING REVOLVING
NOTE" and, collectively, the "STERLING REVOLVING NOTES"), (v) if Euro Revolving
Loans, by a promissory note duly executed and delivered by the respective
Alternate Currency Revolving Loan Borrower substantially in the form of Exhibit
C-5, with blanks appropriately completed in conformity herewith (each, a "EURO
REVOLVING NOTE" and, collectively, the "EURO REVOLVING NOTES") and (vi) if
Swingline Loans, by a promissory note duly executed and delivered by the
Corporation substantially in the form of Exhibit C-6, with blanks appropriately
completed in conformity herewith (the "SWINGLINE NOTE"). The terms of each
Competitive Bid Loan shall be evidenced by the respective correspondence between
the Corporation and the respective Bidder RL Lender pursuant to Section 1.04
and, unless otherwise agreed by the Corporation and the respective Bidder RL
Lender or unless the respective Bidder RL Lender makes a request pursuant to the
immediately succeeding sentence, Competitive Bid Loans shall not be evidenced by
promissory notes. If requested by any Lender, the Corporation agrees to execute
and deliver a promissory note, in form reasonably satisfactory to the respective
Lender, evidencing the Competitive Bid Loans of such Lender to the Corporation
(with any such promissory notes herein called "COMPETITIVE BID NOTES").

          (b)     The Term Note issued by the Corporation to each Lender that
has an Initial Term Loan Commitment, an Incremental Term Loan Commitment or
outstanding Term Loans shall (i) be executed by the Corporation, (ii) be payable
to the order of such Lender and be dated the Initial Borrowing Date (or if
issued thereafter, the date of issuance), (iii) be in a stated principal amount
equal to the Term Loans made by such Lender on the Initial Borrowing Date (or,
if issued after the Initial Borrowing Date, be in a stated principal amount
equal to the outstanding principal amount of Term Loans owing to such Lender at
such time) and be payable in Dollars in the outstanding principal amount of Term
Loans evidenced thereby, (iv) mature on the Maturity Date, (v) bear interest as
provided in the appropriate clause of Section 1.09 in respect of the Base Rate
Loans and Eurodollar Loans, as the case may be, evidenced thereby, (vi) be
subject to voluntary prepayment as provided in Section 4.01, and mandatory
repayment as provided in Section 4.02, and (vii) be entitled to the benefits of
this Agreement and the other Credit Documents.

          (c)     The Dollar Revolving Note issued by the Corporation to each
Lender that has a Revolving Loan Commitment or outstanding Dollar Revolving
Loans shall (i) be executed by the Corporation, (ii) be payable to the order of
such Lender and be dated the Initial Borrowing Date (or if issued thereafter,
the date of issuance), (iii) be in a stated principal amount equal to the
Revolving Loan Commitment of such Lender (or, if issued after the termination
thereof, be in a stated principal amount equal to the outstanding Dollar
Revolving Loans of such Lender to the Corporation at such time) and be payable
in Dollars in the outstanding principal amount of Dollar Revolving Loans
evidenced thereby, (iv) mature on the Maturity Date, (v) bear interest as
provided in the appropriate clause of Section 1.09 in respect of Base Rate Loans
and Eurodollar Loans, as the case may be, evidenced thereby, (vi) be subject to
voluntary prepayment as

                                       -9-
<Page>

provided in Section 4.01, and mandatory repayment as provided in Section 4.02,
and (vii) be entitled to the benefits of this Agreement and the other Credit
Documents.

          (d)     The Canadian Dollar Revolving Note issued by each Alternate
Currency Revolving Loan Borrower that desires to incur Canadian Dollar Revolving
Loans to each Lender that has a Canadian Dollar Revolving Loan Sub-Commitment or
outstanding Canadian Dollar Revolving Loans shall (i) be executed by the
respective Alternate Currency Revolving Loan Borrower, (ii) be payable to the
order of such Lender (or an affiliate designated by such Lender) and be dated
the Initial Borrowing Date (or, if issued thereafter, the date of issuance),
(iii) be in a stated principal amount (expressed in Canadian Dollars) which
exceeds by 25% the Canadian Dollar Equivalent (as of the date of issuance) of
the respective Lender's Canadian Dollar Revolving Loan Sub-Commitment; PROVIDED
that if, because of fluctuations in exchange rates after the Initial Borrowing
Date or issuance date, as applicable, the amount of the Canadian Dollar
Revolving Note of any Alternate Currency Revolving Loan Borrower held by any
Lender would not be at least as great as the outstanding principal amount of,
and the Face Amount of, as applicable, Canadian Dollar Revolving Loans made by
such Lender to such Alternate Currency Revolving Loan Borrower and evidenced
thereby, the respective Lender may request (and in such case the respective
Alternate Currency Revolving Loan Borrower shall promptly execute and deliver) a
new Canadian Dollar Revolving Note in an amount equal to the greater of (x) that
amount (expressed in Canadian Dollars) which at that time exceeds by 25% the
Canadian Dollar Equivalent of the respective Lender's Canadian Dollar Revolving
Loan Sub-Commitment or (y) the then outstanding principal amount of, and the
Face Amount of, as applicable, all Canadian Dollar Revolving Loans made by such
Lender to such Alternate Currency Revolving Loan Borrower, (iv) be payable in
Canadian Dollars in the outstanding principal amount of, and Face Amount of, as
applicable, the Canadian Dollar Revolving Loans made to the respective Alternate
Currency Revolving Loan Borrower and evidenced thereby, (v) mature on the
Maturity Date, (vi) bear interest as provided in the appropriate clause of
Section 1.09 in respect of the Canadian Prime Rate Loans evidenced thereby,
(vii) be subject to voluntary prepayment as provided in Section 4.01, and
mandatory repayment as provided in Section 4.02, and (viii) be entitled to the
benefits of this Agreement and the other Credit Documents.

          (e)     The Sterling Revolving Note issued by each Alternate Currency
Revolving Loan Borrower that desires to incur Sterling Revolving Loans to each
Lender that has a Pounds Sterling Revolving Loan Sub-Commitment or outstanding
Sterling Revolving Loans shall (i) be executed by the respective Alternate
Currency Revolving Loan Borrower, (ii) be payable to the order of such Lender
(or an affiliate designated by such Lender) and be dated the Initial Borrowing
Date (or, if issued thereafter, the date of issuance), (iii) be in a stated
principal amount (expressed in Pounds Sterling) which exceeds by 25% the
Sterling Equivalent (as of the date of issuance) of the respective Lender's
Pounds Sterling Revolving Loan Sub-Commitment; PROVIDED that if, because of
fluctuations in exchange rates after the Initial Borrowing Date or issuance
date, as applicable, the amount of the Sterling Revolving Note of any Alternate
Currency Revolving Loan Borrower held by any Lender would not be at least as
great as the outstanding principal amount of Sterling Revolving Loans made by
such Lender at any time outstanding and evidenced thereby, the respective Lender
may request (and in such case the respective Alternate Currency Revolving Loan
Borrower shall promptly execute and deliver) a new Sterling Revolving Note in an
amount equal to the greater of (x) that amount (expressed in Pounds Sterling)
which at that time exceeds by 25% the Sterling Equivalent of the respective

                                      -10-
<Page>

Lender's Pounds Sterling Revolving Loan Sub-Commitment or (y) the then
outstanding principal amount of all Sterling Revolving Loans made by such Lender
to such Alternate Currency Revolving Loan Borrower, (iv) be payable in Pounds
Sterling in the outstanding principal amount of the Sterling Revolving Loans
made to the respective Alternate Currency Revolving Loan Borrower and evidenced
thereby, (v) mature on the Maturity Date, (vi) bear interest as provided in the
appropriate clause of Section 1.09 in respect of the Sterling Revolving Loans
evidenced thereby, (vii) be subject to voluntary prepayment as provided in
Section 4.01, and mandatory repayment as provided in Section 4.02, and (viii) be
entitled to the benefits of this Agreement and the other Credit Documents.

          (f)     The Euro Revolving Note issued by each Alternate Currency
Revolving Loan Borrower that desires to incur Euro Revolving Loans to each
Lender that has a Euro Revolving Loan Sub-Commitment or outstanding Euro
Revolving Loans shall (i) be executed by the respective Alternate Currency
Revolving Loan Borrower, (ii) be payable to the order of such Lender (or an
affiliate designated by such Lender) and be dated the Initial Borrowing Date
(or, if issued thereafter, the date of issuance), (iii) be in a stated principal
amount (expressed in Euros) which exceeds by 25% the Euro Equivalent (as of the
date of issuance) of the respective Lender's Euro Revolving Loan Sub-Commitment,
PROVIDED that if, because of fluctuations in exchange rates after the Initial
Borrowing Date or issuance date, as applicable, the amount of the Euro Revolving
Note of any Alternate Currency Revolving Loan Borrower held by any Lender would
not be at least as great as the outstanding principal amount of Euro Revolving
Loans made by such Lender at any time outstanding and evidenced thereby, the
respective Lender may request (and in such case the respective Alternate
Currency Revolving Loan Borrower shall promptly execute and deliver) a new Euro
Revolving Note in an amount equal to the greater of (x) that amount (expressed
in Euros) which at that time exceeds by 25% the Euro Equivalent of the
respective Lender's Euro Revolving Loan Sub-Commitment or (y) the then
outstanding principal amount of all Euro Revolving Loans made by such Lender to
such Alternate Currency Revolving Loan Borrower, (iv) be payable in Euros in the
outstanding principal amount of the Euro Revolving Loans evidenced thereby, (v)
mature on the Maturity Date, (vi) bear interest as provided in the appropriate
clause of Section 1.09 in respect of the Euro Revolving Loans made to the
respective Alternate Currency Revolving Loan Borrower and evidenced thereby,
(vii) be subject to voluntary prepayment as provided in Section 4.01, and
mandatory repayment as provided in Section 4.02, and (viii) be entitled to the
benefits of this Agreement and the other Credit Documents.

          (g)     The Swingline Note issued by the Corporation to the Swingline
Lender shall (i) be executed by the Corporation, (ii) be payable to the order of
the Swingline Lender and be dated the Initial Borrowing Date (or, if issued
thereafter, the date of the issuance thereof), (iii) be in a stated principal
amount equal to the Maximum Swingline Amount and be payable in Dollars in the
principal amount of the outstanding Swingline Loans to the Corporation evidenced
thereby from time to time, (iv) mature on the Swingline Expiry Date, (v) bear
interest as provided in the appropriate clause of Section 1.09 in respect of the
Base Rate Loans evidenced thereby, (vi) be subject to voluntary prepayment as
provided in Section 4.01, and mandatory repayment as provided in Section 4.02,
and (vii) be entitled to the benefits of this Agreement and the other Credit
Documents.

                                      -11-
<Page>

          (h)     Each Lender will note on its internal records the amount of
each Loan made by it to each Borrower and each payment in respect thereof and
will prior to any transfer of any of its Notes endorse on the reverse side
thereof the outstanding principal amount of Loans (including, without
limitation, the Face Amount of any Bankers' Acceptances) evidenced thereby.
Failure to make any such notation, or any error in such notation, shall not
affect any Borrower's obligations in respect of such Loans. Each Lender's
internal records of the amount of each Loan made by it and each payment in
respect thereof shall be final and conclusive absent manifest error.

          (i)     Notwithstanding anything to the contrary contained above or
elsewhere in this Agreement, Term Notes, Revolving Notes, Swingline Notes and
Competitive Bid Notes shall only be delivered to Lenders with Loans of the
respective Tranches which at any time specifically request the delivery of such
Notes. No failure of any Lender to request or obtain a Note evidencing its Loans
of any Tranche or to any Borrower shall affect or in any manner impair the
obligations of the respective Borrower to pay the Loans (and all related
Obligations) which would otherwise be evidenced thereby in accordance with the
requirements of this Agreement, and shall not in any way affect the guaranties
therefor provided pursuant to the various Credit Documents. Any Lender which
does not have a Note evidencing its outstanding Loans shall in no event be
required to make the notations otherwise described in preceding clause (h). At
any time when any Lender requests the delivery of a Note to evidence its Loans
of any Tranche, the respective Borrower shall promptly execute and deliver to
the respective Lender the requested Note or Notes in the appropriate amount or
amounts to evidence such Loans.

          1.07 CONVERSIONS. (a) The Corporation shall have the option to
convert, on any Business Day, all or a portion equal to at least the Minimum
Borrowing Amount (for the Type of Loan into which the conversion is being made),
of the outstanding principal amount of Dollar Loans (other than Swingline Loans,
which at all times shall be maintained as Base Rate Loans, and Competitive Bid
Loans) made to the Corporation pursuant to one or more Borrowings (so long as of
the same Tranche of Loans) of one or more Types of Loans into a Borrowing (of
the same Tranche of Loans) of another Type of Loan, PROVIDED that, (i) Dollar
Revolving Loans shall not be permitted to be converted into Alternate Currency
Revolving Loans, and Alternate Currency Revolving Loans shall not be permitted
to be converted into Dollar Revolving Loans or Alternate Currency Revolving
Loans of any different Alternate Currency, (ii) if Eurodollar Loans are
converted into Base Rate Loans on a date other than the last day of an Interest
Period applicable to the Loans being converted, the Corporation shall compensate
the applicable Lenders for any breakage costs incurred in connection therewith
as set forth in Section 1.12, (iii) no such partial conversion of Eurodollar
Loans shall reduce the outstanding principal amount of such Eurodollar Loans
made pursuant to a single Borrowing to less than the Minimum Borrowing Amount
for Eurodollar Loans of the respective Tranche, (iv) unless the Required Lenders
otherwise agree, Base Rate Loans may not be converted into Eurodollar Loans if
any Event of Default exists on the date of conversion, (v) prior to the 90th day
after the Initial Borrowing Date, conversions of Base Rate Loans into Eurodollar
Loans shall be governed by Section 1.07(d) and (vi) no conversion pursuant to
this Section 1.07 shall result in a greater number of Borrowings of Eurodollar
Loans than is permitted under Section 1.02. Each such conversion shall be
effected by the Corporation giving the Administrative Agent at the Notice
Office, prior to 12:00 Noon (New York time), at least three Business Days' prior
notice (each, a

                                      -12-
<Page>

"NOTICE OF CONVERSION") specifying the Loans to be so converted, the Borrowing
or Borrowings pursuant to which such Loans were made and, if to be converted
into Eurodollar Loans, the Interest Period to be initially applicable thereto.
The Administrative Agent shall give each Lender prompt notice of any such
proposed conversion affecting any of its Loans.

          (b)     Each Alternate Currency Revolving Loan Borrower shall be
entitled: (i) to convert from time to time any Borrowing of Canadian Prime Rate
Loans then outstanding into a Borrowing of Bankers' Acceptance Loans in an
aggregate Face Amount equal to the aggregate principal amount (in Canadian
Dollars) of the outstanding Canadian Prime Rate Loans pursuant to such
Borrowing, PROVIDED that the applicable Alternate Currency Revolving Loan
Borrower shall pay the proceeds of such Bankers' Acceptance Loans, together with
such additional funds as may be required, to the Administrative Agent for the
account of the relevant Alternate Currency Lenders to repay such Borrowing of
outstanding Canadian Prime Rate Loans, and PROVIDED FURTHER that such Canadian
Prime Rate Loans are repaid and such Bankers' Acceptance Loans are obtained, in
each case in accordance with Section 1, Schedule III and any other applicable
provisions of this Agreement; and (ii) contemporaneously with the maturity of
any outstanding Bankers' Acceptance Loans, to obtain Bankers' Acceptance Loans
or Canadian Prime Rate Loans in an aggregate Face Amount or principal amount, as
the case may be, equal to the aggregate Face Amount of such maturing Bankers'
Acceptance Loans, PROVIDED that the applicable Alternate Currency Revolving Loan
Borrower shall pay the proceeds of such new Canadian Dollar Revolving Loan,
together with such additional funds as may be required, to the Administrative
Agent for the account of the relevant Alternate Currency Lenders to repay such
maturing Bankers' Acceptance Loans, and PROVIDED FURTHER that such new Canadian
Dollar Revolving Loans are obtained in accordance with Section 1, Schedule III
and any other applicable provisions of this Agreement.

          (c)     Mandatory conversions of Bankers' Acceptance Loans into
Canadian Prime Rate Loans shall be made in the circumstances, and to the extent,
provided in clause (i) of Schedule III. Except as otherwise provided under
Section 1.17, Bankers' Acceptance Loans shall not be permitted to be converted
into any other Type of Loan prior to the maturity date of the respective
Bankers' Acceptance Loan.

          (d)     Unless the Agents otherwise shall have determined that the
Syndication Date has occurred, (x) no more than three Borrowings of Initial Term
Loans to be maintained as Eurodollar Loans may be incurred prior to the earlier
of (1) the 90th day after the Initial Borrowing Date or, if on such 90th day a
Borrowing of Eurodollar Loans remains outstanding which has an Interest Period
which extends beyond such 90th day, the last day of such Interest Period and (2)
the Syndication Date (the first of which Borrowings may not be made sooner than
the third Business Day after the Initial Borrowing Date and not later than the
fifth Business Day after the Initial Borrowing Date and must have an Interest
Period of one month, and the second and third of which Borrowings may only be
incurred on the last day of the first or second Interest Period, as the case may
be, referenced above in this parenthetical and must also have an Interest Period
of one month) and (y) the only conversions of Term Loans maintained as Base Rate
Loans into Eurodollar Loans which shall be permitted will be conversions into
Eurodollar Loans with an Interest Period of one month, which Interest Period in
each case shall begin and end on the same date as is applicable to one of the
three Interest Periods specified above in clause (x).

                                      -13-
<Page>

          1.08 PRO RATA BORROWINGS. All Borrowings of Initial Term Loans and
Incremental Term Loans under this Agreement shall be incurred from the Lenders
PRO RATA on the basis of their Initial Term Loan Commitments or Incremental Term
Loan Commitments, as the case may be. Subject to the provisions of Section
1.17(c) and, in the case of Mandatory Borrowings, Section 1.01(d), all
Borrowings of Dollar Revolving Loans under this Agreement (including all
Mandatory Borrowings) shall be incurred from the RL Lenders PRO RATA on the
basis of their Dollar Percentages and (ii) all Borrowings of Alternate Currency
Revolving Loans in a given Alternate Currency under this Agreement shall be
incurred from the Alternate Currency Lenders PRO RATA on the basis of their
Alternate Currency RL Percentages as same relate to such Alternate Currency. No
Lender shall be responsible for any default by any other Lender of its
obligation to make Loans hereunder and each Lender shall be obligated to make
the Loans provided to be made by it hereunder, regardless of the failure of any
other Lender to make its Loans hereunder.

          1.09 INTEREST. (a) Each Borrower hereby agrees to pay interest in
respect of the unpaid principal amount of each Base Rate Loan made to it from
the date the proceeds thereof are made available to such Borrower until the
earlier of (x) the maturity thereof (whether by acceleration, prepayment or
otherwise) and (y) the conversion of such Base Rate Loan to a Eurodollar Loan
pursuant to Section 1.07, at a rate per annum which shall be equal to the sum of
the Applicable Margin PLUS the Base Rate, each as in effect from time to time.

          (b)     Each Borrower hereby agrees to pay interest in respect of the
unpaid principal amount of each Eurodollar Loan made to it from the date the
proceeds thereof are made available to such Borrower until the earlier of (x)
the maturity thereof (whether by acceleration, prepayment or otherwise) and (y)
the conversion of such Eurodollar Loan to a Base Rate Loan pursuant to Section
1.07, 1.10 or 1.11, as applicable, at a rate per annum which shall, during each
Interest Period applicable thereto, be equal to the sum of the Applicable Margin
as in effect from time to time PLUS the Eurodollar Rate for such Interest
Period.

          (c)     Each Alternate Currency Revolving Loan Borrower hereby agrees
to pay interest in respect of the unpaid principal amount of each Canadian Prime
Rate Loan made to such Borrower from the date the proceeds thereof are made
available to such Borrower (which shall, in the case of a conversion pursuant to
clause (i) of Schedule III, be deemed to be the date upon which a maturing
Bankers' Acceptance is converted into a Canadian Prime Rate Loan pursuant to
said clause (i), with the proceeds thereof to be equal to the full Face Amount
of the maturing Bankers' Acceptances) until the maturity thereof (whether by
acceleration or otherwise) at a rate per annum which shall be equal to the sum
of the Applicable Margin PLUS the Canadian Prime Rate, each as in effect from
time to time.

          (d)     With respect to Bankers' Acceptance Loans, Acceptance Fees
shall be payable in connection therewith as provided in clause (g) of Schedule
III. Until maturity of the respective Banker's Acceptances, interest shall not
otherwise be payable with respect thereto.

          (e)     Each Alternate Currency Revolving Loan Borrower hereby agrees
to pay interest in respect of the unpaid principal amount of each Sterling
Revolving Loan made to such Borrower from the date the proceeds thereof are made
available to such Borrower until the maturity thereof (whether by acceleration
or otherwise) at a rate per annum which shall, during

                                      -14-
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each Interest Period applicable thereto, be equal to the sum of the Applicable
Margin as in effect from time to time PLUS the Sterling Euro Rate for such
Interest Period PLUS any Mandatory Costs.

          (f)     Each Alternate Currency Revolving Loan Borrower hereby agrees
to pay interest in respect of the unpaid principal amount of each Euro Revolving
Loan made to such Borrower from the date the proceeds thereof are made available
to such Borrower until the maturity thereof (whether by acceleration or
otherwise) at a rate per annum which shall, during each Interest Period
applicable thereto, be equal to the sum of the Applicable Margin as in effect
from time to time PLUS the Euro LIBOR Rate for such Interest Period PLUS any
Mandatory Costs.

          (g)     The Corporation agrees to pay interest in respect of the
unpaid principal amount of each Competitive Bid Loan made to it from the date
the proceeds thereof are made available to the Corporation until the maturity
thereof (whether by acceleration or otherwise) at the rate or rates per annum
specified pursuant to Section 1.04(b) by the Bidder RL Lender or Bidder RL
Lenders, as the case may be, making such Competitive Bid Loan and accepted by
the Corporation pursuant to Section 1.04(c)(2).

          (h)     Overdue principal and, to the extent permitted by law, overdue
interest in respect of each Loan and any other overdue amount payable hereunder
shall, in each case, bear interest at a rate per annum (1) in the case of
overdue principal of, and interest or other amounts owing with respect to,
Canadian Dollar Revolving Loans and any other amounts owing in Canadian Dollars,
equal to 2% per annum in excess of the Applicable Margin (calculated based on
Level 9 pricing as shown in the definition of Applicable Margin) for Canadian
Prime Rate Loans PLUS the Canadian Prime Rate as in effect from time to time,
(2) in the case of overdue principal of, and interest or other amounts owing
with respect to, Sterling Revolving Loans and any other amounts owing in Pounds
Sterling, equal to 2% per annum in excess of the Applicable Margin (calculated
based on Level 9 pricing as shown in the definition of Applicable Margin) PLUS
the Sterling Euro Rate for such successive periods not exceeding three months as
the Administrative Agent may determine from time to time in respect of amounts
comparable to the amount not paid PLUS any Mandatory Costs, (3) in the case of
overdue principal of, and interest or other amounts owing in respect of, Euro
Revolving Loans, equal to 2% per annum in excess of the Applicable Margin
(calculated based on Level 9 pricing as shown in the definition of Applicable
Margin) PLUS the Euro LIBOR Rate for such successive periods not exceeding three
months as the Administrative Agent may determine from time to time in respective
amounts comparable to the amount not paid PLUS any Mandatory Costs and (4) in
all other cases, equal to the greater of (x) 2% per annum in excess of the rate
otherwise applicable to Base Rate Loans of the respective Tranche (or in the
case of amounts which do not relate to a given Tranche of outstanding Dollar
Loans, 2% per annum in excess of the rate otherwise applicable to Revolving
Loans maintained as Base Rate Loans) from time to time (calculated based on
Level 9 pricing as shown in the definition of Applicable Margin) and (y) the
rate which is 2% in excess of the rate then borne by such Loans.

          (i)     Accrued (and theretofore unpaid) interest shall be payable (i)
in respect of each Base Rate Loan and Canadian Prime Rate Loan, in arrears on
each Quarterly Payment Date, (ii) in the case of any Eurodollar Loan, on the
date of any conversion to a Base Rate Loan pursuant to Section 1.07, 1.10 or
1.11, as applicable (on the amount so converted), (iii) in respect of each Euro
Rate Loan, on the last day of each Interest Period applicable thereto (or, in
the case

                                      -15-
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of any Interest Period with a duration of six months, at the date which occurs
three calendar months after the first day of such Interest Period, as well as on
the last day of the respective Interest Period), (iv) in respect of each
Competitive Bid Loan, at such times as specified in the Notice of Competitive
Bid Borrowing relating thereto and (v) in respect of each Loan (other than
Bankers' Acceptances), on any repayment or prepayment (on the amount repaid or
prepaid), at maturity (whether by acceleration or otherwise) and, after such
maturity, on demand; PROVIDED that, in the case of Dollar Revolving Loans
maintained as Base Rate Loans, interest shall not be payable pursuant to
preceding clause (v) at the time of any repayment or prepayment thereof unless
the respective repayment or prepayment is made in conjunction with a permanent
reduction of the Total Revolving Loan Commitment.

          (j)     Upon each Interest Determination Date, the Administrative
Agent shall determine the respective Euro Rate for the respective Interest
Period or Interest Periods to be applicable to Euro Rate Loans and shall
promptly notify the respective Borrower and the Lenders thereof. Each such
determination shall, absent manifest error, be final and conclusive and binding
on all parties hereto.

          1.10 INTEREST PERIODS. At the time it gives any Notice of Borrowing or
Notice of Conversion in respect of the making of, or conversion into, any Euro
Rate Loan (in the case of the initial Interest Period applicable thereto) or on
the third Business Day prior to the expiration of an Interest Period applicable
to such Euro Rate Loan (in the case of any subsequent Interest Period), the
respective Borrower shall have the right to elect, by giving the Administrative
Agent notice thereof, the interest period (each, an "INTEREST PERIOD")
applicable to such Euro Rate Loan, which Interest Period shall, at the option of
such Borrower, be a one, two, three or six month period, PROVIDED that:

          (i)     all Euro Rate Loans comprising a single Borrowing shall at all
     times have the same Interest Period;

          (ii)    the initial Interest Period for any Borrowing of Euro Rate
     Loans shall commence on the date of such Borrowing (including, in the case
     of Dollar Loans, the date of any conversion thereto from a Dollar Loan of a
     different Type) and each Interest Period occurring thereafter in respect of
     such Borrowing of Euro Rate Loans shall commence on the day on which the
     next preceding Interest Period applicable thereto expires;

          (iii)   if any Interest Period for a Euro Rate Loan begins on a day
     for which there is no numerically corresponding day in the calendar month
     at the end of such Interest Period, such Interest Period shall end on the
     last Business Day of such calendar month;

          (iv)    if any Interest Period for a Euro Rate Loan would otherwise
     expire on a day which is not a Business Day, such Interest Period shall
     expire on the next succeeding Business Day; PROVIDED, HOWEVER, that if any
     Interest Period for a Euro Rate Loan would otherwise expire on a day which
     is not a Business Day but is a day of the month after which no further
     Business Day occurs in such month, such Interest Period shall expire on the
     next preceding Business Day;

                                      -16-
<Page>

          (v)     unless the Required Lenders otherwise agree, no Interest
     Period may be selected at any time when any Event of Default is in
     existence;

          (vi)    no Interest Period in respect of any Borrowing of Euro Rate
     Loans shall be selected which extends beyond the Maturity Date;

          (vii)   no Interest Period in respect of any Borrowing of Term Loans
     shall be selected which extends beyond any date upon which a mandatory
     repayment of Term Loans will be required to be made under Section 4.02(b)
     if the aggregate principal amount of Term Loans which have Interest Periods
     which will expire after such date will be in excess of the aggregate
     principal amount of Term Loans permitted to be outstanding after such
     mandatory repayment; and

          (viii)  prior to the occurrence of the Syndication Date, the only
     Interest Periods which may be selected with respect to Term Loans incurred
     and/or maintained as Eurodollar Loans are one month Interest Periods which
     begin and end on the dates specified in Section 1.07(d).

          Prior to the termination of any Interest Period applicable to
Alternate Currency Revolving Loans, the respective Alternate Currency Revolving
Loan Borrower may, at its option, designate that the respective Borrowing
subject thereto be split into more than one Borrowing (for purposes of electing
multiple Interest Periods to be subsequently applicable thereto), so long as
each such Borrowing resulting from the action taken pursuant to this sentence
meets the Minimum Borrowing Amount for the respective Tranche. If upon the
expiration of any Interest Period applicable to a Borrowing of Euro Rate Loans,
the respective Borrower has failed to elect, or is not permitted to elect, a new
Interest Period to be applicable to such Euro Rate Loans as provided above, such
Borrower shall be deemed to have elected (x) if Eurodollar Loans, to convert
such Eurodollar Loans into Base Rate Loans and (y) if Alternate Currency
Revolving Loans, to select a one-month Interest Period for such Alternate
Currency Revolving Loans, in either case effective as of the expiration date of
such current Interest Period.

          1.11 INCREASED COSTS, ILLEGALITY, ETC. (a) If any Lender (or, with
respect to clauses (i) and (iv) below, the Administrative Agent) shall have
determined in good faith (which determination shall, absent manifest error, be
final and conclusive and binding upon all parties hereto):

          (i)     on any Interest Determination Date that, by reason of any
     changes arising after the date of this Agreement affecting the applicable
     interbank market, adequate and fair means do not exist for ascertaining the
     applicable interest rate on the basis provided for in the definition of the
     respective Euro Rate; or

          (ii)    at any time, that such Lender shall incur increased costs or
     reductions in the amounts received or receivable hereunder with respect to
     any Euro Rate Loan because of (x) any change arising after the date of this
     Agreement in any applicable law or governmental rule, regulation, order,
     guideline or request (whether or not having the force of law) or in the
     interpretation or administration thereof and including the introduction of
     any new law or governmental rule, regulation, order, guideline or request,
     such as,

                                      -17-
<Page>

     for example, but not limited to: (A) a change in the basis of taxation of
     payment to any Lender of the principal of or interest on the Notes or any
     other amounts payable hereunder (except for changes in the rate of tax on,
     or determined by reference to, the net income or profits of such Lender
     pursuant to the laws of the jurisdiction in which it is organized or in
     which its principal office or applicable lending office is located or any
     subdivision thereof or therein) or (B) a change in official reserve
     requirements (except to the extent covered by Section 1.11(d) in respect of
     Alternate Currency Revolving Loans or included in the computation of the
     Eurodollar Rate) or any special deposit, assessment or similar requirement
     against assets of, deposits with or for the account of, or credit extended
     by, any Lender (or its applicable lending office) and/or (y) other
     circumstances since the date of this Agreement affecting the applicable
     interbank market; or

          (iii)   at any time after the date of this Agreement, that the making
     or continuance of any Euro Rate Loan has been made (x) unlawful by any law
     or governmental rule, regulation or order, (y) impossible by compliance by
     any Lender in good faith with any governmental request (whether or not
     having the force of law) or (z) impracticable as a result of a contingency
     occurring after the date of this Agreement which materially and adversely
     affects the applicable interbank market; or

          (iv)    at any time that any Alternate Currency is not available in
     sufficient amounts to fund any Borrowing of Alternate Currency Revolving
     Loans requested pursuant to Section 1.01;

then, and in any such event, such Lender (or the Administrative Agent, in the
case of clause (i) or (iv) above) shall promptly give notice (by telephone
promptly confirmed in writing) to the respective Borrower and, except in the
case of clauses (i) and (iv) above, to the Administrative Agent of such
determination (which notice the Administrative Agent shall promptly transmit to
each of the other Lenders). Thereafter (w) in the case of clause (i) above, (A)
if Eurodollar Loans are so affected, Eurodollar Loans shall no longer be
available until such time as the Administrative Agent notifies the Corporation
and the Lenders that the circumstances giving rise to such notice by the
Administrative Agent no longer exist, and any Notice of Borrowing or Notice of
Conversion given by the Corporation with respect to Eurodollar Loans which have
not yet been incurred (including by way of conversion) shall be deemed rescinded
by the Corporation, and (B) if any Alternate Currency Revolving Loan is so
affected, the relevant Euro Rate shall be determined on the basis provided in
the proviso to the definition of the relevant Euro Rate, (x) in the case of
clause (ii) above, the respective Borrower shall pay to such Lender, upon its
written request therefor, such additional amounts (in the form of an increased
rate of, or a different method of calculating, interest or otherwise as such
Lender shall determine) as shall be required to compensate such Lender for such
increased costs or reductions in amounts received or receivable hereunder (a
written notice as to the additional amounts owed to such Lender, showing in
reasonable detail the basis for the calculation thereof, submitted to the
respective Borrower by such Lender shall, absent manifest error, be final and
conclusive and binding on all the parties hereto), (y) in the case of clause
(iii) above, the respective Borrower shall take one of the actions specified in
Section 1.11(b) as promptly as possible and, in any event, within the time
period required by law and (z) in the case of clause (iv) above, Alternate
Currency Revolving Loans (exclusive of Alternate Currency Revolving Loans which
have theretofore been funded) shall no longer be available in the respective
Alternate Currency or

                                      -18-
<Page>

Alternate Currencies until such time as the Administrative Agent notifies the
Alternate Currency Revolving Loan Borrowers and the Lenders that the
circumstances giving rise to such notice by the Administrative Agent no longer
exist, and any Notice of Borrowing given by any Alternate Currency Revolving
Loan Borrower with respect to such Alternate Currency Revolving Loans which have
not been incurred shall be deemed rescinded by the respective Alternate Currency
Revolving Loan Borrower.

          (b)     At any time that any Euro Rate Loan is affected by the
circumstances described in Section 1.11(a)(ii) or (iii), the respective Borrower
may (and in the case of a Euro Rate Loan affected by the circumstances described
in Section 1.11(a)(iii) shall) either (x) if the affected Euro Rate Loan is then
being made initially or pursuant to a conversion, cancel the respective
Borrowing by giving the Administrative Agent telephonic notice (confirmed in
writing) on the same date that such Borrower was notified by the affected Lender
or the Administrative Agent or (y) if the affected Euro Rate Loan is then
outstanding, upon at least three Business Days' written notice to the
Administrative Agent, (A) in the case of a Eurodollar Loan, request the affected
Lender to convert such Eurodollar Loan into a Base Rate Loan (which conversion,
in the case of the circumstances described in Section 1.11(a)(iii), shall occur
no later than the last day of the Interest Period then applicable to such
Eurodollar Loan (or such earlier date as shall be required by applicable law))
and (B) in the case of an Alternate Currency Revolving Loan, repay such
Alternate Currency Revolving Loan in full; PROVIDED that (i) if the
circumstances described in Section 1.11(a)(iii) apply to any Alternate Currency
Revolving Loan, the respective Alternate Currency Revolving Loan Borrowers may,
in lieu of taking the actions described above, maintain such Alternate Currency
Revolving Loan outstanding, in which case the applicable Euro Rate shall be
determined on the basis provided in the proviso to the definition of Euro Rate
or Sterling Euro Rate, as the case may be, unless the maintenance of such
Alternate Currency Revolving Loan outstanding on such basis would not stop the
conditions described in Section 1.11(a)(iii) from existing (in which case the
actions described above, without giving effect to the proviso, shall be required
to be taken) and (ii) if more than one Lender is affected at any time as
described above in this clause (b), then all affected Lenders must be treated
the same pursuant to this Section 1.11(b).

          (c)     If at any time after the date of this Agreement any Lender
determines that the introduction of or any change (which introduction or change
shall have occurred after the date of this Agreement) in any applicable law or
governmental rule, regulation, order, guideline, directive or request (whether
or not having the force of law) concerning capital adequacy, or any change in
interpretation or administration thereof by the National Association of
Insurance Commissioners ("NAIC") or any governmental authority, central bank or
comparable agency, will have the effect of increasing the amount of capital
required or expected to be maintained by such Lender or any corporation
controlling such Lender based on the existence of such Lender's Commitments
hereunder or its obligations hereunder, then the Borrowers jointly and severally
agree to pay to such Lender, upon its written demand therefor, such additional
amounts as shall be required to compensate such Lender or such other corporation
for the increased cost to such Lender or such other corporation or the reduction
in the rate of return to such Lender or such other corporation as a result of
such increase of capital. In determining such additional amounts, each Lender
will act reasonably and in good faith and will use averaging and attribution
methods which are reasonable, PROVIDED that such Lender's determination of
compensation owing under this Section 1.11(c) shall, absent manifest error, be
final and conclusive and binding on all the

                                      -19-
<Page>

parties hereto. Each Lender, upon determining that any additional amounts will
be payable pursuant to this Section 1.11(c), will give prompt written notice
thereof to the Borrowers, which notice shall show in reasonable detail the basis
for calculation of such additional amounts.

          (d)     If any Lender shall in good faith determine (which
determination shall, absent manifest error, be final and conclusive and binding
on all parties hereto) at any time that such Lender is required to maintain
reserves (including, without limitation, any marginal, emergency, supplemental,
special or other reserves required by applicable law) which have been
established by any Federal, state, local or foreign court or governmental
agency, authority, instrumentality or regulatory body with jurisdiction over
such Lender (including any branch, Affiliate or funding office thereof) in
respect of any Euro Rate Loans or any category of liabilities which includes
deposits by reference to which the interest rate on any Euro Rate Loan is
determined or any category of extensions of credit or other assets which
includes loans of the same or similar type as any Euro Rate Loans, then, unless
such reserves are already being charged for pursuant to Section 1.11(a)(ii),
such Lender shall promptly notify the respective Borrower or Borrowers in
writing specifying the additional amounts required to indemnify such Lender
against the cost of maintaining such reserves (such written notice to provide in
reasonable detail a computation of such additional amounts) and the respective
Borrowers shall, and shall be obligated to, pay to such Lender such specified
amounts as additional interest at the time that the respective Borrower or
Borrowers are otherwise required to pay interest in respect of such Euro Rate
Loans or, if later, on written demand therefor by such Lender.

          1.12 COMPENSATION. The respective Borrower shall compensate each
Lender, upon its written request (which request shall set forth in reasonable
detail the basis for requesting such compensation), for all reasonable losses,
expenses and liabilities (including, without limitation, any loss, expense or
liability incurred by reason of the liquidation or reemployment of deposits or
other funds required by such Lender to fund its Euro Rate Loans, but excluding
loss of anticipated profits) which such Lender may sustain: (i) if for any
reason (other than a default by such Lender) a Borrowing of, or conversion from
or into, Euro Rate Loans does not occur on a date specified therefor in a Notice
of Borrowing or Notice of Conversion (whether or not rescinded or deemed
rescinded pursuant to Section 1.11(a) or (b)); (ii) if any repayment (including
any repayment made pursuant to Section 4.01 or 4.02 or as a result of an
acceleration of the Loans pursuant to Section 10) or conversion of any Euro Rate
Loans occurs on a date which is not the last day of an Interest Period with
respect thereto; (iii) if any repayment (including any repayment made pursuant
to Section 4.01 or 4.02 or as a result of an acceleration of the Loans pursuant
to Section 10) of any Bankers' Acceptance Loan occurs on a date which is not the
maturity date of the respective Bankers' Acceptance; (iv) if any prepayment of
any Euro Rate Loans or Bankers' Acceptance Loans is not made on any date
specified in a notice of prepayment given by the respective Borrower; or (v) as
a consequence of (x) any other default by the respective Borrower to repay its
Loans when required by the terms of this Agreement or any Note held by such
Lender, (y) any election made pursuant to Section 1.11(b) or (z) the replacement
of any Lender pursuant to Section 1.14.

          1.13 LENDING OFFICES; CHANGES THERETO. (a) Each Lender may at any time
or from time to time designate, by written notice to the Administrative Agent to
the extent not already reflected on Schedule II, one or more lending offices
(which, for this purpose, may include Affiliates of the respective Lender) for
the various Loans made, and Letters of Credit

                                      -20-
<Page>

participated in, by such Lender (including by designating a separate lending
office (or Affiliate) to act as such with respect to Dollar Loans and Letter of
Credit Outstandings versus Alternate Currency Revolving Loans); PROVIDED that,
for designations made after the Initial Borrowing Date, to the extent such
designation shall result in increased costs under Section 1.11, 2.06 or 4.04 in
excess of those which would be charged in the absence of the designation of a
different lending office (including a different Affiliate of the respective
Lender), then the Borrowers shall not be obligated to pay such excess increased
costs (although the Borrowers, in accordance with and pursuant to the other
provisions of this Agreement, shall be obligated to pay the costs which would
apply in the absence of such designation and any subsequent increased costs of
the type described above resulting from changes after the date of the respective
designation). Each lending office and Affiliate of any Lender designated as
provided above shall, for all purposes of this Agreement, be treated in the same
manner as the respective Lender (and shall be entitled to all indemnities and
similar provisions in respect of its acting as such hereunder).

          (b)     Each Lender agrees that on the occurrence of any event giving
rise to the operation of Section 1.11(a)(ii) or (iii), Section 1.11(c), Section
1.11(d), Section 2.06 or Section 4.04 with respect to such Lender, it will, if
requested by the applicable Borrower, use reasonable efforts (subject to overall
policy considerations of such Lender) to designate another lending office for
any Loans or Letters of Credit affected by such event, PROVIDED that such
designation is made on such terms that such Lender and its lending office suffer
(as determined in such Lender's sole discretion) no economic, legal or
regulatory disadvantage, with the object of avoiding the consequence of the
event giving rise to the operation of such Section. Nothing in this Section 1.13
shall affect or postpone any of the obligations of any Borrower or the right of
any Lender provided in Sections 1.11, 2.06 and 4.04.

          1.14 REPLACEMENT OF LENDERS. (x) If any Lender becomes a Defaulting
Lender, (y) upon the occurrence of an event giving rise to the operation of
Section 1.11(a)(ii) or (iii), Section 1.11(c), Section 1.11(d), Section 2.06 or
Section 4.04 with respect to any Lender which results in such Lender charging to
any Borrower increased costs in excess of those being generally charged by the
other Lenders or (z) in the case of the refusal by a Lender to consent to
proposed changes, waivers, discharges or terminations with respect to this
Agreement which have been approved by the Required Lenders as (and to the
extent) provided in Section 13.12(b), the Corporation shall have the right, if
no Event of Default and no Specified Default will exist immediately after giving
effect to such replacement, to replace such Lender (the "REPLACED LENDER") with
one or more other Eligible Transferees, none of whom shall constitute a
Defaulting Lender at the time of such replacement (collectively, the
"REPLACEMENT LENDER") and each of whom shall be required to be reasonably
acceptable to the Administrative Agent and each Lender which at the time of such
replacement is an Issuing Bank with respect to one or more outstanding Letters
of Credit; PROVIDED that:

          (i)     any Replacement Lender in a replacement pursuant to this
     Section 1.14 (with each such replacement being herein called a
     "REPLACEMENT") shall be required to comply with the requirements of Section
     13.04(b) and at the time of any Replacement the Replacement Lender shall
     enter into one or more Assignment and Assumption Agreements pursuant to
     Section 13.04(b) (and shall pay all fees payable pursuant to said Section
     13.04(b)) pursuant to which the Replacement Lender shall acquire all of the
     Commitments (and related sub-commitments) and outstanding Loans of, and in
     each case

                                      -21-
<Page>

     participations in Letters of Credit by, the Replaced Lender and, in
     connection therewith, shall pay to (x) the Replaced Lender in respect
     thereof amounts (in the respective currencies in which such obligations are
     denominated) equal to the sum of (I) the principal of (including, without
     limitation, the Face Amount of Bankers' Acceptance Loans), and all accrued
     interest on, all outstanding Loans of the Replaced Lender, (II) all Unpaid
     Drawings that have been funded by (and not reimbursed to) such Replaced
     Lender, together with all then unpaid interest with respect thereto at such
     time and (III) all accrued, but theretofore unpaid, Fees owing to the
     Replaced Lender pursuant to Section 3.01, (y) each Issuing Bank an amount
     equal to such Replaced Lender's Dollar Percentage of any Unpaid Drawing
     (which at such time remains an Unpaid Drawing) to the extent such amount
     was not theretofore funded by such Replaced Lender to such Issuing Bank and
     (z) the Swingline Lender an amount equal to such Replaced Lender's Dollar
     Percentage of any Mandatory Borrowing to the extent such amount was not
     theretofore funded by such Replaced Lender; and

          (ii)    all Obligations of the Borrowers due and owing to the Replaced
     Lender at such time (other than those specifically described in clause (i)
     above in respect of which the assignment purchase price has been, or is
     concurrently being, paid) shall be paid in full to such Replaced Lender
     concurrently with such replacement.

          Upon the execution of the respective Assignment and Assumption
Agreements, the payment of amounts referred to in clauses (i) and (ii) above,
recordation of the assignment on the Register by the Administrative Agent
pursuant to Section 13.15 and, if so requested by the Replacement Lender,
delivery to the Replacement Lender of the appropriate Note or Notes executed by
the respective Borrower, the Replacement Lender shall become a Lender hereunder
and the Replaced Lender shall cease to constitute a Lender hereunder, except
with respect to indemnification provisions under this Agreement (including,
without limitation, Sections 1.11, 1.12, 1.16, 2.06, 4.04, 12.06 and 13.01),
which shall survive as to such Replaced Lender. In connection with any
replacement of Lenders pursuant to, and as contemplated by, this Section 1.14,
each of the Alternate Currency Revolving Loan Borrowers hereby irrevocably
authorizes the Corporation to take all necessary action, in the name of the
various Borrowers, as described above in this Section 1.14 in order to effect
the replacement of the respective Lender or Lenders in accordance with the
preceding provisions of this Section 1.14.

          1.15 BANKERS' ACCEPTANCE PROVISIONS. (a)   The parties hereto agree
that the provisions of Schedule III shall apply to all Bankers' Acceptances and
Bankers' Acceptance Loans created hereunder, and that the provisions of Schedule
III shall be deemed incorporated by reference into this Agreement as if such
provisions were set forth in their entirety herein.

          (b)     Schedule 1.15(b) hereto contains a description of all bankers'
acceptances created and issued pursuant to the Existing Credit Agreement and
outstanding on the Effective Date (and setting forth, with respect to each such
bankers' acceptance, (i) the name of the issuing lender, (ii) the name(s) of the
account party or account parties, (iii) the stated amount (which shall be in
Canadian Dollars), (iv) the name of the beneficiary and (v) the expiry date).
Each such bankers' acceptance (each, an "EXISTING BANKERS' ACCEPTANCE") shall
constitute a "Bankers' Acceptance" for all purposes of this Agreement, created
and issued, for purposes of Section 1.01(b) and Schedule III hereto, on the
Initial Borrowing Date.

                                      -22-
<Page>

          1.16 EUROPEAN MONETARY UNION. The following provisions of this Section
1.16 shall come into effect on and from the date on which the United Kingdom
becomes a Participating Member State. Each obligation under this Agreement which
has been denominated in Pounds Sterling shall be redenominated into Euros in
accordance with the relevant EMU Legislation. However, if and to the extent that
the relevant EMU Legislation provides that an amount which is denominated in
Pounds Sterling can be paid by the debtor either in Euros or in that national
currency unit, each party to this Agreement shall be entitled to pay or repay
any amount denominated or owing in Pounds Sterling hereunder either in Euros or
in Pounds Sterling. Without prejudice and in addition to any method of
conversion or rounding prescribed by any relevant EMU Legislation, (i) each
reference in this Agreement to a minimum amount (or an integral multiple
thereof) in Pounds Sterling shall be replaced by a reference to such reasonably
comparable and convenient amount (or an integral multiple thereof) in Euros as
the Administrative Agent may from time to time specify and (ii) except as
expressly provided in this Section 1.16, this Agreement shall be subject to such
reasonable changes of construction as the Administrative Agent may from time to
time specify to be necessary or appropriate to reflect the introduction of or
changeover to Euros in the United Kingdom, PROVIDED that this Section 1.16 shall
not reduce or increase any actual or contingent liability arising under this
Agreement.

          1.17 SPECIAL PROVISIONS REGARDING RL LENDERS AND ALTERNATE CURRENCY
REVOLVING LOANS. (a) On any date the Corporation may, at its option, permanently
reduce or terminate the Alternate Currency Revolving Loan Sub-Commitments
relating to one or more of the Alternate Currencies by written notice to the
Administrative Agent to such effect (specifying the aggregate amount of
reductions to various Alternate Currency Revolving Loan Sub-Commitments relating
to each Alternate Currency); PROVIDED that (i) no such reduction shall be made
in an amount which would cause the Dollar Equivalent of the then outstanding
aggregate principal amount or Face Amount, as the case may be, of the Alternate
Currency Loans in any given Alternate Currency to exceed the aggregate Alternate
Currency Revolving Loan Sub-Commitments of the Alternate Currency Lenders in
respect of such Alternate Currency after giving effect to the respective
reduction pursuant to this Section 1.17(a), (ii) each reduction pursuant to this
clause (a) shall apply PRO RATA to reduce the Alternate Currency Revolving Loan
Sub-Commitments of the various Alternate Currency Lenders in respect of such
Alternate Currency (based upon the relative amounts of such sub-commitments),
and (iii) except to the extent the reduction to the Alternate Currency Revolving
Loan Sub-Commitments pursuant to this Section 1.17(a) is accompanied by a like
reduction to the amount of the Total Revolving Loan Commitment pursuant to
Section 3.02, the amount of each RL Lender's reduction to its Alternate Currency
Revolving Loan Sub-Commitments pursuant to this clause (a) shall result in a
like increase to its Non-Alternate Currency Revolving Loan Sub-Commitment.

          (b)     On the fifth Business Day after the occurrence of a Sharing
Event, automatically (and without the taking of any action) (x) all then
outstanding Alternate Currency Revolving Loans shall be automatically converted
into Dollar Loans (in an amount equal to the Dollar Equivalent of the aggregate
principal amount or Face Amount, as the case may be, of the respective Alternate
Currency Revolving Loans on the date such Sharing Event first occurred), which
Dollar Revolving Loans shall be owed by the respective Alternate Currency
Revolving Loan Borrower, shall thereafter be deemed to be Base Rate Loans and
shall be immediately due and payable on the date such Sharing Event has occurred
and (y) all accrued and unpaid interest and other amounts owing with respect to
such Alternate Currency Revolving Loans shall be

                                      -23-
<Page>

immediately due and payable in Dollars, taking the Dollar Equivalent of such
accrued and unpaid interest and other amounts. The occurrence of any conversion
as provided above in this Section 1.17(b) shall be deemed to constitute, for
purposes of Section 1.12, a prepayment of the respective Alternate Currency
Revolving Loans before the last day of any Interest Period relating thereto.

          (c)     Upon the occurrence of a Sharing Event, each RL Lender shall
(and hereby unconditionally and irrevocably agrees to) purchase and sell (in
each case in Dollars) undivided participating interests in the Revolving Loans
outstanding to, and any Unpaid Drawings owing by, each Borrower in such amounts
so that each RL Lender shall have a share of the outstanding Revolving Loans and
Unpaid Drawings then owing by each Borrower equal to its RL Percentage thereof.
Upon any such occurrence the Administrative Agent shall notify each RL Lender
and shall specify the amount of Dollars required from such RL Lender in order to
effect the purchases and sales by the various RL Lenders of participating
interests in the amounts required above (together with accrued interest with
respect to the period from the last interest payment date through the date of
the Sharing Event plus any additional amounts payable by any respective Borrower
pursuant to Section 4.04 hereof in respect of such accrued but unpaid interest);
PROVIDED that each RL Lender shall be deemed to have purchased, automatically
and without request, such participating interests. Promptly upon receipt of such
request, each RL Lender shall deliver to the Administrative Agent (in
immediately available funds in Dollars) the net amounts as specified by the
Administrative Agent. The Administrative Agent shall promptly deliver the
amounts so received to the various RL Lenders in such amounts as are needed to
effect the purchases and sales of participations as provided above. Promptly
following receipt thereof, each RL Lender which has sold participations in any
of its Revolving Loans (through the Administrative Agent) will deliver to each
RL Lender (through the Administrative Agent) which has so purchased a
participating interest a participation certificate dated the date of receipt of
such funds and in such amount. It is understood that the amount of funds
delivered by each RL Lender shall be calculated on a net basis, giving effect to
both the sales and purchases of participations by the various RL Lenders as
required above.

          (d)     Upon, and after, the occurrence of a Sharing Event (i) no
further Alternate Currency Revolving Loans shall be made to any Borrower,
(ii) all amounts from time to time accruing with respect to, and all amounts
from time to time payable on account of, such Alternate Currency Revolving Loans
(including, without limitation, any interest and other amounts which were
accrued but unpaid on the date of such purchase) shall be payable in Dollars as
if such Alternate Currency Revolving Loan had originally been made in Dollars
and shall be distributed by the relevant RL Lenders (or their affiliates) to the
Administrative Agent for the account of the RL Lenders which made such Loans or
are participating therein and (iii) the Alternate Currency Revolving Loan
Sub-Commitments of the various Alternate Currency Lenders shall be automatically
terminated (which shall result in a like increase to the Non-Alternate Currency
Revolving Loan Sub-Commitments of the respective Lenders, except to the extent
the Revolving Loan Commitments of the various Lenders are terminated as
otherwise provided in this Agreement). Notwithstanding anything to the contrary
contained above, the failure of any RL Lender to purchase its participating
interests in any Revolving Loans upon the occurrence of a Sharing Event shall
not relieve any other RL Lender of its obligation hereunder to purchase its
participating interests in a timely manner, but no RL Lender shall be
responsible

                                      -24-
<Page>

for the failure of any other RL Lender to purchase the participating interest to
be purchased by such other RL Lender on any date.

          (e)     If any amount required to be paid by any RL Lender pursuant to
Section 1.17(c) is paid to the Administrative Agent within one Business Day
following the date upon which such RL Lender receives notice from the
Administrative Agent of the amount of its participations required to be
purchased pursuant to said Section 1.17(c), such RL Lender shall also pay to the
Administrative Agent on demand an amount equal to the product of (i) the amount
so required to be paid by such RL Lender for the purchase of its participations
MULTIPLIED BY (ii) the daily average Federal Funds Rate, during the period from
and including the date of request for payment to but excluding the date on which
such payment is immediately available to the Administrative Agent MULTIPLIED BY
(iii) a fraction, the numerator of which is the number of days that elapsed
during such period and the denominator of which is 360. If any such amount
required to be paid by any RL Lender pursuant to Section 1.17(c) is not in fact
made available to the Administrative Agent within three Business Days following
the date upon which such RL Lender receives notice from the Administrative Agent
as to the amount of participations required to be purchased by it, the
Administrative Agent shall be entitled to recover from such RL Lender on demand,
such amount with interest thereon calculated from such request date at the rate
per annum applicable to Dollar Revolving Loans maintained as Base Rate Loans
hereunder. A certificate of the Administrative Agent submitted to any RL Lender
with respect to any amounts payable under this Section 1.17 shall be conclusive
in the absence of manifest error. Amounts payable by any RL Lender pursuant to
this Section 1.17 shall be paid to the Administrative Agent for the account of
the relevant RL Lenders; PROVIDED that, if the Administrative Agent (in its sole
discretion) has elected to fund on behalf of such RL Lender the amounts owing to
such RL Lenders, then the amounts shall be paid to the Administrative Agent for
its own account.

          (f)     Whenever, at any time after the relevant RL Lenders have
received from any RL Lenders purchases of participations in any Revolving Loans
pursuant to this Section 1.17, the various RL Lenders receive any payment on
account thereof, such RL Lenders will distribute to the Administrative Agent,
for the account of the various RL Lenders participating therein, such RL
Lenders' participating interests in such amounts (appropriately adjusted, in the
case of interest payments, to reflect the period of time during which such
participations were outstanding) in like funds as received; PROVIDED, HOWEVER,
that if such payment received by any RL Lenders is required to be returned, the
RL Lenders who received previous distributions in respect of their participating
interests therein will return to the respective RL Lenders any portion thereof
previously so distributed to them in like funds as such payment is required to
be returned by the respective RL Lenders.

          (g)     Each RL Lender's obligation to purchase participating interest
pursuant to this Section 1.17 shall be absolute and unconditional and shall not
be affected by any circumstance including, without limitation, (a) any setoff,
counterclaim, recoupment, defense or other right which such RL Lender may have
against any other RL Lender, the relevant Borrower or any other Person for any
reason whatsoever, (b) the occurrence or continuance of an Event of Default, (c)
any adverse change in the condition (financial or otherwise) of any Borrower or
any other Person, (d) any breach of this Agreement by any Borrower or any Lender
or any other Person, or (e) any other circumstance, happening or event
whatsoever, whether or not similar to any of the foregoing.

                                      -25-
<Page>

          (h)     Notwithstanding anything to the contrary contained elsewhere
in this Agreement, upon any purchase of participations as required above, each
RL Lender which has purchased such participations shall be entitled to receive
from the relevant Borrower any increased costs and indemnities (including,
without limitation, pursuant to Sections 1.11, 1.12, 1.16, 2.06 and 4.04)
directly from such Borrower to the same extent as if it were the direct Lender
as opposed to a participant therein, which increased costs shall be calculated
without regard to Section 1.13, Section 13.04(a) or the last sentence of Section
13.04(b). The Borrowers acknowledge and agree that, upon the occurrence of a
Sharing Event and after giving effect to the requirements of this Section 1.17,
increased Taxes may be owing by them pursuant to Section 4.04, which Taxes shall
be paid (to the extent provided in Section 4.04) by the respective Borrowers,
without any claim that the increased Taxes are not payable because same resulted
from the participations effected as otherwise required by this Section 1.17.

          1.18 SPECIAL PROVISIONS APPLICABLE TO THE TOTAL CANADIAN DOLLAR
REVOLVING LOAN SUB-COMMITMENT. (a) Notwithstanding anything to the contrary
contained in this Agreement, the parties hereto agree that (i) the Total
Canadian Dollar Revolving Loan Sub-Commitment, shall be fixed on a quarterly
basis in accordance with this Section; (ii) in no event shall the Total Canadian
Dollar Revolving Loan Sub-Commitment exceed the sum of the Alternate Currency
Revolving Loan Sub-Commitments of the various Alternate Currency Lenders
relating to Canadian Dollars as then in effect (after giving effect to any
reductions to such Alternate Currency Revolving Loan Sub-Commitments from time
to time, including pursuant to Sections 1.17, 1.18(b), 3.02, 3.03, 10 and/or
13.12(e)); (iii) in no event shall the Canadian Dollar Revolving Loan
Sub-Commitment for any Alternate Currency Lender exceed the amount set forth
opposite such Alternate Currency Lender's name in Schedule I-B directly below
the column entitled "Canadian Dollar Revolving Loan Sub-Commitment," as the same
may be (x) reduced from time to time pursuant to Sections 1.17, 1.18(b), 3.02,
3.03, 10 and/or 13.12(e), (y) increased from time to time pursuant to Section
13.12(d) or (z) further adjusted from time to time as a result of assignments to
or from such Lender pursuant to Section 1.14 or 13.04(b); (iv) at no time shall
any Borrower be permitted to request an extension of credit pursuant to the
Total Revolving Loan Commitment (whether in the form of Revolving Loans or
Swingline Loans or Competitive Bid Loans or Letter of Credit Outstandings) and
no such credit shall be made available if, after giving effect thereto, the sum
of the aggregate principal amount (taking the Dollar Equivalent of the principal
amount of Alternate Currency Revolving Loans made available in currencies other
than Canadian Dollars) of outstanding Revolving Loans (excluding for this
purpose Canadian Dollar Revolving Loans), Swingline Loans and Competitive Bid
Loans and the amount of Letter of Credit Outstandings at such time would exceed
an amount equal to the Total Revolving Loan Commitment as then in effect LESS
the Total Canadian Dollar Revolving Loan Sub-Commitment as then in effect; (v)
at no time shall any Alternate Currency Revolving Loan Borrower be permitted to
request an extension of credit in the form of Canadian Dollar Revolving Loans
if, after giving effect thereto, the aggregate principal (and Face Amount, as
applicable) of outstanding Canadian Dollar Revolving Loans (for this purpose,
using the Dollar Equivalent of the principal and/or Face Amount, as appropriate,
of Canadian Dollar Revolving Loans) would at any time exceed the Total Canadian
Dollar Revolving Loan Sub-Commitment; and (vi) the Canadian Dollar Revolving
Loan Sub-Commitment for any Alternate Currency Lender at any time shall be an
amount equal to its PRO RATA share of the Total Canadian Dollar Revolving Loan
Sub-Commitment at such time determined on the basis of the Alternate

                                      -26-
<Page>

Currency RL Percentages of the various Alternate Currency Lenders in respect of
Canadian Dollars.

          (b)     The Corporation, not more than 30 days and not less than 5
Business Days prior to the last day of each calendar quarter, shall give written
notice to the Administrative Agent either (x) requesting an adjustment effective
as of the first Business Day of the immediately following calendar quarter (each
such date, an "ADJUSTMENT DATE") to the amount of the Total Canadian Dollar
Revolving Loan Sub-Commitment; or (y) confirming that there will be no
adjustments to the amount available under the Total Canadian Dollar Revolving
Loan Sub-Commitment; PROVIDED that (i) no reduction to the amount of the Total
Canadian Dollar Revolving Loan Sub-Commitment may be made if, after giving
effect to any such reduction, the Total Canadian Dollar Revolving Loan
Sub-Commitment would be less than the sum of the aggregate Face Amount of all
Bankers' Acceptance Loans and the principal amount of all Canadian Prime Rate
Loans (for this purpose, using the Dollar Equivalent of the Face Amounts or
principal amounts thereof) then outstanding (other than any such Canadian Dollar
Revolving Loans which will be repaid in full on or before the respective
Adjustment Date); and (ii) the failure by the Corporation to deliver any such
written notice (or the delivery by the Corporation of any such notice which does
not comply with the requirements contained in this Section) to the
Administrative Agent within the period required above will be deemed to be
delivery by the Corporation to the Administrative Agent of a written notice that
there will be no adjustment to the Total Canadian Dollar Revolving Loan
Sub-Commitment. If any adjustment is made on an Adjustment Date as described in
this Section, then on the respective Adjustment Date all repayments required by
this Section and Section 4.02(a) shall be made on such date to the extent
required as a result of such adjustments and in manner provided in Section 4.02.

          (c)     In connection with any loans and/or repayments made as a
result of adjustments to the Total Canadian Dollar Revolving Loan Sub-Commitment
and the Canadian Dollar Revolving Loan Sub-Commitment for any Alternate Currency
Lender as requested above, then, so long as arrangements satisfactory to the
Administrative Agent are made for the repayment of all amounts which will be due
on the respective Adjustment Date as a result thereof, loans shall be permitted
to be requested by the Borrowers as a result of any change in the amount of the
Total Canadian Dollar Revolving Loan Sub-Commitments on such date (subject to
satisfaction of the other terms and conditions of this Agreements) so long as
arrangements satisfactory to the Administrative Agent are made so that, by the
time required by Section 4.03, all payments will be made by the Borrowers on
such Adjustment Date as a result of any change in the amount of the Total
Canadian Dollar Revolving Loan Sub-Commitment, on such date. It is understood
and agreed that the Administrative Agent shall have no liability to any Lender
if the payments contemplated above in this Section are not actually made on the
Adjustment Date, and that any failure to make the payments required to be made
on an Adjustment Date pursuant to this Section or Section 4.02(a) shall
constitute an Event of Default in accordance with the terms of Section 10.01.

          1.19 INCREMENTAL TERM LOAN COMMITMENTS. (a) So long as the Incremental
Loan Commitment Requirements are satisfied at the time of the delivery of the
request referred to below, the Corporation shall have the right at any time and
from time to time and upon at least 5 Business Days' prior written notice to the
Administrative Agent, to request on one or more occasions that one or more
Lenders (and/or one or more other Persons which will become

                                      -27-
<Page>

Lenders as provided below) provide Incremental Term Loan Commitments and,
subject to the terms and conditions contained in this Agreement, make
Incremental Term Loans pursuant thereto; it being understood and agreed,
however, that (i) no Lender shall be obligated to provide an Incremental Term
Loan Commitment as a result of any such request by the Corporation, (ii) until
such time, if any, as (x) such Lender has agreed in its sole discretion to
provide an Incremental Term Loan Commitment and executed and delivered to the
Administrative Agent an Incremental Term Loan Commitment Agreement as provided
in clause (b) of this Section 1.19 and (y) the other conditions set forth in
Section 1.19(b) shall have been satisfied, such Lender shall not be obligated to
fund any Incremental Term Loans, (iii) any Lender (or, in the circumstances
contemplated by clause (vi) below, any other Person which will qualify as an
Eligible Transferee) may so provide an Incremental Term Loan Commitment without
the consent of any other Lender (other than the Administrative Agent in the
circumstances contemplated by the definition of Incremental Loan Commitment
Requirements), (iv) each provision of Incremental Term Loan Commitments pursuant
to this Section 1.19 on a given date shall be in a minimum aggregate amount (for
all Lenders (including in the circumstances contemplated by clause (vi) below,
Eligible Transferees who will become Lenders)) of at least $10,000,000 and in
integral multiples of $1,000,000 in excess thereof, (v) the aggregate amount of
all Incremental Term Loan Commitments permitted to be provided pursuant to this
Section 1.19, when combined with the aggregate amount of all Incremental
Revolving Loan Commitments permitted to be provided pursuant to Section 1.20,
shall not exceed $200,000,000, (vi) if (A) after the Corporation has requested
the then existing Lenders (other than Defaulting Lenders) to provide Incremental
Term Loan Commitments pursuant to this Section 1.19, the Corporation has not
received Incremental Term Loan Commitments in an aggregate amount equal to that
amount of Incremental Term Loan Commitments which the Corporation desires to
obtain pursuant to such request (as set forth in the notice provided by the
Corporation as provided below) or (B) the Corporation is obligated to request an
Incremental Term Loan Commitment from one or more Eligible Transferees that is
not already a Lender in order to comply with the requirements of subclause (y)
of the proviso appearing in Section 1.20(a)(vi), then the Corporation may
request Incremental Term Loan Commitments from Persons reasonably acceptable to
the Administrative Agent which would qualify as Eligible Transferees hereunder
in an aggregate amount equal to such deficiency (in circumstances contemplated
by preceding clause (A)) or the amount required to comply with the requirements
of subclause (y) of the proviso appearing in Section 1.20(a)(vi) (in the
circumstances contemplated by preceding subclause (B)), as the case may be, in
any such case on terms which are no more favorable to such Eligible Transferee
in any respect than the terms offered to the Lenders, PROVIDED that (x) any such
Incremental Term Loan Commitment provided by any such Eligible Transferee which
is not already a Lender shall be in a minimum amount (for such Eligible
Transferee) of at least $5,000,000 and (y) any request of Incremental Term Loan
Commitments from any such Person in the circumstances contemplated by subclause
(A) of this clause (vi) above must be accompanied by a request for an
Incremental Revolving Loan Commitment from such Person in accordance with the
requirements of Section 1.20(a), with the aggregate amount of the Incremental
Loan Commitments to be provided by such Person pursuant to such requests to be
allocated among the Incremental Term Loan Commitment and the Incremental
Revolving Loan Commitment to be provided by such Person on a PRO RATA basis
(based on the aggregate outstanding principal amount of all Term Loans at such
time and the Total Revolving Loan Commitment as in effect at such time) and
(vii) all actions taken by the Corporation pursuant to this Section 1.19 shall
be done in coordination with the Administrative Agent.

                                      -28-
<Page>

          (b)     In connection with any provision of Incremental Term Loan
Commitments pursuant to this Section 1.19, (i) the Corporation, the
Administrative Agent and each such Lender or other Eligible Transferee (each, an
"INCREMENTAL TERM LOAN LENDER") which agrees to provide an Incremental Term Loan
Commitment shall execute and deliver to the Administrative Agent an Incremental
Term Loan Commitment Agreement substantially in the form of Exhibit L
(appropriately completed), with the effectiveness of such Incremental Term Loan
Lender's Incremental Term Loan Commitment to occur upon delivery of such
Incremental Term Loan Commitment Agreement to the Administrative Agent, the
payment of any fees required in connection therewith (including, without
limitation, any agreed upon up-front or arrangement fees owing to the
Administrative Agent) and the satisfaction of the other conditions in this
Section 1.19(b) to the reasonable satisfaction of the Administrative Agent, (ii)
the Incremental Loan Commitment Requirements and any other conditions precedent
agreed to by the Corporation that may be set forth in the respective Incremental
Term Loan Commitment Agreement shall have been satisfied, and (iii) the
Corporation shall deliver to the Administrative Agent an opinion or opinions, in
form and substance reasonably satisfactory to the Administrative Agent, from
counsel to the Corporation reasonably satisfactory to the Administrative Agent
and dated such date, covering such of the matters set forth in the opinions of
counsel delivered to the Administrative Agent on the Initial Borrowing Date
pursuant to Section 5.02 as may be reasonably requested by the Administrative
Agent, and such other matters as the Administrative Agent may reasonably
request. The Administrative Agent shall promptly notify each Lender as to the
effectiveness of each Incremental Term Loan Commitment Agreement, and at such
time (i) Schedule I shall be deemed modified to reflect the Incremental Term
Loan Commitments of the Incremental Term Loan Lenders providing same and (ii) to
the extent requested by any Incremental Term Loan Lender, Term Notes will be
issued at the Corporation's expense, to such Incremental Term Loan Lender, to be
in conformity with the requirements of Section 1.06 (with appropriate
modification) to the extent needed to reflect the new Incremental Term Loans
made by such Incremental Term Loan Lender.

          (c)     In connection with each incurrence of Incremental Term Loans
pursuant to Section 1.01(f), the Lenders and the Corporation hereby agree that,
notwithstanding anything to the contrary contained in this Agreement, the
Corporation and the Administrative Agent may take all such actions as may be
necessary to ensure that all Lenders with outstanding Term Loans continue to
participate in each Borrowing of outstanding Term Loans (after giving effect to
the incurrence of Incremental Term Loans pursuant to Section 1.01(f)) on a PRO
RATA basis, including by adding the Incremental Term Loans to be so incurred to
the then outstanding Borrowings of Term Loans on a PRO RATA basis even though as
a result thereof such new Incremental Term Loans (to the extent required to be
maintained as Eurodollar Loans) may effectively have a shorter Interest Period
than the then outstanding Borrowings of Term Loans, and it is hereby agreed
that, to the extent the Incremental Term Loans are to be so incurred or added to
the then outstanding Borrowings of Term Loans which are maintained as Eurodollar
Loans, the Lenders that have made such Incremental Term Loans shall be entitled
to receive from the Corporation such amounts, as reasonably determined by the
respective Lenders, to compensate them for funding the various Incremental Term
Loans during an existing Interest Period (rather than at the beginning of the
respective Interest Period, based upon rates then applicable thereto). All
determinations by any Lender pursuant to the immediately preceding sentence
shall, absent manifest error, be final and conclusive and binding on all parties
hereto.

                                      -29-
<Page>

          1.20 INCREMENTAL REVOLVING LOAN COMMITMENTS. (a) So long as the
Incremental Loan Commitment Requirements are satisfied at the time of the
delivery of the request referred to below, the Corporation shall have the right
at any time and from time to time and upon at least 5 Business Days' prior
written notice to the Administrative Agent, to request on one or more occasions
that one or more Lenders (and/or one or more other Persons which will become
Lenders as provided below) provide Incremental Revolving Loan Commitments and,
subject to the applicable terms and conditions contained in this Agreement, make
Revolving Loans pursuant thereto; it being understood and agreed, however, that
(i) no Lender shall be obligated to provide an Incremental Revolving Loan
Commitment as a result of any such request by the Corporation, (ii) until such
time, if any, as (x) such Lender has agreed in its sole discretion to provide an
Incremental Revolving Loan Commitment and executed and delivered to the
Administrative Agent an Incremental Revolving Loan Commitment Agreement in
respect thereof as provided in clause (b) of this Section 1.20 and (y) the other
conditions set forth in Section 1.20(b) shall have been satisfied, such Lender
shall not be obligated to fund any Revolving Loans in excess of its Revolving
Loan Commitment as in effect prior to giving effect to such Incremental
Revolving Loan Commitment provided pursuant to this Section 1.20, (iii) any
Lender (or, in the circumstances contemplated by clause (vi) below, any other
Person which will qualify as an Eligible Transferee) may so provide an
Incremental Revolving Loan Commitment without the consent of any other Lender
(other than the Administrative Agent in the circumstances contemplated by the
definition of Incremental Loan Commitment Requirements), (iv) each provision of
Incremental Revolving Loan Commitments on a given date pursuant to this Section
1.20 shall be in a minimum aggregate amount (for all Lenders (including, in the
circumstances contemplated by clause (vi) below, Eligible Transferees who will
become Lenders)) of at least $10,000,000 and in integral multiples of $1,000,000
in excess thereof, (v) the aggregate amount of all Incremental Revolving Loan
Commitments permitted to be provided pursuant to this Section 1.20, when
combined with the aggregate amount of all Incremental Term Loan Commitments
permitted to be provided pursuant to Section 1.19, shall not exceed
$200,000,000, (vi) if (A) after the Corporation has requested the then existing
Lenders (other than Defaulting Lenders) to provide Incremental Revolving Loan
Commitments pursuant to this Section 1.20, the Corporation has not received
Incremental Revolving Loan Commitments in an aggregate amount equal to that
amount of the Incremental Revolving Loan Commitments which the Corporation
desires to obtain pursuant to such request (as set forth in the notice provided
by the Corporation as provided below) or (B) the Corporation is obligated to
request an Incremental Revolving Loan Commitment from one or more Eligible
Transferees that is not already a Lender in order to comply with the
requirements of subclause (y) of the proviso appearing in Section 1.19(a)(vi),
then the Corporation may request Incremental Revolving Loan Commitments from
Persons reasonably acceptable to the Administrative Agent and each Issuing Bank
which would qualify as Eligible Transferees hereunder in an aggregate amount
equal to such deficiency (in circumstances contemplated by preceding clause (A))
or the amount required to comply with the requirements of subclause (y) of the
proviso appearing in Section 1.19(a)(vi) (in the circumstances contemplated by
preceding subclause (B)), as the case may be, in any such case on terms which
are no more favorable to such Eligible Transferee in any respect than the terms
offered to the Lenders, PROVIDED that (x) any such Incremental Revolving Loan
Commitments provided by any such Eligible Transferee which is not already a
Lender shall be in a minimum amount (for such Eligible Transferee) of at least
$5,000,000 and (y) any request of Incremental Revolving Loan Commitments from
any such Person in the circumstances contemplated by subclause (A) of this
clause (vi) above must be accompanied by a request for an

                                      -30-
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Incremental Term Loan Commitment from such Person in accordance with the
requirements of Section 1.19(a), with the aggregate amount of the Incremental
Loan Commitments to be provided by such Person pursuant to such requests to be
allocated among the Incremental Term Loan Commitment and the Incremental
Revolving Loan Commitment to be provided by such Person on a PRO RATA basis
(based on the aggregate outstanding principal amount of all Term Loans at such
time and the Total Revolving Loan Commitment as in effect at such time), (vii)
in no event shall any Alternate Currency Revolving Loan Sub-Commitment be
provided (or be increased) as a result of the provision of Incremental Revolving
Loan Commitments pursuant to this Section 1.20 and (viii) all actions taken by
the Corporation pursuant to this Section 1.20 shall be done in coordination with
the Administrative Agent.

          (b)     In connection with the Incremental Revolving Loan Commitments
to be provided pursuant to this Section 1.20, (i) the Corporation, the
Administrative Agent and each such Lender or other Eligible Transferee (each, an
"INCREMENTAL RL LENDER") which agrees to provide an Incremental Revolving Loan
Commitment shall execute and deliver to the Administrative Agent an Incremental
Revolving Loan Commitment Agreement substantially in the form of Exhibit M
(appropriately completed), with the effectiveness of such Incremental RL
Lender's Incremental Revolving Loan Commitment to occur upon delivery of such
Incremental Revolving Loan Commitment Agreement to the Administrative Agent, the
payment of any fees required in connection therewith (including, without
limitation, any agreed upon up-front or arrangement fees owing to the
Administrative Agent) and the satisfaction of the other conditions in this
Section 1.20(b) to the reasonable satisfaction of the Administrative Agent,
(ii) the Incremental Loan Commitment Requirements and any other conditions
precedent agreed to by the Corporation that may be set forth in the respective
Incremental Revolving Loan Commitment Agreement shall have been satisfied, and
(iii) the Corporation shall deliver to the Administrative Agent an opinion or
opinions, in form and substance reasonably satisfactory to the Administrative
Agent, from counsel to the Corporation reasonably satisfactory to the
Administrative Agent and dated such date, covering such of the matters set forth
in the opinions of counsel delivered to the Administrative Agent on the Initial
Borrowing Date pursuant to Section 5.02 as may be reasonably requested by the
Administrative Agent, and such other matters as the Administrative Agent may
reasonably request. The Administrative Agent shall promptly notify each Lender
as to the effectiveness of each Incremental Revolving Loan Commitment Agreement,
and at such time (i) the Total Revolving Loan Commitment under, and for all
purposes of, this Agreement shall be increased by the aggregate amount of such
Incremental Revolving Loan Commitments, (ii) Schedule I shall be deemed modified
to reflect the revised Revolving Loan Commitments of the affected Lenders and
(iii) to the extent requested by any Incremental RL Lender, Dollar Revolving
Notes will be issued at the Corporation's expense, to such Incremental RL
Lender, to be in conformity with the requirements of Section 1.06 (with
appropriate modification) to the extent needed to reflect the new Incremental
Revolving Loans made by such Incremental RL Lender.

          (c)     In connection with any provision of Incremental Revolving Loan
Commitments pursuant to this Section 1.20, the Lenders and the Corporation
hereby agree that, notwithstanding anything to the contrary contained in this
Agreement, (i) the relevant Borrowers shall, in coordination with the
Administrative Agent, (x) repay outstanding Dollar Revolving Loans and/or
Alternate Currency Revolving Loans in a given Alternate Currency of certain of
the RL Lenders, and incur additional Dollar Revolving Loans and/or Alternate
Currency

                                      -31-
<Page>

Revolving Loans in a given Alternate Currency from certain other RL Lenders
(including the Incremental RL Lenders) or (y) take such other actions as may be
reasonably required by the Administrative Agent (including by requiring new
Dollar Revolving Loans or Alternate Currency Revolving Loans in a given
Alternate Currency to be incurred and added to then outstanding Borrowings of
the respective such Loans, even though as a result thereof such new Loans (to
the extent required to be maintained as Euro Rate Loans) may have a shorter
Interest Period than the then outstanding Borrowings of the respective such
Loans), in each case to the extent necessary so that (I) all of the RL Lenders
effectively participate in each outstanding Borrowing of Dollar Revolving Loans
PRO RATA on the basis of their Dollar Percentages (determined after giving
effect to any increase in the Total Revolving Loan Commitment (and the
Non-Alternate Currency Revolving Loan Sub-Commitments of the Incremental RL
Lenders) pursuant to this Section 1.20) and (II) all Alternate Currency Lenders
with an Alternate Currency Revolving Loan Sub-Commitment in a given Alternate
Currency effectively participate in each outstanding Borrowing of Alternate
Currency Revolving Loans in such Alternate Currency PRO RATA on the basis of
their Alternate Currency RL Percentages as the same relate to such Alternate
Currency (determined after giving effect to any increase in the Total Revolving
Loan Commitment (and the Non-Alternate Currency Revolving Loan Sub-Commitments
of the Incremental RL Lenders) pursuant to this Section 1.20), (ii) the
Corporation shall pay to the respective RL Lenders any costs of the type
referred to in Section 1.12 in connection with any repayment and/or Borrowing
required pursuant to preceding clause (i) and (iii) to the extent Dollar
Revolving Loans or Alternate Currency Revolving Loans in a given Alternate
Currency are to be so incurred or added to the then outstanding Borrowings of
the respective such Loans which are maintained as Euro Rate Loans, the Lenders
that have made such Loans shall be entitled to receive from the Borrowers such
amounts, as reasonably determined by the respective Lenders, to compensate them
for funding the various Revolving Loans during an existing Interest Period
(rather than at the beginning of the respective Interest Period, based upon
rates then applicable thereto). In coordinating the actions to be taken pursuant
to this Section 1.20(c), the Administrative Agent shall act with an eye towards
minimizing (but no express obligation to minimize) costs to the Borrowers. All
determinations by any Lender pursuant to clause (iii) of the second preceding
sentence shall, absent manifest error, be final and conclusive and binding on
all parties hereto.

          1.21 MATURITY DATE EXTENSION. So long as the Relevant Extension
Requirements are satisfied at the time of the delivery of the notice referred to
below, the Corporation may, by a written notice delivered to the Administrative
Agent prior to (but not less than 90 days nor more than 180 days prior to)
October 9, 2006, request (pursuant to a single such request) that the Maturity
Date then in effect be extended to the date which is one year after such then
existing Maturity Date. So long as the Relevant Extension Requirements are
satisfied on October 9, 2006, the Maturity Date as then in effect shall be
extended on such date to October 9, 2007 without any further consent of the
Lenders. The Administrative Agent shall notify each Lender of (i) its receipt of
the notice of extension described above and (ii) the effectiveness of any
extension of the original Maturity Date.

          SECTION 2. LETTERS OF CREDIT.

          2.01 LETTERS OF CREDIT. (a) Subject to and upon the terms and
conditions set forth herein, the Corporation may request that any Issuing Bank
issue, at any time and from time to

                                      -32-
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time on and after the Initial Borrowing Date and prior to the tenth Business Day
prior to the Maturity Date (or the 30th day prior to the Maturity Date in the
case of Trade Letters of Credit), for the account of the Corporation and for the
benefit of (x) any holder (or any trustee, agent or other similar representative
for any such holders) of L/C Supportable Obligations of the Corporation or any
of its Subsidiaries, an irrevocable sight standby letter of credit, in a form
customarily used by such Issuing Bank or in such other form as has been approved
by such Issuing Bank (each such standby letter of credit, a "STANDBY LETTER OF
CREDIT") in support of such L/C Supportable Obligations and (y) sellers of
goods, materials and services used in the ordinary course of business of the
Corporation or any of its Subsidiaries an irrevocable sight commercial letter of
credit in a form customarily used by such Issuing Bank or in such other form as
has been approved by such Issuing Bank (each such commercial letter of credit, a
"TRADE LETTER OF CREDIT," and each such Trade Letter of Credit and each Standby
Letter of Credit, a "LETTER OF CREDIT") in support of commercial transactions of
the Corporation and its Subsidiaries.

          (b)     Each Issuing Bank hereby agrees that it will (subject to the
terms and conditions contained herein), at any time and from time to time on and
after the Initial Borrowing Date and prior to the tenth Business Day prior to
the Maturity Date (or the 30th day prior to the Maturity Date in the case of
Trade Letters of Credit), following its receipt of the respective Letter of
Credit Request, issue for the account of the Corporation, subject to the terms
and conditions of this Agreement, one or more Letters of Credit (x) in the case
of Standby Letters of Credit, in support of such L/C Supportable Obligations of
the Corporation or any of its Subsidiaries as are permitted to remain
outstanding without giving rise to a Default or an Event of Default and (y) in
the case of Trade Letters of Credit, in support of sellers of goods or materials
used in the ordinary course of business of the Corporation or any of its
Subsidiaries as referenced in Section 2.01(a), PROVIDED that the respective
Issuing Bank shall be under no obligation to issue any Letter of Credit of the
types described above if at the time of such issuance:

          (i)     any order, judgment or decree of any governmental authority or
     arbitrator shall purport by its terms to enjoin or restrain such Issuing
     Bank from issuing such Letter of Credit or any requirement of law
     applicable to such Issuing Bank or any request or directive (whether or not
     having the force of law) from any governmental authority with jurisdiction
     over such Issuing Bank shall prohibit, or request that such Issuing Bank
     refrain from, the issuance of letters of credit generally or such Letter of
     Credit in particular or shall impose upon such Issuing Bank with respect to
     such Letter of Credit any restriction or reserve or capital requirement
     (for which such Issuing Bank is not otherwise compensated) not in effect on
     the date hereof, or any unreimbursed loss, cost or expense which was not
     applicable, in effect or known to such Issuing Bank as of the date hereof
     and which such Issuing Bank reasonably and in good faith deems material to
     it; or

          (ii)    such Issuing Bank shall have received a Stop Issue Notice from
     the Administrative Agent prior to the issuance of such Letter of Credit.

          (c)     Schedule 2.01(c) hereto contains a description of all letters
of credit issued pursuant to the Existing Credit Agreement and outstanding on
the Effective Date (and setting forth, with respect to each such letter of
credit, (i) the name of the issuing lender, (ii) the letter of credit number,
(iii) the name(s) of the account party or account parties, (iv) the stated
amount

                                      -33-
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(which shall be in U.S. Dollars), (v) the name of the beneficiary, (vi) the
expiry date and (vii) whether such letter of credit constitutes a standby letter
of credit or a trade letter of credit). Each such letter of credit, including
any extension or renewal thereof (each, as amended from time to time in
accordance with the terms thereof and hereof, an "EXISTING LETTER OF CREDIT")
shall constitute a "Letter of Credit" and a "Standby Letter of Credit" or a
"Trade Letter of Credit", as the case may be, for all purposes of this
Agreement, issued, for purposes of Section 2.05(a), on the Initial Borrowing
Date. Any Lender hereunder which has issued an Existing Letter of Credit shall
constitute an "Issuing Bank" for all purposes of this Agreement.

          2.02 MAXIMUM LETTER OF CREDIT OUTSTANDINGS; FINAL MATURITIES; ETC. (a)
Notwithstanding anything to the contrary contained in this Agreement, (i) no
Letter of Credit shall be issued the Stated Amount of which, when added to the
Letter of Credit Outstandings at such time, would exceed $400,000,000, (ii) no
Letter of Credit shall be issued if, after giving effect thereto, (x) the
Revolving Credit Exposure of any Lender would exceed its Revolving Loan
Commitment as then in effect or (y) the Aggregate Revolving Credit Exposure
would exceed the Total Revolving Loan Commitment as then in effect, (iii) each
Letter of Credit shall by its terms terminate (A) in the case of Standby Letters
of Credit, on or before the earlier of (x) the date which occurs 12 months after
the date of the issuance thereof (although any such Standby Letter of Credit may
be extendible for successive periods of up to 12 months, but not beyond the
tenth Business Day prior to the Maturity Date, on terms acceptable to the
Issuing Bank thereof) and (y) the tenth Business Day prior to the Maturity Date
and (B) in the case of Trade Letters of Credit, on or before the earlier of (x)
the date which occurs 180 days after the date of issuance thereof and (y)
30 days prior to the Maturity Date, (iv) each Letter of Credit shall be
denominated in Dollars and (v) the Stated Amount of each Letter of Credit shall
be no less than $1,000,000, or such lesser amount as is acceptable to the
respective Issuing Bank.

          (b)     Notwithstanding the foregoing, if a Lender Default exists, an
Issuing Bank shall not be required to issue any Letters of Credit requested to
be issued by it unless such Issuing Bank has entered into arrangements
satisfactory to it and the Corporation to eliminate such Issuing Bank's risk
with respect to the participation in Letters of Credit of the Defaulting Lender
or Lenders, including by cash collateralizing such Defaulting Lender's or
Lenders' RL Percentage of the Letter of Credit Outstandings.

          2.03 LETTER OF CREDIT REQUESTS; NOTICES OF ISSUANCE. (a) Whenever it
desires that a Letter of Credit be issued for its account, the Corporation shall
give the Administrative Agent and the respective Issuing Bank written notice
thereof prior to 1:00 P.M. (New York time) at least five Business Days' (or such
shorter period as is acceptable to the respective Issuing Bank) prior to the
proposed date of issuance (which shall be a Business Day). Each notice shall be
in the form of Exhibit D (each, a "LETTER OF CREDIT REQUEST").

          (b)     The making of each Letter of Credit Request shall be deemed to
be a representation and warranty by the Corporation that (i) such Letter of
Credit may be issued in accordance with, and will not violate the requirements
of, Section 2.02 and (ii) all of the applicable conditions set forth in Sections
5 and 6 shall be met at the time of such issuance. Unless the respective Issuing
Bank has received notice from the Administrative Agent, whether on its own
initiative or at the direction of the Required Lenders, before it issues a
Letter of Credit that one or more of the conditions specified in Section 5 are
not satisfied on the Initial Borrowing

                                      -34-
<Page>

Date or Section 6 are not then satisfied, or that the issuance of such Letter of
Credit would violate Section 2.02 (any such notice, a "STOP ISSUE NOTICE"),
then such Issuing Bank may issue the requested Letter of Credit for the account
of the Corporation in accordance with such Issuing Bank's usual and customary
practices. Upon the issuance of or amendment to any Standby Letter of Credit,
the respective Issuing Bank shall promptly notify the Administrative Agent and
the Corporation, in writing, of such issuance or amendment, and such
notification shall be accompanied by a copy of the issued Standby Letter of
Credit or amendment thereto. Upon receipt of such notice, the Administrative
Agent shall notify the RL Lenders, in writing, of such issuance or amendment, as
the case may be, and if so requested by any RL Lender, the Administrative Agent
shall provide such RL Lender with a copy of the Standby Letter of Credit so
issued or such amendment, as the case may be. For Trade Letters of Credit issued
by an Issuing Bank (other than the Administrative Agent), such Issuing Bank will
send to the Administrative Agent by facsimile transmission, promptly on the
first Business Day of each week, the daily aggregate Stated Amount of Trade
Letters of Credit issued by such Issuing Bank and outstanding during the
preceding week. The Administrative Agent shall deliver to each RL Lender, after
each calendar month end and upon each payment of the Letter of Credit Fee, a
report setting forth for the relevant period the daily aggregate Stated Amount
of all outstanding Trade Letters of Credit during such period.

          2.04 LETTER OF CREDIT PARTICIPATIONS. (a) Immediately upon the
issuance by the respective Issuing Bank of any Letter of Credit, such Issuing
Bank shall be deemed to have sold and transferred to each RL Lender (other than
such Issuing Bank) (each such Lender with respect to any Letter of Credit, in
its capacity under this Section 2.04, a "PARTICIPANT"), and each such
Participant shall be deemed irrevocably and unconditionally to have purchased
and received from such Issuing Bank, without recourse or warranty, an undivided
interest and participation, in a percentage equal to such Participant's Dollar
Percentage, in such Letter of Credit, each drawing or payment made thereunder
and the obligations of the Corporation under this Agreement with respect
thereto, and any guaranty pertaining thereto (although Letter of Credit Fees
shall be paid directly to the Administrative Agent for the ratable account of
the RL Lenders based on their Dollar Percentages as provided in Section 3.01(b)
and the Participants shall have no right to receive any portion of any Facing
Fees); PROVIDED that, upon the occurrence of a Sharing Event, the participations
described above shall be automatically adjusted so that each RL Lender shall
have a participation in all then outstanding Letters of Credit, and related
obligations as described above, in a percentage equal to its RL Percentage
(which adjustments shall occur concurrently with the adjustments described in
Section 1.17). Upon any change in the Revolving Loan Commitments or Dollar
Percentages of the RL Lenders pursuant to this Agreement (or in the
circumstances provided in the proviso to the immediately preceding sentence, the
RL Percentages of the RL Lenders pursuant to this Agreement), it is hereby
agreed that, with respect to all outstanding Letters of Credit and Unpaid
Drawings, there shall be an automatic adjustment to the participations pursuant
to this Section 2.04 to reflect the new Dollar Percentages or, in the
circumstances described in the proviso to the immediately preceding sentence,
the RL Percentages of the various RL Lenders.

          (b) In determining whether to pay under any Letter of Credit, the
respective Issuing Bank shall have no obligation relative to the Participants or
any other Lenders other than to confirm that any documents required to be
delivered under such Letter of Credit appear to have been delivered and that
they appear to substantially comply on their face with the requirements

                                      -35-
<Page>

of such Letter of Credit. Any action taken or omitted to be taken by any Issuing
Bank under or in connection with any Letter of Credit if taken or omitted in the
absence of gross negligence or willful misconduct (as finally determined by a
court of competent jurisdiction), shall not create for such Issuing Bank any
resulting liability to the Corporation, any other Credit Party, any Lender or
any other Person.

          (c)     If any Issuing Bank makes any payment under any Letter of
Credit and the Corporation shall not have reimbursed such amount in full to such
Issuing Bank pursuant to Section 2.05(a), such Issuing Bank shall promptly
notify the Administrative Agent, and the Administrative Agent shall promptly
notify each Participant of such failure, and each Participant shall promptly and
unconditionally pay to the Administrative Agent for the benefit of such Issuing
Bank the amount of such Participant's Dollar Percentage (or, after the
occurrence of a Sharing Event, its RL Percentage) of such unreimbursed payment
in Dollars and in same day funds. If the Administrative Agent so notifies, prior
to 11:00 A.M. (New York time) on any Business Day, any Participant required to
fund a payment under a Letter of Credit, such Participant shall make available
to the Administrative Agent for the benefit of such Issuing Bank, in Dollars,
such Participant's Dollar Percentage (or, after the occurrence of a Sharing
Event, its RL Percentage) of the amount of such payment on such Business Day in
same day funds; PROVIDED, HOWEVER, that no Participant shall be obligated to pay
to the Administrative Agent for the benefit of such Issuing Bank its Dollar
Percentage (or, after the occurrence of a Sharing Event, its RL Percentage) of
such unreimbursed amount for any wrongful payment made by such Issuing Bank
under a Letter of Credit issued by it as a result of acts or omissions
constituting willful misconduct or gross negligence on the part of such Issuing
Bank (as finally determined by a court of competent jurisdiction). If and to the
extent such Participant shall not have so made its Dollar Percentage (or, after
the occurrence of a Sharing Event, its RL Percentage) of the amount of such
payment available to the Administrative Agent for the benefit of such Issuing
Bank, such Participant agrees to pay to the Administrative Agent for the benefit
of such Issuing Bank, forthwith on demand such amount, together with interest
thereon, for each day from such date until the date such amount is paid to the
Administrative Agent for the benefit of such Issuing Bank at the overnight
Federal Funds Rate for the first three days and at the interest rate applicable
to Dollar Revolving Loans maintained as Base Rate Loans hereunder for each day
thereafter. The failure of any Participant to make available to such Issuing
Bank its Dollar Percentage (or, after the occurrence of a Sharing Event, its RL
Percentage) of any payment under any Letter of Credit shall not relieve any
other Participant of its obligation hereunder to make available to such Issuing
Bank its Dollar Percentage (or, after the occurrence of a Sharing Event, its RL
Percentage) of any unreimbursed payment with respect to a Letter of Credit on
the date required, as specified above, but no Participant shall be responsible
for the failure of any other Participant to make available to the Administrative
Agent for the benefit of such Issuing Bank such other Participant's Dollar
Percentage (or, after the occurrence of a Sharing Event, its RL Percentage) of
any such payment.

          (d)     Whenever any Issuing Bank receives a payment of a
reimbursement obligation as to which it has received any payments from the
Participants pursuant to clause (c) above, such Issuing Bank shall pay to the
Administrative Agent for the benefit of each Participant which has paid its
Dollar Percentage (or, after the occurrence of a Sharing Event, its RL
Percentage) thereof, in Dollars and in same day funds, an amount equal to such
Participant's share (based upon the proportionate aggregate amount originally
funded by such Participant to

                                      -36-
<Page>

the aggregate amount funded by all Participants) of the principal amount of such
reimbursement obligation and interest thereon accruing after the purchase of the
respective participations. The payment required to be made by the respective
Issuing Bank to the Administrative Agent pursuant to the preceding sentence
shall be made on the day the respective payment of a reimbursement is received
by such Issuing Bank (if payment was actually received by such Issuing Bank
prior to 12:00 Noon (local time in the city in which such payments are to be
made)).

          (e)     The obligations of the Participants to make payments to the
Administrative Agent for the benefit of each Issuing Bank with respect to
Letters of Credit issued by it shall be irrevocable and not subject to any
qualification or exception whatsoever (except as otherwise provided in the
proviso to the second sentence of Section 2.04(c)) and shall be made in
accordance with the terms and conditions of this Agreement under all
circumstances, including, without limitation, any of the following
circumstances:

          (i)     any lack of validity or enforceability of this Agreement or
     any of the other Credit Documents;

          (ii)    the existence of any claim, setoff, defense or other right
     which any Credit Party or any of its Subsidiaries or Affiliates may have at
     any time against a beneficiary named in a Letter of Credit, any transferee
     of any Letter of Credit (or any Person for whom any such transferee may be
     acting), any Agent, any Issuing Bank, any Participant, or any other Person,
     whether in connection with this Agreement, any Letter of Credit, the
     transactions contemplated herein or any unrelated transactions (including
     any underlying transaction between any Credit Party or any Subsidiary or
     Affiliate of any Credit Party and the beneficiary named in any such Letter
     of Credit);

          (iii)   any draft, certificate or any other document presented under
     any Letter of Credit proving to be forged, fraudulent, invalid or
     insufficient in any respect or any statement therein being untrue or
     inaccurate in any respect;

          (iv)    the surrender or impairment of any guaranty for the
     performance or observance of any of the terms of any of the Credit
     Documents; or

          (v)     the occurrence of any Default or Event of Default.

          2.05 AGREEMENT TO REPAY LETTER OF CREDIT DRAWINGS. (a) The Corporation
hereby agrees to reimburse the respective Issuing Bank, by making payment in
Dollars and in immediately available funds directly to the Administrative Agent
at the Payment Office for the benefit of such Issuing Bank, for any payment or
disbursement made by such Issuing Bank under any Letter of Credit issued by it
(with each such amount so paid, until reimbursed, an "UNPAID DRAWING"), not
later than the Business Day after the Administrative Agent or such Issuing Bank
notifies the Corporation of such payment or disbursement, with interest on the
amount so paid or disbursed by such Issuing Bank, to the extent not reimbursed
prior to 2:00 P.M. (New York time), on the date of such payment or disbursement,
from and including the date paid or disbursed to but excluding the date such
Issuing Bank is reimbursed by the Corporation therefor at a rate PER ANNUM which
shall be the Base Rate in effect from time to time PLUS the Applicable

                                      -37-
<Page>

Margin for Dollar Revolving Loans maintained as Base Rate Loans as in effect
from time to time, PROVIDED, HOWEVER, to the extent such amounts are not
reimbursed prior to 12:00 Noon (New York time) on the third Business Day
following the receipt of notice by the Corporation from the Administrative Agent
or the respective Issuing Bank of such payment or disbursement or upon the
occurrence of a Default or an Event of Default under Section 10.05, interest
shall thereafter accrue on the amounts so paid or disbursed by such Issuing Bank
(and until reimbursed by the Corporation) at a rate PER ANNUM which shall be the
Base Rate in effect from time to time PLUS the Applicable Margin for Dollar
Revolving Loans maintained as Base Rate Loans as in effect from time to time
PLUS 2%, in each such case, with interest to be payable on demand, PROVIDED
FURTHER, that it is understood and agreed that the notice referred to above in
this clause (a) shall not be required to be given if a Default or an Event of
Default under Section 10.05 shall have occurred and be continuing (in which case
the Unpaid Drawings shall be due and payable immediately without presentment,
demand, protest or notice of any kind (all of which are hereby waived by the
Corporation) and shall bear interest at the rate provided in the foregoing
proviso). The respective Issuing Bank shall give the Corporation and the
Administrative Agent (if not the Issuing Bank under the respective Letter of
Credit) prompt written notice of each Drawing under any Letter of Credit,
PROVIDED that the failure to give any such notice shall in no way affect, impair
or diminish the Corporation's obligations hereunder.

          (b)     The obligations of the Corporation under this Section 2.05 to
reimburse the respective Issuing Bank with respect to Unpaid Drawings
(including, in each case, interest thereon) shall be absolute and unconditional
under any and all circumstances and irrespective of any setoff, counterclaim or
defense to payment which the Corporation may have or have had against any Lender
(including in its capacity as issuer of the Letter of Credit or as Participant),
including, without limitation, any defense based upon the failure of any drawing
under a Letter of Credit (each, a "DRAWING") to conform to the terms of the
Letter of Credit or any nonapplication or misapplication by the beneficiary of
the proceeds of such Drawing; PROVIDED that the respective Issuing Bank shall be
responsible for any damages (excluding consequential damages) to the Corporation
for its gross negligence or willful misconduct (as finally determined by a court
of competent jurisdiction) in connection with drawings made under a Letter of
Credit which did not comply or conform to the terms of the respective Letter of
Credit.

          2.06 INCREASED COSTS. If at any time after the date of this Agreement,
the introduction of or any change in any applicable law, rule, regulation,
order, guideline or request or in the interpretation or administration thereof
by any governmental authority charged with the interpretation or administration
thereof, or compliance by any Issuing Bank or any Participant with any request
or directive by any such authority (whether or not having the force of law),
shall either (i) impose, modify or make applicable any reserve, deposit, capital
adequacy or similar requirement against letters of credit issued by any Issuing
Bank or participated in by any Participant, or (ii) impose on any Issuing Bank
or any Participant any other conditions relating, directly or indirectly, to
this Agreement; and the result of any of the foregoing is to increase the cost
to any Issuing Bank or any Participant of issuing, maintaining or participating
in any Letter of Credit, or reduce the amount of any sum received or receivable
by any Issuing Bank or any Participant hereunder or reduce the rate of return on
its capital with respect to Letters of Credit (except for changes in the rate of
tax on, or determined by reference to, the net income or profits or franchise
taxes based on net income of such Issuing Bank or such Participant pursuant to
the laws of the jurisdiction in which it is organized or in which its principal
office or applicable

                                      -38-
<Page>

lending office is located or any subdivision thereof or therein), then, upon
written demand to the Corporation by such Issuing Bank or any Participant (a
copy of which certificate shall be sent by such Issuing Bank or such Participant
to the Administrative Agent), the Corporation shall pay to such Issuing Bank or
such Participant such additional amount or amounts as will compensate such
Lender for such increased cost or reduction in the amount receivable or
reduction on the rate of return on its capital. Any Issuing Bank or any
Participant, upon determining that any additional amounts will be payable
pursuant to this Section 2.06, will give prompt written notice thereof to the
Corporation which notice shall include a certificate submitted to the
Corporation by such Issuing Bank or such Participant (a copy of which
certificate shall be sent by such Issuing Bank or such Participant to the
Administrative Agent), setting forth in reasonable detail the basis for the
calculation of such additional amount or amounts necessary to compensate such
Issuing Bank or such Participant. The certificate required to be delivered
pursuant to this Section 2.06 shall, absent manifest error, be final and
conclusive and binding on the Corporation.

          SECTION 3. COMMITMENT COMMISSION; FEES; REDUCTIONS OF COMMITMENT.

          3.01 FEES. (a) The Corporation agrees to pay to the Administrative
Agent in Dollars for distribution to each Non-Defaulting Lender with a Revolving
Loan Commitment a commitment commission (the "COMMITMENT COMMISSION") for the
period from and including the Effective Date to but excluding the Maturity Date
(or such earlier date as the Total Revolving Loan Commitment shall have been
terminated), computed at a rate per annum equal to the Applicable Commitment
Commission Percentage (as in effect from time to time) on the daily Unutilized
Revolving Loan Commitment of such Lender. Accrued Commitment Commission shall be
due and payable in arrears on each Quarterly Payment Date and on the Maturity
Date or such earlier date upon which the Total Revolving Loan Commitment is
terminated.

          (b)     The Corporation agrees to pay to the Administrative Agent for
distribution to each Non-Defaulting Lender with a Revolving Loan Commitment
(based on their respective Dollar Percentages or, for periods from and after the
occurrence of a Sharing Event, their respective RL Percentages) in Dollars, a
fee in respect of each Letter of Credit issued for the account of the
Corporation hereunder (the "LETTER OF CREDIT FEE"), in each case for the period
from and including the date of issuance of the respective Letter of Credit to
and including the date of termination of such Letter of Credit (or, in the case
of a Trade Letter of Credit, the date of the stated expiration thereof),
computed at a rate per annum equal to the Applicable Margin for Revolving Loans
maintained as Eurodollar Loans (as in effect from time to time) on the daily
average Stated Amount of such Letter of Credit. Accrued Letter of Credit Fees
shall be due and payable in arrears on each Quarterly Payment Date and on the
Maturity Date or such earlier date upon which the Total Revolving Loan
Commitment is terminated.

          (c)     The Corporation agrees to pay to each Issuing Bank, for its
own account, in Dollars, a facing fee in respect of each Letter of Credit issued
for the account of the Corporation by such Issuing Bank (the "FACING FEE"), for
the period from and including the date of issuance of such Letter of Credit to
and including the date of the termination of such Letter of Credit (or, in the
case of a Trade Letter of Credit, the date of stated expiration thereof),
computed at a rate equal to 1/4 of 1% per annum of the daily average Stated
Amount of such Letter of Credit; PROVIDED that in no event shall the annual
Facing Fee with respect to any Letter of Credit be less than $500. Accrued
Facing Fees shall be due and payable in arrears on each Quarterly

                                      -39-
<Page>

Payment Date and on the Maturity Date or such earlier date upon which the Total
Revolving Loan Commitment is terminated.

          (d)     The Corporation shall pay, upon each payment under, issuance
of, or amendment to, any Letter of Credit, such amount as shall at the time of
such event be the administrative charge and the reasonable expenses which the
applicable Issuing Bank is generally imposing for payment under, issuance of, or
amendment to, Letters of Credit issued by it.

          (e)     At the time of the incurrence of each Bankers' Acceptance
Loan, Acceptance Fees shall be paid by the respective Alternate Currency
Revolving Loan Borrower as required by, and in accordance with, clause (g) of
Schedule III.

          (f)     The Corporation shall pay to the Administrative Agent for
distribution to each Incremental Loan Lender such fees and other amounts, if
any, as are specified in the relevant Incremental Loan Commitment Agreement,
with the fees and other amounts, if any, to be payable on the respective
Incremental Loan Commitment Date.

          (g)     On the date of the extension of the Maturity Date pursuant to
Section 1.21, the Corporation agrees to pay to the Administrative Agent for the
account of each Lender a non-refundable cash extension fee (the "EXTENSION FEE")
in an amount equal to 25 basis points (0.25%) of an amount equal to the sum of
(i) the aggregate principal amount of all Term Loans made by each such Lender
and outstanding on the such date PLUS (ii) the Revolving Loan Commitment of each
such Lender as in effect on such date.

          (h)     The Borrowers shall pay to the Administrative Agent, for its
own account, such other fees as have been agreed to in writing by the Borrowers
and the Administrative Agent.

          3.02 VOLUNTARY TERMINATION OR REDUCTION OF TOTAL UNUTILIZED REVOLVING
LOAN COMMITMENT. Upon at least three Business Days' prior notice to the
Administrative Agent at the Notice Office (which notice the Administrative Agent
shall promptly transmit to each of the Lenders), the Corporation shall have the
right, at any time or from time to time, without premium or penalty, to
terminate or partially reduce the Total Unutilized Revolving Loan Commitment;
PROVIDED that any partial reduction pursuant to this Section 3.02 shall be in an
amount of at least $5,000,000 or, if greater, in integral multiples of
$5,000,000 thereof. Each reduction to the Total Unutilized Revolving Loan
Commitment pursuant to this Section 3.02 shall apply to reduce the Revolving
Loan Commitments of the various RL Lenders PRO RATA based on their respective RL
Percentages. At the time of each reduction to the Revolving Loan Commitment of
any Lender pursuant to this Section 3.02, the Corporation shall specify the
amount of such reduction to apply to the various Alternate Currency Revolving
Loan Sub-Commitments of such Lender and to the Non-Alternate Currency Revolving
Loan Sub-Commitment of such Lender (the sum of which must equal the reduction to
the Revolving Loan Commitment of such Lender); PROVIDED that all Lenders with
Alternate Currency Revolving Loan Sub-Commitments relating to a given Alternate
Currency shall be treated in a consistent fashion (i.e., with no reductions, or
with proportionate reductions, to their respective Alternate Currency Revolving
Loan Sub-Commitments) at the time of any reduction to the Total Unutilized
Revolving Loan Commitment pursuant to this Section 3.02. In the absence of a
designation by the Corporation pursuant to this

                                      -40-
<Page>

Section 3.02, the amount of any reduction to the Revolving Loan Commitment of
any Lender pursuant to this Section 3.02 shall apply (i) FIRST, to reduce the
Non-Alternate Currency Revolving Loan Sub-Commitment of the respective Lender
and (ii) SECOND, to the extent in excess thereof, to reduce the Alternate
Currency Revolving Loan Sub-Commitments of such Lender in each case on a PRO
RATA basis (based on the respective amounts of the Alternate Currency Revolving
Loan Sub-Commitments of such Lender as then in effect).

          3.03 MANDATORY REDUCTION OF COMMITMENTS. (a) The Total Commitment (and
the Initial Term Loan Commitment, the Revolving Loan Commitment, each Alternate
Currency Revolving Loan Sub-Commitment and the Non-Alternate Currency Revolving
Loan Sub-Commitment of each Lender) shall terminate in their entirety on October
10, 2002 unless the Initial Borrowing Date has occurred on or before such date.

          (b)     In addition to any other mandatory commitment reductions
pursuant to this Section 3.03, the Total Initial Term Loan Commitment shall
terminate in its entirety (to the extent not theretofore terminated) on the
Initial Borrowing Date (after giving effect to the making of Initial Term Loans
on such date).

          (c)     In addition to any other mandatory commitment reductions
pursuant to this Section 3.03, the Total Incremental Term Loan Commitment (and
the Incremental Term Loan Commitment of each Lender with such a Commitment)
pursuant to an Incremental Term Loan Commitment Agreement shall terminate in its
entirety on the respective Incremental Term Loan Borrowing Date for such
Incremental Term Loan Commitment Agreement (after giving effect to the making of
Incremental Term Loans on such date).

          (d)     In addition to any other mandatory commitment reductions
pursuant to this Section 3.03, the Total Revolving Loan Commitment (and the
Revolving Loan Commitment, each Alternate Currency Revolving Loan Sub-Commitment
and the Non-Alternate Currency Revolving Loan Sub-Commitment of each Lender)
shall terminate in its entirety on the earlier of (i) the Maturity Date and (ii)
unless the Required Lenders otherwise agree, the date on which a Change of
Control occurs.

          (e)     Each reduction to the Total Initial Term Loan Commitment, the
Total Incremental Term Loan Commitment and the Total Revolving Loan Commitment
pursuant to this Section 3.03 (or pursuant to Section 4.02) shall be applied
proportionately to reduce the Total Initial Term Loan Commitment, the Total
Incremental Term Loan Commitment or the Revolving Loan Commitment, as the case
may be, of each Lender with such a Commitment.

          SECTION 4. PREPAYMENTS; PAYMENTS; TAXES.

          4.01 VOLUNTARY PREPAYMENTS. Each Borrower shall have the right to
prepay the Loans made to such Borrower, without premium or penalty, in whole or
in part, at any time and from time to time on the following terms and
conditions:

          (i)     such Borrower shall give the Administrative Agent at the
     Notice Office written notice (or telephonic notice promptly confirmed in
     writing) of (1) its intent to prepay such Loans, (2) whether Term Loans,
     Dollar Revolving Loans, Alternate Currency Revolving Loans or Swingline
     Loans shall be prepaid, (3) the amount of such prepayment

                                      -41-
<Page>

     and the Types of Loans to be prepaid and (4) in the case of Euro Rate
     Loans, the specific Borrowing or Borrowings pursuant to which made. Such
     notice shall be given by such Borrower prior to 12:00 Noon (local time
     where the respective Payment Office is located) (x) at least one Business
     Day prior to the date of such prepayment in the case of Term Loans and
     Dollar Revolving Loans maintained as Base Rate Loans or Canadian Dollar
     Revolving Loans maintained as Canadian Prime Rate Loans, (y) on the date of
     such prepayment in the case of Swingline Loans and (z) at least one
     Business Day prior to the date of such prepayment in the case of Loans
     maintained as Euro Rate Loans, which notice (except in the case of
     Swingline Loans) the Administrative Agent shall promptly transmit to each
     of the Lenders with Loans of the respective Tranche and Type;

          (ii)    each prepayment shall be in an aggregate principal amount at
     least equal to the Minimum Borrowing Amount for the applicable Tranche and
     Type of Loans, PROVIDED that if any partial prepayment of Euro Rate Loans
     made pursuant to any Borrowing shall reduce the outstanding Euro Rate Loans
     made pursuant to such Borrowing to an amount less than the respective
     Minimum Borrowing Amount for such Tranche and Type of Loans, then such
     Borrowing (x) in the case of Dollar Loans, may not be continued as a
     Borrowing of Euro Rate Loans and any election of an Interest Period with
     respect thereto shall have no force or effect and (y) in the case of
     Alternate Currency Revolving Loans, shall be repaid in full at such time;

          (iii)   prepayments of Bankers' Acceptance Loans may not be made prior
     to the maturity date of the respective Bankers' Acceptances;

          (iv)    each prepayment in respect of any Loans made pursuant to a
     Borrowing shall be applied PRO RATA among such Loans, PROVIDED that (x) so
     long as no Default or Event of Default is then in existence, at any time
     when the sum of the aggregate principal amount of Dollar Revolving Loans,
     Competitive Bid Loans, Swingline Loans and Letter of Credit Outstandings
     exceeds the Total Non-Alternate Currency Revolving Loan Sub-Commitment
     (with the amount of such excess being herein called the "TOTAL
     NON-ALTERNATE CURRENCY REVOLVING LOAN SUB-COMMITMENT EXCESS"), the
     Corporation may, to the extent of such Total Non-Alternate Currency
     Revolving Loan Sub-Commitment Excess, make prepayments of principal of
     Dollar Revolving Loans to the Lenders which have, or have Affiliates that
     have, Alternate Currency Revolving Loan Sub-Commitments on the basis of
     their Alternate Currency RL Percentages as same relate to a given Alternate
     Currency (with the respective Borrower to designate the Borrowing or
     Borrowings, or portions thereof, being prepaid), with the intent of
     creating availability for subsequent Alternate Currency Revolving Loans in
     the respective Alternate Currency and (y) at the respective Borrower's
     election in connection with any prepayment pursuant to this Section 4.01,
     any prepayment in respect of Revolving Loans shall not be applied to any
     Revolving Loan of a Defaulting Lender;

          (v)     each voluntary prepayment of Term Loans shall apply to reduce
     the then remaining Scheduled Repayments under each Repayment Schedule on a
     PRO RATA basis (based upon the then remaining principal amounts of such
     Scheduled Repayments under the respective Repayment Schedule, after giving
     effect to all prior reductions thereto); and

                                      -42-
<Page>

          (vi)    no Competitive Bid Loan may be prepaid without the consent of
     the Lender that made such Competitive Bid Loan.

          4.02 MANDATORY REPAYMENTS AND COMMITMENT REDUCTIONS. (a) (i) On any
day on which the Aggregate Revolving Credit Exposure exceeds the Total Revolving
Loan Commitment as then in effect, the Borrowers shall prepay on such day the
principal of outstanding Swingline Loans and, after the Swingline Loans have
been repaid in full, the Borrowers shall repay the principal of outstanding
Revolving Loans (other than Bankers' Acceptance Loans where the underlying
Bankers' Acceptances have not yet matured) (allocated between Dollar Revolving
Loans and Alternate Currency Revolving Loans as the Borrowers may elect) in an
amount (for this purpose, taking the Dollar Equivalent of payments in any
Alternate Currency made with respect to the Alternate Currency Loans) equal to
such excess. If, after giving effect to the prepayment of all outstanding
Swingline Loans and Revolving Loans (other than Bankers' Acceptance Loans as
referenced in the immediately preceding sentence), the sum of the outstanding
Bankers' Acceptance Loans (for this purpose, using the Dollar Equivalent of the
Face Amounts thereof), Competitive Bid Loans and Letter of Credit Outstandings
exceeds the Total Revolving Loan Commitment then in effect, (I) an amount equal
to the lesser of such excess and the then outstanding Face Amount of all
Bankers' Acceptances shall be deposited by the respective Alternate Currency
Revolving Loan Borrower with the Administrative Agent as cash collateral for the
obligations of such Alternate Currency Revolving Loan Borrower to the Alternate
Currency Lenders (rounded up to the nearest integral multiple of Cdn.$100,000)
in respect of an equivalent Face Amount of outstanding Bankers' Acceptances
accepted by the Alternate Currency Lenders which shall be paid to and applied by
the Alternate Currency Lenders, in satisfaction of the obligations to the
Alternate Currency Lenders of the respective Alternate Currency Revolving Loan
Borrower in respect of such Banker's Acceptances, on the maturity date thereof,
(II) to the extent such excess exceeds the amount applied pursuant to preceding
clause (I), such remaining excess or, if less, an amount equal to the then
outstanding principal amount of Competitive Bid Loans shall be paid by the
Corporation to the Administrative Agent to be held as cash collateral for the
repayment of such Competitive Bid Loans at maturity and (III) to the extent such
excess exceeds the amount applied pursuant to preceding clauses (I) and (II),
the respective Borrowers shall pay to the Administrative Agent cash or Cash
Equivalents in an amount equal to the amount of such excess (less the amount
applied pursuant to preceding clauses (I) and (II)) (up to a maximum amount
equal to the Letter of Credit Outstandings at such time), such cash or Cash
Equivalents to be held as security for all obligations of the respective
Borrowers hereunder and under the other Credit Documents in a cash collateral
account (and invested from time to time in Cash Equivalents selected by the
Administrative Agent) to be established by the Administrative Agent.

          (ii)    If on any date the Dollar Equivalent of the aggregate
outstanding principal amount (or Face Amount, as the case may be) of Alternate
Currency Revolving Loans incurred in a given Alternate Currency exceeds the sum
of the Alternate Currency Revolving Loan Sub-Commitments of the various
Alternate Currency Lenders relating to such Alternate Currency as then in effect
(or, if less in the case of Canadian Dollar Revolving Loans, the Total Canadian
Revolving Loan Sub-Commitment as then in effect, after giving effect to any
adjustments pursuant to Section 1.18), the respective Alternate Currency
Revolving Loan Borrowers shall prepay on such day the principal of outstanding
Alternate Currency Revolving Loans (for this purpose, taking the Dollar
Equivalent of payments in any Alternate Currency made with respect

                                      -43-
<Page>

to Alternate Currency Revolving Loans) made in the respective Alternate Currency
(other than Bankers' Acceptance Loans where the underlying Bankers' Acceptances
have not matured) equal to such excess. In the case of Canadian Dollar Revolving
Loans, if after giving effect to the prepayment of all outstanding Canadian
Dollar Revolving Loans (other than Bankers' Acceptance Loans where the
underlying Bankers' Acceptances have not yet matured), the sum of the aggregate
Face Amount of outstanding Bankers' Acceptance Loans (for this purpose, using
the Dollar Equivalent of the Face Amounts thereof) exceeds the sum of the
Alternate Currency Revolving Loan Sub-Commitments of the various Alternate
Currency Lenders relating to Canadian Dollars as then in effect (or, if less,
the Total Canadian Dollar Revolving Loan Sub-Commitment as then in effect, after
giving effect to any adjustments pursuant to Section 1.18), an amount equal to
such excess shall be deposited by the respective Alternate Currency Revolving
Loan Borrower with the Administrative Agent as cash collateral for the
obligations of the respective Alternate Currency Revolving Loan Borrower to the
Alternate Currency Lenders (rounded up to the nearest integral multiple of
Cdn.$100,000) in respect of an equivalent Face Amount of outstanding Bankers'
Acceptances accepted by the Alternate Currency Lenders which shall be paid to
and applied by the Alternate Currency Lenders, in satisfaction of the
obligations to the Alternate Currency Lenders of the respective Alternate
Currency Revolving Loan Borrower in respect of such Banker's Acceptances, on the
maturity date thereof.

          (b)     In addition to any other mandatory repayments or commitment
reductions pursuant to this Section 4.02, on each date set forth below, the
Corporation shall be required to repay that principal amount of Term Loans, to
the extent then outstanding, as is set forth opposite such date under the
Repayment Schedule then in effect (each such repayment, as the same may be
reduced as provided in Section 4.01, a "SCHEDULED REPAYMENT," and each such
date, a "SCHEDULED REPAYMENT DATE"):

<Table>
<Caption>
             Scheduled Repayment Date               Column A          Column B
             ------------------------               --------          --------
        <S>                                       <C>               <C>
        last Business Day in September, 2004      $ 25,000,000      $ 25,000,000
        last Business Day in December, 2004       $ 25,000,000      $ 25,000,000
        last Business Day in March, 2005          $ 25,000,000      $ 25,000,000
        last Business Day in June, 2005           $ 25,000,000      $ 25,000,000
        last Business Day in September, 2005      $ 25,000,000      $ 25,000,000
        last Business Day in December, 2005       $ 25,000,000      $ 25,000,000
        last Business Day in March, 2006          $ 25,000,000      $ 25,000,000
        last Business Day in June, 2006           $ 25,000,000      $ 25,000,000
        October 9, 2006                           $100,000,000      $          0
        last Business Day in September, 2006      $          0      $ 25,000,000
        last Business Day in December, 2006       $          0      $ 25,000,000
        last Business Day in March, 2007          $          0      $ 25,000,000
        October 9, 2007                           $          0      $ 25,000,000
</Table>

If the Corporation incurs any Incremental Term Loans pursuant to Section
1.01(f), then the Scheduled Repayment amounts set forth (x) in Column A opposite
the date October 9, 2006 and (y) in Column B opposite the date October 9, 2007
shall each be deemed to be increased by an amount equal to the aggregate
principal amount of the Incremental Term Loans so incurred.

                                      -44-
<Page>

          (c)     With respect to each repayment of Loans required by this
Section 4.02, the respective Borrower may designate the Types of Loans of the
respective Tranche which are to be repaid and, in the case of Euro Rate Loans
and Bankers' Acceptance Loans, the specific Borrowing or Borrowings of the
respective Tranche pursuant to which made, PROVIDED that: (i) in the case of
repayments of Dollar Loans, repayments of Eurodollar Loans of the respective
Tranche pursuant to this Section 4.02 may only be made on the last day of an
Interest Period applicable thereto unless all Eurodollar Loans of the respective
Tranche with Interest Periods ending on such date of required repayment and all
Base Rate Loans of the respective Tranche have been paid in full; (ii) if any
repayment of Euro Rate Loans made pursuant to a single Borrowing shall reduce
the outstanding Loans made pursuant to such Borrowing to an amount less than the
respective Minimum Borrowing Amount for the respective Tranche and Type of Loan,
such Borrowing (x) in the case of Dollar Loans, shall be converted at the end of
the then current Interest Period into a Borrowing of Base Rate Loans and (y) in
the case of Alternate Currency Revolving Loans, shall be repaid in full at the
end of the then current Interest Period; (iii) no repayment of Bankers'
Acceptance Loans may be made prior to the maturity date of the related Bankers'
Acceptances; and (iv) each repayment of any Loans made pursuant to a Borrowing
shall be applied PRO RATA among such Loans. In the absence of a designation by
the respective Borrower as described in the preceding sentence, the
Administrative Agent shall, subject to the above, make such designation in its
sole discretion.

          (d)     Notwithstanding anything to the contrary contained in this
Agreement or in any other Credit Document, (i) all then outstanding Swingline
Loans shall be repaid in full on the Swingline Expiry Date, (ii) all then
outstanding Competitive Bid Loans shall be repaid in full on the respective
Competitive Bid Loan Maturity Date, (iii) all then outstanding Term Loans and
Revolving Loans shall be repaid in full on the Maturity Date and (iv) unless the
Required Lenders otherwise agree, all then outstanding Loans shall be repaid in
full on the date on which a Change of Control occurs.

          4.03 METHOD AND PLACE OF PAYMENT. Except as otherwise specifically
provided herein, all payments under this Agreement or any Note shall be made to
the Administrative Agent for the account of the Lender or Lenders entitled
thereto not later than 12:00 Noon (local time in the city in which the Payment
Office for the respective payments is located) on the date when due and shall be
made in (x) Dollars in immediately available funds at the appropriate Payment
Office of the Administrative Agent in respect of any obligation of the Borrowers
under this Agreement except as otherwise provided in the immediately following
clause (y) and (y) subject to the provisions of Section 1.17, the relevant
Applicable Currency in immediately available funds at the appropriate Payment
Office of the Administrative Agent, if such payment is made in respect of (i)
principal of, the Face Amount of or interest on Alternate Currency Loans, or
(ii) any increased costs, indemnities or other amounts owing with respect to
Alternate Currency Loans (or Commitments relating thereto), in the case of this
clause (ii) to the extent the respective Lender which is charging same
denominates the amounts owing in the relevant Applicable Currency. The
Administrative Agent will thereafter cause to be distributed on the same day (if
payment was actually received by the Administrative Agent prior to 12:00 Noon
(local time in the city in which such payments are to be made)) like funds
relating to the payment of principal, interest or Fees ratably to the Lenders
entitled thereto. Any payments under this Agreement which are made later than
12:00 Noon (local time in the city in which such payments are to be made) shall
be deemed to have been made on the next succeeding Business Day.

                                      -45-
<Page>

Whenever any payment to be made hereunder or under any Note shall be stated to
be due on a day which is not a Business Day, the due date thereof shall be
extended to the next succeeding Business Day and, with respect to payments of
principal, interest and fees shall be payable at the applicable rate during such
extension.

          4.04 NET PAYMENTS. (a) All payments made by any Borrower hereunder
(including, in the case of the Corporation, in its capacity as a Guarantor
pursuant to Section 14) or under any Note will be made without setoff,
deduction, counterclaim or other defense. Except as provided in Sections 4.04(b)
and (c), all such payments will be made free and clear of, and without deduction
or withholding for, any present or future taxes, levies, imposts, duties, fees,
assessments or other charges of whatever nature now or hereafter imposed by any
jurisdiction or by any political subdivision or taxing authority thereof or
therein with respect to such payments (but excluding, except as provided in the
second succeeding sentence, any tax imposed on or measured by the net income or
net profits of a Lender pursuant to the laws of the jurisdiction in which it is
organized or the jurisdiction in which the principal office or applicable
lending office of such Lender is located or any subdivision thereof or therein)
and all interest, penalties or similar liabilities with respect thereto (all
such non-excluded taxes, levies, imposts, duties, fees, assessments or other
charges being referred to collectively as "TAXES"). If any Taxes are so levied
or imposed, the respective Borrower agrees to pay the full amount of such Taxes,
and such additional amounts as may be necessary so that every payment of all
amounts due under this Agreement or under any Note, after withholding or
deduction for or on account of any Taxes, will not be less than the amount
provided for herein or in such Note. If any amounts are payable in respect of
Taxes pursuant to the preceding sentence, the respective Borrower agrees to
reimburse each Lender, upon the written request of such Lender, for any
additional amount of taxes imposed on or measured by the net income or net
profits of such Lender pursuant to the laws of the jurisdiction in which such
Lender is organized or in which the principal office or applicable lending
office of such Lender is located or under the laws of any political subdivision
or taxing authority of any such jurisdiction in which such Lender is organized
or in which the principal office or applicable lending office of such Lender is
located and for any withholding of taxes as such Lender shall determine are
payable by, or withheld from, such Lender in respect of such amounts so paid to
or on behalf of such Lender pursuant to the preceding sentence and in respect of
any amounts paid to or on behalf of such Lender pursuant to this sentence. The
respective Borrower will furnish to the Administrative Agent and the applicable
Lender within 45 days after the date the payment of any Taxes is due pursuant to
applicable law certified copies of official tax receipts evidencing such payment
by the respective Borrower. Each Borrower agrees to indemnify and hold harmless
each Lender, and reimburse such Lender upon its written request, for the amount
of any Taxes so levied or imposed and paid by such Lender.

          (b)     Each Lender that is not a United States person (as such term
is defined in Section 7701(a)(30) of the Code) agrees to deliver to the
Corporation and the Administrative Agent on or prior to the Effective Date, or
in the case of a Lender that is an assignee or transferee of an interest under
this Agreement pursuant to Section 1.14 or 13.04 (unless the respective Lender
was already a Lender hereunder immediately prior to such assignment or
transfer), on the date of such assignment or transfer to such Lender, (i) two
accurate and complete original signed copies of U.S. Internal Revenue Service
Form W-8ECI or Form W-8BEN (with respect to a complete exemption under an income
tax treaty) or 1001 (or successor forms) certifying to such Lender's entitlement
as of such date to a complete exemption from United States withholding tax

                                      -46-
<Page>

with respect to payments to be made under this Agreement and under any Note, or
(ii) if the Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of
the Code and cannot deliver either U.S. Internal Revenue Service Form W-8ECI or
Form W-8BEN (with respect to a complete exemption under an income tax treaty)
pursuant to clause (i) above, (x) a certificate substantially in the form of
Exhibit E (any such certificate, a "SECTION 4.04(b)(ii) CERTIFICATE") and (y)
two accurate and complete original signed copies of U.S. Internal Revenue
Service Form W-8BEN (with respect to the portfolio interest exemption) or W-8
(or successor form) certifying to such Lender's entitlement to a complete
exemption from United States withholding tax with respect to payments of
interest to be made under this Agreement and under any Note. In addition, each
Lender agrees that from time to time after the Effective Date, when a lapse in
time or change in circumstances renders the previous certification obsolete or
inaccurate in any material respect, it will deliver to the Corporation and the
Administrative Agent two new accurate and complete original signed copies of
U.S. Internal Revenue Service Form W-8ECI or Form W-8BEN (with respect to the
benefits of any income tax treaty), or Form W-8BEN (with respect to the
portfolio interest exemption) and a Section 4.04(b)(ii) Certificate, as the case
may be, and such other forms as may be required in order to confirm or establish
the entitlement of such Lender to a continued exemption from or reduction in
United States withholding tax with respect to payments under this Agreement and
any Note, or it shall immediately notify the Corporation and the Administrative
Agent of its inability to deliver any such Form or Certificate in which case
such Lender shall not be required to deliver any such Form or Certificate
pursuant to this Section 4.04(b). Notwithstanding anything to the contrary
contained in Section 4.04(a), but subject to the last sentence of Section
13.04(b) and the immediately succeeding sentence, (x) each Borrower shall be
entitled, to the extent it is required to do so by law, to deduct or withhold
income or similar taxes imposed by the United States (or any political
subdivision or taxing authority thereof or therein) from interest, fees or other
amounts payable hereunder for the account of any Lender which is not a United
States person (as such term is defined in Section 7701(a)(30) of the Code) for
U.S. Federal income tax purposes to the extent that such Lender has not provided
to the Corporation U.S. Internal Revenue Service Forms that establish a complete
exemption from such deduction or withholding and (y) the Borrowers shall not be
obligated pursuant to Section 4.04(a) hereof to gross-up payments to be made to
a Lender in respect of income or similar taxes imposed by the United States if
(I) such Lender has not provided to the Corporation the U.S. Internal Revenue
Service Forms required to be provided to the Corporation pursuant to this
Section 4.04(b) or (II) in the case of a payment, other than interest, to a
Lender described in clause (ii) above, to the extent that such forms do not
establish a complete exemption from withholding of such taxes. Notwithstanding
anything to the contrary contained in the preceding sentence or elsewhere in
this Section 4.04 and except as set forth in Section 13.04(b), each Borrower
agrees to pay additional amounts and to indemnify each Lender in the manner set
forth in Section 4.04(a) (without regard to the identity of the jurisdiction
requiring the deduction or withholding) in respect of any amounts deducted or
withheld by it as described in the immediately preceding sentence (x) as a
result of any changes that are effective after the Effective Date in any
applicable law, treaty, governmental rule, regulation, guideline or order, or in
the interpretation thereof, relating to the deducting or withholding of income
or similar Taxes or (y) as a result of the purchase of a participation as
required by Section 1.17 following the occurrence of a Sharing Event.

          (c)     Each Lender shall use reasonable efforts (consistent with
legal and regulatory restrictions and subject to overall policy considerations
of such Lender) to file any certificate

                                      -47-
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or document or to furnish any information as reasonably requested by the
respective Borrower pursuant to any applicable treaty, law or regulation if the
making of such filing or the furnishing of such information would avoid the need
for or reduce the amount of any additional amounts payable by the respective
Borrower and would not, in the sole discretion of such Lender, be
disadvantageous to such Lender.

          SECTION 5. CONDITIONS PRECEDENT TO INITIAL CREDIT EVENTS. The
obligation of each Lender to make Loans, and the obligation of any Issuing Bank
to issue Letters of Credit, on the Initial Borrowing Date, is subject to the
satisfaction of the following conditions:

          5.01 EXECUTION OF AGREEMENT; NOTES. On or prior to the Initial
Borrowing Date, (i) the Effective Date shall have occurred and (ii) there shall
have been delivered to the Administrative Agent for the account of each of the
Lenders (subject to Section 1.06(i)) the appropriate Notes executed by the
appropriate Borrower, in each case in the amount, maturity and as otherwise
provided herein.

          5.02 OPINIONS OF COUNSEL. On the Initial Borrowing Date, the Agents
shall have received from (i) Sidley Austin Brown & Wood LLP, special counsel to
the Credit Parties, an opinion addressed to the Agents and each of the Lenders
and dated the Initial Borrowing Date in the form set forth as Exhibit F-1, (ii)
Lionel Sawyer & Collins, special Nevada counsel to the Credit Parties, an
opinion addressed to the Agents and each of the Lenders and dated the Initial
Borrowing Date in the form set forth as Exhibit F-2, (iii) Ballard Spahr Andrews
& Ingersoll, LLP, special Maryland counsel to the Corporation, an opinion
addressed to the Agents and each of the Lenders and dated the Initial Borrowing
Date in the form set forth as Exhibit F-3, and (iv) such other special and local
counsel as may be reasonably required by any Agent, an opinion addressed to the
Agents and the Lenders and dated the Initial Borrowing Date, and in each case
covering such other matters incident to the transactions contemplated herein as
any Agent may reasonably request.

          5.03 CORPORATE DOCUMENTS; PROCEEDINGS; ETC. (a) On the Initial
Borrowing Date, the Agents shall have received a certificate of each Credit
Party, dated the Initial Borrowing Date, signed by an Authorized Officer of such
Credit Party, and attested to by the Secretary or any Assistant Secretary of
such Credit Party, in the form of Exhibit G with appropriate insertions,
together with copies of the declaration of trust, certificate of incorporation
or partnership agreement (or other equivalent organizational document) and
by-laws of such Credit Party and the resolutions of such Credit Party referred
to in such certificate, and the foregoing shall be reasonably acceptable to the
Agents.

          (b)     All corporate and legal proceedings and all instruments and
agreements in connection with the transactions contemplated by this Agreement
and the other Documents shall be reasonably satisfactory in form and substance
to the Agents and the Required Lenders, and the Agents shall have received all
information and copies of all documents and papers, including records of
corporate proceedings, governmental approvals and good standing certificates if
any, which the Agents reasonably may have requested in connection therewith,
such documents and papers where appropriate to be certified by proper corporate
or governmental authorities.

                                      -48-
<Page>

          5.04 FEES, ETC. On the Initial Borrowing Date, all costs, fees and
expenses, and all other costs contemplated by this Agreement, due to the Agents
and the Lenders (including, without limitation, legal fees and expenses) shall
have been paid to the extent then due.

          5.05 REFINANCING; ETC. (a) On or prior to the Initial Borrowing Date,
the total commitments in respect of the Indebtedness to be Refinanced shall have
been terminated, and all loans and notes issued thereunder shall have been
repaid in full, together with interest thereon (or, in the case of Existing
Bankers' Acceptances, continued as Bankers' Acceptances hereunder pursuant to
Section 1.15(b)), all letters of credit issued thereunder shall have been
terminated (or, in the case of Existing Letters of Credit, incorporated
hereunder as Letters of Credit pursuant to Section 2.01(c)), and all other
amounts owing pursuant to Indebtedness to be Refinanced shall have been repaid
in full and all documents in respect of the Indebtedness to be Refinanced and,
subject to Section 13.18, all guarantees with respect thereto shall have been
terminated or released and be of no further force or effect except for
continuing indemnification obligations described therein.

          (b)     Subject to Section 13.18, on the Initial Borrowing Date,
(i) all guaranties (other than those of Sheraton) in respect of the Existing
Senior Notes described in clauses (i) and (ii) of the definition thereof shall
have been terminated and be of no further force or effect and (ii) each
Subordination Agreement (as defined in the Existing Credit Agreement) shall have
been terminated or released.

          (c)     Subject to Section 13.18, on the Initial Borrowing Date, all
security interests and Liens on the assets owned by the Corporation or any of
its Subsidiaries granted in connection with, or to secure, the Designated
Indebtedness shall have been terminated and released. The Agents shall have
received such releases of security interests in and Liens on the assets owned by
the Corporation and its Subsidiaries as may have been reasonably requested by
the Agents, which releases shall be in form and substance reasonably
satisfactory to the Agents. Without limiting the foregoing, there shall have
been delivered (i) proper termination statements (Form UCC-3 or the appropriate
equivalent) for filing under the UCC of each jurisdiction where a financing
statement (Form UCC-1 or the appropriate equivalent) was filed with respect to
the Corporation or any of its Subsidiaries, or their respective predecessors in
interest, in connection with the security interests created with respect to the
Designated Indebtedness and the documentation related thereto and (ii) all
collateral owned by the Corporation or any of its Subsidiaries in the possession
of any of the creditors in respect of the Designated Indebtedness or any
collateral agent or trustee under any related security document shall have been
returned to the Corporation or such Subsidiary, as the case may be.

          (d)     On or prior to the Initial Borrowing Date, there shall have
been delivered to the Agents true and correct copies of the Refinancing
Documents, which Refinancing Documents shall be in full force and effect, and
the terms and conditions of each of the Refinancing Documents shall be in form
and substance satisfactory to the Agents.

          5.06 OUTSTANDING INDEBTEDNESS AND PREFERRED STOCK. (a) On the Initial
Borrowing Date, and after giving effect to the transactions described above, the
Corporation and its Subsidiaries shall have no outstanding Indebtedness or
Preferred Stock other than (i) Indebtedness pursuant to this Agreement, (ii) the
Class A Exchangeable Preferred Shares,

                                      -49-
<Page>

(iii) the Class B Exchangeable Preferred Shares, (iv) the Partnership Units, (v)
the Preferred Stock issued by certain Subsidiaries of the Corporation described
on Schedule 5.06 hereto and (vi) the Scheduled Existing Indebtedness identified
in Schedule 7.17 hereto (with, in the case of Intercompany Existing
Indebtedness, normal fluctuations in the outstanding principal amounts thereof
from the date of such Schedule), which shall remain outstanding and in effect
after giving effect to the Transaction, with no defaults or events of default
existing thereunder, with such exceptions as are satisfactory to the Agents.

          (b)     On or prior to the Initial Borrowing Date, each Credit Party
that is an obligor with respect to Intercompany Debt and each Subsidiary of the
Corporation that is an obligee with respect to any Intercompany Debt shall have
duly authorized, executed and delivered a Subordination Agreement in the form of
Exhibit J (as amended, modified or supplemented from time to time, the
"SUBORDINATION AGREEMENT"), and the Subordination Agreement shall be in full
force and effect.

          5.07 ADVERSE CHANGE, ETC. (a) On or prior to the Initial Borrowing
Date, nothing shall have occurred (and neither any Agent nor the Lenders shall
have become aware of any facts, conditions or other information not previously
known to it) which any Agent or the Required Lenders shall determine has had or
could reasonably be expected to have a Material Adverse Effect.

          (b)     All necessary governmental (domestic and foreign) and third
party approvals and/or consents in connection with any Credit Event and the
Transaction, the other transactions contemplated by the Documents and otherwise
referred to herein or therein shall have been obtained and remain in effect, and
all applicable waiting periods shall have expired without any action being taken
by any competent authority which restrains, prevents, or imposes materially
adverse conditions upon, the consummation of any Credit Event, the Transaction
or the other transactions contemplated by the Documents or otherwise referred to
herein or therein. Additionally, there shall not exist any judgment, order,
injunction or other restraint issued or filed or a hearing seeking injunctive
relief or other restraint pending or notified prohibiting or imposing materially
adverse conditions upon any Credit Event or the Transaction or the other
transactions contemplated by the Documents.

          5.08 LITIGATION. On the Initial Borrowing Date, no litigation by any
entity (private or governmental) shall be pending or threatened with respect to
this Agreement, any other Document or any documentation executed in connection
herewith or therewith or the transactions contemplated hereby or thereby, or
which any Agent or the Required Lenders shall reasonably determine has had, or
could reasonably be expected to have, a Material Adverse Effect.

          5.09 SHERATON GUARANTY. On the Initial Borrowing Date, Sheraton shall
have duly authorized, executed and delivered a guaranty in the form of Exhibit H
(as amended, modified or supplemented from time to time, the "SHERATON
GUARANTY"), guaranteeing, INTER ALIA, all of the obligations of each of the
Borrowers as more fully provided therein, and the Sheraton Guaranty shall be in
full force and effect.

                                      -50-
<Page>

          5.10 PROJECTIONS; SOLVENCY CERTIFICATE. On or prior to the Initial
Borrowing Date, there shall have been delivered to the Lenders:

          (i)     projected financial and cash flow statements for the
     Corporation and its Subsidiaries for the period from the Initial Borrowing
     Date to and including at least December 31, 2006 (the "PROJECTIONS"), which
     Projections (x) shall reflect the forecasted financial condition, income
     and expenses and cash flows of the Corporation and its Subsidiaries after
     giving effect to the Transaction and the related financing thereof and the
     other transactions contemplated hereby and thereby and (y) shall be in form
     and substance reasonably satisfactory to the Agents and the Required
     Lenders; and

          (ii)    a solvency certificate from the chief financial officer or
     treasurer of the Corporation in form and substance satisfactory to the
     Agents and the Required Lenders, addressed to the Agents and the Lenders
     and dated the Initial Borrowing Date, setting forth the conclusions that,
     after giving effect to the Transaction, the Corporation and its
     Subsidiaries, taken as a whole, are not insolvent and will not be rendered
     insolvent by the indebtedness incurred in connection therewith, will not be
     left with unreasonably small capital with which to engage in their business
     and will not have incurred debts beyond their ability to pay debts as they
     mature.

          SECTION 6. CONDITIONS PRECEDENT TO ALL CREDIT EVENTS. The obligation
of each Lender to make Loans (including Loans made on the Initial Borrowing Date
and on each Incremental Loan Commitment Date, but excluding Mandatory Borrowings
to be made thereafter, which shall be made as provided in Section 1.01(d)), and
the obligation of any Issuing Bank to issue any Letter of Credit, is subject, at
the time of each such Credit Event (except as hereinafter indicated), to the
satisfaction of the following conditions:

          6.01 NO DEFAULT; REPRESENTATIONS AND WARRANTIES. At the time of each
such Credit Event and also after giving effect thereto (i) there shall exist no
Default or Event of Default and (ii) all representations and warranties
contained herein and in the other Credit Documents shall be true and correct in
all material respects with the same effect as though such representations and
warranties had been made on the date of such Credit Event (it being understood
and agreed that any representation or warranty which by its terms is made as of
a specified date shall be required to be true and correct in all material
respects only as of such specified date).

          6.02 REQUIREMENTS OF LAW. The occurrence of the respective Credit
Event on such date does not violate any Requirement of Law and is not enjoined,
temporarily, preliminarily or permanently and no litigation shall be pending or
threatened, which in the good faith judgment of any Agent or the Required
Lenders would enjoin, prohibit or restrain, or impose or result in the
imposition of any material adverse condition upon, the respective Credit Event
or any Credit Party's obligations with respect thereto.

          6.03 NOTICE OF BORROWING; COMPETITIVE BID LOANS; LETTER OF CREDIT
REQUEST. (a) Prior to the making of each Loan (excluding Swingline Loans and
Competitive Bid Loans), the Administrative Agent shall have received a Notice of
Borrowing meeting the requirements of Section 1.03(a). Prior to the making of
any Swingline Loan, the Swingline Lender shall have

                                      -51-
<Page>

received the notice required by Section 1.03(b)(i). Prior to the making of any
Competitive Bid Loans, all of the applicable conditions specified in Section
1.04 shall have been satisfied.

          (b)     Prior to the issuance of each Letter of Credit, the
Administrative Agent (if not the Issuing Bank therefor) and the respective
Issuing Bank shall have received a Letter of Credit Request meeting the
requirements of Section 2.03.

          6.04 ELECTION TO BECOME A ALTERNATE CURRENCY REVOLVING LOAN BORROWER.
Prior to the incurrence of any Revolving Loans by an Alternate Currency
Revolving Loan Borrower (other than the Corporation) on or after the Effective
Date which has not theretofore complied with the requirements of this Section
6.04, the following additional conditions shall be satisfied:

          (i)     such new Alternate Currency Revolving Loan Borrower shall have
     duly authorized, executed and delivered to the Administrative Agent an
     Election to Become an Alternate Currency Revolving Loan Borrower in the
     form of Exhibit I, which shall be in full force and effect;

          (ii)    such Alternate Currency Revolving Loan Borrower shall have
     duly authorized, executed and delivered to the Administrative Agent for the
     account of each of the Alternate Currency Lenders (subject to Section
     1.06(i)) the appropriate Alternate Currency Revolving Notes in the amount,
     maturity and as otherwise provided herein; and

          (iii)   to the extent not previously accomplished, such Alternate
     Currency Revolving Loan Borrower shall have duly authorized, executed
     and/or delivered to the Administrative Agent such other certificates,
     resolutions, opinions and writings that would have been required to be
     delivered pursuant to Section 5 if such Alternate Currency Revolving Loan
     Borrower had been subject to such Section on the Effective Date, all of
     which shall be in form and substance reasonably satisfactory to the
     Administrative Agent.

          The acceptance of the proceeds of each Loan or the making of each
Letter of Credit Request (occurring on the Initial Borrowing Date and
thereafter) shall constitute a representation and warranty by each Credit Party
to the Agents and each of the Lenders that all the conditions specified in
Section 5 (with respect to Credit Events on the Initial Borrowing Date) and in
this Section 6 (with respect to Credit Events on and after the Initial Borrowing
Date) and applicable to such Credit Event exist as of that time. All of the
Notes, certificates, legal opinions and other documents and papers referred to
in Section 5 and in this Section 6, unless otherwise specified, shall be
delivered to the Administrative Agent at the Notice Office for the account of
each of the Lenders and, except for the Notes, in sufficient counterparts or
copies for each of the Lenders and shall be in form and substance reasonably
satisfactory to the Agents and the Required Lenders.

          SECTION 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. In order to
induce the Lenders to enter into this Agreement and to make the Loans, and issue
(or participate in) the Letters of Credit as provided herein, each Borrower
makes the following representations, warranties and agreements, in each case
after giving effect to (or, in the case of representations and warranties made
on the Initial Borrowing Date, concurrently with the consummation of) the

                                      -52-
<Page>

Transaction, all of which shall survive the execution and delivery of this
Agreement and the Notes and the making of the Loans and issuance of the Letters
of Credit, with the occurrence of each Credit Event on or after the Initial
Borrowing Date being deemed to constitute a representation and warranty that the
matters specified in this Section 7 are true and correct in all material
respects on and as of the date of each such Credit Event (it being understood
and agreed that any representation or warranty which by its terms is made as of
a specified date shall be required to be true and correct in all material
respects only as of such specified date):

          7.01 EXISTENCE; COMPLIANCE WITH LAW. Each Credit Party and each of its
Subsidiaries (i) is a real estate investment trust or a corporation, limited
liability company or limited partnership, or a qualified REIT subsidiary as
specified herein, duly organized, validly existing and in good standing under
the laws of the jurisdiction of its formation; (ii) is duly qualified as a
foreign corporation, limited liability company, limited partnership or REIT
subsidiary and in good standing under the laws of each jurisdiction where such
qualification is necessary, except for failures which in the aggregate could not
reasonably be expected to have a Material Adverse Effect; (iii) has all
requisite corporate, limited liability company, partnership or other power and
authority and the legal right to own, pledge and mortgage its properties, to
lease (as lessee) the properties that it leases as lessee, to lease or sublease
(as lessor) the properties it owns and/or leases (as lessee) and to conduct its
business as now or currently proposed to be conducted; (iv) is in compliance
with its declaration of trust or certificate of formation, by-laws, regulations
or partnership or operating agreement or other organizational documents, as
appropriate; (v) is in compliance with all other applicable Requirements of Law
except for such non-compliances as in the aggregate could not reasonably be
expected to have a Material Adverse Effect; and (vi) has all necessary licenses,
permits, consents or approvals from or by, has made all necessary filings with,
and has given all necessary notices to, each Governmental Authority having
jurisdiction, to the extent required for such ownership, leasing and conduct,
except for licenses, permits, consents or approvals the failure to obtain, file
or give notice of, in the aggregate could not reasonably be expected to have a
Material Adverse Effect.

          7.02 POWER; AUTHORIZATION; ENFORCEABLE OBLIGATIONS. (a) The execution,
delivery and performance by each Credit Party of the Documents to which it is a
party and the consummation of the transactions contemplated hereby and thereby:

          (i)     are within such Credit Party's corporate, partnership, limited
     liability company or trust powers, as appropriate;

          (ii)    have been duly authorized by all necessary corporate,
     partnership, limited liability company or trust action, as appropriate,
     including, without limitation, the consent of stockholders, general and/or
     limited partners and members where required;

          (iii)   do not and will not (A) contravene any Credit Party's or any
     of its Subsidiary's respective declaration of trust, certificate of
     incorporation or formation or by-laws, regulations, partnership agreement,
     operating agreement or other comparable governing documents, (B) violate
     any other applicable Requirement of Law (including, without limitation,
     Regulations T, U and X of the Board of Governors of the Federal Reserve
     System), or any order or decree of any Governmental Authority or
     arbitrator, (C) conflict with or result in the breach of, or constitute a
     default under, or result in or

                                      -53-
<Page>

     permit the termination or acceleration of, any Contractual Obligation of
     any Credit Party or any of its Subsidiaries or (D) result in the creation
     or imposition of any Lien upon any of the Assets of any Credit Party or any
     of its Subsidiaries; and

          (iv)    do not require the consent of, authorization by, approval of,
     notice to, or filing or registration with, any Governmental Authority or
     any other Person, other than those which have been obtained or made, and
     each of which is in full force and effect.

          (b)     This Agreement and each of the other Documents has been duly
executed and delivered by each Credit Party which is a party thereto. This
Agreement and each other Document constitutes the legal, valid and binding
obligation of each Credit Party which is a party thereto, enforceable against it
in accordance with its terms except to the extent that enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting the enforcement of creditor's rights and remedies
generally.

          7.03 FINANCIAL STATEMENTS; FINANCIAL CONDITION; UNDISCLOSED
LIABILITIES; PROJECTIONS; ETC. (a) The consolidated financial statements and
financial statement schedules of the Corporation and its Subsidiaries, as of
December 31, 1999, 2000 and 2001, filed with the SEC as part of the
Corporation's annual report on Form 10-K, fairly present in all material
respects the consolidated results of operations of the Corporation and its
Subsidiaries for the respective Fiscal Years ended on such dates, and the
consolidated financial position of the Corporation and its Subsidiaries as at
the dates of such balance sheets. Furthermore, the consolidated financial
statements of the Corporation and its Subsidiaries, as at June 30, 2002 and for
the six-month period ended on such date, fairly present in all material respects
the consolidated results of operations of the Corporation and its Subsidiaries
for the six-month period ended on such date, and the consolidated financial
position of the Corporation and its Subsidiaries at the date of such balance
sheet. All such financial statements have been prepared in accordance with GAAP
consistently applied, subject to normal year-end audit adjustments and the
absence of footnotes in the case of the June 30, 2002 financial statements.

          (b)     Since December 31, 2001 (but, for this purpose, assuming that
the Transaction had been consummated on such date), nothing has occurred that
has had, or could reasonably be expected to have, a Material Adverse Effect.

          (c)     On and as of the Initial Borrowing Date, after giving effect
to the Transaction and to all Indebtedness (including the Loans) being incurred
or assumed and Liens created by the Credit Parties in connection therewith, (a)
the sum of the assets, at a fair valuation, of the Corporation and its
Subsidiaries taken as a whole and each Borrower on a stand-alone basis will
exceed their respective debts; (b) the Corporation and its Subsidiaries taken as
a whole and each Borrower on a stand-alone basis have not incurred and do not
intend to incur, and do not believe that they will incur, debts beyond their
ability to pay such debts as such debts mature; and (c) the Corporation and its
Subsidiaries taken as a whole and each Borrower on a stand-alone basis will have
sufficient capital with which to conduct their respective businesses. For
purposes of this Section 7.03(c), "debt" means any liability on a claim, and
"claim" means (i) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured,
disputed, undisputed, legal, equitable, secured, or unsecured or (ii) right to
an equitable remedy for breach of performance if such breach gives rise to a

                                      -54-
<Page>

payment, whether or not such right to an equitable remedy is reduced to
judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured
or unsecured.

          (d)     Except as disclosed in the financial statements delivered
pursuant to Section 7.03(a) and the Indebtedness incurred in connection with the
Transaction, there were as of the Initial Borrowing Date no liabilities or
obligations with respect to the Corporation or any of its Subsidiaries of any
nature whatsoever (whether absolute, accrued, contingent or otherwise and
whether or not due) which, either individually or in aggregate, has had or could
reasonably be expected to have a Material Adverse Effect. As of the Initial
Borrowing Date, no Borrower knows of any basis for the assertion against it or
any of its Subsidiaries of any liability or obligation of any nature whatsoever
that is not disclosed in the financial statements delivered pursuant to Section
7.03(a) which, either individually or in the aggregate, has had or could
reasonably be expected to have a Material Adverse Effect.

          (e)     On and as of the Initial Borrowing Date, the Projections have
been prepared in good faith and are based on reasonable assumptions under the
then known facts and circumstances, and there are no statements or conclusions
in any of the Projections which are based upon or include information known to
any Borrower to be misleading in any material respect or which knowingly fail to
take into account material information regarding the matters reported therein;
it being understood, however, that nothing contained herein shall constitute a
representation that the results forecasted in such Projections will in fact be
achieved. On the Initial Borrowing Date, each Borrower believes that the
Projections are reasonable and attainable based upon the then known facts and
circumstances, it being understood that nothing contained herein shall
constitute a representation that the results forecasted in such Projections will
in fact be achieved.

          7.04 LITIGATION. There are no pending or, to the best knowledge of any
Borrower, threatened actions, investigations or proceedings affecting the
Corporation, any of its Subsidiaries or any other Credit Party, or any of their
respective Assets or revenues before any court, Governmental Authority or
arbitrator, that in the aggregate have had, or could reasonably be expected to
have, a Material Adverse Effect. The performance of any action by any Credit
Party required or contemplated by any of the Documents is not, to the best
knowledge of any Borrower, restrained or enjoined (either temporarily,
preliminarily or permanently), and, to the best knowledge of each Borrower, no
material adverse condition has been imposed by any Governmental Authority or
arbitrator upon any of the foregoing transactions contemplated by the
aforementioned documents.

          7.05 TRUE AND COMPLETE DISCLOSURE. All factual information (other than
the Projections, which are covered in Section 7.03(e)) (taken as a whole)
furnished by any Credit Party in writing to the Administrative Agent or any
Lender (including, without limitation, all information contained in the
Documents and the Bank Information Memorandum), is, and all other such factual
information (taken as a whole) hereafter furnished by or on behalf of any Credit
Party in writing to the Administrative Agent or any Lender will be, true and
accurate in all material respects on the date as of which such information is
dated or certified and not incomplete by omitting to state any fact necessary to
make such information (taken as a whole) not misleading in any material respect
at such time in light of the circumstances under which such information was
provided.

                                      -55-
<Page>

          7.06 USE OF PROCEEDS. (a) All proceeds of the Initial Term Loans will
be used by the Corporation (i) to finance the Transaction and (ii) to pay fees
and expenses related to the Transaction.

          (b)     All proceeds of the Incremental Term Loans will be used by the
Corporation for the Corporation's and its Subsidiaries' general corporate and
working capital purposes.

          (c)     The proceeds of Revolving Loans, Swingline Loans and
Competitive Bid Loans incurred by the respective Borrower will be used for (x)
the purposes set forth in preceding clause (a) and (y) such Borrower's and its
(or their) Subsidiaries' general corporate and working capital purposes.

          (d)     Neither the making of any Loan nor the use of the proceeds
thereof nor the occurrence of any other Credit Event will violate or be
inconsistent with the provisions of Regulation T, U or X.

          (e)     At the time of each Credit Event occurring on or after the
Initial Borrowing Date, not more than 25% of the value of the assets of the
Corporation and its Subsidiaries taken as a whole will constitute Margin Stock.

          7.07 TAXES. All federal, state, local and foreign tax returns, reports
and statements (collectively, the "TAX RETURNS") required to be filed by the
Corporation and its Subsidiaries or any Tax Affiliate thereof have been filed
with the appropriate governmental agencies in all jurisdictions in which such
Tax Returns are required to be filed. All such Tax Returns are true and correct
in all material respects, and all taxes, charges and other impositions due and
payable have been timely paid prior to the date on which any fine, penalty,
interest, late charge or loss may be added thereto for non-payment thereof,
except where contested in good faith and by appropriate proceedings if (i)
adequate reserves therefor have been established on the books of the
Corporation, such Subsidiary or such Tax Affiliate in conformity with GAAP and
(ii) all such non-payments in the aggregate have, and will have, no Material
Adverse Effect. Proper and accurate amounts have been withheld by the
Corporation and each of its Subsidiaries and Tax Affiliates from their
respective employees for all periods in full and complete compliance with the
tax, social security and unemployment withholding provisions of applicable
federal, state, local and foreign law and such withholdings have been timely
paid to the respective Governmental Authorities. Except as otherwise disclosed
on Schedule 7.07, none of the Corporation or any of its Subsidiaries or Tax
Affiliates has (i) executed or filed with the U.S. Internal Revenue Service any
agreement or other document extending, or having the effect of extending, the
period for assessment or collection of any charges; (ii) agreed or been
requested to make any adjustment under Section 481(a) of the Code by reason of a
change in accounting method or otherwise; or (iii) any obligation under any
written tax sharing agreement.

          7.08 COMPLIANCE WITH ERISA. (a) Except as would not result in any
material liability, each Plan (and each related trust, insurance contract or
fund) is in compliance with its terms and, except as would not result in any
material liability, with all applicable laws, including, without limitation,
ERISA and the Code; except as would not result in a material liability, each
Plan (and each related trust, if any) which is intended to be qualified under
Section 401(a) of the

                                      -56-
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Code has received or is in the process of seeking a determination letter from
the U.S. Internal Revenue Service to the effect that it meets the requirements
of Sections 401(a) and 501(a) of the Code; except as would not result in a
material liability, no Reportable Event has occurred during the last 5 years;
except as would not result in a material liability, no Plan which is a
multiemployer plan (as defined in Section 4001(a)(3) of ERISA) is insolvent or
in reorganization; except as would not result in a material liability, no Plan
which is not a multiemployer plan (as defined in Section 4001(a)(3) of ERISA)
has an Unfunded Current Liability; except as would not result in a material
liability, no Plan which is subject to Section 412 of the Code or Section 302 of
ERISA has an accumulated funding deficiency, within the meaning of such sections
of the Code or ERISA, or has applied for or received a waiver of an accumulated
funding deficiency or an extension of any amortization period, within the
meaning of Section 412 of the Code or Sections 303 or 304 of ERISA; except as
would not result in a material liability, all contributions required to be made
with respect to a Plan by any Borrower or a Subsidiary of any Borrower or an
ERISA Affiliate have been timely made; no Borrower nor any Subsidiary of any
Borrower nor any ERISA Affiliate has incurred any liability (including any
indirect, contingent or secondary liability) to or on account of a Plan pursuant
to Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212
of ERISA or Section 401(a)(29), 4971 or 4975 of the Code or expects to incur any
such liability under any of the foregoing sections with respect to any Plan
which could reasonably be expected to result in a Material Adverse Effect; no
condition exists which presents a risk to any Borrower or any Subsidiary of any
Borrower or any ERISA Affiliate of incurring a liability to or on account of a
Plan pursuant to the foregoing provisions of ERISA and the Code which could
reasonably be expected to result in a Material Adverse Effect; no proceedings
have been instituted to terminate or appoint a trustee to administer any Plan
which is subject to Title IV of ERISA which could reasonably be expected to
result in a Material Adverse Effect; except as would not result in any material
liability, no action, suit, proceeding, hearing, audit or investigation with
respect to the administration, operation or the investment of assets of any Plan
(other than routine claims for benefits) is pending, expected or threatened;
using actuarial assumptions and computation methods consistent with Part 1 of
subtitle E of Title IV of ERISA, the aggregate liabilities of the Borrowers and
their Subsidiaries and their ERISA Affiliates to all Plans which are
multiemployer plans (as defined in Section 4001(a)(3) of ERISA) in the event of
a complete withdrawal therefrom, as of the close of the most recent fiscal year
of each such Plan ended prior to the date of the most recent Credit Event, would
not exceed an amount which would have a Material Adverse Effect; except as would
not result in any material liability, each group health plan (as defined in
Section 607(1) of ERISA or Section 4980B(g)(2) of the Code) which covers or has
covered employees or former employees of any Borrower, any Subsidiary of any
Borrower, or any ERISA Affiliate has at all times been operated in compliance
with the provisions of Part 6 of subtitle B of Title I of ERISA and Section
4980B of the Code; except as would not result in a material liability, no lien
imposed under the Code or ERISA on the assets of any Borrower or any Subsidiary
of any Borrower or any ERISA Affiliate exists or is likely to arise on account
of any Plan; and the Borrowers and their Subsidiaries do not maintain or
contribute to any employee welfare benefit plan (as defined in Section 3(1) of
ERISA) which provides benefits to retired employees or other former employees
(other than as required by Section 601 of ERISA) or any Plan the obligations
with respect to which could reasonably be expected to have a Material Adverse
Effect. Notwithstanding the foregoing, with respect to Plans that are
multiemployer plans (as defined in Section 4001(a)(3) of ERISA) and Plans that
are not currently maintained by any Borrower, any Subsidiary of any Borrower or
any ERISA

                                      -57-
<Page>

Affiliate, the representations and warranties in this Section 7.08 are made to
the best knowledge of the Borrowers.

          (b)     Except as would not result in any material liability, each
Foreign Pension Plan has been maintained in compliance with its terms and with
the requirements of any and all applicable laws, statutes, rules, regulations
and orders and has been maintained, where required, in good standing with
applicable regulatory authorities. Except as would not result in a material
liability, all contributions required to be made with respect to a Foreign
Pension Plan have been timely made. Except as would not result in any material
liability, no Borrower nor any of its Subsidiaries has incurred any obligation
in connection with the termination of or withdrawal from any Foreign Pension
Plan. The present value of the accrued benefit liabilities (whether or not
vested) under each Foreign Pension Plan, determined as of the end of the most
recently ended Fiscal Year of the Corporation on the basis of actuarial
assumptions, each of which is reasonable, did not exceed the current value of
the assets of such Foreign Pension Plan allocable to such benefit liabilities to
an extent which could reasonably be expected to have a Material Adverse Effect.

          (c)     The assets of the Corporation and each other Credit Party do
not constitute "plan assets" within the meaning of DOL Regulation Section
2510.3-101.

          7.09 PROPERTY. Each of the Corporation and each of its Subsidiaries
has good and indefeasible title to all material properties owned by it, and a
valid leasehold interest in all material property leased by it, including (in
each case) all material property reflected in the most recent historical balance
sheet referred to in Section 7.03(a) (except as sold or otherwise disposed of
since the date of such balance sheet in the ordinary course of business or as
otherwise permitted by the terms of this Agreement), free and clear of all
Liens, other than Permitted Liens.

          7.10 STATUS AS A REIT. Starwood REIT is organized in conformity with
the requirements for qualification as a real estate investment trust under the
Code. Starwood REIT has met all of the requirements for qualification as a real
estate investment trust under the Code for the Fiscal Year ended December 31,
2001. Starwood REIT is in a position to qualify for its current Fiscal Year as a
real estate investment trust under the Code and its proposed methods of
operation will enable it to so qualify.

          7.11 COMPLIANCE WITH STATUTES, ETC. Each Borrower and each of its
Subsidiaries is in compliance with all Requirements of Law, except such
noncompliances as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

          7.12 INVESTMENT COMPANY ACT. Neither any Credit Party nor any of its
Subsidiaries is an "investment company" or a company "controlled" by an
"investment company," within the meaning of the Investment Company Act of 1940,
as amended.

          7.13 PUBLIC UTILITY HOLDING COMPANY ACT. Neither any Credit Party nor
any of its Subsidiaries is a "holding company," or a "subsidiary company" of a
"holding company," or an "affiliate" of a "holding company" or of a "subsidiary
company" of a "holding company" within the meaning of the Public Utility Holding
Company Act of 1935, as amended.

                                      -58-
<Page>

          7.14 ENVIRONMENTAL MATTERS. (a) Each Borrower and each of its
Subsidiaries have complied with, and on the date of such Credit Event are in
compliance with, all applicable Environmental Laws and the requirements of any
permits issued under such Environmental Laws. There are no pending or, to the
best knowledge of each Borrower, threatened Environmental Claims against any
Borrower or any of its Subsidiaries (including any such Environmental Claim
arising out of the ownership or operation by any Borrower or any of its
Subsidiaries of any Real Property no longer owned or operated by any Borrower or
any of its Subsidiaries) or any Real Property owned or operated by any Borrower
or any of its Subsidiaries. There are no facts, circumstances, conditions or
occurrences with respect to the business or operations of any Borrower or any of
its Subsidiaries or any Real Property owned or operated by any Borrower or any
of its Subsidiaries (including any Real Property formerly owned or operated by
any Borrower or any of its Subsidiaries but no longer owned or operated by any
Borrower or any of its Subsidiaries) or, to the best knowledge of any Borrower,
any real property adjoining or adjacent to any such Real Property that would
reasonably be expected (i) to form the basis of an Environmental Claim against
any Borrower or any of its Subsidiaries or any Real Property owned or operated
by any Borrower or any of its Subsidiaries, or (ii) to cause any Real Property
owned or operated by any Borrower or any of its Subsidiaries to be subject to
any restrictions imposed by Environmental Laws on the nature of the use or the
transferability of such Real Property by any Borrower or any of its Subsidiaries
under any applicable Environmental Law.

          (b)     Hazardous Materials have not been generated, used, treated or
stored on, or transported to or from, any Real Property owned or operated by any
Borrower or any of its Subsidiaries where such generation, use, treatment,
storage or transportation has violated or would reasonably be expected to
violate any applicable Environmental Law. Hazardous Materials have not been
Released on or from any Real Property owned or operated by any Borrower or any
of its Subsidiaries where such Release has violated or would reasonably be
expected to violate any applicable Environmental Law.

          (c)     Notwithstanding anything to the contrary in preceding
clauses (a) and (b) of this Section 7.14, the representations made in preceding
clauses (a) and (b) of this Section 7.14 shall not be untrue unless the
aggregate effect of all violations, Environmental Claims, facts, circumstances,
conditions, occurrences, restrictions, failures and noncompliances subject to or
governed by Environmental Laws would reasonably be expected to have a Material
Adverse Effect.

          7.15 LABOR RELATIONS. No Borrower or any of its Subsidiaries is
engaged in any unfair labor practice that could reasonably be expected to have a
Material Adverse Effect. There is (i) no unfair labor practice complaint pending
against any Borrower or any of its Subsidiaries or, to the best knowledge of
each Borrower, threatened against any of them, before the National Labor
Relations Board, and no grievance or arbitration proceeding arising out of or
under any collective bargaining agreement is so pending against any Borrower or
any of its Subsidiaries or, to the best knowledge of each Borrower, threatened
against any of them, (ii) no strike, labor dispute, slowdown or stoppage pending
against any Borrower or any of its Subsidiaries or, to the best knowledge of
each Borrower, threatened against any Borrower or any of its Subsidiaries and
(iii) to the best knowledge of each Borrower, no union representation question
existing with respect to the employees of any Borrower or any of its
Subsidiaries and, to the best knowledge of each Borrower, no union organizing
activities are taking place, except (with respect to any matter

                                      -59-
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specified in clause (i), (ii) or (iii) above, either individually or in the
aggregate) such as could not reasonably be expected to have a Material Adverse
Effect.

          7.16 INTELLECTUAL PROPERTY, LICENSES, FRANCHISES AND FORMULAS. Each
Borrower and each of its Subsidiaries owns, or has the right to use, all the
patents, trademarks, permits, service marks, trade names, copyrights, licenses,
franchises, proprietary information (including, but not limited to, rights in
computer programs and databases) and formulas, or other rights with respect to
the foregoing, or has obtained assignments of all leases and other rights of
whatever nature, necessary for the present conduct of its business, without any
known conflict with the rights of others which, or the failure to obtain which,
as the case may be, could reasonably be expected to result in a Material Adverse
Effect.

          7.17 SCHEDULED EXISTING INDEBTEDNESS, ETC. (a) Schedule 7.17 sets
forth a true and complete list of all Indebtedness of the Corporation and each
of its Subsidiaries as of the Initial Borrowing Date and which is to remain
outstanding after giving effect to the Transaction (excluding the Loans and the
Letters of Credit, the "SCHEDULED EXISTING INDEBTEDNESS"), in each case, showing
the aggregate principal amount thereof and the name of the respective borrower
and any Credit Party or any of its Subsidiaries which directly or indirectly
guaranteed such debt and describing any security therefor. Part I of Schedule
7.17 lists all Scheduled Existing Indebtedness owed to any Person other than the
Credit Parties and their Subsidiaries (collectively, "THIRD PARTY EXISTING
INDEBTEDNESS") and Part II of Schedule 7.17 lists all Scheduled Existing
Indebtedness (with such normal fluctuations in the principal amount thereof
since the date of such Schedule) owed to any other Credit Party or any
Subsidiary thereof (the "INTERCOMPANY EXISTING INDEBTEDNESS").

          (b)     After giving effect to the Collateral and Guaranty Release,
the Existing Senior Notes described in clauses (i) and (ii) of the definition
thereof are not guaranteed by any Person other than Sheraton. As of the Initial
Borrowing Date, the Existing Senior Notes described in clause (iii) of the
definition thereof are not guaranteed by any Person other than the Corporation.

          SECTION 8. AFFIRMATIVE COVENANTS. Each Borrower hereby covenants and
agrees that on and after the Effective Date and until the Total Commitment and
all Letters of Credit have terminated and the Loans, Notes and Unpaid Drawings,
together with interest, Fees and all other Obligations (other than contingent
indemnification obligations) incurred hereunder and thereunder, are paid in
full:

          8.01 INFORMATION COVENANTS. The Borrowers will furnish to the Lenders:

          (a)     QUARTERLY FINANCIAL STATEMENTS. Within 55 days after the close
of the first three quarterly accounting periods in each Fiscal Year of the
Corporation, (i) the consolidated balance sheet of the Corporation and its
Subsidiaries as at the end of such quarterly accounting period, and the related
consolidated statements of income and retained earnings and statement of cash
flows for such quarterly accounting period and for the elapsed portion of the
Fiscal Year ended with the last day of such quarterly accounting period, in each
case setting forth comparative figures for the related periods in the prior
Fiscal Year, all of which shall be certified by the chief financial officer of
the Corporation (or by the Senior Vice President and Treasurer or

                                      -60-
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Senior Vice President and Corporate Controller of the Corporation), subject only
to normal year-end audit adjustments and the absence of footnotes and (ii)
management's discussion and analysis of the important operational and financial
developments during the quarterly and year-to-date periods.

          (b)     ANNUAL FINANCIAL STATEMENTS. Within 100 days after the close
of each Fiscal Year of the Corporation, (i) the consolidated balance sheet of
the Corporation and its Subsidiaries as at the end of such Fiscal Year, and the
related consolidated statements of income and retained earnings and of cash
flows for such Fiscal Year setting forth comparative figures for the preceding
Fiscal Year and certified (without qualification) by independent certified
public accountants of recognized national standing reasonably acceptable to the
Administrative Agent, together with a report of such accounting firm stating
that in the course of its regular audit of the respective financial statements,
which audit was conducted in accordance with generally accepted auditing
standards, such accounting firm obtained no knowledge of any Default or Event of
Default which has occurred and is continuing or, if in the opinion of such
accounting firm such a Default or Event of Default has occurred and is
continuing, a statement as to the nature thereof and (ii) management's
discussion and analysis of the important operational and financial developments
during the respective Fiscal Year.

          (c)     BUDGETS. (x) On January 31 of each Fiscal Year, a budget
(including budgeted statements of income and sources and uses of cash and
balance sheets) for each of the four fiscal quarters of such Fiscal Year
prepared by the Corporation (on a consolidated basis) in reasonable detail and
in form reasonably satisfactory to the Administrative Agent and accompanied by
the statement of a senior financial officer of the Corporation to the effect
that, to the best of his knowledge, the budget is a reasonable estimate for the
period covered thereby.

          (d)     OFFICER'S CERTIFICATES. At the time of the delivery of the
financial statements provided for in Sections 8.01(a) and (b), a certificate of
the chief financial officer of the Corporation (or by the Senior Vice President
and Treasurer or Senior Vice President and Corporate Controller of the
Corporation), in form satisfactory to the Agents, to the effect that, to the
best of such officer's knowledge, no Default or Event of Default has occurred
and is continuing or, if any Default or Event of Default has occurred and is
continuing, specifying the nature and extent thereof, which certificate shall
(x) set forth in reasonable detail the calculations required to establish
whether the Borrowers and their Subsidiaries were in compliance with the
provisions of Sections 4.02, 9.01, 9.04, 9.05, 9.06 and 9.08 at the end of such
fiscal quarter or Fiscal Year, as the case may be, (y) set forth its Unsecured
Debt Ratings and (z) set forth the calculations required to establish the
Applicable Margin and Applicable Commitment Commission Percentage.

          (e)     NOTICE OF DEFAULT OR LITIGATION. Promptly, and in any event
within five Business Days (or ten Business Days in the case of following clause
(ii)) after any Authorized Officer of any Borrower obtains actual knowledge
thereof, notice of (i) the occurrence of any event which constitutes a Default
or an Event of Default and (ii) any litigation or governmental investigation or
proceeding pending (x) against any Borrower or any of its Subsidiaries which
could reasonably be expected to have a Material Adverse Effect, (y) with respect
to any material Indebtedness of any Borrower or any of its Subsidiaries or (z)
with respect to any Document.

                                      -61-
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          (f)     OTHER REPORTS AND FILINGS. The Corporation shall promptly
notify the Agents after any Borrower or any Subsidiary files with, or delivers
to, the Securities and Exchange Commission (or any successor thereto) (the
"SEC") (x) any Form 8-K, Form 10-Q or Form 10-K or (y) any financial
information, proxy material, registration statement or report which contains
information materially adverse to the Corporation or any of its Subsidiaries,
and, if requested by any Agent or Lender, shall furnish it with a copy thereof.

          (g)     ENVIRONMENTAL MATTERS. Promptly upon, and in any event within
fifteen Business Days after, an Authorized Officer of any Borrower obtains
knowledge thereof, notice of one or more of the following matters subject to or
governed by Environmental Laws (in each case, describing in reasonable detail
the nature of the respective Environmental Matter and the respective Borrower's
or Subsidiary's intended response thereto), unless such Environmental Matters
would not, individually or when aggregated with all other such Environmental
Matters, be reasonably expected to have a Material Adverse Effect:

          (i)     any pending or threatened Environmental Claim against such
     Borrower or any of its Subsidiaries or any Real Property owned or operated
     by such Borrower or any of its Subsidiaries;

          (ii)    any condition or occurrence on or arising from any Real
     Property owned or operated by such Borrower or any of its Subsidiaries that
     (a) results in noncompliance by such Borrower or any of its Subsidiaries
     with any applicable Environmental Law or (b) would reasonably be expected
     to form the basis of an Environmental Claim against such Borrower or any of
     its Subsidiaries or any such Real Property;

          (iii)   any condition or occurrence on any Real Property owned or
     operated by such Borrower or any of its Subsidiaries that could reasonably
     be expected to cause such Real Property to be subject to any restrictions
     on the nature of the use or transferability by the respective Borrower or
     any of its Subsidiaries of such Real Property under any Environmental Law;
     and

          (iv)    the taking of any removal or remedial action in response to
     the actual or alleged presence of any Hazardous Materials on any Real
     Property owned or operated by such Borrower or any of its Subsidiaries as
     required by any Environmental Law or any Governmental Authority (with the
     items described in this clause (iv) and above in preceding clauses (i)
     through (iii) being herein called, collectively, "ENVIRONMENTAL MATTERS").

In addition, each Borrower or any of its Subsidiaries will provide the Lenders
with copies of all communications between such Borrower or any of its
Subsidiaries and any Governmental Authority relating to Environmental Laws which
could reasonably be expected to have a Material Adverse Effect.

          (h)     OTHER INFORMATION. From time to time, such other information
or documents (financial or otherwise) with respect to any Borrower or any of its
Subsidiaries as either Agent or any Lender may reasonably request.

                                      -62-
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          8.02 BOOKS, RECORDS AND INSPECTIONS. Each Borrower will, and the
Corporation will cause each Subsidiary to, keep proper books of record and
accounts in which full, true and correct entries in conformity with generally
accepted accounting principles and all requirements of law shall be made of all
dealings and transactions in relation to its business and activities. Upon prior
notice, each Borrower will, and the Corporation will cause each Subsidiary to,
permit officers and designated representatives of any Agent or any Lender to
visit and inspect, during regular business hours and under guidance of officers
of such Borrower or such Subsidiary, any of the properties of such Borrower or
such Subsidiary, and to examine the books of account of such Borrower or such
Subsidiary and discuss the affairs, finances and accounts of such Borrower or
such Subsidiary with, and be advised as to the same by, its and their officers
and independent accountants, all at such reasonable times and intervals and to
such reasonable extent as such Agent or such Lender may request.

          8.03 MAINTENANCE OF INSURANCE. Each Borrower will, and the Corporation
will cause each of its Subsidiaries to, maintain (either in the name of such
Borrower or in such Subsidiary's own name) with financially sound and
responsible insurance companies, insurance in such types and in at least such
amounts and against at least such risks (and with such risk retention) as are
usually insured against by companies of established repute engaged in the same
or a similar business (including, if so required, terrorism insurance) and as is
otherwise reasonably acceptable to the Administrative Agent, and will furnish to
the Lenders, upon request from the Administrative Agent, information presented
in reasonable detail as to the insurance so carried. Notwithstanding the
foregoing, each Borrower may self-insure with respect to such risks with respect
to which companies of established repute engaged in the same or similar business
in the same general area usually self-insure; PROVIDED that the terms of such
self-insurance (including any reserves established in connection therewith)
shall be reasonably acceptable to the Administrative Agent.

          8.04 CORPORATE FRANCHISES. Each Borrower will, and the Corporation
will cause each of its Subsidiaries to, do or cause to be done, all things
necessary to preserve and keep in full force and effect its existence and its
material rights, franchises, licenses and patents; PROVIDED, HOWEVER, that
nothing in this Section 8.04 shall prevent (i) transactions permitted under
Section 9.02, (ii) the liquidation of any Subsidiary (which Subsidiary is not
itself a Credit Party) if the Corporation determines that such liquidation could
not reasonably be expected to have a Material Adverse Effect or (iii) the
withdrawal by any Borrower or any of its Subsidiaries of its qualification as a
foreign corporation in any jurisdiction where such withdrawal would not
reasonably be expected to have a Material Adverse Effect.

          8.05 COMPLIANCE WITH STATUTES, ETC. (a) Each Borrower will, and the
Corporation will cause each of its Subsidiaries to, comply with all Requirements
of Law (including, without limitation, all Environmental Laws and the rules and
regulations thereunder), except such noncompliances as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.
No Borrower nor any of its Subsidiaries will generate, use, treat, store,
Release or dispose of, or permit the generation, use, treatment, storage,
Release or disposal of Hazardous Materials on any Real Property now or hereafter
owned or operated by such Borrower or any of its Subsidiaries, or transport or
permit the transportation of Hazardous Materials to or from any such Real
Property, except for Hazardous Materials generated, used, treated, stored,
Released or disposed of at, or transported to or from, any such Real Properties
in compliance in

                                      -63-
<Page>

all material respects with all applicable Environmental Laws and as is
reasonably required in connection with the operation, use and maintenance of the
business or operations of such Borrower or any of its Subsidiaries.

          (b)     Within 5 Business Days after the Corporation is required by
applicable law, statute, rule or regulation, the Corporation shall file (or
cause to be filed) with the SEC all reports, financial information and
certifications required by applicable law, statute, rule or regulation.

          8.06 ERISA. As soon as reasonably practicable and, in any event,
within fifteen (15) days after any Borrower, any Subsidiary of any Borrower or
any ERISA Affiliate knows or has reason to know of the occurrence of any of the
following, the Corporation will deliver, or cause to be delivered, to the
Lenders a certificate of the chief financial officer, treasurer or controller of
the Corporation setting forth the reasonable details as to such occurrence and
the action, if any, that such Borrower, such Subsidiary or such ERISA Affiliate
is required or proposes to take, together with any notices required or proposed
to be given or filed by such Borrower, such Subsidiary, the Plan Administrator
or such ERISA Affiliate to or with the PBGC or any other government agency, or a
Plan participant and any notices received by such Borrower, such Subsidiary or
ERISA Affiliate from the PBGC or any other government agency, or a Plan
participant with respect thereto: that a Reportable Event has occurred (except
to the extent that any Borrower has previously delivered to the Lenders a notice
(if any) concerning such event pursuant to the next clause hereof); that a
contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan
subject to Title IV of ERISA is subject to the advance reporting requirement of
PBGC Regulation Section 4043.61 (without regard to subparagraph (b)(1) thereof),
and an event described in subsection .62, .63, .64, .65, .66, .67 or .68 of PBGC
Regulation Section 4043 is reasonably expected to occur with respect to such
Plan within the following 30 days; that an accumulated funding deficiency,
within the meaning of Section 412 of the Code or Section 302 of ERISA, has been
incurred or an application may reasonably be expected to be or has been made for
a waiver or modification of the minimum funding standard (including any required
installment payments) or an extension of any amortization period under Section
412 of the Code or Section 303 or 304 of ERISA with respect to a Plan; that any
contribution required to be made by any Borrower or a Subsidiary of any Borrower
or an ERISA Affiliate with respect to a Plan or Foreign Pension Plan has not
been timely made; that a Plan has been or may be terminated, reorganized,
partitioned or declared insolvent under Title IV of ERISA; that a Plan has an
Unfunded Current Liability; that proceedings may reasonably be expected to be or
have been instituted to terminate or appoint a trustee to administer a Plan
which is subject to Title IV of ERISA; that a proceeding has been instituted
pursuant to Section 515 of ERISA to collect a delinquent contribution to a Plan;
that any Borrower, any Subsidiary of any Borrower or any ERISA Affiliate will or
could reasonably be expected to incur any material increase in liability
(including any indirect, contingent, or secondary liability) to or on account of
the termination of or withdrawal from a Plan under Section 4062, 4063, 4064,
4069, 4201, 4204 or 4212 of ERISA or with respect to a Plan under Section
401(a)(29), 4971, 4975 or 4980 of the Code or Section 409 or 502(i) or 502(l) of
ERISA or with respect to a group health plan (as defined in Section 607(1) of
ERISA or Section 4980B(g)(2) of the Code) under Section 4980B of the Code; or
that any Borrower or any Subsidiary of any Borrower could reasonably be expected
to incur any material increase in liability pursuant to any employee welfare
benefit plan (as defined in Section 3(1) of ERISA) that provides benefits to
retired employees or other former

                                      -64-
<Page>

employees (other than as required by Section 601 of ERISA) or any Plan or any
Foreign Pension Plan. Each Borrower will deliver to such Lender (i) upon the
request of such Lender, a complete copy of the annual report (on U.S. Internal
Revenue Service Form 5500-series) of each Plan which is not a multiemployer plan
(as defined in Section 4001(a)(3) of ERISA)(including, to the extent required,
the related financial and actuarial statements and opinions and other supporting
statements, certifications, schedules and information) required to be filed with
the U.S. Internal Revenue Service and (ii) copies of any records, documents or
other information that must be furnished to the PBGC or any other governmental
agency with respect to any Plan pursuant to Section 4010 of ERISA. In addition
to any certificates or notices delivered to the Lenders pursuant to the first
sentence hereof, copies of any records, documents or other information required
to be furnished to the PBGC or any other governmental agency, and any material
notices received by any Borrower, any Subsidiary of any Borrower or any ERISA
Affiliate with respect to any Plan or Foreign Pension Plan shall be delivered to
the Lenders no later than fifteen (15) days after the date such records,
documents, and/or information has been furnished to the PBGC or any other
governmental agency or such notice has been received by any Borrower, any
Subsidiary or any ERISA Affiliate, as applicable. Notwithstanding the foregoing,
no statement or notice described in this Section 8.06 shall be required to be
provided unless the event or events to which such statement or notice relate
could individually or in the aggregate be expected to result in liability to the
Corporation, its Subsidiaries and their ERISA Affiliates in excess of
$5,000,000.

          8.07 END OF FISCAL YEARS; FISCAL QUARTERS. The Corporation will cause
(i) each of its, and each of its Subsidiaries', Fiscal Years to end on December
31 of each year and (ii) each of its, and each of its Subsidiaries', fiscal
quarters to end on dates which are consistent with a Fiscal Year ending December
31.

          8.08 PERFORMANCE OF OBLIGATIONS. Each Borrower will, and will cause
each of its Subsidiaries to, perform all of its obligations under the terms of
each mortgage, indenture, security agreement and other debt instrument by which
it is bound, except such non-performances as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

          8.09 MAINTENANCE OF PROPERTIES. Each Borrower will, and the
Corporation will cause each of its Subsidiaries to, keep all property necessary
to the business of such Borrower and each such Subsidiary in good working order
and condition, ordinary wear and tear excepted, except such non-compliances with
the foregoing as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

          8.10 REIT REQUIREMENTS. Starwood REIT shall operate its business at
all times so as to satisfy all requirements necessary to qualify as a real
estate investment trust under Sections 856 through 860 of the Code. Starwood
REIT will maintain adequate records so as to comply with all record-keeping
requirements relating to the qualification of Starwood REIT as a real estate
investment trust as required by the Code and applicable regulations of the
Department of Treasury promulgated thereunder and will properly prepare and
timely file with the U.S. Internal Revenue Service all returns and reports
required thereby.

                                      -65-
<Page>

          8.11 PAYMENT OF TAXES. Each Borrower will, and the Corporation will
cause each of its Subsidiaries to, pay and discharge, or cause to be paid and
discharged, all taxes, assessments and governmental charges or levies imposed
upon it or upon its income or profits, or upon any properties belonging to it,
prior to the date on which penalties attach thereto, and all lawful claims
which, if unpaid, might become a lien not otherwise permitted under Section
9.01(i); PROVIDED that no Borrower or any of its Subsidiaries will be required
to pay any such tax, assessment, charge, levy or claim which (x) is being
contested in good faith and by appropriate proceedings if it has maintained
adequate reserves with respect thereto in accordance with generally accepted
accounting principles and (y) would not reasonably be expected to have a
Material Adverse Effect.

          8.12 OWNERSHIP OF CERTAIN SUBSIDIARIES. At all times after the Initial
Borrowing Date, (i) the Corporation shall own, directly or indirectly, at least
ninety percent (90%) of the Capital Stock of Sheraton and (ii) the Corporation
shall maintain, directly or indirectly, voting control of Starwood REIT as well
as 100% of the Class A shares of Starwood REIT, which shares shall at all times
represent greater than 50% of the economic interest in the Capital Stock of
Starwood REIT.

          8.13 ASSIGNED STARWOOD NOTE; ETC. At all times on and after the
Initial Borrowing Date, the Assigned Starwood Note LLC shall at all times own
(subject to no Liens) the Assigned Starwood Note.

          SECTION 9. NEGATIVE COVENANTS. Each of the Borrowers hereby covenants
and agrees that on and after the Effective Date and until the Total Commitment
and all Letters of Credit have terminated and the Loans, Notes and Unpaid
Drawings, together with interest, Fees and all other Obligations (other than
contingent indemnification obligations) incurred hereunder and thereunder, are
paid in full:

          9.01 LIENS. No Borrower will, nor will any Borrower permit any of its
Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or with
respect to any property or assets (real or personal, tangible or intangible) of
such Borrower or any of its Subsidiaries, whether now owned or hereafter
acquired, or sell any such property or assets subject to an understanding or
agreement, contingent or otherwise, to repurchase or leaseback such property or
assets (including sales of accounts receivable with recourse to such Borrower or
any of its Subsidiaries), or assign any right to receive income or permit the
filing of any financing statement under the UCC or any other similar notice of
Lien under any similar recording or notice statute; PROVIDED that the provisions
of this Section 9.01 shall not prevent the creation, incurrence, assumption or
existence of the following (Liens described below are herein referred to as
"PERMITTED LIENS"):

          (i)     inchoate Liens for taxes, assessments or governmental or
     quasi-governmental charges or levies not yet due and payable or Liens for
     taxes, assessments or governmental or quasi-governmental charges or levies
     being contested in good faith and by appropriate proceedings for which
     adequate reserves have been established in accordance with generally
     accepted accounting principles;

                                      -66-
<Page>

          (ii)    Liens in respect of property or assets of any Borrower or any
     of its Subsidiaries imposed by law, which were incurred in the ordinary
     course of business and do not secure Indebtedness for borrowed money, such
     as carriers', warehousemen's, materialmen's and mechanics' liens and other
     similar Liens arising in the ordinary course of business, and (x) which do
     not in the aggregate materially detract from the value of the property and
     assets of such Borrower and its Subsidiaries taken as a whole or materially
     impair the use thereof in the operation of the business of such Borrower or
     such Subsidiary or (y) which are being contested in good faith by
     appropriate proceedings, which proceedings have the effect of preventing
     the forfeiture or sale of the property or assets subject to any such Lien;

          (iii)   Liens in existence on the Initial Borrowing Date which are
     listed, and the property subject thereto described, in Schedule 9.01
     ("EXISTING LIENS"), and giving effect to any renewals, replacements and
     extensions of such Liens, in each case so long as (x) the principal amount
     of the obligations secured thereby is not increased as a result thereof
     (except to the extent any such incremental obligations are independently
     justified under (and applied as a utilization of the basket described in)
     Section 9.01(xv) below) and (y) such renewals, replacements and extensions
     do not result in Liens applying to any Assets which are not already subject
     to the Liens securing the respective obligations being renewed, replaced or
     extended;

          (iv)    licenses, leases, sublicenses or subleases granted to other
     Persons not materially interfering with the conduct of the business of any
     Borrower and its Subsidiaries taken as a whole;

          (v)     Liens upon assets of any Borrower or its Subsidiaries (I)
     subject to Capitalized Lease Obligations, (II) arising pursuant to purchase
     money mortgages or security interests securing Indebtedness representing
     the purchase price (or financing of the purchase price within 90 days after
     the respective purchase) of assets acquired after the Effective Date or
     (III) securing Non-Recourse Indebtedness incurred to finance construction
     projects, PROVIDED that (x) such Liens only serve to secure the payment of
     Indebtedness arising under such Capitalized Lease Obligation, such purchase
     money Indebtedness or such Non-Recourse Indebtedness, as the case may be,
     (y) the Lien encumbering the asset or assets giving rise to such
     Capitalized Lease Obligation, purchase money Indebtedness or Non-Recourse
     Indebtedness, as the case may be, does not encumber any other asset of such
     Borrower or any Subsidiary of such Borrower and (z) the aggregate amount of
     all such purchase money Indebtedness and Non-Recourse Indebtedness (subject
     to Liens pursuant to this clause (v)) which amortizes or is otherwise
     required to be paid prior to the Maturity Date shall at no time exceed
     $150,000,000;

          (vi)    easements, rights-of-way, restrictions, encroachments and
     other similar charges or encumbrances, and minor title deficiencies, in
     each case not securing Indebtedness and, except in the case of those
     arising out of a governmental taking or threatened governmental taking, not
     materially interfering with the conduct of the business of any Borrower or
     any of its Subsidiaries;

                                      -67-
<Page>

          (vii)   Liens arising from precautionary UCC financing statement
     filings regarding operating leases entered into by any Borrower or any of
     its Subsidiaries in the ordinary course of business;

          (viii)  Liens arising out of the existence of judgments, decrees or
     awards not constituting an Event of Default under Section 10.08, PROVIDED
     that no cash or property is deposited or delivered to secure the respective
     judgment or award (or any appeal bond in respect thereof);

          (ix)    statutory and common law landlords' liens under leases to
     which any Borrower or any of its Subsidiaries is a party;

          (x)     Liens on property or assets acquired pursuant to an
     acquisition permitted by Section 9.02, or on property or assets of a
     Subsidiary of any Borrower acquired in accordance with said Section 9.02,
     in each case in existence at the time such acquisition is consummated,
     PROVIDED that such Liens are not incurred in connection with or in
     contemplation or anticipation of such acquisition and do not attach to any
     other asset of such Borrower or any of its Subsidiaries;

          (xi)    Liens on Assets of Starwood Vacation or any of its
     Subsidiaries securing the SVO Debt;

          (xii)   Liens placed upon equipment or machinery used in the ordinary
     course of business of any Borrower or any of its Subsidiaries at the time
     of acquisition thereof by such Borrower or any such Subsidiary or within 90
     days thereafter to secure Indebtedness incurred to pay all or a portion of
     the purchase price thereof or to secure Indebtedness incurred solely for
     the purpose of financing the acquisition of any such equipment or machinery
     or extensions, renewals or replacements of any of the foregoing for the
     same or a lesser amount, PROVIDED that (x) the aggregate outstanding
     principal amount of all Indebtedness secured by Liens permitted by this
     clause (xii) shall not at any time exceed $5,000,000 and (y) in all events,
     the Lien encumbering the equipment or machinery so acquired does not
     encumber any other asset of such Borrower or such Subsidiary;

          (xiii)  intercompany Indebtedness owed by and among the Corporation,
     any of its Wholly-Owned Subsidiaries and, so long as SLT Realty Limited
     Partnership is a Subsidiary of the Corporation at least 95% of the Capital
     Stock of which is directly or indirectly owned by the Corporation, SLT
     Realty Limited Partnership and its Wholly-Owned Subsidiaries may be secured
     by any Assets (but excluding Capital Stock or other equity interests in any
     Persons) of the respective such obligor, so long as (x) any Subsidiary of
     the Corporation which is an obligee with respect to any such Indebtedness
     owed by a Credit Party shall have entered into the Subordination Agreement
     and (y) any such intercompany Indebtedness owed by a Credit Party shall at
     all times be subject to the provisions of the Subordination Agreement as,
     and to the extent, required thereby;

          (xiv)   Liens on Capital Stock acquired by Starwood Italia after the
     Initial Borrowing Date securing Indebtedness of Starwood Italia as, and to
     the extent required by, the CIGA Euro Loan Agreement; and

                                      -68-
<Page>

          (xv)    Liens on Assets of the Corporation or any of its Subsidiaries
     securing Indebtedness and not otherwise permitted by the foregoing clauses
     (i) through (xiv), so long as (I) the sum of: (x) the aggregate amount of
     the outstanding Indebtedness secured by such Liens, PLUS (y) the aggregate
     outstanding amount of the SVO Debt (if any) which is recourse to the
     Corporation or any of its Subsidiaries (other than Starwood Vacation and
     its Subsidiaries), PLUS (z) the aggregate outstanding principal amount of
     Additional Unsecured Subsidiary Indebtedness (without duplication of any
     Contingent Obligations in respect of primary obligations constituting
     Additional Unsecured Subsidiary Indebtedness), does not exceed at any time
     5% of Consolidated Net Tangible Assets (determined as of the date of the
     most recent incurrence of such Liens or Indebtedness (or any increase
     thereof) by reference to the then most recent date for which the
     Corporation has delivered (or was required to deliver, if such delivery has
     not been made) its financial statements under Section 8.01(a) or (b), as
     applicable) and (II) the Assets so encumbered have a value (as determined
     in good faith by senior management of the Corporation) reasonably related
     to the amount of the Indebtedness secured thereby.

Notwithstanding the foregoing, in no event shall Assigned Starwood Note LLC
create, incur or assume any Lien on or with respect to its property or assets.

          9.02 CONSOLIDATION, MERGER, PURCHASE OR SALE OF ASSETS, LEASE
OBLIGATIONS, ETC. No Borrower will, nor will any Borrower permit any of its
Subsidiaries to, enter into transaction of merger or consolidation, or convey,
sell, lease or otherwise dispose of all or any part of its property or assets
(other than inventory, goods, materials or equipment (in each case other than
Real Property) in the ordinary course of business), or enter into any
sale-leaseback transactions, or purchase or otherwise acquire (in one or a
series of related transactions) any part of the property or assets (other than
purchases or other acquisitions of inventory, goods, materials and equipment in
the ordinary course of business) of any Person, unless: (i) no Specified Default
or Event of Default then exists or would result therefrom, (ii) calculations are
made by the Corporation demonstrating compliance with the covenants contained in
Sections 9.05, 9.06 and 9.08 for the Reference Period, on a PRO FORMA Basis, as
if the respective transaction had occurred on the first day of such Reference
Period, (iii) in the case of a merger or consolidation or the acquisition of
assets, the Person, business, assets or product line so acquired pursuant to the
respective transaction, was engaged or used, as the case may be, primarily in a
business permitted by Section 9.07, (iv) in the case of a merger or
consolidation involving any Alternate Currency Revolving Loan Borrower (other
than the Corporation), an Alternate Currency Revolving Loan Borrower is the
surviving corporation of such merger or consolidation, (v) in the case of a
merger or consolidation involving the Corporation or Sheraton, the Corporation
or Sheraton, as the case may be, shall be the surviving corporation of such
merger or consolidation, PROVIDED that the Corporation or Sheraton, as the case
may be, shall not be required to be the surviving corporation of such merger or
consolidation, so long as (x) the respective entity which survives such merger
or consolidation assumes all of the obligations of the Corporation or Sheraton
under the Credit Documents to which it is a party pursuant to documentation
reasonably satisfactory to the Administrative Agent and the Required Lenders,
(y) the Required Lenders shall have consented thereto on such additional terms
and conditions satisfactory to them and (z) such surviving entity shall have
delivered such opinions of counsel and such other documentation (including
revised Notes and evidence of good standing) as shall be reasonably requested by
the Administrative Agent or any Lender and (vi) in the case of a Significant

                                      -69-
<Page>

Acquisition or Significant Disposition, the Corporation shall have delivered an
officer's certificate (together with related calculations) to the Administrative
Agent demonstrating compliance with preceding clauses (i) and (ii); PROVIDED
HOWEVER, that no Alternate Currency Revolving Loan Borrower (other than the
Corporation) shall be permitted to merge or consolidate with the Corporation or
Sheraton, unless the Corporation is the surviving corporation of such merger or
consolidation.

          9.03 RESTRICTED PAYMENTS. No Borrower will, nor will any Borrower
permit any of its Subsidiaries to, authorize, declare or pay any Dividends,
except that:

          (i)     any Subsidiary of the Corporation may authorize, declare and
     pay cash Dividends to the Corporation or to any Wholly-Owned Subsidiary of
     the Corporation; and

          (ii)    the Corporation and any of its Subsidiaries may authorize,
     declare or pay Dividends from time to time (in addition to those permitted
     pursuant to preceding clause (i)), so long as (x) no Specified Default or
     Event of Default exists at the time of the respective authorization,
     declaration or payment or would exist immediately after giving effect
     thereto and (y) calculations are made by the Corporation establishing
     compliance with the financial covenants contained in Sections 9.05, 9.06
     and 9.08 for the Reference Period, on a PRO FORMA Basis (giving effect to
     the payment of the respective Dividend).

          9.04 SUBSIDIARY INDEBTEDNESS. The Corporation will not permit any of
its Subsidiaries to contract, create, incur, assume or suffer to exist any
Unsecured Indebtedness for borrowed money or any Contingent Obligations in
respect of such Indebtedness, except:

          (i)     Indebtedness incurred pursuant to this Agreement and the other
     Credit Documents;

          (ii)    Contingent Obligations of Sheraton (to the extent Sheraton
     remains a Guarantor) representing guaranties of Unsecured Indebtedness for
     borrowed money incurred by the Corporation after the Effective Date;

          (iii)   Scheduled Existing Indebtedness outstanding on the Initial
     Borrowing Date and listed on Schedule 7.17, including any subsequent
     extension, renewal or refinancing thereof ("REFINANCING INDEBTEDNESS"),
     PROVIDED that (I) the principal amount (or accreted value, if applicable)
     of such Refinancing Indebtedness does not exceed the principal amount (or
     accreted value, if applicable) of the Indebtedness so extended, renewed or
     refinanced (except to the extent any such incremental Refinancing
     Indebtedness is independently justified under (and applied as a utilization
     of the basket described in) Section 9.04(v) below); (II) such Refinancing
     Indebtedness has a weighted average life to maturity greater than or equal
     to the weighted average life to maturity of the Indebtedness so extended,
     renewed or refinanced; (III) if the Indebtedness being extended, renewed or
     refinanced is subordinated in right of payment to the Obligations under
     this Agreement, such Refinancing Indebtedness shall be subordinated in
     right of payment to such Obligations on terms at least as favorable to the
     Lenders as those contained in the documentation governing the Indebtedness
     being extended, renewed or

                                      -70-
<Page>

     refinanced; (IV) if the Indebtedness being extended, renewed or refinanced
     is Non-Recourse Indebtedness, the Refinancing Indebtedness shall be
     Non-Recourse Indebtedness; (V) no Refinancing Indebtedness shall have
     different obligors, or greater guarantees or security, than the
     Indebtedness being extended, renewed or refinanced ; and (VI) any Scheduled
     Existing Indebtedness constituting Intercompany Existing Indebtedness (and
     any Refinancing Indebtedness in respect thereof) owing (or incurred) by a
     Credit Party shall at all times be subject to the provisions of the
     Subordination Agreement as, and to the extent, required thereby;

          (iv)    any Subsidiary of the Corporation may incur intercompany loans
     from the Corporation or any other Subsidiary of the Corporation; PROVIDED
     that (x) any Subsidiary of the Corporation making any intercompany loan to
     any Credit Party pursuant to this clause (iv) shall have entered into the
     Subordination Agreement and (y) any intercompany loan incurred by a Credit
     Party pursuant to this clause (iv) shall at all times be subject to the
     provisions of the Subordination Agreement as, and to the extent, required
     thereby; and

          (v)     such additional Indebtedness not otherwise permitted pursuant
     to preceding clauses (i), (ii), (iii) and (iv) (such Indebtedness permitted
     by this clause (v), the "ADDITIONAL UNSECURED SUBSIDIARY INDEBTEDNESS"), so
     long as the sum of: (x) the aggregate outstanding amount of such Additional
     Unsecured Subsidiary Indebtedness (without duplication of any Contingent
     Obligation in respect of primary obligations constituting Additional
     Unsecured Subsidiary Indebtedness), PLUS (y) the aggregate amount of the
     SVO Debt (if any) which is recourse to the Corporation or any of its
     Subsidiaries (other than Starwood Vacation and its Subsidiaries), PLUS (z)
     the aggregate outstanding principal amount of Indebtedness secured by Liens
     incurred in reliance on Section 9.01(xv), does not exceed 5% of
     Consolidated Net Tangible Assets (determined as of the date of the most
     recent incurrence of such Indebtedness or Liens (or any increase thereof)
     by reference to the then most recent date for which the Corporation has
     delivered (or was required to deliver, if such delivery has not been made)
     its financial statements under Section 8.01(a) or (b), as applicable) at
     any time.

          9.05 CONSOLIDATED INTEREST COVERAGE RATIO. The Corporation will not
permit the Consolidated Interest Coverage Ratio for any Test Period ending
during a period described below to be less than the ratio set forth opposite
such period below:

<Table>
<Caption>
           Period                                                 Ratio
           -------                                                -----
           <S>                                                    <C>
           December 31, 2002-                                     2.50:1.00
           June 30, 2006

           After June 30, 2006                                    2.75:1.00
</Table>

          9.06 MAXIMUM CONSOLIDATED LEVERAGE RATIO. The Corporation will not
permit the Consolidated Leverage Ratio on the last day of any fiscal quarter set
forth below to be greater than the ratio set forth opposite such fiscal quarter
below:

                                      -71-
<Page>

<Table>
<Caption>
          Fiscal Quarter Ending                                 Ratio
          ---------------------                                 -----
          <S>                                                   <C>
          December 31, 2002                                     5.25:1.00
          March 31, 2003                                        5.25:1.00
          June 30, 2003                                         5.25:1.00

          September 30, 2003                                    5.00:1.00
          December 31, 2003                                     5.00:1.00

          March 31, 2004                                        4.75:1.00
          June 30, 2004                                         4.75:1.00

          Each fiscal quarter ending on or after                4.50:1.00
          September 30, 2004 and on or prior to
          June 30, 2006

          Each fiscal quarter ending after                      4.00:1.00
          June 30, 2006
</Table>

          9.07 BUSINESS. No Borrower will, nor will any Borrower permit any of
its Subsidiaries to, engage (directly or indirectly) in any business other than
the Hotel Business. Neither Starwood Vacation nor any of its Subsidiaries shall
(and no Borrower shall permit Starwood Vacation or any of its Subsidiaries to)
engage (directly or indirectly) in any business other than the Timeshare
Business.

          9.08 UNENCUMBERED EBITDA RATIO. The Corporation will not permit the
ratio of Encumbered EBITDA to Consolidated EBITDA for any Test Period to be
greater than 0.36:1.00.

          9.09 RESTRICTION ON INCURRENCE OF INTERCOMPANY DEBT, ETC. (a) No
Borrower will, nor will the Corporation permit any other Credit Party to,
contract, create, incur or suffer to exist any Intercompany Debt, unless (x) the
Subsidiary of the Corporation which is the obligee with respect to such
Intercompany Debt is a party to the Subordination Agreement and (y) such
Intercompany Debt (including, without limitation, the Intercompany Mortgage Note
and the Assigned Starwood Note) is subordinated in right of payment to the
Obligations of the respective Credit Party obligated with respect to such
Intercompany Debt as, and to the extent, required by the Subordination
Agreement.

          (b)     Notwithstanding anything to the contrary contained in this
Agreement, the Corporation will not permit Assigned Starwood Note LLC to create,
incur, assume or suffer to exist any Indebtedness.

          9.10 NO NEGATIVE PLEDGE. The Corporation shall not, and shall not
permit any Subsidiary to, enter into any agreement or arrangement that prohibits
or restricts the Corporation or any of its Subsidiaries from granting any Lien
in favor of the Lenders (or any collateral agent for the benefit of the Lenders)
other than (i) any ratable sharing of Liens provisions governing any of the
Senior Notes or any other senior Indebtedness permitted hereunder, in each case,
to the extent such provisions shall be satisfied by the granting of Liens
thereunder in favor of the Lenders and the holders of such other Indebtedness
(or any collateral agent on behalf of such

                                      -72-
<Page>

creditors), (ii) any prohibition created in connection with any Lien permitted
by Section 9.01 to the extent applicable only to the property subject to such
Lien and (iii) any such restriction contained in this Agreement.

          SECTION 10. EVENTS OF DEFAULT. Upon the occurrence of any of the
following specified events (each, an "EVENT OF DEFAULT"):

          10.01 PAYMENTS. Any Borrower shall (i) default in the payment when due
of any principal of (or any Face Amount of, as the case may be) any Loan or any
Note or (ii) default, and such default shall continue unremedied for two or more
Business Days, in the payment when due of any interest on any Loan or Note, any
Unpaid Drawing (or the interest thereon) or any Fees or any other amounts owing
hereunder or thereunder; or

          10.02 REPRESENTATIONS, ETC. Any representation, warranty or statement
made by any Credit Party herein or in any other Credit Document or in any
certificate delivered to any Agent or any Lender pursuant hereto or thereto
shall prove to be untrue in any material respect on the date as of which made or
deemed made; or

          10.03 COVENANTS. Any Credit Party shall (i) default in the due
performance or observance by it of any term, covenant or agreement contained in
Section 8.01(e)(i), 8.04 (but only to the extent arising from the failure of any
Credit Party to preserve and keep in full force and effect its existence), 8.07,
8.10 or 9 or (ii) default in the due performance or observance by it of any
other term, covenant or agreement contained in this Agreement or any other
Credit Document (other than those set forth in Sections 10.01 and 10.02 and
clause (i) of this Section 10.03) and such default as described in this clause
(ii) shall continue unremedied for a period of 30 days after written notice
thereof to any Borrower by the Administrative Agent or the Required Lenders; or

          10.04 DEFAULT UNDER OTHER AGREEMENTS. (i) Any Credit Party or any of
their Subsidiaries shall (x) default in any payment of any Indebtedness (other
than the Obligations and Non-Recourse Indebtedness) beyond the period of grace,
if any, provided in the instrument or agreement under which such Indebtedness
was created or (y) default in the observance or performance of any agreement or
condition relating to any Indebtedness (other than the Obligations and
Non-Recourse Indebtedness) or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is to
cause, or to permit the holder or holders of such Indebtedness (or a trustee or
agent on behalf of such holder or holders) to cause, without any further notice
(other than a notice of acceleration, if required) or any further lapse of time,
such Indebtedness to become due prior to its stated maturity, or (ii) any
Indebtedness (other than the Obligations and Non-Recourse Indebtedness) of any
Credit Party or any of their Subsidiaries shall be declared to be (or shall
become) due and payable, or required to be prepaid other than by a regularly
scheduled required prepayment, prior to the stated maturity thereof, PROVIDED
that it shall not be a Default or an Event of Default under this Section 10.04
unless the principal amount of any one issue of such Indebtedness, or the
aggregate principal amount of all such Indebtedness as described in preceding
clauses (i) and (ii) is at least $100,000,000 (or, in the case of currencies
other than Dollars, the Dollar Equivalent thereof); or

                                      -73-
<Page>

          10.05 BANKRUPTCY, ETC. Any Credit Party or any of its Subsidiaries
(excluding Insignificant Subsidiaries) shall commence a voluntary case
concerning itself under Title 11 of the United States Code entitled
"Bankruptcy," as now or hereafter in effect, or any successor thereto (the
"BANKRUPTCY CODE"); or an involuntary case is commenced against any Credit Party
or any of its Subsidiaries (excluding Insignificant Subsidiaries), and the
petition is not controverted within 10 days, or is not dismissed within 60 days,
after commencement of the case; or a custodian (as defined in the Bankruptcy
Code) is appointed for, or takes charge of, all or substantially all of the
property of any Credit Party or any of its Subsidiaries (excluding Insignificant
Subsidiaries), or any Credit Party or any of its Subsidiaries (excluding
Insignificant Subsidiaries) commences any other proceeding under any
reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
bankruptcy, insolvency, receivership, administration, winding up or liquidation
or similar law of any jurisdiction whether now or hereafter in effect relating
to any Credit Party or any of its Subsidiaries (excluding Insignificant
Subsidiaries), or there is commenced against any Credit Party or any of its
Subsidiaries (excluding Insignificant Subsidiaries) any such proceeding under
any such law of any jurisdiction which remains undismissed for a period of 60
days, or any Credit Party or any of its Subsidiaries (excluding Insignificant
Subsidiaries) is adjudicated insolvent or bankrupt; or any order of relief or
other order approving any such case or proceeding is entered; or any Credit
Party or any of its Subsidiaries (excluding Insignificant Subsidiaries) suffers
any appointment of any custodian, administrator, administrative receiver,
receiver, trustee or the like for it or any substantial part of its property to
continue undischarged or unstayed for a period of 60 days; or any Credit Party
or any of its Subsidiaries (excluding Insignificant Subsidiaries) makes a
general assignment for the benefit of creditors; or any corporate action is
taken by any Credit Party or any of its Subsidiaries (excluding Insignificant
Subsidiaries) for the purpose of effecting any of the foregoing; or

          10.06 ERISA. (a) Any Plan shall fail to satisfy the minimum funding
standard required for any plan year or part thereof under Section 412 of the
Code or Section 302 of ERISA or a waiver of such standard or extension of any
amortization period is sought or granted under Section 412 of the Code or
Section 303 or 304 of ERISA, a Reportable Event shall have occurred, a
contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan
subject to Title IV of ERISA shall be subject to the advance reporting
requirement of PBGC Regulation Section 4043.61 (without regard to subparagraph
(b)(1) thereof) and an event described in subsection .62, .63, .64, .65, .66,
..67 or .68 of PBGC Regulation Section 4043 shall be reasonably expected to occur
with respect to such Plan within the following 30 days, any Plan which is
subject to Title IV of ERISA shall have had or is likely to have a trustee
appointed to administer such Plan, any Plan which is subject to Title IV of
ERISA is, shall have been or is likely to be terminated or to be the subject of
termination proceedings under ERISA, any Plan shall have an Unfunded Current
Liability, a contribution required to be made with respect to a Plan or a
Foreign Pension Plan has not been timely made, any Borrower or any Subsidiary of
any Borrower or any ERISA Affiliate has incurred or is likely to incur any
liability to or on account of a Plan under Section 409, 502(i), 502(l), 515,
4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 401(a)(29), 4971
or 4975 of the Code or on account of a group health plan (as defined in Section
607(1) of ERISA or Section 4980B(g)(2) of the Code) under Section 4980B of the
Code, or any Borrower or any Subsidiary of any Borrower has incurred or is
likely to incur liabilities pursuant to one or more employee welfare benefit
plans (as defined in Section 3(1) of ERISA) that provide benefits to retired
employees or other former employees (other than as

                                      -74-
<Page>

required by Section 601 of ERISA) or Plans or Foreign Pension Plans; (b) there
shall result from any such event or events the imposition of a lien, the
granting of a security interest, or a liability or a material risk of incurring
a liability; and (c) such lien, security interest or liability, individually,
and/or in the aggregate has had, or could reasonably be expected to have, a
Material Adverse Effect; or

          10.07 GUARANTIES. Except in accordance with the express terms of the
respective Guaranty, any Guaranty or any provision thereof shall cease to be in
full force or effect as to the relevant Guarantor, or any Guarantor or Person
acting by or on behalf of such Guarantor shall deny or disaffirm such
Guarantor's obligations under the relevant Guaranty, or any Guarantor shall
default in the due performance or observance of any term, covenant or agreement
on its part to be performed or observed pursuant to such Guaranty; or

          10.08 JUDGMENTS. One or more judgments or decrees shall be entered
against any Borrower or any Subsidiary of any Borrower involving in the
aggregate for the Borrowers and their Subsidiaries a liability (to the extent
not paid or covered by a reputable and solvent insurance company (with any
portion of any judgment or decree not so covered to be included in any
determination hereunder)) and such judgments and decrees either shall be final
and non-appealable or shall not be vacated, discharged or stayed or bonded
pending appeal for any period of 30 consecutive days, and the aggregate amount
of all such judgments exceeds $25,000,000 (or in the case of currencies other
than Dollars, the Dollar Equivalent thereof); or

          10.09 CHANGE OF CONTROL. A Change of Control shall occur;

          10.10 REIT STATUS. Starwood REIT shall cease, for any reason, to
maintain its status as a real estate investment trust under Sections 856 through
860 of the Code and such failure shall cause or give rise to a Material Adverse
Effect; or

          10.11 SUBORDINATION AGREEMENT. The Subordination Agreement or any
material provision thereof shall cease to be in full force or effect as to any
party thereto, or any party to the Subordination Agreement or Person acting by
or on behalf of such party shall deny or disaffirm such party's obligations
thereunder, or any party to the Subordination Agreement shall default in the due
performance or observance of any material term, covenant or agreement on its
part to be performed or observed pursuant thereto;

then, and in any such event, and at any time thereafter, if any Event of Default
shall then be continuing, the Administrative Agent, upon the written request of
the Required Lenders, shall by written notice to the Borrowers, take any or all
of the following actions, without prejudice to the rights of any Agent, any
Lender or the holder of any Note to enforce its claims against any Credit Party
(PROVIDED that, if an Event of Default specified in Section 10.05 shall occur
with respect to any Borrower, the result which would occur upon the giving of
written notice by the Administrative Agent as specified in clauses (i) and (ii)
below shall occur immediately and automatically without the giving of any such
notice): (i) declare the Total Commitment terminated, whereupon all Commitments
of each Lender shall forthwith terminate immediately and any Commitment
Commission shall forthwith become due and payable without any other notice of
any kind; (ii) declare the principal of, the Face Amount of and any accrued
interest in respect of all Loans and the Notes and all Obligations owing
hereunder (including Unpaid

                                      -75-
<Page>

Drawings) and thereunder to be, whereupon the same shall become, forthwith due
and payable without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by each Credit Party; (iii) terminate any Letter
of Credit which may be terminated in accordance with its terms; (iv) direct the
relevant Borrowers to pay (and the relevant Borrowers agree that upon receipt of
such notice, or upon the occurrence of an Event of Default specified in Section
10.05 with respect to any Borrower, they will pay) to the Administrative Agent
at the appropriate Payment Office such additional amount of cash, to be held as
security by the Administrative Agent for the respective Borrower's reimbursement
obligations in respect of Letters of Credit then outstanding, as is equal to the
aggregate Stated Amount of all Letters of Credit then outstanding for the
account of such Borrower; (v) apply any cash collateral held pursuant to Section
4.02 to the repayment of the Obligations; and (vi) direct the appropriate
Alternate Currency Revolving Loan Borrowers to pay (and each Alternate Currency
Revolving Loan Borrower agrees that upon receipt of such notice, or upon the
occurrence of an Event of Default specified in Section 10.05 with respect to any
Borrower, it will pay) to the Administrative Agent (without duplication) all
amounts required to be paid pursuant to clause (j) of Schedule III.

          SECTION 11. DEFINITIONS AND ACCOUNTING TERMS.

          11.01 DEFINED TERMS. As used in this Agreement, the following terms
shall have the following meanings (such meanings to be equally applicable to
both the singular and plural forms of the terms defined):

          "ABSOLUTE RATE" shall mean an interest rate (rounded to the nearest
..0001) expressed as a decimal.

          "ACCEPTANCE FEE" shall mean, in respect of a Bankers' Acceptance, a
fee calculated on the Face Amount of such Bankers' Acceptance at a rate per
annum equal to the Applicable Margin that would be payable with respect to a
Revolving Loan maintained as a Eurodollar Loan drawn on the Drawing Date of such
Bankers' Acceptance. Acceptance Fees shall be calculated on the basis of the
term to maturity of the Bankers' Acceptance and a year of 365 days.

          "ACQUISITION" shall mean the acquisition of all or any portion of the
assets (including Hotels) or all or any portion of the Capital Stock of any
Person.

          "ADDITIONAL SUBSIDIARIES GUARANTY" shall mean the guaranty of the
Additional Subsidiary Guarantors pursuant to Section 13.18(a).

          "ADDITIONAL SUBSIDIARY GUARANTOR" shall mean each Subsidiary of the
Corporation (other than Sheraton) party to the Existing Credit Agreement or the
Guaranty (as defined in the Existing Credit Agreement) immediately prior to the
consummation of the Transaction.

          "ADDITIONAL UNSECURED SUBSIDIARY INDEBTEDNESS" shall have the meaning
provided in Section 9.04.

          "ADJUSTMENT DATE" shall have the meaning provided in Section 1.18(b).

                                      -76-
<Page>

          "ADMINISTRATIVE AGENT" shall have the meaning provided in the first
paragraph of this Agreement.

          "AFFILIATE" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with, such specified Person. For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; PROVIDED that
beneficial ownership of 10% or more of the voting securities, of a Person shall
be deemed to be control.

          "AGENT" shall mean each of DB in its capacity as Administrative Agent,
and JPMorgan Chase Bank in its capacity as Syndication Agent; PROVIDED that (x)
for purposes of Section 12 and 13.01, the term "Agent" shall include DB (and any
of its affiliates) acting as agent and/or collateral agent under the Additional
Subsidiaries Guaranty and the Pledge and Security Agreement, as the case may be,
and with respect to its taking of any actions pursuant to Section 13.18 and (y)
for purposes of Section 12 (other than Section 12.09) and Section 13.01, the
term "Agent" shall include the Co-Documentation Agents and the Joint Lead
Arrangers.

          "AGGREGATE NON-ALTERNATE CURRENCY REVOLVING EXPOSURE" at any time
shall mean the sum of (i) the aggregate principal amount of all Dollar Revolving
Loans, Swingline Loans and Competitive Bid Loans then outstanding and (ii) the
aggregate amount of all Letter of Credit Outstandings at such time.

          "AGGREGATE REVOLVING CREDIT EXPOSURE" at any time means the sum of (i)
the aggregate principal amount of all Revolving Loans then outstanding (for this
purpose, (x) at all times prior to the occurrence of any Sharing Event and the
automatic conversion of Alternate Currency Revolving Loans to Dollar Revolving
Loans pursuant to Section 1.17, using the Dollar Equivalent of the principal
amount or Face Amount, as the case may be, of each Alternate Currency Revolving
Loan then outstanding and (y) at all times after any occurrence as described in
preceding clause (x), giving effect to the conversions to Dollar obligations
required by Section 1.17), PLUS (ii) the aggregate principal amount of all
Swingline Loans and Competitive Bid Loans then outstanding PLUS (iii) the
aggregate amount of all Letter of Credit Outstandings at such time.

          "AGREEMENT" shall mean this Credit Agreement, as modified,
supplemented or amended (including any amendment and restatement hereof) from
time to time.

          "ALTERNATE CURRENCY" shall mean each of Canadian Dollars, Euros and
Pounds Sterling.

          "ALTERNATE CURRENCY EQUIVALENT" shall mean the Canadian Dollar
Equivalent, Euro Equivalent or Sterling Equivalent, as the case may be.

          "ALTERNATE CURRENCY LENDER" shall mean (i) each Lender listed on
Schedule I-B, and (ii) each additional Person that becomes an Alternate Currency
Lender party hereto in accordance with Section 1.14, 13.04(b) or 13.12(d). An
Alternate Currency Lender shall cease to be an "Alternate Currency Lender" when
it has assigned all of its Alternate Currency

                                      -77-
<Page>

Revolving Loan Sub-Commitments in accordance with Section 1.14 and/or 13.04(b)
or when it shall have terminated all of its Alternate Currency Revolving Loan
Sub-Commitments (and all of the Alternate Currency Revolving Loans and related
Obligations owing to such Lender shall have been paid in full) in accordance
with the requirements of Section 13.12(e). For purposes of this Agreement, (x)
unless the context otherwise indicates, each reference to an Alternate Currency
Lender which has one or more affiliates which act as an Alternate Currency
Lender with respect to one or more other Alternate Currencies shall include such
affiliate or affiliates and (y) the terms "Lender" and "RL Lender" include each
Alternate Currency Lender unless the context otherwise requires.

          "ALTERNATE CURRENCY REVOLVING LOAN" shall have the meaning provided in
Section 1.01(b).

          "ALTERNATE CURRENCY REVOLVING LOAN BORROWER" shall mean (i) the
Corporation and (ii) any Wholly-Owned Foreign Subsidiary of the Corporation that
is found acceptable to, and approved in writing by, the Administrative Agent. It
is understood and agreed that, in approving any Alternate Currency Revolving
Loan Borrower, the Administrative Agent may restrict the Borrowings by such
Alternate Currency Revolving Loan Borrower to less than all of the Alternate
Currencies, in which case such Person shall constitute an Alternate Currency
Revolving Loan Borrower with respect to only those Alternate Currencies as have
been so approved by the Administrative Agent.

          "ALTERNATE CURRENCY REVOLVING LOAN SUB-COMMITMENT" means, as to any
Alternate Currency Lender, the Pounds Sterling Revolving Loan Sub-Commitment,
the Canadian Dollar Revolving Loan Sub-Commitment and/or the Euro Revolving Loan
Sub-Commitment, as appropriate, of the respective Alternate Currency Lender.

          "ALTERNATE CURRENCY RL PERCENTAGE" of any Lender at any time shall
mean, with respect to a given Alternate Currency, a fraction (expressed as a
percentage) the numerator of which is the Alternate Currency Revolving Loan
Sub-Commitment of such Alternate Currency Lender with respect to such Alternate
Currency at such time and the denominator of which is the aggregate amount of
Alternate Currency Revolving Loan Sub-Commitments of all Alternate Currency
Lenders with respect to such Alternate Currency at such time.

          "APPLICABLE COMMITMENT COMMISSION PERCENTAGE" shall mean, for any day,
(i) if the Total Unutilized Revolving Loan Commitment in effect on such day is
greater than 66% of the Total Revolving Loan Commitment as in effect on such
day, 0.350%, (ii) if the Total Unutilized Revolving Loan Commitment in effect on
such day is (x) greater than 33% of the Total Revolving Loan Commitment as in
effect on such day and (y) equal to or less than 66% of the Total Revolving Loan
Commitment as in effect on such day, 0.300%, and (iii) if the Total Unutilized
Revolving Loan Commitment in effect on such day is equal to or less than 33% of
the Total Revolving Loan Commitment as in effect on such day, 0.250%. For
purposes of this definition, the Total Unutilized Revolving Loan Commitment and
the Total Revolving Loan Commitment as in effect on any day shall be determined
as at 4:00 P.M. (New York time) on such day.

                                      -78-
<Page>

          "APPLICABLE CURRENCY" shall mean, with respect to any Obligations,
Dollars or, to the extent relating to Alternate Currency Loans, the respective
Alternate Currency, in which the respective Loans or related amounts are
denominated; PROVIDED that in the event Loans maintained in, and Unpaid Drawings
owed in, an Alternate Currency are converted into Loans maintained in, or Unpaid
Drawings owing in, Dollars under the circumstances contemplated by Section 1.17,
the Applicable Currency with respect to such Loans and Unpaid Drawings shall be
Dollars.

          "APPLICABLE MARGIN" shall mean, from and after any Start Date to and
including the corresponding End Date, the respective percentage per annum set
forth below under the respective Type of Loans and opposite the respective Level
(i.e., Level 1, Level 2, Level 3, Level 4, Level 5, Level 6, Level 7, Level 8 or
Level 9, as the case may be) indicated to have been achieved on the applicable
Test Date for such Start Date (as adjusted in accordance with subclauses (B) and
(C) of the immediately succeeding proviso and as set forth in the respective
officer's certificate delivered pursuant to Section 8.01(d)):

<Table>
<Caption>
                                                                              Base Rate Loan
                                                                               and Canadian
                             Unsecured Debt            Euro Rate Loan         Prime Rate Loan
          Level                  Rating                    Margin                 Margin
     ----------------- ------------------------ ------------------------ ------------------------
            <S>             <C>                          <C>                      <C>
            1               BBB+ or Baa1                 0.750%                   0.000%
     ----------------- ------------------------ ------------------------ ------------------------
            2               BBB and Baa2                 0.875%                   0.000%
     ----------------- ------------------------ ------------------------ ------------------------
            3               BBB or Baa2                  1.000%                   0.000%
     ----------------- ------------------------ ------------------------ ------------------------
            4               BBB- and Baa3                1.125%                   0.125%
     ----------------- ------------------------ ------------------------ ------------------------
            5               BBB- or Baa3                 1.250%                   0.250%
     ----------------- ------------------------ ------------------------ ------------------------
</Table>

; PROVIDED that (A) for purposes of any determination pursuant to the preceding
table, if there is a split-rating of the Corporation's long-term unsecured debt
by the Rating Agencies, and the split is of two or more levels (treating pluses,
minuses and the absence thereof as separate levels), then the higher Unsecured
Debt Rating from the respective Rating Agency shall be deemed for purposes
hereof to be one level below the higher Unsecured Debt Rating actually in
existence, (B) if the Consolidated Leverage Ratio set forth on the officer's
certificate most recently delivered (or required to be delivered) pursuant to
Section 8.01(d) is less than 3.50:1.0 but greater than or equal to 2.50:1.0,
then the Applicable Margins in effect according to the preceding table shall be
reduced (but not below 0%) by 0.100%, (C) if the Consolidated Leverage Ratio set
forth on the officer's certificate most recently delivered (or required to be
delivered) pursuant to Section 8.01(d) is less than 2.50:1.0, then the
Applicable Margins in effect according to the preceding table shall be reduced
(but not below 0%) by 0.175% and (D) if (x) the Consolidated Leverage Ratio set
forth on the officer's certificate most recently delivered (or required to be
delivered) pursuant to Section 8.01(d) is equal to or greater than 4.00:1.0 or
(y) none of the Levels 1 through 5 of the preceding table are applicable, then
the Applicable Margin shall be determined in accordance with the table set forth
below:

                                      -79-
<Page>

<Table>
<Caption>
                                                                              Base Rate Loan
                                                                               and Canadian
                             Consolidated            Euro Rate Loan           Prime Rate Loan
          Level             Leverage Ratio               Margin                   Margin
     ----------------- ------------------------ ------------------------ ------------------------
            <S>        <C>                            <C>                       <C>
            6          LESS THAN 4.50                 1.250%                    0.250%
     ----------------- ------------------------ ------------------------ ------------------------
            7          GREATER THAN OR EQUAL          1.500%                    0.500%
                       TO 4.50, LESS THAN 5.00
     ----------------- ------------------------ ------------------------ ------------------------
            8          GREATER THAN OR EQUAL          1.625%                    0.625%
                       TO 5.00, LESS THAN 5.50
     ----------------- ------------------------ ------------------------ ------------------------
            9          GREATER THAN OR EQUAL          1.875%                    0.875%
                       TO 5.50x
      ----------------- ----------------------- ------------------------ ------------------------
</Table>

; PROVIDED, HOWEVER, that notwithstanding anything to the contrary contained
above, (x) if the Corporation fails to deliver the financial statements required
to be delivered pursuant to Section 8.01(a) or (b) (accompanied by the officer's
certificates required by Section 8.01(d) showing the applicable Consolidated
Leverage Ratio and Unsecured Debt Ratings on the relevant Test Date) on or prior
to the respective date required by such Sections, then Level 9 Pricing shall
apply until such time, if any, as the financial statements required as set forth
above and the accompanying officer's certificates have been delivered showing
that the pricing for the respective Margin Adjustment Period is at a Level which
is less than Level 9 (it being understood that, in the case of any late delivery
of the financial statements and officer's certificates as so required, the
reduced Applicable Margin, if any, shall apply only from and after the date of
the delivery of the complying financial statements and officer's certificates),
(y) subject to clause (z) below, for the period from the Effective Date to but
not including the earlier to occur of (i) April 10, 2003 and (ii) the first
Start Date after the Corporation's fiscal quarter ended December 31, 2002, Level
8 shall be applicable and (z) Level 9 pricing shall apply at all times when any
Specified Default or any Event of Default exists.

          "ASSETS" means, with respect to any Person, all assets of such Person
that would, in accordance with GAAP, be classified as assets of a company
conducting a business the same as or similar to that of such Person, including
without limitation, all hotels, mortgage loans, management agreements, franchise
agreements, representation agreements, undeveloped land, joint ventures, hotel
construction and available cash balances.

          "ASSET SALE" shall mean any sale, transfer or other disposition by any
Borrower or any of its Subsidiaries to any Person other than any Borrower or any
Wholly-Owned Subsidiary of any Borrower of any Asset (including, without
limitation, any Capital Stock or other securities of another Person, but
excluding the sale by the Corporation of its own Capital Stock) of such Borrower
or such Subsidiary other than (i) sales, transfers or other dispositions of
inventory made in the ordinary course of business and (ii) any single sale of
assets (or series of related sales of assets) which generates gross sale
proceeds of less than $5,000,000.

          "ASSIGNED STARWOOD NOTE" shall mean subordinated promissory notes
issued by the Corporation in the aggregate principal amount of
$2,133,410,843.00, and held by the Assigned Starwood Note LLC, which promissory
notes shall be in the form delivered to the Agents and the Lenders prior to the
Initial Borrowing Date.

          "ASSIGNED STARWOOD NOTE LLC" shall mean WD Investments, L.L.C. which
is a limited liability company organized under the laws of the State of Delaware
(i) the non-member

                                      -80-
<Page>

manager of which is Sheraton and (ii) the 100% member of which is WD Parent,
Inc., a Delaware corporation and a Wholly-Owned Subsidiary of Sheraton.

          "ASSIGNMENT AND ASSUMPTION AGREEMENT" shall mean the Assignment and
Assumption Agreement substantially in the form of Exhibit K (appropriately
completed).

          "AUTHORIZED OFFICER" of any Credit Party shall mean any of the
President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer,
any Vice-President, the Secretary or any Assistant Secretary of such Credit
Party or any other officer of such Credit Party which is designated in writing
to the Administrative Agent and each Issuing Bank by any of the foregoing
officers of such Credit Party as being authorized to give such notices under
this Agreement.

          "BA DISCOUNT PROCEEDS" shall mean, in respect of any Bankers'
Acceptance to be purchased by an Alternate Currency Revolving Lender on any date
pursuant to Section 1.01 and Schedule III hereto, an amount rounded to the
nearest whole Canadian cent, and with one-half of one Canadian cent being
rounded up, calculated on such day by dividing:

          (a)     the Face Amount of such Banker's Acceptance; by

          (b)     the sum of one plus the product of:

                  (i)   the respective Alternate Currency Revolving Lender's
          Discount Rate (expressed as a decimal) applicable to such Bankers'
          Acceptance; and

                  (ii)  a fraction, the numerator of which is the number of days
          in the term of maturity of such Banker's Acceptance and the
          denominator of which is 365;

          with such product being rounded up or down to the fifth decimal place
          and .000005 being rounded up.

          "BANK INFORMATION MEMORANDUM" shall mean the Information Memorandum,
dated July 2002, distributed to the Lenders prior to the Effective Date.

          "BANKERS' ACCEPTANCE" shall mean a Draft accepted by an Alternate
Currency Lender pursuant to Section 1.01(b) and Schedule III hereto.

          "BANKERS' ACCEPTANCE LOANS" shall mean the creation and discount of
Bankers' Acceptances as contemplated in Section 1.01(b) and Schedule III hereto.

          "BANKRUPTCY CODE" shall have the meaning provided in Section 10.05.

          "BASE RATE" at any time shall mean the higher of (i) 1/2 of 1% in
excess of the overnight Federal Funds Rate and (ii) the Prime Lending Rate.

          "BASE RATE LOAN" shall mean each Dollar Loan designated or deemed
designated as such by the respective Borrower at the time of the incurrence
thereof or conversion thereto.

          "BENEFITTED LENDER" shall have the meaning provided in Section
13.06(b).

                                      -81-
<Page>

          "BIDDER RL LENDER" shall mean each RL Lender that has informed the
Administrative Agent and the Corporation in writing (which has not been
retracted) that such RL Lender desires to participate generally in the bidding
arrangements relating to Competitive Bid Borrowings.

          "BORROWERS" shall mean and include (i) the Corporation and (ii) all
Alternate Currency Revolving Loan Borrowers.

          "BORROWING" shall mean (i) the borrowing by a Borrower of one Type of
Loan of a single Tranche from all the Lenders having Commitments of the
respective Tranche on a given date (or resulting from a conversion or
conversions on such date) having in the case of Euro Rate Loans the same
Interest Period, PROVIDED that (x) Base Rate Loans incurred pursuant to Section
1.11(b) shall be considered part of the related Borrowing of Eurodollar Loans
and (y) any Incremental Term Loans incurred pursuant to Section 1.01(f) shall be
considered part of the related Borrowing of the then outstanding Initial Term
Loans to which such Incremental Term Loans are added pursuant to Section
1.19(c), and (ii) a Competitive Bid Borrowing.

          "BUSINESS DAY" shall mean (i) for all purposes other than as covered
by clause (ii) below, any day except Saturday, Sunday and any day which shall be
in New York City a legal holiday or a day on which banking institutions are
authorized or required by law or other government action to close and (ii) with
respect to all notices and determinations in connection with, and payments of
principal and interest on, Euro Rate Loans, any day which is a Business Day
described in clause (i) above and which is also (A) a day for trading by and
between banks in Dollar deposits in the relevant interbank market and (B) in
relation to any payment in (x) Euros, a day on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open
and (y) Pounds Sterling, a day on which banks are ordinarily open for the
transaction of business in the United Kingdom.

          "CANADIAN DOLLAR EQUIVALENT" shall mean, at any time for the
determination thereof, the amount of Canadian Dollars which could be purchased
with the amount of Dollars involved in such computation at the spot rate of
exchange therefor as quoted by the Administrative Agent as of 11:00 A.M. (New
York time) on the date two Business Days prior to the date of any determination
thereof for purchase on such date (or, in the case of any determination pursuant
to Section 1.17 or 13.16 or Section 18 of the Sheraton Guaranty, on the date of
determination).

          "CANADIAN DOLLAR REVOLVING LOAN SUB-COMMITMENT" means, as to any
Alternate Currency Lender, the amount, if any, set forth opposite such Alternate
Currency Lender's name in Schedule I-B directly below the column entitled
"Canadian Dollar Revolving Loan Sub-Commitment," as same may be (x) reduced from
time to time pursuant to Sections 1.17, 1.18, 3.02, 3.03, 10 and/or 13.12(e),
(y) increased from time to time pursuant to Section 13.12(d) or (z) adjusted
from time to time as a result of assignments to or from such Lender pursuant to
Section 1.14 or 13.04(b). The Canadian Dollar Revolving Loan Sub-Commitment of
each Alternate Currency Lender is a sub-limit of the Revolving Loan Commitment
of the respective Alternate Currency Lender (or its respective affiliate which
is a Lender with the related Revolving Loan Commitment) and not an additional
commitment and, in no event, may exceed at any time, when added to the Pounds
Sterling Revolving Loan Sub-Commitment, the Euro Revolving Loan Sub-Commitment

                                      -82-
<Page>

and the Non-Alternate Currency Revolving Loan Sub-Commitment of the respective
Alternate Currency Lender (or its respective affiliates), the Revolving Loan
Commitment of such Alternate Currency Lender (or its respective affiliate which
is a Lender with the related Revolving Loan Commitment).

          "CANADIAN DOLLAR REVOLVING LOANS" shall mean each Alternate Currency
Revolving Loan denominated in Canadian Dollars at the time of the incurrence
thereof (including Bankers' Acceptance Loans).

          "CANADIAN DOLLAR REVOLVING NOTES" shall have the meaning provided in
Section 1.06(a).

          "CANADIAN DOLLARS" and "CDN" shall mean freely and transferable lawful
money of Canada (expressed in Canadian Dollars).

          "CANADIAN PRIME RATE" means, at any time, the greater of (i) the per
annum rate of interest quoted, published and commonly known as the "prime rate"
of Deutsche Bank AG, Canada Branch which Deutsche Bank AG, Canada Branch
establishes at its main office in Toronto, Ontario as the reference rate of
interest in order to determine interest rates for loans in Canadian Dollars to
its Canadian borrowers, adjusted automatically with each quoted or published
change in such rate, all without necessity of any notice to any Borrower or any
other Person and (ii) the sum of (x) the average of the rates per annum for
Canadian Dollar bankers' acceptances having a term of 30 days that appears on
the Reuters Screen CDOR Page as of 10:00 a.m. (Toronto time) on the date of
determination, as reported by Deutsche Bank AG, Canada Branch (and if such
screen is not available, any successor or similar services may be selected by
Deutsche Bank AG, Canada Branch, and (y) 0.75%.

          "CANADIAN PRIME RATE LOANS" shall mean any Canadian Dollar Revolving
Loan designated or deemed designated as such by the respective Alternate
Currency Revolving Loan Borrower at the time of the incurrence thereof or
conversion thereto.

          "CAPITALIZED LEASE OBLIGATIONS" of any Person shall mean all rental
obligations which are or will be required to be capitalized on the books of such
Person, in each case taken at the amount thereof accounted for as indebtedness
in accordance with GAAP.

          "CAPITAL STOCK" of any Person shall mean any and all shares,
interests, rights to purchase, warrants, options, participation or other
equivalents of or interests in (however designated) equity of such Person,
including any preferred stock, any limited or general partnership interest and
any limited liability company membership interest.

          "CASH EQUIVALENTS" means (i) Dollars and any Alternate Currency, (ii)
securities issued or directly fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (PROVIDED that the full
faith and credit of the United States is pledged in support thereof) having
maturities of not more than six months from the date of acquisition, (iii)
certificates of deposit and eurodollar time deposits with maturities of six
months or less from the date of acquisition, bankers' acceptances with
maturities not exceeding six months and overnight bank deposits, in each case
with any domestic commercial bank or commercial bank of a foreign country
recognized by the United States, in each case having capital and surplus in
excess of

                                      -83-
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$500 million (or the foreign currency equivalent thereof) and has outstanding
debt which is rated "A" (or similar equivalent thereof) or higher by at least
one nationally recognized statistical rating organization (as defined under Rule
436 under the Securities Act) or any money-market fund sponsored by a registered
broker dealer or mutual fund distributor, (iv) repurchase obligations with a
term of not more than seven days for underlying securities of the types
described in clauses (ii) and (iii) above entered into with any financial
institution meeting the qualifications specified in clause (iii) above and (v)
commercial paper having one of the two highest ratings obtainable from Moody's
or S&P and in each case maturing within six months after the date of
acquisition.

          "CERCLA" shall mean the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as the same may be amended from time to
time, 42 U.S.C. Section 9601 ET SEQ.

          "CHANGE OF CONTROL" shall mean the occurrence of any of the following
events: (i) any merger or consolidation of the Corporation with or into any
Person or any sale, transfer or other conveyance, whether direct or indirect, of
all or substantially all of the assets of the Corporation, on a consolidated
basis, in one transaction or a series of related transactions, if, immediately
after giving effect to such transaction, any Person or group of Persons (within
the meaning of Section 13 or 14 of the Securities Exchange Act) is or becomes
the beneficial owner (within the meaning of Rule 13d-3 promulgated by the
Securities and Exchange Commission under the Securities Exchange Act) of the
Capital Stock representing a majority of the total voting power of the aggregate
outstanding securities of the transferee or surviving entity normally entitled
to vote in the election of directors, managers, or trustees, as applicable, of
the transferee or surviving entity, (ii) any Person or group of Persons (within
the meaning of Section 13 or 14 of the Securities Exchange Act) is or becomes
the beneficial owner (within the meaning of Rule 13d-3 promulgated by the
Securities and Exchange Commission under the Securities Exchange Act) of the
Capital Stock representing a majority of total voting power of the aggregate
outstanding Capital Stock of the Corporation normally entitled to vote in the
election of directors of the Corporation, (iii) during any period of 12
consecutive calendar months, individuals who were directors of the Corporation
on the first day of such period (together with any new directors whose election
by the board of directors of the Corporation or whose nomination for election by
the stockholders of the Corporation was approved by a vote of a majority of the
directors then still in office who were either directors at the beginning of
such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the board of
directors of the Corporation, or (iv) the sale or disposition, whether directly
or indirectly, by the Corporation and/or its Subsidiaries (whether pursuant to a
single transaction or series of related transaction) of tangible assets
representing more than 25% of the Consolidated Net Tangible Assets (determined
as of June 30, 2002).

          "CIGA EURO LOAN AGREEMENT" shall mean that certain loan agreement,
dated as of December 17, 2001, among Credit Lyonnais, certain other lenders
party thereto and Starwood Italia, together with the related documents thereto
(including, without limitation, any guarantee agreements and security
documents), in each case as such agreements may be amended (including any
amendment and restatement thereof), supplemented or otherwise modified from time
to time, including any agreement extending the maturity of, refinancing,
replacing or otherwise restructuring (including increasing the amount of
available borrowings thereunder or

                                      -84-
<Page>

adding new or additional borrowers or guarantors thereunder) all or any portion
of the Indebtedness under such agreement or any successor or replacement
agreement and whether by the same or any other agent, lender or group of
lenders.

          "CLASS A EXCHANGEABLE PREFERRED SHARES" shall mean the Class A
Exchangeable Preferred Shares, $.01 par value per share, of Starwood REIT.

          "CLASS B EXCHANGEABLE PREFERRED SHARES" shall mean Starwood REIT's
Class B Exchangeable Preferred shares, $.01 par value per share, having a
liquidation preference of $38.50 per share.

          "CLASS B SHARES" shall mean the Class B Shares of Starwood REIT, $0.01
par value per share, which shares shall in any event and in all cases provide
that same shall, at the option of the Corporation at any time when one or more
material Events of Default (pursuant to this Credit Agreement or certain other
material Indebtedness) have continued in existence beyond certain cure periods
to be determined, be mandatorily exchangeable for common stock of the
Corporation.

          "CODE" shall mean the Internal Revenue Code of 1986, as amended from
time to time, and the regulations promulgated and rulings issued thereunder.
Section references to the Code are to the Code, as in effect at the date of this
Agreement and any subsequent provisions of the Code, amendatory thereof,
supplemental thereto or substituted therefor.

          "CO-DOCUMENTATION AGENTS" shall have the meaning provided in the first
paragraph of this Agreement.

          "COLLATERAL" shall have the meaning provided in the Pledge and
Security Agreement.

          "COLLATERAL AND GUARANTY RELEASE" shall have the meaning provided in
Section 13.18(b).

          "COMMITMENT" shall mean any of the commitments of any Lender, i.e.,
whether, the Initial Term Loan Commitment, the Incremental Term Loan Commitment
or the Revolving Loan Commitment of such Lender.

          "COMMITMENT COMMISSION" shall have the meaning provided in Section
3.01(a).

          "COMPETITIVE BID BORROWING" shall mean each borrowing of any
Competitive Bid Loan.

          "COMPETITIVE BID LOAN" shall have the meaning provided in Section
1.01(e).

          "COMPETITIVE BID LOAN MATURITY DATE" shall have the meaning provided
in Section 1.04(a).

          "COMPETITIVE BID NOTES" shall have the meaning provided in Section
1.06(a).

                                      -85-
<Page>

          "CONSOLIDATED EBITDA" shall mean, for any period, Consolidated Net
Income for such period, adjusted by (x) adding thereto (i) to the extent
actually deducted in determining said Consolidated Net Income, consolidated
interest expense and provision for taxes for such period (excluding, however,
for avoidance of doubt, consolidated interest expense and taxes attributable to
Unconsolidated Joint Ventures of the Corporation and any of its Subsidiaries),
(ii) the amount of all amortization of intangibles and depreciation that were
deducted determining Consolidated Net Income for such period (including in any
event (and regardless of any contrary treatment under GAAP) the PRO RATA share
of depreciation and amortization of Unconsolidated Joint Ventures of the
Corporation and its Subsidiaries), and (iii) any non-recurring non-cash charges
in such period to the extent that (A) such non-cash charges do not give rise to
a liability that would be required to be reflected on the consolidated balance
sheet of the Corporation (and so long as no cash payments or cash expenses will
be associated therewith (whether in the current period or for any future
period)) and (B) same were deducted in determining Consolidated Net Income for
such period, and (y) subtracting therefrom, to the extent included in
determining Consolidated Net Income for such period, the amount of non-recurring
non-cash gains during such period; PROVIDED that (I) Consolidated EBITDA shall
be determined without giving effect to any extraordinary gains or losses
(including any taxes attributable to any such extraordinary gains or losses) or
gains or losses (including any taxes attributable to such gains or losses) from
sales of assets other than from sales of inventory (excluding Real Property) in
the ordinary course of business and (II) to the extent any calculation pursuant
to this Agreement is to be made on a PRO FORMA Basis (for events other than the
occurrence of the Transaction), such Consolidated EBITDA shall be further
adjusted as provided in the definition of PRO FORMA Basis for transactions
occurring after the Initial Borrowing Date.

          "CONSOLIDATED INDEBTEDNESS" shall mean, at any time, the sum of
(without duplication) (i) all indebtedness (including principal, interest, fees
and charges) of the Corporation and its Subsidiaries for borrowed money
(including obligations evidenced by bonds, notes or similar instruments) and for
the deferred purchase price of property or services (excluding ordinary payable
and accrued expenses), (ii) the aggregate amount of all Capitalized Lease
Obligations of the Corporation and its Subsidiaries, (iii) all Indebtedness of
the types described in clause (i), (ii), (iv), or (v) of this definition secured
by any Lien on any property owned by the Corporation or any of its Subsidiaries,
whether or not such Indebtedness has been assumed by such Person (PROVIDED that,
if the Person has not assumed or otherwise become liable in respect of such
Indebtedness, such Indebtedness shall be deemed to be in an amount equal to the
fair market value of the property to which such Lien relates as determined in
good faith by such Person), (iv) all Contingent Obligations of the Corporation
or any of its Subsidiaries (regardless of any contrary treatment under GAAP),
and (v) all Indebtedness of the Corporation and its Subsidiaries of the type
described in clauses (ii) and (vii) of the definition of Indebtedness contained
herein; PROVIDED that for purposes of this definition, (w) the amount of
Indebtedness in respect of Interest Rate Protection Agreements and Other Hedging
Agreements included pursuant to preceding clause (v) shall be at any time
(regardless of any contrary treatment under GAAP) the Net Termination Value of
all such Interest Rate Protection Agreements and Other Hedging Agreements, (x)
the maximum amount available to be drawn under all letters of credit issued for
the account of the Corporation or any of its Subsidiaries shall be included in
any calculation of Consolidated Indebtedness pursuant to preceding clause (v)
only to the extent such Indebtedness exceeds $100,000,000, (y) any Disqualified
Preferred Stock of the Corporation issued after the Effective Date and any
Preferred Stock of any of its

                                      -86-
<Page>

Subsidiaries issued after the Effective Date shall be treated as Indebtedness,
with an amount equal to the greater of the liquidation preference or the maximum
mandatory fixed repurchase price of any such outstanding Preferred Stock deemed
to be a component of Consolidated Indebtedness and (z) the maximum amount of
Indebtedness at any time outstanding as described in the last sentence of the
definition of Indebtedness contained herein shall be added to, and form part of,
Consolidated Indebtedness (regardless of any contrary treatment under GAAP).

          "CONSOLIDATED INTEREST COVERAGE RATIO" shall mean, for any period, the
ratio of (x) Consolidated EBITDA for such period to (y) Consolidated Interest
Expense for such period.

          "CONSOLIDATED INTEREST EXPENSE" shall mean, for any period, the total
consolidated interest expense of the Corporation and its Subsidiaries for such
period (in each case calculated without regard to any limitations on the payment
thereof) PLUS, without duplication, (i) that portion of Capitalized Lease
Obligations of the Corporation and its Subsidiaries representing the interest
factor for such period PLUS (ii) the product of (x) the amount of all cash
Dividend requirements (whether or not declared or paid) on Disqualified
Preferred Stock of the Corporation issued after the Effective Date and on any
Preferred Stock of any of its Subsidiaries issued after the Effective Date paid,
accrued or scheduled to paid or accrued during such period multiplied by (y) a
fraction, the numerator of which is one and the denominator of which is one
minus the then current effective consolidated Federal, state, local and foreign
tax rate (expressed as a decimal number between one and zero) of the Corporation
as reflected in the audited consolidated financial statements of the Corporation
for its most recently completed Fiscal Year, which amounts described in
preceding clause (ii) shall be treated as interest expense of the Corporation
and its Subsidiaries for purposes of this definition regardless of the treatment
of such amounts under GAAP; PROVIDED that the amortization of deferred financing
costs with respect to this Agreement and the Senior Notes shall be excluded from
Consolidated Interest Expense to the extent the same would otherwise have been
included therein.

          "CONSOLIDATED LEVERAGE RATIO" shall mean, at any time, the ratio of
Consolidated Indebtedness at such time to Consolidated EBITDA for the then most
recently ended Test Period; PROVIDED that to the extent any Acquisition or any
Asset Sale has occurred after the Initial Borrowing Date and during the relevant
Test Period, Consolidated EBITDA shall be determined for the respective Test
Period on a PRO FORMA Basis for such occurrences.

          "CONSOLIDATED NET INCOME" shall mean, for any period, the consolidated
net income (or loss) of the Corporation for such period; PROVIDED that (without
duplication of exclusions) (i) to the extent that Consolidated Net Income does
not reflect net income (or loss) attributable to minority interests in
Consolidated Subsidiaries that are not Wholly-Owned Subsidiaries of the
Corporation, Consolidated Net Income shall (subject to succeeding clause (ii) of
this proviso) be increased or decreased, as the case may be, by the amount of
net income (or loss) attributable to such minority interests, (ii) the net
income of any Subsidiary of the Corporation and any Unconsolidated Joint Venture
of the Corporation or any of its Subsidiaries (to the extent otherwise included
in determining Consolidated Net Income) shall be excluded to the extent that the
declaration or payment of dividends and distributions by such Subsidiary or
Unconsolidated Joint Venture, as the case may be, of net income is not permitted
at the date of determination without any prior governmental approval (that has
not been obtained) or, directly or indirectly, by operation of the terms of its
charter or any agreement, instrument, judgment,

                                      -87-
<Page>

decree, order, statute, rule or governmental regulation applicable to that
Subsidiary or Unconsolidated Joint Venture or their respective equityholders, as
applicable, and (iii) except for determinations expressly required to be made on
a PRO FORMA Basis, the net income (or loss) of any Person accrued prior to the
date it becomes a Subsidiary or an Unconsolidated Joint Venture of the
Corporation or any of its Subsidiaries, or all or substantially all of the
property or assets of such Person are acquired by a Subsidiary or an
Unconsolidated Joint Venture of the Corporation or any of its Subsidiaries,
shall be excluded from such determination.

          "CONSOLIDATED NET TANGIBLE ASSETS" shall mean, at any time, the total
consolidated assets of the Corporation and its Subsidiaries as same would be
shown on a consolidated balance sheet of the Corporation prepared in accordance
with GAAP, PROVIDED that all intangible assets (including good will) shall be
excluded in making such determination.

          "CONSOLIDATED SUBSIDIARY" shall mean, with respect to any Person, at
any date, any Subsidiary of such Person, whose financial results would be
consolidated in the financial statements of such Person in accordance with GAAP,
if such statements were prepared as of such date.

          "CONTINGENT OBLIGATION" shall mean, as to any Person, any obligation
of such Person guaranteeing or intended to guarantee any Indebtedness, leases,
dividends or other obligations ("primary obligations") of any other Person (the
"primary obligor") in any manner, whether directly or indirectly, including,
without limitation, any obligation of such Person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting direct
or indirect security therefor, (ii) to advance or supply funds (x) for the
purchase or payment of any such primary obligation or (y) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of the primary obligor, (iii) to purchase property,
securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment of
such primary obligation or (iv) otherwise to assure or hold harmless the holder
of such primary obligation against loss in respect thereof; PROVIDED, HOWEVER,
that the term Contingent Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business.
Anything herein to the contrary notwithstanding, no agreement entered into by
the Corporation or any of its Subsidiaries with respect to its acquisition of
any direct or indirect interest in any Hotel (including any Real Property or
Leasehold comprising a facility used in connection with the Timeshare Business),
shall prior to the satisfaction in full of all conditions precedent to the
obligations of such Person pursuant to the agreement, be deemed or construed to
constitute a "Contingent Obligation" or "Indebtedness" of such Person hereunder,
PROVIDED that pursuant to any such agreement, neither the Corporation nor any of
its Subsidiaries is liable or responsible for and does not assume any
development or construction risks. The amount of any Contingent Obligation shall
be deemed to be an amount equal to the stated or determinable amount of the
primary obligation in respect of which such Contingent Obligation is made or, if
not stated or determinable, the maximum reasonably anticipated liability in
respect thereof (assuming such Person is required to perform thereunder) as
determined by such Person in good faith.

          "CONTRACTUAL OBLIGATION" of any Person means any obligation,
agreement, undertaking or similar provision of any security issued by such
Person or of any agreement (including, without limitation, any management or
franchise agreement), undertaking, contract, lease,

                                      -88-
<Page>

indenture, mortgage, deed of trust or other instrument (excluding a Credit
Document) to which such Person is a party or by which it or any of its property
is bound or to which any of its properties is subject.

          "CORPORATION" shall have the meaning provided in the first paragraph
of this Agreement.

          "CORPORATION GUARANTY" shall mean the guaranty of the Corporation
pursuant to Section 14.

          "CREDIT DOCUMENTS" shall mean this Agreement, each Letter of Credit,
each Guaranty and, after the execution and delivery thereof pursuant to the
terms of this Agreement, each Note, each Bankers' Acceptance, the Subordination
Agreement, each Incremental Term Loan Commitment Agreement and each Incremental
Revolving Loan Commitment Agreement.

          "CREDIT EVENT" shall mean the making of any Loan or the issuance of
any Letter of Credit.

          "CREDIT PARTY" shall mean each Borrower and each Guarantor.

          "DB" shall mean Deutsche Bank AG, New York Branch in its individual
capacity.

          "DEFAULT" shall mean any event, act or condition which with notice or
lapse of time, or both, would constitute an Event of Default.

          "DEFAULTING LENDER" shall mean any Lender with respect to which a
Lender Default is in effect.

          "DESIGNATED INDEBTEDNESS" shall mean and include the Indebtedness to
be Refinanced, the Existing Senior Notes and all other Indebtedness secured
pursuant to the Pledge and Security Agreement.

          "DISCOUNT RATE" means, in respect of any Bankers' Acceptances to be
purchased by an Alternate Currency Lender pursuant to Section 1.01 and Schedule
III hereto, the discount rate (calculated on an annual basis and rounded to the
nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up)
quoted by such Alternate Currency Lender at 10:00 A.M. (Toronto time) as the
discount rate at which such Alternate Currency Lender would purchase, on the
relevant Drawing Date, its own bankers' acceptances having an aggregate Face
Amount equal to and with a term to maturity the same as the Bankers' Acceptances
to be acquired by such Alternate Currency Lender on such Drawing Date.

          "DISQUALIFIED PREFERRED STOCK" shall mean any Preferred Stock of the
Corporation other than Qualified Preferred Stock.

          "DIVIDEND" with respect to any Person shall mean that such Person has
declared or paid a dividend or distribution or returned any equity capital to
its stockholders, partners, members or other holders of its Capital Stock or
authorized or made any other distribution,

                                      -89-
<Page>

payment or delivery of property or cash to its holders of Capital Stock as such,
or redeemed, retired, purchased or otherwise acquired, directly or indirectly,
for a consideration any shares of any class of its Capital Stock outstanding on
or after the Initial Borrowing Date (or any options or warrants issued by such
Person with respect to its Capital Stock), or set aside any funds for any of the
foregoing purposes, or shall have permitted any of its Subsidiaries to purchase
or otherwise acquire for a consideration any shares of any class of the Capital
Stock of such Person outstanding on or after the Initial Borrowing Date (or any
options or warrants issued by such Person with respect to its Capital Stock);
PROVIDED, HOWEVER, that a dividend or distribution by such Person to the holders
of one or more classes or series of its Capital Stock, shall not be deemed to be
a dividend, if such dividend or distribution is payable solely in (i) shares of
Capital Stock (which term includes Class B Shares) that is not Preferred Stock
(which term does not include Class B Shares), or in rights, warrants or options
to purchase such shares, or (ii) Rights. Without limiting the foregoing,
"dividends" with respect to any Person shall also include (i) all payments made
or required to be made by such Person with respect to any stock appreciation
rights, plans, equity incentive or achievement plans or any similar plans or
setting aside of any funds for the foregoing purposes, in each case except to
the extent (x) the same are paid in common stock of the Corporation or Class B
Shares or (y) such payments reduced Consolidated EBITDA and (ii) all payments
(other than payments made in common stock of the Corporation or Class B Shares)
made at any time in respect of any Forward Equity Transactions.

          "DOCUMENTS" shall mean the Credit Documents and the Refinancing
Documents.

          "DOLLAR EQUIVALENT" of an amount denominated in a currency other than
Dollars (the "OTHER CURRENCY") shall mean, at any time for the determination
thereof, the amount of Dollars which could be purchased with the amount of Other
Currency involved in such computation at the spot exchange rate therefor as
quoted by the Administrative Agent as of 11:00 A.M. (New York time) on the date
two Business Days prior to the date of any determination thereof for purchase on
such date (or, in the case of any determination pursuant to Section 13.16 or
Section 18 of the Sheraton Guaranty, on the date of determination); PROVIDED
that (1) for purposes of Section 1.17, the Dollar Equivalent of any amount
(expressed in a currency other than Dollars) shall be the amount of Dollars that
the Administrative Agent determines, based upon the actual exchange rates which
the Administrative Agent believes can be obtained on the date of conversion
pursuant to Section 1.17, would be required to be paid in Dollars to purchase
such amount of other currency and (2) for purposes of (x) determining compliance
with Sections 1.01, 2.02(a) and 4.02(a) and (y) calculating Fees pursuant to
Section 3.01, the Dollar Equivalent of any amounts outstanding in a currency
other than Dollars shall be revalued on a quarterly basis using the spot
exchange rate therefor quoted in the Wall Street Journal on the last Business
Day of each calendar quarter, PROVIDED that, at any time during a calendar
quarter, if the full principal amount of Alternate Currency Revolving Loans
permitted to be incurred pursuant to this Agreement (i.e., up to the full amount
of the respective Alternate Currency Revolving Loan Sub-Commitments as then in
effect) were incurred, and if the Dollar Equivalent as recalculated based on the
exchange rate therefor quoted in the Wall Street Journal on the respective date
of determination pursuant to this exception would result in an increase in the
Dollar Equivalent as then in effect of such amounts of 10% or more, then at the
discretion of the Administrative Agent or at the request of the Required
Lenders, the Dollar Equivalent shall be reset based upon the exchange rates
quoted on such date in the Wall Street Journal, which rates shall remain in
effect until the last Business Day of such calendar quarter or such earlier
date, if any, as the rate is reset

                                      -90-
<Page>

pursuant to this proviso. Notwithstanding anything to the contrary contained in
this definition, at any time that a Specified Default or an Event of Default
then exists, the Administrative Agent may revalue the Dollar Equivalent of any
amounts outstanding under the Credit Documents in a currency other than Dollars
in its sole discretion.

          "DOLLAR LOAN" shall mean each Initial Term Loan, each Incremental Term
Loan, each Dollar Revolving Loan, each Competitive Bid Loan and each Swingline
Loan.

          "DOLLAR PERCENTAGE" of any Lender at any time shall mean a fraction
(expressed as a percentage) the numerator of which is the Non-Alternate Currency
Revolving Loan Sub-Commitment of such Lender at such time and the denominator of
which is the aggregate amount of Non-Alternate Currency Revolving Loan
Commitments of all Lenders at such time, or, in the case of a Lender that is, or
whose Affiliate is, an Alternate Currency Lender, at any time when (and to the
extent that) the Aggregate Non-Alternate Currency Revolving Exposure equals or
exceeds the aggregate of the Non-Alternate Currency Revolving Loan
Sub-Commitments, such Lender's or such Affiliate's Unutilized Alternate Currency
RL Percentage. Notwithstanding anything to the contrary contained above, if the
Dollar Percentage of any Lender is to be determined after the Total Revolving
Loan Commitment has been terminated, then the Dollar Percentages of the Lenders
shall be determined immediately prior (and without giving effect) to such
termination.

          "DOLLAR REVOLVING LOAN" shall have the meaning provided in Section
1.01(b).

          "DOLLAR REVOLVING NOTE" shall have the meaning provided in Section
1.06(a).

          "DOLLARS" and the sign "$" shall each mean freely transferable lawful
money of the United States.

          "DOMESTIC SUBSIDIARY" shall mean each Subsidiary of the Corporation
incorporated or organized in the United States or any State or territory
thereof.

          "DRAFT" shall mean at any time either (i) a depository bill within the
meaning of the DEPOSITORY BILLS AND NOTES ACT (Canada) or (ii) a blank bill of
exchange, within the meaning of the BILLS OF EXCHANGE ACT (Canada), drawn by any
Alternate Currency Revolving Loan Borrower on an Alternate Currency Revolving
Lender and bearing such distinguishing letters and numbers as such Alternate
Currency Revolving Lender may determine, but which at such time has not been
completed or accepted by such Alternate Currency Revolving Lender.

          "DRAWING" shall have the meaning provided in Section 2.05(b).

          "DRAWING DATE" shall mean any Business Day fixed pursuant to Schedule
III for the creation and purchase of Bankers' Acceptances by an Alternate
Currency Revolving Lender pursuant to Schedule III.

          "EFFECTIVE DATE" shall have the meaning provided in Section 13.10.

          "ELECTION TO BECOME AN ALTERNATE CURRENCY REVOLVING LOAN BORROWER"
shall mean an Election to Become an Alternate Currency Revolving Loan Borrower
substantially in

                                      -91-
<Page>

the form of Exhibit I, which shall be executed by each Person which becomes an
Alternate Currency Revolving Loan Borrower after the Effective Date.

          "ELIGIBLE TRANSFEREE" shall mean and include a commercial bank,
financial institution, any fund or similar entity that regularly invests in bank
loans and any other "accredited investor" (as defined in Regulation D of the
Securities Act).

          "EMU LEGISLATION" shall mean the legislation measures of the European
Union for the introduction of, changeover to or operation of the Euro in one or
more member states, being in part legislation measures to implement the third
stage of the European Monetary Union.

          "ENCUMBERED EBITDA" shall mean, for any period, (without duplication)
all amounts included in Consolidated EBITDA for such period, to the extent such
amounts were (i) generated from Assets (including, without limitation, Hotels or
any Hotel Business) which are subject to any Lien securing Indebtedness which is
then outstanding or (ii) attributable to Subsidiaries of the Corporation which
are obligated in respect of Additional Unsecured Subsidiary Indebtedness or
Indebtedness under the CIGA Euro Loan Agreement.

          "END DATE" shall mean, for any Margin Adjustment Period, the last day
of such Margin Adjustment Period.

          "ENVIRONMENTAL CLAIMS" means any and all administrative, regulatory
or judicial actions, suits, demands, demand letters, directives, claims, liens,
notices of noncompliance or violation, investigations or proceedings arising
under any Environmental Law or any permit issued, or any approval given, under
any such Environmental Law (hereafter, "CLAIMS"), including, without limitation,
(a) any and all Claims by governmental or regulatory authorities for
enforcement, cleanup, removal, response, remedial or other actions or damages
pursuant to any applicable Environmental Law, and (b) any and all Claims by any
third party seeking damages, contribution, indemnification, cost recovery,
compensation or injunctive relief in connection with alleged injury or threat of
injury to human health, safety or the environment due to the presence of
Hazardous Materials.

          "ENVIRONMENTAL LAW" shall mean any Federal, state, foreign or local
statute, law, rule, regulation, ordinance, code, guideline, written policy and
rule of common law now or hereafter in effect and in each case as amended, and
any judicial or administrative interpretation thereof, including any judicial or
administrative order, consent decree or judgment, relating to the environment,
employee health and safety or Hazardous Materials, including, without
limitation, CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C.
Section 1251 ET SEQ.; the Toxic Substances Control Act, 15 U.S.C. Section 2601
ET SEQ.; the Clean Air Act, 42 U.S.C. Section 7401 ET SEQ.; the Safe Drinking
Water Act, 42 U.S.C. Section 3803 ET SEQ.; the Oil Pollution Act of 1990, 33
U.S.C. Section 2701 ET SEQ.; the Emergency Planning and the Community
Right-to-Know Act of 1986, 42 U.S.C. Section 11001 ET SEQ.; the Hazardous
Material Transportation Act, 49 U.S.C. Section 1801 ET SEQ; the Occupational
Safety and Health Act, 29 U.S.C. Section 651 ET SEQ.; and any state and local or
foreign counterparts or equivalents, in each case as amended from time to time.

          "ENVIRONMENTAL MATTERS" shall have the meaning provided in Section
8.01(g).

                                      -92-
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          "ERISA" shall mean the Employee Retirement Income Security Act of
1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder. Section references to ERISA are to ERISA, as in effect at the
date of this Agreement and any subsequent provisions of ERISA, amendatory
thereof, supplemental thereto or substituted therefor.

          "ERISA AFFILIATE" shall mean each person (as defined in Section 3(9)
of ERISA) which together with any Borrower or a Subsidiary of any Borrower would
be deemed to be a "single employer" within the meaning of Section 414(b) or (c)
or for purposes of Section 412 of the Code, Section 414(m) or (o) of the Code.

          "EURO EQUIVALENT" shall mean, at any time for the determination
thereof, the amount of Euros which could be purchased with the amount of Dollars
involved in such computation at the spot exchange rate therefore as quoted by
the Administrative Agent as of 11:00 A.M. (London time) on the date two Business
Days prior to the date of any determination thereof for purchase on such date
(or, in the case of any determination pursuant to Section 1.17 or 13.16 or
Section 18 of the Sheraton Guaranty, on the date of determination).

          "EURO LIBOR RATE" shall mean (i) the rate per annum that appears on
page 3740 of the Dow Jones Markets Screen (or any successor page) for deposits
in Euros with maturities comparable to the Interest Period applicable to the
Euro Revolving Loans subject to the respective Borrowing commencing two Business
Days thereafter as of 11:00 A.M. (London time) on the date which is two Business
Days prior to the commencement of the respective Interest Period or (ii) if such
a rate does not appear on page 3740 of the Dow Jones Markets Screen (or any
successor page), the offered quotation to first-class banks in the London
interbank market by DB for deposits in Euros of amounts in immediately available
funds comparable to the outstanding principal amount of the Euro Loan of DB with
maturities comparable to the Interest Period applicable to such Euro Revolving
Loan commencing two Business Days thereafter as of 11:00 A.M. (London time) on
the date which is two Business Days prior to the commencement of such Interest
Period; PROVIDED that in the event the Administrative Agent has made any
determination pursuant to Section 1.11(a)(i) in respect of Euro Revolving Loans,
or in the circumstances described in clause (i) to the proviso to Section
1.11(b) in respect of Euro Revolving Loans, the Euro LIBOR Rate determined
pursuant to this definition shall instead be the rate determined by DB as the
all-in-cost of funds for DB to fund such Euro Revolving Loan with maturities
comparable to the Interest Period applicable thereto.

          "EURO RATE" shall mean and include each of the Eurodollar Rate, the
Euro LIBOR Rate and the Sterling Euro Rate.

          "EURO RATE LOAN" shall mean each Eurodollar Loan, each Euro Revolving
Loan and each Sterling Revolving Loan.

          "EURO REVOLVING LOAN" shall mean each Alternate Currency Revolving
Loan denominated in Euros at the time of the incurrence thereof.

          "EURO REVOLVING LOAN SUB-COMMITMENT" means, as to any Alternate
Currency Lender, the amount, if any, set forth opposite such Alternate Currency
Lender's name in

                                      -93-
<Page>

Schedule I-B directly below the column entitled "Euro Revolving Loan
Sub-Commitment," as same may be (x) reduced from time to time pursuant to
Sections 1.17, 3.02, 3.03, 10 and/or 13.12(e), (y) increased from time to time
pursuant to Section 13.12(d) or (z) adjusted from time to time as a result of
assignments to or from such Lender pursuant to Section 1.14 or 13.04(b). The
Euro Revolving Loan Sub-Commitment of each Alternate Currency Lender is a
sub-limit of the Revolving Loan Commitment of the respective Alternate Currency
Lender (or its respective affiliate which is a Lender with the related Revolving
Loan Commitment) and not an additional commitment and, in no event, may exceed
at any time, when added to the Canadian Dollar Revolving Loan Sub-Commitment,
the Pounds Sterling Revolving Loan Sub-Commitment and the Non-Alternate Currency
Revolving Loan Sub-Commitment of the respective Alternate Currency Lender (or
its respective affiliate), the Revolving Loan Commitment of such Alternate
Currency Lender (or its respective affiliate which is a Lender with the related
Revolving Loan Commitment).

          "EURO REVOLVING NOTES" shall have the meaning provided in Section
1.06(a).

          "EURODOLLAR LOAN" shall mean each Dollar Loan (bearing interest at the
Eurodollar Rate) designated as such by the Corporation at the time of the
incurrence thereof or conversion thereto.

          "EURODOLLAR RATE" shall mean the rate per annum that appears on page
3750 of the Dow Jones Markets Screen/or any successor page for Dollar deposits
with maturities comparable to the Interest Period applicable to the Eurodollar
Loans subject to the respective Borrowing commencing two Business Days
thereafter as of 11:00a.m. (London time) on the date which is two Business Days
prior to the commencement of the respective Interest Period divided (and
rounded, if necessary, upward to the next whole multiple of 1/16 of 1%) by (ii)
a percentage equal to 100% minus the then stated maximum rate of all reserve
requirements (including, without limitation, any marginal, emergency,
supplemental, special or other reserves) applicable to any member bank of the
Federal Reserve System in respect of Eurocurrency liabilities as defined in
Regulation D (or any successor category of liabilities under Regulation D);
PROVIDED that, to the extent that an interest rate is not ascertainable pursuant
to the foregoing provisions of this definition, the rate to be used for purposes
of this definition shall be the interest rate per annum determined by the
Administrative Agent to be the rate per annum at which deposits in Dollars are
offered for such relevant Interest Period to major banks in the London interbank
market in London, England by DB at approximately 11:00 A.M. (London time) on the
date which is two Business Days prior to the beginning of such Interest Period,
divided (and rounded, if necessary, upward to the nearest whole multiple of 1/16
of 1%) by a percentage equal to 100% minus the then stated maximum rate of all
reserve requirements (including, without limitation, any marginal, emergency,
supplemental, special or other reserves) applicable to any member bank of the
Federal Reserve System in respect of Eurocurrency liabilities as defined in
Regulation D (or any successor category of liabilities under Regulation D).

          "EUROS" and the designation "EURO" shall mean the currency introduced
on January 1, 1999 at the start of the third stage of European Economic and
Monetary Union pursuant to the Treaty.

          "EVENT OF DEFAULT" shall have the meaning provided in Section 10.

                                      -94-
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          "EXISTING BANKERS' ACCEPTANCES" shall have the meaning provided in
Section 1.15(b).

          "EXISTING CREDIT AGREEMENT" shall mean the Credit Agreement, dated as
of February 23, 1998, among the Corporation, SLT Realty Limited Partnership,
Starwood REIT, Chess Acquisition Corp. (and ITT Corporation as its successor by
merger), each Alternate Currency Revolving Loan Borrower (as defined therein)
from time to time party thereto and the lenders from time to time party thereto,
as in effect on the Initial Borrowing Date (immediately prior to giving effect
to the Transaction).

          "EXISTING LETTERS OF CREDIT" shall have the meaning provided in
Section 2.01(c).

          "EXISTING LIENS" shall have the meaning provided in Section 9.01.

          "EXISTING SENIOR NOTES" shall mean the Senior Notes identified as (i)
item 3 on Schedule 7.17 hereto, (ii) item 2 on Schedule 7.17 hereto and (iii)
item 1 on Schedule 7.17 hereto.

          "EXTENSION FEE" shall have the meaning provided in Section 3.01(g).

          "FACE AMOUNT" shall mean, in respect of a Bankers' Acceptance, the
amount payable to the holder thereof on its maturity. The Face Amount of any
Bankers' Acceptance Loan shall be equal to the Face Amounts of the underlying
Bankers' Acceptances.

          "FACING FEE" shall have the meaning provided in Section 3.01(c).

          "FEDERAL FUNDS RATE" shall mean for any period, a fluctuating interest
rate equal for each day during such period to the weighted average of the rates
on overnight Federal Funds transactions with members of the Federal Reserve
System arranged by Federal Funds brokers, as published for such day (or, if such
day is not a Business Day, for the next preceding Business Day) by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which
is a Business Day, the average of the quotations for such day on such
transactions received by the Administrative Agent from three Federal Funds
brokers of recognized standing selected by the Administrative Agent.

          "FEES" shall mean all amounts payable pursuant to or referred to in
Section 3.01.

          "FISCAL YEAR" shall mean each fiscal year of the Corporation, which
shall be required to end on December 31 of each calendar year.

          "FOREIGN PENSION PLAN" shall mean any plan, fund (including, without
limitation, any superannuation fund) or other similar program established or
maintained outside the United States by any Borrower or any one or more of its
Subsidiaries primarily for the benefit of employees of such Borrower or such
Subsidiaries residing outside the United States of America, which plan, fund or
other similar program provides, or results in, retirement income, a deferral of
income in contemplation of retirement or payments to be made upon termination of
employment, and which plan is not subject to ERISA or the Code and which Plan,
fund or similar program

                                      -95-
<Page>

could result in liability or other obligation or lien to any Borrower, any
Subsidiary of any Borrower or ERISA Affiliate.

          "FOREIGN SUBSIDIARY" shall mean each Subsidiary of the Corporation
other than a Domestic Subsidiary.

          "FORWARD EQUITY TRANSACTIONS" shall mean any arrangement or agreement
by the Corporation or any of its Subsidiaries involving any forward equity sale,
including, without limitation, any agreement pursuant to which funds are
advanced to the Corporation or any Subsidiary thereof and pursuant to which the
Corporation or any Subsidiary thereof is contractually obligated (or permitted)
to, at a future date or dates, issue Capital Stock to satisfy its obligations
under such agreement (whether or not said obligation may be satisfied through
the delivery of cash in lieu of such Capital Stock).

          "GAAP" means generally accepted accounting principles in the United
States of America as in effect from time to time set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and the statements and pronouncements of the
Financial Accounting Standards Board, or in such other statements by such other
entity as may be in general use by significant segments of the accounting
profession, which are applicable to the circumstances as of the date of
determination, except that, for purposes of Section 9 and all determinations of
Applicable Margin, GAAP shall be determined on the basis of such principles in
effect on the date hereof and consistent with those used in the preparation of
the audited consolidated financial statements of the Corporation and its
Subsidiaries for the Fiscal Year ended December 31, 2001 referred to in Section
7.03(a).

          "GOVERNMENTAL AUTHORITY" means any nation or government, any state or
other political subdivision thereof and any entity duly exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

          "GUARANTEED CREDITORS" shall mean and include each Agent, each
Alternate Currency Lender and each party (other than any Credit Party) party to
(or participating in) an Interest Rate Protection Agreement or Other Hedging
Agreement to the extent such party is a Lender or any affiliate thereof (even if
such Lender subsequently ceases to be a Lender under this Agreement for any
reason) and their subsequent assigns.

          "GUARANTEED OBLIGATION" shall mean (i) the principal (or Face Amount,
as the case may be) of and interest on all Alternate Currency Revolving Loans
made to each Alternate Currency Revolving Loan Borrower (other than the
Corporation) under this Agreement, and each Note evidencing each Alternate
Currency Revolving Loan issued to each Alternate Currency Lender, together with
all the other obligations (including obligations which, but for the automatic
stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities (including, without limitation, indemnities, fees and interest
thereon) of the Alternate Currency Revolving Loan Borrowers (other than the
Corporation) (or any of them) to each Alternate Currency Lender and each Agent,
now existing or hereafter incurred under, arising out of or in connection with
this Agreement and each other Credit Document and the due performance and
compliance by each Alternate Currency Revolving Loan Borrower with all the
terms, conditions and agreements contained in this Agreement and each other
Credit Document to which it is a party and (ii) all

                                      -96-
<Page>

obligations (including obligations which, but for the automatic stay under
Section 362(a) of the Bankruptcy Code, would become due) and liabilities of each
Subsidiary of the Corporation, whether now in existence or hereunder arising,
owing under any Interest Rate Protection Agreement or Other Hedging Agreement
entered into by such Subsidiary with any Lender or any affiliate thereof (even
if such Lender subsequently ceases to be a Lender under this Agreement for any
reason) so long as such Lender or affiliate participates in such Interest Rate
Protection Agreement or Other Hedging Agreement, and their subsequent assigns,
if any, and the due performance and compliance with all terms, conditions and
agreements contained therein.

          "GUARANTEED PARTY" shall mean each Alternate Currency Revolving Loan
Borrower (other than the Corporation) and each Subsidiary of the Corporation
party to any Interest Rate Protection Agreement or Other Hedging Agreement with
any Guaranteed Creditor.

          "GUARANTORS" shall mean and include the Corporation, Sheraton and,
prior to the Collateral and Guaranty Release pursuant to Section 13.18(b), each
Additional Subsidiary Guarantor.

          "GUARANTY" shall mean and include the Corporation Guaranty, the
Sheraton Guaranty and, prior to the Collateral and Guaranty Release pursuant to
Section 13.18(b), the Additional Subsidiaries Guaranty.

          "HAZARDOUS MATERIALS" means (a) any petroleum or petroleum products,
radioactive materials, asbestos in any form that is or could become friable,
urea formaldehyde foam insulation, transformers or other equipment that contain
dielectric fluid containing regulated levels of polychlorinated biphenyls, and
radon gas; (b) any chemicals, materials or substances defined as or included in
the definitions of "hazardous substances," "hazardous waste," "hazardous
materials," "extremely hazardous substances," "restricted hazardous waste,"
"toxic substances," "toxic pollutants," "contaminants," or "pollutants," or
words of similar import, which are regulated under any applicable Environmental
Law; and (c) any other chemical, material or substance, the Release of which is
prohibited, limited or regulated by any applicable Environmental Law.

          "HOTEL" means any Real Property or Leasehold comprising an operating
facility offering hotel or other lodging services.

          "HOTEL BUSINESS" shall mean (i) the hotel, resort, extended stay
lodging, other hospitality business (including the Timeshare Business), and (ii)
any and all businesses that in the good faith judgment of the board of directors
of the Corporation are reasonably related to, or may be used in connection with,
the businesses described in preceding clause (i).

          "INCREMENTAL LOAN COMMITMENT" shall mean any Incremental Term Loan
Commitment and/or any Incremental Revolving Loan Commitment, as the context may
require.

          "INCREMENTAL LOAN COMMITMENT AGREEMENT" shall mean any Incremental
Term Loan Commitment Agreement and/or any Incremental Revolving Loan Commitment
Agreement, as the context may require.

                                      -97-
<Page>

          "INCREMENTAL LOAN COMMITMENT DATE" shall mean any Incremental Term
Loan Borrowing Date or any Incremental Revolving Loan Commitment Date, as the
context may require.

          "INCREMENTAL LOAN COMMITMENT REQUIREMENTS" shall mean, with respect to
any request for an Incremental Loan Commitment made pursuant to Section 1.19 or
Section 1.20 or any provision of an Incremental Loan Commitment on a given
Incremental Loan Commitment Date, the satisfaction of each of the following
conditions: (i) no Default or Event of Default then exists or would result
therefrom (for purposes of such determination, assuming the relevant Loans in an
aggregate principal amount equal to the full amount of Incremental Loan
Commitments then requested or provided had been incurred on such date of request
or Incremental Loan Commitment Date, as the case may be), (ii) in the case of a
request for, or the provision of, an Incremental Term Loan Commitment only,
calculations are made by the Corporation demonstrating compliance with the
covenants contained in Sections 9.05, 9.06 and 9.08 for the Test Period most
recently ended prior to the date of the respective request for Incremental Term
Loan Commitments or the relevant Incremental Term Loan Borrowing Date, as the
case may be, on a PRO FORMA Basis, as if the Incremental Term Loans to be made
pursuant to such Incremental Term Loan Commitments (assuming the full
utilization thereof) had been incurred on the first day of such Test Period,
(iii) the Corporation shall have certified to the Administrative Agent that the
incurrence of Loans in an aggregate principal amount equal to the full amount of
the Incremental Loan Commitments then requested or provided is permitted under,
and in accordance with, the Senior Note Documents, all other indentures and all
other material debt agreements to which a Credit Party is a party, (iv) the
Administrative Agent shall have consented to the Tranche selected by the
Corporation (i.e., whether Incremental Revolving Commitments or Incremental Term
Loan Commitments will be made available), (v) all representations and warranties
contained herein and in the other Credit Documents shall be true and correct in
all material respects with the same effect as though such representations and
warranties had been made as of such date of request or Incremental Loan
Commitment Date, as the case may be (after giving effect to the incurrence of
the respective Loan), unless stated to relate to a specified date, in which case
such representations and warranties shall be true and correct in all material
respects as of such specified date, (vi) in the case of a request for, or the
provision of, an Incremental Loan Commitment from an Eligible Transferee which
is not already a Lender, the aggregate amount of the Incremental Loan
Commitments requested from, or provided by, such Eligible Transferee shall be
allocated among the Incremental Term Loan Commitment and the Incremental
Revolving Loan Commitment provided (or to be provided) by such Eligible
Transferee on a PRO RATA basis (based on the aggregate outstanding principal
amount of all Term Loans at such time and the Total Revolving Loan Commitment as
in effect at such time) and (vii) the delivery by the Corporation of an
officer's certificate to the Administrative Agent certifying as to compliance
with preceding clauses (i), (ii), (iii), (v) and (vi) and containing the
calculations required by preceding clauses (ii) and/or (iii) (as applicable).

          "INCREMENTAL LOAN LENDER" shall mean any Incremental Term Loan Lender
and/or any Incremental RL Lender, as the context may require.

          "INCREMENTAL REVOLVING LOAN COMMITMENT" shall mean, for each
Incremental RL Lender, any commitment by such Incremental RL Lender to make
Revolving Loans pursuant to Section 1.01(b) as agreed to by such Incremental RL
Lender in the respective Incremental

                                      -98-
<Page>

Revolving Loan Commitment Agreement delivered pursuant to Section 1.20; it being
understood, however, that on each date upon which an Incremental Revolving Loan
Commitment of any Incremental RL Lender becomes effective, such Incremental
Revolving Loan Commitment of such Incremental RL Lender shall be added to (and
thereafter become a part of) the Revolving Loan Commitment of such Incremental
RL Lender for all purposes of this Agreement as contemplated by Section 1.20.

          "INCREMENTAL REVOLVING LOAN COMMITMENT AGREEMENT" shall mean an
Incremental Revolving Loan Commitment Agreement substantially in the form of
Exhibit M (appropriately completed).

          "INCREMENTAL REVOLVING LOAN COMMITMENT DATE" shall mean each date upon
which an Incremental Revolving Loan Commitment under an Incremental Revolving
Loan Commitment Agreement becomes effective as provided in Section 1.20(b)(i).

          "INCREMENTAL RL LENDER" shall have the meaning provided in Section
1.20(b).

          "INCREMENTAL TERM LOAN" shall have the meaning provided in Section
1.01(f).

          "INCREMENTAL TERM LOAN BORROWING DATE" shall mean each date on which
the Corporation incurs Incremental Term Loans pursuant to Section 1.01(f), which
date shall be the date of the effectiveness of the Incremental Term Loan
Commitment Agreement pursuant to which such Incremental Term Loans are to be
made.

          "INCREMENTAL TERM LOAN COMMITMENT" shall mean, for each Incremental
Term Loan Lender, the commitment of such Incremental Term Loan Lender to make
Incremental Term Loans pursuant to Section 1.01(f) on a given Incremental Term
Loan Borrowing Date, as such commitment is set forth in the Incremental Term
Loan Commitment Agreement delivered pursuant to Section 1.19(b) and as same may
be terminated pursuant to Sections 3.03 and/or 10.

          "INCREMENTAL TERM LOAN COMMITMENT AGREEMENT" shall mean an Incremental
Term Loan Commitment Agreement substantially in the form of Exhibit L
(appropriately completed).

          "INCREMENTAL TERM LOAN LENDER" shall have the meaning provided in
Section 1.19(b).

          "INDEBTEDNESS" shall mean, as to any Person, without duplication, (i)
all indebtedness (including principal, interest, fees and charges) of such
Person for borrowed money or for the deferred purchase price of property or
services (excluding accounts payable and accrued expenses arising in the
ordinary course of business), (ii) the maximum amount available to be drawn
under all letters of credit issued for the account of such Person and all unpaid
drawings in respect of such letters of credit, (iii) all Indebtedness of the
types described in clause (i), (ii), (iv), (v), (vi) or (vii) of this definition
secured by any Lien on any property owned by such Person, whether or not such
Indebtedness has been assumed by such Person (PROVIDED that, if the Person has
not assumed or otherwise become liable in respect of such Indebtedness, such
Indebtedness shall be deemed to be in an amount equal to the stated amount of
such Indebtedness), (iv) the aggregate amount required to be capitalized under
leases under which such Person is the lessee,

                                      -99-
<Page>

(v) all obligations of such person to pay a specified purchase price for goods
or services, whether or not delivered or accepted, i.e., take-or-pay and similar
obligations, (vi) all Contingent Obligations of such Person and (vii) all
obligations under any Interest Rate Protection Agreement, any Other Hedging
Agreement or under any similar type of agreement. Notwithstanding anything to
the contrary contained above, all Forward Equity Transactions shall be deemed to
constitute Indebtedness for purposes of this Agreement, with the amount of such
Indebtedness at any time outstanding to be equal to the maximum amount of cash
and/or fair market value of property which would be required to be delivered by
the Corporation and its Subsidiaries at such time to satisfy in full their
obligations under the respective Forward Equity Transactions.

          "INDEBTEDNESS TO BE REFINANCED" shall mean all Indebtedness under the
Existing Credit Agreement on the Initial Borrowing Date (prior to giving effect
to the Transaction).

          "INITIAL BORROWING DATE" shall mean the date occurring on or after the
Effective Date on which the initial Borrowing of Loans hereunder occurs.

          "INITIAL TERM LOAN" shall have the meaning provided in Section
1.01(a).

          "INITIAL TERM LOAN COMMITMENT" shall mean, for each Lender, the amount
set forth opposite such Lender's name on Schedule I-A directly below the column
entitled "Initial Term Loan Commitment," as the same may be terminated pursuant
to Sections 3.03 and/or 10.

          "INSIGNIFICANT SUBSIDIARY" shall mean, at any time, any Subsidiary of
the Corporation (excluding Sheraton) which (x) has (i) assets of not greater
than 10% of the consolidated total assets of the Corporation and its
Subsidiaries (determined as of the last day of the most recent fiscal quarter of
the Corporation) and (ii) revenue of less than 10% of the consolidated revenues
of the Corporation and its Subsidiaries for the Test Period then most recently
ended and (y) if aggregated with all other Subsidiaries of the Corporation with
respect to which an event described under Section 10.05 has occurred and is
continuing, would have (i) assets of not greater than 10% of the consolidated
total assets of the Corporation and its Subsidiaries (determined as of the last
day of the most recent fiscal quarter of the Corporation) and (ii) revenue of
less than 10% of the consolidated revenues of the Corporation and its
Subsidiaries for the Test Period then most recently ended.

          "INTERCOMPANY DEBT" shall mean any Indebtedness, whether now existing
or hereafter incurred, owed by any Credit Party to any other Credit Party or any
other Subsidiary of the Corporation (including, without limitation, any
Intercompany Existing Indebtedness owed by any Credit Party to any such Person).

          "INTERCOMPANY EXISTING INDEBTEDNESS" shall have the meaning provided
in Section 7.17.

          "INTERCOMPANY MORTGAGE NOTE" shall mean the subordinated Intercompany
Mortgage Notes in an aggregate principal amount not to exceed $3,450,000,000
issued by Sheraton or the Corporation to Starwood REIT, and contributed by
Starwood REIT to SLT RLP and Starwood Hotels & Resorts Holdings, Inc.

                                      -100-
<Page>

          "INTEREST DETERMINATION DATE" shall mean, with respect to any Euro
Rate Loan, the second Business Day prior to the commencement of any Interest
Period relating to such Euro Rate Loan.

          "INTEREST PERIOD" shall have the meaning provided in Section 1.10.

          "INTEREST RATE PROTECTION AGREEMENT" shall mean any interest rate swap
agreement, interest rate cap agreement, interest collar agreement, interest rate
hedging agreement or other similar agreement or arrangement.

          "ISSUING BANK" shall mean (i) DB and any other RL Lender which at the
request of the Corporation and with the consent of the Administrative Agent
agrees, in such RL Lender's sole discretion, to become an Issuing Bank for the
purpose of issuing Letters of Credit pursuant to Section 2 and (ii) with respect
to the Existing Letters of Credit, the Lender designated as the issuer thereof
on Schedule 2.01(c) shall be the Issuing Bank thereof; PROVIDED that as of the
Initial Borrowing Date and until such time as it agrees otherwise, DB shall not
be the Issuing Bank with respect to any Trade Letter of Credit.

          "JOINT LEAD ARRANGERS" shall mean Deutsche Bank Securities, Inc. and
J.P. Morgan Securities Inc., each in their capacities as Co-Lead Arrangers and
Joint Book Running Managers.

          "JUDGMENT CURRENCY" shall have the meaning provided in Section
13.16(a).

          "JUDGMENT CURRENCY CONVERSION DATE" shall have the meaning provided in
Section 13.16(a).

          "L/C SUPPORTABLE OBLIGATIONS" shall mean obligations of the
Corporation or any of its Subsidiaries incurred in the ordinary course of
business and which do not violate the applicable provisions, if any, of this
Agreement.

          "LEASEHOLDS" of any Person means all the right, title and interest of
such Person as lessee or licensee in, to and under leases or licenses of land,
improvements and/or fixtures.

          "LENDER" shall mean each financial institution listed on Schedule I-A,
as well as any Person which becomes a "Lender" hereunder pursuant to Section
1.14, 1.19, 1.20 or 13.04(b). Unless the context otherwise requires, each
reference in this Agreement to a Lender includes each Alternate Currency Lender
and, if the reference is to a specific Lender which has a Revolving Loan
Commitment hereunder, shall include references to any Affiliate of any such
Lender which is acting as an Alternate Currency Lender.

          "LENDER DEFAULT" shall mean (i) the wrongful refusal (which has not
been retracted) or the failure of a Lender to make available its portion of any
Borrowing (including any Mandatory Borrowing) or to fund its portion of any
unreimbursed payment under Section 2.04(c) or to purchase participating
interests in Revolving Loans under Section 1.17 or (ii) a Lender having notified
in writing any Borrower and/or the Administrative Agent that such Lender does
not intend to comply with its obligations under Section 1.01 or 2 in
circumstances

                                      -101-
<Page>

where such non-compliance would constitute a breach of such Lender's obligations
under the respective Section.

          "LETTER OF CREDIT" shall have the meaning provided in Section 2.01(a).

          "LETTER OF CREDIT FEE" shall have the meaning provided in Section
3.01(b).

          "LETTER OF CREDIT OUTSTANDINGS" shall mean, at any time, the sum of
(i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii)
the amount of all Unpaid Drawings.

          "LETTER OF CREDIT REQUEST" shall have the meaning provided in Section
2.03(a).

          "LIEN" shall mean any mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or other), preference,
priority or other security agreement of any kind or nature whatsoever
(including, without limitation, any conditional sale or other title retention
agreement, any financing or similar statement or notice filed under the Uniform
Commercial Code as in effect in any State or any other similar recording or
notice statute, and any lease having substantially the same effect as any of the
foregoing).

          "LOAN" shall mean each Term Loan, each Revolving Loan, each
Competitive Bid Loan and each Swingline Loan.

          "MANDATORY BORROWING" shall have the meaning provided in Section
1.01(d).

          "MANDATORY COST" means the cost imputed to a Lender in complying with
(i) the Mandatory Liquid Assets requirements of the Bank of England during the
period in which a Sterling Revolving Loan is outstanding determined in
accordance with Schedule IV and (ii) any reserve asset requirements of the
European Central Bank, as determined in accordance with Schedule IV.

          "MARGIN ADJUSTMENT PERIOD" shall mean each period which shall commence
on the date occurring after the Effective Date on which the respective officer's
certificates are delivered pursuant to Section 8.01(d) and which shall end on
the earlier of (i) the date of actual delivery of the next officer's
certificates pursuant to Section 8.01(d) and (ii) the latest date on which the
next officer's certificates are required to be delivered.

          "MARGIN STOCK" shall have the meaning provided in Regulation U.

          "MATERIAL ADVERSE CHANGE" means a material adverse change in any of
(i) the business, operations, property, assets, liabilities or condition
(financial or otherwise) of the Corporation and its Subsidiaries taken as a
whole, (ii) the legality, validity or enforceability of the Credit Documents
taken as a whole, (iii) the ability of any Borrower to repay its Obligations or
to perform its obligations under any other Credit Document, (iv) the ability of
the Guarantors, taken as a whole, to perform their obligations under their
respective Guaranties or (v) the rights and remedies of the Lenders or the
Agents under the Credit Documents.

                                      -102-
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          "MATERIAL ADVERSE EFFECT" means an effect that results in or causes,
or has a reasonable likelihood of resulting in or causing, a Material Adverse
Change.

          "MATURITY DATE" shall mean October 9, 2006, as such date may be
extended pursuant to Section 1.21.

          "MAXIMUM SWINGLINE AMOUNT" shall mean $50,000,000.

          "MINIMUM BORROWING AMOUNT" shall mean, for each Type and Tranche of
Loans hereunder, the respective amount specified below:

          (i)     in the case of a Borrowing of Euro Rate Loans of any Tranche,
     $10,000,000 (or the applicable Alternate Currency Equivalent thereof in the
     case of a Borrowing of Alternate Currency Revolving Loans);

          (ii)    in the case of a Borrowing (but excluding Borrowings of
     Swingline Loans) of Base Rate Loans of any Tranche, $10,000,000;

          (iii)   in the case of a Borrowing of Swingline Loans, $1,000,000;

          (iv)    in the case of a Borrowing of Canadian Prime Rate Loans, Cdn.
     $1,000,000;

          (v)     in the case of Bankers' Acceptance Loans, the amount specified
     in Schedule III; and

          (vi)    in the case of Competitive Bid Loans, $20,000,000.

          "MOODY'S" shall mean Moody's Investors Service, Inc.

          "NAIC" shall have the meaning provided in Section 1.11(c).

          "NET TERMINATION VALUE" shall mean at any time, with respect to all
Interest Rate Protection Agreements and Other Hedging Agreements for which a Net
Termination Value is being determined, the excess, if positive, of (i) the
aggregate of the unrealized net loss position, if any, of the Corporation and/or
its Subsidiaries under each of such Interest Rate Protection Agreements and
Other Hedging Agreements on a marked-to-market basis determined no more than one
month prior to such time LESS (ii) the aggregate of the unrealized net gain
position, if any, of the Corporation and/or its Subsidiaries under each of such
Interest Rate Protection Agreements and Other Hedging Agreements on a
marked-to-market basis determined no more than one month prior to such time,
with each marked-to market determination made pursuant to clauses (i) and (ii)
above in connection with a determination of "Net Termination Value" to be made
on the same date.

          "NON-ALTERNATE CURRENCY REVOLVING LOAN SUB-COMMITMENT" means, for any
Lender at any time, such Lender's Revolving Loan Commitment MINUS, in the case
of a Lender that is, or whose Affiliate is, an Alternate Currency Lender, the
sum of such Lender's and its Affiliates' Alternate Currency Revolving Loan
Sub-Commitments.

                                      -103-
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          "NON-DEFAULTING LENDER" shall mean and include each Lender other than
a Defaulting Lender.

          "NON-RECOURSE INDEBTEDNESS" of any Person means all Indebtedness of
such Person and its Subsidiaries with respect to which recourse for payment is
limited to specific assets encumbered by a Lien securing such Indebtedness;
PROVIDED, HOWEVER, that personal recourse of a holder of Indebtedness against
any obligor with respect thereto for fraud, misrepresentation, misapplication of
cash, waste and other circumstances customarily excluded from non-recourse
provisions in non-recourse secured financing of real estate shall not, by
itself, prevent any Indebtedness from being characterized as Non-Recourse
Indebtedness, PROVIDED FURTHER that if a personal recourse claim is made in
connection therewith, such claim shall not constitute Non-Recourse Indebtedness
for the purpose of this Agreement.

          "NOTE" shall mean each Term Note, each Revolving Note, each
Competitive Bid Note and the Swingline Note.

          "NOTICE OF BORROWING" shall have the meaning provided in Section
1.03(a).

          "NOTICE OF COMPETITIVE BID BORROWING" shall have the meaning provided
in Section 1.04(a).

          "NOTICE OF CONVERSION" shall have the meaning provided in Section
1.07(a).

          "NOTICE OFFICE" shall mean the office of the Administrative Agent
located at 200 Crescent Court, Suite 550, Dallas, TX 75201-1875, Attention:
Allison Wilson, or such other office as the Administrative Agent may hereafter
designate in writing as such to the other parties hereto.

          "OBLIGATION CURRENCY" shall have the meaning provided in Section
13.16(a).

          "OBLIGATIONS" shall mean all amounts owing to any Agent or any Lender
pursuant to the terms of this Agreement or any other Credit Document.

          "OTHER HEDGING AGREEMENT" shall mean any foreign exchange contracts,
currency swap agreements, commodity agreements or other similar agreements or
arrangements designed to protect against the fluctuations in currency values or
instruments to hedge and protect against fluctuations in the Corporation's
and/or its Subsidiaries cash flow and earnings from changes in financial
markets.

          "PARENT COMPANIES" shall have the meaning provided in the Existing
Credit Agreement.

          "PARTICIPANT" shall have the meaning provided in Section 2.04(a).

          "PARTICIPATING MEMBER STATE" shall mean, at any time, any member state
of the European Union which has adopted the Euro as its lawful currency at such
time.

                                      -104-
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          "PARTNERSHIP UNITS" shall mean the Class A Units of SLT RLP and the
Class B Units of SLC Operating Limited Partnership, a Delaware limited
partnership.

          "PAYMENT OFFICE" shall mean (i) in respect of Dollar Loans, Letters of
Credit, Fees and, except as provided in clause (ii) below, all other amounts
owing under this Agreement and the other Credit Documents, the office of the
Administrative Agent located at 31 W. 52nd Street, Money Transfer Division New
York, New York 10019, ABA Number: 021-001-033, Credit to Deutsche Bank Loan
Operations, Reference: Starwood Hotels & Resorts, Account Number: 602-00-119,
Attention: Mary Rodwell, (ii) in respect of Canadian Dollar Revolving Loans, to
Royal Bank of Canada, Toronto, Ontario, Canada, SWIFT ID: ROYCCAT2, Account
Number: 095912235745, Account Name: Deutsche Bank, NY, Reference: Starwood
Hotels & Resorts, (iii) in respect of Sterling Revolving Loans, to Deutsche Bank
AG, London, SWIFT ID: DEUTGB2L, Account Number: 0400069, Account Name: Deutsche
Bank, NY, Local Clearing Code //SC405081, Reference: Starwood Hotels & Resorts,
and (iv) in respect of Euro Revolving Loans, to Deutsche Bank AG, Frankfurt,
SWIFT ID: DEUTDEFF, Account Number: 958409510, Account Name: Deutsche Bank, NY,
Reference: Starwood Hotels & Resorts, Attention: Loans Agency or in each case
such other office as the Administrative Agent may hereafter designate in writing
as such to the other parties hereto.

          "PBGC" shall mean the Pension Benefit Guaranty Corporation established
pursuant to Section 4002 of ERISA, or any successor thereto.

          "PERMITTED LIENS" shall have the meaning provided in Section 9.01.

          "PERSON" shall mean any individual, partnership, joint venture,
limited liability company, firm, corporation, association, trust or other
enterprise or any government or political subdivision or any agency, department
or instrumentality thereof.

          "PLAN" shall mean any pension plan as defined in Section 3(2) of
ERISA, which is maintained or contributed to by (or to which there is an
obligation to contribute of) any Borrower or a Subsidiary of any Borrower or an
ERISA Affiliate and any pension plan as defined in Section 3(2) of ERISA with
respect to which any Borrower, or a Subsidiary of any Borrower or an ERISA
Affiliate could have any liability.

          "PLEDGE AND SECURITY AGREEMENT" shall mean that certain Pledge and
Security Agreement, dated as of February 23, 1998, among the Corporation,
various of its Subsidiaries and Deutsche Bank Trust Company Americas, as
pledgee, as the same may be amended, modified and/or supplemented from time to
time in accordance with the terms hereof and thereof.

          "PLEDGEE" shall have the meaning provided in the Pledge and Security
Agreement.

          "POUNDS STERLING" shall mean freely and transferable lawful money of
the United Kingdom (expressed in Pounds Sterling).

          "POUNDS STERLING REVOLVING LOAN SUB-COMMITMENT" means, as to any
Alternate Currency Lender, the amount, if any, set forth opposite such Alternate
Currency Lender's name in Schedule I-B directly below the column entitled
"Pounds Sterling Revolving Loan Sub-Commitment,"

                                      -105-
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as same may be (x) reduced from time to time pursuant to Sections 1.17, 3.02,
3.03, 10 and/or 13.12(e), (y) increased from time to time pursuant to Section
13.12(d) or (z) adjusted from time to time as a result of assignments to or from
such Lender pursuant to Section 1.14 or 13.04(b). The Pounds Sterling Revolving
Loan Sub-Commitment of each Alternate Currency Lender is a sub-limit of the
Revolving Loan Commitment of the respective Alternate Currency Lender (or its
respective affiliate which is a Lender with the related Revolving Loan
Commitment) and not an additional commitment and, in no event, may exceed at any
time, when added to the Canadian Dollar Revolving Loan Sub-Commitment, the Euro
Revolving Loan Sub-Commitment and the Non-Alternate Currency Revolving Loan
Sub-Commitment of the respective Alternate Currency Lender (or its respective
affiliates), the Revolving Loan Commitment of such Alternate Currency Lender (or
its respective affiliate which is a Lender with the related Revolving Loan
Commitment).

          "PREFERRED STOCK" as applied to the Capital Stock of any Person, means
Capital Stock of such Person (other than common stock of such Person) of any
class or classes (however designated) that ranks prior, as to the payment of
dividends or distributions, or as to the distribution of assets upon any
voluntary or involuntary liquidation, dissolution or winding up of such Person,
to shares of Capital Stock of any other class of such Person.

          "PRIME LENDING RATE" shall mean the rate which the Administrative
Agent announces from time to time as its prime lending rate, the Prime Lending
Rate to change when and as such prime lending rate changes. The Prime Lending
Rate is a reference rate and does not necessarily represent the lowest or best
rate actually charged to any customer. The Administrative Agent may make
commercial loans or other loans at rates of interest at, above or below the
Prime Lending Rate.

          "PRO FORMA BASIS" shall mean, as to any Person, for any events which
occur subsequent to the commencement of a period for which the financial effect
of such event is being calculated, and giving effect to the event for which such
calculation is being made, such calculation as will give PRO FORMA effect to
such event as if same had occurred at the beginning of such period of
calculation, and

          (i)     for purposes of the foregoing calculation, the transaction
     giving rise to the need to calculate the PRO FORMA effect to any of the
     following events shall be assumed to have occurred on the first day of the
     four consecutive fiscal quarter period last ended before the occurrence of
     the respective event for which such PRO FORMA effect is being determined
     (the "REFERENCE PERIOD"),

          (ii)    in making any determination with respect to the incurrence or
     assumption of any Indebtedness during the Reference Period or subsequent to
     the Reference Period and on or prior to the date of the transaction
     referenced in clause (i) above (the "TRANSACTION DATE"), (x) all
     Indebtedness (including Indebtedness incurred or assumed and for which the
     financial effect is being calculated, whether incurred under this Agreement
     or otherwise, but excluding normal fluctuations in revolving indebtedness
     incurred for working capital purposes and not to finance any acquisition or
     the making of a Dividend) incurred or permanently repaid during the
     Reference Period shall be deemed to have been incurred or repaid at the
     beginning of such period, (y) Consolidated Interest

                                      -106-
<Page>

     Expense of such Person attributable to interest or dividends on any
     Indebtedness, as the case may be, bearing floating interest rates should be
     computed on a PRO FORMA basis as if the rate in effect on the Transaction
     Date had been the applicable rate for the entire period and (z)
     Consolidated Interest Expense will be increased or reduced by the net cost
     (including amortization of discount) or benefit (after giving effect to
     amortization of discount) associated with the Interest Rate Protection
     Agreements, which will remain in effect for the twelve-month period after
     the Transaction Date and which shall have the effect of fixing the interest
     rate on the date of computation; and

          (iii)   in making any determination of Consolidated EBITDA, PRO FORMA
     effect shall be given to any Acquisition and any Asset Sale, in each case
     which occurred during the Reference Period or subsequent to the Reference
     Period and prior to the Transaction Date, as if such Acquisition or Asset
     Sale, as the case may be, occurred on the first day of the Reference
     Period.

All PRO FORMA determinations required above shall be determined in accordance
with GAAP. For purposes of this definition, whenever PRO FORMA effect is to be
given to any occurrence or event, the PRO FORMA calculation shall be determined
in good faith by a responsible financial or accounting officer of the
Corporation.

          "PROJECTIONS" shall have the meaning provided in Section 5.10(i).

          "QUALIFIED PREFERRED STOCK" shall mean any preferred stock of the
Corporation so long as the terms of any such preferred stock (i) do not provide
any collateral security, (ii) do not provide any guaranty or other support by
the Corporation or any Subsidiaries of the Corporation, (iii) do not contain any
mandatory put, redemption, repayment, sinking fund or other similar provision
occurring before December 31, 2008, (iv) do not contain any covenants other than
periodic reporting requirements, (v) do not grant the holders thereof any voting
rights except for (x) voting rights required to be granted to such holders under
applicable law and (y) limited customary voting rights on fundamental matters
such as mergers, consolidations, sales of all or substantially all of the assets
of the Corporation or liquidations involving the Corporation, and (vi) do not
provide for the conversion into, or the exchange for (unless at the sole
discretion of the issuer thereof), debt securities.

          "QUARTERLY PAYMENT DATE" shall mean the last Business Day of each
April, July, October and January occurring after the Effective Date.

          "RATING AGENCIES" shall mean both S&P and Moody's.

          "RCRA" shall mean the Resource Conservation and Recovery Act, as the
same may be amended from time to time, 42 U.S.C. Section 6901 ET SEQ.

          "REAL PROPERTY" of any Person shall mean all the right, title and
interest of such Person in and to land, improvements and fixtures, including
Leaseholds.

          "REFERENCE PERIOD" shall have the meaning provided in the definition
of PRO FORMA Basis.

                                      -107-
<Page>

          "REFINANCING" shall mean and include (i) the refinancing and repayment
in full of all amounts outstanding under, and the termination in full of all
commitments and letters of credit in respect of, the Indebtedness to be
Refinanced (or (x) in the case of Existing Letters of Credit, the incorporation
thereof hereunder as Letters of Credit pursuant to Section 2.01(c) and (y) in
the case of Existing Bankers' Acceptances, the roll-over and continuation
thereof as Bankers' Acceptances hereunder pursuant to Section 1.15(b)) and (ii)
the consummation of the related transactions described in Section 5.05.

          "REFINANCING DOCUMENTS" shall mean each of the agreements, documents
and instruments entered into in connection with the Refinancing.

          "REFINANCING INDEBTEDNESS" shall have the meaning provided in Section
9.04.

          "REGISTER" shall have the meaning provided in Section 13.15.

          "REGULATION D" shall mean Regulation D of the Board of Governors of
the Federal Reserve System as from time to time in effect and any successor to
all or a portion thereof establishing reserve requirements.

          "REGULATION T" shall mean Regulation T of the Board of Governors of
the Federal Reserve System as from time to time in effect and any successor to
all or a portion thereof.

          "REGULATION U" shall mean Regulation U of the Board of Governors of
the Federal Reserve System as from time to time in effect and any successor to
all or a portion thereof.

          "REGULATION X" shall mean Regulation X of the Board of Governors of
the Federal Reserve System as from time to time in effect and any successor to
all or a portion thereof.

          "RELEASE" means disposing, discharging, injecting, spilling, pumping,
leaking, leaching, dumping, emitting, escaping, emptying, pouring or migrating,
into or upon any land or water or air, or otherwise entering into the
environment.

          "RELEVANT EXTENSION REQUIREMENTS" shall mean, with respect to the
delivery of the notice pursuant to Section 1.21 or the extension of the original
Maturity Date pursuant to Section 1.21, the satisfaction of each of the
following conditions: (i) no Default or Event of Default shall have occurred and
be continuing at such time, both before and immediately after giving effect to
such delivery or such extension, as the case may be, (ii) all representations
and warranties contained herein and in the other Credit Documents shall be true
and correct in all material respects with the same effect as though such
representations and warranties had been made on and as of the date of such
request or extension (both before and after giving effect thereto), unless
stated to relate to a specific earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such
earlier date, (iii) with respect to the extension of the original Maturity Date
pursuant to Section 1.21 only, the Corporation shall have paid to each Lender
the Extension Fee owed to such Lender pursuant to Section 3.01(g) and (iv) an
Authorized Officer of the Corporation shall have delivered to the Administrative
Agent an

                                      -108-
<Page>

officer's certificate certifying as to compliance with preceding clauses (i),
(ii) and (iii) (if applicable)

          "REPAYMENT SCHEDULE" shall mean (x) at any time prior to the extension
of the Maturity Date pursuant to Section 1.21, the repayments listed under
Column A of the table appearing in Section 4.02(b) and (y) at any time on and
after the extension of the Maturity Date pursuant to Section 1.21, the
repayments listed under Column B of the table appearing in Section 4.02(b).

          "REPLACED LENDER" shall have the meaning provided in Section 1.14.

          "REPLACEMENT" shall have the meaning provided in Section 1.14.

          "REPLACEMENT LENDER" shall have the meaning provided in Section 1.14.

          "REPLY DATE" shall have the meaning provided in Section 1.04(b).

          "REPORTABLE EVENT" shall mean an event described in Section 4043(c) of
ERISA with respect to a Plan that is subject to Title IV of ERISA other than
those events as to which the 30-day notice period is waived under subsection
..22, .23, .25, .27 or .28 of PBGC Regulation Section 4043.

          "REQUIRED LENDERS" shall mean Non-Defaulting Lenders the sum of whose
outstanding Term Loans (and, prior to the termination thereof, Initial Term Loan
Commitments) and Revolving Loan Commitments (or after the termination thereof,
outstanding Revolving Loans and Competitive Bid Loans and Participations in
Letter of Credit Outstandings and outstanding Swingline Loans) represent an
amount greater than 50% of the sum of all outstanding Term Loans (and, if prior
to the termination thereof, Initial Term Loan Commitments) of Non-Defaulting
Lenders and the Total Revolving Loan Commitment less the Revolving Loan
Commitments of Defaulting Lenders (or after the termination of the Total
Revolving Loan Commitment, the sum of the then total outstanding Revolving Loans
and Competitive Bid Loans of Non-Defaulting Lenders, and the aggregate
participations of all Non-Defaulting Lenders of Letter of Credit Outstandings
and outstanding Swingline Loans at such time). For purposes of determining
Required Lenders, all outstanding Loans and Commitments, as the case may be,
that are denominated in Dollars will be calculated in Dollars and all Loans and
Commitments, as the case may be, denominated in an Alternate Currency will be
calculated according to the Dollar Equivalent thereof.

          "REQUIREMENTS OF LAW" means, as to any Person, the certificate of
incorporation or formation and by-laws or other organizational or governing
documents of such Person, and all foreign federal, state and local laws, rules
and regulations, including, without limitation, foreign federal, state or local
securities, antitrust and licensing laws, all food, health and safety laws, and
all applicable trade laws and requirements, including, without limitation, all
disclosure requirements of Environmental Laws, ERISA and all orders, judgments,
decrees or other determinations of any Governmental Authority or arbitrator,
applicable to or binding upon such Person, its business or any of its property
or to which such Person, its business or any of its property is subject.

                                      -109-
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          "REVOLVING CREDIT EXPOSURE" shall mean, for any RL Lender at any time,
the sum of (i) the aggregate principal amount of all Revolving Loans made by
such Lender (and its affiliates, if any, acting as Alternate Currency Lenders)
(for this purpose, (x) at all times prior to the occurrence of any Sharing Event
and the automatic conversion of Alternate Currency Revolving Loans to Dollar
Revolving Loans pursuant to Section 1.17, using the Dollar Equivalent of the
principal amount or Face Amount, as the case may be, of all Alternate Currency
Revolving Loans then outstanding from such RL Lender or any affiliate thereof
acting as an Alternate Currency Lender and (y) at all times after the occurrence
of any Sharing Event, giving effect to the conversions required by Section 1.17
and to all participations purchased by such RL Lender pursuant to Section 1.17),
PLUS (ii) the product of (A) such Lender's Dollar Percentage (or, after the
occurrence of a Sharing Event, its RL Percentage) and (B) the sum of (x) the
aggregate amount of all Letter of Credit Outstandings at such time and (y) the
aggregate principal amount of all Swingline Loans then outstanding.

          "REVOLVING CREDIT PERIOD" shall mean the period from and including the
Initial Borrowing Date to but not including the Maturity Date.

          "REVOLVING LOAN" shall have the meaning provided in Section 1.01(b).

          "REVOLVING LOAN COMMITMENT" shall mean, for each Lender, the amount
set forth opposite such Lender's name in Schedule I-A directly below the column
entitled "Revolving Loan Commitment," as the same may be (x) reduced from time
to time pursuant to Sections 3.02, 3.03 and/or 10, (y) adjusted from time to
time as a result of assignments to or from such Lender pursuant to Section 1.14
or 13.04(b), or (z) increased from time to time pursuant to Section 1.20.

          "REVOLVING NOTES" shall mean each Dollar Revolving Note, each Canadian
Dollar Revolving Note, each Euro Revolving Note and each Sterling Revolving
Note.

          "RIGHTS" shall have the meaning specified in the Rights Agreement.

          "RIGHTS AGREEMENT" shall mean the Rights Agreement between the
Corporation and a Rights Agent, dated as of March 15, 1999, as the same may be
amended, modified or supplemented from time to time with the approval of the
Agents.

          "RL LENDER" shall mean, at any time, each Lender with a Revolving Loan
Commitment or with outstanding Revolving Loans at such time.

          "RL PERCENTAGE" of any Lender at any time shall mean a fraction
(expressed as a percentage) the numerator of which is the Revolving Loan
Commitment of such Lender at such time the denominator of which is the Total
Revolving Loan Commitment at such time. Notwithstanding anything to the contrary
contained above, if the RL Percentage of any Lender is to be determined after
the Total Revolving Loan Commitment has been terminated, then the RL Percentages
of the Lenders shall be determined immediately prior (and without giving effect)
to such termination.

          "S&P" shall mean Standard & Poor's Ratings Services.

                                      -110-
<Page>

          "SCHEDULED EXISTING INDEBTEDNESS" shall have the meaning provided in
Section 7.17.

          "SCHEDULED REPAYMENT" shall have the meaning provided in Section
4.02(b).

          "SCHEDULED REPAYMENT DATE" shall have the meaning provided in Section
4.02(b).

          "SEC" shall have the meaning provided in Section 8.01(f).

          "SECTION 4.04(b)(ii) CERTIFICATE" shall have the meaning provided in
Section 4.04(b)(ii).

          "SECURITIES ACT" shall mean the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder.

          "SECURITIES EXCHANGE ACT" shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder.

          "SENIOR NOTE DOCUMENTS" shall mean the Senior Notes and the other
instruments, indentures, documents and agreements entered into in connection
with the issuance of the Senior Notes, as the same may be amended, modified and
or supplemented from time to time in accordance with the terms thereof.

          "SENIOR NOTES" shall mean shall mean the Existing Senior Notes and any
other senior notes of the Corporation evidencing senior Indebtedness incurred or
issued by the Corporation after the Effective Date.

          "SHARING EVENT" shall mean (i) the occurrence of any Event of Default
with respect to any Borrower pursuant to Section 10.05, (ii) the declaration of
the Total Commitment terminated, or the acceleration of the maturity of any
Loans, in each case pursuant to the last paragraph of Section 10 or (iii) the
failure of any Borrower to pay any principal of, Face Amount of, or interest on,
Loans or any Letter of Credit Obligations on the Maturity Date.

          "SHERATON" shall mean Sheraton Holding Corporation, a Nevada
corporation formerly known as ITT Corporation.

          "SHERATON GUARANTY" shall have the meaning provided in Section 5.09.

          "SIGNIFICANT ACQUISITION" shall mean shall mean any Acquisition by the
Corporation or any of its Subsidiaries involving aggregate consideration
(including cash, Indebtedness assumed or incurred in connection therewith and
the fair market value of all other consideration (determined in good faith by
senior management of the Corporation) payable in connection therewith) of
$250,000,000 or more.

          "SIGNIFICANT DISPOSITION" shall mean shall mean any Asset Sale which
generates gross cash proceeds of at least $250,000,000.

                                      -111-
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          "SLT RLP" shall mean SLT Realty Limited Partnership, a Delaware
limited partnership.

          "SPECIFIED DEFAULT" shall mean any Default existing pursuant to any of
Sections 10.01, 10.05 or 10.09 of this Agreement.

          "STANDBY LETTER OF CREDIT" shall have the meaning provided in Section
2.01(a).

          "START DATE" shall mean, with respect to any Margin Adjustment Period,
the first day of such Margin Adjustment Period.

          "STARWOOD ITALIA" shall mean Starwood Italia S.R.L. and any successor
thereto.

          "STARWOOD REIT" shall mean Starwood Hotels & Resorts, a Maryland real
estate investment trust.

          "STARWOOD VACATION" shall mean Starwood Vacation Ownership, Inc., a
Florida corporation previously known as Vistana, Inc.

          "STATED AMOUNT" of each Letter of Credit shall, at any time, mean the
maximum amount available to be drawn thereunder (in each case determined without
regard to whether any conditions to drawing could then be met, but after giving
effect to all previous drawings made thereunder).

          "STERLING EQUIVALENT" shall mean, at any time for the determination
thereof, the amount of Pounds Sterling which could be purchased with the amount
of Dollars involved in such computation at the spot exchange rate therefore as
quoted by the Administrative Agent as of 11:00 A.M. (London time) on the date
two Business Days prior to the date of any determination thereof for purchase on
such date (or, in the case of any determination pursuant to Section 1.17 or
13.16 or Section 18 of the Sheraton Guaranty, on the date of determination).

          "STERLING EURO RATE" shall mean (i) the rate per annum that appears on
page 3750 of the Dow Jones Markets Screen (or any successor page) for Pounds
Sterling deposits with maturities comparable to the Interest Period applicable
to the Sterling Revolving Loans subject to the respective Borrowing commencing
two Business Days thereafter as of 11:00 A.M. (London time) on the date which is
two Business Days prior to the commencement of the respective Interest Period or
(ii) if such a rate does not appear on page 3750 of the Dow Jones Markets Screen
(or any successor page), the offered quotation to first-class banks in the
London interbank market by DB for Pounds Sterling deposits of amounts in
immediately available funds comparable to the outstanding principal amount of
the Sterling Revolving Loan of DB with maturities comparable to the Interest
Period applicable to such Sterling Revolving Loan commencing two Business Days
thereafter as of 11:00 A.M. (London time) on the date which is two Business Days
prior to the commencement of such Interest Period; PROVIDED that, in the event
the Administrative Agent has made any determination pursuant to Section
1.11(a)(i) in respect of Sterling Revolving Loans, or in the circumstances
described in clause (i) to the proviso to Section 1.11(b) in respect of Sterling
Revolving Loans, the Sterling Euro Rate determined pursuant to this definition
shall instead be the rate determined by DB as the all-in-cost of funds

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for DB to fund such Sterling Revolving Loan with maturities comparable to the
Interest Period applicable thereto.

          "STERLING REVOLVING LOAN" shall mean each Alternate Currency Revolving
Loan denominated in Pounds Sterling at the time of the incurrence thereof.

          "STERLING REVOLVING NOTES" shall have the meaning provided in Section
1.06(a).

          "STOP ISSUE NOTICE" shall have the meaning provided in Section
2.03(b).

          "SUB-COMMITMENTS" shall mean, with respect to any RL Lender, the
Non-Alternate Currency Revolving Loan Sub-Commitment, if any, of such RL Lender,
the Canadian Dollar Revolving Loan Sub-Commitment, if any, of such RL Lender (or
its Affiliate which is acting as an Alternate Currency Lender), the Pounds
Sterling Revolving Loan Sub-Commitment, if any, of such RL Lender (or its
Affiliate which is acting as an Alternate Currency Lender) and the Euro
Revolving Loan Sub-Commitment, if any, of such RL Lender (or its Affiliate which
is acting as an Alternate Currency Lender).

          "SUBORDINATION AGREEMENT" shall have the meaning provided in Section
5.06(b).

          "SUBSIDIARY" shall mean, as to any Person, (i) any corporation more
than 50% of whose stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time stock of any class or classes of
such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time owned by such Person and/or one or
more Subsidiaries of such Person and (ii) any partnership, limited liability
company, association, joint venture or other entity in which such Person and/or
one or more Subsidiaries of such Person has more than a 50% equity interest at
the time.

          "SUPERMAJORITY LENDERS" of any Tranche shall mean those Non-Defaulting
Lenders which would constitute the Required Lenders under, and as defined in,
this Agreement if (x) all outstanding Obligations of the other Tranches under
this Agreement were repaid in full and all Commitments with respect thereto were
terminated and (y) the percentage "50%" contained therein were changed to
"66-2/3%."

          "SVO DEBT" shall mean all Indebtedness of Starwood Vacation and any of
its Subsidiaries incurred in connection with the Timeshare Business.

          "SWINGLINE EXPIRY DATE" shall mean the date which is five (5) Business
Days prior to the Maturity Date.

          "SWINGLINE LENDER" shall mean DB.

          "SWINGLINE LOAN" shall have the meaning provided in Section 1.01(c).

          "SWINGLINE NOTE" shall have the meaning provided in Section 1.06(a).

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          "SYNDICATION AGENT" shall have the meaning provided in the first
paragraph of this Agreement.

          "SYNDICATION DATE" shall mean the date upon which the Agents determine
in their sole discretion (and notify the Borrowers) that the primary syndication
(and resultant addition of institutions as Lenders pursuant to Section 13.04)
has been completed.

          "TAX AFFILIATE" means, as to any Person, (i) any Subsidiary of such
Person and (ii) any Affiliate of such Person with which such Person files or is
eligible to file consolidated, combined or unitary tax returns.

          "TAX RETURNS" shall have the meaning provided in Section 7.07.

          "TAXES" shall have the meaning provided in Section 4.04(a).

          "TERM LOAN" shall mean, collectively, each Initial Term Loan and each
Incremental Term Loan.

          "TERM NOTE" shall have the meaning provided in Section 1.06(a).

          "TEST DATE" shall mean the last day of each fiscal quarter ended after
the Initial Borrowing Date.

          "TEST PERIOD" shall mean each period of four consecutive fiscal
quarters of the Corporation then last ended (in each case taken as one
accounting period).

          "THIRD PARTY EXISTING INDEBTEDNESS" shall have the meaning provided in
Section 7.17.

          "TIMESHARE BUSINESS" shall mean (i) the acquisition, development,
operation, management and sale of Vacation Resorts, including, without
limitation, VOIs and (ii) providing customers who purchase VOIs at Vacation
Resorts financing for such purposes (collectively, together with any and all
business that in the good faith judgment of the board of directors of the
Corporation or Starwood Vacation are materially related to the foregoing).

          "TOTAL ALTERNATE CURRENCY REVOLVING LOAN SUB-COMMITMENT" at any time
shall mean the sum of the Alternate Currency Revolving Loan Sub-Commitments of
all the Alternate Currency Lenders; PROVIDED that at no time shall the Total
Alternate Currency Revolving Loan Sub-Commitment exceed (x) $350,000,000 or, if
less, (y) the Total Revolving Loan Commitment as then in effect.

          "TOTAL CANADIAN DOLLAR REVOLVING LOAN SUB-COMMITMENT" means, at any
time, (x) the sum of the Canadian Dollar Revolving Loan Sub-Commitments of all
Alternate Currency Lenders at such time or, if less, (y) the Total Canadian
Dollar Revolving Loan Sub-Commitment as then in effect pursuant to Section 1.18.

          "TOTAL COMMITMENT" shall mean, at any time, the sum of the Commitments
of each of the Lenders.

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          "TOTAL INCREMENTAL TERM LOAN COMMITMENT" shall mean, at any time, the
sum of the Incremental Term Loan Commitments of each of the Lenders.

          "TOTAL INITIAL TERM LOAN COMMITMENT" shall mean, at any time, the sum
of the Initial Term Loan Commitments of each of the Lenders.

          "TOTAL NON-ALTERNATE CURRENCY REVOLVING LOAN SUB-COMMITMENT" at any
time shall mean the sum of the Non-Alternate Currency Revolving Loan
Sub-Commitments of all the Lenders; PROVIDED that at no time shall the Total
Non-Alternate Currency Revolving Loan Sub-Commitment exceed the Total Revolving
Loan Commitment as then in effect.

          "TOTAL NON-ALTERNATE CURRENCY REVOLVING LOAN SUB-COMMITMENT EXCESS"
shall have the meaning provided in Section 4.01.

          "TOTAL REVOLVING LOAN COMMITMENT" shall mean, at any time, the sum of
the Revolving Loan Commitments of each of the Lenders.

          "TOTAL UNUTILIZED REVOLVING LOAN COMMITMENT" shall mean, at any time,
an amount equal to the remainder of (x) the Total Revolving Loan Commitment then
in effect, LESS (y) the sum of (I) the aggregate principal amount of Revolving
Loans then outstanding (for this purpose, taking the Dollar Equivalent thereof
in the case of Alternate Currency Revolving Loans then outstanding) PLUS (II)
the aggregate principal amount of Swingline Loans then outstanding PLUS (III)
the then aggregate amount of Letter of Credit Outstandings PLUS (IV) the
aggregate principal amount of all Competitive Bid Loans then outstanding;
PROVIDED that for purposes of all determinations of the Applicable Commitment
Commission Percentage, the amounts described in subclauses (y)(II) and (y)(IV)
above shall be deemed to be $0.

          "TRADE LETTER OF CREDIT" shall have the meaning provided in Section
2.01(a).

          "TRANCHE" shall mean the respective facility and commitments utilized
in making Loans hereunder, with there being four separate Tranches, i.e.,
Initial Term Loans, Incremental Term Loans, Revolving Loans and Swingline Loans.

          "TRANSACTION" shall mean, collectively, (i) the Refinancing, (ii) the
entering into of the Credit Documents and the incurrence of Loans on the Initial
Borrowing Date and (iii) the payment of fees and expenses owing in connection
with the foregoing.

          "TREATY" means the Treaty establishing the European Community being
the Treaty of Rome of March 25, 1957, as amended by the Single European Act
1986, the Maastricht Treaty (which was signed at Maastricht on February 7, 1992)
and the Treaty of Amsterdam (which was signed in Amsterdam on October 2, 1997).

          "TYPE" shall mean the type of Loan determined with regard to the
interest option applicable thereto, i.e., whether a Base Rate Loan, a Eurodollar
Loan, a Canadian Prime Rate Loan, a Bankers' Acceptance Loan, a Sterling
Revolving Loan or a Euro Revolving Loan.

          "UNCONSOLIDATED JOINT VENTURE" means, with respect to any Person, at
any date, any other Person in whom such Person holds Capital Stock but does not
hold a majority of

                                      -115-
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voting securities or otherwise hold a controlling stake, and such other Person
accounted for in the financial statements of such Person on either an equity or
cost basis of accounting and whose financial results would not be consolidated
in the financial statements of such Person, if such statements were prepared in
accordance with GAAP as of such date.

          "UNFUNDED CURRENT LIABILITY" of any Plan shall mean the amount, if
any, by which the actuarial present value of the accumulated plan benefits under
the Plan as of the close of its most recent plan year, determined in accordance
with actuarial assumptions at such time consistent with Statement of Financial
Accounting Standards No. 87, exceeds the market value of the assets allocable
thereto.

          "UNITED STATES" and "U.S." shall each mean the United States of
America.

          "UNPAID DRAWING" shall have the meaning provided for in Section
2.05(a).

          "UNSECURED DEBT RATING" means the rating assigned by a Rating Agency
to the Corporation's long-term senior unsecured Indebtedness (which Indebtedness
may be guaranteed, but only by Sheraton).

          "UNSECURED INDEBTEDNESS" of any Person means any Indebtedness of such
Person and its Subsidiaries for which the obligations thereunder are not secured
or collateralized by a pledge of or other Lien on any Assets of such Person or
its Subsidiaries.

          "UNUTILIZED ALTERNATE CURRENCY REVOLVING LOAN SUB-COMMITMENT" means,
as to any Alternate Currency Lender (including any of its affiliates which acts
as an Alternate Currency Lender with respect to one or more other Alternate
Currencies) at any time, the sum of the Alternate Currency Revolving Loan
Sub-Commitments of such Alternate Currency Lender and its affiliates at such
time minus the Dollar Equivalent of the aggregate principal amount or Face
Amount, as the case may be, of all Alternate Currency Revolving Loans of such
Alternate Currency Lender (and its respective affiliates) then outstanding.

          "UNUTILIZED ALTERNATE CURRENCY RL PERCENTAGE" of any Lender, at any
time, shall mean a fraction (expressed as a percentage) the numerator of which
is the Unutilized Alternate Currency Revolving Loan Sub-Commitment of such
Lender (and its respective affiliates which act as Alternate Currency Lenders)
at such time and the denominator of which is the aggregate amount of Unutilized
Alternate Currency Revolving Loan Sub-Commitments of all Alternate Currency
Lenders at such time.

          "UNUTILIZED REVOLVING LOAN COMMITMENT" with respect to any Lender, at
any time, shall mean an amount equal to the remainder of (I) such Lender's
Revolving Loan Commitment at such time LESS (II) the sum of (x) the aggregate
principal amount of Revolving Loans of such Lender (including any Affiliate of
any such Lender acting as an Alternate Currency Lender) then outstanding (taking
the Dollar Equivalent of the principal amount or Face Amount, as the case may
be, in the case of any Alternate Currency Revolving Loans then outstanding) and
(y) such Lender's Dollar Percentage (or, after a Sharing Event has occurred, its
RL Percentage) of the Letter of Credit Outstandings at such time.

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          "VACATION RESORTS" shall mean the vacation ownership resorts acquired,
developed, operated, managed and sold by Starwood Vacation and its Subsidiaries.

          "VOIS" shall mean resorts having vacation ownership interests,
interval ownership interests, timeshare estates, timeshare licenses, vacation
clubs, right-to-use programs or other forms of vacation ownership programs.

          "WHOLLY-OWNED FOREIGN SUBSIDIARY" of any Person shall mean any
Subsidiary of such Person which is both a Foreign Subsidiary and a Wholly-Owned
Subsidiary of such Person.

          "WHOLLY-OWNED SUBSIDIARY" shall mean, as to any Person, (i) any
corporation 100% of whose Capital Stock is at the time owned by such Person
and/or one or more Wholly-Owned Subsidiaries of such Person and (ii) any
partnership, limited liability company, association, joint venture or other
entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such
Person has a 100% equity interest at such time.

          SECTION 12. THE AGENTS.

          12.01 APPOINTMENT. The Lenders hereby designate (x) DB as
Administrative Agent, (y) JPMorgan Chase Bank as Syndication Agent and (z) Bank
of America, N.A., Fleet National Bank and Societe Generale, as Co-Documentation
Agents, in each case to act as specified herein and in the other Credit
Documents. Each Lender hereby irrevocably authorizes, and each holder of any
Note by the acceptance of such Note shall be deemed irrevocably to authorize,
any Agent to take such action on its behalf under the provisions of this
Agreement, the other Credit Documents and any other instruments and agreements
referred to herein or therein and to exercise such powers and to perform such
duties hereunder and thereunder as are specifically delegated to or required of
such Agent by the terms hereof and thereof and such other powers as are
reasonably incidental thereto. Each Agent may perform any of its duties
hereunder by or through its respective officers, directors, agents, employees or
affiliates.

          12.02 NATURE OF DUTIES. (a) No Agent shall have any duties or
responsibilities except those expressly set forth in this Agreement and in the
other Credit Documents. No Agent nor any of its respective officers, directors,
agents, employees or affiliates shall be liable for any action taken or omitted
by it or them hereunder or under any other Credit Document or in connection
herewith or therewith, unless caused by its or their gross negligence or willful
misconduct. The duties of the Agents shall be mechanical and administrative in
nature; no Agent shall have by reason of this Agreement or any other Credit
Document a fiduciary relationship in respect of any Lender or the holder of any
Note; and nothing in this Agreement or any other Credit Document, expressed or
implied, is intended to or shall be so construed as to impose on any Agent any
obligations in respect of this Agreement or any other Credit Document except as
expressly set forth herein or therein.

          (b)     Notwithstanding any other provision of this Agreement or any
provision of any other Credit Document, each of the Joint Lead Arrangers and the
Co-Documentation Agents are named as such for recognition purposes only, and in
their respective capacities as such shall have no powers, duties,
responsibilities or liabilities with respect to this Agreement or the other
Credit Documents or the transactions contemplated hereby and thereby; it being

                                      -117-
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understood and agreed that the Joint Lead Arrangers and the Co-Documentation
Agents shall be entitled to all indemnification and reimbursement rights in
favor of "Agents" as, and to the extent, provided for under Sections 12.06 and
13.01. Without limitation of the foregoing, none of the Joint Lead Arrangers or
the Co-Documentation Agents shall, solely by reason of this Agreement or any
other Credit Documents, have any fiduciary relationship in respect of any Lender
or any other Person.

          12.03 LACK OF RELIANCE ON THE AGENTS. Independently and without
reliance upon any Agent (for purposes of this Section 12.03, the term "Agent"
shall include all officers, directors, agents, employees and affiliates of the
respective Agent), each Lender and the holder of each Note, to the extent it
deems appropriate, has made and shall continue to make (i) its own independent
investigation of the financial condition and affairs of the Borrowers and their
Subsidiaries in connection with the making and the continuance of the Loans and
the taking or not taking of any action in connection herewith and (ii) its own
appraisal of the creditworthiness of the Borrowers and their Subsidiaries and,
except as expressly provided in this Agreement, no Agent shall have any duty or
responsibility, either initially or on a continuing basis, to provide any Lender
or the holder of any Note with any credit or other information with respect
thereto, whether coming into its possession before the making of the Loans or at
any time or times thereafter. No Agent shall be responsible to any Lender or the
holder of any Note for any recitals, statements, information, representations or
warranties herein or in any document, certificate or other writing delivered in
connection herewith or for the execution, effectiveness, genuineness, validity,
enforceability, perfection, collectibility, priority or sufficiency of this
Agreement or any other Credit Document or the financial condition of any
Borrower or any of its Subsidiaries or be required to make any inquiry
concerning either the performance or observance of any of the terms, provisions
or conditions of this Agreement or any other Credit Document, or the financial
condition of any Borrower or any of its Subsidiaries or the existence or
possible existence of any Default or Event of Default.

          12.04 CERTAIN RIGHTS OF THE AGENTS. If any Agent shall request
instructions from the Required Lenders with respect to any act or action
(including failure to act) in connection with this Agreement or any other Credit
Document, such Agent shall be entitled to refrain from such act or taking such
action unless and until such Agent shall have received instructions from the
Required Lenders; and such Agent shall not incur liability to any Person by
reason of so refraining. Without limiting the foregoing, no Lender and no holder
of any Note shall have any right of action whatsoever against any Agent as a
result of such Agent acting or refraining from acting hereunder or under any
other Credit Document in accordance with the instructions of the Required
Lenders.

          12.05 RELIANCE. Each Agent shall be entitled to rely, and shall be
fully protected in relying, upon any note, writing, resolution, notice,
statement, certificate, telex, teletype or telecopier message, cablegram,
radiogram, order or other document or telephone message signed, sent or made by
any Person that such Agent believed to be the proper Person, and, with respect
to all legal matters pertaining to this Agreement and any other Credit Document
and its duties hereunder and thereunder, upon advice of counsel selected by such
Agent.

          12.06 INDEMNIFICATION. To the extent any Agent is not reimbursed and
indemnified by the Credit Parties, the Lenders will reimburse and indemnify such
Agent, its

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affiliates, and their respective officers, directors, agents and employees, in
proportion to their respective "percentages" as used in determining the Required
Lenders (for this purpose, determined as if there were no Defaulting Lenders at
such time), for and against any and all liabilities, obligations, losses,
damages, penalties, claims, actions, judgments, costs, expenses or disbursements
of whatsoever kind or nature which may be imposed on, asserted against or
incurred by such Agent in performing its respective duties hereunder or under
any other Credit Document, in any way relating to or arising out of this
Agreement or any other Credit Document; PROVIDED that no Lender shall be liable
for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements to the extent
resulting from the such Agent's gross negligence or willful misconduct.

          12.07 EACH AGENT IN ITS INDIVIDUAL CAPACITY. With respect to its
obligation to make Loans, or issue or participate in Letters of Credit, under
this Agreement, each Agent shall have the rights and powers specified herein for
a "Lender" and may exercise the same rights and powers as though it were not
performing the duties specified herein; and the term "Lenders," "Required
Lenders," "Supermajority Lenders," "holders of Notes" or any similar terms
shall, unless the context clearly otherwise indicates, include each Agent in its
individual capacity. Each Agent may accept deposits from, lend money to, and
generally engage in any kind of banking, investment banking, trust or other
business with any Credit Party or any Affiliate of any Credit Party as if it
were not performing the duties specified herein, and may accept fees and other
consideration from any Credit Party for services in connection with this
Agreement and otherwise without having to account for the same to the Lenders.

          12.08 HOLDERS. The Administrative Agent may deem and treat the payee
of any Note as the owner thereof for all purposes hereof unless and until a
written notice of the assignment, transfer or endorsement thereof, as the case
may be, shall have been filed with the Administrative Agent. Any request,
authority or consent of any Person who, at the time of making such request or
giving such authority or consent, is the holder of any Note shall be conclusive
and binding on any subsequent holder, transferee, assignee or indorsee, as the
case may be, of such Note or of any Note or Notes issued in exchange therefor.

          12.09 RESIGNATION BY, OR REMOVAL OF, THE AGENTS. (a) Any Agent
(including, without limitation, the Administrative Agent) may resign from the
performance of all its functions and duties hereunder and/or under the other
Credit Documents at any time by giving 30 days' prior written notice to the
Lenders and the Borrowers. Any such resignation by an Agent hereunder shall also
constitute its resignation (if applicable) as an Issuing Bank and Swingline
Lender, in which case the resigning Agent (x) shall not be required to issue any
further Letters of Credit or make any additional Swingline Loans hereunder and
(y) shall maintain all of its rights as Issuing Bank or Swingline Lender, as the
case may be, with respect to any Letters of Credit issued by it, or Swingline
Loans made by it, prior to the date of such resignation. Such resignation shall
take effect upon the appointment of a successor Agent pursuant to clauses (b)
and (c) below or as otherwise provided below; PROVIDED that the Syndication
Agent may resign from the performance of its functions and duties hereunder at
any time by giving notice to the Borrowers, the Administrative Agent and the
Lenders, which resignation shall take effect upon delivery of such notice.
Furthermore, any Agent may be removed by the Required Lenders in the event that
such Agent committed a willful breach of, or was grossly negligent in the

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performance of, its material obligations hereunder (as determined by a court of
competent jurisdiction in a final, non-appealable decision).

          (b)     Except in the case of a resignation as provided in the proviso
appearing in the first sentence of Section 12.09(a), upon any notice of
resignation by, or the removal of, any Agent, the Required Lenders shall appoint
a successor Agent hereunder who shall be a commercial bank or trust company
reasonably acceptable to the Corporation; PROVIDED that if the Administrative
Agent is resigning, or is removed, and JPMorgan Chase Bank is an Agent at such
time, then JPMorgan Chase Bank shall first be offered the opportunity to act as
successor Administrative Agent.

          (c)     If a successor Agent shall not have been so appointed within
such 30 day period, the resigning Agent, with the consent of the Corporation
(which consent shall not be unreasonably withheld or delayed), shall then
appoint a successor Agent who shall serve as Agent hereunder or thereunder until
such time, if any, as the Required Lenders appoint a successor Agent as provided
above.

          (d)     If no successor Agent has been appointed pursuant to clause
(b) or (c) above by the 40th day after the date such notice of resignation was
given by the resigning Agent, the resigning Agent's resignation shall become
effective and the Required Lenders shall thereafter perform all the duties of
such Agent hereunder and/or under any other Credit Document until such time, if
any, as the Required Lenders appoint a successor Agent as provided above.

          (e)     Upon a resignation or removal of any Agent pursuant to this
Section 12.09, such Agent shall remain indemnified to the extent provided in
this Agreement and the other Credit Documents and the provisions of this Section
12 shall continue in effect for the benefit of such Agent for all of its actions
and inactions while serving as an Agent.

          SECTION 13. MISCELLANEOUS.

          13.01 PAYMENT OF EXPENSES, ETC. The Borrowers jointly and severally
agree that they shall: (i) whether or not the transactions herein contemplated
are consummated, pay all reasonable out-of-pocket costs and expenses of the
Agents (including, without limitation, the reasonable fees and disbursements of
White & Case LLP and the Agents' local and foreign counsel and consultants) in
connection with the preparation, execution and delivery of this Agreement and
the other Credit Documents and the documents and instruments referred to herein
and therein and any amendment, waiver or consent relating hereto or thereto, of
the Agents in connection with their syndication efforts with respect to this
Agreement and of the Agents (and, after the occurrence of an Event of Default,
each of the Lenders) in connection with the enforcement of this Agreement and
the other Credit Documents and the documents and instruments referred to herein
and therein (including, without limitation, the reasonable fees and
disbursements of counsel for each Agent and each Lender); (ii) pay and hold each
of the Lenders harmless from and against any and all present and future stamp,
excise and other similar documentary taxes with respect to the foregoing matters
and save each of the Lenders harmless from and against any and all liabilities,
obligations, losses, damages, penalties and claims with respect to or resulting
from any delay or omission (other than to the extent attributable to such
Lender) to pay such taxes; and (iii) indemnify each Agent and each Lender, and
each of their

                                      -120-
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respective officers, directors, employees, representatives and agents from and
hold each of them harmless against any and all liabilities, obligations
(including removal or remedial actions), losses, damages, penalties, claims,
actions, judgments and suits, and all reasonable costs, expenses and
disbursements (including reasonable attorneys' and consultants' fees and
disbursements) incurred by, imposed on or assessed against any of them as a
result of, or arising out of, or in any way related to, or by reason of, (a) any
investigation, litigation or other proceeding (whether or not any Agent or any
Lender is a party thereto) related to the entering into and/or performance of
this Agreement or any other Credit Document or the use of any Letter of Credit
or the proceeds of any Loans hereunder or the consummation of any transactions
contemplated herein or in any other Credit Document or the exercise of any of
their rights or remedies provided herein or in the other Credit Documents, or
(b) the actual or alleged presence of Hazardous Materials in the air, surface
water or groundwater or on the surface or subsurface of any Real Property at any
time owned or operated by any Borrower or any of its Subsidiaries, the
generation, storage, transportation, handling, disposal or Release of Hazardous
Materials at any Real Property, whether or not owned or operated by any Borrower
or any of its Subsidiaries, the non-compliance of any Real Property with
foreign, federal, state and local laws, regulations, and ordinances (including
applicable permits thereunder) applicable to any Real Property, or any
Environmental Claim asserted against, in connection with or arising from, any
Borrower, any of its Subsidiaries or any Real Property at any time owned or
operated by any Borrower or any of its Subsidiaries, including, in each case,
without limitation, the reasonable fees and disbursements of counsel and other
consultants incurred in connection with any such investigation, litigation or
other proceeding (but excluding any losses, liabilities, claims, damages or
expenses to the extent incurred by reason of the gross negligence or willful
misconduct of the Person to be indemnified). To the extent that the undertaking
to indemnify, pay or hold harmless any Agent or any Lender set forth in the
preceding sentence may be unenforceable because it is violative of any law or
public policy, the Borrowers shall make the maximum contribution to the payment
and satisfaction of each of the indemnified liabilities which is permissible
under applicable law.

          13.02 RIGHT OF SETOFF. In addition to any rights now or hereafter
granted under applicable law or otherwise, and not by way of limitation of any
such rights, upon the occurrence of an Event of Default, each Lender is hereby
authorized (to the extent not prohibited by applicable law) at any time or from
time to time, without presentment, demand, protest or other notice of any kind
to any Credit Party or to any other Person, any such notice being hereby
expressly waived, to set off and to appropriate and apply any and all deposits
(general or special) and any other Indebtedness at any time held or owing by
such Lender (including, without limitation, by branches and agencies of such
Lender wherever located) to or for the credit or the account of any Credit Party
against and on account of the Obligations and liabilities of such Credit Party
to such Lender under this Agreement or under any of the other Credit Documents,
including, without limitation, all interests in Obligations purchased by such
Lender pursuant to Section 13.06(b), and all other claims of any nature or
description arising out of or connected with this Agreement or any other Credit
Document, irrespective of whether or not such Lender shall have made any demand
hereunder and although said Obligations, liabilities or claims, or any of them,
shall be contingent or unmatured.

          13.03 NOTICES. Except as otherwise expressly provided herein, all
notices and other communications provided for hereunder shall be in writing
(including telegraphic, telex,

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telecopier or cable communication) and mailed, telegraphed, telexed, telecopied,
cabled or delivered: if to any Credit Party, at the address specified opposite
its signature below or in the other relevant Credit Documents; if to any Lender,
at its address specified on Schedule II; and if to the Administrative Agent, at
its Notice Office; or, as to any Credit Party or any Agent, at such other
address as shall be designated by such party in a written notice to the other
parties hereto and, as to each Lender, at such other address as shall be
designated by such Lender in a written notice to the Corporation and the
Administrative Agent. All such notices and communications shall, when mailed,
telegraphed, telexed, telecopied, or cabled or sent by overnight courier, be
effective (x) three Business Days after deposited in the mails, (y) one Business
Day after delivered to the telegraph company, cable company or a recognized
overnight courier, as the case may be, or (z) when sent by telex or telecopier,
except that notices and communications to the Agents shall not be effective
until received by the Agents.

          13.04 BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS. (a) This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the respective successors and assigns of the parties hereto; PROVIDED,
HOWEVER, that no Borrower may assign or transfer any of its rights, obligations
or interest hereunder or under any Credit Document without the prior written
consent of the Agents and all the Lenders (except that, with the consent of the
Required Lenders, the Corporation may assign or transfer its rights hereunder
and under the other Credit Documents to which it is a party in connection with a
merger or consolidation with or into another Person as contemplated by (and in
accordance with the requirements of) Section 9.02) and, PROVIDED FURTHER, that,
although any Lender may transfer or grant participations in its rights hereunder
to any Eligible Transferee, such Lender shall remain a "Lender" for all purposes
hereunder (and may not transfer or assign all or any portion of its Revolving
Loan Commitments and/or outstanding Loans hereunder except as provided in
Section 13.04(b)) and the participant shall not constitute a "Lender" hereunder
and, PROVIDED FURTHER, that no Lender shall transfer or grant any participation
under which the participant shall have rights to approve any amendment to or
waiver of this Agreement or any other Credit Document except to the extent such
amendment or waiver would (i) extend the final scheduled maturity of any Loan or
Note, or the scheduled expiration date of any Letter of Credit in which such
participant is participating, beyond the Maturity Date (as the same may be
extended as provided in Section 1.21), or reduce the rate or extend the time of
payment of interest (except in connection with a waiver of applicability of any
post-default increase in interest rates) or Fees thereon or reduce the principal
amount thereof (except to the extent repaid in cash) (it being understood that
any amendment or modification to the financial definitions in this Agreement or
to Section 13.07(a) or (b) shall not constitute a reduction in any rate of
interest or fees for purposes of this clause (i), so long as the primary purpose
of the respective amendments or modifications to the financial definitions was
not to reduce the interest or Fees payable hereunder), or increase the amount of
the participant's participation over the amount thereof then in effect (it being
understood that a waiver of any Default or Event of Default or of a mandatory
reduction in any Commitment shall not constitute a change in the terms of such
participation, and that an increase in any Commitment or Loan shall be permitted
without the consent of any participant if the participant's participation is not
increased as a result thereof), (ii) consent to the assignment or transfer by
any Borrower of any of its rights and obligations under this Agreement (except
that, with the consent of the Required Lenders, the Corporation may assign or
transfer its rights hereunder in connection with a merger or consolidation with
or into another Person as contemplated by (and in accordance with the
requirements of) Section 9.02) and (iii) release the Corporation or Sheraton
from its Guaranty (it

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being understood, however, that the assumption by another Person of the
Corporation's or Sheraton's obligations under the relevant Guaranty in
connection with a merger or consolidation of the Corporation or Sheraton, as the
case may be, with such other Person as contemplated by (and in accordance with
the requirements of) Section 9.02 shall not be construed to be a release of the
Corporation or Sheraton, as the case may be, from its Guaranty). In the case of
any such participation, the participant shall not have any rights under this
Agreement or any of the other Credit Documents (the participant's rights against
such Lender in respect of such participation to be those set forth in the
agreement executed by such Lender in favor of the participant relating thereto)
and the Borrowers shall continue to deal solely and directly with such Lender in
connection with such Lender's rights and obligations under this Agreement and
the other Credit Documents and all amounts payable by the Borrowers hereunder
shall be determined as if such Lender had not sold such participation.

          (b)     Notwithstanding the foregoing, any Lender (or any Lender
together with one or more other Lenders) may (x) assign all or a portion of its
Commitments and related outstanding Obligations (or, if the Commitments with
respect to the relevant Tranche have terminated, outstanding Obligations)
hereunder to an Eligible Transferee which is (i) (a) its parent company and/or
any affiliate of such Lender which is at least 50% owned by such Lender or its
parent company or (b) to one or more Lenders or (ii) in the case of any Lender
that is a fund that invests in bank loans, any other fund that invests in bank
loans and is managed or advised by the same investment advisor of such Lender or
by an Affiliate of such investment advisor, PROVIDED that in respect of any
assignment pursuant to preceding clauses (i) and (ii) of less than $5,000,000 in
the aggregate of such Lender's Commitments and related outstanding Obligations,
at the time of any such assignment the Lender shall provide the Administrative
Agent with the name of a single entity to receive all notices under this
Agreement on behalf of such assigning Lender and its affiliates, or (y) assign
all, or if less than all, a portion equal to at least $5,000,000 in the
aggregate for the assigning Lender or assigning Lenders, of such Commitments and
related outstanding Obligations (or, if the Commitments with respect to the
relevant Tranche have terminated, outstanding Obligations) hereunder to one or
more Eligible Transferees, each of which assignees shall become a party to this
Agreement as a Lender by execution of an Assignment and Assumption Agreement,
PROVIDED that, (i) the assignment by any Lender of its Alternate Currency
Revolving Loan Sub-Commitments (or any portion thereof) shall constitute the
assignment of a like amount of such Lender's (or its respective Affiliate's)
Revolving Loan Commitment, (ii) any assignment of all or any portion of the
Revolving Loan Commitment of any Lender shall be required to be accompanied by
the assignment of all or such portions of the Alternate Currency Revolving Loan
Sub-Commitments and/or Non-Alternate Currency Revolving Loan Sub-Commitment of
such Lender (or its respective Affiliate) as is equal, in the aggregate, to the
amount of the Revolving Loan Commitment being so assigned, (iii) any assignment
of all or any portion of the Revolving Loan Commitment and related outstanding
Obligations (or, if the Revolving Loan Commitment has terminated, any assignment
of Obligations originally extended pursuant to the Revolving Loan Commitments)
shall be made on a basis such that the respective assignee participates in
Revolving Loans, and in Letter of Credit Outstandings, in accordance with the
Revolving Loan Commitment (and Sub-Commitments described above) so assigned (or
if the Revolving Loan Commitment has terminated, on the same basis as
participated in by the Lenders with Revolving Loan Commitments (and
Sub-Commitments described above) prior to the termination thereof), (iv) at such
time Schedules I-A and, if applicable, I-B shall be deemed modified to reflect
the Commitments (or outstanding

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Term Loans, as the case may be) and, if applicable, Alternate Currency Revolving
Loan Sub-Commitments of such new Lender and of the existing Lenders, (v) upon
the surrender of the relevant Notes by the assigning Lender (or, upon such
assigning Lender's indemnifying the respective Borrower for any lost Note
pursuant to a customary indemnification agreement) new Notes will be issued, at
the Borrowers' expense, to such new Lender and to the assigning Lender upon the
request of such new Lender or assigning Lender, such new Notes to be in
conformity with the requirements of Section 1.06 (with appropriate
modifications) to the extent needed to reflect the revised Commitments (or
outstanding Term Loans, as the case may be), (vi) the consent of the
Administrative Agent (not to be unreasonably withheld or delayed) shall be
required in connection with any assignment to an Eligible Transferee pursuant to
clause (y) above, (vii) any assignment of all or any portion of the Revolving
Loan Commitment of any Lender (or, if the Revolving Loan Commitment has
terminated, any assignment which would include participations in outstanding
Letters of Credit and/or obligations to fund Mandatory Borrowings) shall require
the consent of the Swingline Lender (which consent will not be unreasonably
withheld or delayed), (viii) at any time when no Specified Default or Event of
Default is in existence, the approval of the Corporation shall be required
(except with respect to assignments pursuant to clause (x) above), which
approval shall not be unreasonably withheld or delayed, (ix) the Administrative
Agent shall receive at the time of each such assignment, from the assigning or
assignee Lender, the payment of a non-refundable assignment fee of $3,500, and
(x) promptly after such assignment, the Borrowers shall have received from the
Administrative Agent notice of any such assignment and of the identity,
nationality and applicable lending office of any such Eligible Transferee that
is not a United States Person (as defined in Section 7701(a)(30) of the Code),
together with the copy of the Assignment and Assumption Agreement relating
thereto and, PROVIDED FURTHER, that such transfer or assignment will not be
effective until recorded by the Administrative Agent on the Register pursuant to
Section 13.15 hereof. To the extent of any assignment pursuant to this Section
13.04(b), the assigning Lender shall be relieved of its obligations hereunder
with respect to its assigned Commitments and related Obligations. At the time of
each assignment pursuant to this Section 13.04(b) to a Person which is not
already a Lender hereunder and which is not a United States Person (as such term
is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes,
the respective assignee Lender shall, to the extent legally entitled to do so,
provide to the Corporation the U.S. Internal Revenue Forms (and, if applicable a
Section 4.04(b)(ii) Certificate) described Section 4.04(b). To the extent that
an assignment of all or any portion of a Lender's Commitments and related
outstanding Obligations pursuant to Section 1.14 or this Section 13.04(b) would,
at the time of such assignment, result in increased costs under Section 1.11,
1.16(b), 2.06 or 4.04 in excess of those being charged by the respective
assigning Lender prior to such assignment, then the Borrowers shall not be
obligated to pay such excess increased costs (although the Borrowers, in
accordance with and pursuant to the other provisions of this Agreement, shall be
obligated to pay the costs which are not in excess of those being charged by the
respective assigning Lender prior to such assignment and any subsequent
increased costs of the type described above resulting from changes after the
date of the respective assignment).

          (c)     Nothing in this Agreement shall prevent or prohibit any Lender
from pledging its Loans and Notes hereunder to a Federal Reserve Bank in support
of borrowings made by such Lender from such Federal Reserve Bank and, with the
consent of the Administrative Agent, any Lender which is a fund may pledge all
or any portion of its Notes or

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Loans to a trustee in support of its obligations to such trustee and others. No
pledge pursuant to this clause (c) shall release the transferor Lender from any
of its obligations hereunder.

          13.05 NO WAIVER; REMEDIES CUMULATIVE. No failure or delay on the part
of any Agent or any Lender in exercising any right, power or privilege hereunder
or under any other Credit Document and no course of dealing between any Borrower
or any other Credit Party and any Agent or any Lender shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, power or
privilege hereunder or under any other Credit Document preclude any other or
further exercise thereof or the exercise of any other right, power or privilege
hereunder or thereunder. The rights, powers and remedies herein or in any other
Credit Document expressly provided are cumulative and not exclusive of any
rights, powers or remedies which any Agent or any Lender would otherwise have.
No notice to or demand on any Credit Party in any case shall entitle any Credit
Party to any other or further notice or demand in similar or other circumstances
or constitute a waiver of the rights of any Agent or any Lender to any other or
further action in any circumstances without notice or demand.

          13.06 PAYMENTS PRO RATA. (a) Except as otherwise provided in this
Agreement, the Administrative Agent agrees that promptly after its receipt of
each payment from or on behalf of any Borrower in respect of any Obligations
hereunder, it shall distribute such payment to the Lenders (other than any
Lender that has consented in writing to waive its PRO RATA share of any such
payment) PRO RATA based upon their respective shares, if any, of the Obligations
with respect to which such payment was received.

          (b)     Except to the extent that this Agreement provides for payments
to be allocated to the Lenders under a particular Tranche or with particular
Obligations, if any Lender (a "BENEFITTED LENDER") shall at any time receive any
payment of all or part of its Loans or the other Obligations owing to it, or
interest thereon, or receive any collateral in respect thereof (whether
voluntarily or involuntarily, by set-off, pursuant to events or proceedings of
the nature referred to in Section 10.05, or otherwise), in a greater proportion
than any such payment to or collateral received by any other Lender, if any, in
respect of such other Lender's Loans or the other Obligations owing to such
other Lender, or interest thereon, such Benefitted Lender shall purchase for
cash from the other Lender a participating interest in such portion of each such
other Lender's Loans and/or other Obligations owing to each such other Lender,
or shall provide such other Lenders with the benefits of any such collateral, or
the proceeds thereof, as shall be necessary to cause such Benefitted Lender to
share the excess payment or benefits of such collateral or proceeds ratably with
each of the Lenders; PROVIDED, HOWEVER, that if all or any portion of such
excess payment or benefits is thereafter recovered from such Benefitted Lender,
such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest.

          (c)     Notwithstanding anything to the contrary contained herein, the
provisions of preceding Sections 13.06(a) and (b) shall be subject to the
express provisions of this Agreement which (x) require differing payments to be
made with respect to the various Tranches of Loans or (y) prohibit payments in
respect of any Tranche of Loans.

          13.07 CALCULATIONS; COMPUTATIONS. (a) The financial statements to be
furnished to the Lenders pursuant hereto shall be made and prepared in
accordance with GAAP,

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consistently applied throughout the periods involved (except as set forth in the
notes thereto or as otherwise disclosed in writing by the Borrowers to the
Lenders).

          (b)     Notwithstanding anything to the contrary contained in clause
(a) of this Section 13.07, except as expressly otherwise provided herein, all
calculations determining the "Applicable Margins", compliance with Section 9 and
the financial terms as used herein shall be made in accordance with GAAP.

          (c)     All computations of interest, Commitment Commission and Fees
hereunder shall be made on the basis of a year of 360 days (or 365 or 366 days,
as the case may be, in the case of interest on Base Rate Loans and Canadian
Prime Rate Loans) for the actual number of days (including the first day but
excluding the last day) occurring in the period for which such interest,
Commitment Commission or Fees are payable.

          (d)     For purposes of the Interest Act (Canada), (i) whenever any
interest or fee under this Agreement is calculated using a rate based on a year
of 360 days or 365 days, as the case may be, the rate determined pursuant to
such calculation, when expressed as an annual rate, is equivalent to (x) the
applicable rate based on a year of 360 days or 365 days, as the case may be, (y)
multiplied by the actual number of days in the calendar year in which the period
for which such interest or fee is payable (or compounded) ends, and (z) divided
by 360 or 365, as the case may be; (ii) the principle of deemed reinvestment of
interest does not apply to any interest calculation under this Agreement; and
(iii) the rates of interest stipulated in this Agreement are intended to be
nominal rates and not effective rates or yields.

          13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY
TRIAL. (a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS (EXCEPT, IN THE CASE OF
OTHER CREDIT DOCUMENTS, AS SPECIFICALLY OTHERWISE PROVIDED THEREIN) AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH BORROWER HEREBY IRREVOCABLY ACCEPTS FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION
OF THE AFORESAID COURTS. EACH BORROWER HEREBY FURTHER IRREVOCABLY WAIVES ANY
CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH BORROWER, AND
AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO
THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENTS BROUGHT IN ANY OF THE
AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH
BORROWER. EACH BORROWER FURTHER 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 OR CERTIFIED MAIL, POSTAGE PREPAID, TO
SUCH BORROWER AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW, SUCH
SERVICE TO BECOME EFFECTIVE

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30 DAYS AFTER SUCH MAILING. EACH BORROWER HEREBY IRREVOCABLY WAIVES ANY
OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES
NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER
ANY OTHER CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR
INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY AGENT, ANY LENDER OR
THE HOLDER OF ANY NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY BORROWER IN ANY
OTHER JURISDICTION.

          (b)     EACH BORROWER 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 AGREEMENT OR ANY OTHER
CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM.

          (c)     EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          13.09 COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A set of counterparts
executed by all the parties hereto shall be lodged with the Corporation and the
Administrative Agent.

          13.10 EFFECTIVENESS. This Agreement shall become effective on the date
(the "EFFECTIVE DATE") on which each Borrower, each Agent and each of the
Lenders shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered the same to the Administrative Agent at
the Notice Office or, in the case of the Lenders, shall have given to the
Administrative Agent telephonic (confirmed in writing), written or telex notice
(actually received) at such office that the same has been signed and mailed to
it. The Administrative Agent shall give the Corporation and each Lender prompt
written notice of the occurrence of the Effective Date.

          13.11 HEADINGS DESCRIPTIVE. The headings of the several sections and
subsections of this Agreement are inserted for convenience only and shall not in
any way affect the meaning or construction of any provision of this Agreement.

          13.12 AMENDMENT OR WAIVER; ETC. (a) Subject to the provisions of
following clauses (c) and (d), neither this Agreement nor any other Credit
Document nor any terms hereof or thereof may be changed, waived, discharged or
terminated unless such change, waiver,

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discharge or termination is in writing signed by the respective Credit Parties
party thereto and the Required Lenders, PROVIDED that no such change, waiver,
discharge or termination shall, without the consent of each Lender (other than a
Defaulting Lender) with Obligations being directly affected thereby, (i) extend
the final scheduled maturity of any Loan or Note (except as a result of the
extension of the Maturity Date as provided in Section 1.21) or extend the stated
expiration date of any Letter of Credit beyond the Maturity Date (as the same
may be extended as provided in Section 1.21), or reduce the rate or extend the
time of payment of interest (except in connection with a waiver of applicability
of any post-default increase in interest rates) or Fees thereon or reduce the
principal amount thereof (except to the extent repaid in cash) (it being
understood that any amendment or modification to the financial definitions in
this Agreement or to Section 13.07(a) or (b) shall not constitute a reduction in
any rate of interest or fees for purposes of this clause (i), so long as the
primary purpose of the respective amendments or modifications to the financial
definitions was not to reduce the interest or Fees payable hereunder), (ii)
amend, modify or waive any provision of this Section 13.12 (except for technical
amendments with respect to additional extensions of credit pursuant to this
Agreement which afford the protections set forth in the proviso below to such
additional extensions of credit), (iii) reduce the percentage specified in the
definition of Required Lenders (it being understood that, with the consent of
the Required Lenders, additional extensions of credit pursuant to this Agreement
may be included in the determination of the Required Lenders on substantially
the same basis as the extensions of Term Loans and Revolving Loan Commitments
are included on the Effective Date), (iv) consent to the assignment or transfer
by any Borrower of any of its rights and obligations under this Agreement
(except that, with the consent of the Required Lenders, the Corporation may
assign or transfer its rights hereunder in connection with a merger or
consolidation with or into another Person as contemplated by (and in accordance
with the requirements of) Section 9.02) or (v) release the Corporation or
Sheraton from its Guaranty (it being understood, however, that the assumption by
another Person of the Corporation's or Sheraton's obligations under the relevant
Guaranty in connection with a merger or consolidation of the Corporation or
Sheraton, as the case may be, with such other Person as contemplated by (and in
accordance with the requirements of) Section 9.02 shall not be construed to be a
release of the Corporation or Sheraton, as the case may be, from its Guaranty);
PROVIDED FURTHER, that, in addition to the consent of the Required Lenders
required above, no such change, waiver, discharge or termination shall (u) in
the case of any such change, waiver, discharge or termination to or of any
Incremental Loan Agreement, without the consent of each Lender (other than a
Defaulting Lender) party thereto, amend, modify, waive or terminate such
Incremental Loan Agreement, (v) increase the Commitments (or sub-commitments) of
any Lender over the amount thereof then in effect without the consent of such
Lender (it being understood that waivers or modifications of conditions
precedent, covenants, Defaults or Events of Default or of a mandatory reduction
in the Total Commitment shall not constitute an increase of the Commitment (or
sub-commitment) of any Lender, and that an increase in the available portion of
any Commitment (or sub-commitment) of any Lender shall not constitute an
increase of the Commitment (or sub-commitment) of such Lender), (w) without the
consent of each Issuing Bank, amend, modify or waive any provision of Section 2
or alter its rights or obligations with respect to Letters of Credit, (x)
without the consent of each Swingline Lender, alter its rights or obligations
with respect to Swingline Loans, (y) without the consent of the respective
Agent, amend, modify or waive any provision of Section 12 or any other provision
as same relates to the rights or obligations of such Agent, or (z) without the
consent of the Supermajority Lenders of the Term Loans, amend the definition of
Supermajority Lenders (it being understood that, with

                                      -128-
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the consent of the Required Lenders, additional extensions of credit pursuant to
this Agreement may be included in the determination of the Supermajority Lenders
on substantially the same basis as the extensions of the Loans and Commitments
are included on the Effective Date) or waive, or decrease the amount of, any,
Scheduled Repayment or extend the date on which any Scheduled Repayment is
required to be made (it being understood and agreed, however, that (I) any
reduction in the portion of any Scheduled Repayment payable prior to the
Maturity Date to which a Lender may be entitled as a result of the provision
(and incurrence) of Incremental Term Loans pursuant to Sections 1.01(f) and 1.19
and the absence of any proportionate increase in such Scheduled Repayments at
the time of such provision (and incurrence), shall not require the consent of
the Supermajority Lenders, (II) nothing in this clause (z) shall be construed to
limit the right of each Lender to consent to the extension of the final
scheduled maturity date of any Loan or Note on the terms specified in clause (i)
of the immediately preceding proviso and (III) if additional term loans (other
than Incremental Term Loans) are made pursuant to the Term Loan Tranche, the
Scheduled Repayments may be increased on a proportionate basis without the
consent of the Supermajority Lenders).

          (b)     If, in connection with any proposed change, waiver, discharge
or termination to any of the provisions of this Agreement as contemplated by
clauses (i) through (vi), inclusive, of the first proviso to Section 13.12(a),
the consent of the Required Lenders is obtained but the consent of one or more
of such other Lenders whose consent is required is not obtained, then the
Corporation shall have the right, so long as all non-consenting Lenders whose
individual consent is required are treated as described below, to replace each
such non-consenting Lender or Lenders with one or more Replacement Lenders
pursuant to Section 1.14 so long as at the time of such replacement, each such
Replacement Lender consents to the proposed change, waiver, discharge or
termination, PROVIDED FURTHER, that in any event the Corporation shall not have
the right to replace a Lender solely as a result of the exercise of such
Lender's rights (and the withholding of any required consent by such Lender)
pursuant to the second proviso to Section 13.12(a).

          (c)     At any time and from time to time after the Effective Date,
one or more Persons may become Alternate Currency Revolving Loan Borrowers in
accordance with the provisions of Section 6.04 and the definition of Alternate
Currency Revolving Loan Borrower contained herein. Upon the satisfaction of such
provisions, such Person shall constitute an Alternate Currency Revolving Loan
Borrower and a Borrower party to this Agreement, without any further actions
taken by any Persons. Furthermore, the Corporation may, at any time and from
time to time, by written notice to the Administrative Agent, remove any
Alternate Currency Revolving Loan Borrower as such an Alternate Currency
Revolving Loan Borrower on a prospective basis; PROVIDED that at the time of
such removal there are no outstanding Alternate Currency Revolving Loans owing
to such Alternate Currency Revolving Loan Borrower, and all other amounts then
due and payable by such Alternate Currency Revolving Loan Borrower have been
paid in full. Any removal of a Person as an Alternate Currency Revolving Loan
Borrower shall have no effect on any obligations of such Person as an Alternate
Currency Revolving Loan Borrower hereunder in respect of Obligations previously
incurred by it hereunder or with respect to any of the indemnities set forth
herein (including, without limitation, in Sections 1.11, 1.12, 1.16(b), 2.06,
4.04, 12.06 and 13.01), which shall survive the removal of such Person as an
Alternate Currency Revolving Loan Borrower.

                                      -129-
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          (d)     From time to time after the Effective Date, if, with the
consent of the Corporation and the Administrative Agent, one or more Lenders is
willing (at its sole discretion), to increase the amount of its Alternate
Currency Revolving Loan Sub-Commitment with respect to one or more Alternate
Currencies, then the Alternate Currency Revolving Loan Sub-Commitments of such
Lender may be so increased as agreed by it (pursuant to a written agreement
entered into, and executed by, the respective Lender, the Administrative Agent
and the Corporation); PROVIDED that (x) to the extent the Alternate Currency
Revolving Loan Sub-Commitments of the respective Lender are increased, the
Non-Alternate Currency Revolving Loan Sub-Commitment of the respective Lender
shall be decreased, (y) arrangements satisfactory to the Administrative Agent
shall be made so that, after giving effect to the adjustment to the respective
Lender's Alternate Currency Revolving Loan Sub-Commitments, such Lender
participates in all then outstanding extensions of credit on the same basis as
it would otherwise have so participated if it had originally had Alternate
Currency Revolving Loan Sub-Commitments and a related Non-Alternate Currency
Revolving Loan Sub-Commitment as same will be in effect after giving effect to
the changes contemplated by this clause (d) and (z) without the prior written
consent of the Required Lenders, no increase to any Alternate Currency Revolving
Loan Sub-Commitment of any Lender shall be made pursuant to this clause (d) if,
immediately after giving effect thereto, the Total Alternate Currency Revolving
Loan Sub-Commitment would exceed the lesser of (x) $350,000,000 and (y) the
Total Revolving Loan Commitment as then in effect.

          (e)     From time to time after the Effective Date, if one or more
Alternate Currency Lenders desires to reduce the amount of its Alternate
Currency Revolving Loan Sub-Commitment with respect to one or more Alternate
Currencies, then the respective Alternate Currency Lender shall provide 30 days'
prior written notice thereof to the Corporation and the Administrative Agent,
specifying the relevant Alternate Currency Revolving Loan Sub-Commitment to be
so reduced and the amount of such reduction; PROVIDED HOWEVER, that no more than
one such notice may be delivered by any Alternate Currency Lender in any 3 month
period. Any such reduction to an Alternate Currency Revolving Loan
Sub-Commitment of any Alternate Currency Lender shall be effective on the 30th
day following delivery of the foregoing notice (or, if such 30th day is not a
Business Day, the next succeeding Business Day after such 30th day), with the
following to occur concurrently therewith: (i) the Non-Alternate Currency
Revolving Loan Sub-Commitment of the respective Lender shall be increased by the
amount of the reduction to the Alternate Currency Revolving Loan Sub-Commitment
of such Lender, (ii) the relevant Borrowers shall, in coordination with the
Administrative Agent, (x) repay outstanding Dollar Revolving Loans and/or
Alternate Currency Revolving Loans in a given Alternate Currency of certain of
the RL Lenders, and incur additional Dollar Revolving Loans and/or Alternate
Currency Revolving Loans in a given Alternate Currency from certain other RL
Lenders (including the Incremental RL Lenders) or (y) take such other actions as
may be required by the Administrative Agent (including by requiring new Dollar
Revolving Loans or Alternate Currency Revolving Loans in a given Alternate
Currency to be incurred and added to then outstanding Borrowings of the
respective such Loans, even though as a result thereof such new Loans (to the
extent required to be maintained as Euro Rate Loans) may have a shorter Interest
Period than the then outstanding Borrowings of the respective such Loans), in
each case to the extent necessary so that (I) all of the RL Lenders effectively
participate in each outstanding Borrowing of Dollar Revolving Loans PRO RATA on
the basis of their Dollar Percentages (determined after giving effect to the
decrease in the Alternate Currency Revolving

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Loan Commitment or Commitments of such Lender (and the increase in the
Non-Alternate Currency Revolving Loan Sub-Commitment of such Lender) pursuant to
this Section 13.12(e)) and (II) all Alternate Currency Lenders with an Alternate
Currency Revolving Loan Sub-Commitment in a given Alternate Currency effectively
participate in each outstanding Borrowing of Alternate Currency Revolving Loans
in such Alternate Currency PRO RATA on the basis of their Alternate Currency RL
Percentages as the same relate to such Alternate Currency (determined after
giving effect to the decrease in the Alternate Currency Revolving Loan
Commitment or Commitments of such Lender (and the increase in the Non-Alternate
Currency Revolving Loan Sub-Commitment of such Lender) pursuant to this Section
13.12(e)), (iii) the Corporation shall pay to the respective RL Lenders any
costs of the type referred to in Section 1.12 in connection with any repayment
and/or Borrowing required pursuant to preceding clause (ii) and (iv) to the
extent Dollar Revolving Loans or Alternate Currency Revolving Loans in a given
Alternate Currency are to be so incurred or added to the then outstanding
Borrowings of the respective such Loans which are maintained as Euro Rate Loans,
the Lenders that have made such Loans shall be entitled to receive from the
Borrowers such amounts, as reasonably determined by the respective Lenders, to
compensate them for funding the various Revolving Loans during an existing
Interest Period (rather than at the beginning of the respective Interest Period,
based upon rates then applicable thereto). All determinations by any Lender
pursuant to clause (iv) of the immediately preceding sentence shall, absent
manifest error, be final and conclusive and binding on all parties hereto.

          (f)     Notwithstanding anything to the contrary contained in clauses
(a) through (e) above of this Section 13.12, the Corporation, the Administrative
Agent and each Incremental Loan Lender may, in accordance with the provisions of
Sections 1.19 and 1.20, enter into an Incremental Loan Commitment Agreement,
PROVIDED that after the execution and delivery by the Corporation, the
Administrative Agent and each such Incremental Loan Lender of such Incremental
Loan Commitment Agreement, such Incremental Loan Commitment Agreement may
thereafter only be modified in accordance with the requirements of clause (a)
through (e) above of this Section 13.12.

          13.13 SURVIVAL. All indemnities set forth herein including, without
limitation, in Sections 1.11, 1.12, 1.16(b), 2.06, 4.04, 12.06 and 13.01 shall
survive the execution, delivery and termination of this Agreement, the Notes and
the other Credit Documents and the making and repayment of the Obligations (it
being understood and agreed that all such indemnities shall also survive as to
any Lender that has assigned all of its obligations hereunder pursuant to
Section 13.04(b) with respect to the period of time in which such Lender was a
"Lender" hereunder).

          13.14 DOMICILE OF LOANS. Each Lender may transfer and carry its Loans
at, to or for the account of any office, Subsidiary or Affiliate of such Lender.
Notwithstanding anything to the contrary contained herein, to the extent that a
transfer of Loans pursuant to this Section 13.14 would, at the time of such
transfer, result in increased costs under Section 1.11, 1.12, 1.16(b), 2.06 or
4.04 in excess of those being charged by the respective Lender prior to such
transfer, then the Borrowers shall not be obligated to pay such excess increased
costs (although the Borrowers, in accordance with and pursuant to the other
provisions of this Agreement, shall be obligated to pay the costs which would
apply in the absence of such designation and any subsequent increased costs of
the type described above resulting from changes after the date of the respective
transfer).

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          13.15 REGISTER. Each Borrower hereby designates the Administrative
Agent to serve as such Borrower's agent, solely for purposes of this Section
13.15, to maintain a register (the "REGISTER") on which it will record the
Commitments from time to time of each of the Lenders, the Loans made by each of
the Lenders and each repayment in respect of the principal amount of the Loans
of each Lender. Failure to make any such recordation, or any error in such
recordation, shall not affect the respective Borrower's obligations in respect
of such Loans. With respect to any Lender, the transfer of the Commitments of
such Lender and the rights to the principal of, and interest on, any Loan made
pursuant to such Commitments shall not be effective until such transfer is
recorded on the Register maintained by the Administrative Agent with respect to
ownership of such Commitments and Loans and prior to such recordation all
amounts owing to the transferor with respect to such Commitments and Loans shall
remain owing to the transferor. The registration of assignment or transfer of
all or part of any Commitments and Loans shall be recorded by the Administrative
Agent on the Register only upon the acceptance by the Administrative Agent of a
properly executed and delivered Assignment and Assumption Agreement pursuant to
Section 13.04(b). Coincident with the delivery of such an Assignment and
Assumption Agreement to the Administrative Agent for acceptance and registration
of assignment or transfer of all or part of a Loan, or as soon thereafter as
practicable, the assigning or transferor Lender shall surrender the Note, if
any, evidencing such Loan, and thereupon one or more new Notes in the same
aggregate principal amount shall, if requested, be issued to the assigning or
transferor Lender and/or the new Lender. The registration of any provision of
Incremental Loan Commitments pursuant to Sections 1.19 and 1.20 shall be
recorded by the Administrative Agent on the Register only upon the acceptance of
the Administrative Agent of a properly executed and delivered Incremental Loan
Commitment Agreement. Coincident with the delivery of such Incremental Loan
Commitment Agreement for acceptance and registration of the provision of an
Incremental Loan Commitment, or as soon thereafter as practicable, new Term
Notes or new Revolving Notes, as the case may be, shall be issued to the
respective Incremental Loan Lender at the request of such Incremental Loan
Lender. Each Borrower jointly and severally agrees to indemnify the
Administrative Agent from and against any and all losses, claims, damages and
liabilities of whatsoever nature which may be imposed on, asserted against or
incurred by the Administrative Agent in performing its duties under this Section
13.15.

          13.16 JUDGMENT CURRENCY. (a) The Credit Parties' obligations hereunder
and under the other Credit Documents to make payments in the respective
Applicable Currency (the "OBLIGATION CURRENCY") shall not be discharged or
satisfied by any tender or recovery pursuant to any judgment expressed in or
converted into any currency other than the Obligation Currency, except to the
extent that such tender or recovery results in the effective receipt by the
Administrative Agent or the respective Lender of the full amount of the
Obligation Currency expressed to be payable to the Administrative Agent or such
Lender under this Agreement or the other Credit Documents. If for the purpose of
obtaining or enforcing judgment against any Credit Party in any court or in any
jurisdiction, it becomes necessary to convert into or from any currency other
than the Obligation Currency (such other currency being hereinafter referred to
as the "JUDGMENT CURRENCY") an amount due in the Obligation Currency, the
conversion shall be made, at the Alternate Currency Equivalent or the Dollar
Equivalent thereof, as the case may be, and, in the case of other currencies,
the rate of exchange (as quoted by the Administrative Agent or if the
Administrative Agent does not quote a rate of exchange on such currency, by a
known dealer in such currency designated by the Administrative Agent)
determined, in each case, as of

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the day on which the judgment is given (such Business Day being hereinafter
referred to as the "JUDGMENT CURRENCY CONVERSION DATE").

          (b)     If there is a change in the rate of exchange prevailing
between the Judgment Currency Conversion Date and the date of actual payment of
the amount due, the Borrowers covenant and agree to pay, or cause to be paid,
such additional amounts, if any (but in any event not a lesser amount) as may be
necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will
produce the amount of the Obligation Currency which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial
award at the rate or exchange prevailing on the Judgment Currency Conversion
Date.

          (c)     For purposes of determining the Alternate Currency Equivalent
or the Dollar Equivalent or any other rate of exchange for this Section, such
amounts shall include any premium and costs payable in connection with the
purchase of the Obligation Currency.

          13.17 CONFIDENTIALITY. (a) Subject to the provisions of clause (b) of
this Section 13.17, each Lender agrees that it will use its reasonable best
efforts not to disclose without the prior consent of the Corporation (other than
to its employees, officers, directors, auditors, advisors or counsel or to
another Lender if the Lender or such Lender's holding or parent company in its
sole discretion determines that any such party should have access to such
information, provided such Persons shall be subject to the provisions of this
Section 13.17 to the same extent as such Lender) any information with respect to
the Corporation or any of its Subsidiaries which is now or in the future
furnished pursuant to this Agreement or any other Credit Document, PROVIDED that
any Lender may disclose any such information (a) as has become generally
available to the public other than by virtue of a breach of this Section by such
Lender, (b) to the extent such information was legally in possession of such
Lender prior to its receipt from or on behalf of the Corporation or any of its
Subsidiaries and was from a source not known to such Lender to be (x) bound by a
confidentiality agreement with the Corporation or (y) otherwise prohibited from
transmitting such information to such Lender by a contractual, legal or
fiduciary obligation, (c) such information becomes available to such Lender from
a source other than the Corporation or any of its Subsidiaries and such source
is not known to such Lender to be (x) bound by a confidentiality agreement with
the Corporation or (y) otherwise prohibited from transmitting such information
to such Lender by a contractual, legal or fiduciary obligation, (d) as may be
required or reasonably appropriate in any report, statement or testimony
submitted to, or in response to a request from, any municipal, state or Federal
governmental or regulatory body having or claiming to have jurisdiction over
such Lender or to the Federal Reserve Board, the Federal Deposit Insurance
Corporation, the NAIC or similar organizations (whether in the United States or
elsewhere) or their successors, (e) as may be required or reasonably appropriate
in response to any summons or subpoena or in connection with any litigation, (f)
in order to comply with any Requirement of Law applicable to such Lender, (g) to
any Agent or any other Lender, (h) to any direct or indirect contractual
counterparties in swap agreements or such contractual counterparties'
professional advisors; PROVIDED that such contractual counterparty or
professional advisor to such contractual counterparty agrees in writing to keep
such information confidential to the same extent required of the Lenders
thereunder, and (i) to any prospective or actual transferee or participant in
connection with any contemplated transfer or participation of

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any of the Notes or Commitments or any interest therein by such Lender, PROVIDED
that such prospective transferee shall have agreed to be subject to the
provisions of this Section 13.17(a).

          (b)     Each of the Borrowers hereby acknowledge and agree that each
Lender may, in connection with the Transaction or the participation of such
Lender pursuant to this Agreement and the other Credit Documents, share with any
of its affiliates any information related to the Corporation or any of its
Subsidiaries (including, without limitation, any nonpublic customer information
regarding the creditworthiness of the Corporation and its Subsidiaries, provided
such Persons shall be subject to the provisions of this Section 13.17 to the
same extent as such Lender).

          13.18 SPECIAL PROVISIONS REGARDING COLLATERAL, ADDITIONAL SUBSIDIARIES
GUARANTY AND RELEASE OF COLLATERAL AND SUBSIDIARIES FROM ADDITIONAL SUBSIDIARIES
GUARANTY. (a) (i) Pursuant to clause (i)(A) of the proviso appearing in the
first recital to the Pledge and Security Agreement, the Parent Companies (by
their execution and acknowledgement of this Agreement) hereby represent and
warrant that (x) the Existing Credit Agreement is being refinanced in full and
all obligations thereunder are being repaid in full on the Initial Borrowing
Date and (y) on the Initial Borrowing Date, this Agreement shall become the
Credit Agreement under, and as defined in, the Pledge and Security Agreement.

          (ii)    Pursuant to clause (ii) of the proviso appearing in the first
recital to the Pledge and Security Agreement, the Parent Companies (by their
execution and acknowledgement of this Agreement) hereby give notice to the
Pledgee that the Indebtedness under this Agreement shall be treated as issued
under the Credit Agreement for purposes of (and as defined in) the Pledge and
Security Agreement.

          (iii)   Each Additional Subsidiary Guarantor hereby unconditionally
and irrevocably guarantees to (x) the Lender Creditors (as defined in the
Sheraton Guaranty) the full and prompt payment when due (whether at the stated
maturity, by acceleration or otherwise) of all Obligations owing by each
Borrower under this Agreement and each other Credit Document to which such
Borrower is a party, whether now existing or hereafter incurred under, arising
out of or in connection with this Agreement or any such other Credit Document
and (y) the Other Creditors (as defined in the Sheraton Guaranty) the full and
prompt payment when due (whether at stated maturity, by acceleration or
otherwise) of all Other Obligations (as defined in the Sheraton Guaranty) owing
by the Corporation or any of its Subsidiaries, whether now in existence or
hereafter arising. The guaranty pursuant to this Section 13.18(a)(iii) is an
absolute guaranty of payment and performance and not a guaranty of collection.

          (iv)    The Administrative Agent and the Corporation acknowledge and
agree that the Lenders party to this Agreement constitute the Required Lenders
under, and as defined in, the Existing Credit Agreement as in effect immediately
prior to the consummation of the Transaction.

          (b)     Each Lender hereby agrees (by its execution hereof) that (x)
that the Indebtedness under this Agreement shall be treated as issued under the
Credit Agreement for purposes of (and as defined in) the Pledge and Security
Agreement and (y) as of 5:00 P.M. (New York time) on the Initial Borrowing Date
(and after the initial incurrence of Loans on such date)

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(the "REQUIRED RELEASE TIME"), (i) each Additional Subsidiary Guarantor shall be
automatically released from the Additional Subsidiaries Guaranty (as a result of
which, pursuant to Section 21 of the Pledge and Security Agreement, each such
Additional Subsidiary Guarantor shall be released as a Pledgor under the Pledge
and Security Agreement), (ii) all of the Collateral pledged pursuant to the
Pledge and Security Agreement by any Pledgor shall be automatically released
(without any further action on the part of any Lender) and (iii) no additional
or further Collateral shall at any time be required to be pledged pursuant to
the Pledge and Security Agreement, in each case so long as each of the following
conditions shall have been satisfied at the Required Release Time:

                  (I)   no ITT Note Event (as defined in the Pledge and Security
          Agreement) shall have occurred and be continuing;

                  (II)  no Default or Event of Default under Section 10.05 with
          respect to the Corporation or Sheraton then exists;

                  (III) an Authorized Officer of the Corporation shall have
          delivered an officer's certificate to the Pledgee (in accordance with
          the requirements of Section 18(c) of the Pledge and Security
          Agreement), certifying that the release of all of the Collateral of
          the Pledgors under the Pledge and Security Agreement pursuant to this
          Section 13.18(b) is permitted pursuant to Section 18(b) of the Pledge
          and Security Agreement;

                  (IV)  an Authorized Officer of the Parent Companies shall have
          delivered an officer's certificate to the Pledgee (in accordance with
          the requirements of the third sentence appearing in Section 20 of the
          Pledge and Security Agreement), certifying that the release of
          Collateral under the Pledge and Security Agreement pursuant to Section
          13.18(b) does not violate the terms of any Secured Debt Agreement (as
          defined in the Pledge and Security Agreement); and

                  (V)   the Administrative Agent shall have received an opinion
          from Sidley Austin Brown & Wood LLP, special counsel to the Credit
          Parties, addressed to the Agents and each of the Lenders, in the form
          set forth as Exhibit F-4.

In connection with the foregoing, each of the Lenders hereby authorizes the
Pledgee to take such actions as may be required to be taken by the Pledgee
pursuant to Section 18(b) of the Pledge and Security Agreement to effectuate the
release of the Collateral. The releases described in clauses (i), (ii) and (iii)
of the first sentence of this Section 13.18(b) are herein collectively called
the "COLLATERAL AND GUARANTY RELEASE".

          (c)     Notwithstanding anything to the contrary contained in Section
5.05, the parties hereto acknowledge and agree that the conditions precedent
described in, and the actions required to be taken pursuant to, Sections
5.05(b), (c) and (d) (to the extent applicable to the Existing Senior Notes)
shall be required to be satisfied or taken, as the case may be, concurrently
with the Collateral and Guaranty Release pursuant to Section 13.18(b) and, in
any event, no later than the Required Release Time, rather than as otherwise
required by said Sections. All

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provisions of this Credit Agreement (including, without limitation, all
conditions precedent, representations, warranties, covenants, events of default
and other agreements herein and therein) shall be deemed modified to the extent
necessary to permit the taking of the actions required by said Sections 5.05(b),
(c) and (d) at the time of the Collateral and Guaranty Release pursuant to
Section 13.18(b), rather than as otherwise provided in said Sections. The
acceptance of the benefits of the Loans shall constitute a representation,
warranty and covenant by each Borrower to each of the Lenders that the actions
required pursuant to this Section 13.18(c) will be, or have been, taken at the
time of the Collateral and Guaranty Release pursuant to Section 13.18(b) and, in
any event, no later than the Required Release Time. The parties hereto
acknowledge and agree that the failure to take any of the actions required above
by the Required Release Time (whether as a result of the failure of the
conditions to the Collateral and Guaranty Release to be satisfied at such time
or otherwise) shall give rise to an immediate Event of Default pursuant to this
Agreement.

          SECTION 14. CORPORATION GUARANTY.

          14.01 THE GUARANTY. In order to induce the Lenders to enter into this
Agreement and to extend credit hereunder and to induce the Lenders or any of
their respective Affiliates to enter into Interest Rate Protection Agreements or
Other Hedging Agreements, and in recognition of the direct benefits to be
received by the Corporation from the proceeds of the Loans, the issuance of the
Letters of Credit and the entering into of Interest Rate Protection Agreements
or Other Hedging Agreements, the Corporation hereby agrees with the Lenders as
follows: the Corporation hereby unconditionally and irrevocably guarantees, as
primary obligor and not merely as surety the full and prompt payment when due,
whether upon maturity, acceleration or otherwise, of any and all of the
Guaranteed Obligations to the Guaranteed Creditors. If any or all of the
Guaranteed Obligations to the Guaranteed Creditors becomes due and payable
hereunder, the Corporation unconditionally promises to pay such indebtedness to
the Guaranteed Creditors, or order, on demand, together with any and all
expenses which may be incurred by the Guaranteed Creditors in collecting any of
the Guaranteed Obligations. This Corporation Guaranty is a guaranty of payment
and not of collection. This Corporation Guaranty is a continuing one and all
liabilities to which it applies or may apply under the terms hereof shall be
conclusively presumed to have been created in reliance hereon. If claim is ever
made upon any Guaranteed Creditor for repayment or recovery of any amount or
amounts received in payment or on account of any of the Guaranteed Obligations
and any of the aforesaid payees repays all or part of said amount by reason of
(i) any judgment, decree or order of any court or administrative body having
jurisdiction over such payee or any of its property or (ii) any settlement or
compromise of any such claim effected by such payee with any such claimant
(including the Alternate Currency Revolving Loan Borrowers and any other
Guaranteed Party), then and in such event the Corporation agrees that any such
judgment, decree, order, settlement or compromise shall be binding upon the
Corporation, notwithstanding any revocation of this Corporation Guaranty or any
other instrument evidencing any liability of any Alternate Currency Revolving
Loan Borrower or any other Guaranteed Party, and the Corporation shall be and
remain liable to the aforesaid payees hereunder for the amount so repaid or
recovered to the same extent as if such amount had never originally been
received by any such payee.

          14.02 BANKRUPTCY. Additionally, the Corporation unconditionally and
irrevocably guarantees the payment of any and all of the Guaranteed Obligations
to the Guaranteed

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Creditors whether or not due or payable by any Alternate Currency Revolving Loan
Borrower or any other Guaranteed Party upon the occurrence of any of the events
specified in Section 10.05, and unconditionally promises to pay such
indebtedness to the Guaranteed Creditors, or order, on demand.

          14.03 NATURE OF LIABILITY. The liability of the Corporation hereunder
is exclusive and independent of any guaranty of the Guaranteed Obligations
whether executed by the Corporation, any other guarantor or by any other party,
and the liability of the Corporation hereunder is not affected or impaired by
(a) any direction as to application of payment by any Alternate Currency
Revolving Loan Borrower, any other Guaranteed Party or by any other party, or
(b) any other continuing or other guaranty, undertaking or maximum liability of
a guarantor or of any other party as to the Guaranteed Obligations, or (c) any
payment on or in reduction of any such other guaranty or undertaking, or (d) any
dissolution, termination or increase, decrease or change in personnel by any
Alternate Currency Revolving Loan Borrower or any other Guaranteed Party, or (e)
any payment made to the Guaranteed Creditors on the Guaranteed Obligations which
any such Guaranteed Creditor repays to any Alternate Currency Revolving Loan
Borrower or any other Guaranteed Party pursuant to court order in any
bankruptcy, reorganization, arrangement, moratorium or other debtor relief
proceeding, and the Corporation waives any right to the deferral or modification
of its obligations hereunder by reason of any such proceeding, or (f) any action
or inaction of the type described in Section 14.05, or (g) the lack of validity
or enforceability of any Credit Document or any other instrument relating
thereto.

          14.04 INDEPENDENT OBLIGATION. No invalidity, irregularity or
unenforceability of all or any part of the Guaranteed Obligations shall affect,
impair or be a defense to this Corporation Guaranty, and this Corporation
Guaranty shall be primary, absolute and unconditional notwithstanding the
occurrence of any event or the existence of any other circumstances which might
constitute a legal or equitable discharge of a surety or guarantor except
payment in full of the Guaranteed Obligations. The obligations of the
Corporation hereunder are independent of the obligations of any Alternate
Currency Revolving Loan Borrower, any other Guaranteed Party, any other
guarantor or any other Person and a separate action or actions may be brought
and prosecuted against the Corporation whether or not action is brought against
any Alternate Currency Revolving Loan Borrower, any other Guaranteed Party, any
other guarantor or any other Person and whether or not any Alternate Currency
Revolving Loan Borrower, any other Guaranteed Party, any other guarantor or any
other Person be joined in any such action or actions. The Corporation waives, to
the full extent permitted by law, the benefit of any statute of limitations
affecting its liability hereunder or the enforcement thereof. Any payment by an
Alternate Currency Revolving Loan Borrower or any other Guaranteed Party or
other circumstance which operates to toll any statute of limitations as to such
Alternate Currency Revolving Loan Borrower shall operate to toll the statute of
limitations as to the Corporation.

          14.05 AUTHORIZATION. The Corporation authorizes the Guaranteed
Creditors without notice or demand (except as shall be required by applicable
statute and cannot be waived), and without affecting or impairing its liability
hereunder, from time to time to:

          (a)     change the manner, place or terms of payment of, and/or change
     or extend the time of payment of, renew, increase, accelerate or alter, any
     of the Guaranteed

                                      -137-
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     Obligations (including any increase or decrease in the rate of interest
     thereon) or any liability incurred directly or indirectly in respect
     thereof, and this Corporation Guaranty made shall apply to the Guaranteed
     Obligations as so changed, extended, renewed or altered;

          (b)     take and hold security for the payment of the Guaranteed
     Obligations and sell, exchange, release, impair, surrender, realize upon or
     otherwise deal with in any manner and in any order any property by
     whomsoever at any time pledged or mortgaged to secure, or howsoever
     securing, the Guaranteed Obligations or any liabilities (including any of
     those hereunder) incurred directly or indirectly in respect thereof or
     hereof, and/or any offset thereagainst;

          (c)     exercise or refrain from exercising any rights against any
     Alternate Currency Revolving Loan Borrower, any other Guaranteed Party or
     others or otherwise act or refrain from acting;

          (d)     release or substitute any one or more endorsers, guarantors,
     any Alternate Currency Revolving Loan Borrower, any other Guaranteed Party
     or other obligors;

          (e)     settle or compromise any of the Guaranteed Obligations or any
     liability (including any of those hereunder) incurred directly or
     indirectly in respect thereof or hereof, and may subordinate the payment of
     all or any part thereof to the payment of any liability (whether due or
     not) of any Alternate Currency Revolving Loan Borrower or any other
     Guaranteed Party to their respective creditors other than the Guaranteed
     Creditors;

          (f)     apply any sums by whomsoever paid or howsoever realized to any
     liability or liabilities of any Alternate Currency Revolving Loan Borrower
     or any other Guaranteed Party to the Guaranteed Creditors regardless of
     what liability or liabilities of such Alternate Currency Revolving Loan
     Borrower or such other Guaranteed Party remain unpaid;

          (g)     consent to or waive any breach of, or any act, omission or
     default under, this Agreement, any other Credit Document, any Interest Rate
     Protection Agreement or Other Hedging Agreement or any of the instruments
     or agreements referred to herein or therein, or otherwise amend, modify or
     supplement this Agreement, any other Credit Document, any Interest Rate
     Protection Agreement or Other Hedging Agreement or any of such other
     instruments or agreements; and/or

          (h)     take any other action which would, under otherwise applicable
     principles of common law, give rise to a legal or equitable discharge of
     the Corporation from its liabilities under this Corporation Guaranty.

          14.06 RELIANCE. It is not necessary for the Guaranteed Creditors to
inquire into the capacity or powers of any Alternate Currency Revolving Loan
Borrower or any other Guaranteed Party or the officers, directors, partners or
agents acting or purporting to act on their behalf, and any Guaranteed
Obligations made or created in reliance upon the professed exercise of such
powers shall be guaranteed hereunder.

                                      -138-
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          14.07 SUBORDINATION. Any of the indebtedness of any Alternate Currency
Revolving Loan Borrower or any other Guaranteed Party now or hereafter owing to
the Corporation is hereby subordinated to the Guaranteed Obligations of such
Alternate Currency Revolving Loan Borrower or such other Guaranteed Party owing
to the Guaranteed Creditors; and if the Administrative Agent so requests at a
time when an Event of Default exists, all such indebtedness of such Alternate
Currency Revolving Loan Borrower or such other Guaranteed Party to the
Corporation shall be collected, enforced and received by the Corporation for the
benefit of the Guaranteed Creditors and be paid over to the Administrative Agent
on behalf of the Guaranteed Creditors on account of the Guaranteed Obligations
of such Alternate Currency Revolving Loan Borrower or such Guaranteed Party to
the Guaranteed Creditors, but without affecting or impairing in any manner the
liability of the Corporation under the other provisions of this Corporation
Guaranty. Prior to the transfer by the Corporation of any note or negotiable
instrument evidencing any of the indebtedness of any Alternate Currency
Revolving Loan Borrower or any other Guaranteed Party to the Corporation, the
Corporation shall mark such note or negotiable instrument with a legend that the
same is subject to this subordination. Without limiting the generality of the
foregoing, the Corporation hereby agrees with the Guaranteed Creditors that it
will not exercise any right of subrogation which it may at any time otherwise
have as a result of this Corporation Guaranty (whether contractual, under
Section 509 of the Bankruptcy Code or otherwise) until all Guaranteed
Obligations have been irrevocably paid in full in cash.

          14.08 WAIVER. (a) The Corporation waives any right (except as shall be
required by applicable statute and cannot be waived) to require any Guaranteed
Creditor to (i) proceed against any Alternate Currency Revolving Loan Borrower,
any other Guaranteed Party, any other guarantor or any other party, (ii) proceed
against or exhaust any security held from any Alternate Currency Revolving Loan
Borrower, any other Guaranteed Party, any other guarantor or any other party or
(iii) pursue any other remedy in any Guaranteed Creditor's power whatsoever. The
Corporation waives any defense based on or arising out of any defense of any
Alternate Currency Revolving Loan Borrower, any other Guaranteed Party, any
other guarantor or any other party, other than payment in full in cash of the
Guaranteed Obligations, based on or arising out of the disability of any
Alternate Currency Revolving Loan Borrower, any other Guaranteed Party, any
other guarantor or any other party, or the unenforceability of the Guaranteed
Obligations or any part thereof from any cause, or the cessation from any cause
of the liability of any Alternate Currency Revolving Loan Borrower or any other
Guaranteed Party other than payment in full in cash of the Guaranteed
Obligations. The Guaranteed Creditors may, at their election, foreclose on any
security held by the Administrative Agent or any other Guaranteed Creditor by
one or more judicial or nonjudicial sales, whether or not every aspect of any
such sale is commercially reasonable (to the extent such sale is permitted by
applicable law), or exercise any other right or remedy the Guaranteed Creditors
may have against any Alternate Currency Revolving Loan Borrower, any other
Guaranteed Party or any other party, or any security, without affecting or
impairing in any way the liability of the Corporation hereunder except to the
extent the Guaranteed Obligations have been paid in cash. The Corporation waives
any defense arising out of any such election by the Guaranteed Creditors, even
though such election operates to impair or extinguish any right of reimbursement
or subrogation or other right or remedy of the Corporation against any Alternate
Currency Revolving Loan Borrower, any other Guaranteed Party or any other party
or any security.

                                      -139-
<Page>

          (b)     The Corporation waives all presentments, demands for
performance, protests and notices, including, without limitation, notices of
nonperformance, notices of protest, notices of dishonor, notices of acceptance
of this Corporation Guaranty, and notices of the existence, creation,
modification or incurring of new or additional Guaranteed Obligations. The
Corporation assumes all responsibility for being and keeping itself informed of
each Alternate Currency Revolving Loan Borrower's and each other Guaranteed
Party's financial condition and assets, and of all other circumstances bearing
upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks which the Corporation assumes and incurs hereunder, and
agrees that the Guaranteed Creditors shall have no duty to advise the
Corporation of information known to them regarding such circumstances or risks.

          (c)     Until such time as the Guaranteed Obligations have been paid
in full in cash, the Corporation hereby waives all rights of subrogation which
it may at any time otherwise have as a result of this Corporation Guaranty
(whether contractual, under Section 509 of the Bankruptcy Code, or otherwise) to
the claims of the Guaranteed Creditors against any Alternate Currency Revolving
Loan Borrower, any other Guaranteed Party or any other guarantor of the
Guaranteed Obligations and all contractual, statutory or common law rights of
reimbursement, contribution or indemnity from any Alternate Currency Revolving
Loan Borrower, any other Guaranteed Party or any other guarantor which it may at
any time otherwise have as a result of this Corporation Guaranty.

          14.09 PAYMENTS. All payments made by the Corporation pursuant to this
Section 14 shall be made in the respective Applicable Currency in which the
Guaranteed Obligations are then due and payable (giving effect, in the
circumstances contemplated by Section 1.17, to any conversion occurring pursuant
thereto). All payments made by the Corporation pursuant to this Section 14 will
be made without setoff, counterclaim or other defense, and shall be subject to
the provisions of Sections 4.03, 4.04 and 13.16.

                                      -140-
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Agreement as of the date first
above written.

                               STARWOOD HOTELS & RESORTS
                                 WORLDWIDE, INC., as the Borrower and
                                 Guarantor

                               By: /s/Jeff S. Drew
                                   --------------------------------
                                   Name: Jeff S. Drew
                                   Title: Senior Vice President & Treasurer

                               DEUTSCHE BANK AG, NEW YORK
                                 BRANCH,
                                 Individually and as Administrative Agent

                               By: /s/Steven P. Lapham
                                   --------------------------------
                                   Name: Steven P. Lapham
                                   Title: Director

                               By: /s/Alexander B.v. Johnson
                                   --------------------------------
                                   Name: Alexander B.V. Johnson
                                   Title: Managing Director

<Page>

                               JPMORGAN CHASE BANK,
                                 Individually and as Syndication Agent

                               By: /s/John F. Mix
                                   --------------------------------
                                   Name: John F. Mix
                                   Title: Vice President

<Page>

                               BANK OF AMERICA, N.A.,
                                 Individually and as a Co-Documentation Agent

                               By: /s/Ansel McDowell
                                   --------------------------------
                                   Name: Ansel McDowell
                                   Title: Principal

<Page>

                               FLEET NATIONAL BANK,
                                 Individually and as a Co-Documentation Agent

                               By: /s/Kathleen M. Ahern
                                   ---------------------------------------------
                                   Name: Kathleen M. Ahern
                                   Title: Director

<Page>

                               SOCIETE GENERALE,
                                 Individually and as a Co-Documentation Agent

                               By: /s/Thomas K. Day
                                   --------------------------------
                                   Name: Thomas K. Day
                                   Title: Managing Director

<Page>

                               BANK of NOVA SCOTIA

                               By: /s/T.J. McNaught
                                   --------------------------------
                                   Name: T.J. McNaught
                                   Title: Director

<Page>

                               BANK OF MONTREAL

                               By: /s/Eduardo Mendoza
                                   --------------------------------
                                   Name: Eduardo Mendoza
                                   Title: Vice President

<Page>

                               CREDIT LYONNAIS NEW YORK BRANCH

                               By: /s/David Bowers
                                   --------------------------------
                                   Name: David Bowers
                                   Title: Vice President

<Page>

                               BNP PARIBAS

                               By: /s/Janice S.H. Ho
                                   --------------------------------
                                   Name: Janice S.H. Ho
                                   Title: Director

<Page>

                               BANK ONE, NA

                               By: /s/Dennis J. Redpath
                                   --------------------------------
                                   Name: Dennis J. Redpath
                                   Title: Director, Capital Markets

<Page>

                               ING CAPITAL LLC

                               By: /s/David A. Mazujian
                                   --------------------------------
                                   Name: David A. Mazujian
                                   Title: Managing Director

<Page>

                               LEHMAN COMMERCIAL PAPER, INC.

                               By: /s/Michele Swanson
                                   --------------------------------
                                   Name: Michele Swanson
                                   Title: Authorized Signatory

<Page>

                               BANK OF HAWAII

                               By: /s/Luke Yeh
                                   --------------------------------
                                   Name: Luke Yeh
                                   Title: Vice President

<Page>

                               CHANG HWA COMMERCIAL BANK, LTD.,
                                 NEW YORK BRANCH

                               By: /s/Ming-Hsien Lin
                                   --------------------------------
                                   Name: Ming-Hsien Lin
                                   Title: VP & General Manager

<Page>

                               ERSTE BANK

                               By: /s/Gregory T. Apeman
                                   --------------------------------
                                   Name: Gregory T. Apeman
                                   Title: Vice President

                               ERSTE BANK

                               By: /s/John S. Runnion
                                   --------------------------------
                                   Name: John S. Runnion
                                   Title: Managing Director

<Page>

                               FIRST COMMERCIAL BANK,
                                 NEW YORK AGENCY

                               By: /s/Bruce M. J. Ju
                                   ---------------------------------------------
                                   Name: Bruce M. J. Ju
                                   Title: Vice President & General Manager

<Page>

                               THE NORINCHUKIN BANK,
                                 NEW YORK BRANCH

                               By: /s/Fumiaki Ono
                                   --------------------------------
                                   Name: Fumiaki Ono
                                   Title: General Manager

<Page>

                               CHIAO TUNG BANK CO., LTD.,
                                 NEW YORK AGENCY

                               By: /s/Shyh-Jiann Peng
                                   ---------------------------------------------
                                   Name: Shyh-Jiann Peng
                                   Title: Senior Vice President & General
                                          Manager

<Page>

                               FIRST HAWAIIAN BANK

                               By: /s/Charles L. Jenkins
                                   ----------------------------------
                                   Name: Charles L. Jenkins
                                   Title: Vice President, Manager

<Page>

                               SAN PAOLO IMI S.P.A.
                                 NEW YORK BRANCH

                               By: /s/Carlo Persico
                                   --------------------------------
                                   Name: Carlo Persico
                                   Title: General Manager

                               SAN PAOLO IMI S.P.A.
                                 NEW YORK BRANCH

                               By: /s/Robert Wurster
                                   --------------------------------
                                   Name: Robert Wurster
                                   Title: Senior Vice President

<Page>

                               ACKNOWLEDGED AND ACCEPTED
                               IN CONNECTION WITH SECTION 13.18:

                               SLT REALTY LIMITED PARTNERSHIP,
                                a Delaware limited partnership,
                                as an Additional Subsidiary Guarantor

                                By: Starwood Hotels & Resorts,
                                    a Maryland real estate investment trust,
                                    its general partner

                                    By: /s/Jeff S. Drew
                                        -------------------------------
                                    Name: Jeff S. Drew
                                    Title:  Vice President & Treasurer

                               STARWOOD HOTELS & RESORTS
                                HOLDINGS, INC.,
                                as an Additional Subsidiary Guarantor

                                By: /s/Jeff S. Drew
                                    --------------------------------------
                                Name:  Jeff S. Drew
                                Title: Vice President, Assistant Secretary
                                       & Assistant Treasurer

<Page>

                               CHARLESTON HOTEL ASSOCIATES, LLC
                               CRYSTAL CITY HOTEL ASSOCIATES, LLC
                               LONG BEACH HOTEL ASSOCIATES, LLC
                               SANTA ROSA HOTEL ASSOCIATES, LLC,
                                each a New Jersey limited liability company,
                                each as an Additional Subsidiary Guarantor

                                By: SLT Realty Limited Partnership,
                                    a Delaware limited partnership,
                                    the managing member of each of the
                                    above listed entities

                                    By: Starwood Hotels & Resorts,
                                        a Maryland real estate investment
                                        trust, its general partner

                                        By: /s/Jeff S. Drew
                                            ------------------------------
                                        Name:  Jeff S. Drew
                                        Title: Vice President & Treasurer

<Page>

                               SLT ALLENTOWN LLC
                               SLT ARLINGTON LLC
                               SLT ASPEN DEAN STREET, LLC
                               SLT BLOOMINGTON LLC
                               SLT DANIA LLC
                               SLT DC MASSACHUSETTS AVENUE, LLC
                               SLT INDIANAPOLIS LLC
                               SLT KANSAS CITY LLC
                               SLT LOS ANGELES LLC
                               SLT MINNEAPOLIS LLC
                               SLT PALM DESERT LLC
                               SLT PHILADELPHIA LLC
                               SLT REALTY COMPANY, LLC
                               SLT SAN DIEGO LLC
                               SLT SOUTHFIELD LLC
                               SLT ST. LOUIS LLC
                               SLT TUCSON LLC STARWOOD ATLANTA II LLC
                               STARWOOD ATLANTA LLC
                               STARWOOD MISSION HILLS, L.L.C.
                               STARWOOD NEEDHAM LLC
                               STARWOOD WALTHAM LLC,
                                each a Delaware limited liability company,
                                each as an Additional Subsidiary Guarantor

                                By: SLT Realty Limited Partnership,
                                    a Delaware limited partnership,
                                    the managing member of each of the
                                    above listed entities

                                    By:  Starwood Hotels & Resorts,
                                         a Maryland real estate investment
                                         trust, its general partner

                                         By: /s/Jeff S. Drew
                                             -------------------------
                                         Name:  Jeff S. Drew
                                         Title: Vice President
                                                & Treasurer

<Page>

                               STARLEX LLC,
                                a New York limited liability company,
                                as an Additional Subsidiary Guarantor

                                By: SLT Realty Limited Partnership,
                                    a Delaware limited partnership,
                                    its managing member

                                    By:  Starwood Hotels & Resorts,
                                         a Maryland real estate investment
                                         trust, its general partner

                                         By: /s/Jeff S. Drew
                                             ---------------------------
                                         Name:  Jeff S. Drew
                                         Title: Vice President
                                                & Treasurer

                               BW HOTEL REALTY, LP
                               CP HOTEL REALTY, LP,
                                 each a Maryland limited partnership,
                                 each as an Additional Subsidiary Guarantor

                                 By: SLT Realty Limited Partnership,
                                     a Delaware limited partnership,
                                     the general partner of each of the above
                                     listed entities

                                     By: Starwood Hotels & Resorts,
                                         a Maryland real estate investment
                                         trust, its general partner

                                         By: /s/Jeff S. Drew
                                             -----------------------------
                                         Name:  Jeff S. Drew
                                         Title: Vice President & Treasurer

<Page>

                               EDISON HOTEL ASSOCIATES, LP,
                                a New Jersey limited partnership,
                                as an Additional Subsidiary Guarantor

                                By: SLT Realty Limited Partnership,
                                    a Delaware limited partnership,
                                    its general partner

                                    By: Starwood Hotels & Resorts,
                                        a Maryland real estate investment
                                        trust, its general partner

                                        By: /s/Jeff S. Drew
                                            -----------------------------
                                        Name:  Jeff S. Drew
                                        Title: Vice President & Treasurer

                               NOVI HOTEL ASSOCIATES, LP
                               PARK RIDGE HOTEL ASSOCIATES LP
                               SLT FINANCING PARTNERSHIP
                               SLT HOUSTON BRIAR OAKS, LP
                               VIRGINIA HOTEL ASSOCIATES, LP,
                                each a Delaware limited partnership,
                                each as an Additional Subsidiary Guarantor

                                By: SLT Realty Limited Partnership,
                                    a Delaware limited partnership,
                                    the general partner of each of the above
                                    listed entities

                                    By: Starwood Hotels & Resorts,
                                        a Maryland real estate investment
                                        trust, its general partner

                                        By: /s/Jeff S. Drew
                                            ---------------------------------
                                            Name:  Jeff S. Drew
                                            Title: Vice President & Treasurer

<Page>

                               PRUDENTIAL HEI JOINT VENTURE,
                                a Georgia general partnership,
                                as an Additional Subsidiary Guarantor

                                By: SLT Realty Limited Partnership,
                                    a Delaware limited partnership,
                                    the general partner of each of the above
                                    listed entities

                                    By: Starwood Hotels & Resorts,
                                        a Maryland real estate investment
                                        trust, its general partner

                                        By: /s/Jeff S. Drew
                                            -------------------------
                                        Name:  Jeff S. Drew
                                        Title: Vice President
                                               & Treasurer

                               HEI HOTELS, L.L.C.
                               SLC CENTRAL PARK SOUTH, LLC
                               SLC INDIANAPOLIS LLC
                               STARWOOD MANAGEMENT COMPANY,
                                LLC,
                                each a Delaware limited liability company,
                                each as an Additional Subsidiary Guarantor

                                By: SLC Operating Limited Partnership,
                                    a Delaware limited partnership,
                                    the managing member of each of the
                                    above listed entities

                                    By:  Starwood Hotels & Resorts
                                         Worldwide, Inc., a Maryland
                                         corporation, its general partner

                                         By: /s/Jeff S. Drew
                                             ------------------------
                                         Name:  Jeff S. Drew
                                         Title: Senior Vice President
                                                & Treasurer

<Page>

                               SLC OPERATING LIMITED PARTNERSHIP,
                                 a Delaware limited partnership,
                                 as an Additional Subsidiary Guarantor

                                 By: Starwood Hotels & Resorts Worldwide, Inc.,
                                     a Maryland corporation, its general partner

                                     By: /s/Jeff S. Drew
                                         ------------------------------------
                                     Name:  Jeff S. Drew
                                     Title: Senior Vice President & Treasurer

                               MILWAUKEE BROOKFIELD LP,
                                a Wisconsin limited partnership,
                                as an Additional Subsidiary Guarantor

                                By: SLC Operating Limited Partnership,
                                    a Delaware limited partnership,
                                    its general partner

                                    By:  Starwood Hotels & Resorts
                                         Worldwide, Inc., a Maryland
                                         corporation, its general partner

                                         By: /s/Jeff S. Drew
                                             ------------------------
                                         Name:  Jeff S. Drew
                                         Title: Senior Vice President
                                                & Treasurer

                               ITT BROADCASTING CORP.,
                                as an Additional Subsidiary Guarantor

                                By: /s/Jeff S. Drew
                                    ---------------------------------------
                                Name:  Jeff S. Drew
                                Title: Vice President & Assistant Treasurer

<Page>

                               THE SHERATON CORPORATION,
                                (f/k/a ITT Sheraton Corporation)
                               DESTINATION SERVICES OF SCOTTSDALE,
                                INC.
                               GENERAL FIDUCIARY CORPORATION
                               GLOBAL CONNEXTIONS INC.
                               STARWOOD RESERVATIONS
                                CORPORATION, (f/k/a ITT Sheraton
                                Reservations Corporation)
                               MANHATTAN SHERATON CORPORATION
                               SAN DIEGO SHERATON CORPORATION
                               SAN FERNANDO SHERATON CORPORATION
                               SHERATON 45 PARK CORPORATION
                               SHERATON ASIA-PACIFIC CORPORATION
                               SHERATON BOSTON CORPORATION
                               SHERATON CALIFORNIA CORPORATION
                               SHERATON FLORIDA CORPORATION
                               SHERATON HARBOR ISLAND
                                CORPORATION
                               SHERATON HAWAII HOTELS CORPORATION
                               SHERATON INTERNATIONAL DE MEXICO,
                                INC.
                               SHERATON WARSAW CORPORATION
                               SHERATON MIAMI CORPORATION
                               SHERATON MIDDLE EAST MANAGEMENT
                                CORPORATION
                               SHERATON NEW YORK CORPORATION
                               SHERATON OVERSEAS TECHNICAL
                                SERVICES CORPORATION
                               SHERATON PEACHTREE CORPORATION
                               SHERATON PHOENICIAN CORPORATION
                               SHERATON SAVANNAH CORPORATION
                               ST. REGIS SHERATON CORPORATION
                               WORLDWIDE FRANCHISE SYSTEMS, INC.
                               SHERATON VERMONT CORPORATION,
                                each as Additional Subsidiary Guarantor

                                By: /s/Jeff S. Drew
                                    ---------------------------------------
                                Name:  Jeff S. Drew
                                Title: Vice President & Assistant Treasurer

<Page>

                               SHERATON INTERNATIONAL, INC.,
                                as an Additional Subsidiary Guarantor

                                By: /s/Jeff S. Drew
                                    ------------------------------------
                                Name:  Jeff S. Drew
                                Title: Senior Vice President & Treasurer

                               SHERATON MANAGEMENT, LLC,
                                (f/k/a Sheraton Management Corporation),
                                a Delaware limited liability company,
                                as an Additional Subsidiary Guarantor

                                By: Sheraton International, Inc.,
                                    a Delaware corporation, its sole
                                    member

                                    By: /s/Jeff S. Drew
                                        ------------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Senior Vice President & Treasurer

                               SHERATON OVERSEAS MANAGEMENT
                                CORPORATION,
                                as an Additional Subsidiary Guarantor

                                By: /s/Jeff S. Drew
                                    --------------------------------
                                Name:  Jeff S. Drew
                                Title: Vice President & Treasurer

                               HUDSON SHERATON CORPORATION LLC,
                                a Delaware limited liability company,
                                as an Additional Subsidiary Guarantor

                                By: The Sheraton Corporation,
                                    (f/k/a ITT Sheraton Corporation),
                                    its managing member

                                    By: /s/Jeff S. Drew
                                        ----------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President, CFO & Treasurer

<Page>

                               ITT MSG, INC.
                               W&S DENVER CORP.
                               W&S REALTY CORPORATION OF
                                DELAWARE
                               BENJAMIN FRANKLIN HOTEL, INC.
                               LAUDERDALE HOTEL COMPANY
                               WESTIN BAY HOTEL COMPANY
                               CINCINNATI PLAZA COMPANY
                               SOUTH COAST WESTIN HOTEL COMPANY
                               TOWNHOUSE MANAGEMENT INC.
                               WVC RANCHO MIRAGE, INC.
                               WESTIN ASSET MANAGEMENT COMPANY
                               W&S ATLANTA CORP.,
                                each as an Additional Subsidiary Guarantor

                                By: /s/Jeff S. Drew
                                    ---------------------------------------
                                Name:  Jeff S. Drew
                                Title: Vice President & Assistant Treasurer

                               SEATTLE WESTIN HOTEL COMPANY,
                                a Washington general partnership,
                                as an Additional Subsidiary Guarantor

                                By: Benjamin Franklin Hotel, Inc.,
                                    its general partner

                                    By: /s/Jeff S. Drew
                                        ------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant
                                           Treasurer

                                By: W&S Realty Corporation of Delaware,
                                    its general partner

                                    By: /s/Jeff S. Drew
                                        ------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant
                                           Treasurer

<Page>

                               WESTIN PREMIER, INC.,
                               WESTIN VACATION MANAGEMENT
                                CORPORATION,
                               STARWOOD VACATION EXCHANGE
                                COMPANY, (f/k/a Westin Vacation Exchange
                                Company),
                                each as an Additional Subsidiary Guarantor

                                By: Starwood Hotels & Resorts Worldwide, Inc.,
                                    a Maryland corporation,
                                    the sole stockholder of each of the above
                                    listed entities

                                    By: /s/Jeff S. Drew
                                        ------------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Senior Vice President & Treasurer

                               W&S LAUDERDALE CORP.
                               W&S SEATTLE CORP.,
                                each as an Additional Subsidiary Guarantor

                                By: SLT Realty Limited Partnership,
                                    a Delaware limited partnership, the sole
                                    stockholder of each of the above listed
                                    entities

                                    By: Starwood Hotels & Resorts,
                                        a Maryland real estate investment
                                        trust, its general partner

                                        By: /s/Jeff S. Drew
                                            ---------------------------------
                                            Name:  Jeff S. Drew
                                            Title: Vice President & Treasurer

<Page>

                               DATA MARKETING ASSOCIATES EAST, INC.
                               STARWOOD VACATION SERVICES, INC..
                                (f/k/a Vacation Marketing Services, Inc.)
                               VACATION TITLE SERVICES, INC. VACATIONWORKS, INC.
                               VCH COMMUNICATIONS, INC.
                               VCH CONSULTING, INC.
                               VCH PORTFOLIO SERVICES, INC.
                               VCH SALES, INC.
                               VCH SYSTEMS, INC.
                                each as an Additional Subsidiary Guarantor

                                By: STARWOOD VACATION OWNERSHIP,
                                    INC., (f/k/a Vistana, Inc.), as the sole
                                    stockholder of each of the above
                                    listed entities

                                    By: /s/Jared T. Finkelstein
                                        --------------------------------
                                    Name:  Jared T. Finkelstein
                                    Title: Assistant Secretary

                               SVO TRADEMARK, INC.
                               SVO VISTANA VILLAGES, INC.,
                                 (f/k/a VDI2, Inc.)
                               VISTANA ACCEPTANCE CORP.
                               VISTANA CAVE CREEK, INC.
                               VISTANA DEVELOPMENT, INC.,
                                (d/b/a Vistana Development, Ltd.)
                                each as an Additional Subsidiary Guarantor

                                By: STARWOOD VACATION OWNERSHIP,
                                    INC., (f/k/a Vistana, Inc.), as the sole
                                    stockholder of each of the above
                                    listed entities

                                    By: /s/Jared T. Finkelstein
                                        ---------------------------------
                                    Name:  Jared T. Finkelstein
                                    Title: Assistant Secretary

<Page>

                               SVO EAST, INC.,
                                (f/k/a Vistana East, Inc.)
                               SVO INTERNATIONAL, INC.,
                                (f/k/a Vistana International, Inc.)
                               SVO MANAGEMENT, INC.,
                                (f/k/a Vistana Management, Inc. and d/b/a
                                 Vistana Management, Ltd.)
                               SVO MB MANAGEMENT, INC.,
                                (f/k/a Vistana MB Management, Inc.)
                               VISTANA NJ, INC.
                               VISTANA OP INVESTMENT, INC.
                               VISTANA PSL, INC.
                               VISTANA SCOTTSDALE MANAGEMENT,
                                INC.,
                               SVO WEST, INC.,
                                (f/k/a Vistana West, Inc.)
                               POINTS OF COLORADO, INC.
                               SVO PACIFIC, INC.
                                (f/k/a Vistana Pacific, Inc.)
                               WESTIN SVO ARIZONA, INC.
                               SVO CALIFORNIA, INC.
                               SVO CALIFORNIA MANAGEMENT, INC.,
                                each as an Additional Subsidiary Guarantor

                                By: STARWOOD VACATION OWNERSHIP,
                                    INC., (f/k/a Vistana, Inc.), as the sole
                                    stockholder of each of the above
                                    listed entities

                                    By: /s/Jared T. Finkelstein
                                        -------------------------------
                                    Name:  Jared T. Finkelstein
                                    Title: Assistant Secretary

<Page>

                               P.O.C. REALTY, INC.
                               STARWOOD VACATION OWNERSHIP,
                                INC., (f/k/a Vistana, Inc.),
                                each as an Additional Subsidiary Guarantor

                                By: /s/Jared T. Finkelstein
                                    --------------------------------------
                                Name:  Jared T. Finkelstein
                                Title: Assistant Secretary

                               SUCCESS OF ARIZONA, L.L.C.,
                                an Arizona limited liability company
                               SUCCESS OF COLORADO, L.L.C.,
                                a Nevada limited liability company,
                               FIESTA VACATIONS, L.L.C.,
                                an Arizona limited liability company,
                                each as an Additional Subsidiary Guarantor

                                By: SVO West, Inc. (f/k/a Vistana West, Inc.),
                                    its Manager

                                    By: /s/Jared T.Finkelstein
                                        -------------------------------
                                    Name:  Jared T.Finkelstein
                                    Title: Assistant Secretary

                               SUCCESS DEVELOPMENTS, L.L.C.,
                                an Arizona limited liability company,
                                as an Additional Subsidiary Guarantor

                                By: Points of Colorado, Inc.,
                                      its Manager

                                      By: /s/Jared T. Finkelstein
                                        -------------------------------
                                      Name:  Jared T. Finkelstein
                                      Title: Assistant Secretary

<Page>

                               SUCCESS OF COLORADO REALTY, L.L.C.,
                                a Nevada limited liability company,
                                as an Additional Subsidiary Guarantor

                                By: Success of Colorado, L.L.C.,
                                    a Nevada limited liability company,
                                    a member

                                    By: SVO West, Inc. (f/k/a Vistana West,
                                        Inc.), a Florida corporation, its
                                        Manager

                                        By: /s/Jared T. Finkelstein
                                            -------------------------------
                                        Name:  Jared T. Finkelstein
                                        Title: Assistant Secretary

<Page>

                               STARWOOD HOTELS & RESORTS,
                                as an Additional Subsidiary Guarantor

                                By: /s/Jeff S. Drew
                                    -------------------------------------
                                Name:  Jeff S. Drew
                                Title: Vice President & Treasurer

                               THE SHERATON CORPORATION
                                (f/k/a ITT Sheraton Corporation),
                                as an Additional Subsidiary Guarantor

                               By: /s/Jeff S. Drew
                                    -------------------------------------
                               Name:  Jeff S. Drew
                               Title: Vice President, CFO & Treasurer

                               VCM OAKS, INC.,
                                as an Additional Subsidiary Guarantor

                                By: STARWOOD VACATION OWNERSHIP,
                                    INC. (f/k/a Vistana, Inc.), its sole
                                    stockholder

                                    By: /s/Jared T. Finkelstein
                                    -------------------------------------
                                        Name:  Jared T. Finkstein
                                        Title: Assistant Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]